WORKERS sacked by failed Gwent microchip firm ESM in January are owed £246,000 in unpaid wages - and over £500,000 in employer contributions to their pension fund.

The details were due to be revealed at a creditors meeting in London today following the spectacular crash of the Newport firm in January, when 235 workers of the 550 on the pay roll were made redundant.

They were owed a month's wages and received no company redundancy package because ESM was broke.

Preferential creditors - those who have first claim to any payments, such as the workforce, the Inland Revenue and HM Customs - could now include the pension scheme.

The meeting is taking place after a separate industrial tribunal case was brought against ESM by 32 redundant employees in Cardiff yesterday, claiming unfair dismissal. This was adjourned.

The report today by joint receivers Derek Howell and Stuart Mackellar, of PricewaterhouseCoopers, also says ESM owes £18.9 million to unsecured creditors, such as individuals and supply businesses, but that it was "extremely unlikely" they would be paid.

Workers have been furious ever since they were summarily dismissed without pay.

Subsequent Argus revelations that the company had not paid pension contributions between July and December last year made them more angry.

The total amount due to preferential creditors, including employee claims, is £637,000.

"Employee claims include amounts due in respect of arrears of wages and holiday pay," said Mr Howells in the report. "Unpaid employer pension contributions at the date of my appointment amounted to £535,000. To the extent that the scheme is under-funded, there may be a further preferential claim, which could be significant."

The report explains how ESM, which makes microchips and processors for cars, consumer goods, laptop computers and mobile phones, suffered from the world slump in demand for its products.

It says further redundancies could have followed if business from key customers had not been secured after the first wave of job losses.

Last week, International Rectifier (IR), one of ESM's main customers, bought the Newport plant for £54 million, thus saving the remaining 292 jobs there.

It promised to invest in ESM and expand its workforce, denying that a pledge to create 500 jobs at its other Welsh plant near Swansea was falling short of target.