Former Bula Resources chairman Mr James Stanley has not yet filed a replying affidavit for a hearing aimed at continuing an order freezing his assets pending the outcome of legal proceedings against him, the High Court was told yesterday.
Mr Michael Cush SC, for Bula Resources Holdings plc, said Mr Stanley had sworn an affidavit for the purpose of an unsuccessful application earlier this week aimed at quashing the report of Government-appointed inspector Mr Lyndon MacCann into the beneficial ownership of Bula Resources shares. But, counsel said, Mr Stanley did not seem "so ready" to swear a further replying affidavit for the purpose of proceedings in which Bula was seeking an interlocutory order continuing the freezing of Mr Stanley's assets, pending the hearing of proceedings taken against the former Bula chairman.
Mr Cush said the interlocutory application was listed for hearing on November 12th. But Mr Stanley had sought, and secured, an adjournment on the basis that he wished to file a further replying affidavit in response to an affidavit filed just days previously on Bula's behalf. The matter was listed again for mention on November 19th when the affidavit was to have been filed.
The affidavit was not filed on that date and, Mr Cush said, he still did not have it yesterday.
Mr Robert Barron, for Mr Stanley, said his client had returned to Ireland and was available to swear an affidavit but had been in London on business in recent days. Counsel said the affidavit would be given to Bula today.
Ms Justice Laffoy said she would adjourn the matter to Monday next for mention. The matter could then be put into the following Thursday's list for the purpose of fixing a date, she said.
In the High Court last August, Bula secured an interim, worldwide order restraining the dissipation of Mr Stanley's assets. In the interlocutory application, Bula wants that order to apply pending the trial of its action against its former chairman.
The High Court ordered the worldwide clampdown on the dissipation of property and finances of Mr Stanley after being told that, through the use of deliberately falsified oil production test results, the former Bula chairman set up Bula to invest £12 million in a dud Russian oil well from which it would never see any return.
It was claimed that, before the proper oil production readings became known, Mr Stanley made a personal financial gain of more than £660,000 sterling on the sale of buoyant Bula shares.
The order was only the third global restraint of its kind granted by the superior courts in Ireland.
At a later hearing, the terms of the injunction against Mr Stanley were extended to include almost five million newly discovered shares worth an estimated £277,209. The court was told that Bula believed Mr Stanley to be the beneficial owner of the shares.
