The former chairman of Bula Resources (Holdings) Ltd, Mr James Stanley, has travelled from Moscow to attend a High Court hearing in a dispute with his ex-partner over a house they shared in Co Kilkenny.
Mr Stanley, with an address at Petrovska Street, Moscow, has taken proceedings against Ms Mary Kieran (otherwise Mary Crawley) of Brownsbarn House, Thomastown, Co Kilkenny. Mr Stanley is claiming to own the Kilkenny property.
The action is also against River Properties Ltd with registered offices in the British Virgin Islands, which Mr Stanley claims is the registered owner of the property. Mr Stanley said the share capital in the company is registered in Ms Kieran's name and held in trust for him.
Ms Kieran yesterday failed in her application to have Mr Stanley lodge monies as security for the costs of his action against her. She told the court Mr Stanley was a wealthy man when they parted but Mr Stanley said he was now impoverished and had to borrow from relatives.
In other court proceedings, it was alleged that, through the use of deliberately falsified oil production documents, Mr Stanley had set up Bula Resources to invest £12 million in a "dud" oil well from which it would never see any return. The Bula proceedings against Mr Stanley were settled last year when Mr Stanley paid a "contribution" of £90,000 to Bula Resources.
In evidence yesterday, Mr Stanley said he had a consultancy business in Moscow and would make US $2,000 in a good month and $1,000 in a bad month. This was not sufficient to meet expenses.