Business

Wednesday 24 September 2014

Bula to file fraud complaint

KATHLEEN BARRINGTON

Published 01/09/1998 | 00:11

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BULA Resources, whose disgraced former chairman Jim Stanley emerged as the owner of a company in which Bula invested substantial shareholder funds, is to lodge a written complaint with the Garda Fraud Squad.

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BULA Resources, whose disgraced former chairman Jim Stanley emerged as the owner of a company in which Bula invested substantial shareholder funds, is to lodge a written complaint with the Garda Fraud Squad.

Bula chairman Tom Fitzpatrick said yesterday Bula expected to lodge a formal complaint within a matter of weeks. ``We are and have been for some time working on a complaint,'' he said.

Mr Fitzpatrick was responding to an interview given by Detective Chief Superintendent Frank Glacken, head of the Garda Fraud Squad, who said he was not investigating Mr Stanley because he had not yet received any formal written complaint about him.

``In the case of Bula Resources/Mir Oil, we do not have a formal complaint in respect of that. So, consequently I don't know that there is anything for us to investigate,'' Mr Glacken told RTE on Sunday.

But yesterday Mr Fitzpatrick said Bula had been in contact with the Garda Fraud Squad on two occasions. Mr Fitzpatrick said that Bula's managing director Pat Mahony and its company secretary Ivan Walpole first met the Garda Fraud Squad following the appointment of the Government inspector to Bula Resources.

Mr Fitzpatrick said it had been decided not to make a formal complaint to the Garda Fraud Squad until the inspector, barrister Lyndon McCann, had published his report.

Mr Fitzpatrick said that Bula had a second meeting with the Fraud Squad following the publication of Mr McCann's report in July.

The report named Mr Stanley as the beneficial owner of Mir, a company in which Bula invested £2.5m. Mr Stanley had previously ously denied that he was behind Mir.

On August 7, Mr Justice O'Higgins granted a worldwide injunction preventing Mr Stanley from disposing of his property or finances.

On August 26, Bula told the High Court it wanted to have orders of discovery made against a number of parties to identify Mr Stanley's assets. Mr Justice Shanley granted lawyers acting for Mr Stanley an adjournment until September 22.

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