Brendan Stanley, son of the former Bula chairman and chief executive, Jim Stanley, has lost "an enormous amount of money" because of the controversy surrounding Bula's dealings in Russia.

Mr Jim Stanley said his son had "a number of deals on the go" in Russia, many of them "virtually financed", but that the controversy over the Bula deal with Mir Oil and KMNGG "stuffed him".

"Brendan has suffered hugely because of this. He lost an enormous amount of money. He was about to make a breakthrough and then this happened."

The inspector found that Mr Brendan Stanley had acted in an executive capacity for Mir Oil. Mr MacCann also found that Mr Brendan Stanley received £72,015 sterling from the sale of Bula shares transferred to Mir Oil as part of the Russian deal.

Mr Brendan Stanley is still living in Russia.