Bula seeks orders in Stanley trail

Bula Resources wishes to have orders of discovery made against a number of parties as part of its effort to identify the assets of its former chairman and chief executive, Mr Jim Stanley.

Yesterday in the High Court, counsel for Mr Stanley sought an adjournment in the case in order to take instructions from the former Bula executive, who is now believed to be living in Russia.

Mr James Gilhooly BL said his client was travelling in Russia and Europe and was difficult to contact, but he was hoping to have a consultation with him next week.

Mr Justice Shanley granted an adjournment in the case to September 22nd next. On August 7th, Mr Justice O'Higgins granted a world-wide injunction preventing the dissipation of property and finances of Mr Stanley. That interim injunction remains in place.

Last night, a spokesman for the company said Bula was to ask the courts to add "quite a few other assets" allegedly belonging to Mr Stanley to those already the subject of the world-wide injunction.

During the hearing earlier this month when the interim injunction was granted, property in Co Kilkenny, Mount St, Dublin, and in Sweden, was mentioned.

The spokesman said the company now had "quite a few other assets which we believe should be added to the order and we will be bringing them to the attention of the courts".

These assets are estimated to be worth "about £500,000 and maybe more". The spokesman declined to list the assets other than to say they were not properties and were located both within the jurisdiction and abroad.

Those mentioned in the earlier hearing are estimated by the company to be worth between £1 million and £2 million. That hearing was told that Mr Stanley had persuaded Bula to invest £12 million in a Russian oil well from which it would never see any return.