Riverside home lies vacant

The former chairman and managing director of Bula Resources, Mr Jim Stanley, lived in a large house on the banks of the river Nore, outside Thomastown, Co Kilkenny, prior to his leaving Ireland to live in Russia some time last year.

The house, Brownsbarn House, the former home of Lord Teighmouth, is surrounded by mature gardens, grounds and a small wood, and is set on a hill overlooking the river.

The house was bought about eight or nine years ago by a company called River Properties Ltd, which has its registered offices in Jersey at the same address as Chamonix Corporate Secretaries Ltd, the company used by Mr Stanley in his dealings involving Mir Oil.

Mr Stanley lived in Brownsbarn House with Ms Mary Kiernan. Mr Lyndon MacCann's report into Bula Resources states that, in November 1996, Mr Stanley had £36,045 sterling, part of the proceeds of the sale of Bula shares held by Mir Oil, sent to Ms Kieran.

In Dublin, Mr Stanley is known to have used an apartment on Mount Street, though he is not the registered owner of the property. In Sweden, Mr Stanley is understood to own a house in his own name on Traangholmen Island, Gaellnoeby, which is near Stockholm. He is not known to own any other property, other than about £50,000 worth of Bula shares.

At this week's annual meeting Bula shareholders were told the company would give consideration as to how much money could be recovered if the company was successful in its claim for damages against Mr Stanley, before it committed substantial resources to the case.

Mr Stanley had funds from the sale of part of Mir Oil's Bula holding sent to family members and a number of firms for work carried out, including work connected with a number of offshore firms understood to belong to Mr Stanley or to him and his son.

On June 5th, 1997, Mr Stanley had £219,715 sterling from the sale sent to him by Ms Sue Ann Neil, the owner of Chamonix. In November 1996, Mr Stanley had £72,015 sterling sent to a company owned by Ms ElenaLoven. Ms Loven is based in Stockholm and acted as an interpreter for Mr Stanley when he was negotiating the Mir Oil/Bula deal in Russia.