Irish oil exploration company Bula Resources has issued a statement denying the Libyan foundation that has bought a 2 per cent stake in the company has any links to the Libyan government.
A charitable foundation headed by the son of Libyan leader Col Gadafy became a 2 per cent shareholder in Bula Resources after a share placing earlier this week.
The Ghaddafi International Charitable Foundation, through a wholly owned subsidiary, One Nine Investment International, bought 50 million Bula shares at €0.018 each - a total cost of €900,000. The 50 million shares are equivalent to 2.2 per cent of Bula's enlarged share capital.
A statement from Bula today said: "One Nine Investment International Ltd, a company wholly owned by the Gaddafi International Charitable Foundation in Libya ,does not have any links to any government authorities within the Great Jamaherya of Libya or any other country in the world and should not be referred to as 'an investment arm of the Libyan government'".
Earlier this week a Bula spokesman said the charitable foundation was controlled by members of Col Gadafy's family, although the Libyan leader was not directly involved.