Bula liquidator gets sworn statement

The sole remaining director of Bula Resources has submitted a sworn statement of affairs for the collapsed exploration company, eight months after the deadline set by the High Court.

Mr Omar Yazigi delivered the sworn statement to the liquidator of the company, Mr Jim Stafford, on December 8th.

It states that the financial deficit at the company is just over €2 million, some €50,000 greater than the figure in a draft statement of affairs released by the liquidator last summer.

The sworn statement confirmed that the former taoiseach and Bula chairman, Mr Albert Reynolds, is owed €224,798 by the company.

Other creditors include businessmen and shareholders Mr Seán Mulryan and Mr Brendan Johnson, who are owed €204,000.

Mr Yazigi is owed €344,800.

The largest creditor is the Revenue Commissioners, who are owed €659,256 in stamp duty.

The company's realisable assets are put at €266,577 and comprise bank deposits including $15,000, held in a Libyan bank account.

The company has investments and loans in its subsidiaries of €6.59 million, which are considered to have no realisable value.

Similarly, a debt of €937,000 owed by the Bahrain-based Al Thamer Establishment has been written off.

Mr Stafford confirmed that the €1.5 million investment to which the debt relates is being investigated by the Office of the Director of Corporate Enforcement.

In conclusion, Mr Stafford told the group's 45,194 shareholders that "while it will be sometime before my investigations are complete, it is clear that the shares in the company have no value".