An action by Bula Resources (Holdings) plc against former Bula chairman Mr James Stanley will be heard by the High Court next month.
The court was told yesterday that Moscow-based Mr Stanley, against whom Bula has secured an interim worldwide order restraining the dissipation of his assets in Ireland and beyond, had sought to swear an affidavit for the purpose of the proceedings at the Irish Embassy in Moscow on Thursday but had not been permitted to do so.
However, Mr James Gilhooly SC, for Mr Stanley, said that following contact with the Department of Foreign Affairs, permission had been granted for the affidavit to be sworn at the embassy.
Mr Gilhooly said there was a worldwide injunction against his client preventing the dissipation of any of his assets and this effectively restrained him from doing anything at all.
He was anxious the matter be heard, counsel added. He told Mr Justice McCracken the case would be heard purely on affidavit and it was anticipated it would last a day.
The judge said the matter was clearly urgent and he fixed it for hearing on November 12th.
Last month, the High Court ordered a worldwide clampdown on the dissipation of property and finances of Mr Stanley after being told that, through the use of deliberately falsified oil production test results, the former Bula chairman set up Bula to invest £12 million in a dud Russian oil well from which it would never see any return.
It was claimed that, before the proper oil production readings became known, Mr Stanley made a personal financial gain of more than £660,000 sterling on the sale of buoyant Bula shares.
The order was only the third global restraint of its kind granted by the superior courts in the Republic. At a later hearing, the terms of the injunction against Mr Stanley were extended to include almost five million newly discovered shareholdings worth an estimated £277,209. The court was told that Bula believed Mr Stanley to be the beneficial owner of the shares.
