Bula Story - Mr Pat Mahony

Mr Pat Mahony, pictured left, the managing director of Bula Resources, was financial director of the company during the Russian deals. Mr Mahony and a non-executive Bula director, Mr John McGilligan, were appointed to a committee in June 1995 to examine the deal being proposed by Mr Stanley with Mir Oil Development.

In August 1995 Mr Stanley told the board that he had no interest in Mir and that the beneficial owner was Mr Charles Ellis. The board asked Mr Stanley to state this in writing and he did. The owner of the corporate services company fronting for Mir, Ms Sue Ann Neil, of Jersey, also told the company Mr Ellis was the owner.

In July of this year, following the publication of the MacCann report, Mr Mahony told shareholders: "We believed those written and verbal assurances. It is unprecedented to ask a chairman and managing director for confirmation in writing. We accepted his word and he totally lied to us."

Mr Stanley told The Irish Times the telephone and fax numbers of his Moscow office have been known to Mr Mahony for years, as he, Mr Mahony, had used it in the past. Mr Mahony says this is true , and that the company has never said otherwise.

Mr Ivan Walpole, company secretary during the Russian deals, is now also the Bula finance director.