Company secretary set to help regulator with Bula investigation

The former company secretary of Bula Resources has said he is available to assist detectives from the Office of the Director of Corporate Enforcement (ODCE) in its inquiry into the activities of former Bula directors.

In a letter lodged with the Companies Registration Office (CRO), Mr Con Casey said it was with regret that he was resigning from his position. The letter was dated October 26th, 2003.

The letter was enclosed with a form filed recently in the CRO. The form is one used when a director or secretary wishes to declare his or her resignation and the company has failed to inform the CRO of his or her resignation, despite having been requested to do so. Normally firms inform the CRO that someone has resigned as a director or secretary.

In the form, Mr Casey swears that he ceased to be a director of the company on October 26th, 2003. The company was placed in liquidation earlier this week by the High Court.

The letter, enclosed by Mr Casey and addressed to Bula directors Mr Omar Yazigi and Mr Tom Kelly, reads:

"Dear Omar and Tom,

"It is with regret that I tender my resignation as company secretary to Bula Resources (Holdings) plc and its relevant subsidiaries. I will of course continue to assist and to make myself available to the detectives from the Office of the Director of Corporate Enforcement in their ongoing investigation into the actions of former directors of the company. I would be obliged if you could prepare and lodge the appropriate form B10 with the Companies Registration Office.

"Should you require assistance on any other matter please refer to my partner at Casey McGrath and Associates, Mr Fergal McGrath, who will be pleased to advise you of an appropriate fee for such assistance and who will expect that any fee so advised will be discharged prior to myself or any member of staff at Casey McGrath and Associates incurring time on any such request.

"I wish you both every success for the future."

It is thought that Mr Yazigi is now the only serving director of the formerly listed resources company, although this is not clear from the CRO listings as there is no form registered certifying the resignation of Mr Kelly.

Mr Kelly has an address in Britain. No address was given for Mr Yazigi in the last annual return to be filed by the company. He is understood to have an address in Co Longford.

A form notifying the CRO of the resignation of Mr Albert Reynolds, the former chairman of the company, was filed in September 2002.

Liquidator Mr James Stafford of Friel Stafford accountants was appointed by the High Court on Monday, on the application of Computershare Investor Services (Ireland) Ltd, which is owned €200,670 by Bula. He is now likely to have taken possession of the company's assets and books.

Mr Yazigi, who was not in court on Monday, is required to produce a statement of affairs to the court within three weeks.