The High Court yesterday granted an application by former Bula chairman and chief executive, Mr James Stanley, to adjourn a hearing fixed for tomorrow aimed at freezing his assets pending the outcome of legal proceedings.

Ms Justice Laffoy agreed to adjourn the matter for mention to November 19th to allow Mr Stanley file a replying affidavit. However, the judge told Mr James Gilhooley SC, for Mr Stanley, she wanted the affidavit filed by that date. "An explanation that he's loose in Russia and can't be traced won't cut much ice," she said.

The High Court ordered the 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.

In court yesterday, Mr Gilhooley said his client had filed a replying affidavit in the proceedings on October 9th last. But, on November 6th last, a further substantial replying affidavit had been filed by the managing director of Bula.

He anticipated a substantial reply to that might have to be filed and he wished to take instructions. However, his client lived in Russia and travelled quite a bit there and there might be a difficulty in getting instructions.

Mr Michael Cush, for Bula, said he was resisting the application for an adjournment. However, he accepted his client had filed an affidavit on Friday last and accepted Mr Stanley was in Russia.

Ms Justice Laffoy said Mr Stanley would have to make himself available and swear an affidavit. She expected an affidavit to be filed by November 19th and would list the matter for mention on that date.