The Tanaiste, Ms Harney, will bring summary prosecutions against Bula Resources over several alleged breaches of company law.

The move arises out of the report into Bula by the High Court inspector, barrister Lyndon MacCann, who presented his report in July of last year, and follows legal consultation. The report has been forwarded to the Director of Public Prosecutions, as well as the Irish Stock Exchange and the Central Bank.

The decision to bring summary prosecutions, which take place in the District Court, was revealed in a Dail reply delivered on Thursday.

Ms Harney said she was unable to prosecute any company law offences arising out of the authorised officer's report into Mr Michael Lowry's company, Garuda, due to the time restriction of three years imposed in section 240 of the Companies Act, 1990. She said the report, which was received on December 14th, 1998, had been forwarded to the DPP.

An authorised officer's report into Faxhill Homes was received on December 22nd, 1998, and had been forwarded to the DPP. Ms Harney said that, in consultation with her legal advisers, she was considering whether there were sufficient grounds to mount one or more summary prosecutions for suspected offences under the Companies Acts. Faxhill Homes is the company which was paid by Dunnes Stores for an extension built onto Mr Lowry's home.

Ms Harney told Mrs Nora Owen of Fine Gael that a decision on whether any prosecution under the Companies Acts should be taken against Ansbacher (Cayman), would be taken after she had received the report of the High Court inspectors appointed to inquire into that company. The inspectors were appointed in September following an authorised officer's report received by Ms Harney in June.