The world-wide clampdown on the dissipation of property and finances of former Bula chairman Mr James Stanley has been extended by the High Court to include almost five million newly discovered various shareholdings.
Mr Michael Cush, counsel for Bula Resources (Holdings) PLC., told Mr Justice Dermot O'Donovan yesterday his client believed Mr Stanley to be the beneficial owner of the shares concerned which have an estimated total value of £227,209.
The court froze any dealings in 925,628 ordinary 20p shares in Ovoca Resources registered in the name of Mr Kevin Joseph Milner; 1,080,000 ordinary 1.625p shares in Gaelic Resources PLC also registered in Mr Milner's name; 2,216,322 ordinary 1.125p shares in Bula Resources registered in the name of Skerries Nominees; 240,000 ordinary 20p shares in Ovoca Resources PLC registered in the name of Errigal Holdings and 258,000 ordinary 20p shares in Ovoca Resources registered in the name of Skerries Nominees Ltd.
Earlier the court heard that through the use of deliberately falsified oil production test results Mr Stanley set up Bula to invest £12 millions in a dry Russian oil well from which it would never see any return.
Then, before the proper oil production readings became known, Mr Stanley had made a personal financial gain of more than £660,000 sterling on the sale of buoyant Bula shares.
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