Former Bula Resources chairman Mr James Stanley has now filed a replying affidavit for a hearing aimed at continuing an order freezing his assets pending the outcome of legal proceedings against him, the High Court was told yesterday.

Mr Michael Cush SC, for Bula Resources Holdings plc, said the affidavit was now with his client and he asked that the matter be put into next Thursday's High Court call over list for the purpose of getting a date for hearing. Mr Justice O'Donovan consented to the application.

Last Thursday Mr Cush complained to the court that he was still awaiting a replying affidavit from Mr Stanley. He was told by counsel for the former chairman he would have it by the following day.

The replying affidavit relates to proceedings in which Bula is seeking an interlocutory order continuing the freezing of Mr Stanley's assets pending the hearing of proceedings taken against the former Bula chairman. In the High Court last August Bula secured an interim worldwide order restraining the dissipation of Mr Stanley's assets in Ireland. In the interlocutory application, Bula wants that order to apply pending the trial of its action against its former chairman.

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.