Harney may take new Bula action

The Minister for Enterprise, Trade and Employment, Ms Harney, is considering taking further legal action against Bula Resources (Holdings) plc.

Ms Harney said that in October of last year she had appointed Mr Lyndon MacCann BL as inspector to Bula under Section 14 of the 1990 Companies Act.

Mr McCann's report was published last July and was sent to various parties, including Bula, the Irish Stock Exchange and the DPP.

She said the total cost of the investigation - an estimated £201,000 - had been paid for by her Department, as the 1990 Act did not provide for the recovery of costs from any other party in such cases.

"Having examined the report and the comments of various parties with whom I have been in contact, I have recently indicated to Bula that I am considering taking further action against the company for possible infringements of the Companies Acts. I have also written to the Irish Stock Exchange asking interalia if it is now satisfied that Bula fully complies with its requirements.

"I have identified the need to make some legislative changes, one of which, if implemented, would enable me to recover the cost to the State of any future investigations undertaken under Section 14 of the 1990 Act."

Ms Harney was replying to a written question from Mr Michael Bell (Independent, Louth).