Jack Wall
Question:60 Mr. Wall asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress, if any, of the inspector appointed to examine Bula Resources; and the costs incurred to date in that examination. [15928/98]
Written Answers. - Bula Resources.
On 23 October 1997, I appointed Mr. Lyndon MacCann, BL, as inspector to Bula Resources (Holdings) plc under section 14 of the Companies Act, 1990. The primary purpose of this investigation is to establish the beneficial ownership of the Bula shares held by Mir Oil Development Limited up to November 1996 and by Chamonix Nominees Limited since then. The inspector is also mandated to establish the beneficial ownership of shares held in Bula by Pictet International Management Limited prior to February 1997.
Initially, I had hoped this investigation might be completed within three months, but for various reasons, this has not been possible. The inspector's investigations have required him to travel abroad on a number of occasions. He has also had to appear in the High Court several times, either as an applicant or as notice party to related court proceedings, to overcome various difficulties with his inquiry. At this stage, I understand the inspector's investigation is substantially completed, and I am confident his report should be finalised and submitted to me around the middle of July. Subject to whatever legal advice I receive on its content, I intend to publish the inspector's report and make a statement on its findings.
The costs incurred by my Department on this inquiry to date are about £147,000.