The Tanaiste Ms Harney has decided, on foot of legal advice, not to proceed with summary prosecutions under company law arising out of the inquiry into Bula Resources.

The inquiry by barrister Mr Lyndon MacCann in 1997/98 into dealings involving Bula shares and an oil project in Russia led to a report detailing a number of alleged breaches of company law and the finding that former Bula chairman, Mr Jim Stanley, was at all times the owner of a company at the core of the oil project. A copy of the report was sent to the office of the Director of Public Prosecutions.

Meanwhile, the company chaired by former Taoiseach Albert Reynolds has reported pre-tax losses of £1.1 million (€1.4 million).