The former Taoiseach, Mr Albert Reynolds, did not put himself forward for re-election as chairman at the Bula Resources annual general meeting yesterday.

Mr Reynolds came in for sustained questioning and criticism at the three-hour meeting. Trading in the company's shares was suspended last April.

There were repeated complaints from some shareholders who said they were not getting the information they were seeking. They said Mr Reynolds had failed to produce a good deal since his appointment in 1999. Mr Reynolds, however, said he was a non-executive chairman and could not be blamed for the failure of the company to negotiate a successful deal.

Mr Reynolds also said there were people who had spread damaging rumours about him and who had "an agenda". They were trying to get the company "on the cheap", he said.

During the meeting and before the resolution for his re-election was reached, Mr Reynolds said he was not going forward for re-election because of a potential conflict of interest.

The meeting heard that a $1.5 million (€1.53 million) "refundable deposit" that Bula placed in Bahrain to secure a deal last year, had not been returned to Bula even though the deal was not proceeding.

Earlier this year Mr Reynolds offered to buy the deal for $1.5 million on behalf of Life Energy, a US company of which he is chairman.

The second and only other director on the board, former chief executive Mr Tom Kelly, would not agree to the deal because of what he said was a conflict of interest. Mr Reynolds said he did not agree with that interpretation of the situation.

Shareholders questioned how the Bahrain deal had come about and what it entailed.

Mr Reynolds said he signed a contract in Bahrain in relation to the deal and reported back to the board.

The former company secretary, Mr Con Casey, said he resigned in January when he found out about the deal.

He said he had not been invited to the board meeting where it was discussed. His resignation led to the market hearing about the deal for the first time, he said.

The meeting was also told that Mr Reynolds and Mr Omar Yazigi travelled to Tripoli to discuss a deal with two Libyan entities who wished to buy 75 million Bula shares for €1.2 million.

Mr Reynolds said he travelled to Tripoli on the understanding that the money would be waiting.

However, when he arrived there he was told the money would not be ready for a few days.

Mr Yazigi said that when they got to Tripoli Mr Reynolds handed over his Life Energy card and documentation concerning that company to the Libyans.

Mr Yazigi also said Mr Reynolds did not bring the Bula share certificates that Mr Reynolds was to give to the Libyans.

However, Mr Reynolds said this was incorrect. He said he'd been in Libya when the Bula management was asked by the stock exchange, three days in a row, to furnish a statement about share price fluctuations.

"Unfortunately no response to that request was given, despite advance notification of suspension, and as a result, the shares were suspended."

Mr Kelly disputed this. He said the exchange was told verbally that the share price changes could be due to Mr Reynolds's trip to Libya. He said he was not warned the shares would be suspended.

Mr Reynolds has invested €500,000 in Bula shares since he was appointed chairman in 1999. He is also owed €200,000 by the company.

Mr Omar Yazigi was appointed acting chief executive and he and Mr Kelly now comprise the company's board.

Mr Casey said the company intended to appoint new directors and a new chairman, and to seek to have the company relisted.