Bank of Ireland's former chief executive, Michael Soden, has been linked with the Hong Kong-based Peak Resources company, that is trying to buy assets owned by the London-based oil and gas producers, Regal Petroleum.

Mr Soden is named as a director of Peak Resources in company documents. He could not be contacted for comment yesterday.

London-based solicitor John Charles Corry-Ferguson, who is also a Peak Resources director, told Dow Jones that Mr Soden had been invited to join the board after he left Bank of Ireland because of his financial background.

Mr Soden resigned as Bank of Ireland's chief executive in 2004 after he used his office computer to access websites of an adult nature.

The bank paid Mr Soden €2.3 million this year "in settlement of potential litigation", it said in its annual report.

The third Peak Resources director listed with the Hong Kong companies registry, Hans Raoul Troedsson, is a Swedish solicitor with an office in the same building as Ferguson Solicitors, Mr Ferguson said.

Mr Troedsson is principally a businessman involved in investments, he said.

Mr Ferguson declined to say who owned Peak Resources, but said that it was not linked to former Regal Petroleum chairman and chief executive Frank Timis.

Mr Ferguson declined to specify the stake each director owns in the company. Mr Ferguson said he held "some non-voting shares", and that "the other shares are ultimately held by a Panamanian entity founded by Mr Troedsson".

On Monday, it was revealed that before Mr Timis left the company, he had signed a secret deal with Peak Resources regarding Regal Petroleum Jersey Limited.

This company owns Regal's Ukrainian gas assets, which are the only profitable part of the group.

Regal Petroleum said its board had been notified of the existence of a call option agreement dated May 4th, 2005, purported to be made between the company and Peak resources.

"It appears that this agreement was signed on behalf of the company by Vasile Frank Timis who was, at that time, a director of the company," it said in a statement.

Mr Timis ceased to be a director of the company on June 7th, 2005.

The remainder of the board was not previously aware of the existence of the agreement and had not authorised or approved the entering into of the agreement with Peak Resources, it said.

It stated that the board is currently investigating the circumstances surrounding the agreement and is seeking legal and other advice in respect of the company's position.