The former chairman and chief executive of Bula Resources plc, Mr Jim Stanley, had a meeting in Moscow on Monday with a Russian businessman and former Bula director. Mr Stanley, whose whereabouts have been unknown for some months but who is understood to have been travelling, mostly in Russia, met Mr Vladimir Tokarev.
Mr Tokarev resigned from the board of Bula on Monday, citing increased responsibilities in Russia. He had been appointed to the board in July 1995 as part of a deal between Bula, Mr Tokarev's company, KMNGG, and two British Virgin Islands-registered companies, Mir Oil Development Ltd and Mir Space International.
Mr Stanley and Mr Tokarev were the main figures involved in negotiating the deal. A Government-appointed inspector, Mr Lyndon McCann, is currently investigating aspects of the deal, including the beneficial ownership of the Mir companies.
According to Mr Tokarev's business colleague in Moscow, Mr Nikolai Bogatchev, the meeting between Mr Tokarev and Mr Stanley was held at Mr Stanley's request. The discussion included matters connected to the Bula/ KMNGG/Mir deal, including the ownership of the Mir companies.
Mr Stanley resigned from Bula last April. At the time of the deal with KMNGG, he informed his fellow directors that the Mir companies were owned by a Mr Charles Ellis, of South Africa. However Mr Charles Lloys Ellis, a Johannesburg-based acquaintance of Mr Stanley, said he has nothing to do with the companies.
In the wake of Mr Ellis telling Bula in August that he was not the owner of the Mir companies, Bula has been seeking a meeting with Mr Stanley. However, none of its letters have been answered.
