Chairman of oil company has convictions for heroin dealing

The chairman of an oil company just floated in London is a former heroin dealer.

Frank Timis, 38, who brought Regal Petroleum to the Alternative Investment Market last month, was convicted of possession of heroin with intent to supply in 1990 and 1994 in Australia and fined a total of A$27,000 (£9,000), according to the prospectus. In 1982 he was convicted of possession of marijuana. He also has convictions for traffic offences.

Australia takes a liberal view of heroin. It opened a legal heroin injecting room in Sydney last year to prevent overdoses and keep needles off the streets.

Two years after his last heroin-related conviction, the Romanian-born Mr Timis set up Regal Petroleum Corporation, a trading company incorporated in Jersey.

The business has never made a profit, but £10m was raised in the flotation for the purpose of looking for oil and gas opportunities in Ukraine.

Evolution Beeson Gregory, the broker behind the flotation, said no one was available to comment on its choice of client.

Regal Petroleum said that Mr Timis was not available for comment, but added that he is not involved in heroin dealing any more.

The share offer was over-subscribed, it said, noting that Mr Timis was behind a successful Canadian-quoted gold mining company, Gabriel Resources.

Gabriel is involved in a new gold mining venture in Romania that has had to relocate hundreds of residents.