Further challenge to IL&P recapitalisation

Another shareholder at Irish Life and Permanent has today come forward to challenge the Government's move to recapitalise the business.

Another shareholder at Irish Life and Permanent has today come forward to challenge the Government's move to recapitalise the business.

Piotr Skoczylas and his company Scotchstone Capital have been added to High Court proceedings against the Finance Minister following an order forcing IL&P to accept a €2.7bn cash injection from the State.

Finance Minister Michael Noonan secured a court order in July allowing the State take a 99% stake in Irish Life and Permanent.

Minister Noonan said the move under the Credit Institutions Stabilisation Act was necessary under the terms of the EU/IMF bailout.

However the €2.7bn recapitalisation went in the face of a shareholders vote a week earlier.

Last week, two shareholders, Gerald Nigel Bunting and fund investor Horizon Growth NV, initiated legal proceedings to try reverse the Minister's order.

This morning, Mr Justice Sean Ryan consented to an application to join Mr Skoczylas to the proceedings.

However, the judge noted the Minister retains a right to come into court and object to their addition to the case.

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