Business Irish

Monday 11 November 2019

Bid to halt Irish Life sale denied

Tim Healy

A BID to block the sale of Irish Life to the parent company of Canada Life has been dismissed by the High Court.

The €1.3bn sale to Canadian firm Great-West was agreed by the Minister for Finance last February and the deal is expected to close on July 10.

The minister acquired the Irish Life Group from Irish Life and Permanent in late 2012.

However, shareholders of Irish Life's holding company, Irish Life and Permanent Group Holdings plc, wanted the court to grant an injunction blocking the sale, which they claim is illegal.

Yesterday, Ms Justice Mary Laffoy dismissed the shareholders' application after holding that the balance of justice did not favour granting the injunction.

The shareholders include Gerard Dowling, Padraig McManus, John Paul McGann, Tibor Neugebaur, Muriel Scorer, Georg Haug, J Frank Keohane and Piotr Skoczylas, who is a non-executive Director of Permanent TSB.

The minister opposed the application on grounds including that the State could not afford any delay in the sale beyond the completion date.

Following the ruling, Mr Skoczylas, who represented the group throughout the hearing, said he intended to appeal the judgment to the Supreme Court.

Irish Independent

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