Friday 19 July 2019

PTSB shareholders may get €500m

Minister for Finance Michael Noonan
Minister for Finance Michael Noonan

Peter Flanagan

A former director of Permanent TSB Group Holdings has told other shareholders in the firm they may be entitled to damages of as much as €500m.

Piotr Skoczylas of Scotchstone Capital was a director of the group and has been battling the decision by Minister for Finance Michael Noonan to take over 99pc of the business three years ago.

In a letter to other sharehoders in the group, Mr Skoczylas, through the law firm Flynn & O'Donnell said "the current state of litigation against the Minister opened a way for you to potentially claim in due course damages estimated to be at least €1.80 per share for each original shareholder in PTSB GH.

That would equate to about €500m in total if the case is ultimately successful.

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