Wednesday 23 May 2018

PTSB's Skoczylas hits out at bid to halt court action

Piotr Skoczylas
Piotr Skoczylas

Tim Healy

A DIRECTOR of Permanent TSB has criticised a court bid to prevent any legal action by him or others aimed at disqualifying a number of other directors from involvement in the management of a company.

Piotr Skoczylas described the bid by the bank and 10 of its directors and former directors as "an egregious breach of court process".

Mr Skoczylas told the president of the High Court, Mr Justice Nicholas Kearns, the proceedings against him and others, including some shareholders of PTSB, should be "flung out" with an order for costs against the bank and the 10.

Last Friday, Permanent TSB and 10 of its directors or former directors secured an interim order restraining Mr Skoczylas, Scotchstone Capital Fund Ltd and six others taking any legal proceedings aimed at disqualifying any of the 10 under Section 160 of the Companies Act.

Mr Justice Kearns returned the interim order to yesterday, when Mr Skoczylas said his side had prepared affidavits replying to the PTSB application and was ready for the case to go on.


Paul Gallagher, for PTSB and the 10, said he wanted an opportunity to reply to the affidavits.

Mr Skoczylas argued the other side was seeking to encroach on his side's fundamental constitutional rights and there was clear case law indicating the application could not stand.

Mr Justice Kearns said he had to grant an adjournment to allow for a reply to Mr Skoczylas's side's affidavits. He made directions for exchange of affidavits and returned the matter to Monday next.

Mr Skoczylas was appointed to the Permanent TSB board directly by shareholders at an EGM of the company held on July 22, 2011.

He is managing director and fund manager at Scotchstone Capital Fund Ltd.

Last Friday's interim order was made against him, Scotchstone and six named individuals – Gerard Dowling, Padraig McManus, Georg Haug, John Paul McGann, Tibnor Neugebauer and Muriel Scorer. Some of those are shareholders of Irish Life & Permanent (IL&P).

The interim order was sought on behalf of Permanent TSB, its chief executive, Jeremy Masding and several directors and former directors – Kevin Murphy, David McCarthy, Bernard Collins, Ray MacSharry, Margaret Hayes, Emer Daly, Sandy Kinney and Pat Ryan.

They claim any issuing by Mr Skoczylas of proceedings under Section 160 is an abuse of process and part of an ongoing campaign against the recapitalisation of IL&P.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business