Monday 16 December 2019

Permanent TSB blocks attempt to disqualify directors

Photo: Martin Nolan
Photo: Martin Nolan

Tim Healy

PERMANENT TSB has secured a temporary High Court order stopping proceedings aimed at disqualifying a number of people from being directors of the bank.

The President of the High Court, Mr Justice Nicholas Kearns granted the interim order prohibiting fellow Permanent TSB director Piotr Skoczylas issuing the proceedings.

Mr Skoczylas, who was appointed to the Permanent TSB board directly by shareholders at an Extraordinary General Meeting of the Company held on July 22, 2011, is a managing director and fund manager at Scotchstone Capital Fund Ltd.

The order is also against Scotchstone Capital Fund Ltd and six other named individuals, Gerard Dowling, Padraig McManus, Georg Haug, John Paul McGann, Tibnor Neugebauer and Muriel Scorer, some who are shareholders of Irish Life and Permanent.

Today’s application was made on behalf of Permanet TSB chief executive Jeremy Masding, directors and former directors including Kevin Murphy, David McCarthy, Bernard Collins, Ray MacSharry, Margaret Hayes, Emer Daly, Sandy Kinney and Pat Ryan.

Mr Justice Kearns granted the application which was made on an ex parte basis (one side represented). The case will come before the court again on Monday.

Applying for the order, Brian Kennedy SC, for for Permanent TSB and the directors, said the issuing of proceedings under Section 160 of the Companies Act by Mr Skoczylas is an abuse of process and part of an ongoing campaign against the recapitalisation of of Irish Life and Permanent.

The matters complained of by Mr Skoczylas were not disqualification matters, counsel said and were designed to put pressure on in relation to other proceedings involving the defendants and interfere with the restructuring plan for IL&P.

The directors, counsel said, are concerned about the negative publicity and the implications for their reputation if disqualification proceedings are brought against them.

Mr Skoczylas, he added, was obviously aggrieved and feels he has not been treated properly and fairly.

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