IL&P recapitalisation challenge ‘most important in state’s history’

A SHAREHOLDER who is challenging the Government’s recapitalisation of Irish Life and Permanent has told the High Court the legal challenge is one of the most important cases in the history of the state.

Piotr Skoczylas, managing director of Scotchstone Capital, is one of several shareholders who are challenging the recapitalisation through the courts.

In July, despite the opposition of IL&P’s shareholders, the High Court made an order forcing IL&P to accept a cash injection of €2.7 billion from the state.