AIB accuses former executives of plotting for financial services arm

SEVERAL former executives with an AIB subsidiary acted in acted in “a deliberate, clandestine and unlawful manner” by planning to take over its international financial services business, the High Court heard.

AIB claims six executives were behind a management buyout offer for AIB International Financial Services (IFS). When AIB decided in June to sell the business to another group, Capita, the six set up a rival business to take over the clients, business and staff of IFS, the bank alleges.

The six are: Pat Diamond of Elton Park, Sandycove, Dublin; Aidan Foley, formerly of Grawn, Kilmacthomas, Wexford; Gerry McEvoy, formerly of Shandon Park, Phibsboro, Dublin; Derek O’Reilly, of Fernleigh Drive, Castleknock, Dublin; Andrew O’Shea, formerly of Ashbrook House, Julianstown, Co Meath; and Joe Walsh, formerly of Grosvenor Terrace, Monkstown, Co Dublin.