Judge hears IL&P action

A High Court judge has begun a hearing to decide key preliminary issues in actions by a number of shareholders in Irish Life and Permanent and others to the Government’s recapitalisation of the bank.

Piotr Skoczylas and his company, Scotchstone Capital, are among a number of litigants challenging the recapitalisation on grounds including it unlawfully imposes an unacceptable €2.7bn burden on Irish and EU taxpayers.

Two IL&P shareholders, Gerard Dowling and Padraig McManus, previously told the court they are supporting Mr Skoczylas while in separate proceedings, an investment fund — Horizon Growth NV — is also challenging the recapitalisation.