An application aimed at preventing the completion of the sale of Irish Life to Canadian firm Great-West, the parent company of Canada Life, for €1.3bn has been dismissed by the Supreme Court.
The contract of sale for the life assurance business to Canada Life was agreed by the Minister for Finance last February and the deal is expected to close on July 10.
The Minister acquired the Irish Life Group from Irish Life and Permanent in late 2012. However shareholders of Irish Life's holding company Irish Life and Permanent Group Holdings plc (ILPGH) wanted the sale to the Canada Life blocked.
Today the Supreme Court, comprised of the Chief Justice Ms Justice Susan Denham, Mr Justice John Murray and Mr Justice Frank Clarke dismissed the shareholders appeal against the High Court's decision not to grant an injunction preventing the sale by the Minister to Canada Life from being completed.
The shareholder's appeal was against Ms Justice Mary Laffoy's decision, made earlier this month, not to grant the shareholders an injunction. The Supreme Court said it would give the reasons for its decision in a written judgement at a later date.
In their proceedings against the Minister for Finance the shareholders want the sale, which they allege is illegal, postponed until all legal actions concerning the ownership of Irish Life are resolved. Lawyers for the Minister opposed the application on grounds including the State could not afford any delay in the sale beyond the completion date.
The shareholders include Gerard Dowling, Padraig McManus, John Paul McGann, Tibor Neugebaur, Muriel Scorer Georg Haug, J. Frank Keohane and Mr Piotr Skoczylas, who is a non executive Director of Permanent TSB.