Noonan accused of attempting to ‘flip’ Irish Life and sell it for profit

Permanent TSB Group Holdings board member Piotr Skoczylas has written to the Finance Minister, Michael Noonan, threatening to go to the European Court of Justice to overturn any sale of Irish Life to Canada Life.

He accused Mr Noonan of attempting to “flip” Irish Life Group Limited and sell it for a profit while court proceedings were still under way.

“PTSBGH shareholders opposed in the High Court the illegal transaction whereby you in effect sold ILGL to yourself at undervalue... in order to subsequently generate a re-sale profit,” he claimed.

“The respective legal proceedings are ongoing. No one expected that, contrary to what was said in court, you would be ‘flipping’ the asset within months, but this is indeed what you have decided to do,” the letter continued.

Mr Skoczylas — who is also the manager of Scotchstone Capital Fund which bought €200,000 worth of Irish Life & Permanent shares in 2010 — said Mr Noonan’s actions were in breach of numerous EU laws.

He failed in a High Court application to have Mr Noonan’s purchase of Irish Life overturned, but said the decision “will be appealed and would result in the reversal” of Mr Noonan’s transaction.

“The reversal will be effected by the Supreme Court or, if necessary, by the decision of the European Court of Justice,” he said.

The letter said if the minister failed to respond within one week with an assurance he would not sell Irish Life to Canada Life, Mr Skoczylas would seek further legal action to halt the sale.