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.