Businessman's bid to prevent sale of shares in AIB bank struck out by High Court

A businessman's bid to prevent the sale of shares held by the government in AIB bank has been struck out by the High Court, writes Ann O'Loughlin.

Mr Justice Paul Gilligan said he was satisfied proceedings brought by Mr Vincent O'Donoghue with an address at Church Street, Dublin 7 to prevent the sale of the shares could not succeed.

In proceedings against AIB Plc, the Minister for Finance, the Government, Ireland and the Attorney General Mr O'Donoghue, who represented himself, sought a declaration that the proposed sale is contrary to the common good and is unlawful.

In his ruling the Judge said a court should rarely dismiss claims at an early stage.

However allowing Mr O'Donoghue's action proceed would "constitute an abuse of process of the court."

The claims the Judge added were frivolous, vexatious and were bound to fail.

The court also said it was satisfied to strike out Mr O'Donoghue's application for an injunction preventing the defendants from taking any steps to dispose all or any parts of the state's shareholding in AIB pending the final outcome of his action.

The State parties had opposed the injunction application and had brought preliminary motions seeking to have Mr O'Donoghue's proceedings dismissed.