Courts / Dublin / Report

Businessman brings action aimed at halting AIB IPO

Summary

Mr Vincent O'Donoghue has filed an application in the High Court seeking to halt the imminent sale of the State's shareholding in AIB. He requests an injunction to prevent the government from disposing of any part of its stake until his case is heard, and a declaration that the proposed sale is contrary to the common good and unlawful. In a sworn statement he cites AIB's history of governance failures, including the 1980s bailout of subsidiary ICI, the rogue trader John Rusnak, DIRT tax evasion, and the €21.8 billion bailout in 2009, arguing that private ownership would make the bank serve only foreign shareholders and pursue profits relentlessly. The State and AIB oppose the action, filing motions to strike it out on grounds of vexatiousness and frivolity. The court has scheduled a hearing for Friday, with Mr O'Donoghue contesting the urgency of the matter and noting the government's recent Dáil defeat of the sale vote.

Who, what, where, when and why

What: Report matter: Businessman brings action aimed at halting AIB IPO. Procedural stage: charge_or_pretrial

When:

• 2017-05-24 Publication

Case subjects

Places mentioned

Topics

Stage Charge Or Pretrial

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Read the original CNI report