Minority shareholder challenges €1.6bn PTSB sale to Austria’s Bawag in court

During a High Court sanctioning hearing, minority shareholder Piotr Skoczylas claimed that Finance Minister Simon Harris backed the €1.6 billion acquisition of PTSB by Austria’s Bawag primarily to achieve the State’s goal of exiting the banking market, not to obtain the optimal price for investors. Skoczylas, managing director of Scotchstone Capital, highlighted that the State holds a 57.5 per cent stake and that only 30 per cent of shareholders voted at the emergency meeting, suggesting the deal marginalised dissenting owners.

He accused the minister of engineering a situation where minority voices were ignored. Ministerial counsel Lyndon MacCann argued no evidence showed the government accepted an unreasonable price and that the exit policy is well established. Axis Capital, co-founded by former banker Mark Duffy, said it would not request an adjournment but wished to present its facts, while a “large global investment manager” was reportedly considering a rival bid. The court heard representations from both sides, including barristers Kelley Smith for PTSB and Lutz Hartmann for Axis Capital.