A shareholder in Irish Life and Permanent, who is challenging the Government's recapitalisation of the bank, has told the High Court the legal challenge is one of the most important cases in the history of the State.
Piotr Skoczylas and his company Scotchstone Capital are among a number of shareholders who are challenging the recapitalisation through the courts.
The Court made an order in July forcing Irish Life and Permanent to accept a cash injection of €2.7 billion from the State.
Mr Skoczylas told the High Court the challenge was one of the most important cases in the history of the State as it would expose the unprecedented abuse of power by the Irish authorities. He claimed the Minister for Finance was trying to harass and coerce the shareholders into dropping their case as the Minister understood his case "would not withstand the scrutiny of these proceedings".
Two other shareholders - Gerard Dowling and Padraig McManus - are supporting Mr Skoczylas. Another investment fund - Horizon Growth NV - is also challenging the recapitalisation.
Lawyers for the Minister said they may bring a motion seeking to have the challenge by some of the shareholders dismissed due to a number of issues including the length of time it had taken them to bring the case.
The High Court adjourned the challenges until October 7 when the case will be listed before the President of the High Court, Mr Justice Nicholas Kearns.
