An action by AIB against six senior executives, accused by the bank of secretly scheming to take over the clients, business and staff of AIB's international financial services business for their own gain, has been adjourned by the Commercial Court until next week.
The six are: Pat Diamond from Elton Park, Sandycove in Dublin; Aidan Foley, formerly of Grawn, Kilmacthomas in Wexford; Gerry McEvoy formerly of Shandon Park, Phibsboro in Dublin; Derek O'Reilly of Fernleigh Drive Castleknock in Dublin; Andrew O'Shea formerly of Ashbrook House, Julianstown in County Meath; and Joe Walsh formerly of Grosvenor Terrace, Monkstown in County Dublin.
AIB alleges they were behind a management buy-out offer for AIB International Financial Services but turned to their 'Plan B' option to set up a rival business when AIB decided to sell the business to another group.
The court was told last week that they secretly schemed to take over the clients, business and staff of IFS. The court was told that after 25 directors and employees left the business between June and August, the other group, Capita, had reduced its offer to buy IFS by €22m.
The court heard today that one of the six executives, Andrew O'Shea, intends to take an action dismissing AIB's action. Mr O'Shea's senior counsel, Gary McCarthy said he would be doing this on the basis that the bank had not disclosed important facts to the court last week.
All the executives gave undertakings that they would not solicit, canvas or try to contact AIB clients or those who were clients as of July 14. The matter will come back before the Commercial Court on Tuesday.