Minister for Finance has put PTSB board in ‘straitjacket’, says minority shareholder
Minister for Finance Simon Harris “unequivocally” controls PTSB and has put the bank’s board “in a straitjacket”, a minority shareholder who is fighting to stop the bank’s acquisition by Austrian lender Bawag, has told the High Court. The Tánaiste and Fine Gael leader, who currently holds a 57.5 per cent stake in PTSB, has benefited from “special, incredible rights” since the State paid €4 billion in 2011 to acquire a 99.2 per cent stake in the bank, “disapplying any rule of law imaginable” in the process, Piotr Skocyzylas told Judge Michael Quinn. PTSB’s “board cannot move a muscle unless the Minister approves it”, Skocyzylas told the court, although “he has graciously allowed day-to-day control” to be operated by the bank’s executives. Skocyzylas is one of four PTSB shareholders – who the court heard own a combined 0.00287 per cent share of the bank – objecting to a “scheme of arrangement”…