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Ireland - Luxembourg: AIB sues six senior executives over sale of services subsidiary

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Irish Times and Reuters report: six senior AIB executives secretly and systematically colluded in preparing and executing a premeditated strategy to undermine and damage the bank’s international financial services business for their own gain, the High Court heard yesterday. Michael McDowell SC, for AIB, told Mr Justice Barry White that following an internal investigation the bank had been shocked at the conduct of the six top managers. The court ordered the six managers to preserve all documents and computer records pending the full trial of the proceedings.

The six were behind a management buyout offer for AIB International Financial Services (IFS) but turned to their “Plan B” option to set up a rival business when AIB decided to sell the business to a firm called Capita in June. Capita had reduced its original offer for the business from €55 million to €33 million after 25 directors and employees left the business between June and August.

In the run-up to the finalisation of the sale to Capita there were rumours that senior directors and employees of IFS were setting up a rival company called Centralis in Luxembourg and were encouraging others to join them.

Read more here:

http://www.irishtimes.com/newspaper/finance/2011/0907/1224303634660.html

http://www.reuters.com/article/2011/09/06/aib-idUSL5E7K64M220110906

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