AIB Fights To Ax Claim Over £740M Property Sale

Law360, London (February 12, 2020, 5:28 PM GMT) -- Allied Irish Banks PLC on Wednesday moved against a lawsuit accusing the lender of unlawfully selling properties at the heart of a £740 million ($960 million) fraud, arguing that the bank had the right to seize and liquidate the portfolio.

Sandy Phipps, counsel for AIB, said at the High Court that Michalis Kallakis’ suit — alleging that the bank wrongly seized and sold 14 properties managed by his father and convicted fraudster Achilleas Kallakis for less than they were worth — should be struck out because it has no real prospect of success.

“The bank’s clear position is that there was...

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