Ireland has asked Russian billionaire Roman Abramovich's Millhouse Capital holding company to pick up the tab for bailing out the Irish Nationwide Building Society (INBC).
Millhouse Capital owns lower Tier 2 bonds in the Dublin-based building society.
The Republic of Ireland's government has already given INBC 2.7 billion euros ($3.7 billion) to deal with its huge property losses, but Finance Minister Brian Lenihan says the cost of a bailout may reach 50 billion euros ($68.7 billion).
Subordinated bondholders in INBC and nationalized lender Anglo Irish Bank should make a "significant contribution" towards cleaning up their debts, Lenihan said on Saturday.
Millhouse Capital said that making bondholders take losses on their securities was unfair and possibly illegal, and urged the Irish authorities to "reconsider their position," according to the Irish Times.
"We are fully prepared to vigorously defend our position using all possible legal means," a statement by the company said.
RIA Novosti
