The Irish Life and Permanent shareholder who led the high-profile campaign against the company’s recapitalisation by the State has been joined to the legal action challenging the effective nationalisation of the company.

Malta-based hedge fund Scotchstone Capital was granted permission by the High Court yesterday to be included in the legal challenge taken against the company by two shareholders last month.

Nigel Bunting and investment fund Horizon Growth took a legal action seeking to overturn or vary High Court orders obtained by the Minister for Finance last month.