FORMER CHAIRMAN of Bank of Scotland (Ireland) Phil Flynn, who was a non-executive director of and a minority shareholder in Cunningham's company, Chesterton Finance, when contacted by The Irish Timesyesterday, said he was surprised by the verdict.
“The only response I have is that I am very surprised at the jury’s verdict.” Asked why he was surprised, he said: “I just am, that’s all.”
During the trial Cunningham said he had been coerced by gardaí into naming Mr Flynn as “the boss” behind the moneylending operation. Asked to comment on Cunningham’s evidence, Mr Flynn said: “On legal advice, I’m not making any statement at this time.”
Mr Flynn resigned his positions as chairman of Bank of Scotland (Ireland), as head of the Government decentralisation implementation committee and as a director of the VHI in February 2005 after it emerged that he had been questioned by the Criminal Assets Bureau about his non-executive directorship of Chesterton.
At the time Mr Flynn, a former vice-president of Sinn Féin, said he was an “unrepentant republican”, but he denied any involvement in money-laundering and offered to “run down the street naked” if the contrary was proven.
Exactly one year later it emerged that he would not be included in the Garda file sent to the Director of Public Prosecutions in relation to the money-laundering.
Prior to his high-profile banking and government jobs, Mr Flynn was a leading trade union activist.