Phil Flynn: The former head of the Government's decentralisation project and former chairman of Bank of Scotland (Ireland), Mr Phil Flynn, travelled to Bulgaria in recent weeks with the principal figure in the company at the centre of the Garda investigation into money-laundering in the republican movement.
Mr Flynn, a former vice-president of Sinn Féin and a former Irish Congress of Trade Unions president, said he went to the eastern European country in January with the man but did not explain the circumstances of the visit.
However, RTÉ reported that Mr Flynn said he travelled to Bulgaria to look at possible property investments.
He was also reported to have told RTÉ he took a 10 per cent stake in the company in return for helping to revamp it.
Last night, Mr Flynn resigned his chairmanship of Bank of Scotland (Ireland), which is a subsidiary of the Halifax Bank of Scotland Group.
He had been chairman of ICC from 1996 until it was acquired by Bank of Scotland in 2001.
In a statement he said: "I am guilty of no wrong-doing, but the Bank and I have decided that it is best I step down from my position as non-executive Chairman with immediate effect in order to ensure Bank of Scotland (Ireland) is not affected by recent publicity."
Members of the Criminal Assets Bureau have questioned Mr Flynn on his involvement with Chesterton Finance Company Ltd. Based at Cúil Gréine House in Ballincollig, Co Cork, the company's business is described in its official filings as financial intermediation except insurance and pension funding.
While Mr Flynn's name does not appear on the current Companies Office records for Chesterton, he confirmed that he was one of its non-executive directors.
Mr Flynn said gardaí visited his home in Cabra, north Dublin, and his office in Harcourt Street in the city centre on Thursday.
He said they took files and documents dealing with his non-executive directorship of the company.
It emerged yesterday that Mr Flynn's brother, Mr James Flynn, a Dundalk-based broker, has a business relationship with Chesterton.
