Former Co-op Bank chairman arrested in Britain

Nov. 22, 2013 at 11:56 AM
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WEST YORKSHIRE, England, Nov. 22 (UPI) -- The former chairman of the Co-operative Bank in Britain, Paul Flowers, has been arrested in connection with a drug investigation, police in West Yorkshire said.

Flowers, 63, resigned from the bank in June. He was arrested after police searched his home two days after a video surfaced showing Flowers allegedly counting out money to pay for a purchase of cocaine, The Guardian reported.

The London newspaper said Flowers, who has been a minister for 40 years, was also suspended by the Methodist Church after pornography was found on his laptop.

In addition, the city council in Bradford, England, said Flowers had stepped down from his councilor position.

The Bradford Council said in a statement Wednesday said Mr. Flowers resigned from his job as a city councilor after nine years, when "inappropriate but not illegal content was found on a council computer handed in by councilor Flowers for servicing."

The bank, which has also been struggling, is currently attempting a restructuring plan that would turn over control to bond holders.

The Financial Conduct Authority, Britain's banking regulator, is investigating the bank's finances and Prime Minister David Cameron has ordered an inquiry into the bank's activity related to its troubled chairman.

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