Bank executive testifies in Northern Bank case
Former ICC Bank executive Denis O’Connell gave evidence today of travelling to Bulgaria in 2004 with the man who was later accused of laundering more than £3m from the Northern Bank robbery.
Mr O’Connell was called as a witness in the trial of Ted Cunningham (aged 60) of Woodbine Lodge, Farran, Co Cork, at Cork Circuit Criminal Court.
Cunningham denies 20 charges of money laundering. The charges arise out of the investigation of the robbery of £26.5m sterling from the Northern Bank in Belfast on December 20, 2004.
He started by saying he knew Phil Flynn, former chairman of Bank of Scotland (Ireland), as this bank had taken over ICC Bank and Mr O’Connell was the former director of lending there.
Mr O’Connell, was retired from the bank at this time, said Mr Flynn asked him to check out Ted Cunningham’s company, Chesterton Finance in December 2003. He met Cunningham and another Chesterton director, Irene Johnston in January 2004.
“In December 2004 Phil Flynn told me he and some property developers were going to Bulgaria. I had some interest in Eastern Europe. He also said Ted Cunningham was interested,” Mr O’Connell said.
While on the trip there was some talk among the business party about setting up a lending agency in Bulgaria but Mr O’Connell said his only interest was in property in Bulgaria and he attended various meetings there with that in mind.
The witness said that a variety of different meetings took place during the trip to Bulgaria but that everybody did not go to the same meetings.
The group included Ted Cunningham, Irene Johnstone, Phil Flynn, John Douglas who is a jeweller in Tullamore, County Offaly, and John Sturgeon, a solicitor from the Isle of Man.
Judge Cornelius Murphy told the jury of five women and seven men to return to court on Tuesday, March 10, for what will be the 33rd day of the trial.
