Three firms set up during trip to Bulgaria
Mr Cunningham, who was arrested last week after gardaí found £2.3 million hidden in a compost bin in his garden, travelled to Bulgaria with Mr Flynn and four others between January 22 and 29 this year.
During the trip, the men, who stayed at the Crystal Palace Hotel in the university district of Sofia, opened two new bank accounts and registered three new companies with the Bulgarian authorities.
Although today's Bulgarian newspaper, 24 Hour, cites interior ministry officials confirming bank deposits of €2,400 and £58,000 made by the men, sources close to the Irish investigation last night denied the reports.
The Irish Examiner understands that while two separate accounts were opened by Mr Flynn and Mr Cunningham, no more than €1,000 was deposited in each.
In addition, three new Bulgarian companies named Alexander Finance, Bulgarian Property and Development and Saint Sofia were set up during the trip, with the assistance of legal and financial representatives who travelled with Mr Flynn and Mr Cunningham.
Those representatives include a German-based lawyer who has an associate practice in Bulgaria and is reported to have links to figures central to the ongoing garda investigation into suspected IRA money laundering activities.
The Irish Examiner has also confirmed that a woman, who works for a prominent international business consultancy, also accompanied the men during their trip.
According to reports in Bulgaria the woman has travelled to Sofia 13 times since 2002 and is known to act as an intermediary for those seeking to invest in the country.
Two other Irish men, both said to be known to Ted Cunningham, also travelled with the group to look at investment opportunities.
The names of all the individuals cannot be published for legal reasons.
24 Hour is also reporting this morning that Mr Flynn and Mr Cunningham rented an office in a luxury development in the Lozenetz area of Sofia above a disco called Cacao.
In addition, the newspaper cites the interior ministry as confirming Mr Flynn and Mr Cunningham met with Bulgaria's Deputy Finance Minister Ilia Lingorski, responsible for foreign inward investment.
Mr Flynn has already confirmed earlier this week that he had met with a senior official at the Department of Finance as well as a senior figure in banking.
However, since he resigned from all his public positions and as chairman of Bank of Scotland (Ireland) last week, Mr Flynn has repeatedly denied any involvement in IRA money laundering.
Speaking to the Irish Examiner on Monday, he promised to make all the details of his business links with Bulgaria public when the Criminal Assets Bureau returns files it confiscated last week.
