Man gave €200k loan to Cunningham

A PROPERTY developer who loaned Ted Cunningham €200,000 on the security of a bag of sterling totalling £175,000 testified yesterday that the accused man told him he was doing business in Bulgaria with Phil Flynn and the Bailey brothers.

Man gave €200k loan to Cunningham

Phil Flynn was chairman of Bank of Scotland (Ireland) and the Bailey brothers are Tom and Michael Bailey, directors of Bovale, a leading development company.

The witness in Ted Cunningham’s trial, John Sheehan, has an office in Ballincollig, Co Cork, in the same building that Cunningham also has an office.

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