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.

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.