Former chairman of UK’s Co-op Bank pleads guilty
LONDON >> The former chairman of Britain’s troubled Co-operative Bank has pleaded guilty to drug charges.
Paul Flowers admitted possession of cocaine, methamphetamine and ketamine in a court in Leeds in northern England.
He was fined 400 pounds ($680) plus court costs.
The 63-year-old Methodist minister resigned from the bank last year because of alleged drug use and inappropriate expense payments.
He was arrested in November after a newspaper published photographs of him buying drugs.
The Co-op is Britain’s biggest mutual society, active in everything from food to funerals to financial services.
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Last year, faced with a 1.5 billion-pound ($2.4 billion) black hole in its banking division, the Co-op agreed to a rescue plan giving hedge funds a huge share of its operations.
