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Former Co-operative Bank Chairman Paul Flowers Charged with Fraud

Fraud, Bribery & CorruptionFormer Co-operative Bank Chairman Paul Flowers Charged with Fraud

Former Co-operative Bank chairman, Paul Flowers, 73, has been charged with fraud. He held the bank’s non-executive chairman role from 2009 to 2013. He is set to appear in court on Wednesday for one count of fraud by abuse of position, allegedly occurring between June 2016 and October 2017. Flowers, a former Methodist minister and Labour councillor, denied the charge, stating he hadn’t faced any legal actions since being questioned by the police over four years ago. The Co-operative Bank, known for its ethical stance, declined to comment. Flowers, who also served as a Labour Party councillor, was part of the bank during its 2009 merger with Britannia Building Society, which later revealed a £1.5 billion capital shortfall leading to a rescue in 2013. The bank’s ownership was subsequently taken over by private equity groups due to corporate governance failures. This puts Flowers in a category with a few senior bankers facing criminal charges, including former Barclays boss John Varley, who was acquitted of alleged fraud tied to the 2008 financial crisis.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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