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Former Co-op boss Paul Flowers admits drug possession Former Co-op boss Paul Flowers admits drug possession
(35 minutes later)
Former Co-op Bank boss Paul Flowers has pleaded guilty to drug possession, at Leeds Magistrates' Court.Former Co-op Bank boss Paul Flowers has pleaded guilty to drug possession, at Leeds Magistrates' Court.
Mr Flowers, 63, was arrested last November after newspaper allegations he had been involved in a drug deal.Mr Flowers, 63, was arrested last November after newspaper allegations he had been involved in a drug deal.
The suspended Methodist minister had stepped down from the Co-op six months earlier over concerns about expenses.The suspended Methodist minister had stepped down from the Co-op six months earlier over concerns about expenses.
He was fined £400 and ordered to pay £125 in costs after pleading guilty to charges of possessing cocaine, methamphetamine and ketamine.He was fined £400 and ordered to pay £125 in costs after pleading guilty to charges of possessing cocaine, methamphetamine and ketamine.
He had earlier apologised for "stupid and wrong" behaviour, saying he had been under pressure because of problems at the bank and a recent death in his family.He had earlier apologised for "stupid and wrong" behaviour, saying he had been under pressure because of problems at the bank and a recent death in his family.
Mr Flowers previously served as a Labour councillor in Bradford and on an informal board advising Labour leader Ed Miliband on banking. Outside court on Wednesday, he said only: "Don't ask me any questions because I won't give any answers."
Mr Flowers' appearance in court came on the day a review of the Co-op Group by former board member Lord Myners said the organisation should adopt a much smaller board and focus on being profitable in order to survive.
Lord Myners said the group's current board was "manifestly dysfunctional" and needed more members with business experience.
Mr Flowers, who oversaw the near-collapse of the group's banking arm, previously served as a Labour councillor in Bradford and on an informal board advising Labour leader Ed Miliband on banking.
He was suspended by the Labour Party and the Methodist Church and faces a disciplinary procedure by the Church.He was suspended by the Labour Party and the Methodist Church and faces a disciplinary procedure by the Church.
Black holeBlack hole
His appointment as Co-op Bank chairman in April 2010 was widely criticised because of his inexperience in banking.His appointment as Co-op Bank chairman in April 2010 was widely criticised because of his inexperience in banking.
In May last year, the Co-op Bank was found to have a £1.5bn black hole in its finances.In May last year, the Co-op Bank was found to have a £1.5bn black hole in its finances.
Mr Flowers stepped down the following month.Mr Flowers stepped down the following month.
In November, Mr Flowers was called to appear before Parliament's Treasury Select Committee to discuss his management of the bank.In November, Mr Flowers was called to appear before Parliament's Treasury Select Committee to discuss his management of the bank.
After his appearance, the committee's chairman Andrew Tyrie said Mr Flowers was "manifestly unsuitable" to be chairman of a bank.After his appearance, the committee's chairman Andrew Tyrie said Mr Flowers was "manifestly unsuitable" to be chairman of a bank.
The bank has since agreed a refinancing deal which saw the Co-op Group's stake fall to 30%.
US institutions now hold the other 70%.
Mr Flowers is also a former trustee of the drugs charity Lifeline, from which he resigned in 2004 after allegedly filing false expenses claims.Mr Flowers is also a former trustee of the drugs charity Lifeline, from which he resigned in 2004 after allegedly filing false expenses claims.