Accused UK Money Launderer: Bulgaria Banks Owned by Russian Mafia

Ted Cunningham has used Bulgarian businessmen giving him cash handouts as an explanation for the money found in his basement. Photo by vesti.mt.net.mk

Timothy 'Ted' Cunningham, the businessman charged with laundering the proceeds of the Northern Bank robbery in Northern Ireland, claimed late Wednesday that Bulgarian businessmen asked him to handle foreign currency because Bulgarians didn't trust their own banks as they were run by the Russian mafia.

Cunningham (60) told the court that he was paid sums totalling more than GBP 2.5 M by the Bulgarians in 2004/2005 for a deal involving an gravel pit, the Belfast Telegraph reported.

Cunningham from Farran, County Cork, denies a total of 20 charges of money-laundering the proceeds of the Northern Bank robbery in December 2004.

He explained that he had first become involved with a group of Bulgarian businessmen on the basis of the property and investment opportunities between the two countries.

Cunningham who founded his firm, Chesterton Finance, in Cork in 1999, negotiated with the Bulgarians alongside Chesterton director and former Bank of Scotland (Ireland) boss, Phil Flynn.

He revealed that he had travelled to London and Brussels for meetings with various Bulgarians interested in doing business in Ireland - and had one meeting with a man called ‘Milan' who represented the Bulgarian government at NATO.

One Bulgarian was interested in doing cash deals in Ireland.

"I was asked could I handle cash, US dollars, Canadian dollars and sterling. I was asked whether I could handle cash payments," Cunningham explained.

"I said I could. I remember the Bulgarian distinctly saying that the banks were not trusted in Bulgaria because they were run by the Russian mafia," he continued.

Following further talks, three Bulgarians - Emil Petrov and Slavko and Georgi Andassonov agreed to "do a deal" for a gravel pit at Shinrone, County Offaly, in which Cunningham had an interest.

They visited Ireland - and issued Cunningham with a payment towards the land deal. "He handed me GBP 200 000 - it was cash. sterling," he said.

Cunningham said he later received payments of GBP 800,000 in cash, as well as three payments of GBP 500,000 each. The payments were all made between October 2004 and February 2005.

The trial has already heard that more than GBP 2.3 M in cash was discovered by the police in six holdalls and a plastic Dunnes Stores bag in the locked basement cupboard at Ted Cunningham's Farran house in February 2005. His trial is expected to last until Easter.

 

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