The former chairman of the Co-operative Bank Paul Flowers has been arrested by U.K. police as part of an illegal drugs investigation.
West Yorkshire Police confirmed to CNBC that a 63-year-old man was arrested yesterday. The arrest was made in Liverpool late on Thursday evening in connection with an ongoing drug supply investigation. The man has not been charged and detectives are continuing their inquiries, the police confirmed on Friday morning.
"It's a matter for the police that he's been arrested," a spokesperson for the bank told CNBC. No other statement with regards to his arrest is expected to be issued by the Co-operative Bank.
Paul Flowers, a Methodist minister, faces allegations of drug use following a newspaper sting.
It's claimed that he paid £300 for cocaine after being filmed by an acquaintance he allegedly met through gay dating app Grindr. This meeting is reported to have happened just days after he appeared in front of an influential committee of U.K. politicians to help explain why a proposed deal between the Co-op bank and Lloyds did not work out.
The film shows Flowers talking about taking Ketamine and crystal meth, and the acquaintance is reported to have said that he also discussed smoking crack cocaine.