The former trade union leader, Phil Flynn, has resigned from his position as chairman of the Government's decentralisation committee and as chairman of the Bank Of Scotland (Ireland).
In an exclusive interview with RTÉ News, he denied any wrong-doing and said that 'he would be back'. He has also resigned his position as a board member of the VHI.
Earlier, Mr Flynn confirmed that he had travelled to Bulgaria with the Cork businessman who is at the centre of the garda money laundering investigation.
Mr Flynn said they had travelled there a few weeks ago to look at possible property investments.
He has confirmed that he was a non-executive director of the Cork based Company, Chesterton Finance. One of the directors of the company, Ted Cunningham, has been helping gardaí with their inquiries.
Mr Flynn has been interviewed by the Criminal Assets Bureau in relation to his links with the Cork-based company.