Troubles pile up for Co-op's ex-chairman after he is allegedly caught buying drugs

Britain's Labour Party has suspended the former chairman of Co-operative bank after a video emerged in which he is allegedly caught buying illegal drugs.

Paul Flowers, a former councilor in Bradford and a Methodist minister, apologized "to all I have hurt or failed by my actions," after Britain's Mail on Sunday released the video. Labour on Monday suspended Flowers for "bringing the party into disrepute."

The newspaper reported that Flowers was filmed buying crystal meth, cocaine and ketamine, days after a parliamentary committee grilled him on the bank's disastrous performance. The bank has had to plug a 1.5 billion pounds ($2.4 billion) black hole in its finances following its 2009 acquisition of Britannia Building Society.

West Yorkshire police said Sunday they were making inquiries into the case after the allegations.