Source: Daily_Mail
Birmingham City boss Carson Yeung charged over money laundering
ShareBirmingham City's billionaire owner Carson Yeung has been charged with five counts of money laundering involving ?59million.[LNB]Yeung appeared in court in Hong Kong earlier today to face charges of 'dealing with property known or believed to represent proceeds of an indictable offence'.[LNB]The charges relate to sums of money allegedly deposited in bank accounts between January 2001 and December 2007, according to prosecutors.[LNB] Yeung appeared in court in Hong Kong earlier today to face charges of 'dealing with property known or believed to represent proceeds of an indictable offence'[LNB] Yeung was released on bail of ?558,000 until the next hearing, which is scheduled for August 11. He was also ordered to surrender his travel documents, report regularly to police and not to leave Hong Kong.[LNB]A statement from Hong Kong police confirmed that a 51-year-old man was arrested yesterday.[LNB] [LNB]Narcotics Bureau officers searched two locations and seized some documents, the statement said.[LNB]Yeung was arrested after police officer went to his home in an upscale neighbourhood, according to the Hong Kong Standard.[LNB]Yeung bought a 29.9 per cent stake in Birmingham City four years ago and took full control of the Carling Cup winners midway through the 2009-2010 season in an ?81m takeover from David Sullivan and David Gold.[LNB] In the spotlight: Mr Yeung sits in a police van heading to a court in Hong Kong. The businessman bought a 29.9 per cent stake in Birmingham City four years ago and took full control of the Carling Cup winners midway through the 2009-2010 season in an ?81m takeover from David Sullivan and David Gold.[LNB]At the time, he said he hoped to build up the team's fan base in China and generate new sources of revenue.[LNB]He also pledged to invest up to ?40million on new players for the club.[LNB]Birmingham issued a statement on Wednesday insisting the situation with Yeung was not related to the club's holding company.[LNB]Acting chairman Peter Pannu said the inquiries have 'nothing to do' with Birmingham International Holdings, whose shares are floated on the Hong Kong Stock Exchange.[LNB]Pannu also urged people not to jump to conclusions, adding: 'People are reminded that in recent years members of the previous board were placed on bail for a significant amount of time and nothing came of it.[LNB]'I am only using this as an example to calm any fears. The law says a person is presumed innocent until proven guilty.[LNB]'Until I find out more information about this matter there is no further comment to be made.'[LNB] Chairman: Yeung holds the Carling Cup with then manager Alex McLeish at Wembley Stadium in February after Birmingham beat Arsenal 2-1[LNB] [LNB] Owner: Yeung, pictured at Birmingham City's St Andrews stadium, took full control of the club after an ?81million takeover in 2009[LNB]Yeung was a little-known businessman prior to his takeover of Birmingham City. His previous experience with football was limited to a stint as chairman of Hong Kong Rangers Football club in 2005-2006.[LNB]Birmingham City won silverware for the first time in 48 years in February after beating Arsenal 2-1 at Wembley to win the League Cup.[LNB]But the team was relegated from the Premier League after defeat on the last day at Tottenham Hotspur.[LNB]Shares of Hong Kong-listed Birmingham International have been suspended from trading.[LNB]No reason was given and no one at the company was available to comment.[LNB]The company, which is registered in the Cayman Islands, is also involved in apparel sourcing and trading, entertainment and media services.[LNB] Explore more:People: David Gold, David Sullivan Places: Birmingham, Hong Kong, China
