Source: Daily_Mail
Carson Yeung charged over money laundering
ShareBirmingham insist the club's future is safe despite owner Carson Yeung being charged with five counts of money laundering involving ?59million.[LNB]Yeung appeared in court in Hong Kong on Thursday to face five counts of 'dealing with property known or believed to represent proceeds of an indictable offence'.[LNB] In the spotlight: Mr Yeung sits in a police van heading to a court in Hong Kong[LNB] The charges relate to offences alleged to have occurred between 2001 and 2007, according to prosecutors.[LNB]Birmingham chairman Peter Pannu insists the club's future is financially secure. Pannu is flying out today to meet Yeung who has been released on bail of ?558,000 until the next hearing which is scheduled for August 11.[LNB]Yeung was also ordered to surrender his travel documents and report regularly to police.[LNB]It is the latest episode for Pannu to confront after City were relegated from the Barclays Premier League and manager Alex McLeish resigned to take charge of Aston Villa.[LNB]But he is adamant that there is no connection between the charges against Yeung and the Midlands club.[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]Pannu said: 'I've had it explained tome that the charges relate to the 2001-2007 period - two years before Carson invested in this club so there is no connection there.[LNB]'The fans have nothing to worry about. The finances are okay. I'm flying out later today and will be able to tell you more when I come back.[LNB]'Understandably the fans are worried about this. This has got nothing to do with the club and there is no impact on the operations over here. I've spoken on a couple of occasionsto Carson and his lawyers and they've assured me there is no link whatsoever.'[LNB]Yeung bought a 29.9 per cent stake inCity 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] Birmingham owner Yeung is arrested in money laundering swoopBirmingham snap up Rooney... (not that one!) Hughton makes first swoop as Blues bossBirmingham confirm Stoke's ?16m double swoop for Dann and Jerome [LNB] Explore more:People: David Gold, David Sullivan, Alex McLeish Places: Birmingham
