Source: Team_Talk
Owner Yeung released on bail
irmingham City owner Carson Yeung has been released on bail after being charged with money laundering by a Hong Kong court.[LNB] Yeung has been charged with "dealing with property known or believed to represent proceeds of indictable offences" totalling about HK$721million(£57.5m).[LNB]The 51-year-old was subsequently released on bail of HK$7m (£559,000) after the trial was adjourned until August 11.[LNB]The businessman's lawyer Daniel Marash told reporters after bail was granted: "All they're saying is that he (Yeung) has got a lot of money, and he hasn't paid a lot of tax.[LNB]"I mean there's lots of money in my bank account, not as much as his, but I don't pay taxes because it's not taxable."[LNB]Championship side Birmingham had released a statement on Wednesday to state that Yeung was merely helping police with enquiries and that the matter has no connection with the club's parent company or subsidiaries.[LNB]In a statement on the club's official website, acting chairman Peter Pannu said: "I have just had a call from the Birmingham International Holdings lawyers informing me of the position in Hong Kong and I have also been informed by them that Carson is assisting with enquiries that have nothing to do with the operation of BHL in Hong Kong and therefore nothing to do with the operation of the club, and relate to other matters.[LNB]"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. I am only using this as an example to calm any fears.[LNB]"The law says a person is presumed innocent until proven guilty. Until I find out more information about this matter there is no further comment to be made."[LNB]Birmingham's former chief executive Karren Brady and co-owner David Sullivan were arrested in April 2009 as a result of an investigation into the club's transfer activity.[LNB]Four months later they were released from bail without charge.
