Source: Team_Talk
Pannu insists City are safe
Acting chairman Peter Pannu insists Birmingham are in a sound financial position after flying to Hong Kong for talks with owner Carson Yeung.[LNB] Yeung has been charged with five counts of money-laundering involving £59million.[LNB]Yeung has been released on bail of £558,000 until the next hearing, which is scheduled for August 11, and in addition has been ordered to surrender his travel documents and report regularly to police.[LNB]He is Birmingham's major shareholder, and the shares of Birmingham's holding company, Grandtop International Holdings, have been suspended.[LNB]But Pannu is adamant that there is no connection between the charges against Yeung and the Midlands club which relate to a six year period before he took charge at St. Andrew's.[LNB]Pannu said: "I've had it explained to me that the charges relate to the 2001-2007 period.[LNB]"That is two years before Carson invested in this club so there is no connection there.[LNB]"The finances are okay. I'm flying out to Hong Kong and will be able to tell you more when I come back."[LNB]Pannu has tried to allay the fears of supporters after another setback following relegation from the Premier League and the loss of manager Alex McLeish to local rivals Aston Villa.[LNB]He said: "The fans have nothing to worry about. Understandably the fans are worried about this.[LNB]"But this has got nothing to do with the club and there is no impact on the operations over here.[LNB]"I've spoken on a couple of occasions to Carson and his lawyers and they have assured me there is no link whatsoever."[LNB]Yeung bought a 29.9% stake in City four years ago during the summer of 2007.[LNB]He took full control of the Carling Cup winners midway through the 2009-10 season in an £81million takeover from David Sullivan and David Gold.[LNB]Birmingham's relegation means they will now come under the jurisdiction of the Football League, but they are reluctant to make any public comment on the matter while the case is ongoing.[LNB]A Football League spokesman said: "We are monitoring the situation. We cannot comment further than that."[LNB]Pannu is still anticipating members of Birmingham's backroom staff following McLeish to Villa Park.[LNB]Joint first-team coach Peter Grant is amongst those staff expected to follow McLeish across the city.[LNB]Pannu said: "I've got a lot of legal issues with Villa to sort out. There are two (assistant) managers who still want to go across to Villa."
