Carson Yeung Found Guilty Of Money Laundering
Mon 3rd Mar 2014 | Money & Finance
Carson Yeung has been found guilty of five counts of money laundering by a court in Hong Kong.
The former president and owner of Birmingham City FC had denied laundering HK$720 million (£55.4m) through his bank accounts between 2001 and 2007.
He could now face up to 14 years in jail after Judge Douglas Yau, passing his judgement, said Yeung was "self-contradictory" in his testimony suggesting he was "making it up as he went along".
Yeung, who bought Birmingham City for £81m in 2009, resigned as president and director in February ahead of his trial in Hong Kong.
Following the news, Birmingham City’s acting chairman Peter Pannu issued the following statement.
"I regret to inform all supporters and staff of our beloved club that Birmingham City FC's former president and benefactor, Carson Yeung, was today convicted of all charges he faced following a protracted period of legal proceedings.
"I'd like to reassure all supporters and staff that today's verdict will have no impact on the day-to-day operations at the football club.
"Birmingham International Holdings Limited, the holding company, shall continue to support the football club under the leadership of the group's new chairman, Mr Cheung Shing, and will work to raise further investment to support Birmingham City FC going forward."
Birmingham City FC will be making no further comment at this present time.
Image: Action Images / Paul Thomas Livepic
Posted by: Aaron Gourley
If you have any football business related news stories you’d like to share then please contact us – firstname.lastname@example.org
To subscribe to our range of football newsletters including news, products and jobs CLICK HERE.
Thu 9th Mar 2017 | Money & Finance
Rate relief for football in the community: An open goal for Government in 2017 Football clubs, large and small, will not benefit from any substantive ‘give-aways’ following the Chancellors...
Thu 2nd Mar 2017 | Money & Finance
Leicester City today announced its financial results for the year ending 31 May, 2016 – a period of continued growth and unprecedented success for the Football Club. An historic, captivating...
Wed 1st Mar 2017 | Money & Finance
Liverpool FC has filed its annual accounts for the year to May 31, 2016 reporting that revenues are continuing to grow, creating further financial stability for the club. Overall revenue increased to...