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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 

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