Carson Yeaung

[Svlad Cjelli]

... reported to be helping Honk Kong Police with their investigations into a serious criminal matter.

[Friday's Legacy]

money laundering again.

After facing police questions about alleged money laundering involving hundreds of millions of dollars, football- loving tycoon Carson Yeung Ka-sing was charged and in custody late last night.

A brief statement mentioned that charges involved five counts of dealing with property known or believed to represent proceeds of an indictable offense.

He will appear at Eastern Magistrates' Court today.

The statement also said Narcotics Bureau officers searched two locations - one on Hong Kong Island and the other in Kowloon - and seized documents.

Sources said earlier that police had launched an investigation two years ago into at least HK$600 million in cash and securities from unidentified sources being deposited in a bank account.

Police arrived at Yeung's home on The Peak at about 10am yesterday.

About two hours later Yeung emerged from his Barker Road residence with two plainclothes officers and was driven to The Peak police station.

His lawyer arrived about 15 minutes later. Then, at around 2pm, Yeung was taken to police headquarters in Wan Chai.

Meanwhile, several officers were at the offices of Birmingham International at the Shun Tak Centre in Sheung Wan. They left with an assortment of documents.

Yeung, 51, runs Hong Kong-listed Birmingham International Holdings. The company controls English football club Birmingham City, which has just ended a season marked by a glorious high and then a stunning low.

Yeung bought Birmingham City FC in 2009 after
a first bid in 2007 failed to prosper. It was one of the high points in a business life that has seen Yeung rise from a hairdressing salon operator to a tycoon.

From a single salon he went on to forge a chain, move into fashion and clothing and then on to other businesses, including gaming in Macau and various pursuits in the mainland.

He also has interests in firms registered in the Cayman Islands and the British Virgin Islands.

In an interview with British newspaper The Independent last year, Yeung remarked: "I'm the first man from Asia, from mainland China, to get involved [in British football]." That, he added, would give him "a head start" marketing Birmingham City in Asia.

The football business certainly appeared to be going well earlier this year. For Birmingham City went to the world-famous Wembley Stadium on February 27 - Yeung's birthday - and beat powerhouse club Arsenal 2-1 to win the English League Cup, ending a 48-year run without a trophy.

But then in May came relegation from the top-flight Premier League - a fall that means a huge reduction in the financial flow for the club, particularly from broadcasting and marketing deals.

Among Yeung's other current interests, he is a major shareholder of the Sing Pao Daily News.

But editor-in-chief Ngai Kai-kwong said last night that he is not aware of Yeung being involved in a police investigation. Also, he said, Yeung is seldom involved in the editorial and business operations.

And Birmingham International financial controller Fung Ka-ki said the company is not ready to offer any comment for now.

Those convicted of money laundering may be jailed for up to 14 years and fined HK$5 million.

[Svlad Cjelli]

Those convicted of money laundering may be jailed for up to 14 years and fined HK$5 million.

... and also fails the Owners & Directors Test (nee F&PPT)!

Could be interesting if he's sent down.

[Friday's Legacy]

back in may he was talking about remortgaging his properties to keep birmingham city afloat. i have no idea if this went through but i would love it if the club were directly involved in the money laundering one way or another. it couldn't happen to a nicer club if so.

[Svlad Cjelli]

The elephant in the room, of course, is why so many foreign businessmen like to buy football clubs ..... football clubs which frequently have lax accounting procedures and involve large sums (much of it cash) moving around.

[Jerry St Clair]

The elephant in the room, of course, is why so many foreign businessmen like to buy football clubs ..... football clubs which frequently have lax accounting procedures and involve large sums (much of it cash) moving around.

In The City in the current Private Eye has a few things to say about Antonov at Portsmouth.

[RFCMod]

Madejski refused his offer for RFC along time back after stating his background and financial affairs were in a state which would make him unsuitable to take over the club

Now if only people on the 'Team' board read this

Oh no sorry this is far too factual for them

[ZacNaloen]

RFCMod when was this????

[roadrunner]

RFCMod when was this????

I remember there was talk about his interest about 4-5 years ago. Thank God Madejski does his homework before handing over the keys to someone else.

[Mr Angry]

RFCMod when was this????

When we were in the Prem.

The reason why Yeaung's originally interest in Brum petered out was that they got relegated, and only revived when they got promoted again.

odd that.

[Mr Angry]

RFCMod when was this????

I remember there was talk about his interest about 4-5 years ago. Thank God Madejski does his homework before handing over the keys to someone else.

Don't forget SJM has, or did have, business interests in the Far East; it may well be that he asked a number of locals itk about the guy....

[Row Z Royal]

.

After facing police questions about alleged money laundering involving hundreds of millions of dollars, football- loving tycoon Carson Yeung Ka-ching was charged and in custody late last night.

[Terminal Boardom]

After facing police questions about alleged money laundering involving hundreds of millions of dollars, football- loving tycoon Carson Yeung Ka-ching was charged and in custody late last night.

[Uke]

From the Beeb site

"I've spoken on a couple of occasions to Carson and his lawyers and they've assured me there is no link whatsoever," added Pannu.

"I've had it explained to me that the charges relate to the 2001-2007 period. That is two years before Carson invested in this club so there is no connection there"

Move along now, there's nothing to see here...

[roadrunner]

From the Beeb site

"I've spoken on a couple of occasions to Carson and his lawyers and they've assured me there is no link whatsoever," added Pannu.

"I've had it explained to me that the charges relate to the 2001-2007 period. That is two years before Carson invested in this club so there is no connection there"

Move along now, there's nothing to see here...

If found guilty he wont be allowed to own Birmingham though. He wont be 'fit and proper'.

[Svlad Cjelli]

From the Beeb site

"I've spoken on a couple of occasions to Carson and his lawyers and they've assured me there is no link whatsoever," added Pannu.

"I've had it explained to me that the charges relate to the 2001-2007 period. That is two years before Carson invested in this club so there is no connection there"

Move along now, there's nothing to see here...

If found guilty he wont be allowed to own Birmingham though. He wont be 'fit and proper'.

he doesn't have to be any more -they've renamed it to "Owners & Directors Test"

[The Rouge]

So to summarise - if he is convicted he would have to sell the club yes?
When would this trial be likely to commence?

[roadrunner]

So to summarise - if he is convicted he would have to sell the club yes?
When would this trial be likely to commence?

The trial was adjourned until 11th August.

[Silver Fox]

he doesn't have to be any more -they've renamed it to "Owners & Directors Test"

I might be wrong but is the test only done when you buy the club, so as soon as you get the greenlight you're free to burn, loot, rape and shoot all you like?

[Terminal Boardom]

he doesn't have to be any more -they've renamed it to "Owners & Directors Test"

I might be wrong but is the test only done when you buy the club, so as soon as you get the greenlight you're free to burn, loot, rape and shoot all you like?

Does this mean that Kim Jong Il could become the new Chairman at RFC?