noelyf
VIP Member
Thursday, 30 June 2011
Birmingham owner Carson Yeung has been arrested and charged with five counts of money laundering involving £59million.
Yeung appeared in court in Hong Kong today to face five counts of 'dealing with property known or believed to represent proceeds of an indictable offence'.
The charges relate to offences alleged to have occurred between 2001 and 2007, according to prosecutors.
The South China Morning Post reported that Yeung was released on bail of £558,000 until the next hearing, which is scheduled for August 11.
He was also ordered to surrender his travel documents and report regularly to police.
Yeung bought a 29.9% stake in City four years ago and took full control of the Carling Cup winners midway through the 2009-2010 season in an £81million takeover from David Sullivan and David Gold.
Birmingham issued a statement yesterday insisting the situation with Yeung was not related to the club's holding company.
Acting chairman Peter Pannu said the inquiries have 'nothing to do' with Birmingham International Holdings, whose shares are floated on the Hong Kong Stock Exchange.
