Birmingham owner found guilty

Birmingham City owner Carson Yeung has been found guilty by a Hong Kong court of five counts of money-laundering.

Last Updated: 03/03/14 at 12:30

Carson Yeung: Will be sentenced on Friday

Carson Yeung: Will be sentenced on Friday

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Yeung, 54, had denied five charges of money-laundering between January 2001 and December 2007, totalling $93million.

District Court Judge Douglas Yau said Yeung had lied about how he made his money and exaggerated the amount of profit generated by his hair salon business.

"I find the defendant not a witness of truth. I find that he is someone who is prepared to, and did try to, lie whenever he saw the need to do so," said Judge Yau.

Yeung, who was dressed in a dark suit and striped tie, will be sentenced on Friday morning.

The businessman and other investors bought into Birmingham City in 2007 and acquired the rest in 2009.

Last month, Yeung resigned from parent company Hong Kong-listed Birmingham International Holdings Ltd (BIHL) while he awaited the verdict.

A week later, the indebted parent said it was selling a 12 per cent share in its UK subsidiary for HK$45m ($5.8m) to a little-known Chinese advertising firm.

Yeung was arrested in June 2011, when trading in shares of the English second-tier football club's parent was suspended.

They resumed trade on February 7 and have risen 39 per cent since then.

A statement from Birmingham's acting chairman Peter Pannu read: "I regret to inform all supporters and staff of our beloved club that Birmingham City F.C'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 F.C. going forward."

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

H

ow magnanimous off him - to leave if he's asked to by the owners? What's the alternative, bunker down in his office claiming squatter's rights if FSG want rid?

feed the bear
Rodgers: I'll go if owners want

I

love you Degsy, more worringly so does my wife.

hurler
Backing Hull To Beat United 2-1...

I

think Finnegans Wake would have been a better reference point than Ulysses. Far more rambling and incomprehensible.

debra2927
Football People On TV: Garth Crooks

Footer 365

Radamel Falcao to leave Manchester United after loan ends

Manchester United have confirmed Radamel Falcao will return to AS Monaco following his season-long loan with the club.

Liverpool manager Brendan Rodgers says he'll leave if told by club owners

Liverpool manager Brendan Rodgers said he knows the pressure is on him and will resign if asked to by the club's owners.

Manuel Pellegrini sure he will stay on as Manchester City manager

Manuel Pellegrini has "no doubt" he will be Manchester City manager next season, despite failing to win any silverware this year.

Mail Box

Only One Real Manager Of The Year

Winning the Premier League with the best squad in the Premier League is only par; Ronald Koeman did a whole lot better. Plus, the last word on Raheem and...

Don't Slate Sterling For Ambition...

Raheem Sterling deserves credit for his desire to quit Liverpool, according to one mailboxer. Also: why football should not be compared to business and Degsy's latest spot of bother...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company