Soccer: Birmingham owner Carson Yeung has been arrested and charged with five counts of money laundering involving over €65 million, the South China Morning Post has said.
According to the report, 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. Yeung was released on bail until the next hearing which is scheduled for August 11th, the report said.
He was also ordered to surrender his travel documents and report regularly to police.
Yeung bought a 29.9 per cent stake in City four years ago and took full control of the League Cup winners midway through the 2009-2010 season. 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.
Pannu also urged people not to jump to conclusions, adding: “People are reminded that in recent years members of the previous board were placed on bail for a significant amount of time and nothing came of it.
“I am only using this as an example to calm any fears. The law says a person is presumed innocent until proven guilty. Until I find out more information about this matter there is no further comment to be made.”
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