Carson Yeung Guilty of Money Laundering Charges

Carson Yeung, the largest shareholder in Birmingham International Holdings Limited, who owns the largest stake in the football club, has been found guilty of five counts of money laundering charges.

Money laundering is the process by which proceeds of crime are turned into a legitimate cash flow or other form of asset. Yeung denied these charges.

Yeung last month resigned from all of his positions of direct power with Birmingham City and its parent company, largely in anticipation of this verdict. The judge started to read his judgement on Friday and the agonising wait for Yeung had to be suspended over the weekend as the court had insufficient time to complete its reading.

Judge Douglas Yau when establishing the facts labelled Yeung “Self-contradictory” in his testimony. It could be conferred from his description that it was clear to the judge that Yeung`s versions of events never quite added up.

Back in Birmingham manager Lee Clark has insisted that his job has remained unaffected in the run up to this verdict; despite the added media interest in the club over the weekend. Birmingham did however lose their away game at Portman Road 1-0 in a “toothless” performance.

As Yeung has already set in place a new chairman at BIHL and upon becoming solvent again they have resumed trading, nothing is set to change back at the club. It is still unclear whether the club will have sufficient funds to operate in the transfer market this coming summer.

Acting Blues Chairman Peter Pannu released the following statement via the clubs website:

‘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.’

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