TweetBirmingham owner Carson Yeung has been arrested and charged with five counts of money laundering involving the sum of £59million.
Yeung was in court in Hong Kong on Thursday to answer 5 counts of ‘dealing with property known or believed to represent proceeds of an indictable offence’.
The charges were for offences allegedly committed before his involvement with Birmingham City, between 2001 and 2007 are the dates given.
The South China Morning Post reported that Yeung was released on bail of £558,000 until the next hearing, which is on August 11.
He was also ordered to surrender his travel documents and report regularly to police.
Yeung took full control of Birmingham midway through the 2009-2010 season in an £81million takeover from David Sullivan and David Gold.
Birmingham issued a statement on Wednesday insisting the situation with Yeung was not related to the club’s holding company.
Peter Pannu added: ‘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.’