Birmingham City Owner Carson Yeung Jailed for Six Years for Money Laundering
Birmingham City owner Carson Yeung has been jailed in Hong Kong for six years after he was found guilty of money laundering.
The court heard how the 54-year-old businessman, who bought Birmingham City in 2007, laundered £55 million using five bacnk accounts between 2001 and 2007.
The case laid bare the foundations of Yeung's business empire, which he said had been built up through hairdressing, share-trading, property and gambling in the world's casino mecca of Macau.
Although Yeung resigned from Birmingham International Holdings Ltd (BIHL), the parent company of the Championship football club, while he awaited the verdict, the verdict could throw his future involvement with the club into doubt.
Who is Carson Yeung?
Former celebrity hair stylist, Yeung amassed his fortune through property deals, share investements and gambling.
Yeung previously lived in London but moved to Hong Kong before his 20th birthday and by 2000 had pocketed huge profits from penny stocks.
In 2004 he co-founded 'Greek Mythology', a luxury casino in Macau, and then three years later he bought Birmingham City football club, through Birmingham International Holdings Ltd, a investment, entertainment and sportswear company based in the Cayman Islands.
In June 2011 Yeung was arrested at his home in Hong Kong in connection with alleged money laundering, associated with alleged dodgy property deals.
His ten-month trial came to a head this week when he was found guilty of five counts of money laundering and sentenced to six years in jail.
Dave Farrell, board member of Blues Trust, told Sky Sports News the future of Birmingham City was in BIHL's hands.
He said: "Whilst we know that Carson is a major influence in that, we need to know what's happening with the football club.
"Concerns have always been there. They have been there from day one and they are still there today, but we have more support now, more galvanised fans. Support that has a concern about where we go together and how we support our club."
© Copyright IBTimes 2024. All rights reserved.
- MOST READ
