Birmingham City owner Carson Yeung freed on bail

Thursday, June 30th, 2011 at 12:04 pm , filed under News by Curt Hogg

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The English soccer club owner Carson Yeung was released on HK$7 million ($950,000) bail after being charged with money laundering by a Hong Kong court on June 30.

On Thursday, the Hairdresser turned tycoon (51-year-old) owns the soccer club throughout the Hong Kong-listed Birmingham International and was charged with dealing with property known or believed to be proceeds of indictable offences totaling about HK$721 million ($95 million), the Hong Kong magistrate court said.

The trial was put off until August 11. However, Yeung’s lawyer Daniel Marash stated in front of reporters, after bail was granted. “All they are saying is that, he (Yeung) has got a lot of money, and he has not paid a lot of tax.”

He means there is lots of money in his bank account, not as much as his, but he does not pay taxes because it is not taxable.”

The prosecution had argued that, Yeung did not have close ties to Hong Kong and must not be granted bail because his father had lived in mainland China since 2008 year and he was also married to a woman from there.

Shares of Birmingham International, the Championship second division club’s parent company, which has a market value of HK$550 million, were suspended on Thursday.

The company refused to comment but Yeung’s lawyer told in court that trade may resume after he was released.

Carson Yeung took over Birmingham City in Oct 2009, soon after they were promoted back to the Premier League after a year in the Championship League.

Birmingham City beat Arsenal to win the League Cup in Feb, the club’s first major title since 1963, to qualify for next season’s Europa League competition, but were relegated on the last day of the season following a late defeat of form.

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Tags: Birmingham City, Birmingham City owner Carson Yeung, Carson Yeung charged with Money Laundering, Carson Yeung Released on Bail, Yeung - Hairdresser turned Tycoon