Hong Kong Owner of English Soccer Club Charged with Money Laundering

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The Hong Kong owner of English soccer club Birmingham City has been charged with money laundering. Carson Yeung was in court in Hong Kong yesterday to hear the charges.

Carson Yeung, owner of the English soccer club Birmingham City, was charged with money laundering by a court in Hong Kong on Thursday, June 30th. The magistrate charged 51-year-old Yeung with "dealing with property known or believed to represent proceeds of indictable offences." This property allegedly has a value of 95 million US dollars.

Yeung was later released on bail set at 950-thousand US dollars.

Yeung owns Birmingham City through the Hong Kong listed parent company Birmingham international. Shares in the company were suspended on Thursday. Vico Hui, CEO of Birmingham International, insisted the charges wouldn't have any impact on the company or the club.

[Vico Hui, CEO, Birmingham International]:
"I don't think it affects the club, it's only the personal matters of Mr. Yeung, so I don't think it has any impact on the listed company and the football club."

Yeung's lawyer said in court that trading of Birmingham International shares may resume upon Yeung's release.

The trial is now adjourned until August 11th.