- Title: CHINA: Birmingham City FC owner Carson Yeung appears in court
- Date: 15th October 2013
- Summary: HONG KONG, CHINA (OCTOBER 15, 2013) (REUTERS) VARIOUS OF BIRMINGHAM CITY FC OWNER CARSON YEUNG LEAVING COURT/YEUNG ENTERING CAR/ CAR DRIVING AWAY EXTERIOR OF WANCHAI LAW COURTS HONG KONG FLAG VARIOUS OF SIGN WITH WORDS (English) "WANCHAI LAW COURTS"
- Embargoed: 30th October 2013 12:00
- Keywords:
- Location: China
- Country: China
- Topics: Sports
- Reuters ID: LVAED1CIBD3ZF692QXNY837MBX7A
- Story Text: Birmingham City FC owner Carson Yeung gave evidence in his HK$720 million (US$92.74 million) money laundering trial for the first time in a Hong Kong district court on Tuesday (October 15).
Yeung initially chose not to testify in court and lawyers were due to make their closing submissions on Tuesday (October 15). But in late September, the judge granted Yeung's request to reopen the case after he said he would take the stand to defend himself against his five charges.
Dressed in a dark suit and black-and-yellow striped tie, Yeung appeared calm and in a good mood, even making small talk with reporters in the elevator before he left the building after a full-day trial.
In court, the hairdresser-turned-tycoon testified how he made his fortune from stock and property investments.
When asked why he once held as many as 35 stock trading accounts, Yeung said he hoped to get larger credit facilities.
He also said he needed large sums of cash to meet margin calls quickly, adding that the largest one he had made was worth about HK$10 million (US$1.29 million).
Yeung was arrested in June 2011. Since then, trading in shares of the English second-tier soccer club's parent company Birmingham International Holdings Limited has been suspended. - Copyright Holder: REUTERS
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