CHINA: Hong Kong businessman and Birmingham City Football Club owner Carson Yeung continues testifying in his money laundering trial

Record ID: 451700

  • Title: CHINA: Hong Kong businessman and Birmingham City Football Club owner Carson Yeung continues testifying in his money laundering trial
  • Date: 23rd October 2013
  • Summary: HONG KONG, CHINA (OCTOBER 23, 2013) (REUTERS) BIRMINGHAM CITY FC OWNER, CARSON YEUNG, ENTERING COURT WANCHAI COURT SIGN HONG KONG FLAG WANCHAI COURT HOUSE
  • Embargoed: 7th November 2013 12:00
  • Keywords:
  • Location: Hong Kong, China
  • City:
  • Country: Hong Kong
  • Topics: Crime / Law Enforcement
  • Reuters ID: LVA3LY1VR462EI3RND1N2EFKSSZS
  • Story Text: Birmingham City Football Club owner Carson Yeung arrived at court to continue giving testimony in a HK$721 million ($92.98 million) money laundering trial in Hong Kong on Wednesday (October 23).
    Yeung, a 53-year-old hairdresser-turned-tycoon, is accused of knowingly using ill-gotten money and channelling it through five bank accounts between January 2001 and December 2007.
    Yeung has denied five charges of money laundering and denies ever suspecting that the money in the five bank accounts were proceeds of crime saying he built his fortune through hair salons, share trading in Hong Kong, property investments in Southeast Asia and casino gambling in Macau.
    His defence team had sought to have the case thrown out, saying documents missing from securities brokerages and delays by investigators would result in an unfair hearing.
    Yeung initially chose not to testify in the trial which has been running since April.
    In late September, the judge granted Yeung's request to take the stand to defend himself against the charges.
    Yeung, who heads Hong Kong-listed Birmingham International Holdings Ltd, was arrested in June 2011.
    The charges are unrelated to Birmingham City, which Yeung bought in 2009 for U.S.$130 million.
    Trading in shares of the English second-tier football club's parent has since been suspended.
    The company had a market value of $77 million before the trading suspension. Yeung says the club is not for sale.
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