CHINA: Birmingham City's owner Carson Yeung continues to give evidence in money laundering trial in Hong Kong

Record ID: 451701

  • Title: CHINA: Birmingham City's owner Carson Yeung continues to give evidence in money laundering trial in Hong Kong
  • Date: 28th October 2013
  • Summary: HONG KONG, CHINA (OCTOBER 28, 2013) (REUTERS) VARIOUS OF CARSON YEUNG, BIRMINGHAM CITY FOOTBALL CLUB OWNER, ENTERING BUILDING EXTERIOR OF WANCHAI TOWER, WHERE THE WANCHAI LAW COURTS ARE LOCATED HONG KONG FLAG VARIOUS OF PEOPLE WALKING IN FRONT OF WANCHAI LAW COURTS SIGN
  • Embargoed: 12th November 2013 12:00
  • Keywords:
  • Location: Hong Kong, China
  • City:
  • Country: Hong Kong
  • Topics: Crime,People
  • Reuters ID: LVA6ZL72VHPZAXSFYQAVQA5MJQE
  • Story Text: Birmingham City Football Club owner Carson Yeung arrived at court for the eighth day of testimony in a HK$721 million ($92.98 million) money laundering trial in Hong Kong on Monday (October 28).
    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.
    He took the stand for the first time in the trial on October 15, explaining how he made his fortune and saying missing documents hampered his case.
    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 $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.
    The testimony will continue on Thursday (October 31).
  • Copyright Holder: REUTERS
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