The owner of Birmingham City Football Club has today been sentenced to six years in jail for money laundering offences by Judge Douglas Yau in a Hong Kong Court.
Yeung, 54, was convicted on Monday in a District Court of Wan Chai for charges relating to unaccounted funds of £55 million pounds which passed through his bank account between 2001 to 2007 from illegitimate sources in Asia’s gambling capital of Macau. He claimed he made the money from share trading, hairdressing and gambling.
During the trial, the court heard of Yeung’s purchases of a Maybach limousine for 3.5 million pounds, and a £30 million for a luxury yacht. In 2007 he bought a house in London for 5 million pounds.
Judge Yau said: “The sentence must include an element of deterrence to discourage those who are in a position to exploit the system. The law will come down on them with full force.
“Maintaining the integrity of the banking system is of paramount importance if Hong Kong is to remain an international finance centre.”
Top police investigator, Gloria Yu, told reporters outside the courthouse: “We overcame a lot of hurdles to get this result.
We are happy… and encouraged because fighting money laundering is a very arduous task.”
Yeung first purchased a 30% stake in Birmingham City Football club in 2007, and took over the rest of the club in 2009, under the company Birmingham International Holdings. He was arrested in 2011 and the shares in the company was subsequently suspended.
Birmingham City Football Club are currently 17th in the Championship having been relegated from the English Premier League in 2011.
Acting chairman Peter Pannu issued the following statement: “I regret to inform all supporters and staff of our beloved club that Birmingham City F.C’s former president and benefactor, Carson Yeung, was today convicted of all charges he faced following a protracted period of legal proceedings.
“I’d like to reassure all supporters and staff that today’s verdict will have no impact on the day-to-day operations at the football club.
“Birmingham International Holdings Limited, the holding company, shall continue to support the football club under the leadership of the group’s new chairman, Mr Cheung Shing, and will work to raise further investment to support Birmingham City F.C. going forward.”