Thursday, June 30, 2011
After facing police questions about alleged money laundering involving hundreds of millions of dollars, football- loving tycoon Carson Yeung Ka-sing was charged and in custody late last night.
A brief statement mentioned that charges involved five counts of dealing with property known or believed to represent proceeds of an indictable offense.
He will appear at Eastern Magistrates' Court today.
The statement also said Narcotics Bureau officers searched two locations - one on Hong Kong Island and the other in Kowloon - and seized documents.
Sources said earlier that police had launched an investigation two years ago into at least HK$600 million in cash and securities from unidentified sources being deposited in a bank account.
Police arrived at Yeung's home on The Peak at about 10am yesterday.
About two hours later Yeung emerged from his Barker Road residence with two plainclothes officers and was driven to The Peak police station.
His lawyer arrived about 15 minutes later. Then, at around 2pm, Yeung was taken to police headquarters in Wan Chai.
Meanwhile, several officers were at the offices of Birmingham International at the Shun Tak Centre in Sheung Wan. They left with an assortment of documents.
Yeung, 51, runs Hong Kong-listed Birmingham International Holdings. The company controls English football club Birmingham City, which has just ended a season marked by a glorious high and then a stunning low.
Yeung bought Birmingham City FC in 2009 after
a first bid in 2007 failed to prosper. It was one of the high points in a business life that has seen Yeung rise from a hairdressing salon operator to a tycoon.
From a single salon he went on to forge a chain, move into fashion and clothing and then on to other businesses, including gaming in Macau and various pursuits in the mainland.
He also has interests in firms registered in the Cayman Islands and the British Virgin Islands.
In an interview with British newspaper The Independent last year, Yeung remarked: "I'm the first man from Asia, from mainland China, to get involved [in British football]." That, he added, would give him "a head start" marketing Birmingham City in Asia.
The football business certainly appeared to be going well earlier this year. For Birmingham City went to the world-famous Wembley Stadium on February 27 - Yeung's birthday - and beat powerhouse club Arsenal 2-1 to win the English League Cup, ending a 48-year run without a trophy.
But then in May came relegation from the top-flight Premier League - a fall that means a huge reduction in the financial flow for the club, particularly from broadcasting and marketing deals.
Among Yeung's other current interests, he is a major shareholder of the Sing Pao Daily News.
But editor-in-chief Ngai Kai-kwong said last night that he is not aware of Yeung being involved in a police investigation. Also, he said, Yeung is seldom involved in the editorial and business operations.
And Birmingham International financial controller Fung Ka-ki said the company is not ready to offer any comment for now.
Those convicted of money laundering may be jailed for up to 14 years and fined HK$5 million.
http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=112670&sid=32889913&con_type=3&d_str=20110630&sear_year=2011
Carson Yeung Latest [Th 30/Jun]
posted on 30/6/11
Well there is nothing we can do, i said all along we should not panic untill we have proof that things are indeed not good.
Well yesterday we had proof/signs that all is not very well with Mr Yeung his businesses and how he runs them.
So yes we can panic, but we cant do nothing really
We just have to look at the Kumars and think we some how managed to get through that and even before we was promoted under Bruce/S&G after S&G came in their was some light
So i am sure the fans can get through this no matter how hard it is.
The KiD
posted on 30/6/11
What do you think CY's defence strategy will be?
For me it has to be:
"Awwwwwww, come on! Pleeeeeassssse?"
That's what I use on my Mrs.
Sometimes it works; sometimes it doesn't.
KRO
posted on 30/6/11
Maybe
Well i agree with you JK, i dont have no confidence in Yeung no more, not unless Yeung is found not guilty and starts to show he can sustain us in the Championship.
I dont mind being owned by Dodgy Asian Business men, as long as they got cash
Think Polly Anne should step in and sell the club to one of these crooks
http://www.youtube.com/watch?v=_DwmPAjKb2E
or
http://www.youtube.com/watch?v=xh_9QhRzJEs
The KiD
posted on 30/6/11
I have nothing against Yeung & Pannu in terms of their race or their background. But I want honesty and I want integrity and I want competence.
But most of all I want to know that when a statement is released that it is true & accurate.
I don't think we have that right now; I don't think we ever had it with these guys and I no longer trust ANYTHING they say. End of.
KRO
posted on 30/6/11
Likewise i have nothing against what they was trying to do for us, i think they had good intentions.
But i think they had a massive idea, a ambition and dream that was far to optimistic, and sadly they never had the experience or financial backing to carry out their goal.
And maybe some of Carsons not so legal ways of making cash has caught up with him.
Fair enough when a wanna be enterpenner tried to start his own ambitious business but it goes down the pan, fair play for having a crack.
But when its a Football team thats had a history of fans following the club, well taking risks or trying to run a business you have no real experience of and bitting off more than you can chew is not a good idea.
Its us the fans that will suffer now
The KiD
posted on 30/6/11
Lads, let's not lose heart.
No one who buys a club nowadays other than a die-hard fan [] is to be trusted.
Not wishing to cast stones but look at Lerner with the Vile?
He was a shining light as far as they were concerned and is now seemingly showing his true form.
This is all part of the 'game'.
Take it for what it is and enjoy what you can.
The true enjoyment of gambling is, so long as you know it is 'fixed' you can bet accordingly.
Once you go along and take everything as said that is when you are heading for a fall.
KRO
posted on 30/6/11
Look on the bright side lads, at least Small Heath will get a new supermarket!
posted on 30/6/11
Dont worry Villa hope you been watching Wimbledon
As it will help you to get used to the Football under McLeish
The KiD
posted on 1/7/11
CY and his merryband of outlaws have absolutely no allegiance to BCFC or the fans, they saw us as an opportunity to maybe use us as a fence to make money other than through appropriate means. CY is not stupid he didn't rise from a hairdressing salon owner to a multi millionnaire. Who makes money from football today? very few clubs are in the black. You would have to either be a rich fanatical football lover, someone with the financial clout of an oil baron or a crook. Make your mind up who we have. The reputation of this wonderful club of ours has been severley tarnished ,which will make it very difficult to attract anyone decent enough to want to be associated with it. In times of adversity the strong stick together and I predict worse to come yet. We have been on the floor so many times during our history, more than ever before the club needs our full support. KRO.
posted on 1/7/11
Skippy your right.
Carson never came here because he wanted to run Blues for football reasons, he is a big fan of the game but maybe he got us because we was up for sale simple as.
Yeung wanted a Prem Club preferbly one from a big City so what would he had been left with, looking at clubs who never had stable owers who would not want to sell.
Well that would leave Blues, Newcastle and maybe 1-2 of the none Prem London Clubs.
His aim was to use us to make money in China in the long run.
What seemed like a good but risky plan, they made things happen to try and do that, inc having our Shirts made in China, buying Chinese media companies and advertising companies and linning up Chinese Sponsors and even players who never signed because McLeish said no!
But behind all that good planning is the FACT that a ambitious plan like that requires a lot of financial backing to get it off the ground.
Looking at a club our size and our income, it would not attract the Chinese in masses untill we become a bit of a sucsess and that means maintain Prem Status at the very least.
This means investment and you saw the plans Yeung had when he first came here, and how they have not came to fruitition.
To be that smells like he never had much Money himself and was looking to get some silent backing from some Chinese businessmen.
Maybe he had some people who was gonna support him who let him down....
Or maybe he just assumed because of his plan (being the first Chinese owned Prem Football Club) that he would gain interest from investors.....
The latter is like S&G assumed that getting West Ham and its debts would be a good gamble because they would get the Olympic Stadium and then investors will want to invest in the club and take on some of the debts.
The problem with us is, we do not know whats going on behind the scenes.
Most people cant afford to get a house if it was not for Morgages and so if someone had bad credit and could not get any loans, chances are they would never ever own their own HOME!
So like that seems Yeung had a plan that if purely based on the Money he has got himself is a Total No Brainer and thus he must be either Silly or Very Niave.
Or he thought/knew he would get investment and backing that all of a sudden was not going to happen.
We dont really know, we could be in big trouble like JK worries about or we may not.
The PROBLEM IS...... we are always left in the dark with the only answer.... DONT WORRY!
The KiD