Birmingham City’s St Andrews stadium. Photograph by Struway
Birmingham City owner Carson Yeung has been jailed for six years by a Hong Kong court for money laundering.
Yeung, 54, has been convicted on five charges of money laundering relating to HK$720 million (£55 million) passing through his bank accounts between 2001 and 2011. He claims that these funds came from stock trading and business investments in mainland China. However, the court was not convinced, and sentenced him to six years behind bars after the nine month trial, which began back in May 2013.
Hong Kong District Court Judge Yau sentenced Yeung, saying:
“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”
Yeung remains the majority shareholder in Birmingham City football club, but resigned as president of the club, director of Birmingham City plc, and director and chairman of Birmingham International Holdings Ltd last month.
His conviction should have little impact on the day-to-day running of the club.
