BIRMINGHAM CITY OWNER CARSON YEUNG FOUND GUILTY OF MONEY LAUNDERING   

Carson Yeung, owner of Birmingham City Football Club was found guilty by a Hong Kong Court of five counts of laundering HK$ 720m (USD 117.6m ). Yeung had denied the allegations, telling the Court he amassed his wealth through hairdressing, gambling, share trading, property purchases and other investments.  The Court considered that there were reasonable grounds to believe that the multiple business dealings with which Yeung was involved had made use of funds which represented the proceeds of an indictable offence.

Yeung initially bought 29.91 per cent of the shares in Birmingham City Football Club in 2007 and then acquired the rest of the shares for approximately 81.5 million pounds in 2009, through his company, Birmingham International Holdings Ltd. He stepped down as chairman and executive director of the listed company last month while he awaited a verdict.

In 2012 new anti-money laundering ordinance came into effect in Hong Kong, bringing stricter requirements for bank monitoring of customers and the reporting of suspicious transactions to authorities.