Birmingham International Holdings Ltd. (2309), owner of English soccer team Birmingham City, said that Carson Yeung, awaiting the result of a money laundering trial in Hong Kong, resigned as an executive director and chairman.
The company has named Executive Director Cheung Shing, 60, as the new chairman and Yeung’s brother-in-law, Executive Director Ma Shui-cheong, 52, as vice chairman, according to a Hong Kong stock exchange filing yesterday evening.
The shares of Hong Kong-based Birmingham International were suspended from June 30, 2011. The company said in a circular last month that Yeung agreed to resign as a director before the stock resumed trading in the city.
Yeung has pleaded not guilty to five charges of laundering HK$721.3 million ($93 million) of deposits from parties including a Macau casino operator and securities firms over a seven-year period to 2007. Part of the money was used to pay for a stake in the English soccer club, Hong Kong prosecutors have said. Yeung remained as chairman during his trial.
Birmingham International said Yeung has no disagreement with the board, which is “profoundly indebted” to him for his “foresight, aspiration and clairvoyance” in guiding the company through projects including the purchase of Birmingham City, according to the statement.
In November, the company said it plans to issue HK$190.1 million of bonds to Yeung in a deal to remove the soccer club’s debt owed to him.