Birmingham City Owner Yeung Loses Bid to Delay Trial
Carson Yeung, who controls English soccer club Birmingham City, lost a bid to delay his trial on money laundering charges until June.
Hong Kong District Court Judge Stanley Chan today dismissed the argument of Yeung’s lawyer that the freezing of the businessman’s assets has prevented him hiring a defense team to prepare for trial next week. The court action will begin on Nov. 28 as scheduled, Chan said.
Birmingham International Holdings Ltd. (2309), the West Midlands- based team’s parent company, has been suspended in Hong Kong since June 2011 when its chairman Yeung was charged with five counts of money laundering with a total value of HK$721.3 million ($93 million). Yeung has posted HK$8 million in bail and was refused permission to leave Hong Kong.
Yeung bought the team, which was relegated from the elite Premier League in 2011, for 81.5 million pounds ($130 million) in 2009. Birmingham International said last month it was in talks with two possible buyers of the team.
The company also announced last month that its auditor BDO had resigned citing reservations over its internal controls and further delaying the release of its results.
The case is Hong Kong SAR v. Yeung Ka-sing Carson, DCCC860/2011 in the Hong Kong District Court.
To contact the reporter on this story: Simon Lee in Hong Kong at email@example.com
To contact the editor responsible for this story: Douglas Wong at firstname.lastname@example.org