Birmingham City owner Carson Yeung charged with money laundering....

Yeung released on bail after appearing in court.

Carson Yeung, Birmingham City's president and largest single shareholder, has been released on HK$7m (£560,000) bail after appearing in court in Hong Kong charged with money laundering.

The 51-year-old, who has a 23.3% stake in the Championship club and is the chairman of its parent company, Birmingham International, was charged with "dealing with property known or believed to represent proceeds of indictable offences" totalling about HK$721m (£58m). The trial was adjourned until 11 August.
Yeung's lawyer Daniel Marsh told reporters: "All they're saying is that he has got a lot of money, and he hasn't paid a lot of tax. I mean there's lots of money in my bank account, not as much as his, but I don't pay taxes because it's not taxable."

The prosecution had argued that Yeung did not have close ties to Hong Kong, and should not be granted bail because his father had lived in mainland China since 2008 and Yeung was also married to a Chinese woman.
Yeung remained silent throughout proceedings in the packed courtroom except to ask if he could report at an alternative police station during bail. He was also told to surrender his travel documents.

Shares of Birmingham International were suspended on Thursday. The company declined to comment but Yeung's lawyer said in court that trade may resume after he was released.

The Birmingham chairman, Peter Pannu, meanwhile, repeated his insistence that the club's future remains secure, saying there is no connection between the charges and the club.

Pannu said: "I've had it explained to me that the charges relate to the 2001-2007 period – two years before Carson invested in this club so there is no connection there.

"The fans have nothing to worry about. The finances are okay. I'm flying out later today and will be able to tell you more when I come back."

Pannu added: "Understandably the fans are worried about this. But this has got nothing to do with the club and there is no impact on the operations over here. I've spoken on a couple of occasions to Carson and his lawyers and they've assured me there is no link whatsoever."

Yeung bought a 29.9% stake in City four years ago and took full control of the Carling Cup winners midway through the 2009-2010 season in an £81m takeover from David Sullivan and David Gold.

The Football League has confirmed that it is closely monitoring the situation and will continue to do so before deciding whether to take any action.

http://www.guardian.co.uk/football/2011/jun/30/birmingham-city-carson-yeung-charged