Hong Kong Police Arrest Owner of British Soccer Team

Posted by on Jun 30, 2011 | Comments Off on Hong Kong Police Arrest Owner of British Soccer Team

Hong Kong tycoon Carson Yeung, the owner of British football club Birmingham City, has been arrested and charged with money laundering.

The 51-year-old Yeung appeared in a Hong Kong courtroom Thursday to face five counts of dealing with property that had been obtained through a criminal offense. Prosecutors did not identify the property or Yeung’s role in handling it, but said it was valued at about $93 million.

Shares in the football team’s parent company, Birmingham International Holdings Limited, have been suspended from trading on Hong Kong’s Hang Seng index. A statement by Birmingham’s acting chairman Peter Pannu says the investigations have no connection with the parent company or any of its subsidiaries.

The 51-year-old Yeung purchased Birmingham City in 2009 for $131 million. The franchise won the League Cup last year, and was moved into the English Premier League in May.

 

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