Birmingham owner Carson Yeung 'helping police' with enquiries

I am frequent visitor to Hong Kong and I asked my best mate there if this story was a big deal over there at the moment and it would seem it's a very big story. He gave me a far more detailed response than I was expecting, for anyone who's interested, this is what he said:

Carson Yeung became well known overnight when his company bought Birmingham FC. He was a hairdresser and opened a barbers shop at TST Regal Hotel, afterwards one more at (old) Regent Hotel in the late 90s. He was sued plenty of times by banks (credit cards), landlords and law firms for owing others money. With the customers going to his barber shop, he became friendly with some tycoons and soon learned the sidedoor methods of making huge money from the stock market. Soon enough, he became a market dealer, but was almost immediately investigated by the HK Securities and Futures Commission (SFC) and was found guilty in 2004 of illegally purchasing publicly listed shares.

In 2004, he linked up with Macau tycoon Stanley Ho's group and co-founded Greek Mythology Casino, within a few years, real estate and the stock market had made him a very wealthy man.

With the money from the Macau casinos, he went into the football business and football gambling in 2004, he bought HK Rangers FC, then after he sold it in 2007 and then successfully obtained Birmingham FC in 2009.

Everybody knows illegal football gambling involves extremely huge money and needs money laundering. (In fact until now, football gambling is still the World's number one money laundering activity). He was also very active in mainland China and bought in plenty of land. With current China mainland measures, to cool off the property market, he ran into debt, owing hundreds of millions to HSBC. He even tried to sell his home at Mid levels.

Now he has been arrested by HK police who allege money laundering and he's also being investigated by the Narcotics Bureau, also for money laundering. Tax evasion is his main issue with only HKD1.3 million tax paid, despite his bank account (and his father's account) having more than 700 million cash coming in and out of his account over the last few years.

There must be a whole lot of inside activities going on, I think he will be a lamb to the slaughter, as there are hundreds of big names behind him, who he dare not reveal. The case has been adjourned until August and if the HK Court freeze off his assets (60 million pounds) during the proceedings, then Birmingham FC may be in big trouble. The British FA may also prohibit Carson from remaining an owner of a football club if he is found guilty. There's much still to be followed up on this one.

 

It's hardly genocide.

These are just the thoughts of someone in Hong Kong who's following the case and is a currency trader who is well connected with several major Hong Kong's banks.

 

Fair enough, you've only got three weeks to wait before he's up before the beak.

Edit: It looks like you might not have to wait that long.