Carson Yeung guilty: Birmingham will feel 'no impact' from conviction of club's majority shareholder

Yeung could face a lengthy prison term after being found guilty of money laundering

Carson Yeung's conviction on money-laundering charges will have “no impact on the day-to-day operations” at Birmingham, according to acting chairman Peter Pannu.

Yeung, the club's majority shareholder, was found guilty on five counts of money laundering by a court in Hong Kong on Monday.

He was arrested and charged in 2011 having bought Blues two years earlier, and had denied laundering 720million Hong Kong dollars (£55.4million) through his accounts between 2001 and 2007.

He will now be sentenced on Friday and could face a lengthy prison term.

Yeung last month resigned from his position on the boards of the football club, Birmingham City plc and Birmingham International Holdings Limited (BIHL), the club's parent company.

In an official statement on the club's website, Pannu said: "I regret to inform all supporters and staff of our beloved club that Birmingham City FC's former president and benefactor, Carson Yeung, was today convicted of all charges he faced following a protracted period of legal proceedings.

"I'd like to reassure all supporters and staff that today's verdict will have no impact on the day-to-day operations at the football club.

"Birmingham International Holdings Limited, the holding company, shall continue to support the football club under the leadership of the group's new chairman, Mr Cheung Shing, and will work to raise further investment to support Birmingham City FC going forward."

The Football League said it was aware of Monday's developments and plans to release a statement in due course.

Yeung, 54, completed a takeover of Birmingham in October 2009.

Since he took charge, Birmingham have won the League Cup but have been relegated from the Barclays Premier League and are currently 17th in the Sky Bet Championship table.

Yeung, who had his assets frozen, cut ties with the midlands club at the start of February to focus more time on his ongoing court case and to crucially satisfy one of the requirements for the resumption of trading of BIHL's suspended shares on the Hong Kong Stock Exchange.

City's parent company subsequently agreed to sell 12 per cent of its stake in the club to a Beijing-based advertising business operating in China, a deal which has since been delayed.

PA

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'
10 best statement lightbulbs

10 best statement lightbulbs

Dare to bare with some out-of-the-ordinary illumination
Wimbledon 2015: Heather Watson - 'I had Serena's poster on my wall – now I'm playing her'

Heather Watson: 'I had Serena's poster on my wall – now I'm playing her'

Briton pumped up for dream meeting with world No 1
Wimbledon 2015: Nick Bollettieri - It's time for big John Isner to produce the goods to go with his thumping serve

Nick Bollettieri's Wimbledon Files

It's time for big John Isner to produce the goods to go with his thumping serve
Dustin Brown: Who is the tennis player who knocked Rafael Nadal out of Wimbeldon 2015?

Dustin Brown

Who is the German player that knocked Nadal out of Wimbeldon 2015?
Ashes 2015: Damien Martyn - 'England are fired up again, just like in 2005...'

Damien Martyn: 'England are fired up again, just like in 2005...'

Australian veteran of that Ashes series, believes the hosts' may become unstoppable if they win the first Test