Carson Yeung charges will have 'no impact' on Birmingham
Thursday 30 June 2011
Birmingham chairman Peter Pannu insists the club's future is financially secure after owner Carson Yeung was charged with five counts of money laundering involving £59million in his native Hong Kong.
Pannu is flying out today to meet Yeung who has been released on bail of £558,000 until the next hearing which is scheduled for August 11.
Yeung was also ordered to surrender his travel documents and report regularly to police.
It is the latest episode for Pannu to confront after City were relegated from the Barclays Premier League and manager Alex McLeish resigned to take charge of Aston Villa.
But he is adamant that there is no connection between the charges against Yeung and the midlands 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.
"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 £81million takeover from David Sullivan and David Gold.
Latest in Sport
Mario Balotelli to Liverpool: The best memes as the internet reacts to imminent £16m transfer
Sami Khedira to Arsenal? Arsene Wenger reveals the Gunners are still in the market for defensive midfielder
Paul Scholes: Manchester United need five experienced players who can turn round a desperate situation
Manchester United transfer news: Louis van Gaal tried and failed to sign German stars Thomas Muller and Marco Reus this summer
Tracey Emin: My Life In A Column
- 1 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 2 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 3 A third of employers never check job applicants' qualifications, survey finds
- 4 James Foley beheading: Fox news presenter Megyn Kelly annoyed by Ferguson update during broadcast about murdered journalist
- 5 Paul Scholes: Manchester United need five experienced players who can turn round a desperate situation
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Scottish Independence Referendum: Salmond described as 'arrogant, ambitious and dishonest' by Scottish women