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.
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