Birmingham boss charged with money laundering

The tycoon has been charged with five counts of “dealing with property known or believed to represent proceeds of an indictable offence” totalling HK$721m (£58m), according to a statement by the Hong Kong magistrate court.

Birmingham City Football Club said the matter is not connected to the club’s holding company.

The club’s acting chairman, Peter Pannu, said he had been informed that Mr Yeung was helping police with their enquiries, and that he believed they had nothing to do with the operation of the club.

“Until I find out more information about this matter there is no further comment to be made,” Mr Pannu continued.

Mr Yeung, a 51-year old hairdresser turned magnate, has been released on bail after a court appearance. Bail was HK$7m (£558,000), HK$4m (£319,000) of which came from Mr Yeung and the rest from two of his associates.

He has had his passport confiscated and ordered to report to police three times a week by the court. His trial has been adjourned to 11 August.

‘Chinese-English’ soccer club

Carson Yeung paid millions to became the largest shareholder in Birmingham City in 2009, famously saying he wanted to turn the club into “a Chinese-English soccer club”. His wealth is estimated at around HK$1.9bn (£152m).

But his arrest is the latest blow for the team after a rollercoaster season. They beat Arsenal to win the Carling Cup final in February, but it was followed by relegation from the Premier League – for the third time in six years.

Shares in Birmingham International, the football club’s parent company, have been suspended but Mr Yeung’s lawyer said in court that trade may resume after he is released.

The Football Association has confirmed it is closely monitoring the situation.