Birmingham City owner found guilty of money laundering

Birmingham City owner Carson Yeung has been found guilty of five counts of money laundering by a Hong Kong court, reports the Guardian.

Judge Douglas Yau told a courthourse packed full of reporters and members of the public that Yeung was “self-contradictory” in his testimony and that he was “making it up as he went along”.

Yeung was arrested and charged with ill-gotten gains in 2011, two years after he purchased the club.

He was little known in England prior to his £81million takeover in October 2009, when he took over from David Gold and David Sullivan – now the co-owners of West Ham.

Yeung maintained he obtained millions of dollars from stock trading, business ventures and hairdressing.

Upon his arrival in England he described himself as a “very famous” hairdresser, claiming his salons catered to movie stars and businessmen.

Yeung also told the court he made up to HK$30m from gambling between 2004 and 2008, stating that he had gambled as if he were “running a business”.

However, in his verdict on Monday Judge Yau declared there were reasons to believe that multiple business dealings with which Yeung was involved had made use of funds which represented “proceeds of an indictable offence”.

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