Money Laundering Allegations
On 29 June 2011, Yeung was arrested at his home in Hong Kong in connection with alleged money laundering. Police officers also swooped on the offices of Birmingham International, and left with an assortment of documents. A brief statement mentioned that Narcotics Bureau officers searched two locations – one on Hong Kong Island and the other in Kowloon – and seized documents. The charges for Carson Yeung involved five counts of dealing with property known or believed to represent proceeds of an indictable offence. His hearing was adjourned until 11 August 2011, and was remanded on bail of HK$7 million (US$900,000).
Carson Yeung was supposed to travel on 14 September 2011 to attend to his duties at Birmingham City football club, whose fortunes have gone downhill and is saddled with debt. He was given the green light to go after his cash bail was doubled to HK$8 million. But the prosecution appealed on the ground there is a risk he may not come back. The High Court allowed the appeal and reversed a ruling made in August by the District Court, which gave the tycoon, who faces money-laundering charges, permission to leave Hong Kong for England. Yeung's next pretrial court appearance is on 7 December 2011.
Read more about this topic: Carson Yeung, Career, Investments
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