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Birmingham owner Yeung guilty of money laundering

Published on NewsOK Modified: March 3, 2014 at 11:00 am •  Published: March 3, 2014
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HONG KONG (AP) — Carson Yeung, owner of English football team Birmingham, has been found guilty of money laundering by the Hong Kong District Court.

Yeung, who last month resigned from positions of power with the second-tier club, was convicted of charges relating to his handling of 721 million Hong Kong dollars ($93 million) using five bank accounts between January 2001 and December 2007.

Prosecutors say the money was "criminal proceeds." Yeung is due to be sentenced Friday.

The charges are unrelated to Birmingham, which the 54-year-old hairdresser-turned-businessman bought in 2009 for 81.5 million pounds (then $130 million).

Birmingham won the 2011 League Cup, ending 48 years without a major trophy, but despite the victory was relegated from the Premier League the same year.

Yeung had already resigned his directorships with Birmingham ahead of the verdict and his stake is below 30 percent, ensuring he does not breach Football League rules concerning people convicted of offenses involving dishonesty. The Football League also said "funding arrangements" are in place until at least the end of the season.

Yeung's father and co-accused, Yeung Chung, died in 2012.