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Feb 4, 2014

Yeung quits Birmingham, verdict looms

Birmingham City owner Carson Yeung has resigned from positions of power with the Championship club as he awaits the verdict in his money laundering trial in Hong Kong.

Carson Yeung had argued that he could not have a fair trial
Yeung stepped down from the presidency at St Andrew's after taking over in 2009.

Yeung, 53, is listed on the club website as being president and director, but Birmingham's holding company announced to the Hong Kong Stock Exchange that he quit his directorships and "holds no positions in the group."

"Yeung resigned for the reason to devote more time to his other personal commitments," Birmingham International Holdings said.

Yeung has been standing trial on five counts of money laundering involving more than HK$720 million ($93 million) deposited in five bank accounts from 2001 to 2007. Prosecutors have said the money was "criminal proceeds," and a verdict is due on Feb. 28.

The charges are unrelated to Birmingham, which Yeung 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 were relegated from the Premier League the same year.

Birmingham said Cheung Shing, already an executive director, has been appointed chairman.

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