Hong Kong Police Arrest Owner of British Soccer Team

Posted June 30th, 2011 at 6:35 am (UTC-5)
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Hong Kong tycoon Carson Yeung, the owner of British football club Birmingham City, has been arrested and charged with money laundering.

The 51-year-old Yeung appeared in a Hong Kong courtroom Thursday to face five counts of dealing with property that had been obtained through a criminal offense. Prosecutors did not identify the property or Yeung's role in handling it, but said it was valued at about $93 million.

Shares in the football team's parent company, Birmingham International Holdings Limited, have been suspended from trading on Hong Kong's Hang Seng index. A statement by Birmingham's acting chairman Peter Pannu says the investigations have no connection with the parent company or any of its subsidiaries.

The 51-year-old Yeung purchased Birmingham City in 2009 for $131 million. The franchise won the League Cup last year, and was moved into the English Premier League in May.