Birmingham City owner Carson Yeung guilty of money laundering

A Hong Kong court on Monday found Birmingham City owner Carson Yung guilty of five counts of money laundering. The 54-year-old businessman had denied laundering HK$720 million (US$93 million) between 2001 and 2007. Jdge Douglas Yau said Yeung was "self-contradictory" in his testimony and that he was "making it up as he went along" to a courthouse packed full of reporters and members of the public. The tycoon, wearing a dark suit, appeared calm as the verdict was read out. Yeung was arrested and charged with ill-gotten gains in the southern Chinese city in June 2011, two years after he acquired the "Blues". Yeung, who was little known prior to his emergence in English football, took control of the club in October 2009 in an 81-million pound ($130 million) takeover from David Sullivan and David Gold, now the co-owners of West Ham. In February Yeung resigned as chairman and executive director of Birmingham International Holdings Limited (BIHL), which owns the struggling second-tier club. Source: AFP