I asked my best mate in Hong Kong, if the Carson Yeung story was big news there at the moment and he gave me a rather more in depth response than I was expecting: Carson Yeung became well known overnight when his company bought Birmingham FC. He was a hairdresser and opened a barbers shop at TST Regal Hotel, afterwards one more at (old) Regent Hotel in the late 90s. He was sued plenty of times by banks (credit cards), landlords and law firms for owing others money. With the customers going to his barber shop, he became friendly with some tycoons and soon learned the sidedoor methods of making huge money from the stock market. Soon enough, he became a market dealer, but was almost immediately investigated by the HK Securities and Futures Commission (SFC) and was found guilty in 2004 of illegally purchasing publicly listed shares. In 2004, he linked up with Macau tycoon Stanley Ho's group and co-founded Greek Mythology Casino, within a few years, real estate and the stock market had made him a very wealthy man. With the money from the Macau casinos, he went into the football business and football gambling in 2004, he bought HK Rangers FC, then after he sold it in 2007 and then successfully obtained Birmingham FC in 2009. Everybody knows illegal football gambling involves extremely huge money and needs money laundering. (In fact until now, football gambling is still World's number one money laundering activity). He was also very active in mainland China and bought in plenty of land. With current China mainland measures, to cool off the property market, he ran into debt, owing hundreds of millions to HSBC. He even tried to sell his home at Mid levels. Now he has been arrested by HK police who allege money laundering and he's also being investigated by the Narcotics Bureau, also for money laundering. Tax evasion is his main issue with only HKD1.3 million tax paid, despite his bank account (and his father's account) having more than 700 million cash coming in and out of his account over the last few years. There must be a whole lot of inside activities going on, I think he will be a lamb to the slaughter, as there are hundreds of big names behind him, who he dare not reveal. The case has been adjourned until August and if the HK Court freeze off his assets (60 million pounds) during the proceedings, then Birmingham FC may be in big trouble. The British FA may also prohibit Carson from remaining an owner of a football club if he is found guilty. There's much still to be followed up on this one. There's a chance there could be a fire sale at Brum around the middle of August, my mate obviously thinks he's seriously in the ****. Edit: I should have mentioned, my mate does a lot of large scale currency trading and is well connected with some major HK banks.
Dodgy foreigner syndrome again. So much for fit and proper person! Leicester will go that way as well, but they'll just do their old Administration Shuffle!!
I know they've tightened up the fit and proper person test since Carson Yeung was given permission to buy Brum, but even so, how the hell was someone with a conviction from the HK Securities and Futures Commission considered a fit and proper person?
Dispatches have a programme on Monday night about "how to buy a football club" which is claiming dealings involving former prefessional footballers. I've no idea if it's connected.
Ah so that's what the Preimier League is all about? I wonder how long it will take the Murdoch media to report on that and ALL the others that are to follow? (Greeting from Portugal)
My mate just sent me a follow up message 'I think I'm going to get my son to leave Uni and become a barber' Enjoy your Piri Piri and Sagres Mussie
Thanks OLM, very interesting read. Didn't realise the severity of the case - 'illegally purchsing publicly listed shares'. 'Convicted by the SFC'. Hmm Poor old Chrisy Hughton will have a job on his hands come August...
Cound not agree more. They have just bought Konchesky(over-rated) from Liverpool who must be laughing so much. Leicester City should have there owners investigated now. You fear for Birmingham City as per the Thread header. Roger Johnson sold to Wolvers, with Messrs. Ben Foster, Scott Danns, Liam Ridgewell all on there way soon. Nevermind a fire sale they could also face a hefty points deduction to boot. -25 anyone ?? Looks like Birmingham and Peterboro for the drop then.
By the time the window closes Birmingham will have lost Gardner, Ridgewell, Phillips, Bowyer, Dann, Johnson, Foster, Jerome, Zigic and Larsson. Reminds me a bit of what happened to us at the beginning of last season. I don't think they will have a relegation battle on their hands (unless they get a severe points deduction) as they have a good coach in Hughton.
I think they'll do what we did last season and finish midtable. I reckon they'll still recruit this summer to get over how many they've had to sell but it won't be enough to go up this year. It'll be a tricky year for them. Still too good to go down. Forgot they got Hughton as a manager.
Its the points deduction that will do them if it happens. Luton got -25 for far less than anything Cars Yeung has done. Its always the fans who suffer. Time now must be up on the owners from abroad. Stevenage are rumoured to laundering money big time. QPR fan told me that and it would not surprise me. The fit and proper persons regulation is a farce. How much longer can this carry on and the fact Carson Yeung got into Birmingham in the first place makes one shudder.
Is there a difference between dodgy foreign owners and dodgy UK based ones? Just asking, cos a few times above its stated like it matters. Much like the way some people refer to immigrants in the UK but Ex-Pats when its us doing the same in other countries. Never understood that at all. Anyhoo, be nice if Brum to go arse up, but really, it's a shame the bigger clubs in more debt are screwed over ,but they wont be of course because the PL depends on them.
funnily enough i was just thinking about this earlier today. i didn't read the article but noticed a headline with wolves claiming they bought roger johnson for a fee certainly less than the £7m claimed from birminghams end. it just reminded me of the michael turner fiasco. there's clearly more than meets the eye to this story. i would certainly fear if i was a birmingham fan. i'd suggest they need promotion this season (in fact wasn't hughton told he had to deliver promotion?)
McLeish was told he had to get promotion or he would be sacked, I would think the same applies to Hughton. After this however, the board may want to lower targets perhaps..
Lol. My thoughts. But for a small club they have spent big and bought there way into the league. Its easy to do big or small. As i said, it would not surprise me one bit. Thank goodness the Allams made there millions locally.
