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SBD Global/February 5, 2014/Franchises
League Championship Side Birmingham City Chair Carson Yeung Resigns As Club Director
Published February 5, 2014
League Championship side Birmingham City Chair and major shareholder Carson Yeung, who is awaiting the verdict following his trial for alleged money laundering in Hong Kong, "has resigned as a director of the club" and its parent company Birmingham Int'l Holdings Ltd., according to David Conn of the London GUARDIAN. His resignation "was announced in a statement to the Hong Kong stock exchange." Yeung had remained chairman of the club and BIHL "throughout his arrest, charges and trial, in which he pleaded not guilty." The club "has suffered serious financial difficulties" since, resulting from Yeung, who had lent the club £15M, having his assets frozen, and relegation from the Premier League in '11. His resignation "now appears to be part of BIHL's efforts to raise new money with a placing of new shares" and borrowing £24M ($39M) in a bond. Yeung's brother-in-law, Shui Cheong Ma, 52, a Hong Kong businessman, "was made a director both of BIHL and the club," which also appointed another director, investment banker Panos Pavlakis (GUARDIAN, 2/4).