A former financial officer of Birmingham Int'l Holdings -- the Hong Kong-listed parent company of League Championship side Birmingham City -- "has been arrested on suspicion of stealing" around HK$30M ($3.87M), according to Bryan Harris of the SOUTH CHINA MORNING POST. Jerry Ko, the former colleague of convicted money launderer and former CEO Carson Yeung, was arrested by Hong Kong police on Saturday, but "released on bail pending further investigation." The alleged misconduct began in Dec. '13 and "may have a material impact on the operation and financial situation of the group," the company said in its statement this week (SCMP, 1/21). In Birmingham, Keith Perry reported Birmingham Int'l Holdings "had called in police over fears" that at least $3.87M may have been "misappropriated" by a former employee. It raised the board's concerns that "the financial discrepancies weren't spotted by the company's auditors when it signed off the accounts for the period ending June 30." It is the "latest twist in the ongoing soap opera at the Far East company, whose shares have been suspended from trading" since Dec. 4 (BIRMINGHAM MAIL, 1/20).
