League Championship club Birmingham City part-owner Carson Yeung is "being freed from a high-security prison in Hong Kong and given the right to appeal his conviction for money laundering," according to Ben Bland of the FINANCIAL TIMES. The former hairdresser was jailed for six years in March '14 after being convicted of laundering $94M between '01 and '07 in a "high-profile trial that hit the headlines from Hong Kong to Birmingham." Hong Kong's highest court on Friday ruled that Yeung "could launch an appeal, which will be heard next May," and freed him on bail of HK$7M ($900,000) and cash sureties of HK$6M ($770,000). At his trial last year, Yeung's barrister, Graham Harris, said that the tycoon had "gone from rags to riches and he is likely to return to rags." In his trial testimony, the 55-year-old described how he set up five hair salons, including one in the luxury Peninsula Hotel in Kowloon, after returning to Hong Kong following several years in London and Paris. Yeung claimed that his wealth "came from the hair salons as well as stock market investments and winnings at the casino tables" in neighboring Macau. While Yeung "will be free for now," Birmingham City "remains mired in uncertainty about its future." Yeung bought the club in '09. He resigned as chair of Birmingham City before his conviction in '14 but he still owns 28% of Birmingham Int'l Holdings, the club's Hong Kong-listed parent company, according to the latest filing from the club. Trading in the shares of BIH has been suspended since December and the company appointed EY as receivers in February to "protect the company and to preserve its assets" (FT, 8/14).
