Birmingham City Owner Carson Yeung Denies Money Laundering At Hong Kong Trial
League Championship Birmingham City Owner CARSEN YEUNG said that "he amassed his wealth through stock-trading and gambling but denied dealing with triads," as he testified in his $93M money-laundering trial in Hong Kong, according to the AFP. The "high-profile yet oft-delayed case has put Yeung's wealth under an intense spotlight, as he faced questions about his spectacular rise from hairdresser to owner of an English football club." The court heard Thursday that Yeung had invested HK$40M ($5M) in a local film company for the movie "Killzone" in '05 "with winnings from gambling in nearby Macau." Yeung said, "It was the accumulation from several winnings." Throughout his testimony, starting Oct. 15, Yeung and the prosecution "have painted differing pictures of how his wealth was amassed," with prosecutors claiming around HK$720M ($93M) had passed through his bank accounts. Yeung has said that "he accumulated hundreds of millions of dollars through stock trading, hairdressing, business ventures in mainland China and gambling." But prosecutor JOHN READING said Yeung had "grossly exaggerated" his earnings and constantly grilled him on his relationship and dealings with CHEUNG CHI-TAI, an alleged triad boss. Reading asked, "Did you know that Cheung Chi-tai was believed by police to be a member of a triad society?" Yeung replied, "I didn't know" (AFP, 10/31).