After facing police questions about alleged money laundering involving hundreds of millions of dollars, football- loving tycoon Carson Yeung Ka-sing was charged and in custody late last night.A brief statement mentioned that charges involved five counts of dealing with property known or believed to represent proceeds of an indictable offense.
He will appear at Eastern Magistrates' Court today.
The statement also said Narcotics Bureau officers searched two locations - one on Hong Kong Island and the other in Kowloon - and seized documents.
Sources said earlier that police had launched an investigation two years ago into at least HK$600 million in cash and securities from unidentified sources being deposited in a bank account.
Police arrived at Yeung's home on The Peak at about 10am yesterday.
About two hours later Yeung emerged from his Barker Road residence with two plainclothes officers and was driven to The Peak police station.
His lawyer arrived about 15 minutes later. Then, at around 2pm, Yeung was taken to police headquarters in Wan Chai.
Meanwhile, several officers were at the offices of Birmingham International at the Shun Tak Centre in Sheung Wan. They left with an assortment of documents.
Yeung, 51, runs Hong Kong-listed Birmingham International Holdings. The company controls English football club Birmingham City, which has just ended a season marked by a glorious high and then a stunning low.
Yeung bought Birmingham City FC in 2009 after
a first bid in 2007 failed to prosper. It was one of the high points in a business life that has seen Yeung rise from a hairdressing salon operator to a tycoon.
From a single salon he went on to forge a chain, move into fashion and clothing and then on to other businesses, including gaming in Macau and various pursuits in the mainland.
He also has interests in firms registered in the Cayman Islands and the British Virgin Islands.
In an interview with British newspaper The Independent last year, Yeung remarked: "I'm the first man from Asia, from mainland China, to get involved [in British football]." That, he added, would give him "a head start" marketing Birmingham City in Asia.
The football business certainly appeared to be going well earlier this year. For Birmingham City went to the world-famous Wembley Stadium on February 27 - Yeung's birthday - and beat powerhouse club Arsenal 2-1 to win the English League Cup, ending a 48-year run without a trophy.
But then in May came relegation from the top-flight Premier League - a fall that means a huge reduction in the financial flow for the club, particularly from broadcasting and marketing deals.
Among Yeung's other current interests, he is a major shareholder of the Sing Pao Daily News.
But editor-in-chief Ngai Kai-kwong said last night that he is not aware of Yeung being involved in a police investigation. Also, he said, Yeung is seldom involved in the editorial and business operations.
And Birmingham International financial controller Fung Ka-ki said the company is not ready to offer any comment for now.
Those convicted of money laundering may be jailed for up to 14 years and fined HK$5 million.
