Carson Yeung given 6 years for laundering US$93 million
Print Edition
HONG Kong businessman Carson Yeung was sentenced to six years in prison yesterday for money laundering in a high-profile case that law enforcement officials hailed as an important victory in the fight against the crime in the global financial hub.
Yeung, 54, a self-made millionaire and owner of British soccer club Birmingham City, was found guilty by a Hong Kong court on five counts of laundering about HK$721 million (US$92.9 million) over several years.
In the detailed exposition of hundreds of suspicious transactions made by Yeung and multiple parties, the trial cast a rare spotlight on some of the murky channels and methods used by underground banks and money launderers in moving capital between China’s mainland, Hong Kong and the gambling hub of Macau.
“Maintaining the integrity of the banking system is of paramount importance if Hong Kong is to remain an international finance center,” District Court Judge Douglas Yau said.
“The sentence must include an element of deterrence to discourage those who are in a position to exploit the system for their own gains.”
Sentence welcomed
Yeung, dressed in a dark suit, appeared relaxed and waved before being taken away. His defense lawyers declined to comment on whether he will appeal.
Police investigators, who described the case as a difficult one involving analysis of financial records from as far back as 2001, welcomed the sentence even though it was less than the maximum 14 years possible for such crimes.
“We overcame a lot of hurdles to get this result,” police investigator Gloria Yu said. “We are happy ... and encouraged because fighting money laundering is a very arduous task.”
Yeung, a former hairstylist to Hong Kong’s rich and famous, who pleaded not guilty, told the court he amassed his wealth through his hair salons, share trading, property purchases, gambling and other investments.
The trial, which lasted more than 50 days, revealed the businessman’s close ties to Macau’s casino world, both as an investor and gambler, and how that facilitated business investments that helped him amass wealth.
The court heard how Yeung received hundreds of deposits of unclear provenance for what Yeung claimed to be winnings from his gambling.
Police investigator Yu said many aspects of the case remain unsolved including the origination of much of the laundered cash. But she said that investigations would continue in a bid to bring others to justice.
The judge said that while Yeung wasn’t the mastermind or “director” of a laundering scheme, “without his considerable skills in share dealings and connections to the Macau casinos, the laundering could not have gone on for such a long time and on such a large scale.”
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