HK tycoon to be tried as laundering charge sticks
Source: Agencies |
May 4, 2013, Saturday
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Print Edition
Print Edition
BIRMINGHAM City football club owner Carson Yeung failed to have charges of laundering more than HK$720 million (US$93 million) thrown out yesterday after a judge rejected claims that the absence of some documents would make a fair trial impossible.
District Court judge Douglas Yau said the defense failed to prove that missing documents from securities brokerages and delays by investigators would result in an unfair hearing.
The hairdresser-turned-tycoon has denied charges of "dealing with property known or believed to represent proceeds of an indictable offense" between 2001 and 2007.
Yeung, dressed in a dark suit and grey tie, appeared calm but tired in court.
After the decision to proceed with the trial, the prosecution presented its case, saying deposits of about HK$721 million made to accounts in the name of Yeung and his father far outweighed their combined income of HK$2.16 million over the period.
There were 437 cash deposits made by unknown parties totaling about HK$97.5 million for no apparent reason, prosecutor John Reading said.
The deposits also included checks from a company operating casinos in Macau totaling HK$72.5 million, he added.
The trial resumes next Tuesday.
The case comes a week after Hong Kong's banking regulator said it was doubling the size of its anti-money laundering team after two court cases drew attention to financial institutions' compliance.
Yeung, who heads Hong Kong-listed Birmingham International Holdings Ltd, was arrested in June 2011. Trading in shares of the English second-tier football club's parent has since been suspended. It previously had a market value of US$77 million.
District Court judge Douglas Yau said the defense failed to prove that missing documents from securities brokerages and delays by investigators would result in an unfair hearing.
The hairdresser-turned-tycoon has denied charges of "dealing with property known or believed to represent proceeds of an indictable offense" between 2001 and 2007.
Yeung, dressed in a dark suit and grey tie, appeared calm but tired in court.
After the decision to proceed with the trial, the prosecution presented its case, saying deposits of about HK$721 million made to accounts in the name of Yeung and his father far outweighed their combined income of HK$2.16 million over the period.
There were 437 cash deposits made by unknown parties totaling about HK$97.5 million for no apparent reason, prosecutor John Reading said.
The deposits also included checks from a company operating casinos in Macau totaling HK$72.5 million, he added.
The trial resumes next Tuesday.
The case comes a week after Hong Kong's banking regulator said it was doubling the size of its anti-money laundering team after two court cases drew attention to financial institutions' compliance.
Yeung, who heads Hong Kong-listed Birmingham International Holdings Ltd, was arrested in June 2011. Trading in shares of the English second-tier football club's parent has since been suspended. It previously had a market value of US$77 million.
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