Birmingham Owner Bailed Over Money Laundering Charges
3:04pm 30th June 2011
(Updated 3:04pm 1st July 2011)
Birmingham owner Carson Yeung has been released on bail after being charged with five counts of money laundering involving 59 million pounds in his native Hong Kong.
His club insists it's a personal matter that will not affect the club.
He had to pay a bail fee of nearly 600 thousand pounds and has been forced to hand in his passport.
The trial has been adjourned until the 11th of August, meaning Yeung will miss the start of the season.
Birmingham's acting chairman Peter Pannu says fans don't need to worry.
It is the latest episode for Pannu to confront after City were relegated from the Premier League and manager Alex McLeish resigned to take charge of Aston Villa.
But he is adamant that there is no connection between the charges against Yeung
and the midlands club.
Pannu said: "I've had it explained to me that the charges relate to the 2001-2007 period - two years before Carson invested in this club so there is no connection there.
"The fans have nothing to worry about. The finances are okay."
Yeung bought a 29.9 percent stake in City four years ago and took full control of the
Carling Cup winners midway through the 2009-2010 season in an £81million takeover from David Sullivan and David Gold.