Carson Yeung, the chairman of a Hong Kong-listed investment company with business interests in Macau, has been arrested in Hong Kong in relation to a money laundering investigation involving inquiries by the territory’s Narcotics Bureau.
Carson Yeung is best-known internationally as the chairman of English football club Birmingham City. He has also appeared at a high profile event at the Macau casino resort Ponte 16 alongside Ponte 16’s senior management team, including Dr Ambrose So, Chief Executive Officer of SJM Holdings Ltd. Hong Kong-listed SJM is an investor in Ponte 16 via its subsidiary Sociedade de Jogos de Macau, S.A.
In February Carson Yeung made the winning HK$100,000 bid at a charity auction at Ponte 16 for the right to try on a rhinestone-studded white glove once worn by Michael Jackson. The glove had previously been purchased by Ponte 16 at an auction in New York and is now on permanent display at the resort. Carson Yeung was listed on Ponte 16’s website following the February event as one of five people “officiating” at the first anniversary of the MJ Gallery.
Carson Yeung’s company Birmingham International Holdings Ltd was known as Grandtop International Holdings Ltd prior to his takeover of Birmingham City Football Club in October 2009.
In its 2009 annual results filed with the Hong Kong Stock Exchange, Birmingham International Holdings said: “In the last financial year, the Group’s turnover was derived from Macau and the United Kingdom and accounted for 73.3% and 26.7% respectively.”
“For the year ended 31st March the Group recorded a consolidated turnover of approximately HK$10.7 million,” adds the report. It doesn’t specify the nature of the company’s Macau business.
The 2010 annual report makes no mention of Macau. It refers only to activities in “professional football operation, apparel sourcing and trading, entertainment and media services and investment holding”.
Hong Kong police issued a statement overnight saying: “Police today [June 29] arrested a male, aged 51, in connection with a money laundering case.
“Narcotics Bureau officers also searched a total of two locations today, one on Hong Kong Island and one in Kowloon, and seized some documents.
“The arrested person has been charged with five counts of “Dealing with property known or believed to represent proceeds of an indictable offence” and is detained in police custody. He will appear in Eastern Magistracy tomorrow [Thursday]. Active police investigation is underway.”
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