HONG KONG: Birmingham City owner Carson Yeung insisted he made his fortune through legitimate stock trading as he pleaded not guilty to money-laundering charges at the long-delayed start of his trial in Hong Kong.
The former hairdresser-turned-football tycoon was arrested and charged in June 2011 with five counts of knowingly dealing in ill-gotten gains worth tens of millions of dollars.
The high-profile case is set to put Yeung’s wealth under an intense spotlight and will probe his rise from the position of hairdresser to the ownership of the English football club, which plays in the Championship, England’s second tier.
But Yeung’s counsel said there was nothing suspicious about the 52-year-old’s rags-to-riches rise, as the defence seeks to permanently halt the trial on the ground that he was unable to receive a fair trial.
“Carson Yeung will not receive a fair trial. He is prejudiced as such that no fair trial is possible,” lawyer Graham Harris told the district court.
The prosecution has said the alleged offences occurred between 2001 and 2007, but Harris said a “significant portion” of Yeung’s wealth came from “lawful and legitimate stock trading” through a large number of stock brokers before 2001.
The lawyer said Yeung would be unable to prove his innocence as official papers that could trace the stockbroking activities are normally kept for only seven years in Hong Kong.
“The defendant cannot receive a fair trial because of missing materials fundamental to his defence due to the lapse of time,” he said, urging the court to drop the trial.
Prosecutors say their investigations show that around HK$720 million ($93 million) passed through five accounts connected to Yeung, who has been on bail since he was charged.
The long-awaited trial technically started after Yeung, who was clad in a dark suit and appeared calm, pleaded not guilty to all five charges read out before him.
Media reports have previously described how Yeung made his first fortune on cheap stocks, then increased his earnings by co-founding Greek Mythology, a casino in Asian gambling haven Macau, in 2004.
He was prosecuted by Hong Kong’s financial regulator for failing to disclose his holdings in a company in the same year, and ordered to pay a small fine.
His other business interests include investments in “apparel sourcing trading, entertainment and media services” through Birmingham International Holdings, according to the firm’s listing on the Hong Kong Stock Exchange website.
Birmingham International Holdings, controlled by Yeung, is the parent company of Birmingham City.
Yeung has made several unsuccessful attempts to postpone or strike out the charges. A court last month rejected his application to move the trial to a high court, after the prosecution slammed the bid as a delaying tactic.
Yeung, who was little known prior to his emergence in English football, took control of the club in October 2009 in an ÂŁ81 million ($130 million) takeover from David Sullivan and David Gold, now the co-owners of West Ham.
The club’s fortunes have gone downhill. They were relegated from the Premiership three months after winning the League Cup amid financial troubles, and are set for another season in the second-tier Championship.
Yeung has assured Birmingham City he will continue to support the club financially despite his legal troubles.
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