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The Carson Trial – Day 49
Carson Yeung was challenged by the prosecution about the amount of money he had made in the stock market in the district court yesterday.
South China Morning Post reports that chief prosecution counsel John Reading SC whilst referring to a report put together by forensic accountant Roderick Sutton asserted that Carson had lost HK15.4million on the stock market rather than gaining HK$200million.
In response Carson told the court that
“He didn’t have the source materials. Whatever way he added up the figures, the result is wrong.”
Carson also confirmed to the court that he had taken out a loan via Grandtop International with Kingston Finance in 2007 for HK$140million. Carson told the court that Kingston had believed his plan was good and that he had shares as security with them as well as being able to give a personal guarantee.
The cross-examination continues on Thursday at 9:30am HK Time (1:30am GMT)
Tags: Carson Yeung, The Trial
65 Responses to “The Carson Trial – Day 49”
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If as Carson states he gained over HK$ 200 million on the stock exchange with wheeling and dealing, how is it that in 2007 he goes and applies for a loan of HK$ 140 million ?
Seems as though Roderick has hit a nerve somewhere, a veritable loss of HK$ 15.4 million, it would seem that the hairdresser should have stuck to primping and preening of the stars, as his gambling and share dealings would seem a little iffy, a bit like his ownership of a great club in BCFC.
he claims he made most of his money from stocks and shares in the period around 2001, this was yr when the stock market struggled, firstly after the dot.com bubble burst and after sept 2011 attacks on the WTC the market crashed massively and took a few yrs to recover,
professional traders struggled to make stock profits in this period, but we are meant to beleive that a hairdresser with no trading experience got lucky time and time again on stocks, its laughable to be honest.
It’s a circus. Surely the court can’t fall for this bulls**t? He’s obviously rinsed millions through casinos, a well worn path.
Surely these ‘transactions’ are properly audited and can be verified.
ALL transactions in stocks over here are ‘recorded’ and can be properly examined.
In a previous ‘role’ I actually wrote some software to do this for a London ‘trader’.
i would like to think they are verified in his trial bundle……….maybe
I have said all along from day one of this trial that all this is just ear say Its just his word. We can all have our own opinion why he has not produced any solid proof of the trail of his wealth, and why others have refused to attend court in his hour of need. How can the judge be left with any doubt.
The problem is records are only kept for seven years…
Dan- is that the same here??………………..
No idea
It depends on the type of transaction, for Tax reasons it is 5 years, other data has different data retention policies, for instance Social service records have to be kept for 75 years
my other question- Dan please so he will be entitled to shed any documents from this time??
eh?
If I had millions of pounds sloshing around in various bank accounts, I would keep my own records or employ accountants to do this for me, unless of course I didn’t want the authorities to be able to trace where the money came from!
I actually agree Carlos.
Exactly. I have receipts and invoices going back 10-15 years. You never know when the buggers are gonna come down on you. Trust no one is my motto. :)
asserted Carson had……… bit of a posh word……..can he prove it now that’s another thing…………with the onus on Carson just to clarify why he had the money maybe……………….
where are loads of people who get lucky in the world, some get unlucky for being in the wrong place at the right time…………………..
Dan having spent time in this HK court is the verdict based on beyond all reasonable doubt or the balance of probability?
Think on either ‘measure’, he would be on a ‘sticky wicket’.
Posted yesterday its a great comedy lets hope the judge sees through the lie and gives him what he deserves and hopfully the club gets new owners who actually care about the club and not themselves kro
I know the Judge has to sift through all the evidence but surely he has, after listening to all the questions and answers, plus asking for his own clarity, have an opinion and can see right through CY’s very thin excuses.
The prosecution must have been delighted when he volunteered to give evidence because as I see it CY is just concurring their case.
There is no paper trail, as you say they only keep records for 7 years, so all the prosecution had was conjecture and circumstantial, so surely it would have been better for CY to have said nothing. Now he has confirmed virtually everything against him.
Hopefully the judge will not need 6/8 weeks to come to a verdict and bring closure sooner so that all parties can move on.
KRO+DNM
I think the old saying is its better to keep your mouth shut and let people think you’re stupid than open it and confirm that you are.
Not another thread about LC!
Good job you’re not a judge mate. (with credit to Almajir – sorry, couldn’t resist) ;)
I was referring to Chris W :)
Just about sums it all up. http://www.birminghammail.co.uk/sport/sport-opinion/colin-tattum-comment-birmingham-city-6275309
An attention-grabbing but misleading headline. Nothing in the contents supported oblivion. A better title would have been ‘Does Anybody Care?
An excellent article by Colin Tattum just about sums up BCFC as it stands.
It is a pity that the Birmingham Mail have sat on the fence for so long and been so vague with any information but jumped on the bandwagon when talk of takeovers or consortium’s have been banded.
The only true information regarding the plight of Blues under the current regime has come from OP.
Maybe the Birmingham Mail might just put something together that will reach CY and the other directors and maybe, we can all hope, prick their consciences and bring about the sale of BCFC.
More importantly, inform them that they are not or will not be welcome in Birmingham or at St Andrews EVER.
It’s not that the supporters don’t want to show disdain towards the board, and by and large those that go to games appreciate LC’s predicament, any protest, march, sit in or banner waving will not been seen by those who control the club, that is the problem. Those that attend are behind the team, though some selections do appear bizarre at times, and there is a need for consistency, the players, manager and coaches at all levels are working under the same dark cloud and with no control in who comes or goes. LC knows that he has the squad now until January window, once that closes he may not even have any experienced players left and have to play the rest of the season with academy players… worse case scenario…. the club could find itself in administration before Christmas, depending on what you read and who to believe.
KRO+DNM
P.s StaffsBlue, If I had to sit through CY’s case and listen to his waffle then I’m glad I’m not, the judge has to be commended for his patience…
Chris, I was just repeating what Almajir said to me yesterday. It was just a jest. :)
:-) taken as such, I wish I was the judge, I would have no doubts as to the decision….. GUILTY on all counts and for the mismanagement of a football club….
KRO+DNM
To be honest mate, I can’t see how anyone can sit through that lot and not have made their mind up already. Carson Yeung and his defence have done him no favours since the start. I think he’s probably had… what… one good day? Still, I suppose the judge has to be seen to be fair. Pity it’ll take so long.
Couldn’t agree more, and I still don’t think it will be then for BCFC, an new era and a whole load of skeletons waiting in the wings for whoever buys the club….
KRO+DNM
When the Chinese took over, they whinged on about a payments to Karren Brady and some unpaid debts, etc. Imagine what the next owners might find after this lot have gone? Scary thought.
A very scary thought, when they turn the lights back on just think of all those skeletons they will find.
It is going to cost a lot lot more than £30 m when all the bills and debts, that is why Paladini is being reluctant to bid any higher, he has seen the accounts I bet and can read between the lines.
KRO+DNM
In fairness to the Mail they have hardly sat on the fence. They have been on the case of Pannu and Yeung for ages and been sued by them. They can’t do much if Pannu and Yeung won’t answer their questions or ignore their front page list of questions and demands
Absolutely.
as Tatts posted on SHA, he’s actually banned from St Andrews by Pannu at the moment (although it’s not been enforced).
An excellent article by Colin Tattum” is an oxymoron. In Tattum’s case there is more emphasis than usual on moron. I haven’t read the article yet but I assume it’s the one with the headline about oblivion. In which case, the man understands nothing. Did Wimbledon go into oblivion when MK Dons moved the club? No; the fans formed a new club and the ethos and devotion was carried on in a new vehicle and inside ten years they were back in the Football League. It’s not oblivion which beckons; it’s resurrection by wonderful Blues fans as soon as we can get rid of BIHL.
Weary
You’re one of these people who aren’t going to the games in boycott aren’t you? The very definition of apathy mate – because you are using inaction to try and change things rather than show any form of positive action.
As for calling Tatts a moron – says a lot about you mate… If there is one person around who is on the ball it’s Mr Tattum. I’d suggest he’s probably done more in that article to try and change things than a whole season of not going to a game by your good self has…
Not going to matches is positive action, not apathy. Paying money into BIHL is counter productive to the future of the club. Firstly, you’re helping to bail out wealthy men, which is a dumb thing to do, and to load the Pannu gravy train and thereby extend the BIHL ownership. By your ‘support’, you are only supporting a transient bunch of players largely drawn from the unwanted of the lower reaches of the football world and loans from other clubs. It is not a Blues team in the round. The situation is intolerable and needs to be changed as soon as possible. Financial starvation is the quickest way to bring it about.
I hate to say this Weary – but gate receipts aren’t going to change much – the bulk of income for the club after season ticket money has been banked comes from TV revenue, commercial sponsorship and the like. You not going is effectively pissing in the wind and cutting off your nose to spite your face. It’s your choice, but I will continually contend it’s the wrong one – and if you just “don’t go” without showing your displeasure anywhere near the ground (online doesn’t count), then it really is apathy because it’s the choice of inaction.
Its interesting that the judge makes the ruling on guilty or not…Carsons lack of prooof is damming-Am i right that it is up to Carson to prove he is innocent in Chinese law
I think you`ll find its Hong kong mate.
Tom
the tactical onus is indeed on Carson.
Also – Hong Kong law does not equal Chinese Law. Completely different systems…
if carson is such a great gambler why does he take pannu to the casinio with a bag full of gate receipts and make us the richest club in the world?
’cause PP would charge a large ‘consultancy’ fee.
They should show the trial judge his press conference when he took over at blues when he led everyone to believe that between 40 and 80 million was going to be spent on players he lied to the fans then so why would anyone believe anything him or his cronies say
Again, huge kudos to Dan for the reporting. The intensity of the scandal surrounding our beloved club is currently lost in the combined mire of sub judice; manipulations; administrative apathy and financial chicanery. We are merely standing on the sidelines looking at the throw-ins. Once the mist clears, we will see the true horror: the horror, the horror. Sorry for the despondency but that’s the way it is. As always we will dig our way out and keep right on but there are dark days looming; mark my words.
Agree, when the mist clears I’m sure that there’ll be plenty of skeletons that will fall out of the cupboard. This is why I think CY is clinging on.
Couldn’t agree more!
I think bad news will follow more bad news!
It’s a complete shambles!
Chris, what does DNM mean?
Jazzy – did you not read this piece I wrote a couple of weeks back?
delay no more methinks
Delay No More, can’t remember the Chinese for it but evedently it is an insult the CY and his delaying to sell the club
KRO+DNM
if chief prosecution counsel have enough evidence on Carson why dont they wrap up the hearing, and allow the judge make his finding…………surely they must think they have a rock solid case or dont they???? if they are still digging then they must feel they dont???
I’d much rather they got all the facts and allowed the judge to find Carson guilty of something he’s done than seemingly by default because the law is draconian.
is Carson under oath??
He’s giving evidence in a courtroom, what do you think?
thanks
Basing the case on suspicion and hearsay would have got the prosecution nowhere here in the UK. Regardless of how bad things look and sound, CY would have had a fighting chance here. Just the way the legal system operates, evidence that stands up to scrutiny and beyond all reasonable doubt in criminal cases.
After all the crap and nonsense that has/is going on, it might sound strange, but there is a small amount of sympathy for the fella. I still don’t believe he agrees with how things have panned out and that he is doing it out of spite or that he doesn’t still reflect on how it might have worked out for him at Blues. But the fact remains, he/we/BIHL are in deep muck and need an exit strategy and fast.
One thing I’d have liked to ask him, is apart from paying way too much for the club, what would he have changed if he had the opportunity to have the experience again – would he have even wanted to buy us if he had the chance?
Maybe he should have never bought THAT £30,000 coat:
http://www.mirrorfootball.co.uk/opinion/columnists/3pm/Birmingham-City-All-fur-coat-and-no-receptionist-article222823.html
You cannot help but think that the anoint of money BCFC cost was pretty irrelevant to Yeung, as it clearly wasn’t all his and was money that needed ‘to be invested’.
It has been subsequently, at Wet Spam !
If cy his guilty then he has bought it on himself but I am sure mthe majority of fans dont care about him again his own fault but most supporters want new owners who care and we can all forget about cy and his lies
Atahualpa,I really can’t believe you feel some sympathy for him(however small)the bloke used our great club to wash his dough,full stop,lock him up and throw away the key.KRO + DNM
ok if you had to. would it be pannu, yeung or pauline wong?
http://176.32.230.17/longlongroad.co.uk/apathy-and-resignation/?utm_source=rss&utm_medium=rss&utm_campaign=apathy-and-resignation we have always struggled
but the long long road is blue………………