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Carson and Ryan Yeung criticised as Judge rules against setting aside Receivers
Details have emerged from Hong Kong in the last couple of hours of the judgement ruling against Carson in his attempts to set aside Ernst and Young as receivers of Birmingham International Holdings.
Carson was criticised for treating Birmingham International Holdings as an “ATM” according to RTHK, who report that his son Ryan Yeung Tsz Tsung was previously paid a consultancy fee of HK$80,000 per month by BIH (approx GBP6700). Ryan Yeung was removed as a director of BCFC by an EGM called on August 11.
The judge also noted that Ryan employed a bodyguard and a driver (presumably Arjun Kumar Gurung) – none of whom made a contribution to the affairs of the company.
Carson’s complaint was seen as “vague” reports Oriental Daily, with no concrete proof that he had any investors as he so claimed to inject money into the company. Ernst and Young however have been able to demonstrate the money loaned to BIH by Trillion Trophy Asia.
With all this taken into account, the Judge ruled that the Receivership was for the benefit of the company and ruled against Carson.
I had heard rumours that while Ryan never received a penny from Blues that there was some money being paid to him via a consultancy but I was never able to corroborate them and thus couldn’t report them for fear of being sued for libel. I think this ruling solidifies the work Ernst and Young have done in removing various people from earning money from BIH that is disproportionate to the contribution they made to the company.
It’s another positive step and another kick in the teeth for Carson.
Tags: BIH, Carson Yeung, Ernst and Young, Ryan Yeung
34 Responses to “Carson and Ryan Yeung criticised as Judge rules against setting aside Receivers”
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And the good news keeps on coming. It is satisfying to read that E&Y have once again proven that they are on top of things and, as importantly, that TTA have got money. Surely this must be another significant step in the demise of Carson .
3 points at MK Dons will complete a very good week!
Approx £80k a year for doing not a lot for the parent company or BCFC.
Wasn’t he here at college / uni so his directorship was surely part time and vastly overpaid if it was part time work.
Hopefully E&Y will try and recover some of this money as they are doing with others who have left BIHL / BCFC.
And wouldn’t we all like to kick him in the teeth for what he has done to our beloved club – metaphorically speaking of course, i would hate to be threatened with legal action for threatening behavior :-) KRO
Treating the club as an ATM sums it up nicely. This news is another step forward to eradicating the disease.
Treating the club as a Bank Hoist may be more accurate!!
Christ Blues were nothing but a cash cow for family hangers on & strippers ! Honestly makes my blood boil.
ATM sums it all up very well. What does perplex me is where did all the money come from to pay Zigic weekly wage at an average £60k over the 3years. Perhaps Daniel insight could help.
Mitchell
I can help – read the accounts :)
Another kick in the nuts for Yeung and his cronies….Whats happened to Pannu?
edited
Saying it’s your opinion and not influenced by me means nothing, it’s on my website. Please keep your comments (relatively) civil.
Dan,
Not wishing to cross swords with you over this one but I always maintained that money was being taken from the club and its supporters by the old board but if I recall you said it wasnt happening.
Anyway very pleased to see these guys at long last are being exposed and can’t wait to see PP get his dues next.
If I recall the previous board took management fees of not unreasonable amounts given the work they did. However saying they never took a penny from the club (meaning as a personal expense or as a salary) which was true was IMO a little bit misleading
Art
BCFC is the club. BIH is not the club. They have two pots of money and are NOT interchangeable.
People said BIH were taking money from BCFC. They weren’t for a while, until BCFC had to start repaying loans – as I said on here.
People said Ryan was taking money from BCFC. He was not – he was taking it from BIH. Different company, different money.
I’m *pretty* sure I reported on Pannu’s expenses here once or twice, and how much he took from the club.
Ok Dan.
But where did the money come from to top up BIH pot.?
Am I right in saying that BIH had the facility to invoice/ cross charge the club for any items of expenditure?
I don’t know, I’m not a businessman and I don’t speak corporate jargon.
What I can tell you is this Art – and it’s up to you if you believe it or not. I was told by several people within the Birmingham City hierarchy that Blues were not funding BIH – that bar repaying that loan, that was it. They were adamant not one penny from BCFC went to Ryan – which is evidenced in the accounts as he never received a salary according to them.
Hurray and thank you for this excellent news
Another great bit of reporting Dan, This has to be the beginning of the end now surely. I just want this whole sorry saga sorted now, and that would mean CY accepting he has to do a deal and call it a day as its hard to see any other way for him to go. Also remembering he has the charges against him still to come from E&Y. Can`t wait to see what they (charges) will be.
another kick in the teeth for yeung family and a step in the right direction to get this great club back on the staight and narrow
all hail ernst and young k r o
Dan am I right in thinking the E&Y monthly announcement is due on the 30th or Monday 31st. Will be interesting to see if they mention this ruling today.
It’s due on the 30th. As the 30th is a Sunday I think it’ll be today – got another 75 minutes to see if it is.
As it’s about the takeover I’m not sure they’ll mention it. We’ll see.
Yes I did doubt they would mention it tbh, looks like we are going to have to wait till Monday Dan as nothing as of 10 mins ago. Can I ask you Dan your thoughts on when we are likely to hear E&Y talking about getting bihl re-listed and trading again. I guess it may be some time off but is there anything outstanding that you know of to hold that process up.
Nope, I have no idea. I’m not expecting much from this update.
Cheers
I have had my doubts about TTA as a solution ,but even I can see an improvement all round , but Carson as a alternative is not even worth thinking about , well done that judge , and we’ll done.. Dan…Kro
Big well done to the judge here and e,y
Gray going nowhere , cotterill signs new contract and Carson & pete are dead meat .. Looking forward to Mk dons tomorrow along with 4,318 fans .. Then off on holiday Monday .. Life’s not to bad at the moment .. Kro
Bags of positivity from fans on here and suggestions from some that the end for CY and his cronies is approaching.I disagree and don`t think we`ll see the end of Mr Yeung for a considerable time. This sorry,sorry saga is (imho) going to drag on and on ad infinitum (well it`ll seem like that anyway).
Got a question for you Bluey.
Is it physically impossible for you be happy about anything connected with Blues? I understand you’re a concerned fan, and you are of course entitled to your own opinion – but why are you always so negative?
What you perceive as negative is me simply putting forward my opinions based on how things have unfolded in recent times. However i think you`re misinformed suggesting i`m negative on everything.This is not true.I think BCFC is a well-run club,we have an excellent manager,the guys are playing well and i know we will have new owners in the future who will take us forward.But i still think this mess is going to take ages to reach it`s end game (just an opinion of course). And for what`s it worth i`m not the only one.
I think it’s going to take a while to sort it out too Bluey – I’ve said so continually.
The difference is I’ve also said it *will happen* – your comments seem to suggest that it won’t. I admit it’s my perception – but I’m sure I’m not the only one who perceives your comments in that way.
Just an observation…
Its all about being a blue nose bluey, we’ve been let down so much its hard to believe
Things will ever come right, but we keep the faith.
It will happen.
I ever believed id see blues win a cup at Wembley in a major final we did.
Dan is right mate keep believing my friend
Yes, this has been a good week on and off the pitch. Just be nice if we get a good result at MKD. tomorrow. With two home games then to come- a truly feel good factor will surely emerge. My only concern is that with Mr.Mann away on holiday next Monday, who is looking after the shop!
Everything will be fine Mitchell because I plan my holidays around the Blues games and I ain’t gonna miss a game while ime away so happy days , it’s the international break and we not play again till I come back but thanks for your concern though ime pretty sure that Mr Rowett can keep shop and I will still say my peace on here while on holiday no worries !! Kro
Cant tell you just how relieved I am Dave Mann lol
Have a good holiday mate