Often Partisan

Carson: The Endgame

What should be the final chapter in what has been the long-running saga of the charging and conviction of Carson Yeung on five counts of money laundering will begin tomorrow in the Court of Final Appeal in Hong Kong.

Following the announcement of the “special deal” agreed with Carson in March, this hearing should be nothing more than a footnote which marks the end of his eight-year tenure as largest shareholder of Grandtop/BIH and by extension BCFC. That being said, should Carson’s appeal be denied it will confirm once and for all that he cannot come back to Blues due to his conviction being a disqualifying condition with regards the Owners and Directors Test.

Carson’s case will not be heard alone. It’s scheduled to be heard simultaneously with another appeal (Salim Majed) as both cases are challenging similar technical points in the law; among them the way the charges are structured in that transactions are grouped by bank account rather than specific transactions, pushing the tactical onus of proof onto the defendant rather than the prosecution.

The hearings are due to last three days, with the final appeal judgement probably being handed down within a month of two of the hearings.

If I’m honest, I think that these hearings are now more of a tangential thing for us. I’m more interested in who turns up in support of Carson for the hearings than what is said now; equally while it would be good to finally put an end to the “what ifs” that have surrounded this ongoing saga by the time the judgement is handed down it should be immaterial anyway – of course, this is dependent on the EGM being held and the minority shareholders giving their approval to the restructuring plans put forwards by Ernst and Young.

Speaking of Ernst and Young, it’s entirely probable there will be a monthly announcement to the Stock Exchange today about how the takeover is progressing; I’m expecting nothing more than the usual non-news. However, if you’ve got time to spare and want to wait for it the rolling news ticker for the HKSE is here – announcements can be made at any time til 11pm HKT (4pm BST).

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