Often Partisan

Carsongate: A look into the world of (the ex-)Mrs Carson Yeung (Li Wing Sze)

As you may know, one thing I’ve tried to do is to research more into Birmingham City’s owners and their business dealings. The info for this article is a bit tangential to Birmingham City, but I thought I’d post about it because I thought it would give an insight into how convoluted business can be in Hong Kong, and because I thought it would be good background to Carson’s current legal case.

When the assets freeze against Carson was applied for, it was also applied against his ex-wife Li Wing Sze. As I’ve run up against a few brick walls whilst researching about Carson, I decided to turn my attentions to his ex, and what is happening to her – specifically, has her assets been frozen and is the company she’s a director of in the crapola like BIH?

Interestingly enough, Amax Holdings (which lists Ms Li as an executive director) also have suspended their shares – although their’s have been suspended since June 22. I can’t find any mention of Ms Li having any shares in Amax itself (indeed, there are no listings for major shareholders at all at the moment on the HKSE site I use), and thus I can’t tell if she has assets within this company that have been frozen.

What is interesting is that in the last six weeks, Amax have had to deny that it’s shareholding in an associate has been diluted because of the repayment of a loan to another shareholder in that associate last November. According to the news article I read, the only associate that they could be talking about is Greek Mythology – the casino in Macau where Carson Yeung is alleged to have made his money in the early part of the last decade, and a company that Carson is still alleged to have a shareholding in.

Amax have also had to suspend their CEO in the last fortnight because his “management style, perspectives and vision” differed from that of the board. Whether this is connected to the stuff above about the Macau casino is conjecture, but I do think it’s strange that Ms Li who has had an application made against her to freeze her assets in connection with a major money-laundering case is still happily functioning as an exec director whilst the company she works for is clearly happy to remove members of it’s board.

What does this mean in relation to Blues? In honesty, as I said above it’s tangential at best. However, I think it shows the tangled web of business that has been woven in HK by Carson Yeung and his associates; and I think it demonstrates that the case against him in the courts may be difficult to prove. Like everything else out connected to Carson in HK it’s something I’m keeping an eye on to see what develops.

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