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Asset Freeze Appeal – Update
In the last hour or two various Chinese news sites have been busily putting out news articles with reference to Carson Yeung’s court appearance yesterday.
It would appear that some of the reporting restrictions have been lifted and the press have been allowed to publish some of the basis for Carson’s appeal into why some of the asset freeze order should be lifted.
Oriental Daily reports (and I apologise for the rather clunky translation) that Carson has told the court that the prosecution has made a mistake in that some of the money they claim he has laundered has passed from one account to another – thus being counted twice. With this in mind his legal team have stated that the amount frozen shouldn’t be more than about HK$400million (£32million) rather than the approximate $700million (£56million) that has been frozen .
The prosecution side has countered that this is standard procedure in money laundering accusations. The prosecution have also countered that the cash flow is very complex and difficult to trace properly – and that this has been done in a deliberate manner to obfuscate what has been going on. The case has been adjourned for the appellate judges to read both arguments prior to coming to a conclusion.
It’s been confirmed that five bank accounts have been frozen, and that the property on Barker Road has also been named in the order. This has substantial connections for Blues as whilst the property was bought in 2005, money borrowed against it was used to prop up Birmingham International Holdings (and by extension Birmingham City FC) – which of course is central to the repossession case being held next month.
If anything this has also confirmed how complex the court case will be when it comes to trial in November – the police have so far produced a 200 page report into the allegations and there are to be ten expert prosecution witnesses in a court case that is set to last a minimum three weeks.
Tags: Carson Yeung
Great research. I do wonder why Carson has delayed this long to appeal against the freezing of assets?
Sounds like a desperate man to me. So he unfreezes some money? Effect on Blues? Zero.
It seems to me that the amount he is fighting for is just enough to clear the debt on his house ( i dont blame him for that). But the worry is that if it’s that complicated it will go well into next year, then on top of that there will be appeals. So we are looking at way past the end of next season . Not good at all in fact it’s very very very bad. Kro4ever
“Yeah I’ve been laundering money, but not that much. You’ve counted twice”
If we are talking about an alleged plea that it is only “some of the money” which may have been counted twice relating to the laundering charges, is that not some sort of admission of guilt?
No, it’s not Jay.
I find the bit about ..'(and by extension Birmingham City FC) ‘ ..to be quite alarming! especially if the prosecution are going to throw everything at Carson, they wont care about about any collateral damage.
If that is their intention?
The word “tainted” is an unpleasant term and one which should not be bandied about willy-nilly. However, the longer this wretched trial drags on, the more harm it is doing to Blues as a football club. Is there a danger the name of BCFC may become tainted?
Almajir. Thanks for the reply re the possibility of an admission of guilt by Carson Yeung.
I know we don’t always agree on everything but I feel sure your knowledge of jurisprudence is better than mine.
Let it all roll on. Take the longer view like me. However it pans out there will always be a Blues. If we went bust we’d just start again. Too much love around for it to ever die, we pass it on to others and it will last forever.
CY, PP, Stevie Mac, Son of CY, Vic Yu (Who!) all ships in the night lads. Nothing to do with us in one sense.
He aint been found guilty of anything as yet. That means he’s still an innocent man.
Asking for some of the money which shouldn’t be under investigation anyway is fair because he must find it difficult whilst all his assets are frozen to even go down his local!
I think we should give the guy a break. He’s been naive but that don’t make him the devil. I really think his heart is in the right place and he will come good for us if he gets another chance. KRO
Agree with you Phil.
For all that has / is going on, I honestly believe that the desire from CY was to own a successful club. Some of the players we bought and were linked with, previously, I do not believe we ever thought possible might wear the proud shirt of BCFC.
Of course there have been many disappointments, but if we consider CY’s brief stint of actually making the decisions and calls – before being detained in HK, he was decisive and positive in all the major choices he had to make that affected the club. Buying players, sanctioning expensive loan signings, suing McLeish’s ‘big’ ex-employers, cutting the playing staff in relegation and agreeing to PP’s choice of CH as manager, even when he had his own preference.
If he ever does re-assume the reins at Blues, I truly believe he will have learnt many harsh and not easily forgotten lessons, which he will simply not wish to duplicate. If there is a partial lifting of the freeze order, then who is to say that he will not funnel some of his funds towards BCFC?? As well as trying to stop his home being repossessed, Blues are one of his major assets and he will want to protect them. He will be the biggest loser (financially of course) if anything untoward was to happen to the club. If he believes that there is a good chance he will avoid prison and get most of his money back – barring any penalties or interest he may have to pay – he could be looking at this long-term again and might give the club enough to see it through for another year or so.
CY might yet come through……
I have to say I agree with Phil on this. No one really knows all the facts and until we do, Carson Yeung should be presumed innocent. I have never joined in the recuring chant about him that has been heard often down at St Andrews and on our travels this season on the pure basis that we don’t know the truth. Some may call me stupid and some naieve but wasn’t it Abraham Lincoln that said “Better to remain silent and be thought a fool than to speak out and remove all doubt?”
Phil,bazz
I have been thinking along these lines throughout,we dont know the truth yet
Afterall under CY ownership we have also enjoyed some of the best times ever,ok we got relegated but we have been relegated before but we have never won a (recognised) major trophy before
Who knows whats going to happen,but as paul says there will always be blues so que sera,sera
Have u heard any news on the accounts. That’s the news I’m waiting for. if pannu is to be believed they should be published by Friday.