Often Partisan

The Carson Trial – Day 6

Carson Yeung’s trial on five counts of money laundering entered its sixth day on Tuesday as the prosecution continued to outline its case against the Birmingham City Football Club President.

Dilys Li Yuet-mei continued to give evidence from the witness stand about Kingston Securities role in the purchase of Birmingham City by Grandtop International (later to become Birmingham International Holdings), which is chaired by Carson. Li confirmed that Pollyana Chu, owner of Kingston Securities approved a HKD690mil (approx £58.2mil) bridging loan in September 2009, and that the firm also lent Carson HKD140mil (approx £11.8mil) in 2007.

Ms Li confirmed to the court that she didn’t know if there was any relationship between Pollyana Chu and Carson prior to the HKD690mil loan but that the firm normally reviewed three months worth of bank statements prior to lending money and that there had been no relaxation of the rules in this instance.

Ms Li also confirmed to the defence counsel that when a customer exceeds their credit limit, the brokerage calls the customer immediately to advise. She went on to state that the brokerage couldn’t force the sale of shares to cover short positions and that customers could deposit cheques to cover what they owed.

The prosecution then called Cecil Chan Kwok-on, financial controller of Chung Nam Securities to the stand. He confirmed that Carson had opened an account with Chung Nam and that at its peak it had a credit limit of HKD800million (approx £67.5million). Chan then confirmed that in June 2002 Carson owed Chung Nam more than HKD250million (approx £21million). The company asked Yeung to pay off 20% of the balance within three months but as of August 2002 Carson had only paid off HKD22.8mil and had bounced other cheques. Chan then confirmed that Carson paid the debt and interest off in full by November 2003.

The case, which is scheduled to last 25 days starts its seventh day of hearings at 2:30am BST tomorrow morning (9:30am HK time)

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19 Responses to “The Carson Trial – Day 6”

  • mark says:

    It will be interesting to hear more when the hearing starts again…..thanks dan

  • TheJudge says:

    Time is running out for Carson! I reckon by day 23 he will have snuck out of the country as a fugitive. Pity he’s Chinese because they don’t extradite their citizens :P

  • mark says:

    Imo the way carson won the boardroom battle in blh I would think he cock-hoop………..

    • Agent McLeish says:

      I think this is a statement to pacify people and maybe misdirect as usual. Did you note the two “if” words in PP’s statement, seems pretty non-committal to me.

  • RUPERT says:

    So in 19 days we could know the outcome at last ! Will carson be sent down straight away and then appeal from prison ?

    • Pete says:

      In 19 days the judge will go away for a time and spend time making a verdict. Then Yeung can appeal which will take a hell fo a long time…. All in all, this could go on for another year quite easily. We need new owners or adminstration ASAP.

  • bluenoseneil says:

    On a separate topic, do you think Colin Doyle will finally get the message and do one after the signing of Randolph? PS I like his clean sheets stat!!!

    • Pete says:

      I have no problem with Dyle at all, but I think this is likely to mean Doule will go. We have Towsend as a back up, Randolph now and there has been the possibility of going for Butland on loan again (although I dont see how we would do that with his wages having to be considered) so we would not need 4 keepers. This should therefore mean we wont go for Butland or another keeper or, in my opinion, it was already clear Doule would not sign so they pushed through the Randolph signing.

    • TheJudge says:

      Unfortunately Townsend is pretty inexperienced and would ideally require a couple short term loans if anything. Also if either is suspended or injured who the hell is going to back them up?
      Think in our current situation having Doyle around for a couple more years would be more beneficial than not. Plus I do rate him in comparison to other 2nd choice keepers in the league.

  • Brian king says:

    If CY is fond guilty and he appeals his he presumed guilty or innocent until appeal proses is over. My point is could the league throw him out for being an unsuitable owner, or do we have to wait for appeal outcome.

    • almajir says:

      If he is found guilty he’s presumed guilty unless an appeal clears him.

      • Agent McLeish says:

        Could he not be found guilty by the District Court, then appeal to the Court of Appeal, be found guilty again and appeal yet again to the Court of Final Appeal? If that’s the case then we’d be talking a long, long time. Where would this realistically end?

  • KRO21 says:

    I dont know a great deal about the proceedings, but am i right in thinking that ‘if’ after day 25 he isn’t found guilty, he wouldn’t need a defence and would walk free? In terms of timescales for the club to get begin getting back on its feet isn’t this the quickest resolution? Carson could choose what he wanted to do then, whether that be keeping or selling the club?

  • Tony says:

    KRO Where did you get that from? seems highly unlikely to me.

  • prewarblue says:

    When Yeung Is found guilty,,,,whats to stop him selling his shares for a nominal sum [$1] to Pannu ?,,,,,he will no longer have a controling interest in B.I H or Blues,,,,,then is paid by Pannu a consultacy fee equal to the value of the said shares on a yearly basis,,,,,,convoluted I agree but he still gets the money,,,,,Pannu remains as a figure head and the unfit person rule is sidestepped and Yeung stays in the background with the other backers,,,,,,Pannu is now acting as de facto owner already this would just make it as nearly legal as they like things to be

  • Brian king says:

    So would the leauge wait for all appeals to end before banning CY from ownership or would thay ban him ASAP.

  • alex harrison says:

    It doesn’t say much for the ‘due diligence’ done by B’ham City board (D.Sullivan & Gold Bros) that
    Grandtop Intl.’s financial situation wasn’t more properly investigated before club was sold. But does
    the selling party have to do due diligence and would it have made any difference ? i.e. The then
    Board wanted out and Grandtop were the only game in town ? Apart from Carling Cup win CY’s
    ownership of club has been a disaster and possibly fatal.

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