Often Partisan

The Carson Trial – Day 12

The chief prosecution witness Roderick Sutton continued to give evidence in court today in Wan Chai as the trial of Carson Yeung on five counts of money laundering moved into its twelfth day.

Hong Kong Daily News reports that Mr Sutton gave evidence with respect to an investment by Carson and his father, Yeung Chung into a company called Gold Wo International Holdings Ltd. It was alleged that Carson had bought several million shares in the company in April 2001, with more being put into the securities company account by unknown sources. In September 2001, Carson sold the stocks at a high price and then transferred the monies into various people’s accounts. On September 6 2001, Carson sold 30.5million shares for HKD88million (approx £7.5mil), transferring HKD50million (approx £4.25mil) into the account of a woman named “Yu” and the rest into other securities accounts.

Mr Sutton concluded that the money used to purchase the shares in Gold Wo International could not be traced. He also testified that the money deposited by SJM Holdings into the accounts mentioned earlier in the trial could have been from the proceeds of gambling but there was not enough evidence to conclude that conclusively.

Gold Wo International was the source of scandal when it’s chairman Fu Chu Kan, deputy chairman Fu Yin Ling and company secretary along with three advisors were jailed for terms of eight to ten years for obtaining money by fraud.

The trial continues tomorrow at 9:30am (2:30am BST)

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18 Responses to “The Carson Trial – Day 12”

  • Marky mark says:

    Possibly the worst day so far for CY.

    Either CY is a very successful gambler with some back up evidence or he is proper up sh-t street without a paddle

  • zxcv says:

    Now this is looking a lot more serious, i wonder if they have been able to link cy to any other dealings with GWIH. Maybe more to come but is hotting up a bit more now.

    • Kaje says:

      So you’ll concede that perhaps Almajir was right all along, and you actually knew very little in comparison? :)

  • zxcv says:

    I was just reading Dan`s link above (MONEY BY FRAUD) and couldn`t help but wonder how the hell are they ever going to get BIH relisted with the main share holer faceing all thats going on in his life.We wont have a chance of selling to new owners without it being listed will we? and then there maybe years of appeals.

    PS did someone say it wont effect the sale of the club, If so how come we cant sell untill bih is relisted. catch 22 me thinks.

    • almajir says:

      You’re assuming BIH have to be relisted to sell the club. I’ve not seen a definitive answer either way whether that is true or not.

  • GBBlue says:

    I read the article with interest especially the mention of Gold Wo International Holdings who I had never heard of before and so I googled it.

    Well I stumbled upon the attached website http://webb-site.com/articles/toxicIPOs.asp. which is a very detailed article about IPOs. Now I dont know the author or indeed if any of it is true at all but the mention of Grandtop International Holdings and Gold Wo International Holdings together is pretty interesting. As are certain other similarities with transactions in our own dear club.

    I could be putting 2 and 2 together in the hope of coming up with 4 but if anyone can follow the article better than me maybe they can!

    • almajir says:

      It’s worth noting that the Grandtop stuff written about occurred before 2005 and that Carson didn’t take control of Grandtop until 2006.

      • GBBlue says:

        Agreed but I have never really understood why CY used Grandtop as his vehicle to buy us when there seemed no real value in the company before this.

  • Matt says:

    Does anyone know what happens if CY is sent down? will the club still be owned by BIH but without anyone interested to put money in? in that case the club would be forever owned by BIH with them holding any potential buyer to ransom??

  • Marky mark says:

    Dan

    Can you honestly think of any legit line of defence other than gambling winnings, as any financial business transactions would have already been offered as an explanation to prevent any court case.

  • OzzyBlue says:

    It appears that the HK crackdown on global money laundering is just the tip of the iceberg:
    http://bit.ly/12gDx6h

  • ChrisG says:

    It would save everyone a lot of time & trouble if they just went straight to the sentencing!!, CY can get on with doing his time & may still be young enough when he gets out to find himself a nice little cardboard box to live in on the streets of HK!! Bit of advice though CY, you’ve been screwed enough so whatever you do DON’T bend down for the soap!!!!!!. KRO

  • JOHN N says:

    Surely if CY is convicted his companies might be used to compensate for any fine imposed. However given the fact that no one with any sense will touch him does this mean that BIH is in legal limbo and will in fact be a ghost company, being simply a suspended share issue.

  • popeye says:

    Carson’s son get the Blues!

    ‘The Darkest Hour is Just Before The Dawn’

    ZULU


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