The owner of Birmingham Football Club, Carson Yeung, is currently on trial in Hong Kong, accused of money laundering. Yeung, who was arrested after being accused of having vast sums of money go through his bank accounts, had previously tried to prevent the trial from proceeding; arguing that he would not face a fair trial. Yeung’s trial had originally been due to begin in September, but was delayed by five months after Yeung’s legal team requested more time to gather evidence for the businessman’s defence.
Arrested in June 2011, Yeung, a former hairdresser, has pleaded not guilty on five charges of money laundering. The charges against him relate to the financial transactions made across five bank accounts belonging to Carson Yeung and his father over a seven year period. It is alleged that some 720m Hong Kong dollars (approximately £60 million) was deposited into bank accounts between January 2001 and December 2007. The deposits, which prosecutors claim are from unknown parties and for no apparent reason, include cheques from a casino in Macau and withdrawals to stock brokerages.
Yeung, who started his career as a hairdresser in Hong Kong, is said to have made his wealth by a number of property and equity investments. Mr Yeung took over Birmingham City Football club in 2009, at a cost of £81.5 million.
Frenkels Forensics, a specialist forensic accountancy firm, has extensive experience in advising on money laundering cases. Our team are often called upon as expert witnesses in such cases to analyse and report upon transactions, which can be extremely complex, voluminous in evidence and span several years. In the Carson Yeung case, for example, it is reported that the prosecution have 33 boxes of documents containing over 4,000 pages of evidence against Yeung.
Our forensic accountants are instructed by criminal defence teams across the country to act for defendants and prepare detailed reports to assist in their defence. For more information on our forensic accountancy services for fraud and money laundering cases, please contact John Frenkel or Vivian Cohen.