Premier League query Birmingham owner’s Hong Kong misdemeanour

The Premier League has asked Birmingham owner Carson Yeung to clarify his legal standing in a case in Hong Kong where he was fined for breaching stock exchange rules, reports euFootball.BIZ

The league has a test that prohibits people with criminal conviction on cases of dishonesty from being owners or directors of football clubs.

Depending on Yeung’s response, the Premier League will have to decide whether he has failed this test. The league had spoken to Yeung earlier this summer about his ability to underwrite the club.

There were doubts about the financial strength of Yeung’s Birmingham International and he reassured the league at that time that he will take care of the gap created by the liabilities outweighing the assets.

The Hong Kong court fined Yeung £1,340 in July for failing to report changes in ownership of Birmingham International Holdings Limited to the stock exchange. This was in reference to the face that Yeung had increased his personal stake to 18 per cent in June, and his own Great Luck Management had increased its holding to 12 per cent.

Birmingham vice chairman Peter Pannu sees this as a minor violation and does not anticipate any problems with Yeung’s qualification to owning the club.

"This is the equivalent of running a red light, it is a breach of the rules but Carson Yeung has informed the stock exchange himself and it should not be an issue....This is an issue at holding company level and will have no impact on the football club. Carson Yeung has lent the club £15 million and after today's business he will have lent us another £5 million, so he is in full support of the club. The supporters have nothing to worry about because he has no intention of asking for the money back."

 
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