Carson Yeung, the Hong Kong-based businessman and owner of Birmingham City Football Club, was released on bail on Thursday after being charged with laundering HK$721.3m ($93m).
Mr Yeung was arrested at his HK$400m home in Hong Kong on Wednesday and faces five criminal charges that carry a maximum penalty of 14 years in jail and a fine of HK$5m.
As well as being president of the English football club, which he bought for ￡81.5m ($131m) in 2009 and which was relegated from the country’s top division in May, he is the chairman of Birmingham International Holdings, the Hong Kong-listed company that owns the football club stake. Its shares were suspended from trading on Thursday.
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