Carson Yeung, the owner of Birmingham City FC, who was convicted of money laundering by a Hong Kong court yesterday, agreed to sell a chunk of the club three weeks ago to a mystery Chinese company with a registered address that is a government dormitory.
The rags-to-riches tycoon was found guilty of five charges related to laundering $93m from 2001 to 2007. Mr Yeung, who had denied all the charges, will be sentenced on Friday.
The verdict came three weeks after Birmingham International Holdings (BIHL) – the vehicle through which Mr Yeung owns Birmingham City – agreed to sell 12 per cent of the club to an advertising firm called Beijing Liangzhu Guoji Chuanmei Guanggao.
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