Birmingham City owner Yeung tells laundering trial he profited from salons, property, stocks

Published October 15, 2013

| Associated Press

The Hong Kong businessman who owns Birmingham City football club has taken the stand in his money laundering trial to describe how he amassed his fortune.

In his first day of testimony on Tuesday, Carson Yeung said he started out as a hairdresser with a single salon and then added four more.

He dabbled in real estate and bought a hotel in southern China with his father before moving into stock trading.

He told court that by 2000, he estimated he was worth 80-100 million Hong Kong dollars ($10-$13 million).

Yeung is charged with five counts of money laundering involving more than HK$720 million.

The charges are unrelated to the football team, which Yeung bought in 2009 for 81.5 million pounds (then $130 million) following a protracted takeover battle.

URL

http://www.foxnews.com/world/2013/10/15/birmingham-city-owner-yeung-tells-laundering-trial-profited-from-salons/