Yang Jiacheng
Carson Yeung (born February 27, 1960) is a Hong Kong businessman,[1] former chairman of Birmingham International Holdings (formerly known as Grandtop International), and former largest single shareholder of the English Football League Championship club Birmingham City, as well as a shareholder in Greek Mythology Casino in Macau.
Biography
Carson Yeung was born in Hong Kong in 1960.[2] In 1977, at the age of 18, he went to work in London for three years, returning to Hong Kong in 1980.
In 1989, Yeung went to Dongguan, Guangdong Province, where he engaged in dubious nightclub development activities.
He then became a hairdresser, having worked at the celebrity-frequented Le Salon. In 1994, he opened a hair salon called "Vanity" at the Royal Garden Hotel in Tsim Sha Tsui and later opened a branch at New World Hotel (later known as the Renaissance Kowloon Hotel, now the site of K11 MUSEA), serving mainly tourists and repeat customers. Rumors suggested he personally offered intimate services to wealthy clients.
In 1997, Yeung became wealthy from speculating in penny stocks in Macau[3] and made his first fortune. With underworld funding, he invested in the gambling industry and was once a shareholder of the Greek Mythology Casino in Macau.
In 2005, Yeung served as chairman of Hong Kong Rangers FC but resigned after coach Baber accused him of interfering in team selection.
He attempted to acquire English clubs Sheffield Wednesday and Reading, but both deals failed.[4]
In 2007, Yeung invested in Grandtop International (stock code 2309) and became its chairman. The company, registered in the Cayman Islands and listed on the Hong Kong Stock Exchange since 2002, was mainly engaged in apparel sourcing and sportswear trading.[5]
On June 29, 2007, through Grandtop International, Yeung acquired a 49.9% stake in Birmingham City FC for £54.95 million, becoming the club’s largest single shareholder.[6] However, he failed to make a full acquisition, leading club chairman David Sullivan to call off takeover talks.
On August 21, 2009, he announced a full takeover bid for Birmingham City via Grandtop International, offering £57.129 million at 100 pence per share, a 55% premium over the previous day’s price. An upfront payment of £3 million was made to show good faith.[7] Grandtop International was later renamed Birmingham International Holdings.
In the 2011 Football League Cup final, Birmingham defeated Arsenal 2–1 to win the title, making Yeung the first Chinese owner to win the League Cup.
On May 22, 2011, Birmingham were relegated from the Premier League after losing 2–1 to Tottenham in the final match of the season. The following day, Yeung's listed company Birmingham International Holdings issued a profit warning, and its stock price plummeted by 80% to close at HK$0.094.[8]
On June 29, 2011, Yeung was arrested by Hong Kong police on suspicion of money laundering. He was charged the next day in Eastern Magistrates’ Courts.[9] The case was transferred to the District Court, where on December 7, Yeung’s lawyer indicated he would plead guilty.[10]
In 2010, Yeung mortgaged his luxury residence on Barker Road, The Peak, to Wing Hang Bank for HK$50 million. The bank sued for foreclosure after repayments stopped in mid-2011. On June 4, 2012, the High Court ruled in favor of the bank. Due to the presence of his wife and two infant children at the property, the judge granted 56 days for the family to vacate.[11]
On March 3, 2014, Yeung was convicted of laundering HK$720 million and remanded in custody pending sentencing. He faced a maximum sentence of seven years, and the prosecution applied to confiscate HK$400 million in suspected criminal proceeds.[12] On March 7, 2014, he was sentenced to six years in prison.[13]
On August 14, 2015, Hong Kong’s Court of Final Appeal granted Yeung leave to appeal and released him on bail of HK$7 million in cash and HK$6 million in surety.[14] On July 11, 2016, his appeal was rejected and he was returned to prison.[15]
After losing the appeal, the prosecution applied to confiscate HK$720 million. Yeung’s request to defer the confiscation was denied.[16] On December 10, 2018, the District Court issued a confiscation order requiring him to pay over HK$700 million within 12 months or face an additional 10 years of imprisonment.[17][18]
Carson Yeung was released from prison on January 26, 2019.
References
- ↑ Hong Kong Businessman Carson Yeung (Asia Pacific Daily, March 7, 2014)
- ↑ https://zh.wikipedia.org/wiki/%E6%A5%8A%E5%AE%B6%E8%AA%A0#cite_ref-2
- ↑ Speculating in Gambling Stocks — Hairdresser Becomes Premier League Boss
- ↑ Birmingham Agrees to Yeung's £23 Million Acquisition (Wen Wei Po)
- ↑ Company Profile of Grandtop International
- ↑ Hong Kong Businessman Becomes Largest Shareholder of Birmingham City
- ↑ Yeung Makes Full Bid for Birmingham
- ↑ Birmingham Relegated — Yeung Loses HK$870 Million in One Game (Apple Daily)
- ↑ Birmingham City Confirms Yeung Under Criminal Investigation in Hong Kong
- ↑ Yeung’s Money Laundering Trial Set for Next Year (Apple Daily)
- ↑ Yeung Given 56 Days to Vacate Mansion (Oriental Daily)
- ↑ Yeung Convicted of Money Laundering (Apple Daily)
- ↑ Yang Jiacheng is expected to appeal against his 17-year sentence
- ↑ Yang Jiacheng is allowed to appeal
- ↑ Yang Jiacheng's final appeal failed and he had to return to prison to continue serving his sentence
- ↑ Yang Jiacheng's application for suspension of black money confiscation order rejected, hearing to be held in December
- ↑ Yang Jiacheng was confiscated 338 million yuan and must serve 10 years in prison if he does not pay it back
- ↑ Yang Jiacheng was confiscated 338 million yuan and must pay it back within one year