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Carson Steps Down From BIHL Board
Birmingham International Holdings have announced that Carson Yeung has stepped down from his position as chairman of the board and has resigned as executive director of BIH.
Edit 17:00 GMT February 4 2014
It has also been confirmed Carson has stepped down from his position on the BCFC board.
The announcement, made in the past few minutes to the stock exchange, confirms that Carson has stepped down to devote more time to his personal commitments and that he has no positions within the group. It goes on to thank Carson for his “foresight, aspiration and clairvoyance” in steering the group through such landmark projects as buying Blues.
The word group is important as that suggests Carson is about to step down from the BCFC board as well as that is an official position within the BIH group of companies. However, Carson remains the largest single shareholder in the company.
Carson will be replaced by Cheung Shing. Cheung was made a director just prior to the AGM in April 2013 and has a background in oil and gas. This would tie in with the long-standing rumour in Hong Kong that BIH were to move into oil and gas exploration in the medium-term future.
Victor Ma Shui Cheong, who was appointed to the BCFC board yesterday has been appointed vice-chairman of the board of BIH. Ma is of course Carson’s brother-in-law and is also managing director and executive editor of Sing Pao Media Enterprises, which Carson still owns a significant stake in.
These moves were inevitable as it was a condition prior to relisting of the shares that Carson step down from his position on the board pending a favourable result in his court case. It’s my understanding that BIH are aiming to get the shares relisted on the stock exchange as soon as possible after the EGM which is to be held tomorrow and thus are completing the final bits of work that need to be done. The company also needs to publish the results of the internal control review that was held at the end of last year along with details of what they plan to do with the football club as well as getting the resolutions proposed at the EGM approved prior to relisting.
Tags: BIH, Carson Yeung, Cheung Shing, HKSE, Victor Ma Shui Cheong
104 Responses to “Carson Steps Down From BIHL Board”
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F***!
Looks like the expected ahead of the EGM or is this more significant?
Executive Directors
Cheung Shing (Chairman)
Ma Shui Cheong (Vice Chairman)
Peter Pannu (Chief Executive Officer and Managing Director)
Chan Shun Wah
Cheung Kwai Nang
Charlie Penn
Chen Liang
Panagiotis Pavlakis
Independent Non-executive Directors
Wong Ka Chun, Carson
Gao Shi Kui
Liu Enxue
Li Hanguo
That’s an awful lot of directors for such a small company.
Is this just a smoke screen for the shares to be re listed or is the start the of the end of Carson young as we know him……
I agree. The word ‘GROUP’ is the all important word in the whole statement
What does this mean for Blues in the short and long then?
Sorry Tom, I’m not quite as clairvoyant as Carson.
The answer is we don’t know until the EGM tomorrow.
Ok, cheers. Thanks for this brilliant service, much appreciated. Any update on the book?
In the editing process, will be out soon after the verdict.
“This would tie in with the long-standing rumour in Hong Kong that BIH were to move into oil and gas exploration in the medium-term future.”
I didn’t know there was gas or oil under St Andrews. ;)
There’s plenty of GAS under my seat on the Tilton (it’s those Mushy Peas you know)!!!
Clairvoyant ? Maybe he’s seen the judges verdict.
Wasn’t good news then? :-)
if anyone’s Clairvoyant it’s Gold and Sullivan, they saw him coming alright!
Big windows!
it means a sh*t load of money is going to come our way
More like a load of shit is going to come our way
This all makes sense now, as there has bean so much FRACKING nonsense for the last few years. We’re taking a lead on new sources of energy.
Could it be that Carson has the insight to “know his fate” by now and is hence planning accordingly?
No harm in planning for all contingencies
Yea like planning for relegation from the premier league in 2011
Hopefully when they do strike oil it will ignite and blow the lot of them away.
Disturbing thing for me pp still involved lets hope he voted out tomorrow
Peter – no directors will be voted in or out tomorrow.
Mark will be distraught at this news.
Thanks dan let me know dan carson still owner of bcfc even though he has no positions in company
At least the new chairman Cheung Shing has nothing to do with hairdressing:
“He has been a management economist of China National Petroleum Corporation during the period between 1969 and 1993. Mr. Cheung is currently a visiting lecturer of Jiangxi University of Finance and Economics, the vice president of Hong Kong General Association of International Investment and the deputy director of China Petroleum Business Council”
so as he has stepped down has he relinquished his shares?…
who is the largest shareholder of BIHL now e.g our owner?..
No, as stated in the article he has not.
Until the club is sold Carson will still be pulling the strings as the largest share holder.
What does all this mean ? closer to a take over or still in the same position with just no carson at the helm .
It doesn’t mean anything on that front – the EGM will be what tells us what is going on there in all honesty.
it’s that banner wot done it!
DNM KRO
Dan, you say that the BIHL announcement:-
“suggests Carson is about to step down from the BCFC board as well as”,
but doesn’t the following wording in the BIHL announcement indicate that he has, in effect, resigned ALL his positions within the subsidiaries of the Group, which includes those at BCFC already?
The board (the “Board”) of directors (the “Directors” and each a “Director”) of Birmingham
International Holdings Limited (the “Company”, together with its subsidiaries, the “Group”)
announces that Mr. Yeung Ka Sing, Carson (“Mr. Yeung”) has resigned from all directorships of
the Group, …….
Bill – it’s not been announced by BCFC yet so we can’t make that assumption.
Thanks for that clarifying that. You are so very inciteful as usual.
So, Sky have jumped the gun as they are already reportin the following:-
” Birmingham owner Carson Yeung has resigned from his role as president and director of the club as he awaits the verdict in his money laundering trial in Hong Kong.
The Sky Bet Championship side’s holding company announced to the Hong Kong Stock Exchange that the 53-year-old had quit his directorships and now “holds no positions in the group.” “.
Sorry Dan your wrong. He holds no position in the group which includes BCFC.
Eh?
Carson Yeung until announced otherwise is a director of Birmingham City FC and Birmingham City PLC
As per the club site – http://www.bcfc.com/club/Board_Management/
A check via Companies House will also confirm that.
It Has been announced as reported by the BBC NEWS AND SKY NEWS,and announced to the HKSE by BIHL WHO OWN BCFC. Read it again.
Yeah, and BBC and Sky have it wrong.
There has been no announcement by the club. There may be one forthcoming. Trust me on this – until the club confirm it you cannot accept it as truth.
http://www.newsnow.co.uk/A/694063619?-11196:840
Erpa – I hate to break it to you, but Sky have it wrong.
How can I tell? check this sentence – “Cheung Shing, already an executive director at St Andrew’s, has been appointed chairman.” – he’s been appointed chairman of BIHL, not BCFC. He’s not a director at St Andrews.
Trust me on this – until the CLUB announce otherwise, Carson is director and president.
If you look at the actual wording in the BBC story, it says, “But, if Yeung is convicted of money laundering, he would have to resign from the Blues board or face being removed by the Football League under their ‘fit and proper persons’ test.”
That says to me, that he is STILL a member of the BCFC board.
erpa
It was me that started this section off as I was unsure how far the meaning of Carson stepping down stretched in the announcement from BIHL.
Not for the first time have they used poor terminology to get across the exact position.
almajir cleared this up for me with his excellent responses (as usual) and it now seems clear to me that it is incumbent upon the BCFC Media Channels to announce officially what is happening and what is to happen at BCFC.
In order not to leave a “position vacuum”, it would be logical for bcfc to announce the replacement for Carson Yeung in his various roles at BCFC at the SAME TIME as they announce that he is stepping down, in much the same way as his replacements at BIHL have been announced.
So, we have room for yet more speculation here:-
(1) Will this week’s two new Board Members at BCFC step up to the plate and take over Carson’s roles?
(2) Will any further appointments be made to the BCFC Board?
(3) Will Mr. P. Pannu be given even further powers at BCFC (don’t all scream at once)?
The thing that saddens me is that, once again, the needs of the ordinary fan have been ignored by BIHL. They have sorted out the position at “their end” but NOT YET announced anything through the club’s official channels at this end, and, once again, they should be despised for their complete lack of communication with us, the ordinary fan. Shame on them.
The Birmingham Mail and Free Radio are now reporting that Carson has stepped down from the club. I’m awaiting a full announcement from the club but it does seem that he has now gone.
Yep, it’s now on the BCFC website, although he is still shown under “Board Management” as of 4:57 pm (GMT).
The original announcement said all position in the Group which meant BCFC too
Can’t see this announcement changing anything for BCFC. The club will continue to be shafted. CY will still control via proxy.
A lot of manoevering going on to minimise the fall out from the verdict when that comes. This is a carefully planned scheme and the personel involved are hardly “new brooms”. Trying to work out what exactly is happening is like trying to find a black cat in a coal cellar during a power cut.
Ha… nice analogy. :-)
Blind folded with both arms tied behind your back !!
I don’t think we’ll have many announcements other than stock exchange statements and we won’t see if there is any improvement until the next Transfer window in June !!!
The club hope to make a statement later today.
carsons next move to get an adjournment till February 29th !
what year?
Maybe it has finally dawned on old CY that no veritable fortune will be made from BCFC for him and his pals. It may have also registered that serious pooh might be heading his way within a few weeks and that he needs to try and get his ‘house’ in order.
If he wants BIHL to start looking for oil and gas in south-east Asia (of which there is an abundance), maybe that is why he desperately needs the refinancing of that company – in addition to keep it a going concern- and wants to sell a quarter stake in Blues. Without BIH and BCFC, CY would not have much to return to if he is convicted and sent to prison.
He is keeping his options open as much as is possible.
Now that CY holds no position within BIHL is he allowed to vote in favour of the motions at tomorrows EGM or is he precluded as they directly affect his personal shareholding in the company.
His position on the board wouldn’t have affected if he could vote or not. As I understand it he couldn’t vote if he was a board member or not because he benefits from the deal
Thanks
Now I’m no expert, but I would imagine exploring for gas and oil is a very technically complex and expensive operation. Carson Yeung and BIHL cannot even organise eleven blokes kicking a bag of wind about with the help of £48m pounds worth of parachute payments. I think even after everything we’ve seen for the last three years, some seemingly intelligent people are giving Carson way to much credit.
Maybe his “Clairvoyant” abilities will tell them exactly where to look for the Gas and Oil.
HA HA HA.
You know, the more I think of it, the more the use of that word “Clairvoyance” seems like a p1sstake to us Blues Fans.
Regarding CY and BCFC, look at the problems at Leeds regarding ownership, until the club make an official confirmation CY is still Director.
I am sure Dan will be first with any up dates to events, wouldn’t surprise me if BBC and Sky News get their info from reading Often Partisan.
It is nothing new as these proposals have already been discussed in Hong Kong and on here, the question I have is:
Where does this leave PP, he was CY’s right hand man and basically, I use it loosely, the face and voice of BCFC on CY’s behalf?
I know he remains a director of BIHL but will we be seeing a new face emerge from all this smoke?
I imagine more will be apparent after tomorrow’s EGM followed by the re-listing of shares.
On paper, this looks promising for BIHL but could mean they are determined to hold on to BCFC, at least till the end of the season.
KRO+DNM
He has stood down from them all, even BCFC
OFFICIAL
http://www.bcfc.com/news/article/20140204-carson-yeung-steps-down-1340115.aspx
Yup, gone now.
According to the Blues website statement 27 mins ago, CY has resigned from the Boards of BCFC, BCplc & BIHL
Missed the 2 above posts!
it would be just our luck if we get rid of this lot of clowns , then they accidentally stumble across a s**t load of oil and become actual billionaires about 4 years too late.
LOL
At the top of this blog (and in the media) it says “It goes on to thank Carson for his “foresight, aspiration and clairvoyance” in steering the group through such landmark projects as buying Blues.”
On BCFC.com, it says;
“I would like to take this opportunity to thank Carson Yeung for his vision, dedication and generous support for the football club.”
You have to hand it to them…. they rarely say very much, but when they do…. :-))
No shock that peter pannu has said on blues website what op said hours ago he never ceases to amaze me
Need to big X on the flag over CY’s face.
NO he is STILL a problem whilst he owns his shares (and his mates own their’s as well).
And we all know, don’t we, that, at the moment, he intends to return, just like a bad smell, as soon as “conditions” allow him to.
What we have to do now is keep the pressure and make sure that the conditions do NOT allow him any more influence over our club EVER AGAIN.
If only CY had used research, facts and evidence instead of clairvoyance he might have realised that the club was worth less than half he paid for it, how did Gold and Sullivan manage to keep a straight face when he made the offer? and with his great foresight he has managed to reduce his initial investment to a few mil at best….apparently though, he is a great gambler and a whizz on the high risk HK stock exchange …..
I bet that when Sully/Gold/Brady see that “Clairvoyance” reference, as they surely will, they will p1ss themselves laughiing and have another look at their Bank Statement.
Well carson has stepped down, it like going into another room, still the daddy but in a behind the scences capacity……… No change there couple phones calls a week should keep him in the loop.
or maybe he uses skype.
I’ve just seen a couple of fracking vans parked outside the Trevor Francis sweet, I hope they don’t start that ,the under pitch heating hasn’t been down 5 mins & look how long we had to wait for that!
Did the hong kong press print the pictures of the flags on display on saturday
Not yet, as I’ve said previously on a few occasions the last two days have been public holidays in HK
the whole blaming sully and golds thing makes me laugh , what where they to say to CY when he made the offer to buy the club “sorry old boy , but that just too much money , you keep half of it in your pocket” ,who would do that in real life? .how many club owners would have done that ?
People who cared about the club would have done. Apparently Madjeski and Ellis turned him down when he approached the Vile and Reading. And I seem to remember a Sheff Wed chairman too? But they aren’t Bluenoses, they were getting a lot of stick from the fans and… they didn’t care.
Good riddance to CY.
One down one to go!
PP hopefully.
The start of the end is happening.
I think that is rather optimistic!
KRO
Good riddance? he’s still majority shareholder, he’s gone nowhere…
Dan,
I realise he’s still a major shareholder but he will lose his operational powers and personally I think eventually he will sell out to recoup some of his losses.
Big news but not unexpected, roll on tomorrow
When the immediate future of the club will become known, I fear
The news may not please us at all
Surely it is now a dangerous situation at St Andrews ,it is being revealed these connections between the consortium trying to take over at Leeds and Gino Palladini.We can see parallels with what has happened at Blues when that nice Ken Bates walked away from Leeds.I hope that we are not going the path of Portsmouth etc.
Is this good news or bad news as Carson was the only one from the group who was interested in football. The others are just suits. Hopefully with BIHL listed it should at least put us on a better financial standing if we’re not actually sold.
Have we considered the EGM going pear-shaped or perhaps it is a forgone conclusion?
KRO
https://www.smallheathblues.co.uk
The situation hasn’t changed its just political and prudent manouvering prior to relisting and the possible negative (from the CY viewpoint) outcome of the case. CY has gone nowhere and has no intention of doing so.
He may not be on board but he his still the ownerso regarding the club hes still pulling the strings
So I guess all this means is he will pass down his instructions down to one of his 3 sons who are part of the board instead of officially stating them instead, crafty move IMHO
3 sons???
Added to that if he is found guilty, they cannot touch any of his shares???
As Dan explained, the league can do something about that if they are pressured to do so.
I don’t think in any way this is forced – this is CY’s choice
He seems to do what is right for his business or for himself
I don’t think he has ever wanted to sell the club
I think others may have tried to force his hand
I believe the statement issued today by BCFC was tongue in cheek and a last show of force
I believe the sacrifices he has done today goes with the condition that PP1 is replaced with PP2 at the EGM and the kit saga scapegoat will re-appear soon.
Probably a million miles away but it keeps me entertained
KRO
Even if CY is somehow ‘forced’ to relinquish his shares, what is there stopping an ‘agreement’ being struck between him and one of his acolyte’s?
The resignations is a requirement of the Hong Kong STOCK exchange and even if he does not go on 28th after his conviction he need to go due to fit and proper son test. So it was a matter of time.officially not there but until his imprisonment certainly he will be in charge as well with his brothers in law everywhere and his son. Maybe now after his imprisonment PL will be more vocal and tell us more.
Appears PP had sorted out the final mess in HK and will get the parent group listed….A big well done to him.
EGM is for raising capital and funds and to move Carson s debt to HK and to have it converted to shares and to free the club of links with csrson and debts…bcfc is now debt free.
Masterstroke by PP
HOPE things will be better.
Next maybe PP will leave after resumption and carsons relatives on the UK boards will run the club and it is clear from the announcement
It’s clear from the announcements that less than 30 per cent of the club will be sold and new faces will be drafted in from the new investors side at the club who will slowly take up the club….
hope PP can tell us more…guess he does not know too as he once told bcfc.com that carson is personally doing the talks in secrecy.
let’s see how things unfold
This will not make a difference putting your bro in law in charge is like these companies who rip everyone off the change there name and while our beloved club is still in the same hands it will continue to waste away in the same vane. Please Carson give us back our pride and let someone who really cares and loves Birmingham City FC to buy it from you. You may not worry what happens but we do and for what you have put me and the rest of the worlds greatest fans through you owe us that let us go KRO
Cheung Shing seems highly qualified and well respected.
So I wonder why he has accepted the position, surely there is a grand plan as he seems to be an experienced business professional.
lets hope the EGM provides more answers than questions ?
Great comments from Jack Butland regarding how CY has created a total mess at Blues. We still love ya Jack!
He would have been better firing his ire at the Team that got us relegated in the first place.