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Carson Appeals Against Asset Freeze
with thanks to ED_Blue on Smallheathalliance.com
Carson Yeung has been back in court today to appeal against the assets freeze order made against him. The order which has frozen more than HK$700million (£55million) was made in the light of the money-laundering accusations made against him last June.
Bloomberg reports that Philip Dykes, representing Carson in court, argued that the lower court judge who granted the order “should have evaluated the likelihood of conviction” and should have asked prosecutors to ascertain the profits gained from the alleged criminal activity.
“The amount frozen at the moment is unlikely to be out of whack if everything goes well for the prosecution,” Court of Appeal judge Robert Tang said. Tang and fellow appellate judge Joseph Fok reserved their judgment and will rule at a later date.
The order was made against Carson Yeung, his ex-wife Li Wing-Sze, Yeung Chung (who I believe is Carson’s father) and Success Orient Investment Ltd – the company Carson used to buy his house on the Peak which is subject to a repossession hearing next month.
Tags: Carson Yeung, Li Wing Sze
36 Responses to “Carson Appeals Against Asset Freeze”
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Is it me, or does £55m seem a woefully low value of assets for someone who has a majority share in a football club?
If £55m is all he has, where’s any investment going to come from in the future?
That’s the big question Kaje
almajir – How likely do you think he’ll have his assets ‘unfrozen’? I can understand Carson Yeung’s perspective with regards to freezing assets when you have no idea whether someone is guilty or not, or for that matter how much alleged money has been laundered. I know the Court’s don’t care, but the consequences are more far-reaching that just CY’s life, but the lives of people at the football club and the other business’s that are linked to him. I think it’s really, really unfair to just have his money taken away – it’s like saying, ‘you’re guilty’ before they’ve had the trial, the only thing they’ve not done is put him in prison before a verdict because he’s not even allowed to leave the country!!
Gary
Simple answer is I don’t know. I don’t think it’d be simple either, as I suspect any decision would probably be appealed either way.
DMC on Joys and Sorrows suggested it may just be the figure he has in his bank account, but even so, it seems a woefully small investment pot!
I’d be quite happy with £55m in my bank account!
Of course, we all would, but then none of us own a football club which is an investment that requires a constant stream of investment in order to achieve greater things – and thus bring in more return on the money.
I believe even Gold/Sullivan had/have far more than that.
If he has £55m in cash that is a huge amount. Most wealthy people would keep the vast amount tucked away in investments or projects to maximise return. Given the level and mentod of his prior investments in BCFC I would of expected less cash that that. Hence this probably includes things other than liquid assets.
Hang on. Why’s he waited til now to appeal?
Gary the reason they freeze the assets is so the accussed cannot move there money around and IF they are then found guilty no money can be found the courts would look stupid!
Kaje
As a comparison,i got this directly off wikipedia
His personal fortune was estimated at USD over 1.5 billion in 2008. However, following the plummet in value of his holdings abroad, his net worth dropped to less than 20 million in 2010.
However this is not CY its Randy Lerner
So maybe £55 million in the bank is not such a measly figure
I like.
CY had a failed attempt to buy the club from Sullivan and Gold, due to lack of funds, months before he finally took control – when he somehow managed to conjure up the millions he previously didn’t have? He doesn’t have the personal wealth to run a Premier League/Championship football club and possibly never has.
All of the well informed press comment over the years has suggested that CY is not super rich. Logic dictates that you don’t remortgage your main residence to raise funds to put into BCFC if you are “loaded”. I believe that CY is a genuine football fan who had a reasonable amount of wealth and aspired to own an English premiership team. He sought out investors in China to fulfill his ambition and borrowed some from Polyanna Chu a casino magnate. Who else is really involved is to some extent shrouded in mystery.
He used to have 160 mill before he put 105 into Blues.
Never seen anything like a career path which would have generated that kind of money so where he got it all from no-one knows.
We know the ones who came onboard after but not who backed him at the start. Saying that there was no mention of other people in the bid just him alone.
He’s always been a pretender and I don’t mean that as a derogatory remark, but when he bought the club he’s share was about 30% so he only put in approx £26 million the rest coming from others we know very little about or to this day know nothing about them.
He isn’t that rich if he had to mortgage property to raise £16 million for Blues last season.
Have a look at Roman Abramovich’s career path
I have recently joined this forum and would like to say how refreshing it is to read factual information and to have a sensible debate.
I live in Cyprus and the forum helps me to keep intouch
Congratulations -it’s a great forum.
Art.
To be a pedant, it’s not a forum – it’s a blogsite with comments.
A forum is somewhere like http://www.smallheathalliance.com
Ok and sorry for any confusion.
It’s still a great way of communicating what’s going on at St Andrews.
Cheers
Art.
Far better than SHA less twats
Paul, that should be ” fewer twats” !!!
Yep spot on, it’s “fewer” with plural nouns and “less” with singular nouns. So for example Villa have less credibility after hiring and firing McLeish and we have fewer muppets as fans.
I don’t know if it has been said yet, but we deserve all we get after the way we treatewd the Golds and Sullivan. Eh? I hear you say. Well when Steve Bruce got us relegated (it was his fault) the fans turned on the BOARD of all people – thats the folk who rescued us from obscure administration and made us the only profitable club around – the die was set . They must have thought, right, We’ll get promotion and leave this club as we found it. That’s exactlly what they did. Now we’re being run by criminals who are milking every penny from this club and no one, absolutely no one from the League to the fans are doing a single thing about it. Forget about rallying around because as sure as night follows day we’ll go to aministration, Chris Hughton will go (my god he’s a genius) and our best players will be sold for pennies. Am I being negative?????
comment edited
Rory
1) How are the current board “criminals”? To be a criminal you have to have been convicted of a crime – whilst Carson Yeung has been charged with money laundering it has not yet been proven (or tried even) in a court of law and the presumption has to be innocent until proven guilty.
2) I keep stating this, but the board haven’t taken a penny out of BCFC. If anything, they’ve put money in – £18million or so. The only people “milking the club dry” are players and agents – the ones who got us relegated have their fault in this in my opinion.
3) Administration has been banded about since last September – it’s been a sure thing it will happen. It’s not happened yet – that doesn’t mean that it won’t happen but it does point to the inaccuracy of some of the doom-mongers out there.
Please be careful in what you write as libel does exist on the internet – and I will have no hesitation in handing details of a libellious poster over to the relevant authorities if required.
It’s understandable and sensible for almajir to warn against possible libel on this blog because his name is associated with it (the blog, not the possible libel!!)
I personally think the current owners of Blues are a dodgy lot who should sell up because they ain’t got the necessary monies to run a professional football club. This much has surely been obvious for some time.
Announcement of new investor? Interesting timing but is it serious or is it yet more cynical smokes and mirrors?
As for the previous owners, they knew exactly who they were selling the club to in 2009 (have I got the year right?) and were happy to take the money (i.e handsome profit) and run – to Upton Park. Blues fans and also messrs Gold, Gold and Sullivan could see that Yeung struggled to raise the necessary monies to buy the club so perhaps the writing was on the wall all that time ago. The comments already made on this blog concerning Yeung’s finances are well put and should dispel any lingering doubts there may be about this man.
Also, it was widely said that Blues were a solvent club when Yeung took over (apart from the liabilities he claimed the previous owners left him) so how can the club be in such a dire financial situation? Surely this sort of question should be shouted from the rooftops.
On another question, if almajir or anybody else wants to see a pretty glaring example of how the “Birmingham Mail” is biased towards AV, check out the headline on the front page of today’s edition. That sort of sentiment is what could be expected in any number of consciously partisan fanzines, blog sites and what have you. However, and for the uninitiated, the blaring front-page banner headline which greeted McLeish’s sacking from the B6ers read “THE BEST RESULT OF THE SEASON!”, which is about as neutral as some of these claret and blue clowns who find their way onto this and other sites to make puerile remarks about BCFC…
Don’t forget that our fans with shares didn’t give two who they were selling them to either.
[…] Asset Freeze Appeal – Update In the last hour or two various Chinese news sites have been busily putting out news articles with reference to Carson Yeung’s court appearance yesterday. […]
Money Laundering is the “cleaning” of “dirty” money by putting through the books of a legitimate Company often at a loss. It is well known that Yeung paid well over the odds for BCFC. Not accusing anyone…just stating facts.
At the end of RoryD’s post was the phrase “comment edited”. I would suggest it is in almajir’s interests also to “edit” out any comments he believes are libellous. This would protect himself as well as his less (not fewer) aware posters. I’m obviously talking about blatant libel such as calling someone a criminal when they are not. Borderline stuff? Well you pays yer money you…
Yes, I reserve the right to edit comments although I will leave a note like that to say that I have
You power crazed media mogul you :)
see the accounts have been delayed again till end of May, so much for announcing them before the play off final.
i guess Pannu is probably being misled as well.
What I can’t understand is why CY has been held under house arrest for so long. His trial is now said to be in Novmber 2012 when he’s apparently been held since May 2011! If all cases take this long to come to court it’s a wonder anyone doesn’t grow old and die before their case is heard!
Carson isn’t under house arrest – he’s on bail. He can leave his house and whatnot, he just has to report into a police station three times a week. The reason it’s taking so long is because the prosecution needed a minimum 3 weeks to present their case and they basically have to “block book” the court for that length of time – November was the first availble stretch.
Thanks for the finer points almajir. I can’t wait for this nightmare to end and I just hope we can hang on to CH in the meantime.