Carson Yeung
Encyclopedia
Carson Yeung Ka Sing is a businessman from Hong Kong. He is the chairman and an executive director of Birmingham International Holdings (previously Grandtop International Holdings), an investment, entertainment and sportswear firm registered in the Cayman Islands
, through which he owns English football club Birmingham City F.C.
He is also a director of Universal Energy Resources Holdings and Universal Management Consultancy Ltd.
. At age 19 he returned to Hong Kong to work. Up until the 1990s he was in a Tsim Sha Tsui
barber shop called "Vanity", and was trained as a hairdresser.
The BBC says that he "made his fortune on penny stocks in neighbouring Macau."
In 2004 he then co-founded Greek Mythology, a luxury casino in Macau
. He was also once the head of a human resources department at a gas company.
from 2005 to 2006. In 2005 he made an £80,000 donation to the local football association after buying shirts worn by famous English footballers at auction.
In 2007, he unsuccessfully attempted to take over Birmingham City. Yeung failed to deliver the money for the takeover by the deadline of 30 November 2007 and as a result the takeover bid fell through. He was held responsible for the club's U-turn on the contract offered to manager Steve Bruce
in May 2007, which led to Bruce's decision to resign from the club and move to Wigan Athletic F.C.
of November that year.
On 12 August 2009, Birmingham City confirmed that Yeung's Grandtop International Holdings
held 29.9% of the club's shares and had made a further offer.
On 21 August 2009, it was reported that Grandtop had made an offer of £81.51 million for Birmingham City Football Club. The Standard
reported on 25 August 2009 that Yeung had offered £57 million (HK$729 million) to buy newly promoted Birmingham City, and had reportedly promised the club's manager Alex McLeish
£50 million to buy new players. His Hong Kong-listed Grandtop International already had a 29.9 percent stake in the club. He said the firm would raise HK$785 million for the acquisition through a rights issue.
On 6 October 2009, Yeung completed his protracted takeover of Birmingham City F.C. It was claimed some of his appointees have had run-ins with the law.
, Liaoning
and Inner Mongolia
. In November 2007 he was looking to sell off residential and commercial developments to Golden Resorts Group (黃金集團) and reached difficulties in sales. In addition, Beijing was stepping up measures to cool off the mainland property market, which affected his streams of revenue. Similar sales issues occurred in 2011 when he tried to sell plots of land in Liaoning. He ran into debt issues in a number of sectors owing millions to HSBC
, and many other assets. He had to get large loans and put up his luxury home for sale at Mid-levels
.
Carson Yeung was supposed to travel on 14 September 2011 to attend to his duties at Birmingham City football club, whose fortunes have gone downhill and is saddled with debt. He was given the green light to go after his cash bail was doubled to HK$8 million. But the prosecution appealed on the ground there is a risk he may not come back. The High Court allowed the appeal and reversed a ruling made in August by the District Court, which gave the tycoon, who faces money-laundering charges, permission to leave Hong Kong for England. Yeung's next pretrial court appearance is on 7 December 2011.
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
, through which he owns English football club Birmingham City F.C.
Birmingham City F.C.
Birmingham City Football Club is a professional association football club based in the city of Birmingham, England. Formed in 1875 as Small Heath Alliance, they became Small Heath in 1888, then Birmingham in 1905, finally becoming Birmingham City in 1943.They were relegated at the end of the...
He is also a director of Universal Energy Resources Holdings and Universal Management Consultancy Ltd.
Early years
At age 16 he lived in LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. At age 19 he returned to Hong Kong to work. Up until the 1990s he was in a Tsim Sha Tsui
Tsim Sha Tsui
Tsim Sha Tsui , often abbreviated as TST, is an urbanized area in southern Kowloon, Hong Kong. The area is administratively part of the Yau Tsim Mong District. Tsim Sha Tsui East is a piece of land reclaimed from the Hung Hom Bay now east of Tsim Sha Tsui...
barber shop called "Vanity", and was trained as a hairdresser.
Investments
Yeung did not begin his investment career until he made his first fortune from the HK real estate industry. In 1997 he began having some investment trouble from the Asian financial crisis. He tried to recover from investing in penny stocks in 1999 to use shares to cover failed shares.The BBC says that he "made his fortune on penny stocks in neighbouring Macau."
In 2004 he then co-founded Greek Mythology, a luxury casino in Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
. He was also once the head of a human resources department at a gas company.
Football
Yeung was the chairman of Hong Kong First Division outfit Hong Kong RangersHong Kong Rangers
Hong Kong Rangers Football Club , is a Hong Kong football club and plays in Hong Kong Second Division League. It won the Hong Kong League once, the Senior Challenge Shield 4 times, the FA Cup twice.The club was once played under the name Biu Chun...
from 2005 to 2006. In 2005 he made an £80,000 donation to the local football association after buying shirts worn by famous English footballers at auction.
In 2007, he unsuccessfully attempted to take over Birmingham City. Yeung failed to deliver the money for the takeover by the deadline of 30 November 2007 and as a result the takeover bid fell through. He was held responsible for the club's U-turn on the contract offered to manager Steve Bruce
Steve Bruce
Stephen Roger "Steve" Bruce is an English football manager and former player. Born in Corbridge, Northumberland, he was a promising schoolboy footballer but was rejected by a number of professional clubs. He was on the verge of quitting the game altogether when he was offered a trial with Gillingham...
in May 2007, which led to Bruce's decision to resign from the club and move to Wigan Athletic F.C.
Wigan Athletic F.C.
Wigan Athletic Football Club is an English Premier League Association football club based in Wigan, Greater Manchester, having been promoted from the Championship in 2005. Wigan's current spell in the Premier League is the only top flight run in the club's history.They have played at the DW...
of November that year.
On 12 August 2009, Birmingham City confirmed that Yeung's Grandtop International Holdings
Grandtop International Holdings
Birmingham International Holdings is an investment holding company run by Carson Yeung.-History:Registered in the Cayman Islands, Grandtop International Holdings Limited, through its subsidiaries Birmingham International Holdings is an investment holding company run by Carson...
held 29.9% of the club's shares and had made a further offer.
On 21 August 2009, it was reported that Grandtop had made an offer of £81.51 million for Birmingham City Football Club. The Standard
The Standard
The Standard is an English free newspaper of Hong Kong with a daily circulation of 231,018. It was called the Hong Kong Standard and changed to HKiMail during the Internet boom, but it changed back to The Standard in 2001....
reported on 25 August 2009 that Yeung had offered £57 million (HK$729 million) to buy newly promoted Birmingham City, and had reportedly promised the club's manager Alex McLeish
Alex McLeish
Alexander "Alex" McLeish , is a Scottish former professional footballer and manager, who is currently managing English Premier League club Aston Villa...
£50 million to buy new players. His Hong Kong-listed Grandtop International already had a 29.9 percent stake in the club. He said the firm would raise HK$785 million for the acquisition through a rights issue.
On 6 October 2009, Yeung completed his protracted takeover of Birmingham City F.C. It was claimed some of his appointees have had run-ins with the law.
Property
Yeung has been a real estate investor in ChongqingChongqing
Chongqing is a major city in Southwest China and one of the five national central cities of China. Administratively, it is one of the PRC's four direct-controlled municipalities , and the only such municipality in inland China.The municipality was created on 14 March 1997, succeeding the...
, Liaoning
Liaoning
' is a province of the People's Republic of China, located in the northeast of the country. Its one-character abbreviation is "辽" , a name taken from the Liao River that flows through the province. "Níng" means "peace"...
and Inner Mongolia
Inner Mongolia
Inner Mongolia is an autonomous region of the People's Republic of China, located in the northern region of the country. Inner Mongolia shares an international border with the countries of Mongolia and the Russian Federation...
. In November 2007 he was looking to sell off residential and commercial developments to Golden Resorts Group (黃金集團) and reached difficulties in sales. In addition, Beijing was stepping up measures to cool off the mainland property market, which affected his streams of revenue. Similar sales issues occurred in 2011 when he tried to sell plots of land in Liaoning. He ran into debt issues in a number of sectors owing millions to HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
, and many other assets. He had to get large loans and put up his luxury home for sale at Mid-levels
Mid-levels
Mid-levels is an expensive residential area on Hong Kong Island in Hong Kong. It is located halfway up Victoria Peak, directly above Central...
.
Money laundering allegations
On 29 June 2011, Yeung was arrested at his home in Hong Kong in connection with alleged money laundering. Police officers also swooped on the offices of Birmingham International, and left with an assortment of documents. A brief statement mentioned that Narcotics Bureau officers searched two locations – one on Hong Kong Island and the other in Kowloon – and seized documents. The charges for Carson Yeung involved five counts of dealing with property known or believed to represent proceeds of an indictable offence. His hearing was adjourned until 11 August 2011, and was remanded on bail of HK$7 million (US$900,000).Carson Yeung was supposed to travel on 14 September 2011 to attend to his duties at Birmingham City football club, whose fortunes have gone downhill and is saddled with debt. He was given the green light to go after his cash bail was doubled to HK$8 million. But the prosecution appealed on the ground there is a risk he may not come back. The High Court allowed the appeal and reversed a ruling made in August by the District Court, which gave the tycoon, who faces money-laundering charges, permission to leave Hong Kong for England. Yeung's next pretrial court appearance is on 7 December 2011.