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Carson Yeung may be stripped of Birmingham shares: Prosecutor

Published on Mar 4, 2014 5:17 PM
 
Businessman Carson Yeung arrives at a district court in Hong Kong on Feb 28, 2014. Yeung may be stripped of his shares in the club following his guilty verdict for money laundering, a government prosecutor said on Tuesday. -- FILE PHOTO: REUTERS

HONG KONG (AFP) - Hong Kong businessman and Birmingham City owner Carson Yeung may be stripped of his shares in the club following his guilty verdict for money laundering, a government prosecutor said on Tuesday.

A Hong Kong court on Monday convicted Yeung on five charges related to laundering HK$720 million (S$118 million) between 2001 and 2007, and he could face seven years in jail when sentenced on Friday.

Shares held by Yeung in Birmingham could now be seized as part of a criminal asset confiscation scheme under Hong Kong law.

"Any assets can be confiscated," lead prosecution lawyer John Reading told AFP.

 
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