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Yeung: I made PS17 million in shares gamble.

Byline: NICK MCCARTHY AND DANIEL IVERY newsdesk@birminghammail.co.uk

BLUES boss Carson Yeung has told a court how he made almost PS17 million gambling on stocks and shares in a year - including PS2 million in just one deal.

The Birmingham City supremo took to the stand in Hong Kong to give evidence for the second day at his long-running money laundering trial.

The 53-year-old told the court he had amassed stock profits of more than PS16.6 million between 2000 and 2001, which included a single transaction which netted him PS2 million.

Yeung is charged with five counts of money laundering involving more than PS60 million, which was deposited into five bank accounts between January 2001 and December 2007. Prosecutors have claimed that the money was amassed from "criminal proceeds".

The charges are unrelated to the Championship club, which Yeung bought in 2009 for PS81.5 million.

Answering questions put to him by lead defence counsel, Graham Harris SC, Yeung confirmed that his chief occupation was dealing in stocks and shares from 1999 onwards.

He told the court that he dealt with the highly volatile red chip market as there was more chance to make quick money, compared to the more stable blue chip market.

The Blues president went on to describe another share deal hatched with the son of earlier witness Chim Pui-chung that netted him a further PS4.5 million in 2007.

Yeung was forced to concede that much of the documentary proof needed to back his testimony was not available to him, when he asked for it.

The former hairstylist gave evidence via an interpreter, confirming having accounts with more than thirty brokerage firms dealing in stocks and shares. Earlier in his evidence, he had said he had set up his own hairdressing salon in 1989 and added four more throughout the 1990s.

He became a famous hairdresser whose services were sought after by Hong Kong movie stars, including future Hollywood legend Jackie Chan. The hearings began in April and have been adjourned until Monday.

Yeung will face cross examination next week.

(Proceeding)

CAPTION(S):

Alex McLeish prepares to board Carson Yeung's PS8 million yacht in Hong Kong and, below, the view from his home.
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Publication:Birmingham Mail (England)
Geographic Code:9HONG
Date:Oct 17, 2013
Words:369
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