HONG KONG: Birmingham City owner Carson Yeung has been jailed for six years by a Hong Kong court for money laundering.
The 54-year-old was convicted on Monday of five charges relating to HK$720m (£55m) passing through his bank accounts between 2001 and 2007.
He claimed he had accumulated hundreds of millions of dollars through stock trading, business ventures in mainland China, a hair salon and gambling.
Judge Douglas Yau said the sentence must be a deterrent to others.
Yeung can appeal and it remains unclear whether the sentence will affect his interests in Birmingham City.
The former hair stylist’s trial was told he had lied about how he made his money and Yeung was described by Judge Yau as “not a witness of truth”.
The businessman was unable to show where almost HK$100m (£7.7m) in his bank accounts had come from.
Sentencing Yeung at Hong Kong District Court, Judge Yau said: “The sentence must include an element of deterrence to discourage those who are in a position to exploit the system. The law will come down on them with full force.
“Maintaining the integrity of the banking system is of paramount importance if Hong Kong is to remain an international finance centre.”
Police investigators, who described the case as a difficult one involving analysis of financial records from as far back as 2001, welcomed the six-year sentence.
Yeung worked in the UK as a teenager before becoming a “famous” hairstylist in Hong Kong. He made his fortune investing in Macau in the 1990s and is a prominent property developer in Hong Kong.
He bought Birmingham City in October 2009 for £81.5m from David Sullivan and David Gold, now the co-owners of West Ham.
The Hong Kong businessman was arrested and charged with money laundering two years later.
He is the majority shareholder but resigned in February as president of Birmingham City FC, director of Birmingham City plc and director and chairman of the club’s parent company, Birmingham International Holdings Ltd (BIHL).
On Monday, the club said Yeung’s conviction would have no impact on day-to-day operations.
The Football League has said it is satisfied with the action the club’s holding company has taken since the commencement of criminal proceedings.
Fans’ organisation the Blues Trust has said Birmingham supporters are looking forward to a “new era” and want to put “this troubling period behind us as soon as possible”.