Birmingham City owner Carson Yeung has been released on bail after being charged with money laundering on Thursday.
A Hong Kong court charged the 51-year-old with five counts of ‘dealing with property known or believed to represent proceeds of indictable offences’ totalling about HK$721 million (57.5m pounds).
He was released on bail of HK$7 million (559,000 pounds) and the trial adjourned until August 11.
Birmingham City acting chairman Peter Pannu said in a statement the charges were not connected with the running of the Championship club.
“I have been informed that Carson is assisting (the police) with enquiries that have nothing to do with the operation of BIHL (Birmingham International Holdings Limited) in Hong Kong and therefore nothing to do with the operation of the club, and relate to other matters,” the statement on the club’s website read.
“People are reminded that in recent years members of the previous board were placed on bail for a significant amount of time and nothing came of it. I am only using this as an example to calm any fears.”
“The law says a person is presumed innocent until proven guilty. Until I find out more information about this matter there is no further comment to be made.”
Yeung’s lawyer Daniel Marash told reporters: “All they’re saying is that he has got a lot of money and he hasn’t paid a lot of tax.”
“I mean, there’s a lot of money in my bank account, not as much as his, but I don’t pay taxes because it’s not taxable.”
In April 2009, former chief executive Karren Brady and co-owner David Sullivan were arrested as part of an investigation into the Blues’ transfer activity. They were subsequently released without charge four months later.