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Dublin: 13 °C Thursday 9 July, 2020

£2.5 million goes missing from Birmingham's accounts as owners blame former employee

How does that amount of money go unaccounted for?

The club's former owner is currently in prison.
The club's former owner is currently in prison.
Image: EMPICS Sport

THE COMPANY THAT owns Birmingham City claims a former employee may have “misappropriated” £2.5 million and that they have contacted Hong Kong police over the matter.

Birmingham International Holdings Limited released a statement on Monday saying the gap in their accounts “may have a material impact on the operation and financial situation of the Group”.

It was also concerned that the matter was apparently missed by auditors.

Last week, British newspapers reported that the Football League were probing Birmingham officials over the continuing influence of the club’s former owner Carson Yeung, who is languishing in a Hong Kong prison for money laundering.

Yeung, 54, was jailed for six years in March last year.

Football League rules prevent any person convicted for a crime related to dishonesty from being a director or owning more than 30 percent of a club.

Yeung currently holds 27.9 percent of BIHL, according to the company’s filing.

Charged in June 2011, two years after buying the team, Yeung has appealed against his conviction.

He remains the largest shareholder in the club, according to the Hong Kong stock exchange website, despite resigning from all positions at its holding company before the trial verdict.

Birmingham – who were relegated from the Premier League in 2011, three months after winning the English League Cup – have been in talks with potential bidders over the past few years.

The Blues are currently managed by Gary Rowett and sit 11th in the Championship.

© – AFP 2015

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