Carson Yeung has been charged with money laundering in Hong Kong.
The Birmingham City owner has been released on HK$7m (£560,000) bail pending a further hearing on August 11, according to the South China Morning Post.
Yeung and his father are accused of “dealing with property known or believed to represent proceeds of indictable offences” to the value of HK$721m (£57.8m).
Blues acting chairman Peter Pannu released a statement assuring supporters that the matter does not relate to the club’s parent company Birmingham International Holdings “and therefore [has] nothing to do with the operation of the club”.
“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,” he added. “I am only using this as an example to calm any fears. The law says a person is presumed innocent until proven guilty.”
Birmingham International Holdings shares were suspended this morning.
Dan Saney
