Pannu: Birmingham finances safe

Birmingham City chairman Peter Pannu has defended club owner Carson Yeung after he was charged with money laundering.

Pannu has flown to Hong Kong to speak with Yeung who has been released on bail on five counts of ‘dealing with property known or believed to represent proceeds of an indictable offence’.

He was released on 558,000-pounds bail, with the allegations said to involve a haul of 59 million pounds.

The charges relate to offences alleged to have taken place between 2001 and 2007, according to prosecutors.

He faces another hearing on August 11, which means Birmingham will kick off the Championship season away at Derby on August 6 under a cloud of uncertainty.

Pannu is adamant there is no connection between the charges against Yeung and the club.

“No charges are proven against him,” he told the Birmingham Mail.

“The fans have nothing to worry about. The finances are okay. I’m flying out and will be able to tell you more when I come back.”

“I have been told the charges are weak. It deals more, I think, with the money he has earned in China coming to Hong Kong.”

“I have been told by colleagues in Hong Kong that the charges relate to a period from 2001 to 2007.”

“That is at least two years before Carson invested in this club.”

“The fans don’t have anything to worry about, everything is OK.”