Foster freeze carson12/26/2023 He admitted: "I am not aware of their plans as to how they propose to full fill the financial distress posed by the relegation scenario and the freezing of Carson's assets in Hong Kong."īlues have taken legal action against Chinese kit suppliers Xtep to stop them using the club’s logo, in modified form, on other leisurewear items.Īnd Yeung and Pannu were left fuming that the new kit has also been provided to Spanish side Villarreal (in different colours) without their consent. Pannu, Blues acting chairman, is not a director of BIHL and was unable to go into specific details of just what their plans entail. Trading in BIHL shares on the Hong Kong Stock Exchange was suspended after Yeung’s arrest in June. Pannu initially pledged at the season’s end that there would be no firesale of Blues star players, but events have moved on rapidly since then with Yeung’s arrest exacerbating the situation.īen Foster appears to be heading to Albion on a loan, a quite remarkable state of affairs - and possibly the first of the 'unpopular decisions' decreed by the powers that be. “Hopefully the resumption of trading in Hong Kong could lead to raising of some capital for the club to appease HSBC, our bankers, who are also now speaking to Pauline Wong, as the group’s financial controller, and seeking answers from her on matters of concern.” “The club may need to do what is right and to buy time until Carson’s assets are dislodged from the clutches of the courts in Hong Kong. “Upon my return, I may have to make some unpopular decisions and I hope the fans will understand that I effectively don’t have a choice here. “I understand that there is one interested party and they are working on it and BIHL’s board are now trying to resume trading of the stock. “Carson has been trying hard to find new investors, but the money laundering charges understandably meant that the progress has been slow,” said Pannu. Vico Hui, Blues chairman and chief executive officer of BIHL, and their finance controller Pauline Wong, are heading up the search for help. Yeung, who has the largest individual shareholding in BIHL at 26.31 per cent, has had his assets frozen while he awaits court proceedings to answer charges of alleged money laundering. Birmingham City's ability to source new investment has been hampered by the freezing of Carson Yeung’s assets in Hong Kong.Īnd as a result there could be some ‘unpopular decisions’ made by Yeung’s right-hand man Peter Pannu when he returns from the Far East next week.īlues parent company, Birmingham International Holdings Limited (BIHL), are trying to resume trading on the Hong Kong Stock Exchange.Īnd although there is one interested backer keen to aid BIHL, Yeung’s predicament has meant that Blues dire financial plight shows no sign of improving, at least in the short-term.Īnd that could mean the sale of more players, which would weaken manager Chris Hughton’s hand as he tries to turn Blues into a genuine Championship promotion contender.Īnd to make matters worse, Blues bankers HSBC are putting the club under pressure and a new dispute has arisen with kit suppliers Xtep.
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