Carson Yeung

Accounting expert shines light on money laundering cases at Carson Yeung trial

PUBLISHED : Monday, 27 May, 2013, 2:51pm
UPDATED : Thursday, 29 August, 2013, 4:13am

Cash transactions related to casinos, security brokerage firms and jewellery shops might prompt further investigation into money laundering cases, a forensic accounting expert said at the trial of Birmingham City Football Club boss Carson Yeung Ka-sing on Monday.

Prosecution witness Roderick Sutton, a fellow of the Hong Kong Institute of Certified Public Accountants, gave his comments in the District Court on the hallmarks of money laundering.

The court heard earlier that Sociedade de Jogos de Macau S.A. (SJM), one of the six companies authorised to operate casinos in Macau, issued a series of cash cheques for a total of HK$72.5 million, which were deposited into Yeung’s accounts.

Sutton said the funds might be related to gambling activities in casinos but no supporting documents had been found so far.

Yeung is being tried over five counts of money laundering totalling HK$721 million. The five accounts were with Wing Lung Bank and HSBC.

The alleged offences took place from January 2001 to December 2007.

In the prosecution’s opening, John Reading SC told the court that the HK$721 million deposited in five accounts was not commensurate with Yeung and his father’s combined income of HK$2,159,392.

“The pattern of deposits and withdrawals in the subject bank accounts show placement, layering and integration,” he said.

The trial continues.