Carson Yeung lost HK$15.4m in stocks: prosecution
Prosecution argues Carson Yeung did not make a killing dealing shares in 2001, but tycoon says expert report is based on incomplete material
Carson Yeung Ka-sing's claim that he made a killing on the stock market was yesterday challenged by the prosecution, which said that the Birmingham City Football Club boss had instead suffered a sizeable loss in 2001.
Referring to a report prepared by the prosecution's accounting expert, prosecutor John Reading SC said that the hairdresser-turned-tycoon lost about HK$15.4 million in stock dealings in 2001, despite his earlier assertion that he had made a profit of HK$200 million.
However, Yeung told the District Court yesterday: "[Forensic accounting expert Roderick Sutton] did not have the source materials. Whatever way he added up the figures, the result is wrong."
Yeung denies five counts of money laundering totalling HK$721 million. The offences, which allegedly took place between January 2001 and December 2007, involved five bank accounts with Wing Lung Bank and HSBC.
The son of a vegetable stall owner has been explaining to the court how he amassed wealth of up to HK$100 million from running successful upmarket hair salons and parlaying his earnings into savvy investments in real estate and stock dealings.
The 53-year-old also criticised Sutton's reports for failing to reflect his actual financial portfolio and movements.
Speaking of some deposits into his accounts, Yeung said: "In his report, Mr Sutton copied the information from Johnny Kwan. And Johnny Kwan is a police officer, not an accountant.