Blues Saga: Receivers quash Yeung’s attempted coup
ATTEMPTS by Birmingham City FC majority shareholder Carson Yeung to stage an extraordinary general meeting of the club’s parent have been quashed by receivers.
Yeung had been hoping to stage the EGM today (Thursday) in an attempt to seize control of the Birmingham International Holdings business and influence decisions from his Hong Kong prison cell by installing a series of puppet directors.
It is thought he wanted to protect his interests should the club be sold.
However, the attempt to stage the EGM has been rejected by receivers from Ernst & Young who now control the board after a mass resignation of the former BIHL directors earlier this week – a move which also saw former Blues acting chairman Peter Pannu booted off the board.
The receivers said Yeung’s attempts to stage the meeting were invalid and they have warned other shareholders from attempting similar moves by stating such action could jeopardise the future of the football club.
In a stark warning they said in a statement to the Hong Kong Stock Exchange that the club could be kicked out of the Football League and its business ruined.
“Directors might be in breach of the requirements of the Owners’ and Directors’ Test imposed by the Football League and Birmingham City Football Club Plc , being one of the major subsidiaries of the company might be subject to sanction by the Football League which might result in BCFC being withdrawn as a member of the Football League,” they said.
“Should BCFC’s membership be withdrawn by the Football League, the revenue generating stream would no longer exist and the company might not be able to satisfy the rules governing the listing of securities on The Stock Exchange of Hong Kong.”
