Police make arrest in Blues cash disapparence

POLICE in Hong Kong investigating the disappearance of more than £2.5m from the parent company of Birmingham City FC arrested a 33-year-old man in connection with the potential theft.

The man, who has not been identified, was questioned in relation to the matter but was later released without charge.

Investigations into the matter are continuing.

The police were called in after the Hong Kong authorities were alerted by the board of Birmingham International Holdings of the disappearance of £2.55m from the business.

BIH had said in a statement on Monday that it believed the funds had been misappropriated by an unnamed former employee and the disappearance missed by auditors.

It has warned the disappearance of the money could have a “material impact” on the business.

The board has said it will continue to assess the impact as the investigation progressed and review operations accordingly. In the meantime, shares in the company remain suspended.