Blues Saga: BIH say more money is missing than was previously thought
ANOTHER day, another development in the continuing soap opera that is Birmingham City Football Club.
The latest twist comes with the board of Birmingham International Holdings – the club’s owner – announcing that it has discovered even more money is missing from the business than was previously thought.
The board announced earlier this week that around HK$30m (£2.55m) had been discovered to be missing from accounts for the year ended June 2014 and that the money could have been missing since December 2013. It levelled the blame for the so-called misappropriation on a former employee.
Hong Kong police called in to investigate the disappearance arrested a 33-year-old man earlier this week but he was later released.
In a fresh announcement to the Hong Kong Stock Exchange, BIH has now said more money is missing than was previously thought, with a further HK$8m (£680,000) unaccounted for. It has reiterated its previous warning that the disappearance of the money could have an adverse impact on the company’s business.
“The company has also reported the second suspected misappropriation to the Hong Kong Police Force and they are investigating the suspected misappropriation,” says the statement.
“As far as the board is aware, the Hong Kong Police Force has arrested the former employee but no charges have been laid and the former employee was subsequently released on bail.
“The board will continue to regularly inquire the development of the investigation and re-assess its impact on the operation and financial situation of the group from time to time.”
It has promised to update shareholders of any developments but added that in the meantime, shares in BIH would remain suspended.
The saga is an unwelcome distraction to the club on the eve of one of its biggest games in years – a fourth round FA Cup fixture against local rivals West Bromwich Albion. The two sides have not met in the tournament since 1968 and it is likely there will be a full house at St Andrew’s for the game.
