Blues Saga: Receivers reject attempts to oust them from board

RECEIVERS acting for Birmingham City FC parent, Birmingham International Holdings, have rejected attempts to have them ousted from control of the company’s board.

The move is the latest twist in the attempt by disgraced former Blues owner Carson Yeung to wrench back control of the business – despite him serving a six-year prison sentence for money laundering.

Yeung had tried to stage an EGM last week, originally with the intention of appointing puppet directors so he could maintain influence over the board.

However, the goalposts were moved at the start of the week when seven members of the board resigned and two were suspended and two – including Peter Pannu – booted off.

Nevertheless, reports from Hong Kong now suggest the EGM meeting still took place although its decision have been ruled invalid by the Ernst & Young controlled board.

In a statement to the Hong King Stock Exchange, the receivers said: “It has come to the attention of the receivers that Ms. Wang Man Li, Mr. Li Wen Jun and Mr. Gurung Arjun Kumar were purportedly appointed as executive directors in a meeting held on March 12.

“The receivers had expressed their view that the meeting is invalid. It follows that all resolutions purportedly passed at the meeting, including the appointments, are also invalid.”

They said it had come to their attention that the rogue meeting had also tried to implement measures to have the receivers’ powers curtailed or have them removed altogether.

However, they said the decision were invalid and not in the interests of either the club or BIHL shareholders.

“In accordance with the order (for their appointment), the receivers continue to carry on the business of the company as far as is necessary for the protection and preservation of the company’s assets and to do all things reasonably necessary to preserve the value of the company’s assets and business,” they added.