Update | Carson Yeung spends first night in jail after conviction for money laundering

Carson Yeung Ka-sing, a major shareholder of English football club Birmingham City, spent his first night after being found guilty of laundering HK$721 million through five Hong Kong bank accounts.

Following the verdict Yeung's lawyer Graham Harris said the tycoon would not be asking for bail and that "an immediate custodiate sentence is inevitable" when he is sentenced later in the week.

Hairdresser-turned-businessman Yeung was described by the District Court  Judge Douglas Yau Tak-hong as “not a witness of truth”, who had lied and exaggerated his income. He found Yeung’s testimony was self-contradictory and some of it was even “extremely strange”.

The judge based his findings on the fact that huge amounts of money went through five accounts in Yeung’s name or of which he was a signatory at Wing Lung Bank and HSBC between January 2001 and December 2007.

Yau noted that the accounts were used as a repository of funds, as deposits and withdrawals were almost identical.often being carried out on the same day.

Yau found that a right thinking member of the community would have reasonable grounds to believe the money that passed through the bank accounts represented, wholly or in part, directly or indirectly, proceeds from an indictable offence.