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, March 7 (Xiuhua) -- Carson Yeung, Hong Kong businessman and majority shareholder of English soccer club Birmingham City, was sentenced to six years in jail on Friday for laundering 721 million HK dollars (about 94 million U.S. dollars).
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, was found guilty on Monday of five charges of money laundering through five bank accounts between January 2001 to December 2007.
The court had heard that Yeung and his father, who died in 2012, reported no earnings for four or five years between 2001 and 2007 while enormous sums were deposited into their five bank accounts.
The prosecution charged that the deposits were made by various parties with no apparent reasons. Some were made by securities firms and a Macao casino company, while others by unknown parties.
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, Hong Kong District Court Judge Douglas Yau said, "The sentence must include an element of deterrence to discourage those who are in a position to exploit the system."
"Maintaining the integrity of the banking system is of paramount importance if Hong Kong is to remain an international finance center," Yau added.
The prosecution will apply on April 3 for confiscation of some 400 million HK dollars of Yeung's assets, which has been frozen by a court injunction pending the outcome of the trial.
Yeung bought the Birmingham City in 2009 for 731 million HK dollars and was arrested in June 2011. He resigned from all his posts in the club's holding company last month but remains the club's biggest shareholder.
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, Jan. 29 (Xinhua) -- New Zealand Finance Minister Bill English announced Wednesday he would deliver his sixth annual Budget on May 15, just six months or less before the country goes into a general election.
English indicated continued spending restraint, saying the government remained on track to returning to an operating surplus next year, which would allow for spending "choices that we simply don't have while we are running deficits."
"New Zealand is certainly well placed compared to most countries. On average Cheap Nike Air Max 98 Youth
, wages are increasing faster than inflation, there are more than 53,000 more people employed now than a year ago and the unemployment rate is dropping as the economy gathers strength," he said in a statement.
"So Budget 2014 will be about building on that success and ensuring the benefits of a stronger economy are locked in for New Zealanders and their families."
The announcement came as the Moody's ratings agency said the country's economy was on an "improving trend Cheap Nike Air Max 98 Womens
," while warning its major vulnerability was its dependence on foreign capital inflows.
Also Wednesday, New Zealand Treasury chief economist Girol Karacoaglu gave a published presentation to Parliament's Finance and Expenditure Select Committee, saying that while the economic outlook was relatively good, the global environment would continue to be volatile and restraint was still needed in public spending.
The government must call a general election for no later than November.
Pollsters are saying the result could be too close to call.
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