Birmingham City owner Carson Yeung is "assisting the Hong Kong Police in relation to criminal investigations" in his homeland according to a club statement on Wednesday.
However, City's acting chairman, Peter Pannu, insisted Thursday the inquiries had "nothing to do" with the Midlands club's holding company, Birmingham International Holdings.
Yeung took control of Blues midway through last season in an £81 million takeover from David Sullivan and David Gold, now the co-owners of West Ham.
City, in a statement posted on their website, said: "Birmingham City's acting chairman Peter Pannu wishes to inform the public that Carson Yeung is assisting the police in Hong Kong in relation to certain criminal investigations which at this stage he believes do not have any connection to the operation of the parent company or any of its subsidiaries."
Pannu added: "I have just had a call from the Birmingham International Holdings lawyers informing me of the position in Hong Kong.
"I have also been informed by them that Carson is assisting with enquiries that have nothing to do with the operation of BIHL in Hong Kong and therefore nothing to do with the operation of the club, and relate to other matters.
"People are reminded that in recent years members of the previous board were placed on bail for a significant amount of time and nothing came of it.
"I am only using this as an example to calm any fears. The law says a person is presumed innocent until proven guilty.
"Until I find out more information about this matter there is no further comment to be made."
Birmingham were relegated from the English Premier League on the final day of last season and recently saw manager Alex McLeish quit to join arch-rivals Aston Villa, still in the top flight.
Former Newcastle manager Chris Hughton was appointed as McLeish's replacement at St Andrew's last week.© ANP/AFP