Yeung, the club's majority shareholder, was found guilty on five counts of money laundering by a court in Hong Kong yesterday.
He was arrested and charged in 2011 having bought Birmingham two years earlier, and had denied laundering 720m Hong Kong dollars (£55.4m) through his accounts between 2001 and 2007. He will be sentenced on Friday and may face a lengthy prison term. Yeung last month resigned from the boards of the football club, Birmingham City plc and Birmingham International Holdings Limited (BIHL), the club's parent company.
In an official statement on the club's website, Pannu said: "I regret to inform all supporters and staff of our beloved club that Birmingham City FC's former president and benefactor, Carson Yeung, was today convicted of all charges he faced following a protracted period of legal proceedings.
"I'd like to reassure all supporters and staff that today's verdict will have no impact on the day-to-day operations at the football club. Birmingham International Holdings Limited, the holding company, shall continue to support the football club under the leadership of the group's new chairman, Mr Cheung Shing."
The Football League responded by saying that, since Yeung was not on any of the club's boards, they "are satisfied that it complies with its requirements regarding ownership".