Hong Kong Customs announced on Monday ( Apr 8 ) that it had seized 146kg of the priceless metal at the city’s international airport in what was thought to be air compressor parts, making it the biggest gold smuggling bust ever.
The seized gold was intercepted past quarter in two air compressors that were flown from Hong Kong to Japan, and is thought to be worth HK$ 84 million ( US$ 10.7 million ), according to the customs department at a press conference. It was reportedly made of metal and moulded into engine components, bolts, and wheels.
According to Lau Yuk-lung, the acting chief of the customs ‘ syndicate crimes bureau,” this is the largest metal smuggling event in our Hong Kong customs record.”
As investors look for asset protection from political uncertainties and inflation, prices have recently increased in Hong Kong, one of the largest golden trade centers in the world.
Prior to the introduction of smuggled gold in Hong Kong, property checkpoints along the boundary between Hong Kong and mainland China could be used to inspect cross-border trucks and make truck drivers arrested and found with the discovery of gold tiles.
Lau claimed that the gang “racked their brains” in this most recent case by using the air compressors ‘ area and construction to conceal the silver.
But the appearance and the incredible weight of the turbines roused the concerns of the customs agency’s inspectors, Lau said.
” Our analysis showed that the gang tried to bring the metal in order to evade levies in Japan, which, if successful, may be equivalent to about HK$ 8.4 million”, Lau added.
According to Lau, a 31-year-old gentleman who was allegedly a firm director was detained and released on bail, adding that additional arrests may be made.
Under Hong Kong law, trafficking can result in a maximum excellent of HK$$ 2 million and up to seven years in jail.