Gold hidden as air compressor parts
Source: Hong Kong Customs and Excise Department
In one of Hong Kong’s largest gold smuggling operations, Hong Kong authorities seized about $10.7 million worth of the precious metal, which had been hidden as machine parts destined for Japan.
According to the government statement On Monday, 146 kilograms of gold were “molded and disguised” as part of two air compressors in the cargo of a plane parked in the city.
Official photos show the gold being shaped into spiral and cylindrical components and hidden with a layer of paint. Scratches on the surface of the part reveal the gold underneath.
Hong Kong Customs discovered the illegal gold when inspecting the machines on March 27, and following follow-up investigations, they arrested a 31-year-old man involved in the case on Wednesday.
The arrested man has been released on bail and investigations are ongoing. Under Hong Kong law, anyone found guilty of smuggling goods can be fined up to US$2 million and jailed for seven years.
a customs officer told local reporters on Monday This is the first case of gold hidden in machine parts.
The official added that the suspected purpose of the smuggling operation was to evade Japan’s approximately 10% import tariff, which would have saved more than $1 million if the operation was successful.
Hong Kong is one of the world’s largest gold trading centers, February arrested Another suspect trying to smuggle gold bars out of town. Customs has made at least one other gold seizure this year.
Both cases involved the smuggling of gold worth more than US$1 million in vehicles bound for Macau.
Precious metal prices hit consecutive record highs in 2024 due to geopolitical uncertainty.of this product spot price U.S. stocks closed at a new high on Monday, closing above $2,340.
About The Author
