Record Platinum Seizure in Hong Kong
September 22, 24(IDEX Online) - Customs officers in Hong Kong made their biggest ever seizure of smuggled platinum - 41kgs with an estimated market value of about HK$10m (US$1.3m)
The stash was concealed in the battery compartment of a goods vehicle leaving the special administrative region at the Man Kam To Control Point and destined for Shenzhen, in Guangdong Province, Mainland China.
Hong Kong Customs say they seized eight platinum slabs (on 13 September) and arrested the 48-year-old male driver.
"This is the largest platinum-smuggling case detected by Customs on record in terms of the seizure weight and value," they said in a press release.
The platinum could be linked to money laundering, say Customs, because there are no tariffs, import restrictions or price differences between China and Hong Kong.
The largest platinum seizure before this was 30kg in 2013. Platinum currently trades at around $976 per ounce.
Smuggling carries a maximum fine of HK$2m (US$256,000) and seven years in prison.
Pic courtesy Hong Kong Customs.