Fri Sep 20 06:56:00 UTC 2024: ## Hong Kong Customs Seizes Record-Breaking HK$10 Million Worth of Platinum in Smuggling Bust
**Hong Kong, September 20, 2024** – Hong Kong Customs has announced the seizure of HK$10 million (42.5 million baht) worth of platinum, the largest such seizure in two decades, from a truck bound for Shenzhen. The platinum was cleverly concealed within a battery box, disguised as ordinary cargo.
The truck, which was declared empty, was stopped at the Man Kam To control point on September 13th for inspection. Customs officers became suspicious of a battery box in the truck’s undercarriage, which was unusually secured with plastic and iron locks. Upon opening the box, officers discovered eight slabs of platinum hidden between two batteries.
“We confiscated 41 kilograms of platinum, which is our biggest platinum seizure on record,” stated Inspector Woo Suet-yi of the customs syndicate crimes investigation bureau. The previous largest seizure was 30kg in 2013.
The driver of the truck, a 48-year-old man, was arrested on suspicion of attempting to export unmanifested goods, an offense carrying a maximum sentence of seven years imprisonment and a HK$2 million fine. He has since been released on bail pending further investigation.
The surge in the price of precious metals, particularly platinum, in recent months has led authorities to suspect that the smuggling operation aimed to capitalize on investment demand in mainland China. However, customs officials are also investigating whether the platinum was linked to money-laundering activities, given the lack of tariffs and import restrictions on platinum in China.
This incident comes on the heels of three recent seizures of gold disguised as machine parts, totaling over HK$104 million, that were intercepted en route to Japan in April, July, and August.
The investigation is ongoing, and further arrests are not ruled out. Customs officials are determined to thwart illicit smuggling activities and protect Hong Kong’s economic interests.
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