We show you our most important and recent visitors news details Hong Kong makes largest-ever gold smuggling bust in the following article
Hind Al Soulia - Riyadh - HONG KONG — Hong Kong authorities have made the city's largest ever gold smuggling bust, seizing 146kg of the precious metal disguised as machine parts.
The haul is estimated to be worth more than $10m (£8m) and was intercepted last month on route to Japan.
A 31-year-old man has been arrested and released on bail pending further investigations. Smuggling is a serious offense and carries up to seven years in jail under Hong Kong law.
Customs officials say they made the discovery while examining two air compressors — departing in a cargo shipment to Japan on March 27 — which drew suspicions due to their unusual texture and weight.
An examination ultimately found both were riddled with gold that had been "molded and camouflaged" into parts such as gears, screws, and motor cores, according to a government statement on Monday.
Authorities have suggested a crime syndicate looking to evade taxes in Japan may have been behind the operation.
Hong Kong is one of the world's largest gold trading hubs and prices of the commodity have been rising amid geopolitical uncertainty. — BBC
These were the details of the news Hong Kong makes largest-ever gold smuggling bust for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Saudi Gazette and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.