Hong Kong Customs detects dangerous drug case and seizes suspected drugs worth about $51.4 million
Hong Kong Customs detected a dangerous drug case on July 16, and seized about 131 kilograms of suspected ketamine, with an estimated market value of about $51.4 million. Three persons suspected to be connected with the case were arrested.
Through intelligence exchange with Mainland anti-smuggling counterparts and risk assessment, Customs on July 14 inspected an air cargo consignment, declared as carrying rock sugar and arriving in Hong Kong from Germany, at Hong Kong International Airport. Upon inspection, Customs officers found about 131kg of suspected ketamine inside 17 plastic buckets and arrested a 58-year-old local male who came to collect the consignment. Upon follow-up investigations, Customs officers conducted a controlled delivery operation and further arrested two 24-year-old Bangladeshi males in Pat Heung, Yuen long, on July 16.
The arrested local male has been released on bail pending further investigation; while the two arrested Bangladeshi males have been jointly charged with one count of attempting to traffic in a dangerous drug. The case will be brought up at the Tuen Mun Magistrates' Courts on July 20.
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs detected a dangerous drug case on July 16, and seized about 131 kilograms of suspected ketamine, with an estimated market value of about $51.4 million. Three persons suspected to be connected with the case were arrested. Photo shows some of the suspected ketamine seized. Source: HKSAR Government Press Releases
Hong Kong Customs detected a dangerous drug case on July 16, and seized about 131 kilograms of suspected ketamine, with an estimated market value of about $51.4 million. Three persons suspected to be connected with the case were arrested. Photo shows 17 plastic buckets (two front rows) with suspected ketamine concealed inside. Source: HKSAR Government Press Releases
SFST signs MOU on gold market co-operation with Ministry of Finance of Laos
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his visit to Vientiane, Laos, today (July 20) and signed a Memorandum of Understanding (MOU) with the Ministry of Finance of Laos on fosteringco-operation ingold market and financial services between the two places.
The MOU was signed by the Deputy Prime Minister and Minister of Finance of Laos, Mr Santiphab Phomvihane, and Mr Hui on behalf of the Ministry of Finance of Laos and the Financial Services and the Treasury Bureau. Aiming to strengthen bilateral co-operation in gold market and financial services industry development, the MOU outlines clear areas of collaboration, including promoting physical gold flows by facilitating access for qualified Lao gold owners to Hong Kong's accredited refining network, encouraging the wider use of refined gold bars meeting international standards for trading and delivery in Hong Kong, and fostering talent development and fintech collaboration including tokenisation solutions.
At the same ceremony, Mr Hui also witnessed the signing of another MOU in relation to gold market development between Lao Bullion Bank (LBB) andMKS PAMP, arenowned precious metals trader and refiner which has set up its third regional headquarters in Hong Kong.
Mr Hui said, "Earlier this month, Hong Kong's new central gold clearing and settlement system commenced trial operation, and we have announced a comprehensive package of targeted initiatives to support our gold market development. These steps closely align with our country's 15th Five-Year Plan and will support Hong Kong in building and enhancing our commodity trading ecosystem. Our MOU with the Lao Ministry of Finance on fostering gold market co-operation perfectly complements these developments. It represents our shared commitment to strengthen communication and knowledge exchange in financial services, with a particular focus on gold market development. Through this partnership, we will work together to realise a seamless, efficient, and trusted gold corridor that benefits producers, refiners, traders, and investors in both economies."
He also highlighted that today's signing of MOUs with Laos at both the government and stakeholder levels showcased Hong Kong's determination to build a comprehensive and internationally competitive gold trading ecosystem that can well serve the Asian time zone. By combining Laos' natural gold endowment with Hong Kong's world-class infrastructure, expertise, and international connectivity, the two places can transform resources into investable, transparent assets that drive sustainable economic growth for both markets.
Before the signing ceremony, Mr Hui had a meeting with Mr Phomvihane. He noted that amid an increasingly uncertain global economic landscape, Hong Kong is deeply committed to maintaining close ties and deepening co-operation with Belt and Road partners, including Laos. By opening up new frontiers of collaboration as in gold market development, Hong Kong will continue to demonstrate its unique role as both a "super connector" and a "super value-adder" to achieve mutual benefits and win-win outcomes. He also expressed his gratitude to the Lao government delegation for having constructive and fruitful negotiations with Hong Kong on a Comprehensive Avoidance of Double Taxation Agreement (CDTA). He looks forward to the early signing of the CDTA with Laos so as to bring greater tax certainty to the business communities of both places in pursuing cross-border economic activities.
While attending a lunch hosted by Mr Phomvihane, Mr Hui met with the President of the Lao Chinese Chamber of Commerce, Mr Yao Bin, and shared with him Hong Kong's latest financial developments and the opportunities they present.
In the afternoon, Mr Hui had a meeting with the Minister of Industry and Commerce of Laos, Mr Malaithong Kommasith, whom he previously met during his 2023 visit to Laos. Noting that there has been exciting progress in financial co-operation, Mr Hui welcomed Lao companies to leverage Hong Kong's role as a major capital formation centre to raise fund, and Lao banks to utilise Hong Kong for Renminbi (RMB) trade settlement and other RMB-related financial transactions, thus facilitating Laos' trade with the Chinese Mainland.
To get a better grasp of Laos' precious metals ecosystem, Mr Hui visited the LBB and the Laos-International Precious Metals Refinery (LIPMER). At the LBB, he toured its vault infrastructure and was introduced to its gold-related financial services. At the LIPMER, Mr Hui was given a tour of the refinery's gold refining facilities which apply advanced technologies and modern refining processes.
He said that by strengthening infrastructure, enhancing cross-border connectivity, and delivering policy support across the entire industry chain, Hong Kong is exceptionally well positioned to develop into a leading global hub for gold trading, clearing and vaulting.
Before concluding his visit to Laos, Mr Hui attended a dinner hosted by the Chief Executive Officer of the LBB and the Chairman and Founder of the PTL Holding, Mr Chanthone Sitthixay. The PTL Holding is the investment holding company which collaborated with the Lao Government to set up the LBB and the LIPMER.
During the day, Mr Hui paid a courtesy call on the Minister Counsellor of the Chinese Embassy in Laos, Mr Wang Chang, and exchanged views with him on further opportunities for financial co-operation between Hong Kong and Laos.
Mr Hui will proceed to Kuala Lumpur, Malaysia, tomorrow (July 21).
SFST signs MOU on gold market co-operation with Ministry of Finance of Laos Source: HKSAR Government Press Releases
SFST signs MOU on gold market co-operation with Ministry of Finance of Laos Source: HKSAR Government Press Releases
SFST signs MOU on gold market co-operation with Ministry of Finance of Laos Source: HKSAR Government Press Releases
SFST signs MOU on gold market co-operation with Ministry of Finance of Laos Source: HKSAR Government Press Releases
SFST signs MOU on gold market co-operation with Ministry of Finance of Laos Source: HKSAR Government Press Releases
SFST signs MOU on gold market co-operation with Ministry of Finance of Laos Source: HKSAR Government Press Releases
