Auction house caught selling fake coin
Hong Kong Customs yesterday arrested the director of an auction house suspected of selling a fake coins.
Customs had earlier received information alleging that an auction house held an auction of an antique coin with an alleged authentication label applied. The relevant authentication company later certified that the authentication label was fake.
The director, aged 50, has been charged with having applied a false trade description to an auction item, in contravention of the Trade Descriptions Ordinance (TDO). A 59-year-old man who was the auction consignor of the fake coin was also arrested earlier.
The identity of the auction house was not revealed.
A Customs spokesperson said Investigations are ongoing and the arrested persons have been released on bail.
Customs has reminded traders to comply with the requirements of the TDO and consumers to purchase products at reputable shops.
Under the TDO, any person who supplies goods with false trade description, or any trader who applies a false trade description to a service supplied to a consumer commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.