BoC to auction 14 seized luxury cars on July 18
The Bureau of Customs (BoC) expects to earn at least P67 million from the sale of 14 seized luxury vehicles at the Port of Subic this month after they were forfeited in favor of the government.
According to Customs Commissioner Napoleon Morales, the date of their auction is July 18 and the BoC is expecting a huge turnout of bidders, particularly since they are brand new and in excellent condition.
"The units were forfeited in favor of the government after investigation revealed that they were grossly undervalued. They were seized by the now defunct Task Force Anti-Smuggling early this year and are actually valued at over R100 million," Morales said.
The Customs chief added that the R67 million is just the floor price for the luxury vehicles and the BoC expects them to fetch a much higher price during the bidding.
The luxury vehicles — Infinity FX45, BMW 750li, Audi a8l, Cadillac Escalade EXT pickup, Escalade SUV, Mercedes Benz sedans, BMW 325i, Nissan Armada, and Corvette Convertible — were seized in two showrooms on Timog Ave., Quezon City and Angeles City, Pampanga.
Based on initial reports, two Koreans allegedly stole the cars from their legitimate importer by forging receipts. They managed to move the vehicles out of the Subic Bay Freeport without paying proper duties and taxes.
Morales clarified that the vehicles were taken out of Customs custody by two Koreans who had a misunderstanding with their Korean financier. Their financier reported the matter to Morales who authorized the operation against the vehicles.
By ANGIE CHUI - Manila Bulletin
According to Customs Commissioner Napoleon Morales, the date of their auction is July 18 and the BoC is expecting a huge turnout of bidders, particularly since they are brand new and in excellent condition.
"The units were forfeited in favor of the government after investigation revealed that they were grossly undervalued. They were seized by the now defunct Task Force Anti-Smuggling early this year and are actually valued at over R100 million," Morales said.
The Customs chief added that the R67 million is just the floor price for the luxury vehicles and the BoC expects them to fetch a much higher price during the bidding.
The luxury vehicles — Infinity FX45, BMW 750li, Audi a8l, Cadillac Escalade EXT pickup, Escalade SUV, Mercedes Benz sedans, BMW 325i, Nissan Armada, and Corvette Convertible — were seized in two showrooms on Timog Ave., Quezon City and Angeles City, Pampanga.
Based on initial reports, two Koreans allegedly stole the cars from their legitimate importer by forging receipts. They managed to move the vehicles out of the Subic Bay Freeport without paying proper duties and taxes.
Morales clarified that the vehicles were taken out of Customs custody by two Koreans who had a misunderstanding with their Korean financier. Their financier reported the matter to Morales who authorized the operation against the vehicles.
By ANGIE CHUI - Manila Bulletin
posted by OlongapoCity Zambales at
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