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Trading firm, Raycong Industrial (Hong Kong) Limited, was fined a total of $524,511 at the Tsuen Wan Magistracy on September 4 after pleading guilty to three counts of importing and five counts of exporting strategic commodities without a licence.
The goods involved were 29,675 kilograms of Liquid Crystal Polymer valued at $2,962,755.
The court heard that between September 2001 and May 2002, Raycong Industrial had on three occasions imported from Japan and Taiwan a total of 14,200kg of Liquid Crystal Polymer, and on five occasions exported a total of 15,475 kilograms of the same to the Mainland, without an import or export licence.
The goods (non-fluorinated polymeric substance) were classified as Strategic Commodities under category 1C008(b) of (Amendment of schedule 1 & 2) Order 1997 of the Import and Export (Strategic Commodities) Regulations.
A spokesman for the Customs and Excise Department said today (September 9) the department would step up enforcement action to crack down on such malpractices in order to uphold Hong Kong's strategic trade control system.
The maximum penalty for importing or exporting strategic commodities without a licence is a fine of $500,000 and two years' imprisonment on summary conviction, or an unlimited fine and seven years' imprisonment on conviction on indictment.
Ends/Tuesday, September 9, 2003
Issued at HKT 12:50
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