Auction of seized items in Taipei nets NT$10 million

By Rich Chang  /  Staff reporter

Wed, Dec 12, 2012 - Page 4

The Taipei District Prosecutors’ Office yesterday auctioned 19 items seized by police, including luxury bags, which sold for a total of more than NT$10 million (US$344,000).

Office spokesman Huang Mou-hsin (黃謀信) said the auction attracted more people than expected.

The office estimated the value of the 19 lots at about NT$3.8 million, but the final sale yielded almost three times that amount.

Among the 19 items auctioned were 16 Hermes products seized on Aug. 10 last year from the residence of Chin Hsiang-yu (秦庠鈺), who is under investigation for allegedly defrauding people through illegal investment projects, in which she earned about NT$4.2 billion.

One of the Hermes Birkin bags commanded the highest price in the auction, selling for NT$1.9 million, while another sold for NT$1.89 million.

Three cars from suspected drug dealers sold for a total of NT$1.13 million.

Huang said that money made form the sale would be kept in the national coffers until the investigations have closed and the final sentences have been rendered. The money will then be used to compensate crime victims.

He said the decision to auction the products while some of the investigations are still ongoing was to ensure better prices, as the items are new, but their value would drop if they had waited until the final rulings were made.