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Auction on seized Gucci luxuries fails to find buyers

Auction on seized Gucci luxuries fails to find buyers

Thursday, April 04, 2013, 12:12 GMT+7

Nearly 8,000 luxury products bearing Gucci and Milano labels confiscated by Hanoi authorities are being placed on auction but no businesses seem interested, a city official said Wednesday.

The luxuries were confiscated from a store specializing in selling Gucci and Milano products at 63 Ly Thai To Street, Hoan Kiem District, according to Nguyen Thi Nhu Mai, deputy director of the municipal Department of Industry and Trade.

“There are enough grounds to accuse the two owners of the shop of evading taxes,” said Mai, who is also the head of the capital city’s market watchdog agency.

An independent agency has evaluated the products as being worth some VND29.6 billion, or US$1.42 million, Mai said.

The capital city has decided to auction off the products to contribute to the municipal budget, she said.

“The Department of Justice has opened the auction but no businesses have participated,” she added.

Mai said the store owners have breached regulations in declaring taxes.

“There are abnormal discrepancies between their real revenues and the paid taxes,” she said.

Police looked into the case and found that the owners had emptied all data from their sales before closing the store everyday.

“Police had to inspect their banking transfers and other professional techniques and eventually had them admit their tax evasions,” Mai said.

“While the owners did present receipts for the 8,000 products, it was found later that the receipts were in fact issued for other batches of products rather than those confiscated,” she added.



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