Related News
Mexico sells drug lords' jewels, planes at auction
Source: Agencies |
November 10, 2010, Wednesday
|
Online Edition
Online Edition
MEXICO is auctioning off luxury items seized in its war against powerful drug cartels, including drug lords' diamond rings and private planes, and funneling the profits to crime-fighting programs.
President Felipe Calderon's government has been trying to stem a tide of drugs being smuggled into the United States that makes cartels an estimated US$40 billion a year.
After a string of high-profile arrests this year, officials are putting their belongings on the auction block, including a wristwatch valued at about US$300,000, a 12.25-carat diamond and gold ring, and three executive jets.
The sale of cartel leaders' goods represent just a fraction of the 12 million items up for sale in next week's annual auction of confiscated merchandise in Mexico City.
The bulk of the goods, everything from containers of toys to heavy manufacturing equipment, were held at customs for failing to follow import rules, a finance ministry source said.
"Most of the jewels and watches are from organized criminals," the source said on condition of anonymity.
The diamond ring will start bidding at 1.4 million pesos (about US$114,000). Some items are expected to go for 10 times their starting prices, the source said.
Many cartels launder money by buying extravagant goods like Rolex watches and expensive cars with cash, making the purchases hard to trace.
More than 31,000 people have been killed across Mexico since December 2006, when President Felipe Calderon deployed thousands of troops and federal police to take on the powerful traffickers.
Auction profits will be divided between the attorney general's office, the court system and the health ministry.
President Felipe Calderon's government has been trying to stem a tide of drugs being smuggled into the United States that makes cartels an estimated US$40 billion a year.
After a string of high-profile arrests this year, officials are putting their belongings on the auction block, including a wristwatch valued at about US$300,000, a 12.25-carat diamond and gold ring, and three executive jets.
The sale of cartel leaders' goods represent just a fraction of the 12 million items up for sale in next week's annual auction of confiscated merchandise in Mexico City.
The bulk of the goods, everything from containers of toys to heavy manufacturing equipment, were held at customs for failing to follow import rules, a finance ministry source said.
"Most of the jewels and watches are from organized criminals," the source said on condition of anonymity.
The diamond ring will start bidding at 1.4 million pesos (about US$114,000). Some items are expected to go for 10 times their starting prices, the source said.
Many cartels launder money by buying extravagant goods like Rolex watches and expensive cars with cash, making the purchases hard to trace.
More than 31,000 people have been killed across Mexico since December 2006, when President Felipe Calderon deployed thousands of troops and federal police to take on the powerful traffickers.
Auction profits will be divided between the attorney general's office, the court system and the health ministry.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
