Melted-down coin trade investigated<\/p>\n
TANGERANG (JP): Police are investigating a business which
\nmelted down coins of denominations from Rp 25 to Rp 500 at Gembor
\nvillage in Jatiuwung district here.<\/p>\n
Lt. Col. Pudji Hartanto, chief of the Tangerang police
\nprecinct, said Wednesday police officers had questioned Eeng, the
\n42-year-old owner of metalworks company PT Logam Kencana.<\/p>\n
Preliminary results of the investigation showed Eeng was not
\ndirectly involved in the illegal practice, which was apparently
\norganized by an unidentified Taiwan businessman who rented the
\nfacilities.<\/p>\n
"No other people have thus far been questioned on the
\nbusiness," Pudji said.<\/p>\n
He added that the company's licenses were being checked.<\/p>\n
"The company has not had any coordination with the central
\nbank or state-owned securities and money printing company
\nPeruri."<\/p>\n
Eeng explained the businessman rented his foundry's facilities
\nfor one month at Rp 3 million. "The businessman only said that
\nthe facilities would be used to do metalworks."<\/p>\n
He said he would file a lawsuit against the businessman for
\nviolating the terms of their contract.<\/p>\n
The Korean businessman was believed to have melted about 10
\ntons of the coins per week, of which half had been shipped to
\nSouth Korea.<\/p>\n
An police officer who asked not to be named said that a
\nkilogram of coins -- valued at only Rp 15,000 (about one U.S.
\ndollar) -- sold well in the form of bullion on the international
\nmarket. (41\/ivy)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/melted-down-coin-trade-investigated-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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