Ctg Custom auctions Tk16cr Mercedes for Tk4.5cr; Land Cruiser for Tk2.13 crore

The Chattogram Custom House today (18 September) auctioned a 2022 Mercedes-Benz car, worth Tk16 crore, at one-fourth of its price at an e-auction after the luxury vehicle failed to attract any higher bidder.

The luxury car fetched the highest bid of Tk4.01 crore from Jamuna Ship Breakers at the auction, Chattogram Customs Deputy Commissioner Selim Reza told The Business Standard.

Another luxury car, a 2021 Toyota Land Cruiser, with a market price of Tk5.17 crore, was sold at Tk2.13 crore. Harry Fashion Ltd bought the card with the highest bid beating another 11 bidders.

A total of 46 lots of goods, including the said two luxury cars, were up for sale in the e-auction managed by KM Corporation, a private firm specialising in public auctions.

The other goods include, apparel, security tags, tiles, juices, engine oil, ceramic vases, and more, said Selim Reza.

Many of the items in this year's auction have been put up for sale multiple times in the past without success, Reza told The Business Standard earlier this month.

Imported goods not released by the importers at the port for a variety of reasons, are auctioned by the custom house.

Besides, customs authorities may suspend the release of some goods due to issues such as smuggling, forgery, the importation of other items under false declarations, or customs evasion.

According to the Ctg Custom House data, an item is sold when bids fetch 60% of the base price. If the 60% bid is not received, it is re-auctioned.

However, if the customs authorities want, they can approve the sale of goods even if the desired price is not raised according to the type of goods.

According to the regulations, a notice is issued to allow the release of these products within 30 days. If the importers fail to retrieve their goods within this timeframe, the customs house authorities will proceed to auction them off.