Blood Lust by Alex Josey Read Free Book Online Page A

the Russians were thought to have collected US$2,000 million
from gold sales.
    World output of gold reached its peak in
1970 when a total of 1,639 tonnes were produced. South Africa remains by far
the leader of the gold producers, although its pre-eminent position is being
eroded by Russia which has expanded its output dramatically with the help of a
huge seam at Muruntau in Western Uzbekistan. In 1970, South Africa’s gold
production reached 1,000 tonnes, accounting for 60 per cent of total world
output of 1,639 tonnes.
    For 35 years from 1934, the price of gold
had been fixed at US$35 per ounce. During the next decade, the price of gold
increased nearly ten-fold. In August 1971, dollar interchange-ability halted.
    Since 1666, the world’s most important gold
market has been London. Most of the world’s gold is handled by the London and
Zurich gold markets. Canadian and American gold is absorbed within the
Americas, and Australia’s output is either used at home or sold to Hong Kong or
Singapore.
    In January 1980, the price of gold crashed
through the US$600 per ounce barrier. The Soviet Union was reckoned to have
become about US$18,000 million richer as a consequence. One report said that
although the scale of Soviet gold production and the size of Soviet gold stocks
are closely guarded secrets, the USSR was believed to have reserves of gold
amounting to 3,000 tonnes. The USA’s gold hoard was thought to be more than
8,000 tonnes; in January 1980 it was worth US$190 billion.
    Ngo, the Singapore gold smuggler, was
murdered in 1971. Seven of the nine men responsible for his death, and the
death of his assistants, were hanged in February 1975. By an odd twist of fate,
they were to die more than two years after gold smuggling from Singapore had
ceased to be a lucrative if dangerous illegal occupation. On 14 August 1973,
while the condemned men were still in jail awaiting the verdict of the Court of
Appeal, the Singapore Government, for economic reasons, decreed that henceforth
anyone could freely move gold into and out of Singapore.
    On 8 March 1974, the Singapore police
detained a young foreigner who arrived in a motor boat at Clifford Pier
carrying forty gold bars worth $560,000. He had ten bars stuffed in his shirt.
Another 30 were found in his suitcase. Three policemen stopped him as he
stepped out of the boat. They became suspicious when they saw him walking
awkwardly. They searched him and found the gold. He was led away to the nearest
police station where he was promptly released and the gold returned to him. It
is no longer an offence to bring gold into Singapore—even if it is gold
smuggled out from other countries. Each country must look after its own
smugglers!
    In 1977, a Penang businessman, Pang Piow Kan
alias Boh Piow Kan, was fined $1 million (in default three years jail) for
trying to smuggle 40 one-kilogram bars of gold (valued at nearly $550,000) into
Malaysia. The gold was forfeited. He was caught in a customs ambush near the
Causeway. Somebody had tipped them off. The gold was found hidden under the
floorboards of his Volvo.
    In nearby Indonesia, gold smuggling still
goes on. Customs officials at Jakarta airport in January 1980 seized about 54
kilograms of gold worth SGD$3 million packed in condoms to be smuggled out to
Singapore. Two smugglers were arrested.

The Inquiry
     
    IN SINGAPORE, AS IN OTHER COUNTRIES,
when murder is suspected, a judicial inquiry is held to determine whether the
accused has a case to answer. The inquiry into the death of Ngo Cheng Poh, and
his two employees, took nine days. It was held in the Fourth District Court
before the magistrate, Mr F.G. Remedios. The prosecutor was Mr S. Rajendran,
Senior State Counsel. He argued the police case presented by the Investigating
Officer, Superintendent Chia Quee Kee, assisted by Detective Inspector Oh Chye
Bee. The former Chief State Counsel, Mr Francis T. Seow, now in private
practice, appeared for the two brothers. Mr N.C. Goho