Hong Kong Monetary Authority admits short-changing buyers of shredded banknote paperweights found to be light on cash content
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Hong Kong Monetary Authority admits short-changing buyers of shredded banknote paperweights found to be light on cash content
The paperweights – sold about six years ago – were billed as containing HK$138,000 (US$17,640) in shredded cash, but the authority on Friday admitted the labels were not accurate.
A spokesman explained the paperweights, which were sold at the authority’s information centre, contained pebbles, added to make the products heavier and “enhance their function as paperweights”, but the space for the notes had been reduced.
“The number of shredded banknotes inside each paperweight falls short of the approximate number stated on the paperweight label,” he said.
“The Hong Kong Monetary Authority apologises for any inconvenience caused.”
The authority, the city’s central banking body, said anyone who had bought the paperweights could get a refund if they wanted.
The paperweights went on sale as early as 2017 and were made with about 138 old HK$1,000 banknotes.
The authority boasted tongue-in-cheek on the labels that the paperweights, which sold at HK$100, had a “worth of HK$138,000”.
A check by the Post found that the paperweights were still available on online marketplace platform Carousell at prices from HK$420 to HK$600.
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The Post has contacted the Customs and Excise Department to ask if the financial watchdog had committed a breach of the law through false advertising.
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