Mastermind nabbed in HK$59m heist as police recover all gold

Hong Kong police have arrested the suspected mastermind behind a dramatic gold robbery in Hung Hom, recovering all 65 kilograms of stolen gold worth nearly HK$59 million (US$7.6 million).

The robbery took place in the early morning of September 17, when a group of 17 broke into a gold and jewelry processing workshop in Fu Hang Industrial Building on Hok Yuen Street East.

The robbers forced three employees to stay in a room and made off with around 65kg of gold and HK$30,000 in cash.

After a territory-wide operation, Hong Kong police arrested 12 men and 1 women, aged between 29 and 60, on September 17 and 18. Some of the suspects are believed to have triad backgrounds. Four suspects remain at large.

Investigators say the plot may have stemmed from a business feud. The alleged ringleader, a 37-year-old businessman surnamed Xu, is the husband of one of the previously arrested suspect and a former partner of the workshop owner.

Xu allegedly became embittered after his ex-partner launched a new company with another investor, and he accused the owner of misusing funds. Xu is suspected of enlisting triad members to stage the robbery.

The case remains under investigation.