IN its continuing effort to combat theft in the supply chain, freight insurance specialist TT Club has advocated cutting off the market for stolen goods.
In a statement TT Club said 'receiving stolen property is not just illegal, it provides a market for the criminals, consequently causing lost time, revenue and reputational damage to the rightful owners as well as the transport and storage business that serve them.'
It said that theft of cargo is an ever-present concern within the logistics industry and prevention is in the interest of businesses, law enforcement agencies and the economy as a whole.
TT's managing director, loss prevention, Mike Yarwood, said: 'Earlier this year two containers of BBQ equipment destined for a high street retailer were stolen from a depot in the UK. Two months later the owner of the goods, shopping in another retail store recognized the equipment and, by tracing the serial numbers, was able to identify them as those stolen earlier in the year.'
An ongoing legal wrangle has ensued but as Mr Yarwood explains: 'The moral of the tale is that a relatively ready market for stolen goods is accessible to thieves if unknowing 'receivers' do not take sufficient care to ensure the goods they purchase are legitimate.'
TT Club is promoting the need for more vigilance and is offering preventative advice to procurement managers that covers such means. These include forming strong, ongoing partnerships with trusted suppliers and thoroughly vetting all new suppliers. Implementing a code of conduct, that explicitly forbids unethical and illegal procurement practices, including whistleblower protection, is also essential.
TT Club said it was also important that all incoming goods should be accompanied by documentation such as bills of sale, invoices and shipping records and it was also essential to engage with law enforcement immediately if suspected stolen goods are identified.
'A recent study by the University of Plymouth valued the cost of goods stolen in the UK alone during 2020 at GBP95.7 million (US$120 million). However the cost of the goods fails to take into account many other factors that impact on the businesses involved,' Mr Yarwood said.
'Every theft costs the transporter wasted resource as that particular order was not delivered; survey costs to assess the value of the lost cargo are incurred and, most importantly, reputational damage occurs that may lead to the future loss of business. Moreover, insurance premiums will rise for all participants.'
The wider impact on society at large includes the funding of criminal organizations, which leads to not only further freight crime but other criminal activity. It is thought that the sale of stolen cargo has become one of the primary revenue streams for organized criminal groups around the world.
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In a statement TT Club said 'receiving stolen property is not just illegal, it provides a market for the criminals, consequently causing lost time, revenue and reputational damage to the rightful owners as well as the transport and storage business that serve them.'
It said that theft of cargo is an ever-present concern within the logistics industry and prevention is in the interest of businesses, law enforcement agencies and the economy as a whole.
TT's managing director, loss prevention, Mike Yarwood, said: 'Earlier this year two containers of BBQ equipment destined for a high street retailer were stolen from a depot in the UK. Two months later the owner of the goods, shopping in another retail store recognized the equipment and, by tracing the serial numbers, was able to identify them as those stolen earlier in the year.'
An ongoing legal wrangle has ensued but as Mr Yarwood explains: 'The moral of the tale is that a relatively ready market for stolen goods is accessible to thieves if unknowing 'receivers' do not take sufficient care to ensure the goods they purchase are legitimate.'
TT Club is promoting the need for more vigilance and is offering preventative advice to procurement managers that covers such means. These include forming strong, ongoing partnerships with trusted suppliers and thoroughly vetting all new suppliers. Implementing a code of conduct, that explicitly forbids unethical and illegal procurement practices, including whistleblower protection, is also essential.
TT Club said it was also important that all incoming goods should be accompanied by documentation such as bills of sale, invoices and shipping records and it was also essential to engage with law enforcement immediately if suspected stolen goods are identified.
'A recent study by the University of Plymouth valued the cost of goods stolen in the UK alone during 2020 at GBP95.7 million (US$120 million). However the cost of the goods fails to take into account many other factors that impact on the businesses involved,' Mr Yarwood said.
'Every theft costs the transporter wasted resource as that particular order was not delivered; survey costs to assess the value of the lost cargo are incurred and, most importantly, reputational damage occurs that may lead to the future loss of business. Moreover, insurance premiums will rise for all participants.'
The wider impact on society at large includes the funding of criminal organizations, which leads to not only further freight crime but other criminal activity. It is thought that the sale of stolen cargo has become one of the primary revenue streams for organized criminal groups around the world.
SeaNews Turkey
