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Compensation? How about $1,000?

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Risk is nearly always entirely with the depositor, says banker

Customers who lost their safe deposit boxes were warned yesterday they may only be able to claim $1,000 in compensation.

'This has never happened before ... it is entirely unprecedented,' said a senior manager at Liu Chong Hing Bank.

'But members of the public should be aware that the conditions contained in most agreements claim that use of the deposit box is almost entirely at the risk of the depositor themselves.'

DBS Bank officials said the bank would 'honour its ultimate responsibilities to affected customers'.

But they now face a lengthy process working with customers to obtain accurate details about the contents of the crushed boxes.

'We are totally in the dark,' said one DBS spokesman. 'The bank does not hold any inventory or list of contents of our customer's safe deposit boxes ... it is confidential information.'

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