Officials mortified but say it won't hurt long-term reputation
DBS Bank (Hong Kong) has been ordered by authorities to launch a comprehensive investigation into how the safe deposit boxes were removed from the branch under renovation and sent to a scrapyard.
The Singapore-based bank said yesterday an internal investigation was underway to determine who was supervising the renovation work and how the numbered boxes were confused with 863 empty boxes that had been clearly marked.
The Financial Secretary, Henry Tang Ying-yen, yesterday expressed grave concern over the incident, but stressed it was an isolated case that would not affect the city's reputation as an international banking centre. 'We are surprised by the incident regarding DBS Bank,' he said. 'We view it as a serious incident that should not have happened. Unfortunately it did happen.
'We have already asked DBS Bank to investigate this matter as soon as possible and to give us a report.'
Hong Kong Monetary Authority chief Joseph Yam Chi-kong ordered the bank to compensate its affected clients in accordance with guidelines laid down by authorities.
'It is a very serious matter if a bank fails to properly handle the valuables entrusted to them by their customers,' he said.