DBS Bank offers explanation for safety deposit box fiasco

PUBLISHED : Friday, 29 October, 2004, 12:00am
UPDATED : Friday, 29 October, 2004, 12:00am

Updated at 6.36pm:
The destruction of 83 safety deposit boxes at DBS Bank Mei Foo branch earlier this month was due to human error and a lack of formalised procedures, the bank said on Friday.


DBS bank in a statement said it had conducted an internal investigation. This revealed that no fraud or foul play had been involved in the incident.


'The investigation showed that both our external service providers and our own staff made mistakes which let our customers down,' bank chief executive officer Randolph Sullivan said.


The bank said 55 customers had reached a settlement over their losses.


Early this month, 83 safety deposit boxes were mistakenly sent to a scrapyard. The incident generated considerable publicity and outraged bank customers.