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DBS Bank yesterday apologised for the destruction of 83 safe deposit boxes and their precious contents and unveiled a $12.45 million compensation package for victims of the embarrassing bungle.

But some outraged clients immediately rejected the offer from Singapore-owned DBS Bank (Hong Kong), saying the sums on offer were not enough to compensate for the loss of their valuables and the trauma of the incident.

The bank said every affected customer would be offered $50,000 up front, with an extra $100,000 for those who accepted a fast-track settlement. The other option was to declare the contents and work with staff on a 'case-by-case basis'.

The bank was yesterday ordered to carry out a thorough investigation into the destruction of rented safe deposit boxes from its Mei Foo branch on Saturday.

The Hong Kong Monetary Authority, Financial Secretary Henry Tang Ying-yen and banking sector representatives expressed deep concern over the blunder, which DBS blamed on human error.

The shoe-carton-sized boxes were crushed by an industrial compressor after they were mistakenly removed along with 837 empty boxes earmarked for scrapping during renovations to the branch.

DBS Bank (HK) chairman Frank Wong Kwong-shing  said yesterday that 36 of the boxes had been recovered and some items, including certificates, passports, documents and jewellery, had been salvaged. 'We recognise that there may be items of sentimental value that cannot be measured in monetary terms,' Mr Wong said.

'The compensation package we have worked out is to address in a simple and speedy manner the loss and inconvenience our customers have suffered as a result of this regrettable accident.

'We think the offer is reasonable. This should never have happened.'

He said the bank would accept oaths taken by clients stating what they kept inside their boxes. They would also give free legal advice and offer assistance to help replace lost documents.



Bank offers $12m over safe-box blunder