October 06, 2004

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Locked in the vault

Hong Kong's papers are all covering the biggest story to hit the town since a rogue crocodile: the demolition of 83 safe deposit boxes at a branch of DBS Bank in Mei Foo. The SCMP attempted to reach the contractor renovating the branch, end(ing) with an office staff member refusing to accept calls and hanging up the phone. Now the problems really start. By their nature the contents of those boxes is private. So how will DBS go about compensating the aggrieved box holders? Does it simply take their claims at face value? It's one hell of a mess.

I imagine HK's Inland Revenue Department will be helping the aggrieved box holders with their claims.

Also check out Phil and Chris.

UPDATE: Hemlock (Wed, Oct 6 entry) sees even more sinister undertones:

For decades, Singapore’s proprietor Lee Kwan-yew has plundered his subjects’ wealth by diverting their savings into a provident fund that invests in state-owned losers – sunset industries and cosseted corporations, like Deposit Box Scrapper itself. Could it be that the Lion City is now ransacking the Big Lychee’s private hoards in a desperate attempt to maintain its despotic regime, with its elaborate and costly security apparatus of public speaking permits, chewing gum detection devices and rattan canes? No other explanation makes sense. How despicable.

posted by Simon on 10.06.04 at 09:59 AM in the




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Not so safe deposit boxes
Excerpt: The DBS scandal in Hong Kong continues to grow now that today's newspapers have caught up with my scoop yesterday.
Weblog: Flying Chair
Tracked: October 6, 2004 12:50 PM


Memory and loss
Excerpt: Cable TV is reporting that DBS, the bank that robbed itself, is going to offer a minimum of HK$100,000 compensation for each box holder. Now I think about it, I had a safety deposit box there. Yep, that's right. It had lots of old and hard to value jew...
Weblog: Simon World
Tracked: October 6, 2004 05:51 PM


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