In Singapore Oct 17 thousands of depositors lined up from the early hours of the morning to withdraw their deposits from the Chung Khiaw Bank Ltd.
GV. Queue in front of bank.
MLS. Bank sign with people in front.
SV. Policemen controlling crowd.
CU. Woman depositor - PAN to queue of women.
LV. Queue of male depositors.
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Background: In Singapore Oct 17 thousands of depositors lined up from the early hours of the morning to withdraw their deposits from the Chung Khiaw Bank Ltd.
Police had to be called to control the crowd and prevent incidents. Depositors were asked to line up, and were taken in batches of vie and six and paid out in full.
The rush for withdrawals started late last week following rumours that the bank's Hong Kong branch had suffered losses from insolvent borrowers.
Bank directors denied the rumours, and started the big pay-out. But the scare showed no signs of abatement and depositors in their thousands lined up at the bank's head office and the three branches in Singapore.
Incorporated in Singapore the Bank has 12 branches spread out in Singapore, Malaya, Borneo and Hong Kong, so far unaffected. According to its last statement of accounts, the bank had assets worth M$123 million while it operated some 130, 000 accounts.