DEPOSITS IN CLOSED PUB ACCOUNTS

Mr J.B. Jeyaretnam asked the Minister for Trade and Industry if he will state the total amount held by the Public Utilities Board for deposit on accounts which have been closed and where the depositors have not been returned their deposits for some reason or other and what the PUB policy is as regards these deposits which are not claimed by depositors for some period of time.

Dr Tony Tan Keng Yam: When a consumer closes his account, PUB sends him a cheque for the balance of his deposit after offsetting the outstanding charges in his account. If the cheque cannot be delivered at the consumer's usual address, PUB tries to trace him through the National Registration Office.

PUB has on record 2,171 closed accounts for which deposits totalling $154,400 have not been claimed despite efforts to trace consumers through the National Regsitration Office. This represents 0.3% of the total number of accounts.

PUB maintains a record of such unclaimed deposits for six years to check claims by consumers. Deposits which are not claimed within the six-year period revert to the Board as revenue. Under the Limitation Act, PUB has no liability for claims made more than six years after the account was closed.