Singapore legislation
Clause 38
Clause 38
Recovery of compensation paid in excess or wrongly paid
(1)
If —
any compensation paid to, or for the benefit of, an insured depositor out of the Fund is in excess of what ought to have been paid to the insured depositor under this Act; or (b)any compensation is wrongly paid to any person, the Agency may recover the amount paid in excess or wrongly paid from the person who received the compensation paid out by the Agency in such manner and within such period as may be specified by the Agency to that person.
(2)
Without prejudice to any other remedy, any amount paid in excess or wrongly paid to any person shall be recoverable as a debt due to the Agency by that person.
(3)
Upon the recovery of any amount paid in excess or wrongly paid from any person under this section, the Agency shall pay such amount into the Fund.