Bank Labels Allegations as Unfounded While Authorities Begin Review United Overseas Bank (UOB) has firmly denied recent allegations of misconduct made by the former chief executive of Yang Kee Logistics, dismissing them as both baseless and defamatory in a Facebook statement on March 28. The Monetary Authority of Singapore (MAS) has confirmed that it is
Bank Labels Allegations as Unfounded While Authorities Begin Review
United Overseas Bank (UOB) has firmly denied recent allegations of misconduct made by the former chief executive of Yang Kee Logistics, dismissing them as both baseless and defamatory in a Facebook statement on March 28.
The Monetary Authority of Singapore (MAS) has confirmed that it is currently reviewing the claims put forward by Mr Koh Kien Chon, also known as Ken Koh. Formerly the CEO of the now-defunct Yang Kee Logistics, Mr Koh has alleged improper actions by UOB executives dating back to 2016, particularly concerning a property sale and confidential information breaches.
According to reports, he submitted a statutory declaration on February 25 detailing these concerns. Such a declaration is a legally affirmed statement made before an authorised official, such as a commissioner of oaths.
UOB has responded strongly to these accusations, issuing a warning letter to Mr Koh. “We reject Mr Ken Koh’s claims as groundless and defamatory. A warning has been sent to him, and we will take necessary action against him or any party spreading these allegations,” the bank stated.
The claims gained wider attention after independent news outlet The Online Citizen published an article on March 27 outlining Mr Koh’s allegations, followed by further reports on March 28, which included supporting documents and audio recordings.
In a Facebook video released the same day, Mr Koh stated that the circumstances surrounding the disputed property sale contributed to the collapse of his family’s $500 million business, resulting in 300 local job losses.
MAS, in response, has clarified that it had already acknowledged Mr Koh’s concerns on February 28 and March 17. “The claim that MAS has not responded or is failing to act is untrue. Any allegations of legal or regulatory breaches will be thoroughly investigated,” the regulatory body stated.
Founded in 1990 by Koh Yang Kee, Yang Kee Logistics once operated in over 10 international markets, including the US, China, and Australia, employing more than 1,250 people worldwide. However, in May 2022, both the company and its primary shareholder, the Koh family’s holding firm, were placed under receivership.
