United Overseas Bank (UOB) dismisses accusations of misconduct by its executives, claiming they are baseless and defamatory. The allegations, made by former Yang Kee Logistics CEO Ken Koh, center around a property sale and potential breach of confidential information. The Monetary Authority of Singapore (MAS) confirms it is investigating the matter.
UOB has refuted allegations of improper conduct levied against its executives by Ken Koh, the former chief executive of Yang Kee Logistics , a former client of the bank. Koh made these allegations in a statutory declaration on February 25th, claiming misconduct by UOB executives dating back to 2016 concerning the sale of a property and a breach of confidential information related to the transaction.
UOB insists the allegations are baseless and defamatory, stating that they have issued a warning letter to Koh and will pursue appropriate legal action against him and anyone spreading these claims.Following The Online Citizen, an independent news platform, publishing an article detailing Koh's allegations on March 27th, the news platform released further articles on March 28th, presenting documents and audio recordings provided by Koh. In a Facebook video uploaded by The Online Citizen on March 28th, Koh asserts that the circumstances surrounding the sale contributed to the closure of his $500 million family business, resulting in the loss of approximately 300 local jobs.The Monetary Authority of Singapore (MAS) stated that it is investigating the allegations made by Koh. MAS clarified that they have been in communication with Koh on February 28th and March 17th, assuring him that the matter is under review. The regulator emphasizes that any suggestion of inaction or lack of follow-up is untrue and reiterates their commitment to thoroughly examining allegations of legal or regulatory breaches. Yang Kee Logistics, founded by Koh's father in 1990, once operated in over 10 major markets, employing over 1,250 people globally. The company, along with its major shareholder Koh Yang Kee, the holding company for the Koh family, was placed under receivership in May 2022
UOB Allegations Conduct Yang Kee Logistics MAS Statutory Declaration Property Sale
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