SINGAPORE — In a recent turn of events, United Overseas Bank (UOB) has firmly rejected allegations made by Ken Koh, former CEO of the now-defunct Yang Kee Logistics. Koh, whose business folded in May 2022, took to social media to assert that UOB engaged in improper conduct during a property sale that he claims contributed to the loss of around 300 local jobs. He made these allegations public via a statutory declaration dated 25 February 2024.
UOB’s Response
In a statement released on March 28, UOB labelled Koh’s claims as “baseless and defamatory.” The bank expressed that it takes all feedback seriously and is committed to serving its customers with integrity. In a bold move, UOB has warned Koh and indicated they will pursue legal action against those spreading his allegations.
The Allegations
- Koh accused UOB executives of mishandling confidential information.
- The allegations pertain to the sale of properties to logistics real estate company Logos.
- A video posted by The Online Citizen featured Koh detailing the circumstances surrounding his accusations.
The Monetary Authority of Singapore’s Stance
The Monetary Authority of Singapore (MAS) also stepped into the fray, clarifying that it has been in communication with Koh regarding his allegations. MAS acknowledged that it responded to him on 28 February and 17 March, confirming that his claims are under investigation. “Any suggestion that MAS has not responded or is not following up is false,” the regulator stated.
Yang Kee Logistics: A Brief History
Founded in 1990 by Koh’s father, Koh Yang Kee, Yang Kee Logistics once boasted a notable global presence. At its peak, the company operated in over 10 major markets including the US, China, and Australia. The company faced financial hardship, leading to its receivership in 2022, which saw external parties taking control of its assets.
As this situation unfolds, many are keen to see how UOB and the authorities respond, and whether Koh’s claims will substantiate into any formal actions.