UOB denies ‘baseless and defamatory’ claims by ex-Yang Kee CEO

UOB Rejects Allegations, Issues Warning to Ken Koh

Singapore-based bank UOB has rejected allegations by Yang Kee Logistics’ former chief executive officer, Ken Koh, that the bank had acted against the company’s interests and breached legal and regulatory standards.

UOB’s Response

In a statement to the media, UOB said Koh’s claims were “baseless and defamatory”. The bank also issued a warning to Ken Koh, stating that it will take “appropriate actions” against him and any parties who publish these allegations.

Monetary Authority of Singapore’s Clarification

The Monetary Authority of Singapore (MAS) also clarified in a statement that it had earlier responded to the matters raised by Koh in February and March. “Allegations of any legal or regulatory breach will be looked into,” it added.

Background

The allegations were made in an article by The Online Citizen, which published an article, along with a video and audio recordings, alleging that UOB acted against the interests of Yang Kee Logistics in the sale of its properties to real estate company Logos. This included the handling of confidential information.

Koh’s Claims

Koh claimed that he had reported the bank’s actions to the authorities, including MAS, and sent them evidence but received no response after five weeks. He had also signed a statutory declaration affirming that the events transpired were true.

Conclusion

UOB’s rejection of allegations by Ken Koh and its warning to him and any parties who publish these allegations highlight the importance of verifying information and ensuring that claims are not defamatory. The Monetary Authority of Singapore’s clarification on its response to Koh’s allegations also underscores the need for transparency and accountability in the financial sector.

FAQs

Q: What are the allegations made by Ken Koh?

A: Ken Koh, former CEO of Yang Kee Logistics, has made allegations that UOB acted against the company’s interests and breached legal and regulatory standards.

Q: How has UOB responded to these allegations?

A: UOB has rejected the allegations, calling them “baseless and defamatory”. The bank has also issued a warning to Ken Koh and any parties who publish these allegations.

Q: What is the Monetary Authority of Singapore’s stance on these allegations?

A: The Monetary Authority of Singapore (MAS) has clarified that it had earlier responded to the matters raised by Koh in February and March, and that allegations of any legal or regulatory breach will be looked into.

Q: What is the background of Yang Kee Logistics?

A: Yang Kee Logistics was founded in 1990 by Koh’s father, Koh Yang Kee. The logistics services provider had warehouses and offices across Asia, and in 2017 acquired Australian freight management company Axima. It became insolvent and went into receivership in May 2022.