UOB rejects allegations of improper conduct made by ex-CEO of former client Yang Kee Logistics

SINGAPORE — UOB has denied allegations of improper conduct made by the former boss of a former client which have surfaced online, calling them baseless and defamatory in a March 28 Facebook post.

The Monetary Authority of Singapore (MAS) said separately that it is looking into the allegations made by Koh Kien Chon, who is also known as Ken Koh.

He used to be the chief executive of Yang Kee Logistics, a client of UOB. The company has since folded.

The allegations made by Koh, who made a statutory declaration on Feb 25 on the matter, relate to improper conduct by UOB's executives dating back to 2016 pertaining to the sale of a property, as well as a breach of confidential information regarding the sale.

A statutory declaration is a statement that is affirmed to be true. It is made before a commissioner of oaths, who may be a lawyer, court interpreter, government official or any individual who is authorised to administer oaths and affirmations.

The bank said in a media statement later in the day that it has issued a warning letter to Koh.

"We have rejected Mr Ken Koh's allegations as they are baseless and defamatory. The bank had issued a warning letter to Koh, and we will be taking appropriate actions against him and any parties who publish these allegations."

The statements come after independent news platform The Online Citizen published an article on March 27 detailing the allegations. It subsequently put out more articles on March 28, along with documents and audio recordings provided to them by Koh.

In a March 28 video uploaded on Facebook by the news platform, Koh claimed that the circumstances of the sale also led to the closure of his $500 million family-owned business and the loss of some 300 local jobs.

MAS also clarified that it had responded to Koh on Feb 28 and March 17, informing him that "the matter he had raised was being looked into".

"Any suggestion that MAS has not responded or is not following up is false. Allegations of any legal or regulatory breach will be looked into," said the regulator.

Yang Kee Logistics was founded in 1990 by Koh's father Koh Yang Kee. At one point, it had a presence in more than 10 major markets including the US, China and Australia, with over 1,250 employees globally.

The company and its major shareholder Koh Yang Kee — the holding company for the Koh family — were placed under receivership in May 2022.

This article was first published in The Straits Times. Permission required for reproduction.