SINGAPORE: Singapore’s United Overseas Bank (UOB) has rejected allegations raised by the former CEO of Yang Kee Logistics Ken Koh, calling them “baseless and defamatory”.
The Monetary Authority of Singapore (MAS) also issued a statement on Friday (Mar 28) to clarify that the regulator has responded to the matter raised by Mr Koh.
The response comes after The Online Citizen website posted an article and video on Thursday, alleging that UOB acted against the interests of Yang Kee Logistics.
“We have rejected Mr Ken Koh’s allegations as they are baseless and defamatory,” a UOB spokesperson said in response to CNA’s queries.
“The bank had issued a warning letter to Mr Koh and we will be taking appropriate actions against him and any parties who publish these allegations,” the spokesperson said.
UOB earlier said in a Facebook post that it was aware of “certain allegations which have surfaced against us”.
The post added that the bank takes feedback and concerns seriously and that UOB is committed to servicing its customers with integrity and fairness.
In the video posted by The Online Citizen, Mr Koh made several allegations against UOB and the conduct of its executives over the sale of Yang Kee’s properties to logistics real estate company Logos, including the handling of confidential information.
Mr Koh has made a statutory declaration on the events that transpired. The Online Citizen also put up an audio recording of Mr Koh’s conversations with two persons, one of whom is alleged to be a UOB senior executive.
A statutory declaration is a statement that is sworn to be true before a commissioner for oaths. No changes can be made after affirming the declaration unless the commissioner for oaths is present.
Mr Koh also claimed that he had reported UOB’s actions to the authorities, including MAS, and sent them evidence but there has been no response after five weeks.
MAS refuted this in its statement, saying that it responded to Mr Koh on Feb 28 and Mar 17 to inform him that his allegations of improper conduct were 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,” the regulator said.
CNA understands the matter is still being looked into.
Yang Kee Logistics was founded in 1990 by Mr Koh Yang Kee, who is Mr Ken Koh’s father. He started the business with two trucks before introducing warehousing services three years later.
The company expanded to Malaysia in 2003 before opening warehouses and offices in Thailand, Indonesia, Hong Kong and China. It also acquired Axima Logistics in Australia.
However, the company became insolvent and went into receivership in May 2022, meaning that an external party was appointed to take control of Yang Kee’s assets.
The receivers began a sales process in July 2022.
