The bank also issues a warning to Ken Koh; says it will take ‘appropriate actions’ against him
[SINGAPORE] 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.
In a statement to the media on Friday (Mar 28), UOB said Koh’s claims were “baseless and defamatory”.
“The bank has issued a warning letter to Mr Koh, and we will be taking appropriate actions against him and any parties who publish these allegations,” it said.
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.
The statements came after The Online Citizen published an article on Thursday, 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 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 signed a statutory declaration affirming that the events transpired were true. Once the declaration is sworn, no changes can be made unless a commissioner for oaths is present.
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.
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