The bank says Ken Koh failed to retract and apologise for the allegations he made
[SINGAPORE] UOB will initiate legal proceedings against Ken Koh, the former chief executive of Yang Kee Logistics, after he failed to retract and apologise for “baseless” and “defamatory” allegations.
The bank will also pursue “appropriate legal action” against online news portal The Online Citizen (TOC) and its editor Xu Yuanchen – better known as Terry Xu – a UOB spokesperson said on Tuesday (Apr 1).
TOC published an article on Mar 27, accompanied by video and audio recordings, alleging that UOB acted against Yang Kee Logistics’ interests during the sale of its properties to real estate firm Logos. The report also accused the bank of mishandling confidential information.
As at Tuesday evening, the article was still accessible on TOC’s site.
Before Tuesday’s announcement, UOB had issued a warning letter to Koh on Mar 28 over his “baseless and defamatory” claims.
On the same day, the Monetary Authority of Singapore said it had earlier responded to the matters raised by Koh in February and March.
Yang Kee Logistics was founded in 1990 by Koh’s father, Koh Yang Kee. The logistics provider had warehouses and offices across Asia. It became insolvent and entered receivership in May 2022.
Shares of UOB closed 1 per cent or S$0.38 lower at S$37.71 on Tuesday.
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