MAS looking into improper conduct allegations against UOB made by ex-CEO of logistics firm

UOB says allegations by ex-Yang Kee Logistics CEO ‘baseless & defamatory’, MAS says it responded to him

The Monetary Authority of Singapore (MAS) is looking into allegations of improper conduct that have surfaced online, it said in a media release on Friday (28 March).

The allegations were made against United Overseas Bank (UOB) by Mr Ken Koh, the former Chief Executive Officer (CEO) of Yang Kee Logistics, which was a client of the bank’s.

Source: Yang Kee Logistics on Facebook

Ex-Yang Kee CEO alleges improper conduct by UOB executives

Mr Koh’s allegations were carried in an article and video posted by The Online Citizen (TOC) on Thursday (27 March).

TOC also uploaded documents and audio recordings provided by him.

Mr Koh alleged improper conduct by UOB executives regarding the sale of Yang Kee’s properties to logistics real estate company Logos, as well as the alleged breach of confidential information over the sale.

He reportedly filed a statutory declaration containing these allegations on 25 Feb.

In it, he also claimed that the matter led to the shuttering of the business founded by his father, with about 300 Singapore employees losing their jobs.

Yang Kee became insolvent and went into receivership in May 2022, with a sale process beginning in July 2022, according to a judgement in February 2023.

Source: Yang Kee Logistics on Facebook

UOB will take ‘appropriate actions’ against those who published the allegations

UOB responded to Mr Koh’s allegations in a Facebook post on Friday (28 March), rejecting them as they are “baseless and defamatory”.

The bank said it would be taking “appropriate actions” against parties who published the allegations.

UOB added that all feedback and concerns would be taken seriously, committing to serving its customers with “integrity and fairness”, stating:

Maintaining the trust our customers have in us is our highest priority.

MAS refutes claim that it did not respond to allegations against UOB

Mr Koh had also said that he reported the matter and sent evidence to the authorities, including MAS.

But he claimed he did not receive a response after five weeks.

Refuting this, MAS said it had responded to him on 28 Feb and 17 March.

Source: Google Maps

It told him that the matter he had raised was being looked into, it added, stating:

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, MAS also said.

Also read: S’pore Man’s UOB Account Gets Frozen Without Notice, He Only Finds Out After Transactions Failed

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Featured image adapted from Google Maps and MS News.