Singapore’s United Overseas Bank ( UOB ) has refuted allegations made by former Yang Kee Logistics CEO Ken Koh, calling them “baseless and defamatory.”
The Monetary Authority of Singapore ( MAS ) clarified in a statement on Friday ( Mar 28 ) that the agency had responded to Mr. Koh’s inquiry.  ,
The Online Citizen website posted an article and videos on Thursday, alleging that UOB acted in jeopardy of Yang Kee Logistics ‘ interests.  ,
In a Instagram post, UOB stated,” We are aware of some complaints that have come forward against us.”
” We have refuted these complaints because they are false and defamatory. The lender will take appropriate legal action against the individuals who made these claims,” the post stated.
It added that UOB is committed to providing its clients with dignity and fairness and that it takes input and fears seriously.
Mr. Koh made a number of complaints in the movie that The Online Citizen posted, including one involving the handling of sensitive information against UOB and the conduct of its executives regarding the purchase of Yang Kee’s components to transportation real estate firm Logos.
Mr. Koh has written a legal statement regarding the events that occurred. Additionally, one of Mr. Koh’s meetings with two people, allegedly a UOB top professional, was recorded on audio by The Online Citizen.
A speech that is sworn to be correct before a director for oaths is known as a legal charter. Without the presence of the inspector for vows, no changes can be made after the declaration has been confirmed.
Mr. Koh even asserted that he had provided evidence to the government, including MAS, and that he had reported UOB’s activities, but that no one has responded after five weeks.
MAS refuted this in its speech, saying that it informed Mr. Koh that his allegations of inappropriate do were being looked into on Feb. 28 and Mar. 17.
” Any proposal that MAS has never responded or is not following up is misleading. Any claims of legitimate or regulatory violations will be investigated, the regulator said.
In response to CNA’s inquiries, MAS did not respond to requests for comment.
Mr. Koh Yang Kee, who is Mr. Ken Koh’s parents, founded Yang Kee Logistics in 1990. Before introducing logistics companies three years later, he started the company with two vehicles.
Before opening stores and headquarters in Thailand, Indonesia, Hong Kong, and China, the business expanded to Malaysia in 2003. Additionally, it acquired Axima Logistics in Australia.
But, in May 2022, the business became illiquid and placed in bankruptcy, causing appointment of an outsider to take control of Yang Kee’s property.
In July 2022, the devices started the selling process.