UOB to Take Legal Action Over «Defamatory» Allegations
Singapore-based UOB is taking legal action against a former logistics firm CEO, an online news portal and editor over what it calls «defamatory» allegations.
UOB will take legal action against Ken Koh, former CEO of Yang Kee Logistics, over what the bank calls «baseless» and «defamatory» allegations, according to a «Business Times» report.
Koh accused the Singapore bank of breaching banking secrecy and coercion to sell his family business under threats of bankruptcy and harm to his family. Koh also claims that UOB retaliated after he resisted by sabotaging the company, resulting in the loss of 300 Singaporean jobs.
Founded in 1990 by Koh’s father, Koh Yang Kee, Yang Kee Logistics had warehouses and offices across Asia but it became insolvent and entered receivership in May 2022.
The Online Citizen
The allegations were published on online news portal The Online Citizen (TOC) and the article was still accessible as of the morning of April 2. UOB also plans to take «appropriate legal action» against TOC and its editor Xu Yuanchen, also known as Terry Xu.
«In response to media queries regarding allegations by Mr Koh Kien Chon (Ken Koh) of improper conduct by United Overseas Bank, the Monetary Authority of Singapore (MAS) would like to clarify that we had responded to Mr. Koh on 28 February and 17 March 2025, that the matter he had raised was being looked into,» the city-state’s regulator said in a statement.
«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.»
