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Singapore 3rd Largest Bank UOB to Take Legal Actions for Baseless Allegations Against ex-UOB Business Banking Client, 2nd Generation & CEO of 35-Year-Old Singapore-Based Yang Kee Logistics Ken Koh Kien Chon Who Had Earlier Sent UOB Financial Misconduct Letter to Singapore Central Bank Monetary Authority of Singapore (MAS) for Causing Collapse of Yang Kee Logistics (S$500 Million Business & 300+ Singaporean Jobs Loss), Defrauded of Investments in Yang Kee Logistics, Issued Threats & Unauthorized Disclosure of Confidential Financial Information to 3rd Party, Singapore MAS is Reviewing Matter & Had Responded to Ken Koh Kien Chon (28/2/25 & 17/3/25), Yang Kee Logistics Founded in 1990 by Koh Yang Kee & Hired 1,250 Employees
5th April 2025 | Hong Kong
Singapore 3rd largest bank UOB is taking legal actions for baseless allegations against ex-UOB business banking client, 2nd generation & CEO of 35-year-old Singapore-based Yang Kee Logistics Ken Koh Kien Chon, who had earlier sent a UOB financial misconduct letter to Singapore central bank Monetary Authority of Singapore (MAS) for causing the collapse of Yang Kee Logistics (S$500 million business & 300+ Singaporean jobs loss). The letter alleged UOB defrauded of investments in Yang Kee Logistics, issued threats & unauthorized disclosure of confidential financial information to 3rd party. Singapore MAS is reviewing the matter & had responded to Ken Koh Kien Chon (28/2/25 & 17/3/25). Yang Kee Logistics was founded in 1990 by Koh Yang Kee, and had hired 1,250 employees. UOB (1/4/25): “The Bank shall be commencing legal action against Mr Koh after he failed to retract his baseless allegations and apologise for his defamatory remarks despite our request for him to do so on 26 March 2025. We shall also be taking appropriate legal action against The Online Citizen and its editor, Mr Xu Yuanchen. This is necessary as the allegations are false and defamatory. A Court Judgement was already made in 2023, dismissing Mr Koh’s application to appoint judicial managers over Yang Kee Logistics (Singapore) Pte Ltd (“Yang Kee”). The Judge had stated that “the Receivers have in fact been objective and professional, as well as diligent in their efforts” in evaluating the LOGOs deal. The findings from the Court Judgement were also contrary to Mr Koh’s latest assertions, as Yang Kee had first defaulted on its interest payment obligations to bondholders in 2018, and further defaulted upon maturity of the bonds in 2020.” Monetary Authority of Singapore, MAS (28/3/25): “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. 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.” UOB message on website, with no reference to this issue raised by Ken Koh Kien Chon: “We are aware of certain allegations which have surfaced against us. We have rejected these allegations as they are baseless and defamatory. We take all feedback and concerns seriously, and are committed to serving our customers with integrity and fairness. Maintaining the trust our customers have in us is our highest priority.”
“ Singapore 3rd Largest Bank UOB to Take Legal Actions for Baseless Allegations Against ex-UOB Business Banking Client, 2nd Generation & CEO of 35-Year-Old Singapore-Based Yang Kee Logistics Ken Koh Kien Chon Who Had Earlier Sent UOB Financial Misconduct Letter to Singapore Central Bank Monetary Authority of Singapore (MAS) for Causing Collapse of Yang Kee Logistics (S$500 Million Business & 300+ Singaporean Jobs Loss), Defrauded of Investments in Yang Kee Logistics, Issued Threats & Unauthorized Disclosure of Confidential Financial Information to 3rd Party, Singapore MAS is Reviewing Matter & Had Responded to Ken Koh Kien Chon (28/2/25 & 17/3/25), Yang Kee Logistics Founded in 1990 by Koh Yang Kee & Hired 1,250 Employees “
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Ex-UOB Business Banking Client, 2nd Generation & CEO of 35-Year-Old Singapore-Based Yang Kee Logistics Ken Koh Kien Chon Sent UOB Financial Misconduct Letter to Singapore Central Bank Monetary Authority of Singapore (MAS) for Causing Collapse of Yang Kee Logistics (S$500 Million Business & 300+ Singaporean Jobs Loss), Defrauded of Investments in Yang Kee Logistics, Issued Threats & Unauthorized Disclosure of Confidential Financial Information to 3rd Party, Singapore MAS is Reviewing Matter & Had Responded to Ken Koh Kien Chon (28/2/25 & 17/3/25), Yang Kee Logistics Founded in 1990 by Koh Yang Kee & Hired 1,250 Employees
29th March 2025 – Ex-UOB business banking client, 2nd generation & CEO of 35-year-old Singapore-based Yang Kee Logistics Ken Koh Kien Chon had sent a UOB financial misconduct letter to Singapore central bank Monetary Authority of Singapore (MAS) for causing the collapse of Yang Kee Logistics (S$500 million business & 300+ Singaporean jobs loss). The letter alleged UOB defrauded of investments in Yang Kee Logistics, issued threats & unauthorized disclosure of confidential financial information to 3rd party. Singapore MAS is reviewing the matter & had responded to Ken Koh Kien Chon (28/2/25 & 17/3/25). Yang Kee Logistics was founded in 1990 by Koh Yang Kee, and had hired 1,250 employees. UOB message on website, with no reference to this issue raised by Ken Koh Kien Chon: “We are aware of certain allegations which have surfaced against us. We have rejected these allegations as they are baseless and defamatory. We take all feedback and concerns seriously, and are committed to serving our customers with integrity and fairness. Maintaining the trust our customers have in us is our highest priority.” Monetary Authority of Singapore, MAS (28/3/25): “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. 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.”
Yang Kee Logistics – Established in 1990 and with its headquarters in Singapore, Yang Kee Logistics (“Yang Kee”, together with its subsidiaries, the “Group”) was founded with only a fleet of two trucks as a trucking company, and is today, an end-to-end global supply chain logistics partner with a global presence in 10 countries. As our customers’ needs evolve with times, so have our services and infrastructure. We also invest in many state-of-the-art facilities, taking into consideration the size and complexity of our clients’ logistics needs. Today, with over 2.7 million square feet of logistics facilities globally, we are one of the top logistics and warehousing companies in Singapore. Yang Kee provides services such as international freight forwarding, warehouse management, dangerous goods storage, as well as trucking and distribution and specialised project logistics for our customers. Steering our company is a global team of over 800 Yang Kee network and employees, equipped with in-depth expertise and experience in a wide range of industries, including the chemical, consumer and retail, oil & gas, industrial, food and healthcare logistics industries.
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