The Monetary Authority of Singapore (MAS) issued a statement saying that it is looking into allegations by former Yang Kee Logistics CEO Koh Kien Chon of improper conduct by United Overseas Bank (UOB).

“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,” MAS said.

This in response to an article by The Online Citizen that alleged that UOB had coerced Koh into selling his family business to a preferred UOB client under threats of bankruptcy and harm to his family.

The article included a statutory declaration that the events had transpired as well as an audio recording of Koh’s conversation with two other people, one of whom was allegedly a UOB senior executive.

A statutory declaration is a legal document in which a person formally declares something to be true before an authorised officer, such as a Commissioner for Oaths or a Notary Public.

In response, UOB posted a statement on their Facebook page, calling these allegations ‘baseless and defamatory’.

“The Bank will be taking appropriate actions against the parties who published these allegations. 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,” UOB said.