Investigations & InquiriesEx-CEO accuses UOB of coercion, threats, and S$500M corporate raid

Explosive Allegations Surface: Ken Koh Accuses UOB of Breaching Banking Secrecy and Orchestrating a Conspiracy That Cost 300 Singaporeans Their Jobs — Potentially Singapore’s Largest Financial Scandal

In a bombshell revelation backed by audio recordings and extensive documentation, Ken Koh, former CEO of Yang Kee Logistics, alleges that United Overseas Bank (UOB) coerced him into selling his family business to a preferred UOB client under threats of bankruptcy and harm to his family.

When Koh resisted, he claims UOB retaliated by sabotaging the company, resulting in the loss of 300 Singaporean jobs — potentially making this one of Singapore’s largest financial scandals.

Public ACRA records show that Yang Kee Logistics Pte Ltd and its major shareholder, Koh Yang Kee Pte Ltd, were placed under receivership in May 2022 — a legal move that stripped shareholders like Koh of control over the company.

Though still the majority shareholder on paper, Koh lost control in May 2022 when Watiga Trust, acting under a bond agreement, appointed receivers. This private receivership required no court approval and was triggered by an alleged default.

While Yang Kee started as an SME, by 2018 it had grown into a logistics powerhouse managing over half a billion dollars in industrial assets across Singapore, New Zealand, and Asia.

Source: Theonlinecitizen