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.
The entities involved were no small players: UOB, Temasek Holdings, GDPS (Guangdong Province Navigation Group, formerly known as Guangdong Provincial Port & Shipping Group Company Limited, a Chinese state-owned enterprise), and LOGOS.
This wasn’t just a small business being pushed around. It was a major enterprise — entangled in a web of high finance, power, and control.
At the heart of the matter is control over more than S$500 million worth of industrial logistics assets, alongside debts and financial instruments totalling over S$250 million.
If proven, these allegations could rank among Singapore’s most significant financial scandals involving a local bank — not just due to the financial sums involved, but because of the alleged threats, regulatory inaction, and abuse of institutional power.
The properties in question include high-value industrial sites at 8 Jurong Pier Road, 71 Tuas South Avenue 1, and 2 Tuas South Link 1 — collectively spanning over 96,000 square metres and valued at more than S$500 million, according to valuation reports filed during negotiations with LOGOS and Chinese state-owned investors.
ACRA filings further reveal that the Yang Kee Group had over S$265 million in registered charges with DBS Bank alone, and an additional US$42 million under convertible bond arrangements with Watiga Trust, which is linked to UOB.
These figures underscore the immense financial entanglements and institutional exposure involved.
According to Koh’s detailed 34-page statutory declaration and accompanying audio recordings, the crisis began as early as 2015, when UOB introduced him to Logos Property Group — a key UOB client.
Despite Koh’s reservations about the unfavourable terms, he claims he was relentlessly pressured by UOB executives, particularly Edmund Leong, a senior UOB executive who frequently handled Koh’s financial matters, into proceeding with the deal.
Koh was especially concerned about retaining UOB’s critical financial support, including a S$130 million mortgage loan central to Yang Kee’s operations.
The allegations took a darker turn as Koh outlined a series of damaging transactions allegedly forced on the company, including convertible bonds with an exorbitant 27% annual interest rate — more than ten times the company’s yearly profit.
Koh claims these terms were imposed under duress, with threats from Leong and other UOB executives to withdraw essential financial facilities if he does not go along with the transactions.
“MAS Will Protect UOB One”: Threats and a Breach of Banking Secrecy
Heightening the gravity of the situation, Koh revealed that confidential acquisition talks between Yang Kee and French logistics giant Geodis were improperly leaked by UOB’s Edmund Leong to facilitate Logos acquisition of the properties in 2020.
This serious breach of the Banking Secrecy Act was allegedly acknowledged by Leong himself in recorded conversations.
In one chilling audio recording, Koh confronts Leong, who brazenly responds:
“So? I have a direct line to Buck Chye. If you do not do what we say, Buck Chye will fix you!”
— referring to Tan Buck Chye, Head of Group Special Asset Management at UOB.
In another disturbing recording, Tay Woon Teck, a senior consultant advising Koh at the time, is captured explicitly threatening him:
“You can leak this thing and embarrass everybody, but I’m going to tell you that you’re damn wrong… It’s not that you will embarrass everybody. You think the Singapore government will allow you to take down a bank? You think the public is behind you?”
“They’ll drag you down, sue you for defamation, sue you for malicious comments. UOB wouldn’t give you a good time… MAS and UOB will make sure they go after you. You’ll regret this. MAS will protect UOB one.”
Koh also notes that UOB served as an advisor in ESR’s acquisition of ARA/LOGOS, providing around US$1 billion in financing during the same time that UOB positioned LOGOS to acquire Yang Kee’s valuable assets since 2020.
When Koh approached DBS Bank, Temasek Holdings, and GDPS for investment into Yang Kee Group, a formal offer was made to buy out UOB and LOGOS.
UOB allegedly sabotaged this offer by issuing a default letter — a move that rendered the company’s loans callable, even though repayments were being made contractually. This tactic, Koh claims, effectively blocked any potential rescue.
When another potential rescue deal emerged with GDPS, Koh says UOB systematically undermined negotiations, pressuring suppliers, customers, and employees to distance themselves from Yang Kee, cutting off all paths to recovery.
Though still publicly listed as a major shareholder via Koh Yang Kee Pte Ltd, ACRA documents confirm the company has been under receivership since May 2022, rendering Koh effectively powerless.
He could no longer block asset sales, negotiate with investors, or influence the company’s strategic direction — further supporting his claim of being cut out of his own business.
In a heartfelt move, Koh recently penned an open letter to the more than 300 former Yang Kee employees, apologising for the events that led to their job losses.
He expressed deep regret and shared details of his statutory declaration, encouraging former staff to raise the issue with their Members of Parliament. Explaining his long silence, Koh wrote:
“I have not spoken up in the last two years, but I’m finally ready to come forward with the true circumstances behind the loss of your jobs and the collapse of Yang Kee Group.”
He further revealed that UOB had threatened to bankrupt both him and his father if he reported the matter to authorities.
Regulatory and Ministerial Silence: A Chilling Echo of the Threats
Despite the seriousness of the allegations and the prominent institutions involved, there has been no response from the Monetary Authority of Singapore (MAS) or any senior government official.
On 14 March 2025, TOC wrote to the Ministry of Finance (MOF) regarding Case ID MAS-2025-02-03267, requesting an update on Koh’s complaint lodged on 28 February.
The follow-up email was also copied to four Cabinet ministers:
- Deputy Prime Minister Gan Kim Yong, who is also MAS Chairman
- Prime Minister Lawrence Wong
- Second Minister for Finance Indranee Rajah
- Acting Minister for Transport Chee Hong Tat, who is also MAS Deputy Chairman
As of 27 March, no reply has been received.
This silence eerily mirrors the threat captured in the leaked audio:
“MAS will protect UOB one.”
The absence of a response raises serious concerns about regulatory accountability and appears to validate Koh’s fear that no action would be taken, no matter how damning the evidence.
UOB Denies Allegations
In response to TOC’s queries regarding Koh’s allegations, a UOB spokesperson stated:
“Upon receiving the complaint, we reached out to Mr Ken Koh on several occasions to request supporting materials. However, he has declined to provide them.”
“The sale of Yang Kee Group’s assets was conducted professionally by court-appointed receivers, in accordance with legal processes. Our internal investigation found the five allegations to be baseless and without merit.”
This rebuttal comes despite Koh having submitted the requested documentation and details of the audio recordings to the bank.
TOC has contacted all involved parties, including UOB, LOGOS, and the individuals named in the allegations, requesting their responses. Most have not replied or provided comment.
What Koh Wants: A Public Inquiry into the Regulators Themselves
In a formal letter dated 10 March 2025, Koh appealed to President Tharman Shanmugaratnam — Singapore’s head of state and former chairman of the Monetary Authority of Singapore — calling for the formation of a Committee of Inquiry (COI) to investigate regulatory lapses and UOB’s alleged misconduct. As of 27 March, Koh has not received a response from the President’s Office.
Koh argued that the allegations — including threats, collusion, obstruction of refinancing, and breaches of banking secrecy — warrant an independent, public investigation rather than a closed-door review.
“These are not just cases of corporate mismanagement,” he wrote.
“They represent a deliberate and coordinated effort to sabotage a Singaporean company, depriving hundreds of employees of their livelihoods.”
In his letter, Koh expressed his willingness to present his statutory declaration, audio recordings, and supporting documentation as evidence.
He also stated that he is prepared to testify under oath before a public inquiry and assist in identifying others who may have experienced similar misconduct.
He emphasised that only a Committee of Inquiry would have the authority to compel all parties to testify under oath, independently scrutinise the actions—or inaction—of the Monetary Authority of Singapore, and begin the process of restoring public trust in Singapore’s financial system.
“Singaporeans deserve to know the truth,” Koh concluded.
“And our institutions must serve the people — not the privileged few.”
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