Singapore’s logistics sector has long been supported by homegrown enterprises like Yang Kee Logistics (YKL), once a robust employer of over 300 Singaporeans and an important player in the national economy. Yet recent events have cast a shadow over YKL, centring on troubling concerns and broader questions about financial oversight.
Reaching out to the Prime Minister, President and Deputy Prime Minister
On 28 February 2025, Ken Koh reached out to Prime Minister Lawrence Wong and Deputy Prime Minister Gan Kim Yong to express serious allegations and concerns about UOB’s handling of a bond transaction involving Yang Kee. Despite the significance of these concerns, Ken has yet to receive any direct response from either leader.
On March 10, Ken Koh reached out to Tharman as well.
Ken Koh: “This is a breach of the Banking Secrecy Act”
Edmund Leong: “Yes, so?“
6 Follow-up emails to MAS
In addition, Ken formally escalated his concerns to the Monetary Authority of Singapore (MAS), the central authority tasked with ensuring trust and integrity in Singapore’s financial system. After six follow-up emails spanning several months, the only response he has received has been a repeated, general statement: “We are looking into the matter.” According to Ken, there have been no requests for supporting materials, no follow-up interviews, and no visible signs of investigative progress — despite his provision of evidence such as recordings, emails, and formal submissions.
This apparent lack of engagement is raising broader concerns.
Similar concerns arose during the NTUC Income-Allianz case, where early warnings were raised over the structure of a S$2.2 billion transaction involving union assets. Even though red flags emerged early, it reportedly took months of public scrutiny before regulatory measures were enacted to pause the deal. Former NTUC Income CEO Tan Suee Chieh has publicly stated that his letters to DPM Gan about the matter went unanswered — echoing Ken’s experience today, where serious concerns have met prolonged official silence.
Why This Is Important
MAS holds a critical role: it safeguards Singapore’s financial reputation both domestically and internationally. When credible complaints appear to be disregarded or stalled without transparent follow-through, it risks weakening confidence in Singapore’s regulatory framework. Such a situation could inadvertently signal to bad actors that influence or inaction holds more weight than accountability.
What Singaporeans Deserve
When regulatory systems fall short and leadership does not demand accountability, it is ordinary citizens, not the powerful, who often suffer the consequences. Singaporeans deserve clear answers:
- Why has MAS not addressed these allegations more thoroughly, despite multiple formal submissions?
- How can the public be assured that complaints involving influential institutions are handled impartially?
- What steps will MAS take to restore public trust following its handling of both the NTUC Allianz matter and the Yang Kee situation?
Real accountability starts with leadership. Without serious attention at the highest levels, the principles of transparency and integrity risk being seen as mere words rather than lived values.