UOB to Pursue Legal Action Against Former Yang Kee Logistics CEO and The Online Citizen for Defamation
In a significant legal move, United Overseas Bank (UOB) has announced its intention to take legal action against Ken Koh, the former CEO of Yang Kee Logistics, following his failure to retract and apologize for what the bank describes as “baseless” and “defamatory” allegations. The bank’s spokesperson confirmed on April 1, 2025, that it would also seek appropriate legal recourse against The Online Citizen (TOC) and its editor, Xu Yuanchen, commonly known as Terry Xu.
The controversy stems from a TOC article published on March 27, which included video and audio evidence alleging that UOB acted against the interests of Yang Kee Logistics during the sale of its properties to the real estate firm Logos. The report further accused the bank of mishandling sensitive information related to the transaction.
As of Tuesday evening, the contentious article remained available on TOC’s website, despite UOB’s prior warning letter to Koh issued on March 28, which addressed his claims. The Monetary Authority of Singapore had previously responded to the issues raised by Koh in February and March, indicating that the regulatory body was aware of the situation.
Yang Kee Logistics, established in 1990 by Koh’s father, Koh Yang Kee, was a prominent logistics provider with operations across Asia. However, the company faced financial difficulties and entered receivership in May 2022.
In the wake of these developments, UOB’s stock experienced a slight decline, closing down 1 percent at S$37.71 on the same day.
This legal action underscores the ongoing tensions between UOB and the former logistics executive, as well as the implications of public statements made by individuals and media outlets in the financial sector. The outcome of this case could have significant ramifications for both parties involved, as well as for the broader discourse surrounding corporate governance and accountability in Singapore’s banking industry.
As the situation unfolds, stakeholders will be closely monitoring the developments, particularly in light of the increasing scrutiny on financial institutions and their practices in the region.