Looks like Ah Gan is not the wonderful DPM he is cracked up to be....
MAS's Silence and DPM Gan's Failure of Oversight: My Call for Accountability
By Ken Koh
On 28 February 2025, I wrote to Prime Minister Lawrence Wong and Deputy Prime Minister Gan Kim Yong, raising serious concerns about United Overseas Bank’s (UOB) conduct in the Yang Kee bond transaction. Despite the gravity of the allegations, neither has responded to date.
Since then, I have also formally reported my complaint to the Monetary Authority of Singapore (MAS) — the regulator responsible for safeguarding trust and integrity in our financial system. Yet even after six follow-up emails over several months, all I have received is the same holding reply: “We are looking into the matter.”
No request for supporting documents.
No interviews.
No visible progress.
Just silence.
A Pattern of Neglect?
This lack of response from MAS is not an isolated case. It appears part of a broader and deeply worrying pattern of regulatory lapses that have unfolded under the political oversight of DPM Gan Kim Yong — who, as Chairman of MAS, bears ultimate responsibility for the agency’s performance.
We saw a similar failure during the NTUC Income-Allianz saga, where questions were raised early about the structure of a S$2.2 billion deal involving Singapore’s labour movement assets. Despite these red flags, it took months — and intense public pressure — before regulatory action was eventually taken to halt the transaction.
Even then, former NTUC Income CEO Tan Suee Chieh publicly revealed that DPM Gan never responded to his letters raising the initial concerns. Just as I have experienced today, serious issues flagged in good faith were met with official Yes silence.
Why This Matters
MAS is not just another government agency. It is the guardian of Singapore’s financial credibility - both to its own citizens and to the world.
When credible allegations are brushed aside without transparent investigation, it undermines confidence in the entire regulatory framework. It signals to bad actors that influence and silence, rather than accountability, prevail.
It also raises hard questions about the system of ministerial oversight:
• Was DPM Gan aware of the issues that I raised?
• If so, what steps has he taken to ensure they are properly addressed?
• If not, why has there been no public assurance that serious complaints like mine are being handled impartially and rigorously?
Singaporeans deserve answers.
Livelihoods Were Lost — And Silence Continued
This is not a victimless failure. The collapse of Yang Kee and the events surrounding it caused more than 300 Singaporeans and their families to lose their livelihoods.
When regulators fail to act, and when political leaders fail to demand accountability, real people pay the price. Ordinary Singaporeans — not the powerful — bear the consequences of regulatory inertia.
Warnings That Should Have Been Heeded
In audio recordings I have made public, an individual warned me that I would suffer if I reported the matter to MAS, and that the establishment would protect the bank. While I refrained from going public then out of fear for my family and career, it is clear to me today that remaining silent has only allowed misconduct to fester.
Now, even after putting forward formal complaints and evidence — recordings, emails, filings — the response remains the same: “We are looking into it.”
A Call for Leadership — Not Lip Service
Leadership is not about slogans or rally speeches. It is about standing up when things go wrong and demanding accountability, even when it is inconvenient or politically costly.
I call on DPM Gan Kim Yong, as Chairman of MAS, to answer these fundamental questions:
• Why has MAS not properly addressed the allegations, even after multiple formal reports?
• What assurances can he give that complaints against powerful institutions are investigated fairly, without fear or favour?
• How will MAS rebuild public trust that has been eroded by this silence?
Accountability starts at the top.
And unless Singapore’s leaders take these responsibilities seriously, the promise of integrity and transparency in our system will remain just that — a promise, not a reality.
A Final Word
I remain committed to speaking the truth respectfully, without prejudice to any ongoing legal proceedings. I raise these matters not out of malice, but out of a genuine belief that Singapore must stay true to its founding principles:
Rule of law.
Integrity in public service.
Accountability for all — not just the weak, but the strong as well.
Until these principles are defended with action, not just words, our institutions risk losing the public’s trust.
And that would be the real tragedy.
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