David Yong charged with falsification of accounts
Singaporean businessman David Yong has been charged with falsification of accounts in relation to a promissory note arrangement involving Evergreen Group Holdings.
The 37-year-old chief executive of Evergreen Group Holdings, whose full name is Yong Khung Lin, was arrested on Aug 1 and charged on Aug 3.
He is accused of having the intention to defraud by abetting Jolene Low Mong Han to falsify papers belonging to Evergreen GH, formerly known as Evergreen Assets Management.
Evergreen GH is one of the entities under Evergreen Group Holdings.
A court document states that on or about Dec 16, 2021, Yong allegedly instigated Jolene to falsify a tax invoice dated Sept 1, 2021 from Evergreen Assets Management for purported bulk sales of household fittings and appliances to a person named Roy Teo.
If convicted, Yong could be fined, or jailed for up to 10 years, or both, under Section 477A of the Penal Code.
The Accounting and Corporate Regulatory Authority (Acra) record showed Yong as the sole shareholder of Evergreen GH, which was incorporated in 2018. He ceased to be a director of the firm in December 2023.
On Jan 27, 2023, it was placed on the Monetary Authority of Singapore (MAS) Investor Alert List to warn consumers in Singapore that the company is not regulated or licensed to provide financial services here.
Police said in a statement on Aug 3 that the Commercial Affairs Department is currently investigating the business activities of Evergreen Group Holdings for alleged fraud.
It noted that Evergreen Group Holdings includes Evergreen Grp Holdings, Evergreen GH, Everventures and other companies.
“Various companies under Evergreen Group Holdings were raising funds through the issuance of promissory notes that promised an annual interest of 10 per cent. Investigations arose due to the suspicion that investor monies were misused,” police said.
“In addition, these promissory notes may have been issued in contravention of the Securities and Futures Act.”
Besides Yong, another 37-year-old man, who is part of Evergreen Group Holdings’ management, was arrested on Aug 1.
Yong was featured in Netflix series Super Rich In Korea as one of the cast members of the “super rich”, alongside personalities like popular Iraq-born YouTuber and influencer Noor Naim, and Italian Teodoro Marani, the son of the chief executive and designer behind luxury fashion label Henry Beguelin.
The six-part series released on May 7 showed Yong living in a rented apartment at Signiel Seoul - an upscale residence located in South Korea’s tallest building, Lotte World Tower, with a cash-counting machine at home.
In one scene, Yong was seen alighting from a private jet, carrying a Hermes bag. It also showed viewers his house and cars in Singapore.
In an interview with The Straits Times in May, Yong said Evergreen Group Holdings owns a financial institution in Cambodia and four commercial properties in Singapore, generating annual revenues exceeding $70 million across Asia as of 2023.
ST checks on Aug 3 showed four of 16 entities listed under the group are registered with Acra.
One of the entities, Evergreen Grp, was formerly known as Evergreen Teak Trading until its name change in 2022. The company was incorporated in 1990 with a paid-up capital of $490,000 and Yong’s father Yong Ing Fatt is the sole director and shareholder.
In 2023, Yong garnered a wave of media attention in Singapore and South Korea when he announced that Evergreen Group Holdings would invest around 10 billion won in the K-pop label and agency Attrakt, which is known for producing the rookie girl group Fifty Fifty.
A press release sent by Evergreen Group Holdings labelled Yong “a knight in shining armour, reviving Attrakt”.
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