David Yong of Netflix's Super Rich In Korea offered $1m bail, gets hit with new charge

SINGAPORE — Businessman David Yong has been handed a fourth falsification of accounts charge three months after he was featured in a Netflix series Super Rich In Korea.

The chief executive of Evergreen Group Holdings, whose full name is Yong Khung Lin, appeared in court via video-link on Aug 15 over allegations that he had falsified papers belonging to Evergreen GH, formerly known as Evergreen Assets Management.

Evergreen GH is one of the entities under Evergreen Group Holdings.

He is said to have instigated someone named Thung Sai Fun to falsify several line items in Evergreen Assets Management's financial statements for the financial year ended March 31, 2022, which resulted in a reported profit before tax of nearly $8 million.

The 37-year-old was arrested on Aug 1 and faced his first charge two days later over allegations that he had abetted a woman identified as Jolene Low Mong Han to falsify papers belonging to Evergreen GH.

According to court documents, Yong instigated Low on or around Dec 16, 2021 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.

Yong was handed his second and third charges in relation to a promissory note arrangement involving Evergreen Group Holdings on Aug 8.

They relate to events on or about Dec 16, 2021. Yong is said to have instigated Low to falsify two tax invoices from Evergreen Assets Management for purported sales of furniture to two separate entities.

One invoice was dated May 13, 2021, made out to Evergreen Venture Capital.

The other was dated Oct 22, 2021, for purported sales of furniture and interior design services to Pearlrie Tay Ai Chern.

Yong was offered bail of $1 million on Aug 15.

As part of his bail conditions, he has to abide by a curfew of between 10pm and 6am, and report to an investigation officer handling the case every Monday at 10.30am.

Yong must also surrender any travel document in his possession. He also has to wear an electronic tag.

He is currently in remand at the Central Police Division. His pre-trial conference will take place on Sept 27.

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Meanwhile, police are also investigating the business activities of Evergreen Group Holdings for alleged fraud.

This was after it emerged that several companies under Evergreen Group Holdings, including Evergreen Grp Holdings, Evergreen GH and Everventures, had been raising funds through the issuance of promissory notes with annual returns of 10 per cent.

The probe into Evergreen Group Holdings' activities was prompted by concerns that investor funds were misused.

Police said the promissory notes may also have been issued in contravention of the Securities and Futures Act, which regulates activities and institutions in the securities and futures industry.

Evergreen Group Holdings chief operating officer Desmond Sim was arrested on Aug 1 in connection with the case. The 37-year-old is currently on bail.

As at Aug 3, records from the Accounting and Corporate Regulatory Authority listed Yong as the sole shareholder of Evergreen GH. The company was incorporated in 2018.

He ceased being a director of the firm in December 2023.

On Jan 27, 2023, Evergreen GH was placed on the Monetary Authority of Singapore's Investor Alert List to warn consumers that the company is not regulated or licensed to provide financial services in Singapore.

For each count of falsification of accounts, an offender can be jailed for up to 10 years and fined.

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This article was first published in The Straits Times. Permission required for reproduction.