S’porean CEO David Yong charged with falsification of accounts, may face up to 10 years’ jail

David Yong reportedly charged on 3 Aug in connection with alleged fraud involving Evergreen Group

Singaporean David Yong, known for appearing in Netflix reality show “Super Rich In Korea”, has reportedly been arrested and charged with falsification of accounts.

If convicted, he faces up to 10 years’ jail and a fine.

Source: @dynimm on Instagram

2 men from Evergreen Group Holdings management arrested: SPF

In a media release on Saturday (3 Aug), the Singapore Police Force (SPF) said two 37-year-old men were arrested on Thursday (1 Aug).

Both of them are part of the management of Evergreen Group Holdings, a multinational with a range of businesses from timber to finance and real estate.

Source: Google Maps

Companies under Evergreen Group Holdings include:

  • Evergreen Grp Holdings Pte Ltd
  • Evergreen GH Pte Ltd (formerly known as Evergreen Assets Management (Singapore) Pte Ltd)
  • Everventures Pte Ltd

Police investigating Evergreen for alleged fraud

The arrests were made as part of a Commercial Affairs Department (CID) fraud investigation into the business activities of Evergreen Group Holdings.

Various companies under Evergreen Group were raising funds by issuing of promissory notes that promised an annual interest of 10%, SPF said, adding,

Investigations arose due to the suspicion that investor monies were misused. In addition, these promissory notes may have been issued in contravention of the Securities and Futures Act.

Further investigations are ongoing.

David Yong charged on 3 Aug

One of the men arrested was charged in court on 3 Aug with the offence of falsification of accounts under Section 477A of the Penal Code, SPF said.

If convicted, he faces up to 10 years in prison and/or a fine.

The Straits Times (ST) reported from court documents that this man is Yong.

On or about Dec 16 2021, he allegedly instigated an individual to falsify a tax invoice from Evergreen Assets Management, now known as Evergreen GH. The document was on purported bulk sales of household fittings and appliances.

According to the Monetary Authority of Singapore, Evergreen GH was put on its Investor Alert List on 27 Jan 2023.

David Yong said to be ‘Singapore top 1% super rich’

“Super Rich In Korea”, which premiered on Netflix on 7 May, depicts the lifestyles of rich non-Koreans living in the country over six episodes.

One of them was Yong, who told viewers in his first piece to camera that he was “Singapore top 1% super rich”.

Source: @dynimm on Instagram

As evidence, he pointed to his four-storey “villa house” in Singapore, his luxury apartment in Seoul and fleet of 11 luxury cars.

His confidence came from making a lot of money and being “handsome to boot”, he said.

The Chief Executive Officer of Evergreen Group Holdings is the eldest son in a family that has been doing business in Asia for more than three generations, he added.

Additionally, the University of Bristol alumnus is also a registered lawyer with a law firm in Singapore.

Also read: 8 facts about David Yong: S’porean ‘influencer CEO’, reality star & K-pop aficionado

8 facts about David Yong: S’porean ‘influencer CEO’, reality star & K-pop aficionado

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Featured image adapted from @dynimm on Instagram and Instagram.

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