SINGAPORE – David Yong, a Singaporean businessman and CEO of Evergreen Group Holdings, has been charged with falsifying accounts. The 37-year-old, also known as Yong Khung Lin, was arrested on August 1 and formally charged on August 3 in connection with a promissory note arrangement involving his company.
Yong is accused of instructing Jolene Low Mong Han, an associate, to falsify documents related to Evergreen Group Holdings, formerly known as Evergreen Assets Management. Court documents state that on December 16, 2021, Yong allegedly instigated Low to forge a tax invoice from September 1, 2021, claiming bulk sales of household items to a person named Roy Teo.
If convicted, Yong faces severe penalties, including a fine, up to 10 years in prison, or both under Section 477A of Singapore’s Penal Code.
Evergreen Group Holdings operates several entities, including Evergreen GH, and is involved in financial services. However, in January 2023, the Monetary Authority of Singapore issued an Investor Alert List warning that Evergreen Group Holdings was unlicensed and not regulated to provide financial services in Singapore.
The company has been under investigation by the Singapore Police’s Commercial Affairs Department for alleged fraud, particularly regarding promissory notes issued by various entities under the Evergreen Group umbrella. These notes, which promised high annual interest rates, are suspected of misusing investor funds and may have violated the Securities and Futures Act.
In addition to Yong, another 37-year-old man, part of Evergreen Group Holdings’ management, was arrested on August 1.
David Yong gained media attention through his appearance in the Netflix series Super Rich in Korea, which showcased his lavish lifestyle, including private jets and luxury properties in Singapore and South Korea. Yong also attracted interest in 2023 after announcing a $9.8 million investment in K-pop label Attrakt, known for producing the rookie girl group Fifty Fifty.
The investigation into Evergreen Group Holdings continues as authorities examine the company’s business dealings and financial activities.
