8-8-2024 (SINGAPORE) David Yong, the 37-year-old Singaporean businessman who gained international recognition through his appearance on the Netflix series “Super Rich In Korea”, found himself in the spotlight for less glamorous reasons on Thursday. The chief executive officer of Evergreen Group Holdings was slapped with two additional charges related to the falsification of tax invoices, deepening his legal troubles in a case that has sent shockwaves through Singapore’s business community.
Yong, whose legal name is recorded as Yong Khung Lin, stands accused of abetting Low Mong Han, Jolene, in fabricating documents from Evergreen GH. The charges allege that around 16 December 2021, Yong instigated Ms Low to produce two fraudulent tax invoices. These invoices, purportedly issued by Evergreen Assets Management in May and October 2021, claimed to be for furniture sales to Evergreen Venture Capital and for furniture and interior design services to one Tay Ai Chern Pearlrie.
These fresh allegations come on the heels of an initial charge brought against Yong on 3 August. That charge accused him of prompting Ms Low to falsify a tax invoice dated 1 September 2021, ostensibly for bulk sales of household fittings and appliances to a Mr Roy Teo.
The gravity of the situation is underscored by the fact that across all three charges, Yong is alleged to have abetted the falsifications with fraudulent intent while serving as an officer of Evergreen GH, a subsidiary of Evergreen Group Holdings. The potential consequences are severe, with each charge carrying a maximum penalty of 10 years’ imprisonment, a fine, or both.
Despite efforts by his legal representative, Mr Sunil Sudheesan from Quahe Woo & Palmer, to secure bail, Yong has remained in remand since 3 August. The court’s decision to deny bail on Thursday suggests the seriousness with which authorities are treating the case.
The irony of Yong’s current predicament is not lost on observers, given his previous boasts of belonging to “Singapore’s top 1 per cent rich” on the Netflix programme that showcased the opulent lifestyles of wealthy individuals in Korea.
This case has broader implications, as it forms part of a larger investigation into Evergreen Group Holdings’ business activities. The Commercial Affairs Department (CAD) of the Singapore Police Force initiated the probe following suspicions of misuse of investors’ funds. Of particular concern is the company’s practice of raising capital through the issuance of promissory notes offering an enticing 10 per cent annual interest rate. Authorities have raised questions about the legality of these financial instruments under the Securities and Futures Act.
The investigation has cast a shadow over multiple entities under the Evergreen umbrella, including Evergreen Grp Holdings, Evergreen GH (formerly Evergreen Assets Management (Singapore)), and Everventures. The company, which claims roots dating back to the 1990s, has expanded from its origins in the timber industry to encompass finance, automotive, real estate, and lifestyle sectors across several Asian countries.
