Jun

David Yong, S’porean CEO in Netflix show, handed additional charge, facing 5 charges – Mothership.SG

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Singaporean businessman and lawyer David Yong has been slapped with an additional charge under the Securities and Futures Act 2001 (SFA), bringing his total number of charges to five.

Yong, Evergreen Group Holdings’ chief executive officer (CEO), allegedly consented to Evergreen Group Holdings’ offering of promissory notes between July 2023 and July 2024, which did not comply with the requirements under the SFA.

It was previously reported that various companies under Evergreen Group Holdings were raising funds by issuing promissory notes that promised an annual interest of 10 per cent.

These contain a written promise by one party to pay another party a definite sum of money.

Police began investigations into the matter following suspicions that investor monies were misused.

More than S$61 million raised

According to a Singapore Police Force (SPF) news release, more than S$61 million was raised from over 1,000 promissory notes promising an annual interest of 10 per cent.

Under the SFA, any offer of securities must be made in or accompanied by a prospectus lodged with and registered by the Monetary Authority of Singapore, barring an exemption.

The prospectus must contain all information that investors and advisers would reasonably require to make an informed investment decision.

Five charges

Previously, Yong was charged with four counts of falsifying accounts.

On Aug. 1, 2024, Yong was arrested by the SPF and charged two days later for abetting his employee to falsify a company tax invoice around Dec. 16, 2021.

He was handed two more charges for falsifying accounts on Aug. 8, 2024, in which he was accused of abetting the same employee to falsify papers belonging to Evergreen GH, which were dated May 13, 2021, and Oct. 22, 2021, respectively.

Background

Yong previously starred in the Netflix reality series “Super Rich in Korea”.

In the Netflix show, Yong had showcased his four-storey “villa” complete with 11 cars, and was shown alighting from a private jet while carrying a luxury Hermes bag.

He had also said he was “Singapore’s 1 per cent super rich”.

His attempt at breaking into the Korean pop music scene saw him release a song, “In My Pocket“, in July 2022.