SINGAPORE – Businessman David Yong has been handed a fourth falsification of accounts charge three months after he was featured in the 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 he had abetted a woman identified as Jolene Low Mong Han to falsify papers belonging to Evergreen GH.
According to court documents, Yong instigated Ms 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 around Dec 16, 2021. Yong is said to have instigated Ms Low to falsify two tax invoices from Evergreen Assets Management for purported sales of furniture to two separate entities.
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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.
Deputy Public Prosecutor Theong Li Han had argued for a sufficiently high bail because a significant amount of funds remains unaccounted for.
The prosecutor also referred to an affidavit from a Commercial Affairs Department officer investigating the case.
The court heard that a firm called Evergreen GRP Holdings had issued promissory notes with a collective value of at least $63 million.
The affidavit states that Evergreen GRP Holdings is linked to the other Evergreen companies.
In her arguments, the DPP said that only $7.8 million in corporate accounts and about $2.4 million in loan agreements have been accounted for.
She also told District Judge Brenda Tan that Yong is a flight risk.
In earlier proceedings, it was revealed that he has a Cambodian identity card and passport belonging to Duong Dara but with Yong’s photograph and birth date on the documents.
Defence lawyer Sunil Sudheesan, from Quahe Woo & Palmer, described the bail amount as “astronomical”, and said it should be reduced to $250,000, with Yong’s father acting as the bailor.
The lawyer noted that there was no allegation of cheating or mention of victims in the charges his client is facing.
“What you have are a number of purportedly falsified invoices for household fittings and appliances, furniture and interior design services,” he added.
Mr Sudheesan told Judge Tan that as for the passport, his client had surrendered it to the Cambodian authorities in June 2024.
The DPP said the authorities in Singapore will need to confirm this with their Cambodian counterparts.
Judge Tan noted that Yong has overseas connections with several countries, and set bail at $1 million.
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 documents in his possession and wear an electronic tag.
His pre-trial conference will take place on Sept 27.
Meanwhile, the police are investigating the business activities of Evergreen Group Holdings for alleged fraud. The probe was prompted by concerns that investor funds were misused.
The 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 firm 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.