Netflix Super Rich in Korea Cast Member & Singapore Evergreen Group CEO David Yong Age 37 Arrested & Charged in Singapore Court for Alleged Fraud & Misused of Investors Money after Raising Funds Through Issuance of Promissory Notes with 10% Annual Interest, Issuance of Promissory Notes May Have Breached Singapore Securities & Futures Act
6th August 2024 | Hong Kong
Netflix Super Rich in Korea cast member & Singapore Evergreen Group CEO David Yong Khung Lin (Age 37) has been arrested & charged in Singapore court for alleged fraud & misused of investors money after raising funds through issuance of promissory notes with 10% annual interest, with the issuance of promissory notes may have breached the Singapore Securities & Futures Act. In the Singapore court filing, David Yong is alleged to have been involved in abetting Jolene Low Mong Han to falsify tax invoices of Evergreen GH (Part of Evergreen Group) for sales of household fittings & appliances to an individual (Roy Teo). David Yong is a cast member in Netflix Super Rich in Korea, and proclaimed to be “Singapore’s top 1% super rich.” In an interview, David Yong estimates his personal fortune at $10 million. Evergreen was founded by David Yong’s father Yong Ing Fatt in 1990. In 2023, Evergreen GH Pte Ltd (Formerly known as Evergreen Assets Management) was placed under the Monetary Authority of Singapore (MAS) Investor Alert List. The Investor Alert List provides a list of persons who, based on information available to MAS, i) may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS; ii) have made an offer of units in a business trust or collective investment scheme which may be or may have been wrongly perceived as being authorised, recognised or registered by MAS; iii) have made an offer of investment which may be or may have been wrongly perceived as being made in or accompanied by a document lodged or registered with MAS. This list is not exhaustive and is based on what was known to MAS at the time of publication. More info below:
“ Netflix Super Rich in Korea Cast Member & Singapore Evergreen Group CEO David Yong Age 37 Arrested & Charged in Singapore Court for Alleged Fraud & Misused of Investors Money after Raising Funds Through Issuance of Promissory Notes with 10% Annual Interest, Issuance of Promissory Notes May Have Breached Singapore Securities & Futures Act “
Singapore Police Force (3/8/24): “The Commercial Affairs Department is currently investigating the business activities of a group of companies collectively referred to as Evergreen Group Holdings for alleged fraud. Evergreen Group Holdings includes Evergreen Grp Holdings Pte Ltd, Evergreen GH Pte Ltd, formerly known as Evergreen Assets Management (Singapore) Pte Ltd, Everventures Pte Ltd and other companies. Various companies under Evergreen Group Holdings were raising funds through the issuance of promissory notes that promised an annual interest of 10%. 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. Two 37-year-old men, who are part of Evergreen Group Holdings’ management, have been arrested in connection with this investigation on 1 August 2024. One has been charged in court on 3 August 2024 with the offence of falsification of accounts under Section 477A of the Penal Code, which carries an imprisonment term of up to 10 years, a fine, or both. Police investigations are ongoing.”
Evergreen Group – Established since the 1990s, we have expanded our presence from Singapore to Japan, South Korea, Hong Kong, Cambodia, Vietnam and Malaysia till date. Evergreen Group Holdings originally was in the key business of Timber Processing and Trading, which has a long standing track record of over 3 decades. As we progress with time, Evergreen Group Holdings has grown and evolved from a timber company to a multi national enterprise which has successfully acquired and developed a multi-diversified range of businesses to add on to our ever-growing portfolio which comprises of Financial Institutions, Automotives, Real Estate and Lifestyle industries.
David Yong, CEO, Evergreen Group Holdings – Mr. David Yong is an esteemed multinational entrepreneur, venture capitalist, and legal expert, recognized for his significant investments in pioneering lifestyle and financial enterprises spanning Singapore, Myanmar, Cambodia, and Korea. As the Managing Partner of YSL Legal LLP, his expertise extends to intricate civil and corporate legal matters. Presently, Mr. Yong holds the chief executive position at Evergreen Group Holdings, an illustrious holding entity overseeing timber processing units and diversified investments in a multitude of industries across the region. Educationally, Mr. Yong’s pursuit of excellence saw him journey through prominent institutions globally. He engaged in a Business Management programme at the renowned Peking University, Beijing, furthered his understanding at Seoul National University, and concluded his academic pursuits at the University of Bristol, UK, where he achieved a law degree with second upper-class honours. Throughout his illustrious career, Mr. Yong has been a recurring feature in eminent publications including ‘Forbes USA’, ‘The Straits Times’, ‘The Peak Magazine’, ‘Prestige Singapore’, and international media giants like ‘The Korea Times’ & ‘Korea Herald’. Esteemed educational institutions across Asia frequently invite him as a distinguished guest speaker, reflecting his vast reservoir of knowledge. Beyond his corporate achievements, Mr. Yong is deeply committed to social responsibility. His philanthropic endeavours, especially in nations where his business interests lie, led to the inception of the Evergreen Foundation in 2020. This initiative champions advancements in the spheres of medical healthcare and education, underscoring his commitment to societal upliftment.
Netflix Super Rich in Korea Cast Member & Singapore Evergreen Group CEO David Yong Age 37 Arrested & Charged in Singapore Court for Alleged Fraud & Misused of Investors Money after Raising Funds Through Issuance of Promissory Notes with 10% Annual Interest, Issuance of Promissory Notes May Have Breached Singapore Securities & Futures Act
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