Singaporean businessman David Yong was charged with falsifying financial statements on Thursday ( Aug 15 ) and given a$ 1 million ( US$ 759, 000 ) bail.
Yong, the 37-year-old chief executive officer of Evergreen Group Holdings, is currently facing four counts related to forged documents.
The most recent accusation centers on his involvement in a Thung Sai Fun that occurred between October 2022 and February 2023, which resulted in a reported profit before tax of about S$ 8 million.
This was with the intent to defraud, the command sheet stated.
Yong showed up in court wearing a dark shirt shirt and showing signs of wan and lack.
In order to be bailed out, he will have to provide loan of S$ 1 million by one principal, or half a million by two sureties, and cooperate with parole conditions.
These include digital naming, following law regulations, and regular reports to the investigation officer.
Theong Li Han, the deputy public attorney, had provided the loan amount of S$ 1 million along with the suggested terms.
She noted that Yong has renounced his Cambodian citizenship and that the police’s Commercial Affairs Department ( CAD ) is still awaiting confirmation from Cambodian authorities.
Ms. Theong argued that the loan amount must be high enough to handle the” still significant number of unaccounted funds” and the high flight risk.
His doctors, Mr Sunil Sudheesan and Ms Joyce Khoo from Quahe Woo &, Palmer, argued against the S$ 1 million loan offered by the prosecution, asking rather for S$ 250, 000.
Mr Sudheesan said Yong’s papa, who was in court, would be the trustee.
On the website of Evergreen Group Holdings, Mr. Yong Ing Fatt is a party consultant.
Since he had turned his Cambodian card to the authorities in June 2024 and had presented the investigating officer with documents to show that he had renounced his citizenship, Mr. Sudheesan claimed his client already has no passport in his possession.
There is no argument of stealing or mention of any sufferers in the charges brought against Yong, he claimed, calling the loan amount of S$ 1 million “astronomical in this case.”
” What you have are a number of apparently falsified receipts for home accessories and equipment, furniture and interior design services”, said Mr Sudheesan.
The attorney referred to an oath the investigation official provided in support of the lawyer’s event for S$ 1 million bail, which stated that there appears to be “only a unjust get of$ 240, 000 at the most.”
The prosecution’s Ms. Theong responded that Evergreen has raised significant amounts of$ 63 million in funds since 2019.
” Until now, the funds that can be accounted for are just a small portion, being the$ 7.8 million in the corporate accounts and the loan agreements that total just approximately$ 2.4 million”, she said.
She continued, adding that CAD was looking into this and that imposing a high-enough loan amount was” the cause of problem” needed to be addressed.
The prosecutor acknowledged Yong’s assertions, noting that he has connections with various nations abroad and that CAD is also waiting for confirmation regarding his passport in Cambodia.
Yong may return to court for a pre-trial conference in September.
If convicted of abetting the fabrication of papers, he faces up to 10 years ‘ prison, a great, or both per fee.
History OF THE CASE
On the Netflix show, which features the lives of extremely wealthy people who have established bases in Korea, Yong had declared himself to be one of” Singapore’s top 1 % super wealthy.”
On suspicion that investors ‘ funds had been misdirected, the police announced in early August that CAD was looking into Evergreen Group Holdings ‘ business operations for alleged fraud.
Through the issuance of promissory notes that promised a 10 % annual interest rate, various Evergreen Group Holdings-affiliated businesses were generating money.
According to them, these bank documents, legal tenders where one party promises to give another gathering a sum of money, may have been issued in violation of the Securities and Futures Act.
Companies under the name include Evergreen Grp Holdings, Evergreen GH- formerly known as Evergreen Assets Management ( Singapore ), and Everventures.
According to Evergreen Group Holdings ‘ site, the company was established in the 1990s and now has a reputation in Singapore, Japan, South Korea, Hong Kong, Cambodia, Vietnam and Malaysia.
It started out as a forest business and is now involved in funding, electrical, real property and life industries.
Another 37-year-old male was arrested along with Yong, but he has yet to be charged or named officially.