David Yong, S'porean CEO in Netflix 'Super Rich in Korea', handed more charges for false accounting, illegal moneylending

Singaporean businessman and lawyer David Yong, who previously starred in the Netflix reality series "Super Rich in Korea", was handed another 12 charges on Mar. 16.

He was previously charged for alleged falsification of accounts, and fined by the Singapore Law Society for holding an executive appointment in a business entity.

These new charges relate to allegedly conspiring to make false entries in accounts, and for illegally issuing loans amounting to over S$1 million.

This brings the total number of charges against him to 17.

12 fresh charges

Yong, 38, whose name is listed in court documents as Yong Khung Lin, pleaded not guilty, according to a report by CNA.

He said he intends to contest all charges.

Yong is the chief executive officer of multinational holding firm Evergreen Group Holdings and is currently out on bail of S$1 million.

Charge sheets seen by Mothership showed that the latest charges involved primarily abetment by conspiring with an individual known as Thung Sai Fun, with the intent to defraud.

The alleged offences include making false entries in accounts belonging to Evergreen Assets Management between end-2019 and end-2023.

These entries are said to have involved falsified statements relating to the company's profits, revenues, and dividends on ordinary shares for certain years.

Yong was also charged for issuing loans through his company while not authorised to do so.

In Singapore, a licence is required to carry out the business of moneylending, under the Moneylenders Act.

Yong is alleged to have illegally issued S$845,000 through nine loans, and another S$320,000 through seven loans.

Court proceedings

Yong was first charged in August 2024 and has since been attending court proceedings.

Additional charges have also been brought against him at subsequent hearings, and he has also appeared in court to seek permission to travel overseas.

His case is scheduled for a pre-trial conference in May.

If convicted of abetment of falsification of accounts as a company officer, Yong could face a maximum of 10 years’ jail, a fine, or both, for each charge.

If convicted of the moneylending offences, he could be jailed for up to four years, fined between S$30,000 and S$300,000 and be given up to six strokes of the cane per charge.

Group's response

Speaking to CNA, Evergreen Group Holdings said it has assessed the case against Yong, who denies the allegations, and determined that he remains suitable to continue in his role.

A spokesperson for the group said none of the companies within the group has been charged, and that the group remains confident the matter will be resolved in accordance with due process.

Background

Yong gained public attention after appearing in the Netflix reality series "Super Rich in Korea", where he showcased his four-storey villa, collection of 11 cars, and was shown arriving via private jet while carrying a luxury Hermès bag.

On the programme, he had also described himself as part of "Singapore’s one per cent super rich".

In 2024, the Commercial Affairs Department (CAD) began investigating Evergreen Group Holdings over suspected fraud linked to its business activities.

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

Top photos from @dynimm/Instagram