The police suspect funds raised by various firms under his Evergreen Group Holdings were misused.
SINGAPORE – Singaporean businessman David Yong has been charged with falsification of accounts in relation to a promissory note arrangement involving Evergreen Group Holdings.
If convicted, Yong could be fined, or jailed for up to 10 years, or both, under Section 477A of the Penal Code. The police said in a statement on Aug 3 that the Commercial Affairs Department is currently investigating the business activities of Evergreen Group Holdings for alleged fraud. “In addition, these promissory notes may have been issued in contravention of the Securities and Futures Act.”
The six-part series released on May 7 showed Yong living in a rented apartment at Signiel Seoul – an upscale residence located in South Korea’s tallest building, Lotte World Tower, with a cash-counting machine at home.
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