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Singapore Law Watch
2 days ago
- Business
- Singapore Law Watch
Super Rich In Korea's David Yong given additional charge linked to over 1,000 promissory notes
Super Rich In Korea's David Yong given additional charge linked to over 1,000 promissory notes Source: Straits Times Article Date: 04 Jun 2025 Author: Shaffiq Alkhatib Businessman David Yong is the chief executive of a group of companies collectively known as Evergreen Group Holdings. Businessman David Yong, who was featured in Netflix series Super Rich In Korea, was handed his fifth charge on June 3, involving more than 1,000 promissory notes made by a company linked to him. The 38-year-old Singaporean, whose full name is Yong Khung Lin, is chief executive of a group of companies collectively known as Evergreen Group Holdings. He was charged in 2024 with four counts of falsification of accounts. In his latest charge, Yong is accused of consenting to the offering of promissory notes by Evergreen GRP Holdings (EGR) between July 2023 and July 2024 that did not comply with requirements under the Securities and Futures Act (SFA). According to the Singapore Legal Advice website, a promissory note is a written and signed unconditional promise made by a borrower to pay a certain sum of money to a specified party. This party may be a person or company. Such notes are considered contracts and are legally enforceable. In a statement on June 3, the police said more than $61 million was raised from the issuance of over 1,000 promissory notes that promised an annual interest of 10 per cent. A police spokesperson added: 'Under the SFA, any offer of securities must be made in or accompanied by a prospectus that is lodged with and registered by the Monetary Authority of Singapore, unless an exemption applies. 'The prospectus must contain all the information that investors and their advisers would reasonably require to make an informed investment decision. As such, members of the public are advised to exercise caution when dealing with such offers without a prospectus.' Yong was arrested on Aug 1, 2024, just three months after he appeared in Super Rich In Korea. He faced his first charge two days later over allegations he abetted a woman identified as Jolene Low Mong Han to falsify papers belonging to Evergreen GH – an entity under Evergreen Group Holdings. According to court documents, Yong allegedly 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 later handed his second and third charges in relation to a promissory note arrangement involving Evergreen Group Holdings. 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. He appeared again in court on Aug 15, 2024, over allegations that he falsified papers belonging to Evergreen GH, formerly known as Evergreen Assets Management. Yong's pre-trial conference will take place on June 5. Shaffiq Alkhatib is The Straits Times' court correspondent, covering mainly criminal cases heard at the State Courts. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
New Paper
3 days ago
- Business
- New Paper
Super Rich In Korea's David Yong given additional charge linked to over 1,000 promissory notes
Businessman David Yong, who was featured in Netflix series Super Rich In Korea, was handed his fifth charge on June 3, allegedly linked to more than 1,000 promissory notes. The 38-year-old Singaporean, whose full name is Yong Khung Lin, is chief executive of a group of companies collectively known as Evergreen Group Holdings. He was charged in 2024 with four counts of falsification of accounts. In his latest charge, Yong is accused of consenting to the offering of promissory notes by Evergreen GRP Holdings (EGR) between July 2023 and July 2024 that did not comply with requirements under the Securities and Futures Act (SFA). In a statement on June 3, the police said more than $61 million was raised from the issuance of over 1,000 promissory notes that promised an annual interest of 10 per cent. A police spokesperson added: "Under the SFA, any offer of securities must be made in or accompanied by a prospectus that is lodged with and registered by the Monetary Authority of Singapore, unless an exemption applies. "The prospectus must contain all the information that investors and their advisers would reasonably require to make an informed investment decision. As such, members of the public are advised to exercise caution when dealing with such offers without a prospectus." Yong was arrested on Aug 1, 2024, just three months after he appeared in Super Rich In Korea. He faced his first charge two days later over allegations he abetted a woman identified as Jolene Low Mong Han to falsify papers belonging to Evergreen GH - an entity under Evergreen Group Holdings. According to court documents, Yong allegedly 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 later handed his second and third charges in relation to a promissory note arrangement involving Evergreen Group Holdings. 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. He appeared again in court on Aug 15, 2024, over allegations that he falsified papers belonging to Evergreen GH, formerly known as Evergreen Assets Management. Yong's pre-trial conference will take place on June 5.
Yahoo
3 days ago
- Business
- Yahoo
Singapore's ‘Super Rich In Korea' star David Yong hit with fifth charge over S$61m promissory note scheme
SINGAPORE, June 3 — Businessman David Yong, known for his appearance in Netflix's Super Rich In Korea, was handed a fifth charge involving more than 1,000 promissory notes linked to his company, Evergreen GRP Holdings (EGR). The 38-year-old Singaporean, whose full name is Yong Khung Lin, is the CEO of Evergreen Group Holdings and had previously faced four charges related to account falsification, according to a report published in The Straits Times today. His latest charge accuses him of consenting to the issuance of promissory notes between July 2023 and July 2024 that violated the Securities and Futures Act (SFA). According to the police, over S$61 million (RM201 million) was raised through more than 1,000 notes promising a 10 per cent annual interest, without lodging a required prospectus with the Monetary Authority of Singapore. A police spokesperson warned the public to be cautious of securities offers made without a registered prospectus, which must include sufficient information for investors to make informed decisions. Yong was first arrested on August 1, 2024, three months after appearing on the Netflix show. His initial charge, brought two days later, involved allegedly abetting Jolene Low Mong Han to falsify a tax invoice dated September 1, 2021, for a purported bulk sale of household items. Yong was subsequently charged in connection with two more falsified invoices dated December 16, 2021, related to the sale of furniture to separate entities under Evergreen Assets Management. On August 15, 2024, he faced a fourth charge, also for allegedly falsifying documents belonging to Evergreen GH. Yong's pre-trial conference is scheduled for June 5.
Straits Times
3 days ago
- Business
- Straits Times
Super Rich In Korea's David Yong given additional charge linked to over 1,000 promissory notes
Businessman David Yong is the chief executive of a group of companies collectively known as Evergreen Group Holdings. ST PHOTO: KELVIN CHNG Super Rich In Korea's David Yong given additional charge linked to over 1,000 promissory notes SINGAPORE – Businessman David Yong, who was featured in Netflix series Super Rich In Korea, was handed his fifth charge on June 3, allegedly linked to more than 1,000 promissory notes. The 38-year-old Singaporean, whose full name is Yong Khung Lin, is chief executive of a group of companies collectively known as Evergreen Group Holdings. He was charged in 2024 with four counts of falsification of accounts. In his latest charge, Yong is accused of consenting to the offering of promissory notes by Evergreen GRP Holdings (EGR) between July 2023 and July 2024 that did not comply with requirements under the Securities and Futures Act (SFA). In a statement on June 3, the police said more than $61 million was raised from the issuance of over 1,000 promissory notes that promised an annual interest of 10 per cent. A police spokesperson added: 'Under the SFA, any offer of securities must be made in or accompanied by a prospectus that is lodged with and registered by the Monetary Authority of Singapore, unless an exemption applies. 'The prospectus must contain all the information that investors and their advisers would reasonably require to make an informed investment decision. As such, members of the public are advised to exercise caution when dealing with such offers without a prospectus.' Yong was arrested on Aug 1, 2024, just three months after he appeared in Super Rich In Korea. He faced his first charge two days later over allegations he abetted a woman identified as Jolene Low Mong Han to falsify papers belonging to Evergreen GH – an entity under Evergreen Group Holdings. According to court documents, Yong allegedly 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 later handed his second and third charges in relation to a promissory note arrangement involving Evergreen Group Holdings. 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. He appeared again in court on Aug 15, 2024, over allegations that he falsified papers belonging to Evergreen GH, formerly known as Evergreen Assets Management. Yong's pre-trial conference will take place on June 5. Shaffiq Alkhatib is The Straits Times' court correspondent, covering mainly criminal cases heard at the State Courts. Join ST's WhatsApp Channel and get the latest news and must-reads.
Arabian Post
4 days ago
- Business
- Arabian Post
Singapore Enforces Overseas Crypto Service Ban for Unlicensed Firms
The Monetary Authority of Singapore has mandated that all locally based digital token service providers without a valid license must cease offering services to overseas clients by 30 June 2025. This directive, issued without a transitional grace period, underscores Singapore's commitment to aligning with global anti-money laundering and counter-terrorism financing standards. Under the Financial Services and Markets Act , entities operating from Singapore and providing digital token services abroad are required to obtain a DTSP license. This regulation applies to both individuals and corporations, regardless of whether they are already licensed under the Payment Services Act or the Securities and Futures Act . The MAS has clarified that exemptions are limited, primarily for technical service providers that do not handle client funds or digital tokens. The licensing process is stringent, with the MAS indicating approvals will be granted only in exceptional cases. Applicants must demonstrate a sound business model and provide valid reasons for operating from Singapore while serving overseas markets. Minimum requirements include a base capital of SGD 250,000 for companies and partnerships, or a cash deposit of the same amount for individuals. Additionally, firms must have at least one local resident director or partner and maintain a physical office in Singapore with staff present for a minimum of 10 days per month. ADVERTISEMENT Licensed DTSPs are subject to ongoing regulatory obligations, including comprehensive AML/CFT measures such as customer due diligence, transaction monitoring, and compliance with value transfer requirements. They must also adhere to standards for technology risk management, cyber hygiene, and business continuity planning. Regular submission of regulatory returns and clear disclosure of risk warnings to customers are mandatory. The MAS has emphasized that there will be no transitional arrangements for firms currently operating without a license. Entities must halt all overseas digital token services immediately unless they secure the necessary authorization. Failure to comply will result in regulatory penalties. This move by the MAS reflects a broader effort to prevent regulatory arbitrage and ensure that digital asset service providers operating from Singapore adhere to international standards. By enforcing strict licensing requirements and eliminating transitional leniency, Singapore aims to bolster its reputation as a secure and compliant hub for digital financial services.
