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Kum Lan Fraudster David Yong from Netflix’s Super Rich In Korea faces more fraud charges, denied bail

Hightech88

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This xiasuay Farker and the Loh Brothers really can shake hands.

https://www.straitstimes.com/singap...in-korea-faces-more-fraud-charges-denied-bail

S’porean David Yong from Netflix’s Super Rich In Korea faces more fraud charges, denied bail​

LONG8451.JPG

Evergreen Group Holdings CEO David Yong was handed two new charges over falsifying accounts on Aug 8. PHOTO: LIANHE ZAOBAO

SINGAPORE - Singaporean businessman David Yong was on Aug 8 handed two new charges over falsifying accounts in relation to a promissory note arrangement involving Evergreen Group Holdings.

The 37-year-old chief executive of Evergreen Group Holdings, whose full name is Yong Khung Lin, is accused of having the intention to defraud by abetting his employee Jolene Low Mong Han to falsify papers belonging to Evergreen GH, formerly known as Evergreen Assets Management.

Evergreen GH is one of the entities under Evergreen Group Holdings.

The new charges state that on or about Dec 16, 2021, Yong had allegedly instigated Low to falsify two tax invoices from Evergreen Assets Management for purported sales of furniture to two separate entities.

One invoice was dated May 13, 2021, made out to Evergreen Venture Capital. The other was dated Oct 22, 2021, for purported sales of furniture and interior design services to Tay Ai Chern Pearlrie.

The fresh charges come five days after Yong was charged on Aug 3 with falsification of accounts. On or about Dec 16, 2021, he had allegedly instigated Low to falsify a tax invoice from Evergreen Assets Management dated Sept 1, 2021, for purported bulk sales of household fittings and appliances to a person named Roy Teo.

If convicted, Yong could be fined or jailed for up to 10 years, or both, under Section 477A of the Penal Code.

Yong, who was featured in Netflix series Super Rich In Korea, is in remand at the Central Police Division after police arrested him on Aug 1.

He was denied bail on Aug 8 after the prosecution argued that bail should not be granted due to ongoing investigations. The additional charges indicate that further evidence was obtained during Yong’s first period of remand, said the prosecution.

The prosecution said the investigations are complex, as the Evergreen group of companies headed by Yong involve numerous corporate entities both in Singapore and overseas, and many people.

Yong is “at present a real flight risk notwithstanding his roots in Singapore”, the prosecution added.

The court heard how the Commercial Affairs Department’s (CAD) investigations uncovered that Yong is in possession of a Cambodian identity card and passport belonging to one Duong Dara, bearing the same photograph and birth date of Yong.

However, the whereabouts of these Cambodian identification documents are currently unknown, the prosecution said, noting that the existence of the documents were established by investigations and not revealed by Yong.

That gives rise to the inference that there is a possibility Yong “is hiding his possession of these documents and that he may attempt to use them to flee if not further remanded”.

Yong’s lawyer Sunil Sudheesan of Quahe Woo & Palmer argued that bail could be granted on stringent conditions where Yong reports daily to CAD for the purpose of assisting investigations. Yong could also be tagged, which would allow the police to track his whereabouts.

Yong, who was dressed in a red shirt and appeared in court via video link, said he had renounced his Cambodian citizenship in early June and was willing to follow all the conditions for his bail to be granted.

District Judge James Lee granted the prosecution’s request to remand Yong for seven more days. His case will be heard again on Aug 15.

Mr Sudheesan applied for one hour of unrestricted access to Yong. His application will be heard on the afternoon of Aug 8.

On Aug 3, the police had said CAD was investigating the business activities of Evergreen Group Holdings for alleged fraud.

They noted that various companies under Evergreen Group Holdings, including Evergreen Grp Holdings, Evergreen GH and Everventures, were raising funds through the issuance of promissory notes that promised an annual interest of 10 per cent.

The investigations came about because of suspicions that investor funds were misused, and that these promissory notes might have been issued in contravention of the Securities and Futures Act, which regulates activities and institutions in the securities and futures industry.

In addition to Yong, Evergreen Group Holdings chief operating officer Desmond Sim, 37, was also arrested on Aug 1 in connection with the case. Mr Sim has been released on bail.

As at Aug 3, records from the Accounting and Corporate Regulatory Authority listed Yong as the sole shareholder of Evergreen GH, which was incorporated in 2018. He ceased being a director of the firm in December 2023.

On Jan 27, 2023, Evergreen GH was placed on the Monetary Authority of Singapore’s Investor Alert List to warn consumers that the company was not regulated or licensed to provide financial services in Singapore.
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k1976

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South Korean music icon BoA to hold Singapore concert in November​

Regarded as one of the most successful K-pop artistes of all time, BoA has sold over ten million albums throughout her career.
South Korean music icon BoA to hold Singapore concert in November



The really Goryeo Lao Kimchi is here....cam relieve all stress and fear :smile:
 

Hightech88

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https://www.channelnewsasia.com/sin...s-super-rich-korea-fails-bid-go-japan-4576976

Out on S$1 million bail, David Yong from Netflix's Super Rich In Korea fails in bid to go to Japan​

The court rejected David Yong's bid to leave Singapore for a business meeting in Japan, saying his presence was not necessary and he had access to substantial funds there.

Out on S$1 million bail, David Yong from Netflix's Super Rich In Korea fails in bid to go to Japan

David Yong arrives at the State Courts on Aug 30, 2024. (Photo: CNA/Syamil Sapari)

SINGAPORE: Singaporean businessman David Yong, who is out on bail of S$1 million (US$760,000) over charges linked to falsified documents, failed in his bid to leave Singapore for Japan on Friday (Aug 30).

Yong, the 37-year-old chief executive officer of multinational business and holding company Evergreen Group Holdings, appeared for the hearing in person with his father and lawyer.

Ms Joyce Khoo from Quahe Woo & Palmer said Yong wanted to make a business trip to Japan from Aug 30 to Sep 2 to "finalise some agreements with his Japanese counterparts".

"As your honour may be aware, the ongoing investigations against our client concerns certain promissory notes signed with investors, and there are some payments due under these promissory notes," said Ms Khoo.

She said Yong has "no intention of defaulting on any payments at all" and needed to "source for funds elsewhere" to make those payments, since Yong's personal and company bank accounts in Singapore have been frozen by the Commercial Affairs Department (CAD) of the Singapore Police Force.

"We take the view that CAD's actions have crippled the companies and caused negative public impression," said Ms Khoo.

"So in short, this trip is essential for our client to secure funds to repay or rather to fulfill the company's obligations under those promissory notes."
She said Yong's bailor - his dad - had no objections to Yong travelling.
DSC_1805%20(1).jpg

David Yong arrives at the State Courts on Aug 30, 2024. (Photo: CNA/Syamil Sapari)

DSC_1815_0.jpg

David Yong arrives at the State Courts on Aug 30, 2024. (Photo: CNA/Syamil Sapari)

District Judge Terence Tay queried Ms Khoo on an English translation of a letter pertaining to a purchase of property by Yong's company.

He said the letter states that Yong is to "pay money", and this is inconsistent with what the defence said - which is that Yong is going to Japan to source for funds.


Ms Khoo explained that the payment was to be from Yong's bank account in Japan, and he needs to be physically present to authorise it.

She said the purchase of the property was part of the "bigger business transaction" Yong has in Japan, which is expected to be able to generate funds to fulfil his company's obligations under the promissory notes.

Judge Tay then said the due date for payment was "today", making the entire notion not possible anymore.

"If our client's application to travel is granted, he can buy a plane ticket now and leave Singapore," said Ms Khoo.

"It's not practical, right? We know it's not practical. It would've closed for business already," answered the judge.

Ms Khoo said Yong would be able to negotiate for an extension of a day or two, but needed "some kind of certainty" that he could travel so his business counterparts could consider an extension.

She added that the defence had submitted another letter for a second meeting on Aug 31.

Deputy Public Prosecutor Theong Li Han objected to the defence's application for Yong to leave the country.

She said Yong's flight risk remained high, with the whereabouts of his Cambodian passport remaining "unknown" as the Cambodian authorities have yet to respond to queries confirming if Yong has returned his passport to them.

Secondly, a substantial amount of funds raised by Yong's company remains unaccounted for, and Yong is potentially able to access these funds and use them if he absconds.

On the proposed acquisition of property in Japan, Ms Theong said the letter tendered by the defence states that the balance to be paid is a substantial sum, at 351 million yen or about S$3.1 million.

"That the accused is requesting to go to Japan to make such a payment, even though Evergreen's corporate accounts in Singapore have been seized, underscores that he has access to significant funds overseas," said Ms Theong.

She said it was also unclear why Yong's physical presence was the only way the business contract could be finalised - the Japanese counterparts could also meet Yong in Singapore.

Ms Khoo stated that her client has "no intention to flee Singapore at all".

"He will and he wants to return to Singapore to clear his name," she said, suggesting measures like daily video calls or sharing location.
DSC_1849.jpg

David Yong leaving the State Courts on Aug 30, 2024. (Photo: CNA/Syamil Sapari)

Yong initially wanted to say something but did not after speaking to his lawyer.

Judge Tay dismissed the application, saying there was nothing to suggest that the business meeting required Yong to travel to Japan.

The meeting could be held virtually, or another person could represent the company. As the deadline was Friday itself, it was "not practicable" for him to meet it even if approval to leave Singapore was granted.

The fact that Yong has other bank accounts means he has a heightened flight risk, he said.

Yong's case will be heard again in a pre-trial conference next month.

He had declared himself as part of "Singapore's top 1 per cent super rich" on the Netflix show Super Rich In Korea, which showcases the lifestyles of extremely affluent people who set up base in Korea.

The police announced its investigations of Evergreen Group Holdings' business activities for alleged fraud on suspicions that investors' funds had been misused.

Various companies under Evergreen Group Holdings were raising funds through the issuance of promissory notes that promised an annual interest of 10 per cent.

These promissory notes - legal instruments where one party promises to pay another party a sum of money - may have been issued in contravention of the Securities and Futures Act, they added.

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k1976

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Loyal
https://www.channelnewsasia.com/sin...s-super-rich-korea-fails-bid-go-japan-4576976

Out on S$1 million bail, David Yong from Netflix's Super Rich In Korea fails in bid to go to Japan​

The court rejected David Yong's bid to leave Singapore for a business meeting in Japan, saying his presence was not necessary and he had access to substantial funds there.

Out on S$1 million bail, David Yong from Netflix's Super Rich In Korea fails in bid to go to Japan's Super Rich In Korea fails in bid to go to Japan

David Yong arrives at the State Courts on Aug 30, 2024. (Photo: CNA/Syamil Sapari)

SINGAPORE: Singaporean businessman David Yong, who is out on bail of S$1 million (US$760,000) over charges linked to falsified documents, failed in his bid to leave Singapore for Japan on Friday (Aug 30).

Yong, the 37-year-old chief executive officer of multinational business and holding company Evergreen Group Holdings, appeared for the hearing in person with his father and lawyer.

Ms Joyce Khoo from Quahe Woo & Palmer said Yong wanted to make a business trip to Japan from Aug 30 to Sep 2 to "finalise some agreements with his Japanese counterparts".

"As your honour may be aware, the ongoing investigations against our client concerns certain promissory notes signed with investors, and there are some payments due under these promissory notes," said Ms Khoo.

She said Yong has "no intention of defaulting on any payments at all" and needed to "source for funds elsewhere" to make those payments, since Yong's personal and company bank accounts in Singapore have been frozen by the Commercial Affairs Department (CAD) of the Singapore Police Force.

"We take the view that CAD's actions have crippled the companies and caused negative public impression," said Ms Khoo.

"So in short, this trip is essential for our client to secure funds to repay or rather to fulfill the company's obligations under those promissory notes."
She said Yong's bailor - his dad - had no objections to Yong travelling.
DSC_1805%20(1).jpg

David Yong arrives at the State Courts on Aug 30, 2024. (Photo: CNA/Syamil Sapari)

DSC_1815_0.jpg

David Yong arrives at the State Courts on Aug 30, 2024. (Photo: CNA/Syamil Sapari)

District Judge Terence Tay queried Ms Khoo on an English translation of a letter pertaining to a purchase of property by Yong's company.

He said the letter states that Yong is to "pay money", and this is inconsistent with what the defence said - which is that Yong is going to Japan to source for funds.


Ms Khoo explained that the payment was to be from Yong's bank account in Japan, and he needs to be physically present to authorise it.

She said the purchase of the property was part of the "bigger business transaction" Yong has in Japan, which is expected to be able to generate funds to fulfil his company's obligations under the promissory notes.

Judge Tay then said the due date for payment was "today", making the entire notion not possible anymore.

"If our client's application to travel is granted, he can buy a plane ticket now and leave Singapore," said Ms Khoo.

"It's not practical, right? We know it's not practical. It would've closed for business already," answered the judge.

Ms Khoo said Yong would be able to negotiate for an extension of a day or two, but needed "some kind of certainty" that he could travel so his business counterparts could consider an extension.

She added that the defence had submitted another letter for a second meeting on Aug 31.

Deputy Public Prosecutor Theong Li Han objected to the defence's application for Yong to leave the country.

She said Yong's flight risk remained high, with the whereabouts of his Cambodian passport remaining "unknown" as the Cambodian authorities have yet to respond to queries confirming if Yong has returned his passport to them.

Secondly, a substantial amount of funds raised by Yong's company remains unaccounted for, and Yong is potentially able to access these funds and use them if he absconds.

On the proposed acquisition of property in Japan, Ms Theong said the letter tendered by the defence states that the balance to be paid is a substantial sum, at 351 million yen or about S$3.1 million.

"That the accused is requesting to go to Japan to make such a payment, even though Evergreen's corporate accounts in Singapore have been seized, underscores that he has access to significant funds overseas," said Ms Theong.

She said it was also unclear why Yong's physical presence was the only way the business contract could be finalised - the Japanese counterparts could also meet Yong in Singapore.

Ms Khoo stated that her client has "no intention to flee Singapore at all".

"He will and he wants to return to Singapore to clear his name," she said, suggesting measures like daily video calls or sharing location.
DSC_1849.jpg

David Yong leaving the State Courts on Aug 30, 2024. (Photo: CNA/Syamil Sapari)

Yong initially wanted to say something but did not after speaking to his lawyer.

Judge Tay dismissed the application, saying there was nothing to suggest that the business meeting required Yong to travel to Japan.

The meeting could be held virtually, or another person could represent the company. As the deadline was Friday itself, it was "not practicable" for him to meet it even if approval to leave Singapore was granted.

The fact that Yong has other bank accounts means he has a heightened flight risk, he said.

Yong's case will be heard again in a pre-trial conference next month.

He had declared himself as part of "Singapore's top 1 per cent super rich" on the Netflix show Super Rich In Korea, which showcases the lifestyles of extremely affluent people who set up base in Korea.

The police announced its investigations of Evergreen Group Holdings' business activities for alleged fraud on suspicions that investors' funds had been misused.

Various companies under Evergreen Group Holdings were raising funds through the issuance of promissory notes that promised an annual interest of 10 per cent.

These promissory notes - legal instruments where one party promises to pay another party a sum of money - may have been issued in contravention of the Securities and Futures Act, they added.

------------------
This Smart Guy tot he can ise his sinki inborn special power great cannon fairy to smoke Korea XMM....dim chee his smoke goes too big and attract wrong attention?

1000027196.jpg
 

searcher1

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37-year-old already chief executive of Evergreen Group Holdings, if he dont have a Billionaire Father, it is pure Bullshit.
 

Hightech88

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Loyal
This Smart Guy tot he can ise his sinki inborn special power great cannon fairy to smoke Korea XMM....dim chee his smoke goes too big and attract wrong attention?

View attachment 205374

Correct, this guy too Hao Lian and Big Cannon already.

Prior to all these, from publicly available reports (reportedly rented a small 3000sqft semi-D and supercars all register to his dad's name), it means he don't even have the means to put down payment to buy a proper landed home himself. So I estimate his personal investable equities should be $2M the most (excluding his dad's business) and mostly given by his Dad, LOL and could have easily gotten into legit business, stay low profile, slowly build up wealth and bonk pretty gals easily.

But can guess from his Kum Lan Ah Sia Kia nature like a pampered megalomaniac, he got greedy and start to create a fake wealthy persona, so no choice have to engage in such illegal schemes in an attempt to falsely inflate and boast about his wealth when most are borrowed monies, LOL.

Actually in our societies have a lot of such Big Hole, Big Cannon people. Can see them commonly in car shows, or elite private parties all trying to act rich with various tall tales about themselves but in the end, all empty shell inside one LMAO.
 
Last edited:

k1976

Alfrescian
Loyal
Correct, this guy too Hao Lian and Big Cannon already.

Prior to all these, from publicly available reports (reportedly rented a small 3000sqft semi-D and supercars all register to his dad's name), it means he don't even have the means to put down payment to buy a proper landed home himself. So I estimate his personal investable equities should be $2M the most (excluding his dad's business) and mostly given by his Dad, LOL and could have easily gotten into legit business, stay low profile, slowly build up wealth and bonk pretty gals easily.

But can guess from his Kum Lan Ah Sia Kia nature like a pampered megalomaniac, he got greedy and start to create a fake wealthy persona, so no choice have to engage in such illegal schemes in an attempt to falsely inflate and boast about his wealth when most are borrowed monies, LOL.

Actually in our societies have a lot of such Big Hole, Big Cannon people. Can see them commonly in car shows, or elite private parties all trying to act rich with various tall tales about themselves but in the end, all bo liao one LMAO.
Or it mean he need to pay more tax?
 

Hightech88

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Loyal
This Kum Lan Ah Sia Kia sooner or later is going to end up like this fellow, LOL:

https://therealdeal.com/new-york/20...miller-died-with-34-million-in-personal-debt/

Brandon Miller left behind $34M in personal debts​

Real estate developer had only $8K in bank when he died by suicide
Developer Brandon Miller Died With $34 Million in Personal Debt

A photo illustration of the late Brandon Miller along with 25 Cobb Isle Road (Getty)

https://nypost.com/2024/08/30/us-ne...-34m-in-debt-with-just-8k-in-the-bank-report/

Brandon Miller, the high-profile New York real estate developer who took his own life last month, was in even more dire financial straits than was initially revealed at the time of his death.

Miller, 43, who flaunted a high-flying Hamptons lifestyle bankrolled by millions of dollars in secret debt along with his influencer wife, Candace, was nearly $34 million in the red, with just $8,000 in his bank account, TheRealDeal reports.

Through Candace’s now-defunct lifestyle blog Mama + Tata, Miller presented a fairy-tale life for the world to see, playing the role of the lucky and affectionate head of an idyllic upper-crust family.

Candice — who palled around with the likes of Mary-Kate and Ashley Olsen, stylist Rachel Zoe and Ivanka Trump, as well as her cousin, Something Navy fashion blogger Arielle Charnas — inspired both envy and resentment for showing off what on the surface appeared to be a perfect life.

But in reality, the family was living wildly beyond their means and massively overleveraged.

Some $11.5 million of Miller’s debt was from mortgages on the family’s Walter Mill estate — now on the market for $15.5 million — which were spread out across four different loans.

The biggest single outstanding debt was an unsecured $11.3 million loan from BMO Bank in Chicago. He also owed $6.1 million on an unsecured loan from Donald Jaffe, who had previously funded Miller and his father, Michael Miller, on several development projects.

He was in arrears to American Express for over $300,000, $266,000 to Brooklyn-based cash advance service Funding Club, and hundreds of thousands more to a variety of businesses and service providers.

Miller was found unresponsive in his car in the garage of the family’s sprawling, 4,300-square-foot Hamptons home and rushed to Stony Brook Southampton Hospital, where he died a few days later.

At the time of his death, a source told The Post he had been $17 million in debt, half of what it’s now known he owed.

Page Six recently learned that Candace and the couple’s two young daughters are picking up the pieces and moving to Miami to start a new life.
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