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.
1211