A flashy CEO who claimed to be among Singapore's top 1% was planning the island's answer to Coachella. Now prosecutors have charged him with fraud, denied bail, and say he's a 'real flight risk.'
Netflix
- Businessman David Yong, 37, has made big claims about his wealth.
- Yong claimed that he was the "top 1% super rich" in the Netflix series "Super Rich in Korea."
- The flamboyant businessman now faces multiple charges of fraud and has been denied bail.
Things aren't looking great for Evergreen Group Holdings CEO and K-pop enthusiast David Yong, 37.
The self-described "multi-hyphenate influencer CEO" was slapped with two additional charges in a Singapore court. He's been accused of abetting his employee, Jolene Low Mong Han, to falsify two company tax invoices back in December 2021, The Straits Times' Joyce Lim reported on Thursday.
Yong, who is also a lawyer, was first arrested on August 1. He was initially charged for instigating Low to falsify a company tax invoice in the same time period.
According to The Straits Times, Yong has been in remand at Singapore's Central Police Division since his arrest last week.
The businessman was denied bail on Thursday after prosecutors argued that he is a "real flight risk" who might abscond from the country, per The Straits Times.
This, the outlet said, was because Singaporean police investigations revealed that Yong had a Cambodian passport and identity card under the name "Duong Dara."
Prosecutors argued that Yong hasn't given the local police these Cambodian documents, and said he may use them "to flee if not further remanded."
The court on Thursday granted the prosecution's request to remand for seven more days. The case will be heard again on August 15.
Yong, who appeared in court via video link, said he renounced his Cambodian citizenship in early June.
In Singapore, adult citizens have to renounce their foreign citizenships if they want to retain their Singapore citizenship. Failure to do so could result in them losing their Singapore citizenship.
However, Yong's legal problems don't end there. On Saturday, the Singapore Police Force said that Yong and Evergreen Group Holdings are being investigated for possible fraud.
"Various companies under Evergreen Group Holdings were raising funds through the issuance of promissory notes that promised an annual interest of 10 per cent," the police said in a statement.
"Investigations arose due to the suspicion that investor monies were misused. In addition, these promissory notes may have been issued in contravention of the Securities and Futures Act," the statement continued.
This wouldn't be the first time Yong's financial dealings have drawn regulatory attention. Back in January 2023, Yong's company was placed under an investor alert list by Singapore's central bank, the Monetary Authority of Singapore (MAS).
When approached by Business Insider, the Singapore Police Force said it was unable to comment on the case at this juncture as court proceedings are currently ongoing.
Representatives for Evergreen Group Holdings didn't immediately respond to a request for comment from BI.
Courting fame and status in the Korean entertainment scene
It's unclear if Yong's detention will affect Waterbomb, a South Korean-themed music festival his company is co-organizing. It's scheduled to be held on Singapore's Sentosa Island from August 24 to 25.
The star-studded event is set to feature K-pop artists like Rain, Jay Park, and CL.
Waterbomb co-organizer Viu Scream Dates told Singaporean news outlet CNA Lifestyle on Monday that the "event would proceed as planned."
Notably, the company's spokesperson did not address CNA Lifestyle's query on whether Yong would be attending the event as originally planned.
Yong was a cast member in the Netflix series "Super Rich in Korea," where he grabbed headlines for big claims he made about his wealth.
"I'm Singapore top 1% super rich," the flamboyant businessman said while introducing himself in the series.
In the show, Yong gave a quick tour of his four-storey "villa house" that came equipped with a swimming pool and elevator.
Yong, however, wasn't the owner of the home that was featured on Netflix. He later admitted to The Straits Times that the property was actually a "temporary place" he'd rented.
For what it's worth, Yong's efforts to make a name for himself in the Korean entertainment scene have been going on for a while.
In 2022, Yong released his own Korean hip-hop music video titled "In My Pocket."
Yong told luxury lifestyle magazine The Peak in an interview published in May that his foray into K-pop was actually for business purposes rather than personal fame.
"How many people can call top celebrities or singers to come for dinner or to introduce them as partners? That kind of connection or network is not openly available to all," Yong told The Peak.