David Yong handed 5th charge linked to promissory notes

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.

- Shaffiq Alkhatib

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.