On August 1, Singaporean businessman David Yong (Yong Khung Lin), who invested millions in FIFTY FIFTY's company ATTRAKT and signed a global agency contract with MAMAMOO's RBW, was arrested in Singapore on various charges.
David Yong is a well-recognized figure in Korea. He has appeared on Netflix's original series 'Super Rich in Korea' and Channel A's 'Oh Eun Young's Golden Counseling Center. '
On August 3, Singaporean media outlet The Strait Times reported that David Yong was charged with account forgery related to promissory note transactions involving his company, Evergreen Group Holdings. Yong is also accused of instructing the falsification of tax invoices under the pretense of selling large quantities of household goods and appliances through Evergreen Asset Management. If found guilty, he could face a fine or up to 10 years in prison under Section 477A of the Penal Code.
Additionally, it was revealed that in January of the previous year, David Yong's company was listed on the Monetary Authority of Singapore's investor alert list. The Singaporean authorities stated that this was to warn the public that his company lacked the necessary qualifications or permissions to provide financial services.
Singaporean police also announced that both David Yong and Evergreen Group Holdings are under investigation for fraud. The police explained, "Various companies under Evergreen Group Holdings issued promissory notes promising an annual interest of 10% to raise funds. Allegations have been made that investors' funds were misused, prompting the investigation." They added that these promissory notes might have been issued in violation of the Securities and Futures Act.
A representative who had assisted with David Yong's publicity in Korea told Hankyung.com, "We have not been in contact with David Yong for some time and learned about this incident through local news reports. We are also victims."
Born in 1987, David Yong graduated from the University of Bristol in the UK and initially worked as a lawyer before founding Evergreen Group Holdings. He gained public attention in South Korea after appearing on KBS Joy's entertainment program "Ask Anything" in August last year, where he revealed that he held about 120 billion KRW (~87.2 million USD) in assets, where he made the self proclamation of being the "top 1% of Singapore."
In August of last year, Evergreen Group Holdings signed a business agreement with ATTRAKT, the agency of the girl group FIFTY FIFTY, for investment and attracting investment, indicating David Yong's keen interest in the Korean entertainment industry.
Yong's company, Evergreen Holdings, is also one of the organizers of Waterbomb Singapore; despite Yong's legal troubles, it was reported the Waterbomb festival will go on as planned.
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