David Yong, The man hailed as the savior of FIFTY FIFTY and investor in ATTRAKT and other K-pop companies, has been arrested for falsifying tax documents. The Evergreen Group Holdings CEO is accused of basically fraud and the investigation revealed the company was on a consumer alert list.
As of August 1, 2024 (Singapore Standard Time), though, Yong was reported to have been arrested. By August 3, 2024, Yong was charged with “falsification of accounts,” facing up to a decade in prison (and/or being fined).
According to the Singaporean police investigation, Yong is accused of making Jolene Low Mong Han falsify papers belonging to Evergreen Group Holdings with intention to commit tax fraud back in 2021. In addition, Evergreen Group Holdings is charged with falsifying promissory notes, promising 10% annual interest, to raise funds. The invested funds from issuing the said promissory notes are alleged to have been misused.
The investigation revealed that, as of 2023, Evergreen Group Holdings was “placed on the Monetary Authority of Singapore Investor Alert List to warn consumers in Singapore that the company is not regulated or licensed to provide financial services.”
Perhaps just as ominously is that his PR people in Korea claim they were victims as well.
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.”
He was also on Super Rich in Korea and other Korean variety shows bragging about his wealth…
…which proved amusing when a dive into who he was revealed a lot of the excess he displayed on the show was rented, belonged to his father, or things he didn’t end up buying.
Anyway, aside from whether the former FIFTY FIFTY members can win their battle against ATTRAKT or not, my main skepticism towards the company has always revolved around Jeon Hong Joon’s judgment and subsequent hero worship, and while I suppose this isn’t directly related to him, it certainly isn’t helping perceptions that he’s shady as hell.