DAVID Yong, chief executive of Evergreen Group Holdings, was on Thursday (Aug 15) slapped with a new charge under Section 477A of the Penal Code, related to falsification of papers that inflated the profit of an entity under the group.
Yong, also known as Yong Khung Lin, is alleged to have abetted an individual called Thung Sai Fun to falsify several line items in the financial statements of Evergreen GH, formerly known as Evergreen Assets Management, between October 2022 and February 2023.
Evergreen GH is one of the entities under Evergreen Group Holdings.
The statement was for the financial year ended March 2022. This resulted in the entity reporting a profit before tax of nearly S$8 million, the charge sheet stated.
For this charge, Yong could face a maximum penalty of 10 years’ imprisonment, a fine, or both.
This brings the number of charges faced by the 37-year-old to four.
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In court, Yong was granted bail by District Judge Brenda Tan, who accepted the prosecution’s recommendations that bail be set at S$1 million with one surety, or S$500,000 with two sureties.
His bail also comes with conditions such as a curfew between 10 pm and 6 am, reporting to an investigating officer every Monday, and electronic tagging. His bailor, who was present in court, is his father, Yong Ing Fatt, group adviser to Evergreen Group Holdings.
His counsel, Sunil Sudheesan of Quahe Woo & Palmer, argued for a smaller bail quantum, stating that Yong’s charges were not directed at particular victims and that the alleged gain was a much smaller amount.
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