David Yong (37), a 'Singaporean tycoon,' has been indicted on fraud charges. Concerns have turned toward 'ATTRAKT' due to the business agreement made last year. Fortunately, it has been confirmed that there were no financial losses.
On the 4th (local time), Singaporean media 'Business Times' reported that "David Yong was prosecuted on the 3rd for falsifying accounts related to promissory notes issued by Evergreen Group Holdings." He was arrested on the 1st.
Local police stated, "Various companies under Evergreen Holdings had been issuing promissory notes promising an annual 10% interest to raise funds," and "we started the investigation due to suspicions of fund misappropriation."
He is also charged with inciting document forgery. In 2021, David Yong instructed an employee of Evergreen GH, a subsidiary, to forge tax invoices. If convicted, he is expected to face a fine or up to 10 years in prison, according to the media.
David Yong is a former Singaporean lawyer and is currently the CEO of the global investment firm Evergreen Group Holdings. He has introduced himself as a wealthy individual with cash assets of 120 billion won.
He expanded his activity range to Korea, appearing on various entertainment shows. He flaunted his wealth on programs like 'Ask Us Anything Fortune Teller' and 'Oh Eun-young's Golden Counseling Center.' On Netflix's 'Superrich Foreigners,' he showcased 11 sports cars.
His greatest interest is K-pop. He has released music tracks. Starting with the OST for KBS2’s 'School 2021' in 2021, he released tracks like My Way, In My Pocket, Maybe, and Dripping.
He also directly invested in a domestic entertainment company. In August last year, he invested 600 million won in ATTRAKT and received about a 1% stake. He also signed an MOU, promising an investment of 10 billion won from a leading Singaporean investment fund.
However, after the news of David Yong's indictment broke, concerns poured onto ATTRAKT due to potential financial damage. Fortunately, ATTRAKT did not suffer any losses.
ATTRAKT stated, "David Yong reviewed the investment, but it was not actually made. The only thing he did was invest as a minority shareholder in ATTRAKT. We haven't suffered any loss."
David Yong also proposed producing a rookie girl group program for ATTRAKT. However, the plan was scrapped as Keena returned with 'FIFTY FIFTY.' Currently, there is no contact between ATTRAKT and David Yong.
<Photo provided=Netflix>
