SINGAPORE: On Thursday, August 15, Singaporean businessman David Yong was charged with a new offence of falsifying financial statements. He was also granted bail of S$1 million (US$759,000).
Yong, the 37-year-old CEO of Evergreen Group Holdings, a global business and holding company, is prosecuted on four document fabrication counts.
According to the most recent charge, he was responsible for a Thung Sai Fun that was set up between October 2022 and February 2023 to fabricate a number of line items in Evergreen Assets Management’s financial statements for the fiscal year that concluded on March 31, 2022. This resulted in a reported profit before taxes of roughly S$8 million.
The charge sheet said that this was done to defraud.
Yong showed up in court from his place of remand, looking wan and unshaven in a red polo tee.
These include reporting to the investigating officer once a week, adhering to curfew hours, and electronically tagging. Theong Li Han, the deputy public prosecutor, had proposed a S$1 million bail with the recommended terms.
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