David Yong from Netflix’s Super Rich In Korea fails in bid to go to Japan while out on S$1 million bail

SINGAPORE: Singaporean businessman David Yong, who is out on bail of S$1 million (US$760,000) over charges linked to falsified documents, failed in his bid to leave Singapore for Japan on Friday (Aug 30).
Yong, the 37-year-old chief executive officer of multinational business and holding company Evergreen Group Holdings, appeared for the hearing in person with his father and lawyer.
Ms Joyce Khoo from Quahe Woo & Palmer said Yong wanted to make a business trip to Japan from Aug 30 to Sep 2 to “finalise some agreements with his Japanese counterparts”.
“As your honour may be aware, the ongoing investigations against our client concerns certain promissory notes signed with investors, and there are some payments due under these promissory notes,” said Ms Khoo.
She said Yong has “no intention of defaulting on any payments at all” and needed to “source for funds elsewhere” to make those payments, since Yong’s personal and company bank accounts in Singapore have been frozen by the Commercial Affairs Department (CAD) of the Singapore Police Force.
“We take the view that CAD’s actions have crippled the companies and caused negative public impression,” said Ms Khoo.
“So in short, this trip is essential for our client to secure funds to repay or rather to fulfill the company’s obligations under those promissory notes.”
She said Yong’s bailor – his dad – had no objections to Yong travelling.
District Judge Terence Tay queried Ms Khoo on an English translation of a letter pertaining to a purchase of property by Yong’s company.
He said the letter states that Yong is to “pay money”, and this is inconsistent with what the defence said – which is that Yong is going to Japan to source for funds.
Ms Khoo explained that the payment was to be from Yong’s bank account in Japan, and he needs to be physically present to authorise it.
She said the purchase of the property was part of the “bigger business transaction” Yong has in Japan, which is expected to be able to generate funds to fulfil his company’s obligations under the promissory notes.
Judge Tay then said the due date for payment was “today”, making the entire notion not possible anymore.
“If our client’s application to travel is granted, he can buy a plane ticket now and leave Singapore,” said Ms Khoo.
“It’s not practical, right? We know it’s not practical. It would’ve closed for business already,” answered the judge.
Ms Khoo said Yong would be able to negotiate for an extension of a day or two, but needed “some kind of certainty” that he could travel so his business counterparts could consider an extension.
She added that the defence had submitted another letter for a second meeting on Aug 31.
Deputy Public Prosecutor Theong Li Han objected to the defence’s application for Yong to leave the country.
She said Yong’s flight risk remained high, with the whereabouts of his Cambodian passport remaining “unknown” as the Cambodian authorities have yet to respond to queries confirming if Yong has returned his passport to them.
Secondly, a substantial amount of funds raised by Yong’s company remains unaccounted for, and Yong is potentially able to access these funds and use them if he absconds.
On the proposed acquisition of property in Japan, Ms Theong said the letter tendered by the defence states that the balance to be paid is a substantial sum, at 351 million yen or about S$3.1 million.
“That the accused is requesting go to Japan to make such a payment, even though Evergreen’s corporate accounts in Singapore have been seized, underscores that he has access to significant funds overseas,” said Ms Theong.
She said it was also unclear why Yong’s physical presence was the only way the business contract could be finalised – the Japanese counterparts could also meet Yong in Singapore.
Ms Khoo stated that her client has “no intention to flee Singapore at all”.
“He will and he wants to return to Singapore to clear his name,” she said, suggesting measures like daily video calls or sharing location.
Yong initially wanted to say something but did not after speaking to his lawyer.
Judge Tay dismissed the application, saying there was nothing to suggest that the business meeting required Yong to travel to Japan.
The meeting could be held virtually, or another person could represent the company. As the deadline was Friday itself, it was “not practicable” for him to meet it even if approval to leave Singapore was granted.
The fact that Yong has other bank accounts means he has a heightened flight risk, he said.
Yong’s case will be heard again in a pre-trial conference next month.
He had declared himself as part of “Singapore’s top 1 per cent super rich” on the Netflix show Super Rich In Korea, which showcases the lifestyles of extremely affluent people who set up base in Korea.
The police announced its investigations of Evergreen Group Holdings’ business activities for alleged fraud on suspicions that investors’ funds had been misused.
Various companies under Evergreen Group Holdings were raising funds through the issuance of promissory notes that promised an annual interest of 10 per cent.
These promissory notes – legal instruments where one party promises to pay another party a sum of money – may have been issued in contravention of the Securities and Futures Act, they added.