From Netflix stardom to court appearances: All of David Yong’s charges so far
If you have watched the Netflix series “Super Rich in Korea”, you might be familiar with David Yong.
The 37-year-old Group CEO of Evergreen Group Holdings, whose real name is Yong Khung Lin, is notoriously known as one of Singapore’s top one per cent super-rich, where, like his other castmates, he showcased most of his material possessions in the show.
Apart from owning supercars and a personal private jet, there was even a money counter and boxes of luxury clothing brands for display—basically, the whole gamut.
Along with his “old money/nepo baby” status, Yong is recognised as one of Singapore’s flamboyant media personalities, to the admiration and disdain of Singaporeans and international audiences.
Despite being no stranger to controversy, Yong recently found himself in hot water with the authorities, as he was charged with financial fraud, according to various reports from Singapore news outlets.
Here is a breakdown of how Yong rose to fame and his charges to date.
Introducing the self-proclaimed “multi-hyphenate”
Business and entrepreneurship are not foreign territory for Yong, which is unsurprising, considering he took over the helm of his father, Yong Ing Fatt’s business, Evergreen Group Holdings, a timber trading company turned enterprise.
According to KrAsia, Yong often accompanied his father on business trips and meetings to “observe” and “learn the ropes” of the family enterprise as a teenager.
He eventually joined the business in 2010, spearheading the company’s move to diversify downstream and build financial and investment arms.
Through Evergreen Group Holdings, Yong also entered the music industry, where he made headlines for making his K-pop debut as a 35-year-old CEO. In an interview with The Korea Times, he shared that he became a fan in 2014 and decided to “study the K-pop industry”.
K-pop has been in vogue in Southeast Asia, but most K-pop record labels still do not have the right partners to cooperate with.
They have staged numerous performances in the region, but many of them did not turn out too well, largely because the Korean companies lacked the networks … For them, Evergreen can give a helping hand to target the Southeast Asian market, which brims with potential.
David Yong, Group CEO of Evergreen Group Holdings, then Evergreen Asset Management, in an interview with The Korea Times in 2021
As a singer, Yong signed with South Korean music label Rainbowbridge World (RBW) and released a few singles, where he collaborated with K-pop music acts such as rapper KID MILLI and Mamamoo member Moon Byul, who was also his labelmate.
Upon checking RBW‘s website, it is worth noting that Yong is no longer included in the label’s music artists list.
Beyond showcasing his vocals, Yong also made a S$10.2 million investment in Attrakt, another South Korean music label known to represent Fifty Fifty, last September, and brought auditions for the “future” quintet to Singapore.
Evergreen Group Holdings was also the co-organiser of the inaugural Waterbomb Singapore festival held last weekend, which proceeded and was well-received by the audience despite the sudden news of Yong’s legal troubles.
An interesting but often-forgotten fact about Yong is that he is also a practising lawyer. He previously graduated with a Bachelor’s Degree from the University of Bristol’s Law School and established his law firm, YSL Legal, in 2020.
Yong shared that his legal background helped him a lot when he first took over the family business, adding that managing a business can be “tricky” without understanding the legalities.
Suspicions before his arrest
This is ironic, considering he is in hot water with the authorities for allegedly falsifying financial accounts and was arrested by the local authorities on August 1, 2024.
However, the authorities and the media had their suspicions of the self-proclaimed multi-hyphenate long before his arrest. The Monetary Authority of Singapore (MAS) listed Evergreen GH Pte. Ltd., formerly Evergreen Assets Management, on their Investor Alert List on January 27, 2023.
Evergreen GH is one of the entities under Evergreen Group Holdings.
According to MAS’s website, the Investor Alert List provides a list of organisations that may be or have, based on information available to MAS:
- Wrongly perceived as being licensed or in any other way authorised or regulated by MAS;
- Made an offer of units in a business trust or collective investment scheme which may be or may have been wrongly perceived as being authorised, recognised, or registered by MAS;
- Made an offer of investment which may be or may have been wrongly perceived as being made in or accompanied by a document lodged or registered with MAS.
Singaporean news outlet The Straits Times sat down with Yong for an interview earlier this year. The article published this June highlighted the differing figures that Yong and Evergreen Holdings have made public across varying sources.
Key revelations presented in the article were Yong’s individual net worth, his company’s listing on MAS’s Investor Alert List, the ownership of his house and cars seen in the Netflix reality series, and his “alleged” dual citizenship.
The article stated that in an appearance on the South Korean Reality show Unpredictable Fortunetellers in August 2023, Yong proclaimed that he has investments and assets amounting to around US$90 million. Vulcan Post did not find clips of the episode to verify at the time of reporting.
However, Yong shared with The Straits Times that his individual net worth was about US$10 million. He clarified that the US$90 million refers to the total value of his property investments and not his individual net worth.
When asked about his company’s listing on MAS’s Investors Alert List, he claimed that scammers fraudulently used the company’s name, and he had since made a police report in March last year.
In the article, it was written that the news publisher had seen a report by the official Royal Gazette of Cambodia showing that Yong’s name had been changed to Duong Dara due to his new nationality.
In response, Yong denied it and dismissed the matter as “false news”, adding that he had “no intention of giving up” his Singaporean citizenship.
It is worth noting that Singaporeans are not allowed to hold dual citizenship, as per Singapore’s nationality law.
A breakdown of all his charges
Charge #1: August 3, 2024
According to a news article by The Business Times, Yong received his first charge on August 3, where he was accused of having the intention to defraud by abetting Jolene Low Mong Han to falsify papers belonging to Evergreen GH.
In a separate report by The Straits Times, it stated that according to a court document dated on or about December 16, 2021, Yong allegedly instigated Low to falsify a tax invoice dated Sept 1, 2021, from Evergreen Assets Management for the purported bulk sales of household fittings and appliances to a person named Roy Teo.
If convicted, Yong could be fined or jailed for up to 10 years, or both, under Section 477A of the Penal Code.
Charge #2 & #3: August 8, 2024—Denied Bail
Yong received two new charges almost a week later, on August 8 this year.
In a follow-up report by The Straits Times, Yong allegedly instigated Low to falsify two tax invoices from Evergreen Assets Management for purported furniture sales—this time to two separate entities on or about December 16, 2021.
An invoice was dated May 13, 2021, to Evergreen Venture Capital. The other was dated October 22, 2021, for purported sales of furniture and interior design services to Tay Ai Chern Pearlrie.
The report also stated that Yong has remained in remand at the Central Police station since August 1. In other words, he has been held in custody by the police since the day of his arrest.
Yong was also denied bail, as the prosecution claimed that Yong was a “real flight risk notwithstanding his roots in Singapore” after discovering the aforementioned Cambodian passport during their investigations.
However, the whereabouts of these Cambodian identification documents are currently unknown, the prosecution said, noting that the existence of the documents was established by investigations and not revealed by Yong, as per The Straits Times report published on August 8.
This implies a possibility that Yong “is hiding his possession of these documents and that he may attempt to use them to flee if not further remanded”.
Yong, dressed in a red shirt and appearing in court via video link, stated that he had renounced his Cambodian citizenship in early June and was willing to follow all the conditions for his bail to be granted.
Yong also told the court that he was “in a very bad mental state,” where he mentioned seeing a doctor at the Institute of Mental Health (IMH) on August 3 and requested to see a specialist at Raffles Hospital.
The prosecution rebutted that a memo from the IMH doctor did not specifically recommend a specialist. Yong has not raised any other medical complaints since August 3, adding that any medical condition raised would be addressed as soon as possible.
District Judge James Elisha Lee granted the prosecution’s request to remand Yong for seven more days. His case will be heard again on August 15. The report also stated that Yong could consult with his lawyer, Mr Sudheesan, a day or two before the hearing.
Charge #4: August 15, 2024—Bail set at S$1 million
Yong was handed his fourth charge on August 15, where he was accused of instigating someone named Thung Sai Fun to falsify several line items in Evergreen Assets Management’s financial statements.
According to a report by The Straits Times, the financial statements were for the financial year that ended March 31, 2022, which resulted in a reported profit before tax of nearly S$8 million.
On the same day, the court also set Yong’s bail amount at S$1 million, to which he must also abide by the following conditions:
- A curfew between 10PM and 6AM
- Report to an investigation officer handling the case every Monday at 10.30AM
- Surrender any travel documents in his possession
- Wear an electronic tag
As of now, Evergreen Holdings’s Instagram account has been set to private at the time of reporting. However, their website is still accessible.
In a separate report by CNA, Yong is currently out on bail, and the Singapore courts rejected his bid to leave Singapore for a business trip to Japan, explaining that his presence was not needed and his flight risk remains high.
Yong’s pre-trial conference will take place next month on September 27, 2024.
- Read other articles we’ve written about Singaporean startups here.
Also Read: Qoo10 reportedly lays off over 80% of its employees, only 20 staff remain in its S’pore office
Feature Image Credit: David Yong via Instagram
M’sian agritech startup BoomGrow collabs with CelcomDigi to launch 5G & AI-powered farms
BoomGrow and CelcomDigi have announced a strategic partnership, an August 29 press release stated.
Founded in 2021, BoomGrow provides hyper-local farming solutions designed to create healthier, more sustainable food systems. Through its patent-pending technology, the startup optimises conditions for plant growth, driving indoor vertical farming to new levels of precision and efficiency with reduced environmental impact.
You might be wondering, what do indoor faming systems have to do with a mobile network operator?
Well, a lot actually. At least, there should be, because the technology can really enhance sustainable farming practices and food production.
By integrating 5G connectivity, AI, and XR (extended reality) with precision farming technology, BoomGrow and CelcomDigi aim to transform the agricultural industry in Malaysia.
Specifically, the three main areas of innovation that this partnership focuses on are as follows:
1. 5G-enhanced precision farming
Now powered by CelcomDigi’s 5G connectivity, BoomGrow Machine Farms can connect to a range of integrated sensors and monitoring systems that are able to give real-time data feedback.
This allows for more precise control of indoor farming environments and optimal conditions for crop growth.
2. Machine Farm AI & data analytics
Since the multiple Machine Farms feed back complex datasets and plant visualisation, advanced AI-powered analytics is especially helpful as it enables deeper analyses.
For instance, if there is an alert raised in one of the farms, the team will gain insights through the analytics to derive the root cause of the issue and address it immediately. This will enhance decision-making processes and improve overall productivity.
Furthermore, data collected from all the Machine Farms across the country are consolidated into a centralised dashboard, allowing for seamless oversight and management.
3. Agronomist Training via XR
Through XR technology powered by local startup XR Associate, future agronomists can engage in immersive training programmes remotely.
This allows them to gain hands-on experience and expertise in managing modern farming systems from different locations where BoomGrow Machine Farms are present. It will also help facilitate BoomGrow in onboarding new agronomists as they scale to roll out more Machine Farms in future.
The future must be green
BoomGrow is amongst the 40 pioneering partners of CelcomDigi’s AI Experience Centre (AiX), a facility to stimulate rapid innovation of 5G, AI, and other emerging technology solutions across diverse industries to accelerate Malaysia’s 5G-AI aspirations.
CelcomDigi’s Chief Innovation Officer, T. Kugan said, “We are pleased to have BoomGrow as our partner to reimagine farming in the age of digital-everything.”
The partnership was officiated by the Minister of Digital YB Gobind Singh Deo at Gurney Paragon Mall in Penang, where one of BoomGrow’s Machine Farms has been deployed.
To date, there are multiple BoomGrow Machine Farms established across Malaysia and the Philippines with one located at CelcomDigi AiX in Subang Jaya, Selangor.
Farming and agriculture at large has been a pillar in Malaysia’s economy, contributing around 7.1% to our country’s GDP in 2021.
Yet, much of the industry has been largely left unchanged over decades, which is worrying especially when put in the context of rising food insecurity and climate changes.
That’s why innovative startups like BoomGrow and collaborations with tech giants like CelcomDigi are important to spur on growth and improved solutions.
As BoomGrow’s CEO and Co-Founder, Murali Krishnamurthy, said, “The integration of 5G technology into our operations allows us to unlock new levels of efficiency and sustainability, driving the future of agriculture.”
He added, “CelcomDigi’s strong support for tech startups like ours not only advances our capabilities but also contributes to the growth of Malaysia’s startup ecosystem. Together, we are shaping a more innovative and sustainable future for the industry.”
Also Read: 15 yrs of witnessing telco inefficiencies drove this duo to bootstrap RM100K to modernise it
Featured Image Credit: (from left to right) YB Joshua Woo, ADUN Pulau Tikus; T. Kugan, CelcomDigi’s Chief Innovation Officer; YB Tuan Gobind Singh Deo, Minister of Digital; Datuk Seri Khor Teng Tong, Founder of Hunza Group; Murali Krishnamurthy, CEO & Co-Founder BoomGrow
This M’sian family biz’s recipe for success is turning classic treats into eye-catching gifts
I’ve always been intrigued by the delicate beauty of madeleines. There’s a reason why their petite, scallop-shaped form and buttery flavour have captivated taste buds for centuries.
But there were still surprises to be discovered, such as when I stumbled upon Bliss Curation’s unique take on these classic treats. Their blend of sweet and savoury flavours was a refreshing departure from the norm.
From the classic sweetness of matcha pistachio, the unexpected umami of hojicha and chestnut to the spicy kick of kimchi and bacon, Bliss Curation’s madeleines intrigued me.
So, I reached out to learn more about Bliss Curation’s story. It was then that I discovered their madeleines were just a small part of a broader, more significant offering: their festive gift boxes.
The story of three minds behind the business
The heart and soul of Bliss Curation are Lian Zhi, her sister-in-law Jinn, and her brother Gim. Each brings their own skill set to the table, making their collaboration as harmonious as it is delicious.
Jinn, who grew up in a family of bakers and has spent over a decade in the F&B industry, leads production with her refined pastry skills.
Gim, a talented food and product photographer, oversees the creative aspects of the business, ensuring that every product not only tastes great but looks picture-perfect.
With her background in ecommerce and FMCG, Lian Zhi manages marketing and operations while balancing her food styling career.
Together, they’ve turned what started as a part-time gig into a full-time venture, driven by a shared love for gifting and culinary creativity.
A tradition of thoughtful gifting
Lian Zhi’s mother, who cherished the art of gifting homemade treats, inspired Bliss Curation.
“My mum has always been someone who loves gifting. She taught us from a young age to make food and share it with friends and family. This tradition of thoughtful giving naturally evolved into the idea of starting a business,” Lian Zhi shared.
Even the brand’s name reflects the brand’s vision of becoming a food gifting provider. “Bliss Curation’s brand name in Chinese is “yuèlǐ”, which means the joy of gifting,” she said.
It was this family tradition, combined with the strengths of the trio, that led to the launch of their first project—the Mid-Autumn Gift Box.
Since their debut with the Mid-Autumn Gift Box, Bliss Curation has been on a roll, launching a series of meticulously crafted gift boxes for various festivals.
From the Cookie Discovery Box, featuring nine distinct cookie flavours, to the Dynasty-themed Chinese New Year box infused with Earl Grey Tea, each product tells a story.
The team’s commitment to innovation is evident in their seasonal creations. For instance, their Earl Grey’s Rhapsody box for Chinese New Year was a hit, showcasing five types of cookies all infused with the subtle flavours of Earl Grey tea. The box was a nod to the elegance of blue and white porcelain, merging tradition with a modern twist.
“Creating these boxes isn’t just about putting together tasty treats,” she said. “It’s about the whole experience—from the concept to the packaging to the moment the box is opened. We want each product to evoke the joy of giving and receiving.”
“Our gift boxes are very conceptual, and we’re proud of that. We love experimenting with unique flavours and want to offer a complete experience, not just a tasty treat.”
The challenges
Running a business like Bliss Curation is not without its challenges. The biggest hurdle, according to Lian Zhi, is manpower.
“Since we’re home-based, space and capacity are limited. We rely heavily on our family to help out, but as we grow, we’re planning to set up a dedicated baking studio by next year.”
Another challenge is balancing the demand for their unique, seasonal products with the need to maintain a sustainable business during non-festive periods.
“Our festive gift boxes are our bread and butter, but we’ve also introduced non-festive items like madeleines, mochi buns and cookies, which have [been] well-received at events and gatherings,” Lian Zhi explained.
The team starts with a basic version of each product, and then experiments with flavours until they achieve the perfect balance.
“Usually we will go through each flavour, fine-tuning them one by one. For example, initially, when we first started, kimchi wasn’t infused in the batter. It was just a topping, and we noticed it didn’t gel well. Then we re-tried and infused it in the batter itself, and it turned out pretty good.”
Although the madeleines initially caught our attention, Lian Zhi noted that they are not the brand’s signature product. “To be honest, we don’t really see much demand for madeleines, but sometimes we create demand where there wasn’t any before,” she said.
Expanding horizons
Initially, they handled all deliveries themselves, but as demand grew, they began using courier services.
“Using courier services involved a lot of stress tests,” Lian Zhi recalled. “We had to make sure our products could withstand the journey.”
Their efforts paid off, as Bliss Curation’s reach has extended beyond Malaysia.
Their festive boxes have made their way to places as far as Australia and Indonesia, carried by delighted customers who couldn’t resist sharing the joy back home.
“One customer brought ten boxes back to Perth when she came to Malaysia and even sent us a picture of a picnic she had with her child. That’s the kind of impact we aim for,” shared Lian Zhi with a smile.
With a self-funded start of RM8,000 and a modest but growing customer base, they’ve managed to carve out a niche in the competitive world of festive gifting. Lian Zhi hopes that their focus on quality, creativity, and the joy of giving can keep setting them apart from the rest.
Maintaining the joy of gifting
Bliss Curation is still in its early stages, but the team has big plans. They remain focused on festive gift boxes, which have become their signature offering.
“Our goal is to keep things fresh and fun,” said Lian Zhi. “We want to stay competitive and eye-catching, even outside the festive seasons.”
The company keeps up with R&D, particularly for upcoming festive seasons like Christmas and Chinese New Year. They see this as part of their ongoing business operations.
They are also exploring new avenues to increase brand awareness by participating in local weekend markets—something they haven’t done before. After a year online, they believe expanding to offline markets will broaden their audience.
Looking ahead, the company plans to expand its customised gifting segment and launch a dedicated website. They believe developing a website would be a significant step forward, and plan to launch it once they have the space and capacity to handle a larger volume of orders.
“Currently, we process the order through Google Forms. It’s definitely a very user-friendly tool that helps the small business to be more structured. But there are very limited features that we can use,” she shared.
As they continue to grow, the trio behind Bliss Curation remains committed to their mission. “We’re still a three-person team for now, but we’re excited about what the future holds,” Lian Zhi concluded. “We’ll keep experimenting, keep innovating, and most importantly, keep sharing the joy of gifting.”
- You can learn more about Bliss Curation here.
- Read other articles we’ve written about Malaysian startups here.
Also Read: Asian Football Confederation launches 3 new leagues, sponsored by smartphone brand TECNO
Featured Image Credit: Bliss Curation
Flash Coffee hires ex-foodpanda CEO in a bid to reach profitability in Indonesia
There’s no hiding that Singapore-headquartered Flash Coffee has had a few turbulent years.
Although the business is still headquartered in Singapore, Flash Coffee had liquidated its local operations last October. Founder and CEO David Brunier and director Sebastian Hannecker reportedly filed for a voluntary winding-up due to its liabilities on October 11.
Prior to these reports, baristas at Flash Coffee Jurong Point even allegedly initiated a “strike”, leading to the closure of the outlet.
This wasn’t the first time Flash Coffee made headlines for labour-related challenges. Back in November last year, the company downsized its headcount across its Singapore and Indonesia markets.
Following its liquidation, Flash Coffee also sold its Thai business, as well as left Hong Kong, Taiwan, and South Korea.
All of these efforts seem to be a part of the business’ plans to reach profitability.
Presently, Flash Coffee is active only in Indonesia, where it has 67 outlets.
It was reported on August 31 that the coffee chain has hired ex-foodpanda CEO Jakob Angele as its executive chairman, adding to its efforts to hit profitability.
Road to profitability
The last round of funding that Flash Coffee closed was in May 2023, when they raised a total of US$50 million.
Vulcan Post reported that the funding will be used to accelerate the company’s mission to achieve group-level profitability, including sustainably growing its footprint across the Asia Pacific region, doubling down on technology and product innovation, and further developing the sales performance of existing stores.
While some of these plans might’ve gone awry (particularly regarding growth across the APAC region), Flash Coffee is still enroute to reaching profitability.
In an interview with Tech in Asia, Angele actually said that at the store level, the business was operationally profitable after marketing expenses.
“We currently don’t provide a timeline on group-level EBITDA, but with the strong results from H1, new menus, new stores, and strong operational focus, we are confident we will reach profitability soon,” he told Tech in Asia.
Angele also shared with the publication that Flash Coffee increased its revenue per store by more than 50% from February 2024 to June 2024, with 95% of their stores profitable on an EBITDA basis.
Creating a more welcoming space
During the Tech in Asia 2024 conference held in Kuala Lumpur, CEO David Brunier talked about wanting to create a more complete, sit-down experience rather than just having a grab-and-go concept.
Angele confirmed this in the interview with Tech in Asia, stating that Flash Coffee will be making their seating options more plentiful and comfortable.
Providing an improved instore experience might be critical in helping the business stand out in a competitive market.
In Indonesia, Kopi Kenangan reigns with around 868 outlets across 64 cities. Other prominent brands include Fore Coffee, Tomoro Coffee, and many other global chains.
Furthermore, Angele told Tech in Asia that he believes their pricing is well-positioned, with a medium to slightly high price point whereas brands like Kopi Kenangan enter the market with a lower price point.
With this pricing, the new executive chairman believes that the chain could grow to 300 or 400 outlets in Indonesia alone, all while running a “very profitable business”.
Not their first rodeo together
Before Angele’s appointment as Flash Coffee’s executive chairman, he had spent nine years at foodpanda, spending seven years as its CEO.
It may be worth noting that Flash Coffee’s CEO, David Brunier, was actually the CMO for Asia Pacific at foodpanda prior to founding the coffee business.
The connections don’t stop there, as one of Flash Coffee’s investors is actually Delivery Hero, foodpanda’s parent company.
Speaking of investors, Angele was also a venture partner at VC firm White Star Capital, which led Flash Coffee’s aforementioned Series B round.
Some might recall that Angele has found himself in controversies previously. Last October, screenshots of private conversations between Angele and the woman he was dating with were leaked by the woman herself.
In these screenshots, Angele seemingly told his then-girlfriend about a potential confidential deal with Grab which was later leaked. She also shared that foodpanda’s lawyers allegedly told Angele to stop speaking to her due to the information leaks.
Speaking to Tech in Asia in June 2024, Angele said that he chose to share the information with someone who he “trusted a lot”, but later realised it was “a big mistake”.
Tech in Asia also reported that days prior to the leaked news of the confidential deal, the ex-foodpanda CEO actually obtained a court order that prohibited his former girlfriend from speaking out publicly about him.
However, she violated the court order by releasing the information via Instagram posts.
In any case, these events are in the past. Now, less than one year after the incident, Angele is starting a new chapter with Flash Coffee.
- Learn more about Flash Coffee here.
- Read other articles we’ve written about Singaporean startups here.
Also Read: After 4 yrs, this Melaka-founded private fitness brand is going global. First stop, Thailand.
Featured Image Credit: Jakob Angele / Flash Coffee
