On 3 June 2025, Yong Khung Lin (“Yong”), the Chief Executive Officer of a group of companies collectively referred to as Evergreen Group Holdings, was given an additional charge under the Securities and Futures Act 2001 (“SFA”).
This charge relates to Yong allegedly consenting to the offering of promissory notes by Evergreen GRP Holdings Pte Ltd (“EGR”) between July 2023 and July 2024, that did not comply with the requirements under the SFA. A total sum of more than S$61 million was raised from the issuance of over 1,000 promissory notes that promised an annual interest of 10%.
Under the SFA, any offer of securities must be made in or accompanied by a prospectus that is lodged with and registered by the Monetary Authority of Singapore, unless an exemption applies. The prospectus must contain all the information that investors and their advisers would reasonably require to make an informed investment decision. As such, members of public are advised to exercise caution when dealing with such offers without a prospectus.
With the latest charge, Yong now faces a total of five charges:
- (Existing) Four counts of falsification of accounts under Section 477A of the Penal Code (“PC”); and
- (New) One count of consenting to EGR offering securities that were not made in or accompanied by a prospectus as required under Section 240(1) read with Section 331(1) of the SFA. The charge is amalgamated under Section 124(4) of the Criminal Procedure Code 2010 (“CPC”) to account for all the promissory notes offered and issued.
The offence of falsification of accounts under Section 477A of the PC carries an imprisonment term of up to 10 years, a fine, or both.
The offence of making offers of securities without a prospectus under Section 240(1) read with Section 331(1) of the SFA, carries an imprisonment term of up to two years, a fine of up to $150,000, or both. A person convicted of an amalgamated charge under Section 124(4) of the CPC shall be liable to two times the amount of punishment to which that person would otherwise have been liable for, for one incident of the offence under Section 124(8)(a)(ii) of the CPC.
SINGAPORE POLICE FORCE
03 June 2025 @ 12:00 PM