, a 37-year-old Singaporean businessman and CEO of , was arrested and charged with falsifying tax documents. Some know Yong, whose full name is , from ‘s He marketed himself as wealthiest man as he showed off his luxurious life. But for most K-Pop fans, he first emerged when he stepped up to invest in K-Pop management after its legal win against former members.
The news of foreign capital being invested into “saving” the troubled girl group excited K-Pop fans from Korea and around the world, as the “Cupid Conflict” left all shocked and concerned for the future of FIFTY FIFTY. He was soon dubbed, as his press release material called him, a With Yong’s investment, ATTRAKT aimed to launch a new girl group, or “FIFTY FIFTY 2.0.
” As of August 1, 2024 (Singapore Standard Time), though, Yong was reported to have been arrested. By August 3, 2024, Yong was charged with facing up to a decade in prison (and/or being fined). According to the Singaporean police investigation, Yong is accused of making falsify papers belonging to Evergreen Group Holdings with intention to commit tax fraud back in 2021.
In addition, Evergreen Group Holdings is charged with falsifying promissory notes, promising 10% annual interest, to raise funds. The invested funds from issuing the said promissory notes are alleged to have been misused. The investigation revealed that, as of 2023, Evergreen Group Holdings was That said, with Yong’s arrest, fans are unsure of what will happen to FIFTY FIFT.