Tan Kok Liang

Pan-Electric Industries was a Singapore-based company that specialised in marine salvage work, and had 71 subsidiary companies, including hotel and property interests, with a market capitalization of S$230 million. The company collapsed in 1985 due to unsettled forward contracts, forcing the of both Singapore and Malaysia to shut down for three days. At its demise, the company had a total debt of S$480 million, and all its shares held by 5,500 shareholders were found to be worthless overnight. As of 2000, it remains the largest corporate collapse in Singapore's history, and the only instance where the (SES) had to close. The Malaysian Kuala Lumpur Stock Exchange was also forced to close for three days as a result.

In the aftermath of the collapse, key people in the company such as Peter Tham, Tan Kok Liang, and Tan Koon Swan were prosecuted and given varying jail sentences. The collapse of the company shook public confidence in the SES, causing prices of stocks to plunge. New securities laws were introduced in March 1986 to ensure that stockbroking firms can protect themselves against credit risks.

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Wikipedia