Impact Of The Collapse Of Pan Electric Industries Money Essay

Pan-Electric Market sectors was a Singapore-based company that specialised in marine salvage work and possessed 71 subsidiary companies, it including hotel and property interests with market capitalization of S$230 million (Wikipedia). The main business of Pan-Electric Companies was the production of refrigerators.

In March 1985, Pan-Electric Establishments Ltd had became a member of Tan Koon Swan's business kingdom. Pan-Electric defaulted on S$7. 5 million installment for S$75 million syndicated loan by Standard Chartered Bank. In addition, it voluntarily requested STOCK MARKET Singapore and Kuala Lumpur Stock Exchange to suspend its shares on 18 November 1985. The reason why given is need to revise right issue and restructure financing. Besides, two other Tan Koon Swan related companies, Sigma and Progress Companies Holdings also need and are awarded suspension. Therefore, when it released a rights concern for S$80 million designed to generate more liquidity, it triggers the underwriters to look more carefully at Pan-Electric Companies' financials and fiscal basics. It also found that the business was S$453 million with debt from 35 banks, which there exists S$283 million is unprotected. The rights issue was then cancelled and a rescue plan to improve Pan-Electric's position suggested.

On the other palm, the loan deal for Pan-Electric Business is unveiled; gain the financial the help of the banks. You can find two ways that the company get loan: (1) to be raised S$200 million through the equity and right issues from other buyers of the company. (2) Get the interest-free loan of S$40 million from Tan Koon Swan. If the rescue plan falls through, Tan Koon Swan won't pump in the S$40 million unless the repayment goal is increased. However, the collectors are refused to achieve that. Besides, the "legal impediment" develops. That money from Tan Koon Swan originates from Sigma, which has more than 20 percent of Pan-Electric and is therefore prohibited to give it money under the firms Act. Because of these reasons, Pan-Electric Business was officially insolvent and was therefore placed in receivership. This is the result in that started the domino effect of defaults on ahead contracts.

In the end, the company collapsed scheduled to unsettled ahead contracts, and forcing the stock exchanges of both Singapore and Malaysia to turn off for three days during the yr of 1985. The collapse of Pan-Electric after its huge bad debts and incapability to make good on in advance contracts precipitated a systemic turmoil that threatened the whole then-nascent stock broking industry. At its demise, the business had a total debt of S$480 million, and everything its shares performed by 5, 500 shareholders were found to be worthless right away.

After that, all the receivers were appointed, and the significant decision was to suspend all trading on STOCK MARKET Singapore to forestall panic dumping which threatened to clean hundreds of millions off of the exchange. Tan Koon Swan's case was the first ever circumstance of stock manipulation in Singapore which visited the magnitude of shutting down the Stock Exchange Singapore for three times. Because of that, it is representative of the style of the white-collar offences becoming steadily more complex and impressive. In the long run only one count was proceeded after against Tan Koon Swan is the fact that abetting Pan-Electric's money director, Tan Kok Liang, to commit that the legal breach of trust of about S$145, 000 (which belonged to Pan-El) that Tan Koon Swan was jailed 2 yrs and fined S$500, 000. The total amount embezzled was applied to pay the eye on three million of Grand United Keeping (GUH) shares bought by way of a Pan-Electric subsidiary, Orchard Hotel. The Orchard Hotel choose the shares were in turn a part of the program by Tan Koon Swan to artificially boost the GUH talk about price. However, Tan Koon Swan was spared any market manipulation charges.

As a result of the collapse for Pan-Electric Industries Ltd in Dec 1985, the key people in the company such as Peter Tham, Tan Kok Liang, and Tan Koon Swan were prosecuted and given differing jail sentences. The collapse of the company shook public self-assurance in the Stock Exchange Singapore, creating prices of stocks to plunge.

-Stock Exchange Singapore experienced sealed trading for three times.

The collapse of Pan-Electric Market sectors Ltd, though integrated in Singapore, resulted in the unprecedented closure of both the Singapore Stock Exchanges in December 1985 for three times from 2 December until 4 December. This is due to the failure of a sizable public company, Pan-Electric Sectors Ltd. Since that, the costs of property dropped by over 30 percent. The mixture of restricted liquidity, low inflation and a distinct decline in share and property prices subjected to the financial over-commitments of several entrepreneurs.

Moreover, the judge issues an order that Pan-Electric Business has been put into liquidation and accounting organization believed that this had also been dismissed as the conglomerate's provisional liquidators. The Pan-Electric along with its 71 subsidiaries acquired owes about US$168 million to more than 30 banks. Besides, Pan-Electric subsidiaries that can't be sold as going concerns will be liquidated later however the larger properties, such as the Orchard Hotel in Singapore, and Selco Marine, a salvage operation, had seduced some audience. Creditor bankers suspended foretells rescue Pan-Electric soon after Tan Koon Swan, a major Pan-Electric shareholder, also a Malaysian entrepreneur and political innovator was arrested because of this of Administration investigations in to the financial dealings of Pan-Electric. In December 1985, when Pan-Electric proceeded to go into receivership after failing to meet US$187 million with debt payments, the Singapore and Kuala Lumpur stock exchanges were forced to close for three days.

It was a series of inter-linkages which dragged six brokerages to the demise together with Pan-Electric and triggered a crisis of self-confidence that caused the stocks markets to plunge when the Singapore Shares Exchange re-opened in December 1985 after 3 times of closure. In the local context, this can be a day that known as "Black Thursday". Furthermore, it created a movement for stricter legislation of the Singapore Securities Exchange by Monetary Expert of Singapore. From then on, the market acquired altered from a self-regulated entity to a tightly-regulated one, in particular in regards to to brokerage capital requirements, gearing and margin restrictions, as well as reserve fund requirements. Due to that, this has since loosened to a disclosure-based regime, where the responsibility is on the individual entrepreneur to exercise caveat emptor.

During the closure of the stock exchange, the Connection of Banking companies and the Stock Exchange of Singapore kept some emergency conferences as the affair cast further gloom on the economy, they already forecast to shrink by 2 percent throughout that year. Besides, there a wide range of comments about the result of the marketplace to the public and the activities will need by the government. The Singapore STOCK MARKET Chairman Ong Tjin An announced that "your choice was taken to cool off the market and the public to digest the news headlines" of the receivers being appointed at Pan-Electric Companies. You will discover no details were immediately available, however, some stockbrokers thought that the stock exchange was operating out a new plan to strengthen the deficiently shaken local securities business while banks looked for to minimize losses and tighten up the credit lines. Furthermore, the financial daily Business Times said that regardless of what is the next incident in the Pan-Electric problems brings, Singapore's reputation as a financial capital got suffered as a consequence of this debacle, the gravest in the republic's credit history. However, the STOCK MARKET of Singapore and the Kuala Lumpur STOCK MARKET did not point out when they might allow trading to resume, but stockbrokers expected the suspension just can last up to week. Yet, a older bank public said: "Once you close, there may be never a great time to open. Show prices are definitely going to glide. A prolonged closure will worsen market sentiment. " In other way, those stockbrokers generally welcomed the suspension in both exchanges, that they believed prevented worry offering and a possible collapse of the currency markets. The STOCK MARKET of Singapore and the Kuala Lumpur Stock Exchange work meticulously because most of the stocks are quoted on both exchanges.

When the trading was resumed on 5 December 1985, all the talk about deals needed to be conducted on an instantaneous delivery basis. This means that all the payment had to be made within 24 hours of the trade. Trading on funds basis (repayment within per month) was suspended indefinitely, while front trading (repayment greater than a month later) was completely forbidden. This settlement period was consequently improved to T+5 on 6 January 1986, after some overseas clients complained about issues in satisfying the 24-hour delivery guideline. At the moment, the settlement pattern is over a T+3 days and nights basis, where all share deals have to be settled three times after the business deal has been came into into. As a result of the shorter pay out timeframe, there is less uncertainty.

-Economy of Singapore. The stock market prices of Singapore to plunge.

Furthermore, the economy of Singapore really gets effect by the Pan-Electric collapse through the year 1985. This is because Singapore was the 3rd most significant financial centre in the Asia after Tokyo and Hong Kong by the mid-1980s. In the financial sector, Singapore have suffered double digit expansion within the last few generations, accounted for a few 23 percent of Gross Household Product (GDP) and utilized about 9 percent of the labor force. However, the development in the financial sector slowed to just 2. 6 percent and Singapore STOCK MARKET had experienced a Pan-Electric problems which pressured to close for three days in the Dec. Because of the major turmoil in the entire year 1985, this experienced troubled domestic overall economy and there are a lot of people bothered that Singapore's future as a financial centre seemed a bit problematic. Besides, the market underwent a major, prolonged reorganization following collapse of your Singaporean company, Pan Electric Establishments which revealed an enormous web of ahead share dealings predicated on borrowed money. The collapse led to a tighter rules of the financial futures market and the securities industry.

In addition, the Singapore Stock Exchange Chairman Ong Tjin An said "to cool-down the market as well as for the general public to digest the news headlines" that Pan-Electric Companies had dropped into receivership. The S$230 million Singapore-based conglomerate possessed collapsed because a complex web of forwards contracts affecting its shares could not be unwound. The Pan-Electric debacle hurt Singapore's reputation as a financial centre. Once the Pan-El crisis strike, the Straits Times Index (STI) was already deep in a unpredictable manner of a carry market that dated again more than two years to May 1983. Because of that, there are many companies have collapsed and the arrests have started in the wake of the Singapore's "Black Thursday" stock market crash. The monetary fallout and politics repercussions are anticipated to carry on for a few months as authorities make an effort to untangle a sophisticated maze of ventures that involving bankers, stock exchanges, brokerages and speculators in the shares of posted companies in this island condition, one of Asia's leading financial centers and in neighboring Malaysia. Individuals were expectations for an orderly method for the financial meltdown concluded in the later January with the arrest in Singapore of Malaysian financier-politician Tan Koon Swan and the abandonment of attempts to save the Pan-Electric Companies Ltd conglomerate.

On the other side, it was replaced by two new committees of the banker-creditors. The reason to replace both new panels is that one of the banker-creditor is make an effort to keep the Selco salvage product afloat as a going concern until a buyer can be found, the other to market off other divisions. Selco describes itself as the world's second-largest sea salvage operation and the gains are erratic. However, since they depend on unstable events like boats being wrecked unintentionally, or fighting between Iran and Iraq. The Netherlands-based Smit Tak International BV, the marine salvage industry leader, and the Singapore government-controlled Sembawang Shipyard Ltd have been pointed out in published reports as possible clients of Selco. One foreign banker who offered on the steering committee, and who spoke on condition that he remain unidentified, said any wish of reviving Pan-Electric ended when the Singapore federal government declined to guarantee new financing. Some brokerages say the uninhibited use of "forward contracts" resulted in Pan-Electric's downfall. These now-outlawed agreements to buy or sell shares at predetermined prices three to six months in the foreseeable future often were used as security to raise cash. Hundreds of millions of dollars worth of forward agreements that added to the financial squeeze still threaten the market's stableness, brokers say. Considerable financing on margin of stock buys by broker agents buying both for his or her own and the accounts of the clients helped maintain talk about prices at inflated levels until October.

The market became anxious and started out drifting lower after Pan-Electric shares were suspended from trading on November 19. It had been purchased into receivership by a judge on November 30 following the collapse of discussions targeted at restructuring almost US$199. 7 million in loan company debts. The steering committee blamed the breakdown of talks partially on Tan Koon Swan, more popular as the most politically powerful and economically influential Chinese in Malaysia.

It is quite important to emphasize the impact that the Pan-Electric collapse had on the financial system which caused the Singapore STOCK MARKET to use such a major step concerning suspend all trading for three days and nights. The forward deals that Pan-Electric Companies came into into implicated a complete food-chain of finance institutions and brokerages. On the other way, an Monetary Government bodies of Singapore newspaper summarised that "With ahead trading, a whole chain of parties is connected via claims of sale and purchase to the same lot of stock, the brand only stopping with a buyer which either would like to keep carefully the stock, or that cannot find someone else to sell it to. If this previous purchaser is unable to meet its obligations to pay for the stock when they fall due, a domino effect is created and defaults could appear down the string. "

-Investors and stock broking companies. Many investors could not reunite their principal money. On a single time, the stock broking businesses had make loss.

The Pan-Electric turmoil can be divided into two parts. First, there was a systemic menace to the success of the complete stockbroking industry - as the in advance deals the stockbroking companies were involved in came due without buyers, these were forced to settle these acquisitions, which sometimes amounted to the complete capitalisation of the business often over. Second, there is a widespread lack of public self confidence that implemented the collapse of Pan-Electric and the financial troubles of several of the stockbroking organizations; this evinced itself in plummeting prices on the STOCK MARKET of Singapore.

This was what happened during the Pan-Electric, considering that the lots of of forward deals it had entered into, when Pan-Electric was struggling to find a seller for these shares, its liquidity position, already unstable, was plunged into insolvency. This in turn affected the numerous companies who experienced contracted to sell stocks to Pan-Electric and who now acquired no buyer for these stocks. In addition, stockbroking organizations, which got acted as financiers in adding the margins for in advance contracts as the latter were along the way to be re-sold, found that their financial commitments way outweighed their online worth when the pool of purchasers dried up.

Brokers and bankers in both countries said a number of smaller companies caught in Pan-Electric's stock swap discounts, might be forced to close if the finance institutions do not bail them out. Pan-Electric's problems included in front purchases of stocks and shares for US$64 million by a few of its subsidiaries. The Singapore STOCK MARKET is suspended trading in Pan-Electric and two of its related companies on November 19, and the stock index has since fallen by practically 70 items to 691. 81. The momentary closure does not mean the finish of buying and selling. Investors can still come together in the "grey market, " which will be unsupervised. Besides, matter over Pan-Electric's problems spilled into Hong Kong, where stock prices dropped sharply throughout that time, with the marketplace index falling 22 points to at least one 1, 694. 57. Some stockbrokers said the costs were forced lower as Singapore pursuits sold shares in Hong Kong to raise cash. There is certainly one Western european broker in Hong Kong said that the retreat was popular as local and international (investment) institutions joined the Singaporeans in reselling today. In addition, a Singapore broker said that the complete affair has still left us numb and almost every investor just wants to escape the market.

Other than that, these buyers in the stock would have their specific hard-luck reviews, all 5, 500 of them who ended up with nothing, however the biggest loser in the fiasco was the person at the centre of the surprise: Tan Koon Swan, a substantial shareholder of the company holding an indirect 30 percent stake, and the most well-known Chinese language politician in Malaysia, as newly-elected Chief executive of the Malaysian China Association (MCA). Doing exercises tremendous impact over Pan-Electric's directors in the entering into of forward agreements that were to bring the company to dire straits in 1985, he was later found guilty off and jailed for seeking illegal funds transfers from various sources, including from Multi-Purpose Holdings, the commercial arm of the MCA, during the Pan-Electric turmoil period in 1985 in his vain try to raise capital to rescue the company from insolvency. A witch-hunt always follows a debacle, much is certain; and in cases like this it brought an end to both Tan Koon Swan's business and political careers.

Most analysts agree that the system of forward contracts, in which stocks are re-sold before their purchase has been settled, was the crux of the Pan-Electric problems. With frontward trading, a whole chain of celebrations is linked via claims of sale and purchase to the same whole lot of stock, the range only concluding with a buyer which either would like to keep carefully the stock, or that cannot find another person to market it to. If this previous purchaser is unable to meet its commitments to pay for the stock when they show up scheduled, a domino result is established and defaults could appear down the chain.

Impact in Malaysia

- Kuala Lumpur Stock Exchange had stopped trading for three days and nights.

Due to the Pan-Electric crisis, the Kuala Lumpur STOCK MARKET actually shut for a couple of days in the December 1985. The primary reason is the failure of the large public company' Pan-Electric Establishments Limited. This crisis had brought a huge crash on the market of Malaysia. The house prices dropped by over thirty percent. The mixture of tight liquidity, low inflation, and a sharpened decline in show and property prices open the financial over-commitments of many entrepreneurs.

In addition, with the three-day suspension system of the Kuala Lumpur STOCK MARKET, and the subsequent collapse of the share prices - where $10. 8 billion shares' value was destroyed on the resumption of trading because of Tan Koon Swan's Pan Electric turmoil scandal. Malaysian attention had been sidetracked from a radical departure from NACSE Endorsed Specialist (NEP) guidelines. This is actually the government decision just lately too arbitrarily, without region or consultation, to improve the bumiputra quota for new shares issue from 30% to up to over 70%.

On the other way, there is a latest statement from Singapore that four more Skillet Electric Companies subsidiaries have been placed in the hands of receivers and professionals spotlight the gravity and complexity of the Pan Electric crisis, which experienced cause the three-day suspension of the Kuala Lumpur and Singapore stock exchanges, and wiping out $10. 8 billion of the total stocks value in Malaysia on your day Kuala Lumpur Stock Exchange resumed trading.

- Politics of Malaysia have been damaged because chairman of Malaysia Chinese Association (MCA) involved in the crisis.

During the year of 1985, Malaysia government plan to carry a general elections in end February or early on March at that year, but it was sabotaged by the following scandal of the arrest in Singapore of Malaysia Chinese Association (MCA) President, Tan Koon Swan, on 15 charges on legal breach of trust, cheating and scam in connection with the Pan-Electric problems, which closed down down the currency markets of two countries for three days and nights and wiping out S$10. 8 billion from the Kuala Lumpur Stock Exchange.

However, after a month of the Tan Koon Swan MCA management, it is clear that the MCA possessed never really had such weak and unsuccessful new leadership in the MCA party history. MCA can't ever hope to have any effective tone of voice in the federal government as long as the MCA management and in particular Tan Koon Swan is bogged down by the Skillet Electric turmoil. The Pan Electric scandal also offers weakened the side of MCA management so it dare not put pressure on the UMNO control on any concern, for it was required to depend in the ultimate analysis on the government to help bail out Tan Koon Swan, whether immediately or indirectly giving government blessings and encouragement to UNICO to salvage Tan Koon Swan. Furthermore, the Pan-Electric problems not only weakens the MCA authority but also the politic of Malaysia.

The new MCA Chief executive, Tan Koon Swan has failed the Malaysian Chinese language community for up till now, they may have refused to let the people know the entire account of the Skillet Electric turmoil. No think about, the MCA market leaders are unable to press for the publication of the Ahmad Nordin Inquiry Committee final report in to the $2. 5 billion BMF lending options scandal in Hong Kong. The new MCA control should hold a crisis meeting to go over the Skillet Electric crisis, and the way the MCA has been made more ineffective and impotent by Tan Koon Swan's personal participation in the Skillet Electric crisis. Instead, the new MCA leaders seem to be more interested with building up their new political empires. Besides, the new MCA leaders are spending lots of time and money renovating the MCA Head office, where every floor that is occupied by the MCA has been renovated, and the express could be up to a million dollars.

Other than that, if the MCA market leaders, branches and customers could not differentiate between charges regarding corporate crimes, resulting in an emergency which led to the three-day suspension of the Kuala Lumpur and Singapore stock exchanges and billions of dollars of shares losses by the invertors and politics, then it is a unhappy indication on the level, quality and standard of the new MCA. The MCA leaders, branches and users had been organising demonstrations throughout the united states, stop the Singapore automobiles at the Johor causeway, threatening the monetary boycott of Singapore goods and services and even intimidating to out the normal water source from Johor to Singapore. However, by making all these bare threats, those people are doing more injury than good. As they follow the MCA market leaders, branches and customers in such wild threats. It has additionally not escaped the attention of the Malaysian Chinese that on essential issues affecting the fundamental political, economical, educational, ethnic, and religious privileges of individuals and future generations, the MCA market leaders, branches and associates are incapable of any demonstrations.

At the same time, Tan Koon Swan possessed explain that the issue with his justification last Dec on his rescue of Skillet Electric Market sectors. The $23 million controversial amount of Multi-Purpose is now more and more unusual. The explanation by Tan Koon Swan about the circumstances of the 'reduction' of the $23 million by MPH last November, conflict along with his explanation last December on his efforts to save Skillet Electric. Tan Koon Swan said yesterday that on 21st of November 1985, the MPH Panel passed a resolution authorizing to the company to make a $23 million investment in Skillet Electric. This is to relieve the MPH of its delivery company that was facing grave loss and authorized the sun to be disbursed on Tan Koon Swan's instructions.

But on 3rd December 1985, after the collapse of Skillet Electric and the three-day closure of the stock exchanges of Malaysia and Singapore, Tan Koon Swan mid that he previously been having 'sleepless evenings' for days gone by fourteen days "seeking to come out with a financial offer to help save Pan Electric's problems". Which means that when the MPH Table attained on 21st November 1985, Tan Koon Swan was already unable to rest over Pan Electric's problems. Obviously, he could still rest over MPH's problems. But how, we live to assume that even at that time, Tan Koon Swan was seeking to save MPH from its shipping losses, rather than save Pan Electric. Skillet Electric shareholders have indicated out their great great shock at the latest revelations, because of this was in total turmoil with the picture that Tan Koon Swan got presented later, but Tan Koon Swan visited the rescue of Pan Electric without the personal interest. What's involved here's not just just what transpired in last November, concerning whether Tan Koon Swan was hoping to save Skillet Electric or Multi-Purpose or only himself, but the question of the trustworthiness of the Leader, of MCA, which cases to signify five million Malaysian Chinese language.

The MCA central Professional Committee to publicly declare their agreement that a public inquiry be known into this matter, to determine the exact circumstances leading to the pay-out of $23 million of MPH money into Skillet Electirc, it resulting in a total damage. Tan Koon Swan should carry the full $23 million although he had explained that decision was taken by the MPH with full understanding of the circumstances of Skillet Electric, then it is most unreasonable whether lawfully or morally. This should be the moral responsibility of each MPH to share in its losses, including the MPH chairman, Datuk Lee San Choon, and the MCA junior Leader and Deputy Minister of Trade and Industry, Kee Yong Wee, who was also a MPH Board Member for the full calendar year in 1985. When the MPH Mother board are so 'heartless' as to make Tan Koon Swan to endure responsibility for the $23 million, when it's general population knowledge that Tan Koon Swan is hard-pressed for money and the MPH Plank Members owe individuals an explanation for his or her 'merciless' conduct. After that, the press have reported that the total amount of $5 million had not been paid, as the cheque had not been presented for payment. At the end, Tan Koon Swan was accountable for tens of thousands of people using their hard-earned savings to buy MPH shares and were also prevailed never to sell by Tan Koon Swan who phoned up from London- or they would not have to face so great a lost where MPH shares is struggling between 35 to 40 cents a show.

Not only that, there may be no heated discussion that Tan Koon Swan's tone in the best Barisan Nasional council is so weak that he had to try to rally Gerakan support, although it was the one and only Gerakan President, Dr. Lim Keng Yaik, who predicted early of the month that the MCA would disintegrate into another major get together feud within 30 days-showing utter insufficient assurance and contempt in Tan Koon Swan's leadership. After Keng Yaik's contemptuous declaration, Lee San Chooh or even Neo Yee Pan could have pleaded for Gerakan support like Tan Koon Swan. UMNO market leaders won't allow Tan Koon Swan to forget that if not because of their intervention in the 22-month MCA crisis, Tan Koon Swan could have no chance in being elected as MCA President on November of 24. There is currently circulating in the country the conversation that in the Pan Electric affair, a top administration and UMNO leader experienced intervened with the Singapore government bodies with respect to Tan Koon Swan. If this is true, then Tan Koon Swan's words and impact in the best Barisan Nasional councils is even less than before.

- Malaysia Chinese Connection (MCA). The Chairman of MCA Mr. Tan Koon Swan had been jailed for this reason crisis.

During the Pan-Electric turmoil, Tan Koon Swan was incurred in the region court with six matters of abetting unlawful breach of trust that made to "dishonestly dispose" of the same as S$2. 6 million well worth of property in the Pan-Electric group. Pan-Electric is involved in sea salvage, real property, hotels and making. It has more or less 5, 500 stockholders and 1, 500 employees in 68 subsidiaries and affiliates in Singapore, Malaysia, Hong Kong, Brunei and america. A steering committee representing Pan-Electric's 38 creditor bankers disbanded in the overdue January of 1986 after agreeing to "orderly removal" of the company's assets.

Later on, Tan Koon Swan has been arraigned with another nine new charges, bringing to a total fifteen charges which he previously to stand trial in Singapore regarding the the Skillet Electric crisis, within the breach of trust offences, scam and cheating. Tan Koon Swan was necessary to give another S$20 million for the excess charges, breaking his own world record when he had to create S$20 million for the first six charges-bringing a total of S$40 million bail. On 23rd of January 1986, As mention that Tan Koon Swan was charged with six counts of criminal breach of trust offences amounting to S$5. 6 million, there was surprise and impact that such a total of S$20 million bail was required. Likewise, a total of fifteen charges including more than S$29 million were read out against Tan Koon Swan, there was also shock and shock a total bail of S$40 million was required. But what is even more astonishing and shocking is excatly why Tan Koon Swan's attorneys had not increased any objection to the gigantic bail in both situations, whether the initial S$20 million bail was imposed, or yesterday, when a total of S$40 million bail was needed.

At the finish, Tan Koon Swan is being jailed for two years and fined S$500, 000 due to the Pan-Electric turmoil that had a huge impact to the stock market of the two countries which can be Singapore and Malaysia.

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