Pan-El Rescue Plan Failed
Saturday, 30th November 1985
The Pan-Electric Industries Company Rescue plan falls through as Tan Koon Swan, a Malaysian politician and millionaire refuses to pump in SGD $40m unless repayment priority is raised; creditors refuse. Earlier on 24 November 1985, Tan Koon Swan had agrees on an interest-free loan Legal impediment arises – money from Tan Koon Swan comes from Sigma, which owns more than 20% of Pan-El and is therefore not allowed to lend it money under the Companies Act. the troubled company that had triggered a crisis on the Singapore and Kuala Lumpur stock markets. On 9 October 1986, the Singapore Court orders Pan-El to wound up.