Pan Electric was a Singapore company which seemed to be a blue chip one. Many investors said that it was one which you could safely lock up and leave to your grandchildren.
The company was a conglomerate involved in activities like marine salvage and hotels and property development. When it collapsed with debts of $480 million, it sent a shock wave through the whole securities industry. The Stock Market closed for 3 days, an event that had never occured before or since. Several stock broking companies went bankrupt including Lin Securities which had been set up by former lawyer Lin Tah Wah.
At the event of the whole saga, several persons were sent to jail including Tan Koon Swan, a leading Malaysian politician.
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