I saw this comment and had a good laugh.
Despite the name "Pan Electric" attributed to the crisis, it was not one penny stock company going under that people were worried about. TKS despite being the largest shareholder was was not even a director or a office holder much less a captain of the company. The authorities did not intervene where the company was concerned. Standard Chartered Bank loan was defaulted on and a rights issue was proposed to reduce debts. The accountants doing due diligence for the rights issue found that the company was insolvent and owed 35 banks twice the amount of its market capitalisation.
The ship sank by courtesy of the 35 banks and only much later did they realise TKS's complicity.TKS was arrested after the company went into receivership.
The real crisis was the impending collapse of the stock broking industry which had 8 out of 12 stockbroking firms becoming insolvent. 5 eventually collapsed.
Despite the name "Pan Electric" attributed to the crisis, it was not one penny stock company going under that people were worried about. TKS despite being the largest shareholder was was not even a director or a office holder much less a captain of the company. The authorities did not intervene where the company was concerned. Standard Chartered Bank loan was defaulted on and a rights issue was proposed to reduce debts. The accountants doing due diligence for the rights issue found that the company was insolvent and owed 35 banks twice the amount of its market capitalisation.
The ship sank by courtesy of the 35 banks and only much later did they realise TKS's complicity.TKS was arrested after the company went into receivership.
The real crisis was the impending collapse of the stock broking industry which had 8 out of 12 stockbroking firms becoming insolvent. 5 eventually collapsed.
in pan el's case, it was a floating ship. they seized the captain and a captainless ship shipwrecked on the rocks. nevermind what's cooking in the ship. the authorities could have given more thought to the passengers and crew still on the ship. the whole saga could have been executed behind the scenes with deliberate docking and evacuation of the ship than sudden heli plucking of the captain out at sea. the fault did not lie with tks alone. you're obsessed with the wreck and devastation while forgetting the whole disaster could have been prevented.