Tan Kok Liang

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Tan Kok Liang was an accountant[1] and the financial director of Pan-Electric Industries (Pan-El).[2][3] He was also the director of Pan-El's subsidiary Orange Grove Property, the company responsible for making the many forward share purchase contracts that led to Pan-El's collapse in 1985. Tan was also a director of Pan El's largest shareholder, Growth Industrial, and its subsidiary Trans Eastern. During the trial of Tan Koon Swan, the prosecution alleged that the two Tans, who are unrelated, colluded to artificially raise the price of securities of Grand United Holdings, Supreme Corporation, Ambassador Hotel, and Growth Industrial Holdings in order to facilitate financing for each company.[4]

On 5 February 1986, Tan Kok Liang was also arrested and the following charges were brought against him. This was despite his appearing as a witness for the prosecution in Tan Koon Swan's trial—a move which usually guarantees immunity from prosecution.

  1. As a director of Orange Grove Property, a Pan El unit, he dishonestly disposed of company funds in a manner that violated Singapore's Companies Act. He had used S$49,599 of Orange Grove's funds in the purchase of Supreme Corp shares by Orchard Hotel, another Pan El unit.
  2. As a director of Systems Consultants (a 50% owned associate of Pan El), he committed criminal breach of trust and again violated the Companies Act when he gave a cheque for S$5,000 out of company funds to Tan Koon Swan for the writing of the latter's autobiography.

Tan pleaded guilty to both charges,[5][6] and was sentenced to 15 months in jail.[7] The sentence was later reduced to nine months on appeal.[8] In 1987, he was suspended from practising accountancy by the Singapore Society of Accountants.[1]

[edit] References

  1. ^ a b "The former director of Singapore's Pan-Electric Industries, Mr Tan Kok Liang, has been found guilty of dishonesty by the disciplinary committee of the Singapore Society of Accountants (SSA) and suspended for two years.", Business Times Singapore, 11 March 1987, p. 18. 
  2. ^ "International Appointments: Shake-Up At Pan-Electric / Singapore-based shipping and property company", Financial Times, 5 August 1985, p. 21. 
  3. ^ "Pan-Electric Industry of Singapore has reshuffled its senior management team.", Lloyd's List International, 2 August 1985, p. 10. 
  4. ^ STEVEN B BUTLER. "Tan Faces Nine More Charges / Singapore government broadens case against Malaysian businessman", Financial Times, 31 January 1986, p. 3. 
  5. ^ "In Singapore, Mr Tan Kok Liang, finance director of Pan Electric Industries, yesterday pleaded guilty to two charges of committing breach of trust, in which Mr Tan Koon Swan was alleged to have abetted him.", Asian Wall Street Journal, 5 February 1986. 
  6. ^ STEVEN B BUTLER. "Case Against Tan Strengthened By Director's Guilty Plea / Pan-Electric Industries director pleads guilty to breach of trust in Tan Koon Swan fraud case", Financial Times, 5 February 1986, p. 6. 
  7. ^ "Mr Tan Kok Liang, financial director of Pan Electric, has been jailed for 15 months on charges of criminal breach of trust.", Financial Times, 6 February 1986, p. 3. 
  8. ^ "Mr Tan Kok Liang, the former financial director of Pan Electric Industries, which went into receivership last year, has won an appeal against a 15-month gaol sentence imposed upon him by the Singapore High Court.", Financial Times, 18 November 1986, p. 4. 
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