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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, June 21, 2001, Vol. 4, No. 121


                         Headlines

A U S T R A L I A

ANSETT AUSTRALIA: Business Integration To Create Strength
ANSETT AUSTRALIA: Qantas Comments On Singapore Air's Moves
FLIGHT WEST: Begins Liquidation
GIO INSURANCE: Former Directors Face Court Proceedings
HIH INSURANCE: ASIC Welcomes Owen Recommendation
HIH INSURANCE: Liquidator Gets TRO From U.S. Court
MAXIS CORP: Settles With ASIC; Concentrates On Business
ONE.TEL LIMITED: ASIC To Include Cash Transfer In Probe
PASMINCO LIMITED: Suspended From Official Quotation
SCHOELLER AUSTRALIA: Parkes Pleads Guilty


C H I N A   &   H O N G  K O N G

GILBERT HOLDINGS: Enters Workout Deal
GROUP DRAGON: Winding Up Petition Hearing Set
GUANGNAN (HOLDINGS): No Reason For Trading Volume Increase
GUANGNAN (HOLDINGS): Shuts Down Supermarket Unit
GUANGNAN (HOLDINGS): Trading Suspended
LAI LAI INTERNATIONAL: Petition To Wind Up
ROSY GARDEN: Hearing of Winding Up Petition Set
TERRAFORM ENGINEERING: Winding Up Petition Hearing Set


I N D O N E S I A

BANK CENTRAL: IBRA To Name Winning Bidder
PERUSAAHAN LISTRIK: Limits Power Rate Hike To 20%


J A P A N

CRAYFISH COMPANY: Hikari Tsushin To Take Over Management
SEKISUI CHEMICAL: Moody's Confirms 'Baa2' Ratings
TOKYO MUTUAL: Taiyo-Daido Tie-Up To Take Over


K O R E A

CHOHUNG BANK: SSB To Manage Sale Of Credit Card Stake
HYUNDAI ASAN: Gov't To Bail Out Mt Kumgang Venture
HYUNDAI HEAVY: Losses From HP Pegged At Up To W101-B
HYUNDAI PETROCHEM: Court Receivership Likely
SEOUL BANK: Panel To Convene Next Week Re MOU Signing


M A L A Y S I A

AMSTEEL CORP: Talks With Bankers Re Proposed GWRS
IDRIS HYDRAULIC: Talks Over DRA With Lenders Ongoing
MANCON BERHAD: Secures TRO Extension
MECHMAR CORP: Winding Up Petition Hearing Postponed
S&P FOOD: SC Approves Revisions


P H I L I P P I N E S

BENPRES HOLDINGS: To Announce Investor In Planned Merger
NATIONAL STEEL: Allengoal In Talks With Glencore
URBAN BANK: DOJ Urged To Fasttrack Case Review


S I N G A P O R E

KEPPEL CAPITAL: Securities Unit Buys Client's Account


T H A I L A N D

B. GRIMM: To Appoint UASC As Independent Financial Advisor
EMC PUBLIC: Court OKs Capital Reduction
MODERN PLASTIC: Posts More Details On Sale Deal
NAKORNTHAI STRIP: Creditors OK Bt44.5-B Debt Workout
SIAM SYNTECH: Completes Registration Of Reduced Capital



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A U S T R A L I A
=================


ANSETT AUSTRALIA: Business Integration To Create Strength
---------------------------------------------------------
The Board of Directors of Air New Zealand Limited has endorsed a
decision made by its Committee of Independent Directors that it
is in the best interests of the company to strengthen the Air New
Zealand-Ansett Australia airline group by creating an  integrated
business.

The Board and the Independent Committee reached this conclusion
after considering reports from Salomon Smith Barney and the
Group's executive management on business strategy and funding
options for the Group's development over the next five years.

The Board's Acting Chairman, Dr Jim Farmer, issued the following
statement.

"Salomon Smith Barney's appraisal of the business strategy for
Air New Zealand confirmed that the existing structure, which
includes 100 percent ownership of Ansett Australia, is the most
desirable for the long-term success of the company.

"The Committee of Independent Directors and the Board are
unanimous in their conclusion that the advantages Air New Zealand
will derive from continuing ownership of Ansett Australia and the
operation and development of an integrated Australasian network
are significantly more valuable than any other option available
to our company.

"As a consequence, the expansion of the capital base of the Air
New Zealand-Ansett Australia group will be pursued.

"The Board and the Independent Committee are also united in the
view that it is in the best interests of the company that
Singapore Airlines increase its stake in Air New Zealand
significantly.

"Singapore Airlines has advised us that, subject to approvals by
the Government and Air New Zealand shareholders and agreement on
normal governance conditions, it will increase its shareholding
in Air New Zealand significantly through a placement of
additional shares at a price of $1.31 per share, being the
averaged price of Air NZ A and B shares at the close of trading
last Friday.

"Singapore Airlines has also advised that it will support a
subsequent capital raising program by the company.

"Both these expressions of support are warmly welcomed by the Air
New Zealand Board and its Committee of Independent Directors.

"We are convinced that the course we are now pursuing is not only
in the beat interests of all Air New Zealand shareholders but is
also in the interests of New Zealand as a whole.

"A stronger Air New Zealand-Ansett group, supported by Singapore
Airlines, will be more effective in developing valuable tourism
business on a global scale as well improved access to Australia
which is New Zealand's largest source of overseas visitors and
the most significant off-shore destination for international
travel by New Zealanders.

"We are now starting the process of working with the Government
on policy and regulatory issues that need to be addressed before
arrangements for the development of a significantly strengthened
Air New Zealand can be finalized," Dr Farmer said.


ANSETT AUSTRALIA: Qantas Comments On Singapore Air's Moves
----------------------------------------------------------
Referring to Singapore Airline's expression of interest in
raising its stake in the Ansett Group, Qantas Chief Executive
Officer, Geoff Dixon, said: "This is an attempt by Singapore
Airlines, which is controlled by the Singapore Government, to
take an unprecedented level of influence over the competitiveness
and structure of the aviation industry on both sides of the
Tasman.

"Obviously believing they would not be allowed to own Ansett
outright as they sought, this is a move to control the Ansett
Group by the back door, which would not have been the intention
of the Australian authorities when they allowed the sale of
Ansett to Air New Zealand.

"People should realize this will give Singapore Airlines major
influence over the future of Air New Zealand, Ansett and Ansett
International, in addition to their 49 per cent stake in Virgin
Atlantic.

"We expect there will be widespread political and public concern
in Australia over the fact that the aviation industry in this
part of the world would be dominated by a foreign
government-owned and backed carrier that does not have to play by
the same rules as other airlines.

"It is inconceivable that Singapore Airlines should be allowed to
gain major influence over Ansett International as it competes
with Qantas for valuable bilateral rights out of Australia."


FLIGHT WEST: Begins Liquidation
-------------------------------
Flight West, a regional airline in Queensland, went into
liquidation Tuesday, Asia Pulse reports Tuesday. Appointed as
liquidator was Ian Hall of PricewaterhouseCoopers, the report
says.

Upon his appointment at 12:15 p.m. Tuesday, Hall was quoted as
saying, "This is not another HIH or One.Tel. The directors of
Flight West have said they don't want to incur any further
liabilities. The directors have taken the decision to call it
quits sooner rather than later."

Flight West employs a total of 450 workers. The airline flew 16
planes in Queensland, northern New South Wales, the Northern
Territory, and Norfolk Island.


GIO INSURANCE: Former Directors Face Court Proceedings
------------------------------------------------------
Three former directors of GIO Insurance will face legal actions
for alleged breach of duty, which was purported to have been made
when AMP bid to takeover GIO in 1998-99, AAP reported yesterday,
citing the Australian Securities and Investment Commission
(ASIC).

The three directors were charged with being responsible for the
financial outlook of the company's reinsurance operations, which
was expected to post a pre-tax profit of $80 million for the
fiscal 1998-99 soon after the completion of the takeover, the
report says. Instead, the company booked a pretax loss of $759
million.

ASIC Chairman David Knott, as quoted in the report, said, "Each
of the respondents was a director of GIO Insurance and played a
significant role in the preparation of financial forecasts for
the reinsurance business which were included in GIO Australia's
Part B statement issued on 16 December, 1998."


HIH INSURANCE: ASIC Welcomes Owen Recommendation
------------------------------------------------
Jillian Segal, Deputy Chair of the Australian Securities and
Investments Commission (ASIC), Monday welcomed the Prime
Minister's announcement that he will recommend the appointment of
Justice Neville Owen to head the Royal Commission charged with
investigating the collapse of HIH.

ASIC is looking forward to meeting with Justice Owen at the
earliest opportunity to discuss how to achieve maximum
cooperation and coordination between the Royal Commission and
ASIC's investigation into HIH.

ASIC will not be commenting further on the progress of its
investigation at this time.


HIH INSURANCE: Liquidator Gets TRO From U.S. Court
--------------------------------------------------
HIH Insurance Limited's provisional liquidator, KPMG, has
procured a temporary restraining order (TRO) in the U.S.
Bankruptcy Court that will protect the collapsed insurer's assets
from creditors, The Asian Wall Street Journal reports Tuesday.

Apart from the TRO, Tony McGrath of KPMG secured an injunction
from the same court that will help facilitate "the efficient
administration of assets held by HIH Group companies in the
United States and will prevent a 'piecemeal grab' of the assets
of those companies by those creditors."

HIH Insurance broke down in March, with estimated total group
deficiency of up to A$4 billion, the newspaper says.

According to the report, the liquidator's review on the value and
location of HIH's offshore assets is going headway. These are
located, outside of Australia, in the U.S., Hong Kong, New
Zealand, and the United Kingdom, held by around 200 HIH
companies.


MAXIS CORP: Settles With ASIC; Concentrates On Business
-------------------------------------------------------
Maxis Corporation Limited announced that a settlement was reached
yesterday afternoon, 19 June 2001, in the litigation brought
against it by the Australian Securities and Investments
Corporation (ASIC), Supreme Court Proceedings No 1488 of 2001.

Orders have been made by consent of the Supreme Court of New
South Wales yesterday. A copy of the amended originating process
of ASIC is attached. (It should be noted that prior to
settlement, on 14 May 2001, ASIC had already abandoned paragraphs
3, 7, 8 and 9(a) of its amended originated process).

Focus On Building Businesses

This result is a significant progress for the Company and removes
a major obstacle to the Deed of Company Arrangement (DCA) entered
into for its subsidiaries in Administration, viz ABT Supplyline
and Heartland, allowing the DCA to proceed and should enable the
control of those companies and of its third subsidiary,
Australian Business Technologies Pty Ltd, to which a Receiver and
Manager has been appointed, to revert to Maxis.

Henceforth, Maxis' management can focus on maximizing on its
remaining businesses, Managed Networks and Heartland and will
provide more details in respect to these when available.

The directors are hopeful that the regime put in place by the
consent orders will result in the resumption of trading in the
Company's securities on the Australian Stock Exchange (ASX )
during the next financial quarter, Maxis Executive Chairman V
Hovanessian says.


ONE.TEL LIMITED: ASIC To Include Cash Transfer In Probe
-------------------------------------------------------
The Australian Securities and Exchange Commission (ASIC) is
expected to include the A$30-million cash transfer from the
United Kingdom operations of One.Tel Limited to its Australian
operations in the commission's investigation into the telecom
firm's collapse, the Australian Financial Review reports last
week.


PASMINCO LIMITED: Suspended From Official Quotation
---------------------------------------------------
The securities of Pasminco Limited are suspended from quotation
from the commencement of trading Wednesday, 20 June 2001, pending
a response to an ASX price query letter.

Security Code: PAS


SCHOELLER AUSTRALIA: Parkes Pleads Guilty
-----------------------------------------
Former Sydney businessman Damien Parkes Thursday pleaded guilty
in the District Court to two Australian Securities and
Investments Commission (ASIC) charges relating to the failed
merchant bank Schoeller Australia Limited.

The charges concern Parkes' misuse of Schoeller's funds in 1996,
to acquire a house for his wife and children.

Parkes has admitted to two further charges which will be taken
into account in sentencing.

He will appear before the Sydney District Court for sentencing on
Friday 3 August 2001.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


================================
C H I N A   &   H O N G  K O N G
================================


GILBERT HOLDINGS: Enters Workout Deal
-------------------------------------
On 11 April 2001, Gilbert Holdings Limited, acting through its
joint and several liquidators Gabriel C.K. Tam and Alan C.W.
Tang, Surge,  Li and the joint and several liquidators Gabriel
C.K. Tam and Alan C.W. Tang, entered into the Agreement in
respect of the Restructuring Proposal.

The Restructuring Proposal will involve, among other things, the
Shareholders Scheme and the Creditors Schemes.

A formal application for the listing of the Holdco Shares was
submitted to the Stock Exchange on 18 April 2001. The Listing
Committee granted a further conditional extension of the
cancellation of the listing of the Gilbert Shares on the Stock
Exchange for three months to 31 August 2001.

Trading of the Gilbert Shares on the Stock Exchange will remain
suspended until further notice.

Reference is made to the announcement of the Stock Exchange dated
31 August 2000 and the announcement made by Gilbert dated 28
February 2001.

The Company has been previously advised by the Stock Exchange
that it has entered into the third stage of the delisting
procedures as stipulated under Practice Note 17 of the Listing
Rules.

I. Progress On The Resumption Proposal Of Gilbert

Gilbert submitted a resumption proposal to the Stock Exchange on
19 February 2001. The submitted proposal involves the acquisition
by an investor, Surge, of a majority and controlling interest in
Gilbert affected by way of schemes of arrangement.

The Stock Exchange gave an extension of three months to 31 May
2001 for the purpose of completing the new listing application
under the submitted proposal but not any other proposal.

On 11 April 2001, Gilbert (acting through the Liquidators),
Surge, Mr. Li and the Liquidators entered into the Agreement in
respect of the Restructuring Proposal.

The Restructuring Proposal among other things, involves schemes
of arrangement between (i) Gilbert and the Gilbert Shareholders
and (ii) Gilbert and the Creditors which, if approved, would
result in (a) the listing of the Gilbert Shares on the Stock
Exchange being withdrawn; (b) the Holdco Shares being listed on
the Stock Exchange by way of Introduction subject to the approval
of the Stock Exchange and SFC; and (c) the Gilbert Shareholders
and Creditors becoming minority shareholders of Holdco.

It is intended that the Holdco will acquire the entire issued
share capital of Rico BVI through corporate reorganization. At
present, Li is the ultimate controlling shareholder of Rico BVI,
which is principally engaged in the operation of Sammy Land.

The Agreement is conditional upon the fulfillment or satisfaction
of certain Conditions (or waiver of the same). The Gilbert
Shareholders and the Creditors should note that the Restructuring
Proposal may or may not be implemented and completed.

It should be noted that, on the basis of the principal terms set
out in the Agreement, the parties are discussing the detailed
terms for the implementation of the Restructuring Proposal.

II. Extension Of The Cancellation Of The Listing Of The Gilbert
Shares

On 18 April 2001, Surge, with the support of the Liquidator,
filed an application for listing (Form A1) with the Stock
Exchange.

On 24 May 2001, the Liquidators submitted an application to the
Stock Exchange requesting a further extension in order to have
more time to implement the Restructuring Proposal.

The Listing Committee of the Stock Exchange agreed to extend the
deadline for the cancellation of the listing status of the
Gilbert Shares to 31 August 2001.

The Stock Exchange stressed that the further extension has been
granted subject to the following conditions: (i) that the
extension is granted solely for the purpose of reviewing the
Restructuring Proposal and processing the new listing application
under the Restructuring Proposal and not any other proposal, (ii)
that the latest date for the full hearing of the Restructuring
Proposal must not be later than 31 August 2001, (iii) that Holdco
fully complies with the requirements for the new listing, in
particular, under Chapters 8 and 9 of the Listing Rules, and (iv)
that the SFC has no objection to the Restructuring Proposal.

III. General

In the meantime, trading in the Gilbert Shares on the Stock
Exchange remains suspended pending the successful implementation
of the Restructuring Proposal.

However, Gilbert Shareholders should note that the application
may or may not be approved by the Stock Exchange and the
Restructuring Proposal may or may not proceed. Release of this
announcement does not imply that the Restructuring Proposal will
be subsequently implemented or completed.

If the Restructuring Proposal is not implemented or completed,
the Gilbert Shares will be delisted in accordance with Practice
Note 17 of the Listing Rules.

A further announcement will be made as and when the detailed
terms for the implementation of the Restructuring Proposal are
finalized or as appropriate.

IV. Definitions

Agreement - The conditional agreement dated 11 April 2001 entered
into between Gilbert (acting through the Liquidators), Surge, Li
and the Liquidators setting out the terms of the Restructuring
Proposal and the Conditions

Companies Act - The Companies Act 1981 of Bermuda (as amended)

Creditors Schemes - Schemes of arrangement pursuant to section 99
of the Companies Act to be entered into between Gilbert and the
Secured Creditors and the Unsecured Creditors

Gilbert - Gilbert Holdings Limited, a company incorporated in
Bermuda with limited liability and currently in liquidation in
Hong Kong, the shares of which are listed on the Stock Exchange

Gilbert Share(s) - The shares of HK$0.10 each in the issued share
capital of Gilbert

Holdco - Surge Recreation Holdings Limited, an exempted company
incorporated on 5 June 2001 in Bermuda with limited liability

Holdco Share(s) - The ordinary share(s) in the share capital of
Holdco

Hong Kong - The Hong Kong Special Administrative Region of the
PRC

Liquidators - Messrs. Gabriel C.K. Tam and Alan C.W. Tang, both
of KPMG at 8th Floor, Prince's Building, 10 Chater Road, Central,
Hong Kong, being the joint and several liquidators of Gilbert in
Hong Kong

Li - Li Tat Ting, the ultimate controlling shareholder of Holdco

Rico BVI - Penny Farthing Agents Limited, a company incorporated
in the British Virgin Islands with limited liability, in which
Mr. Li owns a controlling interest and is principally engaged in
the operation of Sammy Land

Sammy Land - an open space amusement park situated in Panyu
District, Guangzhou City, Guangdong Province, the PRC

SFC - Securities & Futures Commission

Shareholders Scheme - A scheme of arrangement pursuant to section
99 of the Companies Act to be entered into between Gilbert and
the Gilbert Shareholders

Surge - Bright Prospects Associates Limited, a company
incorporated in Samoa with limited liability, in which  Li owns a
controlling interest


GROUP DRAGON: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Group Dragon Finance Limited is set for
hearing before the High Court of Hong Kong on August 1, 2001 at
9:30 am. The petition was filed with the court on May 28, 2001 by
Sin Hua Bank Limited whose principal place of business in Hong
Kong is situated at 2A Des Voeux Road, Central Hong Kong.


GUANGNAN (HOLDINGS): No Reason For Trading Volume Increase
----------------------------------------------------------
Guangnan (Holdings) Limited has noted the recent increase in the
price and trading volume of the shares of the Company.

The Group announces that it is constantly reviewing its
businesses after completion of the restructuring.  The company
wishes to state that save for the announcement of the
consolidated results of the Group for the year ended 31 December
2000 made on 9 April 2001 we were not aware of any reasons for
such movement.

The company also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


GUANGNAN (HOLDINGS): Shuts Down Supermarket Unit
------------------------------------------------
Food distributor Guangnan (Holdings) Limited has padlocked its
unit, Guangnan (KK) Supermarket Limited, citing that the
supermarket operations had been making losses for a long period
of time, The Asian Wall Street Journal reported Wednesday.

According to the report, the supermarket unit operates 39 stores
all over Hong Kong, employing 500 workers.


GUANGNAN (HOLDINGS): Trading Suspended
--------------------------------------
At the request of Guangnan (Holdings) Limited, trading in the
company's shares was suspended effective 10:00 a.m., Wednesday,
20 June 2001, pending the release of an announcement for
price-sensitive information.


LAI LAI INTERNATIONAL: Petition To Wind Up
------------------------------------------
The petition to wind up Lai Lai International (HK) Limited is
scheduled for hearing before the High Court of Hong Kong on July
11, 2001 at 10:00 am.  The petition was filed with the court on
May 16, 2001 by The Kwangtung Provincial Bank Limited whose
principal place of business in Hong Kong is situated at 13-14
Connaught Road Central, Hong Kong.


ROSY GARDEN: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Rosy Garden Trading Limited is scheduled
for hearing before the High Court of Hong Kong on August 1, 2001
at 9:30 am. The petition was filed with the court on May 25, 2001
by Sin Hua Bank Limited whose principal place of business in Hong
Kong is situated at 2A Des Voeux Road, Central Hong Kong.


TERRAFORM ENGINEERING: Winding Up Petition Hearing Set
------------------------------------------------------
The petition to wind up Terraform Engineering Company Limited is
scheduled to be heard before the High Court of Hong Kong on
August 1, 2001 at 9:30 am. The petition was filed with the court
on May 29, 2001 by Full Wealth Investment Limited whose
registered office is situated at 83 Des Voeux Road, Central, Hong
Kong.


=================
I N D O N E S I A
=================


BANK CENTRAL: IBRA To Name Winning Bidder
-----------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) is going to
announce the winning bidder for the government's stake in Bank
Central Asia (BCA) between June 25 and June 28, Jakarta Post
reported yesterday, citing IBRA Deputy Chairwoman Felia Salim.
Seven bidders vied for the stake.

Salim told Post, "We're on schedule to complete the divestment of
the BCA shares soon."

After the consummation of the sale, IBRA intends to sell another
40 percent stake in BCA, but through a combination of a private
placement mechanism and secondary public offering, as recommended
by the House of Representatives.


PERUSAAHAN LISTRIK: Limits Power Rate Hike To 20%
-------------------------------------------------
PT Perusaahan Listrik Negara (PLN) announced it would limit the
electricity rates hike for industries that use large quantities
of power to 20 percent at the maximum, Jakarta Post reports
Tuesday.

As quoted, PLN President Eddy Widiyono said, "We are even trying
to set it below the 17.5 percent average increase planned for
next month."

The 17.5 percent average rate hike on July 1 was agreed by both
the government and the House of Representative, as part of the
public efforts to help ease the financial burden of the
state-owned power utility firm, the report says.

Meanwhile, Center for Strategic and International Studies analyst
Pande Radja Silalahi estimated that the 17.5 percent average rate
hike would ensue an increase of an average of 2 percent in
production cost in the industrial sector.


=========
J A P A N
=========


CRAYFISH COMPANY: Hikari Tsushin To Take Over Management
--------------------------------------------------------
Hikari Tsushin Incorporated, which owns 50 percent of Crayfish
Company, will take over the management of the troubled e-mail
service provider, following the announcement of Crayfish
President Hiroyuki Kawai regarding his resignation from
management, Reuters reports Tuesday, citing Kyodo News.

A mobile phone subscription agent, Hikari Tsushin was set to take
over after yesterday's shareholders' meeting of Crayfish, the
report says.

Earlier, on May 18, Isao Matsushima, the founder of Crayfish,
stepped down from his post to assume the responsibility for the
missing shares in Crayfish which were used as collateral for
loans, the report says.

Crayfish and Hikari Tsushin has been in dispute over management
of Crayfish, as the latter argued that Crayfish was incapable of
running the company's operations to make a return to
profitability.


SEKISUI CHEMICAL: Moody's Confirms 'Baa2' Ratings
-------------------------------------------------
Moody's Investors Service confirmed Sekisui Chemical Co., Ltd.'s
(Sekisui Chemical) Baa2 ratings for senior unsecured debt.

This rating action reflects Moody's view that Sekisui Chemical's
earnings and cash flow will not deteriorate significantly over
the medium term as a result of its aggressive restructuring
efforts to bring cost base down.

However, the rating outlook is negative, reflecting risks related
to the timing of the execution of the restructuring. This
concludes the review Moody's initiated on March 27, 2001.

In response to operating losses for the fiscal year ending March
2001, mainly due to the poor performance of its housing business,
Sekisui Chemical is accelerating its restructuring efforts under
a new business plan to restore its cost structure.

The company is now tightly focused on profitability -- on return
on investment, on achieving a low fixed cost operation,
especially in the housing sector, and on achieving technological
advantages.

In addition, Sekisui Chemical has introduced the "company system"
that allows its four business sectors -- housing, urban
infrastructure & environmental products, high performance
plastics, and other, to be managed as if they were independent
companies.

Under this new system, each company is responsible for managing
not only profitability but also asset efficiency, including
financial issues.

Moody's believes the introduction of the new management system
will contribute to accelerate the restructuring because each
company's progress in meeting the business plan will be strictly
monitored and assessed every year.

The new system should also allow the company to better reallocate
resources to its core businesses in urban infrastructure &
environmental products, high performance plastics, and other
business sectors to improve its growth and earnings potentials.

As a result, Moody's believes that the company's earnings
volatility will be reduced as a result of improved break-even
points. In addition, the rating confirmation also reflects
Moody's view that the company's financial condition will not
deteriorate materially as the company manages capital
expenditures to be less than depreciation.

The Japanese housing market is mature, and housing makers have
been making efforts to strengthen both their market position and
their cost competitiveness. The company needs to implement its
restructuring plan in a timely manner to secure market
competitiveness. Moody's will continue to monitor the progress of
Sekisui Chemical's restructuring efforts, which are important for
rating stability at the current level.

Sekisui Chemical Co., Ltd, headquartered in Osaka, is a leading
prefabricated housing maker as well as a leading midstream
chemical manufacturer in Japan.


TOKYO MUTUAL: Taiyo-Daido Tie-Up To Take Over
---------------------------------------------
The tie-up between Taiyo Mutual Life Insurance Company and Daido
Life Insurance Company is expected to take over bankrupt Tokyo
Mutual Life Insurance Company, AFX-Asia reports Tuesday, citing
Nihon Keizai Shimbun.

The Taiyo-Daido tie-up's takeover proposal calls for the
retention of the policy reserves level of Tokyo Mutual to settle
insurance claims, the report says. The guaranteed yields are to
be reduced, however, to 2 percent from 4 percent per annum.


=========
K O R E A
=========


CHOHUNG BANK: SSB To Manage Sale Of Credit Card Stake
-----------------------------------------------------
Chohung Bank has appointed Salomon Smith Barney (SSB) to lead
manage the sale of its stake on the bank's credit card business,
The Asian Wall Street Journal reports Wednesday.

The bank will sell it's stake of between 49 and 50 percent, which
will aid the operation's spin off into a separate unit.

The bank has decided to hold onto its over-50-percent stake
holding, retaining the management rights in the unit, the report
says.

In the divestment of the credit card operation, a financial
holding company will be created to house the spun-off unit.


HYUNDAI ASAN: Gov't To Bail Out Mt Kumgang Venture
--------------------------------------------------
The Korea National Tourism Organization and Hyundai Asan Company
were set to announce the decision of the South Korean government
to save the troubled Mt. Kumgang tourism venture in North Korea,
The Asian Wall Street Journal reported yesterday.

Hyundai Asan, which is the operator of the tourism joint venture
project between the two Korean governments, would also announce
the financing package the South Korean government has prepared
for the project.


HYUNDAI HEAVY: Losses From HP Pegged At Up To W101-B
----------------------------------------------------
Hyundai Heavy Industries (HHI) is expected to lose a maximum of
W101 billion from its equity position in Hyundai Petrochemical
(HP), wherein HHI holds 49.87 percent stake, The Korea Herald
reported yesterday.

This is anticipated regardless of a likely write-off of HP's
equity capital, which is being considered by HP's creditors.

HHI's acquisition of the HP shares cost the company some W318.3
billion, as of 31 December 2000, the report says, citing Daishin.
Two-thirds of the amount is being accounted for as valuation
losses in the company's books, which have now reached W217.1
billion.


HYUNDAI PETROCHEM: Court Receivership Likely
--------------------------------------------
The government and creditors of Hyundai Petrochemical (HP) are
likely to place the ailing company under court receivership,
among other possible options, The Korea Herald reports yesterday,
citing Financial Supervisory Commission Chairman Lee Keun-young.

Lee said, "We will handle it in compliance with the principles,
since in whatever way it is handled, the consequent impact on the
market does not seem to be great."

Court receivership would be the last recourse, Mr Lee said, but
only when the company's major shareholders choose not to take any
action that will rehabilitate the company, the Herald reports.

Meanwhile, Arthur Anderson has finalized the due diligence on the
company's finances, and recommended that fresh capital infusion
to be made by the creditors would be paramount to ensure the
company's survival.

According to Lee, the company's management is currently engaged
in negotiations with a local firm and a foreign company for a
joint restructuring and fresh investment respectively, the report
says.


SEOUL BANK: Panel To Convene Next Week Re MOU Signing
-----------------------------------------------------
According to an official of the Ministry of Finance and Economy,
the Public Fund Management Committee is set to convene a meeting
next week to discuss the signing of the memorandum of
understanding for the sale of ailing Seoul Bank with the
negotiating partner, The Korea Herald reported yesterday.

"Significant progress has been made in the talks with one of the
negotiating partners," the official said, adding that the June 30
deadline might possibly be extended if the panel would reject the
MOU between the bank and the prospective buyer.

"The Public Fund Management Committee will also discuss whether
to extend the deadline for other negotiating partners," the
official told the Herald.

Reports in Seoul say that the prospective buyer could be a U.S.
investment consortium, the Herald says.

The sale is being lead-managed by Deutsche Bank.


===============
M A L A Y S I A
===============


AMSTEEL CORP: Talks With Bankers Re Proposed GWRS
-------------------------------------------------
Due to the economic slowdown which has affected demand for the
products of some of the key operating companies of the Lion Group
involved in the proposed group wide restructuring scheme
announced on 5 July 2000 (Proposed GWRS), the Lion Group has
reviewed the profit forecasts of the companies involved in the
Proposed GWRS and estimated sale proceeds to be derived from its
divestment program.

In the light of these revised forecasts and estimated sales
proceeds, Amsteel Corporation Berhad, with the assistance of the
Corporate Debt Restructuring Committee, has recently commenced
negotiations with its bankers to review the terms of the Proposed
GWRS.

Background

The Amsteel Group has business operations in the steel, property
and hotel, plantation and motor industries. It also operates
departmental stores, hypermarkets and retail and food businesses.
Its departmental stores operate under the Parkson name. Business
operations are located both locally and overseas.

Presently, the Group is in the middle of implementing its
restructuring scheme announced in July 2000. The objective of the
scheme is to consolidate, stabilize and restructure and
rationalize the cash flow and funding of the Group and to
reorganize and restructure the Group's business.

Products: Steel billets and slabs, bars, coils and wire rods; hot
briquetted iron and iron products; bolts and nuts, tools and
dies. Motorcycles, passenger and commercial vehicles, tyres,
engines, other
related parts and accessories. Printing and writing paper and
office furniture. Insurance, magnetic health-care products,
pharmaceuticals and optical products.

Garments (Benetton) and shoes. Construction materials,
agricultural and industrial chemicals, industrial machines and
equipment and petroleum products. Food including chocolates,
confectionery and prawns. Beverages including beer, mineral water
and malted cocoa. Fresh oil palm and palm oil, rubber and cocoa.


IDRIS HYDRAULIC: Talks Over DRA With Lenders Ongoing
----------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Idris Hydraulic (Malaysia) Berhad (IHMB) announced on 26
February 2001 that IHMB was an affected issuer by virtue of the
criteria set out in sub section (i) of the Practice Note as the
consolidated shareholders funds of IHMB recorded deficits of
approximately RM262.058 million based on the latest unaudited
results of IHMB for the financial quarter ended 30 September
2000, and was required to comply with the provisions of the
Practice Note.

As part of the provisions of the Practice Note, IHMB also
announced, inter-alia, that all approvals necessary for the
implementation of the Proposed Restructuring Exercise (as defined
hereinafter) are expected to be obtained by mid June 2001.

On 26 February 2001, it was also announced that CIMB on behalf of
IHMB had on 13 July 2000, 17 August and 11 January 2001,
announced that IHMB proposed to undertake a restructuring
exercise (Proposed Restructuring Exercise) which among others,
addresses IHMB's various financial obligations to creditors and
reconstitutes its asset(s) in a new entity. The Proposed
Restructuring Exercise is undertaken under the auspices of the
Corporate Debt Restructuring Committee.

However, the conditional Debt Restructuring Agreement (DRA)
encompassing the Proposed Restructuring Exercise dated 17 August
2000 between IHMB, Idaman Unggul Sdn. Bhd. (Newco) and various
lenders of IHMB and certain of its subsidiaries (Lenders) had
expired on 16 February 2001.

Prior to the expiry date, IHMB, Newco and Dato' Che Mohd. Annuar
bin Che Mohd. Senawi (Investor) had already been in negotiation
with the Lenders to sign a supplemental DRA.

However, on 21 February 2001, two of the Lenders, Arab-Malaysian
Merchant Bank Berhad and Arab-Malaysian Bank Berhad have rejected
the supplemental DRA. Following that, on 9 March 2001, IHMB
announced that it had on 8 March 2001, received a letter from TA
First Credit Sdn. Bhd. stating that they will not proceed with
the supplemental DRA.

As at the date hereof, IHMB, Newco and the Investor are still in
the process of negotiating with the Lenders to sign a new DRA to
give effect to a revised Proposed Restructuring Exercise.
Consequently, all conditions precedent of the revised Proposed
Restructuring Exercise, which include, inter-alia, obtaining all
approvals necessary for the implementation of the revised
Proposed Restructuring Exercise, are not expected to be fulfilled
by mid June 2001 as announced earlier on 26 February 2001.

In view of the above, IHMB has applied to the KLSE to seek for an
extension of time until end October 2001 to obtain all approvals
necessary for the implementation of the revised Proposed
Restructuring Exercise.


MANCON BERHAD: Secures TRO Extension
------------------------------------
Mancon Berhad has obtained an extension of Restraining Order for
a period of 3 months from 12 June 2001 to 11 September 2001.

Earlier, the Securities Commission (SC) had informed that the
company's proposals will not be considered on the grounds that
the Proposed Acquisition of Muar Coatal Development Sdn Bhd has
not received the prior approval of the Foreign Investment
Committee.

As such, the SC has requested for a revised/new Proposal to be
submitted to the SC for their consideration.

The Board of Mancon are currently reviewing the options available
to the Company and will make such further announcements to the
Kuala Lumpur Stock Exchange in due course.

The proposals are the following:

* Proposed Capital and Share Premium Account Reduction
* Proposed Composite Scheme of Arrangement
* Proposed Liquidation of Wangsa Idaman Sdn Bhd (WISB)
* Proposed Capital Raising
* Proposed Acquisition
* Proposed Increase in Authorized Share Capital


MECHMAR CORP: Winding Up Petition Hearing Postponed
---------------------------------------------------
Mechmar Corporation (Malaysia) Berhad announced the hearing for
the winding-up petition by Bonus Point Investment Ltd has been
postponed to 17 August 2001.


S&P FOOD: SC Approves Revisions
-------------------------------
S&P Food Industries (Malaysia) Berhad announces that the
Securities Commission (SC), via its letter dated 14 June 2001,
has approved the following:

   (i) Revision to the vendors whose shares are subject to
moratorium and their respective number of new Cepatwawasan Group
Berhad (CGB) shares under moratorium; and

   (ii) Revision to the proposed utilization of proceeds from the
Proposed Disposal of Existing Business and Proposed Shareholders'
Advance as announced on 8 May 2001.

Furthermore, the SC had also approved the appeal on certain
conditions imposed in its letter dated 16 April 2001, details of
which are set out in Table 2. However, the abovementioned
approval is subject to the following conditions:

   (i) SPF/CGB is to obtain all relevant approvals within a
period of six (6) months from the date of issuance of the
Circular to shareholders;

   (ii) SPF/CGB is to furnish a monthly status report to the SC
on its applications to obtain the relevant approvals as set out
in paragraph 2 (i) above until the approvals have been obtained;
and

   (iii) SPF/CGB is to furnish a copy of the documents in
relation to the application for the change in land title
condition, and the conditional sale and purchase agreements and
the conditional sublease agreement prior to issuance of the
Circular to shareholders.

In addition, the SC has also taken note of the fixing of the
issue price of the new CGB ordinary shares to be issued pursuant
to the Proposed Acquisition of New Businesses, Proposed
Acquisition of Oil Palm Estate and Proposed Capitalization of
Debts at RM1.00 and the fixing of the conversion price of the
five-year 4 percent irredeemable convertible unsecured loan
stocks (ICULS) at RM1.00 as announced on 8 May 2001.

Pursuant thereto, SPF wishes to reaffirm that the issue price of
the new CGB ordinary shares and the conversion price of the ICULS
mentioned above is fixed at RM1.00 as announced on 8 May 2001.

The Directors of SPF are deliberating on certain conditions
imposed by the SC and their decision will be announced in due
course.

Table 1            CGB ordinary shares under moratorium on sale

                        As approved by SC    As revised and
approved
                        On 16 Apr 2001     by SC on 14 Jun 2001
                    No. of ordinary shares     No. of ordinary
shares

Vendors

Datuk Lo Fui Ming           20,796,161  22,516,679
Ho Hee Chung                18,772,267  20,492,785
Tan Kum Peng                5,457,578  6,548,545
Seh Kew @ Ouh Seh Kew       5,214,198  6,305,165
Ouh Mee Lan                 5,100,493  6,191,590
Suwaya binti Buang          1,091,097  -
Ouh Kim Fah                 1,090,967  -
Chan Wai Chun               1,090,967  -
Lim Ted Hing                1,135,099  663,831
Seah Sen Onn                1,135,099  663,831
Malgreen Progress Sdn. Bhd.   869,000  -
Hiew Yon Fo                   814,750  -
Pang Kim Fan                  814,750  -
                           63,382,426 63,382,426

TABLE 2

a) Conditions as imposed pursuant to the approval on 16 Apr 2001
b) Conditions as revised

(i) a) The conversion price of the ICULS to be issued pursuant to
the Proposed Debt Restructuring and Proposed Claim Settlement
must be fixed at a discount not exceeding ten per centum (10%)
from the five (5) consecutive market days weighted average price
of CGB shares on the price fixing date (being a business day
after the date of the SC's approval), or at the par value of CGB
ordinary shares, whichever is the higher.

    b) The conversion price of the ICULS to be issued pursuant to
the Proposed Debt Restructuring and Proposed Claim Settlement
must be fixed based on the five (5) consecutive market days
weighted average price of SPF shares on the price fixing date
(being a business day after the date of the SC's approval), or at
the par value of SPF ordinary shares, whichever is the higher.

(ii) a) The issue price of the CGB ordinary shares to be issued
pursuant to the Proposed Acquisition of New Businesses, Proposed
Acquisition of Oil Palm Estate and Proposed Capitalization of
Debts must be fixed at the theoretical ex-all price based on the
five (5) consecutive market days weighted average price of CGB
shares on the price fixing date (being a business day after the
date of the SC's approval), or at the par value of CGB ordinary
shares, whichever is the higher.

     b) The issue price of the CGB ordinary shares to be issued
pursuant to the Proposed Acquisition of New Businesses, Proposed
Acquisition of Oil Palm Estate and Proposed Capitalization of
Debts must be fixed based on the five (5) consecutive market days
weighted average price of SPF shares on the price fixing date
(being a business day after the date of the SC's approval), or at
the par value of SPF ordinary shares, whichever is the higher.

(iii) a) The following must be obtained or completed prior to the
issuance of the Abridged Prospectus:

a) Approval for the renovations carried out at Prolific Yield
Sdn. Bhd's property located at Lots 39 & 40, Block C, Taman Indah
Jaya Phase 4A, Mile 4, Jalan Utara, Sandakan, Sabah.

   (b) Approval for the change in land title condition to
appropriately reflect the usage of land on which the palm oil
mill of Prolific is located.

   (c) Endorsement of Ultisearch Trading Sdn. Bhd.'s property for
oil palm cultivation.

   (d) Transfer of ownership rights in PHLim Estate to CGB/Sri
Likas Mewah Sdn. Bhd. (Sri Likas).

    (e) Transfer of ownership rights in Hiew & Pang Estate (A)
and Malgreen Estate, as well as the sublease of Hiew & Pang
Estate (B), to CGB/Bakara Sdn. Bhd.

The following must be obtained or completed prior to the issuance
of the Circular to shareholders:

     (b) Applications by the Directors of Prolific to the
relevant authorities for the subdivision and change in land title
condition to appropriately reflect the usage of land on which the
palm oil mill of Prolific is located but before approvals are
obtained from the relevant authorities.

     (d) Signing of the conditional sale and purchase agreement
between the vendors of the PHLim Estate and CGB/Sri Likas.

     (e) Signing of the conditional sale and purchase agreements
between the vendors of Hiew & Pang Estate (A) and Malgreen
Estate, and CGB/Bakara and the conditional sublease agreement
between the sublessor of Hiew & Pang Estate (B) and CGB/Bakara.

Profile

The Company (SPFI) had on 16 August 2000 proposed to undertake a
capital reduction and scheme of arrangement involving
incorporation of a new investment holding company (Newco), where
the existing shareholders of SPFI will have their respective
consolidated SPFI shares cancelled and exchanged with Newco
shares.

Upon completion of the proposed scheme, SPFI proposes to
undertake a rights issue and a debt restructuring that will
provide settlement of the Group's financial obligations by cash
repayment and the issuance of ICULS in Newco, and the settlement
of a claim by a stockbroking company also by an issuance of ICULS
in Newco.

In addition, SPFI proposes to acquire equity interests of 15
companies involved in operation of oil palm and cocoa plantations
and timber extraction, provision of equipment hiring services,
timber log trading, and provision of plantation management
services. SPFI also proposes to acquire two oil palm estates.

Following this, Newco will dispose of the existing business of
SPFI via the disposal of SPFI and its existing subsidiaries to
Simfoni Melangit Sdn Bhd.
An application will be made to delist SPFI from the Second Board
of KLSE upon completion of the proposed scheme and to
subsequently list Newco on the Main Board of KLSE.

Upon completion of the restructuring exercise, the Company's core
business is expected to be changed to "Plantation".

SPFI had been involved in the manufacture, and trading of coconut
cream powder locally known as "Instant Santan" with the technical
back-up and research support of the Malaysian Research and
Development Institute (MARDI) in early 1983, and started
commercial production in May 1985.


=====================
P H I L I P P I N E S
=====================


BENPRES HOLDINGS: To Announce Investor In Planned Merger
--------------------------------------------------------
Benpres Holdings Corporation is expected to announce by the
month's end the strategic investor in the planned merger with
Philippine Long Distance Telephone Company (PLDT) of their cable
operations, Business World reports, citing Benpres director and
treasurer Eugenio Lopez.

Lopez also told World that both companies are set to finalize the
due diligence reports on their respective cable units, Philippine
Home Cable Holdings, Inc of PLDT and Sky Vision Corporation of
Benpres.

The planned merger was agreed on by both parties in April of this
year, the report says.


NATIONAL STEEL: Allengoal In Talks With Glencore
-------------------------------------------------
The president of Allengoal Steel Fabrication and Trading Corp,
Alexander Delmo, has revealed that Allengoal is undertaking
negotiations with Swiss firm Glencore Far East Philippines AG
over a partnership in the operation and rehabilitation of
National Steel Corporation (NSC), Business World reports
yesterday.

Delmo was quoted by World as saying, "We are discussing the
possibilities of a tie-up...although we are still in the
preliminary stages, Glencore really wants to go for the long term
and if the tie-up pushes through, we will stand as Glencore's
local partners."

He further said, "Glencore's requirements for the possible
tie-up, however, are a bit too rigid... so nothing is really
final at this point. Meanwhile, we are also talking to other
prospective investors who are interested in partnering with us."

On their end, Glencore is looking into a possible joint venture
with a domestic firm in taking over the beleaguered steel firm's
plants, the report says. In a letter to the liquidator of NSC,
Glencore Executive Vice President Angel Veloso Jr said, "We are
looking at this project as a long-term commitment and have
studied different scenarios in which to effectively operate the
works which will benefit both parties."

Meanwhile, three firms have already tendered their takeover bid
proposals to take over NSC. These are Allengoal, Glencore and
Cathay Pacific Steel Corporation (Capasco).


URBAN BANK: DOJ Urged To Fasttrack Case Review
----------------------------------------------
Bangko Sentral ng Pilipinas (BSP or Central Bank) is urging the
Department of Justice (DOJ) to expedite the review of the five
cases filed by bank regulators against former executives of
closed Urban Bank, to facilitate the speedy resolution of the
cases, Business World reports Tuesday.

An official at Central Bank told World, "The Bangko Sentral is
looking for ways and options to speed up these cases. We want
these cases up and running again as soon as possible."

At present, 11 former Urban Bank executives are facing three
criminal cases of estafa, filed by the Central Bank and the
Philippine Deposit Insurance Corporation (PDIC). However, the
cases, which involve bank funds amounting to P4.6 billion, are
filed with the Makati Regional Trial Court pending the completion
of the review by the DOJ, the newspaper reports.

Meanwhile, the same official revealed to World that bank
regulators were currently working out to file two additional
estafa cases against the former Urban Bank executives, but only
after the DOJ review would be completed.


=================
S I N G A P O R E
=================


KEPPEL CAPITAL: Securities Unit Buys Client's Account
-----------------------------------------------------
Keppel Capital Holdings Ltd announces that Keppel Securities Pte
Ltd, its wholly-owned subsidiary, had on 14 June 2001, purchased
on account of its investment client, 12,500 shares in the Company
at the price of $3.38 per share and sold the said 12,500 shares
at the same price on the same day.


===============
T H A I L A N D
===============


B. GRIMM: To Appoint UASC As Independent Financial Advisor
----------------------------------------------------------
B. Grimm Engineering Systems Public Company Limited is likely to
appoint United Advisory Service Company Limited to be the
company's independent financial advisor for the preparation of
the company's financial rehabilitation plan, says B. Grimm
Managing Director Chumras Virojanapa.


EMC PUBLIC: Court OKs Capital Reduction
---------------------------------------
EMC Public Company Limited, through its court-appointed planner
EMC Power Company Limited, announces that on June 18, 2001, the
Central Bankruptcy Court approved the amendment of the memorandum
of association by reduction of capital from Bt300,000,000,
30,000,000 shares to Bt75,000,000, 7,500,000 shares.

Consequently, EMC will increase its registered capital by issuing
the common shares of 60,294,431 shares. The total capital will be
Bt677,954,310, 67,795,431 shares as mentioned in the plan.

Therefore, the share register will be closed for reduction the
capital from June 25, 2001 until the reduction of the capital
completed, Chairman Komol Wongpornpenpap says.


MODERN PLASTIC: Posts More Details On Sale Deal
-----------------------------------------------
According to the resolution of the creditors' meeting on 21 March
2001, Thai Modern Plastic Industry Pcl. (TMP) by South Sathorn
Planners Co., Ltd. (the Plan Administrator) and Eastern Polymer
Industry Co., Ltd. (the Purchaser) signed the Agreement for
Acquisition of Asset on 15 June 2001.

The Purchaser is a private company manufacturing and exporting
rubber thermal insulation materials and various kinds of plastic
sheets and pick-up liners branded Aeroliner. The major
shareholder is the Vitoorapakorn Family.

The core assets sold include Rayong plant, office equipment in
Bangkok, Account Receivable aged not over 180 days, Inventory,
and Goodwill.  The overall value is approximately Bt240 million
and may be adjusted depending on the value of the Account
Receivable and Inventory as at the Completion date.


NAKORNTHAI STRIP: Creditors OK Bt44.5-B Debt Workout
----------------------------------------------------
Creditors of Nakornthai Strip Mill Pcl have approved the
company's proposed debt workout involving the sum of Bt44.5
billion, The Asian Wall Street Journal reports yesterday, citing
the official receiver at the bankruptcy court.

The approved workout scheme was prepared by Maharaj Planner
Limited, the report says.


SIAM SYNTECH: Completes Registration Of Reduced Capital
-------------------------------------------------------
Reference is made to Siam Syntech Construction Public Company
Limited, which holds the status of a listed company on the Stock
Exchange of Thailand (SET) and which has entered into the
business reorganization plan pursuant to the Bankruptcy Act, B.E.
2483 (1940) (Amended by the Bankruptcy Act, B.E. 2543 (1999)).
The SET has required the Company to submit the progress report in
accordance to the business reorganization plan.

The Company, through Siam Syntech Planner Company Limited, the
plan administrator, hereby inform to you that the Company has
completely registered the reduction of registered capital and
paid-up capital from Bt397,056,950 to Bt3,970,570 on June 8,
2001.


S U B S C R I P T I O N  I N F O R M A T I O N

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