TCRAP_Public/010913.mbx        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, September 13, 2001, Vol. 4, No. 179

                         Headlines

* A U S T R A L I A *

ANACONDA NICKEL: Glencore Increases Shares
BEACONSFIELD GOLD: Director Resigns, WFC Surrenders Mandate
CABLE & WIRELESS: Companies Cease to Be Holders
KUSP LIMITED: Senetas Integrates KUSP With Datum
KUSP LIMITED: Suspended From Official Quotation
NORMANS WINES: Appoints Receivers & Managers
ORANGE MIRRIWINNI: Posts Case Profile
PACIFIC DUNLOP: Annual General Meeting to Be Held on Oct 12

* C H I N A   &   H O N G  K O N G *

FOURSEAS.COM:  Parallel Trading to Start Today
GLOBAL-TECH: Discusses Impact of Moulinex Court Filing
J&R BOSSINI: Winding Up Sought by Bossini Apparel
KA SHING: Winding Up Petition Hearing Set
MANDARIN RESOURCES: Considers Asset Disposal
NETEASE.COM: Appoints Sun as New Acting Chief Executive Officer
RICHLINK TECHNOLOGIES: Winding Up Petition Pending
RISING MORE: Petition to Wind Up
WAI TAI: Hearing of Winding Up Petition Set

* I N D O N E S I A *

PLN: Govt. Orders Idle Dieng Plant to Operate

* J A P A N *

ASAHI BANK: Fitch Places Ratings on Watch Negative
FUJITSU LTD: To Close or Sell US Subsidiary
FITCH: Hosts Conference Call on Japanese Banks

* K O R E A *

CHO YANG SHIPPING: Court Declares Company Bankrupt
KOREA ELECTRIC: Receives US$638M From KEDO
KOREA EXPRESS: To Issue W20.8T Convertible Bonds
HYNIX SEMICONDUCTOR: Creditors Banks to Finalize Bailout Package
HYUNDAI SEMICON: KDB Buys W1.166T Hyundai Bonds

* M A L A Y S I A *

ABRAR CORPORATION: General Meeting to Be Held on Sept 21
AUSTRAL AMALGAMATED: Moratorium Further Extended
BESCORP INDUSTRIES: Units Disposes Assets as Liquidation Move
BESCORP INDUSTRIES: Updates Default in Payment
MALAYSIAN RESOURCES: Enters Contra Agreement With BIS
PILECON ENGINEERING: Subsidiary Faces Winding-Up Petition
RAHMAN HYDRAULIC: Seeks to Strike-Out Writ of Summons
SPORTMA CORPORATION: Creditors' Voluntarily Liquidates Units
SRI HARTAMAS: Bartercard Terminates Joint Venture Agreement
TIMBERMASTER INDUSTRIES: KLSE Grants Time Extension Application

* P H I L I P P I N E S *

COSMOS BOTTLING: PSE to Determine Rule Violation
COSMOS BOTTLING: RFM Moves to Thwart Lawsuit
PHILIPPINE GLOBAL: Completes P400M Debt Restructuring
QUEZON POWER: Ratings For Possible Downgrade, Says Moody's

* S I N G A P O R E *

ASIA PULP: Bapepam Investigates Indonesia Operations
BRIERLEY INVESTMENTS: Requests For Suspension
KEPPEL CORPORATION: Willing to Cut SPC Stake to Under 50%

* T H A I L A N D *

MEDIA OF MEDIAS: Reports Rehabilitation Plan Progress
THAI MODERN: Explains Q201 Gross Margin Increase
THAI WAH: Business Reorg Petition Filed in Bankruptcy Court
TPI POLENE: Creditors Not Likely to Extend Deadline


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


ANACONDA NICKEL: Glencore Increases Shares
------------------------------------------
Glencore International AG increased its relevant interest in
Anaconda Nickel Limited on 10/September/2001, from 84,349,180
ordinary fully paid shares (22.73%) to 155,868,019 ordinary
fully paid shares (33.77%).


BEACONSFIELD GOLD: Director Resigns, WFC Surrenders Mandate
-----------------------------------------------------------
Beaconsfiled Gold NL announced that Mr Chris Ryan resigned as a
director of the company on September 10, 2001.

Mr Ryan, the principal of Westchester Corporate Finance (WCF),
had been appointed as a director of Beaconsfield Gold on 16
August 2001.

The company also informed that on 10 September 2001, WCF
surrendered its mandate to provide advice and assistance, on a
contingent basis, to Beaconsfield Gold.

The company had mandated WCF on 1 August 2001.


CABLE & WIRELESS: Companies Cease to Be Holders
-----------------------------------------------
Cable & Wireless Australia & Pacific Holding BV, Cable &
Wireless Plc ceased to be a substantial shareholder in Cable &
Wireless Optus Limited on 06/September/2001.


KUSP LIMITED: Senetas Integrates KUSP With Datum
------------------------------------------------
Senetas Corporation Limited posted the statement made by
Chairman and Chief Executive Officer Francis Galbally:

Senetas has commenced the integration of KUSP with its operating
division Datum Group.

Considerable savings and cross marketing synergies have already
been identified by the management teams in both businesses.

As a result of the integration KUSP (which will for the time
being retain its brand name) will be the cornerstone of the e-
commerce solutions, web development and multimedia services;
offered by Datum.

Viewpoint Inc, which has provided KUSP with an exclusive Licence
in Australia and New Zealand for its interactive software, has
welcomed the merger with Datum Group.

The CEO of KUSP Dael Perlov has forecast that the integration of
KLISP with Datum Group should see the June 2002 result as
profitable for the business with a revenue contribution to the
Datum Group businesses of approximately $2 million

ABOUT KLISP

KUSP is a business focused on developing interactive software
solutions.  Utilizing underlying technology from Viewpoint USA,
KUSP's is able to build  solutions that reduce a client's cost
of operation and increases the likelihood of sales.

KUSP develops the solution for a client, sells the licence to
use the solution and retains the Intellectual Property (IP) for
the solution. This solution can then be re-sold to other
clients. The benefit to KUSP is the margin on all subsequent
sales is much higher as the development has been largely
completed.

KUSP's business has 5 main areas:

1. Front end kiosk development

2. Application software development that focuses on delivery
over the internet

3. Contract modeling services (export business)

4. 3-dimentional training, education and gaming applications

5. Product development and launch visualization assistance

ABOUT DATUM GROUP

The Datum business, which is 12 years old, has an enviable track
record in developing its own technologies as well as providing
technology solutions for business in Australia and overseas.

Datum currently has four main areas of activity:

*  the provision of business intelligence solutions through data
management and warehousing and information reporting;

*  e-commerce solutions, web development and multimedia
services;

*  mobile computing which has access to proprietary software as
well as advising business on the implementation of mobile and
remote computing applications; and,

*  software development with world-class financial and
accounting applications.

For further information contact:
Francis Galbally
Chairman and Group Chief Executive Officer
Senetas Corporation Limited
Phone: 03 9868 4555
Fax: 03 9821 4899


KUSP LIMITED: Suspended From Official Quotation
-----------------------------------------------
Kusp Limited (the Company) will be suspended from official
quotation at the close of trading on Monday 17 September
following receipt by Australian Stock Exchange of a copy of the
compulsory acquisition notice dispatched to shareholders.

The Company will also be removed from the official list at the
close of trading on Thursday 20 September as a result of its
compulsory acquisition by Senetas Corporation Limited.


NORMANS WINES: Appoints Receivers & Managers
--------------------------------------------
Normans Wines Limited advised the appointment of B J Carter & J
M Spark of Ferrier Hodgson as Receivers and Managers of the
Company.

B J Carter of Ferrier Hodgson of Level 6, 81 Flinders Street,
Adelaide 5000 in the state of South Australia and J M Spark of
Ferrier Hodgson of Level 25, 140 William Street, Melbourne 3000
in the state of Victoria, Chartered Accountants, were on 30 July
2001.

The company advised that Normans will not be complying with ASX
Listing Rule 17.5 during the period of the receivership.


ORANGE MIRRIWINNI: Posts Case Profile
-------------------------------------
Orange Mirriwinni Aboriginal Corporation posted this case
profile:

Territory :  Australia
Company Name:  Orange Mirriwinni Aboriginal Corporation
Lead Partner:  Ian Hall
Case Manager:  Nicholas Carter
Date of Appointment  :  12 May 1999
Normal Contact       :  Roz Watson
Contact Phone No     :  (07) 3257 8600

PwC Office

Location :  Brisbane
PO Box :  GPO Box 150
Street Address:  Waterfront Place, 1 Eagle Street
City  :  BRISBANE
State  :  QLD
Postcode :  4001
DX  :  DX 77 Brisbane
Phone  :  (07) 3257 5000
Fax  :  (07) 3257 8004
Appointor :  Supreme Court of Queensland
Type of Appointment :  Liquidator
Lead Partner - Full Name:  Ian Richard Hall
Second Partner - Full Name:  Peter James Hedge

Case Information

First Creditors' Meeting

Date :  8 November 2000
Time :  10am Brisbane time
Address:  Level 11 Waterfront Place, 1 Eagle Street
          Brisbane 4000
Proxy return date :  7 November 2000
Return time  :  12:00 PM

Second Creditors' Meeting (or adjournment)

Date:  N/A

Annual General Meeting

Date:  N/A

Other Key Information

Report as to Affairs received from directors:  None received

Dates of trading by insolvency practitioner:  Not traded

Business sold/ceased trading:

Background Information

The corporation went into liquidation on 12 May 1999, with Ian
Hall and Peter Hedge being subsequently appointed liquidators on
2 September 1999. The corporation was incorporated to obtain
funding to develop infrastructure for the Aboriginal community
in the Orange area of NSW. Investigations into the affairs of
the company have been limited by the lack of records recovered.
A meeting of creditors has been called for 8 November 2000.

Current status of assignment and actions required by creditors

Process of realizing property and ascertaing creditors.

Next milestone and estimated timetable

Meeting of creditors on 8 November 2000

Likely outcome for creditors and timetable

It is likely there may be a dividend for creditors depending on
the extent of realizations. The administration should conclude
by April 2001.


PACIFIC DUNLOP: Annual General Meeting to Be Held on Oct 12
-----------------------------------------------------------
Pacific Dunlop Limited notified that the 81st annual general
meeting of the Company will be held in the John Batman Theatre
at the Melbourne Convention Center, corner Flinders and Spencer
Streets, Melbourne, Victoria, on Friday, 12 October 2001 at
11.00am.

ORDINARY BUSINESS

(1) To receive and consider the financial and other reports for
the yea ended 30 June 2001.

(2) To elect three Directors

  * Ms S C H Kay retires by rotation and being eligible offers
herself for re-election.

  * Mr I E Webber retires by rotation and being eligible offers
himself for re-election.

  * Mr H J Elliott who was appointed a Director on 15 February
2001 retires in accordance with Article 79 and being eligible
offers himself for re-election.

(3)  To transact any other business that may be legally brought
forward.


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


FOURSEAS.COM:  Parallel Trading to Start Today
----------------------------------------------
Fourseas.com Limited advised market participants to note that
the parallel trading in the  ordinary shares of the Company will
commence at 10:00 a.m. on Thursday, 13/September/2001 under the
following particulars:

Stock Code     Stock Short Name      Board Lot     Cert. Colour
----------     ----------------      ---------     ------------
755            FOURSEA.COM-NEW       5,000 shares         Beige
2970           FOURSEA.COM-OLD       500 shares           Pink

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.


GLOBAL-TECH: Discusses Impact of Moulinex Court Filing
------------------------------------------------------
Global-Tech Appliances Inc.(NYSE: GAI) Tuesday announced that
one of its customers, Moulinex S.A., has sought protection from
its creditors with the Nanterre Commercial Court in France.

The Court has decided to place Moulinex under compulsory
administration for a six-month observation period.

The Company currently has outstanding receivables of
approximately $0.5 million due from Moulinex that may not be
recoverable and inventories of approximately $2.4 million
covered by purchase orders specifically dedicated to this
customer.

While Moulinex represented approximately 14% of Global-Tech's
net sales in the fiscal year ended March 31, 2001, the Company
had anticipated a decrease in net sales in the second and third
quarters of fiscal 2002 as a result of the overall softness in
the economy, particularly in Europe, which is expected to lessen
the impact of Moulinex's action. Since the actions to be taken
by Moulinex or the Court are unclear, the potential impact on
the Company is not assessable at this time. Such actions,
however, are not expected to have a material effect on the net
assets of the Company.

Global-Tech is an original designer, manufacturer, and marketer
of a wide range of small household appliances in four primary
product categories: kitchen appliances; garment care products;
travel products and accessories; and floor care products. The
Company's products are marketed by its customers under brand
names such as Black & Decker(R), DeLonghi(R), Dirt Devil(R),
Hamilton Beach(R), Krups(R), Morphy Richards(R), Moulinex(R),
Mr. Coffee(R), Proctor-Silex(R), Sunbeam(R), and West Bend(R).


J&R BOSSINI: Winding Up Sought by Bossini Apparel
-------------------------------------------------
Bossini Apparel Limited is seeking the winding up of J&R Bossini
Trading Limited. The petition was filed on August 9, 2001, and
will be heard before the High Court of Hong Kong on November 21,
2001 at 9:30 am.

Bossini Apparel holds it registered office at 6th Floor, Hong
Kong Spinners Industrial Building, Phases I & II, Tai Nan West
Street, Kowloon, Hong Kong.


KA SHING: Winding Up Petition Hearing Set
-----------------------------------------
The petition to wind up Ka Shing Electric Mfg. Co. Limited is
scheduled for hearing before the High Court of Hong Kong on
September 26, 2001 at 9:30 am. The petition was filed with the
court on July 4, 2001 by Chung Tai Printing (China) Co. Limited,
whose registered office is situate at Chung Tai Printing Group
Building, 11 Yip Cheong Street, On Lok Tsuen, Fanling, New
Territories, Hong Kong.


MANDARIN RESOURCES: Considers Asset Disposal
-------------------------------------
The board of directors of Mandarin Resources Corporation Limited
(except for Mr. Yeung Kang Lam and Ms. Yau Wai Fan who remain
uncontactable) (the Board) has noted the recent increase in the
price and trading volume of the shares of the Company and wishes
to state that, save as disclosed herein and for the information
disclosed in the Company's announcements dated 5th and 7th
September, 2001, it is not aware of any reasons for such
increase.

The Board would also like to inform shareholders of the Company
that it is considering disposal of certain assets of the Company
and/or its subsidiaries, which may constitute notifiable
transaction(s) under Chapter 14 of the Listing Rules. The said
transaction(s) may or may not materialize. Further
announcement(s) will be made, if appropriate.


NETEASE.COM: Appoints Sun as New Acting Chief Executive Officer
---------------------------------------------------------------
NetEase.com, Inc. (Nasdaq:NTESE), a leading Internet technology
provider in China, announced that its Board of Directors had
appointed one of the members of the Board, Mr. Ted Sun, to serve
as its acting Chief Executive Officer. It is anticipated that
Mr. Sun will remain in this interim position until the company
locates a suitable permanent replacement.

Mr. William Lei Ding who had been serving as both acting Chief
Executive Officer and acting Chief Operating Officer since May
2001 will step down from those positions, effective Tuesday. Mr.
Ding will also step down as Chairman of the Company's Board of
Directors but will remain a member of the Board. In addition, he
will remain in the non-managerial position of Chief Architect,
in which role he will give advice to the Board regarding the
company's strategic direction and product development.

Mr. Sun has served as one of the company's directors since
December 1999 and as a consultant to the company since July
2001. From July 2000 to the present, he has served as the Chief
Financial Officer of Infoserve Technology Corporation, a
provider of advanced telecommunication services. He previously
was a Managing Director with Bear Stearns Asia Limited.

Commenting on this appointment, Mr. Ding said, "NetEase.com
faces many internal and external challenges as it moves forward
in the current difficult market conditions. At this time, I
think it is most appropriate that I focus my efforts on
assisting the company to develop the right strategic orientation
and provide guidance on repositioning and strengthening its
product offerings in order to secure its long-term success
in the China market."

Mr. Ding further stated, "On behalf of the company and its Board
of Directors, I wish to thank Ted for assuming this
responsibility during a difficult time in the company's history.
We have no doubt that Ted's wide business experience, combined
with his proven dedication to NetEase.com, will make him an
effective Chief Executive Officer and that he will quickly
make a significant contribution to the management and operations
of the company."

Mr. Sun said, "I am ready for the challenges that lie ahead and
will strive to justify the confidence the Board of Directors has
shown in appointing me to this position. I share with William
Lei Ding a tremendous enthusiasm for the potential of the
Chinese Internet market in general and NetEase.com's business in
particular, and I, together with the company's Board, management
and staff, look forward to helping the company fully achieve its
potential."

Separately, NetEase.com confirmed Tuesday that, in connection
with its appeal of Nasdaq's decision to delist the company's
American Depositary Shares from the Nasdaq National Market, it
has received a written request for additional information from
the Nasdaq Listing Qualifications Hearings Department and is now
working to prepare a response to that request. The company
expects that trading in its shares will remain suspended until
the company provides the information requested and the hearing
appeal panel reaches its final decision.

There can be no assurance as to whether the Nasdaq appeal panel
will be satisfied with the information provided and allow the
company's shares to remain listed. It is also possible that
Nasdaq may request additional information in the future which
could delay the Nasdaq appeal panel decision. An unfavorable
decision would result in immediate delisting of the company's
American Depositary Shares from the Nasdaq National Market
irrespective of the company's ability to further appeal the
decision.

About NetEase.com

NetEase.com, Inc. is a leading China-based Internet technology
company and pioneered the development of applications, services
and other technologies for the Internet in China. The
NetEase.com Web sites, operated by its affiliate, organize and
provide access to 18 content channels through content
distribution arrangements with approximately 115 international
and domestic content providers.

In addition, the NetEase.com Web sites contain over 1 million
personal home pages created and maintained by users that enable
users to express themselves, share items, interests and areas of
expertise and to publish personal content accessible by other
Chinese Internet users.

The NetEase.com Web sites also offer online interactive
community services through 1,500 community forums and over
115,000 personal community forums created by registered users.
At the end of July 2001, the number of simultaneous chat room
participants reached approximately 55,000 during peak hours, and
the number of registered users of the NetEase.com Web sites
reached 27 million. Further, the average number of daily page
views was over 127 million in July 2001.

NetEase.com also offers auction and online mall technology
services, which provide opportunities for e-commerce and
traditional businesses to establish an online e-commerce
presence on the NetEase.com Web sites.


RICHLINK TECHNOLOGIES: Winding Up Petition Pending
--------------------------------------------------
Richlink Technologies Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on September 12, 2001.

The petition was filed on June 26, 2001 by Sin Hua Bank Limited,
Hong Kong Branch, whose principal place of business is situated
at 2A Des Voeux Road Central, Hong Kong.


RISING MORE: Petition to Wind Up
--------------------------------
The petition to wind up Rising More Limited is set for hearing
before the High Court of Hong Kong on December 12, 2001 at 9:30
am. The petition was filed with the court on August 22, 2001 by
The China State Bank Limited, a banking corporation duly
incorporated in The People's Republic of China and having a
branch office at China State Bank Building, 39-41 Des Voeux Road
Central, Hong Kong.


WAI TAI: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Wai Tai Management & Consultants Limited
will be heard before the High Court of Hong Kong on September
12, 2001 at 9:30 am.

The petition was filed with the court on June 26, 2001 by The
Kwangtung Provincial Bank, Hong Kong Branch, whose principal
place of business is situated at 1st-3rd Floors, Euro Trade
Center, 13-14 Connaught Road Central, Hong Kong.


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


PLN: Govt. Orders Idle Dieng Plant to Operate
--------------------------------------------
State-owned electricity company PLN has been instructed by the
government to operate the inactive geothermal power plant Dieng
to obtain cash for the repayment of a US$260 million claim made
by the U.S. insurance firm Overseas Private Investment Corp
(OPIC), Jakarta Post reported Wednesday citing
Minister of Energy and Mineral Resources Purnomo Yusgiantoro.

The Dieng geothermal power plant was originally owned by the
American independent power producer (IPP), CalEnergy Company
Inc.

The company, however, abandoned the power projects in 1998
following a dispute with PLN and the government, which ordered
it to halt the project in a belt-tightening effort to cope with
the economic crisis.

MidAmerican then filed arbitration proceedings against PLN and
the government and won the dispute.

OPIC, which is an insurance firm owned by the U.S. government,
paid the company $260 million in compensation.

But, OPIC subsequently demanded the Indonesian government and
PLN reimburse the insurance claim.

According to Purnomo, state-owned oil and gas company Pertamina
was interested in operating the power plant, but it had yet to
make a final decision.

"The government is still discussing whether to give the
operation to a new company jointly owned by PLN and Pertamina,"
Purnomo said.


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


ASAHI BANK: Fitch Places Ratings on Watch Negative
--------------------------------------------------
Fitch, the international rating agency, has placed the ratings
of Asahi Bank, Ltd. (Asahi) on Rating Watch Negative. The bank's
current ratings are Long-term 'BBB+', Short-term 'F2',
Individual 'D/E' and Support '2'. With stock prices slumping
worldwide and especially weak market conditions in Japan,
Asahi's shares have come under speculative attack in recent days
amidst a variety of rumors, which the bank describes as "without
foundation".

Although Asahi maintained risk adjusted capital ratios that were
well in excess of regulatory minimums, as of end-March 2001 the
bank's retained earnings available for payment of dividends were
largely depleted. Since then, Japanese share prices have tumbled
by more than 20% on average. This, together with adoption of
mark-to-market accounting at the interim closing at September
30, will eliminate the bank's distributable reserves.
Speculation has centered on the possible consequences if the
bank is unable to pay dividends on its preferred shares that are
currently held by Japan's Deposit Insurance Corp. (Note that
dividends on these preferred shares are payable at the close of
the March-end fiscal year. There are no interim dividend
requirements on these shares.)

Late last week, Asahi announced that it had made a proposal for
consolidation to Daiwa Bank (Daiwa) and that Daiwa is examining
this proposal. Daiwa publicly confirmed receipt of this proposal
and that discussions between the two banks are taking place.
Asahi and Daiwa are the two smallest Japanese city banks,
neither being associated with any of the "Big Four" banking
groups.

Also, both have separate regional orientations: Asahi in Tokyo
and the adjoining Saitama Prefecture and Daiwa in the Osaka area
with its own network as well as controlling interest in Kinki
Osaka Bank, a second tier regional. Daiwa is expected to form a
holding company in the near future.

Fitch will review the latest developments with Asahi in order to
resolve the Rating Watch. Note that in August, Asahi's
Individual rating was lowered, along with 16 other Japanese
banks, due primarily to concerns about asset quality and stock
portfolio exposure. Also at that time, Asahi's Long-term debt
rating was lowered to 'BBB+' and the Outlook was changed to
Negative, due to the above concerns as well as its market
positioning, which is viewed as weakening.

Daiwa's Individual rating was lowered to the lowest level on
Fitch's scale, 'E', in 1999. Contact: Reiko Toritani, Philip
Jones, Takayuki Takahashi, Tokyo Tel: +813 3288 2628; David
Marshall, Hong Kong +852 2263 9963; Brett Hemsley, London +44
(0)20 7 417 3494; Fred Puorro, New York +1 212 908 0500


FUJITSU LTD: To Close or Sell US Subsidiary
-------------------------------------------
Fujitsu Ltd said Tuesday it would shut or sell a US subsidiary
Fujitsu Business Communication Systems Inc, based in Irvine,
California, which posted US$120 million in revenues during the
business year to March 31, as part of a restructuring plan
announced last month that includes cutting 11,400 jobs abroad.
Reuters reported on September 11.

Fujitsu Ltd was studying the possibility of disposing all or
part of the wholly-owned unit that makes private branch exchange
(PBX) communications equipment.

It was not yet clear whether the 762 employees would be laid off
or transferred to a new employer.

The restructuring, which will result in a 300 billion yen ($2.48
billion) charge for the business year to next March, aims to
step up the company's shift into software and services, while
focusing its hardware operations more tightly on core products
and technologies.

"Under its new growth strategy, Fujitsu's telecommunications
group is concentrating its resources on its cutting-edge
products in the fields of photonics, IP and 3G mobile
technologies and in strengthening its solutions business," the
company said in a statement.

Fujitsu said it would continue its PBX operations in Japan.


FITCH: Hosts Conference Call on Japanese Banks
-------------------------------------
Fitch hosted a conference call to discuss continuing asset
quality problems faced by Japanese banks on Wednesday, 12
September. Specific topics to be addressed include the
differences in asset classification between banks and the
influence of Shinsei Bank on the banking sector.

Fitch also commented on the prospects for loan quality
deterioration as the economy heads back into recession and the
impact of Koizumi's reforms on the economy, particularly as they
relate to corporate bankruptcies and the resulting effect on
banks' asset quality.

The 12 September teleconference will began at 09.00 BST. Callers
within the United Kingdom should dial 01296 480 100 and
participants outside the UK may access the call by dialling +44
1296 480 100; the access code is C059484. A replay will be
available for 72 hours following the call on 01296 618 700 (UK)
and +44 1296 618 700 (non-UK), using the access code 265591


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


CHO YANG SHIPPING: Court Declares Company Bankrupt
---------------------------------------------------
The Bankruptcy Division of Seoul District Court declared Cho
Yang Shipping Co. Ltd. bankrupt after ending court receivership
last month, Digital Chosun reports September 12.

Since its clearance value was higher than its assets, the
insolvent company ended receivership last August 24.

Lawyer Lee Seong-bok was appointed as bankruptcy trustee. The
first creditors committee meeting will be held on October 18.


KOREA ELECTRIC: Receives US$638M From KEDO
------------------------------------------
Korea Electric Power Corporation has received a total of US$638
million since it signed a contract in February last year with
Korea Peninsula Energy Development Organization (KEDO), with
KEPCO as the main contractor in building the nuclear power plant
for the communist state, Digital Chosun reported on September
12.

KEDO said it has made significant payments for building two
light water nuclear reactors in the North. Seoul gave the bulk
of that funding worth 447 million dollars, with Japan
contributing the remaining 191 million dollars, according to the
Ministry of Unification.

To raise the money the Korean government floated US$517 million
worth of bonds during a two year span between 1999 and 2001.
KEDO, the US led consortium building the reactors, used around
18 million US dollars on administrative costs.

Washington picked up the 70 million dollar bill to finance 308
thousand tons of heavy oil to the north to supply electricity
while the plant is being built. Back in 1994 the US and North
Korea signed the Geneva Agreed Framework to halt the North's
weapons grade nuclear program in exchange for two light water
nuclear reactors.


KOREA EXPRESS: To Issue W20.8T Convertible Bonds
------------------------------------------------
Korea Express decided to issue convertible bonds on September
10, 2001. The company will issue bonds amounting to
W20,817,960,000, with an interest at maturity of 8.15% payable
from the date the bonds are issued through the date of full
redemption of principle, Korea Inc News reported on September
11.

The interest payment will be every December 31 of each year.
Redemption of the principle will be made on December 30, 2010.


HYNIX SEMICONDUCTOR: Creditors Banks to Finalize Bailout Package
----------------------------------------------------------------
Hynix Semiconductors Inc's creditor banks are expected to hold a
meeting of bank presidents to finalize a bailout package for the
troubled chipmaker this Thursday or Friday, Korea Herald
reported on September 12, which quoted Tuesday a creditor bank
official.

Creditor banks reportedly need to fine-tune the extension of
W500 billion in fresh loans to Hynix in a meeting within this
week because a further delay in finalizing the rescue plan is
not good, the official said.


HYUNDAI SEMICON: KDB Buys W1.166T Hyundai Bonds
-----------------------------------------------
The Ministry of Finance and Economy said Tuesday in a report
that four Hyundai subsidiaries, namely Hyundai Electronics
Industries (Hynix Semiconductor), Hyundai Engineering and
Construction, Hyundai Merchant Marine, and Hyundai
Petrochemical, accounted for a total of W1.166 trillion,
in the total W1.816 trillion, corporate bonds that Korea
Development Bank (KDB) bought in the first eight months of the
year, Korea Herald reported on September 12.

Under the corporate debt buyout scheme, the KDB has bought Hynix
Semiconductor's bonds worth W698 billion, amounting to 37.9
percent of the W1.816 trillion under the corporate debt
refinancing plan.

Next came Hyundai Engineering and Construction with W304 billion
(16.7 percent), Hyundai Merchant Marine with W132 billion (7.3
percent), and Hyundai Petrochemical with W32 billion (1.8
percent).

A total of 526 billion won (29 percent) has flowed into
Ssangyong Cement and 124 billion won (6.8 percent) into Sungshin
Cement.

Creditors selected five companies - Hynix Semiconductor, Hyundai
Merchant Marine, Hyundai Engineering and Construction, Hyundai
Petrochemical, and Ssangyong Cement - for corporate debt
refinancing plans in September.

The fast corporate refinancing plan has drawn a lot of criticism
from the U.S., which questioned the purchase of Hynix's maturing
bonds.

The U.S. government has threatened to file a suit against Korea
to the World Trade Organization on a charge of a violation of
the article banning government subsidies to a private firm.

However, the ministry, has continued to deny the allegations,
saying the corporate debt buyout scheme is entirely implemented
on a commercial basis.


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


ABRAR CORPORATION: General Meeting to Be Held on Sept 21
----------------------------------------------------------
Abrar Corporation Berhad's (Special Administrators Appointed)
46th Annual General Meeting will be held at Grand Seasons
Ballroom, 2nd Floor, Grand Seasons Hotel, No. 72 Jalan Pahang,
50350 Kuala Lumpur on Friday, 21st September 2001 at 10.00 a.m.
A copy of the Notice of the Meeting is found at
http://www.bankrupt.com/misc/AbrarCorporation.doc


AUSTRAL AMALGAMATED: Moratorium Further Extended
------------------------------------------------
Austral Amalgamated Berhad announced on 7 September 2001 that
the moratorium under Section 41 of the Pengurusan Danaharta
Nasional Berhad Act, 1998, which took effect from the date of
appointment, has been further extended to 8 September 2002.

Background

On 6 July, 2000, Lim Tian Huat and George Koshy of Arthur
Andersen & Co. were appointed by Pengurusan Danaharta Nasional
Berhad to act as the Special Administrators of the following
subsidiaries of Austral Amalgamated Berhad (AAB) pursuant to
Section 24 of the Pengurusan Danaharta Nasional Berhad Act 1998:

1. Danau Kota Development Sdn. Bhd. (Company No.: 119720-H)

2. Profound View Sdn. Bhd. (Company No.: 333076-W)

3. Likas View Sdn. Bhd. (Company No.: 16908-P)

The moratorium under Section 41 of the Act, which took effect
from the date of the appointment, has been further extended to 5
July 2002. The extension is pursuant to Section 41(3) of the
Act.

During the period of the moratorium, no creditor may take action
against the aforesaid Companies except in accordance with
Section 41 of the Act.

All dealings and enquiries may be directed to the Special
Administrators.


BESCORP INDUSTRIES: Units Disposes Assets as Liquidation Move
-------------------------------------------------------------
Bescorp Industries Berhad announced that certain subsidiary
companies have disposed off selected assets of the companies
pursuant to a tender exercise conducted recently. The tender
exercise was carried out as part of the liquidation
administration of the respective companies.

DETAILS OF THE DISPOSALS

The details of the Disposals are as follows:

Disposal of property belonging to Bespile Sdn. Bhd. (In
Liquidation) to Jutasama Sdn. Bhd. for a total consideration of
RM9.5 Million.

Bespile Sdn. Bhd. (In Liquidation), a subsidiary of BIB, had
entered into a Sale and Purchase Agreement with Jutasama Sdn.
Bhd. on 5 September, 2001 to dispose off the land located at Lot
Nos. 1928 to 1930 & 1943 to 1945 Mukim and District Klang,
Selangor for a total consideration of RM9.5 Million.

Disposal of property belonging to Bescorp Construction Sdn Bhd
(In Liquidation) to Autotoli Retreading Sdn Bhd for a total
consideration of RM1.4 Million.

Bescorp Construction Sdn Bhd (In Liquidation), a subsidiary of
BIB, had entered into a Sale and Purchase Agreement with
Autotoli Tyre Retreading Sdn Bhd on 28 August, 2001 to dispose
off the land located at Lot 4049, Jalan 2D, Subang New Village,
Mukim of Sungai Buloh, District of Petaling, Selangor Darul
Ehsan for a total cash consideration RM1.4 Million.

Disposal of plant and machineries of subsidiaries of BIB to
various parties

The subsidiaries of BIB have disposed off selected plant and
machineries to various parties. The details of the disposals are
contained in the Table found at
http://www.bankrupt.com/misc/BescorpIndus_table.doc

RATIONALE FOR THE TRANSACTIONS

The disposals were carried out as part of the liquidation
administration of the respective subsidiaries of BIB. The
proceeds arising from the disposals would be utilized to settle
the creditors of the respective subsidiaries of BIB.

FINANCIAL EFFECTS OF THE TRANSACTION

Earnings

The Disposals are not expected to have any material effect on
the earnings of the BIB for the year ending 31 December, 2001.

Net Tangible Assets

The Disposals are not expected to have any material effect on
the NTA of the Company.

Share Capital

The disposals are not expected to have any effect on the share
capital of BIB.

Substantial Shareholders' Shareholding

The Disposals are not expected to have any effect on the
substantial l shareholdings of BIB.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST AND PERSONS
CONNECTED TO DIRECTORS AND MAJOR SHAREHOLDERS

None of the Directors and/or major shareholders and/or persons
connected with a Director or major shareholder of BIB have any
interest, direct or indirect in the Disposals.

APPROVAL

The above Disposals are not subject to the approval of the
shareholders of BIB or any government authority. However, the
Disposals have been approved by the Committee of Inspection of
the respective subsidiary companies.


BESCORP INDUSTRIES: Updates Default in Payment
----------------------------------------------
Bancorp Industries Bread provided an update on its default in
payment, as found in
http://www.bankrupt.com/misc/BescorpIndustries.doc

The default by BIB as at 31 August 2001 amounted to RM35,
750,000.00 made up of a principal sum, plus RM19, 665,733.54 in
interest for revolving credit facilities.

As at 31 August, 2001, the remaining subsidiary companies of
BIB, namely Bancorp Construction Son Bud (In Liquidation),
Bancorp Piling Son Bud (In Liquidation), Bancorp Concrete Son
Bud (In Liquidation), Bespoke Son Bud (In Liquidation) and Wait
Cream Son Bud, defaulted on a total sum of RM137, 045,620.99
made up of a principal sum plus interest for revolving credit
facilities, term loan, overdraft and banker's acceptance.


MALAYSIAN RESOURCES: Enters Contra Agreement With BIS
-----------------------------------------------------
Malaysian Resources Corporation Berhad (MRCB) announced that
MRCB Utama Sdn Bhd (MUSB) formerly known as Kajang Utama Sdn Bhd
had on 30 August 2001 entered into a Contra Agreement with
Berita Information Systems Sdn Bhd (BIS) to contra part of
MUSB's debt with its two units of Pesona Apartments for a total
value of RM191,649.00.

DETAILS OF THE CONTRA PROPERTIES

BIS has provided a Detailed Study, Design Submission and
Standard Package for Home Intelligent and Automation Systems to
the Residential Units of Precinct 10, Federal Administrative
Center, Putrajaya Project belonging to MUSB, a wholly owned
subsidiary of the Company. As at December 2000, MUSB was
indebted to BIS totaling RM216,000.00 (the outstanding sum).

MUSB has agreed to contra its two units of Pesona Apartments
numbering B-3-12 and B-3-12A at Phase 3, Taman Kajang Utama,
Kajang, Selangor to BIS as part of the settlement of MUSB's
outstanding sum. Cash will settle the balance of RM24,351.00.

INFORMATION ON MUSB

MUSB was incorporated on 12 May 1983 under the Companies Act,
1965 as Easy Win Bhd and changed to its present name on 25
September 2000. The current authorized share capital of MUSB is
RM25,000,000.00 comprising 25,000,000 ordinary shares of RM1.00
each of which RM15,000,000.00 has been issued and fully paid-up.

The principal activity of MUSB is property development.

INFORMATION ON BIS

BIS was incorporated on 21 November 1981 under the Companies
Act, 1965. The current authorized and issued paid-up share
capital of BIS is RM2,000,000.00 comprising of 2,000,000
ordinary shares of RM1.00 each.

The principal activity of BIS is marketing and supplying of data
processing equipment and provision of data processing services.

RATIONALE FOR THE CONTRA OF PROPERTIES

The contra of properties will allow MUSB to recognize its sale
of properties whilst settling its outstanding sum owed to BIS.

APPROVAL REQUIRED

No approval is required for the contra of properties.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS INTERESTS

The Company is the sole shareholder of MUSB and holds 43.53% of
the equity interest in The New Straits Times Press (Malaysia)
Berhad ("NSTP"). BIS is a wholly owned subsidiary of NSTP.

YBhg Dato' Seri Abdul Rahman Maidin is a director of the Company
and NSTP and is also deemed to have a substantial interest in
NSTP due to his substantial interest in Realmild (M) Sdn Bhd
which in turn is a substantial shareholder of the Company.

STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors of the Company are of the opinion that
the contra of properties is in the best interest of the Company
and MUSB.


PILECON ENGINEERING: Subsidiary Faces Winding-Up Petition
----------------------------------------------------------
Pilecon Engineering Berhad announced that a winding-up petition
had been presented at the Shah Alam High Court on 4 September
2001 against Johor Coastal Development Sdn. Bhd. (JCDSB), a
subsidiary of the Company and served onto JCDSB on 5th September
for a claim of RM8,998,400.00 together with interest thereon at
the rate of 8.00% per annum from 13th July 2001 to the date of
full realization.

(1) The details of default or circumstances leading to the
filing of the winding-up petition against JCDSB:

Constrajaya Sdn. Bhd. obtained judgement in the amount of
RM8,998,400.00 against JCDSB on the 13th July 2001.

Constrajaya Sdn. Bhd. served s.218 Notice on JCDSB on the 20th
July 2001 demanding for payment of the Judgement Sum with
interest within 21 days from date of same. As the said period of
21 days has expired, and in the absence of an order granting a
stay, Constrajaya Sdn. Bhd. filed the Winding-up Petition on the
4th September 2001, service of which was effected on the 5th
September 2001.

(2) The total cost of investment in JCDSB: RM14.6 million

(3) The financial and operational impact on the Group:

There is no operational impact to the Group. However, in the
event that the winding-up petition succeeded, it is expected
that the financial impact would be an estimated loss of RM68.8
million.

(4) The expected losses:

JCDSB is expected to incur legal fees approximately RM40,000.00.

(5) The amount of interest claimed:

An interest of 8.00% per annum from 13/07/01 to the date of full
realization.

(6) The date of hearing of the winding-up petition: 29/10/2001

(7) The steps taken and proposed to be taken by PEB in respect
of the winding-up proceedings:

   a) JCDSB has filed application by way of Motion to the Court
of Appeal for an interim stay of the execution by way of
winding-up taken out by JCDSB.

   b) As the said Motion was filed pursuant to a Certificate of
Urgency, the adjudication of same should be on a expedited basis
although we have not obtained a hearing date as yet.


RAHMAN HYDRAULIC: Seeks to Strike-Out Writ of Summons
-----------------------------------------------------
The Special Administrators, on behalf of Rahman Hydraulic Tin
Berhad (Special Administrators Appointed) (RHTB) announced that
an application to strike-out Mr Leong Yew Chin's (the Plaintiff)
Writ of Summons and Statement of Claim dated 5 June 2001
(Application) with costs was filed on 5 September 2001.

The Application was filed by the solicitors of RHTB (the 7th
Defendant) and the Special Administrators (the 11th, 12th and
13th Defendants) [collectively known as the "the Defendants"].

The grounds of the Application are briefly as follows :

   (1) The Plaintiff's claim discloses no reasonable cause of
action against the Defendants or the Plaintiff's claim is
scandalous, frivolous or vexatious and/or the Plaintiff's claim
is otherwise an abuse of process of Court.

   (2) The Plaintiff has failed to obtain the prior written
consent of Pengurusan Danaharta Nasional Berhad, the 10th
Defendant, before commencing the action herein pursuant to
Section 41(1)(e) of the Pengurusan Danaharta Nasional Berhad
Act, 1998 (as amended).

   (3) The Plaintiff was at all material times not a registered
shareholder of the Company and has therefore no locus standi to
commence the suit against the Defendants.


SPORTMA CORPORATION: Creditors' Voluntarily Liquidates Units
------------------------------------------------------------
The Special Administrators of Sportma Corporation Berhad
(Special Administrators Appointed) (SCB) announced that the
following subsidiary companies have been wound up by way of
creditors' voluntary liquidation on 10 September 2001:

   (1) Artforce Sdn Bhd

   (2) Chemitech Industries Sdn Bhd

   (3) Senibina Ceria Sdn Bhd

Mr Tan Kim Leong, JP has been appointed as Liquidator of the
abovementioned companies.

The liquidation of the abovementioned subsidiary companies is
not expected to have any financial or operational impact on SCB,
as the subsidiary companies have ceased operation since
September 1999 or earlier.


SRI HARTAMAS: Bartercard Terminates Joint Venture Agreement
-----------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that Bartercard International Pty Ltd (BCI) had on 7
September 2001 terminated the Joint Venture Agreement dated 14
December 1998 with SHB.

DETAILS OF TERMINATION OF CONTRACT

BCI had on 4 September 2001 terminated the Contract of Service
Agreement dated 14 December 1998 executed between BCI as the
Service Provider and Bartercard Enterprise Sdn Bhd ("BESB"), a
90% owned subsidiary of SHB, as the Service Receiver pursuant to
Clause 12.1 of the Contract.

Subsequent thereof the Joint Venture Agreement entered into by
BCI, BESB and SHB was also terminated on 7 September 2001 as a
result of the termination of Contract of Service Agreement
pursuant to Clause 21 of the Joint Venture Agreement.

As a result of the termination, BESB's right to operate the
Bartercard Trading Program has been terminated with effect from
4 September 2001.

BACKGROUND INFORMATION

SHB had on 14 December 1998 entered into a Joint Venture
Agreement with BCI whereby SHB's 90% owned subsidiary company,
BESB, will undertake the operation of the Bartercard System.

In addition, BESB had on 14 December 1998 entered into a
Contract of Service Agreement with BCI in which BCI shall grant
BESB the full sole and exclusive authority and consent to trade
and operate a barter and trade exchange under the name and style
of "Bartercard" and sole use of the Bartercard Trading Program,
Bartercard System and intellectual property in Malaysia
("Bartercard System").

DETAILS OF THE BARTERCARD SYSTEM

The Bartercard System is a central exchange between sellers and
buyers of goods and services enabling bartering to be
accomplished within a large network of participants through a
system of debiting and crediting of so called "Trade Ringgit".
BESB acts as a clearing house and offers an accounting and
administrative facility which monitors the debits and credits of
trade transactions of all members using an accounting unit,
namely the "Trade Ringgit". A trade ringgit serves as a medium
of exchange, recording the value of transaction between buyers
and sellers within the trading system, One Trade Ringgit is
equal to One Ringgit Malaysia.

Members of the Bartercard System pay a one-off membership fee to
gain access to a network of other members. Every member receives
a membership card and membership number similar to a bank debit
card. Each month every member receives a monthly statement which
details debits and credits undertaken by the member. The terms
and conditions of Bartercard Trading Rules and Regulations are
incorporated by reference to the membership agreement.

INFORMATION ON BCI

BCI was incorporated in the State of Queensland, Australia as a
private limited company under the Australia Companies Act 1989
on 22 November 1993. BCI has an authorized share capital of A$
1,000,000 divided into 1,000,000 shares of A$1.00 each
comprising 100,000 ordinary shares, 100,000 A class shares and
800,000 unclassified shares ("BCI Shares") of which A$12,359 BCI
Shares were issued and fully paid.

BCI has been granted by Bartercard Ltd, a company incorporated
in the State of Queensland and having its registered office at
Level 1, 121 Scarborough Street, Southport, Queensland,
Australia, the full sole and exclusive irrevocable licence for a
term of 99 years to sell licence, to trade and operate barter
and trade exchange under the name and style of "Bartercard"
utilizing the Bartercard System.

Bartercard Ltd is the legal and beneficial owner of all of the
material elements, industrial and intellectual property, system,
software, techniques and know-how of the Bartercard Trading
Program including the business name and trademark consisting of
the word/name "Bartercard".

INFORMATION ON BESB

BESB was incorporated in Malaysia under the Companies Act, 1965
on 24 December 1996. BESB became a 90% owned subsidiary company
of SHB on 14 December 1998.

BESB's present authorized share capital is RM5,000,000 divided
into shares of RM1.00 each of which 1,665,030 ordinary shares of
RM1.00 each have been issued and fully-paid.

Currently the shareholders of BESB are:

Shareholder No of Shares Held

Sri Hartamas Berhad 1,497,526
Sri Hartamas Mul-T-Plex JV Sdn Bhd 1
Bartercard International Pty Ltd 167,503
-----------------------
1,665,030
==============

The principal activity of BESB is carrying on trade and barter
exchange business and business relating to the Bartercard
System.

INFORMATION ON SHB

SHB was incorporated in Malaysia under the Companies Act, 1965
on 6 January 1969.

SHB's present authorized share capital is RM1,200,000,000
divided into 1,200,000,000 ordinary shares of RM1.00 each of
which 860,081,667 ordinary shares of RM1.00 each have been
issued and fully-paid.

The principal activities of SHB are property development,
including dealing in land, property investment and investment
holding.

Special Administrators have been appointed to SHB on 16 June
2000 by Pengurusan Danaharta Nasional Berhad pursuant to Section
24 of the Pengurusan Danaharta Nasional Berhad Act, 1998.

CESSATION OF BUSINESS OF SUBSIDIARY

Consequent to the above termination, BESB has ceased its
operations.

EFFECTS OF TERMINATION

Share Capital and Substantial Shareholders

The termination will not have any effect on the issued share
capital and composition of substantial shareholders of SHB.

Earnings

The effect of the termination on the unaudited consolidated
earnings of SHB group for the current financial year ended 30
June 2001 as compared to the unaudited consolidated losses
before taxation as announced on 30 August 2001 is tabulated as
follow:

Please refer to Table A at
http://www.bankrupt.com/misc/Sri_Hartamas.pdf

Net Tangible Assets (NTA)

The effect of the termination on the unaudited NTA of SHB Group
as at 30 June 2001 is tabulated as follow:

Please refer to Table B at
http://www.bankrupt.com/misc/Sri_Hartamas.pdf

SPECIAL ADMINISTRATORS', DIRECTORS' AND SUBSTANTIAL
SHAREHOLDERS' INTEREST

The board of directors of SHB as at 31 August 2001 is as follow:

Please refer to Table C at
http://www.bankrupt.com/misc/Sri_Hartamas.pdf

The substantial shareholders of SHB as at 31 August 2001 are as
follow:

Please refer to Table D at
http://www.bankrupt.com/misc/Sri_Hartamas.pdf

DOCUMENTS FOR INSPECTION

The following documents may be inspected at the registered
office of SHB at Suite 33.01, Level 33, Plaza MBf, No. 8 Jalan
Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia for the period from
the date of this announcement.

1. Contract of Service dated 14 December 1998
2. Joint Venture Agreement dated 14 December 1998
3. Notice of Termination dated 4 September 2001


TIMBERMASTER INDUSTRIES: KLSE Grants Time Extension Application
---------------------------------------------------------------
Timbermaster Industries Berhad announced that the Kuala Lumpur
Stock Exchange (KLSE) has granted the Company an extension of
time of two (2) months for the Company to make an announcement
on the Company's plans to regularize its financial condition
(the Requisite Announcement).

The Company was earlier required to make the Requisite
Announcement by 23 August 2001.

The Company had by its announcement of 22 August 2001 set out
the preliminary details of progress as to the Company's plan to
regularize its financial condition whilst appealing to the KLSE
for an extension of time to make the Requisite Announcement, to
comply with the requirements of paragraph 5.1 of Practice Note
No. 4/2001.

The KLSE by its letter dated 3 September 2001 has now granted
the Company until 23 October 2001 to make the Requisite
Announcement. In the interim, the Company has also been required
to provide the Exchange detailed progress reports on the
development and/ or latest status of the regularization exercise
by the following dates:

   * 1st progress report by 12 September 2001 on any development
between the Company's application letter dated 10 August 2001
and 11 September 2001; and

   * 2nd progress report by 17 October 2001 on any development
between 11 September 2001 and 16 October 2001.


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


COSMOS BOTTLING: PSE to Determine Rule Violation
------------------------------------------------
The Philippine Stock Exchange (PSE) was to determine yesterday
which rule RFM Corp and Cosmos Bottling Corp (CBC) have violated
that will warrant a suspension of the trading of their shares,
BusinessWorld reported on September 12.

PSE president Ramon T. Garcia said the board of governors will
decide on the request of Iloilo representative Augusto Syjuco to
suspend for 15 days the trading of shares of the two companies.

Mr. Syjuco recently sought for a 15-day suspension to halt
trading of RFM and CBC shares to give the PSE and the Securities
and Exchange Commission (SEC) time to investigate the alleged
price manipulation against the Concepcion-owned firms.

"I can prove it that the Concepcions own more than half of that
18% in dummy corporations and that's what they use to manipulate
the prices. The 83.2% that they hold is static, it's held in
their stock. For them to be able to play the market they have to
own part of that 18% publicly held. And I say they own at least
half of that in dummy corporations. The hapless half of that 18%
is really public," he said.

The transactions to be reviewed will cover the months of May and
June and will be expanded to include those between July and
August.


COSMOS BOTTLING: RFM Moves to Thwart Lawsuit
--------------------------------------------
RFM Corp's moves to thwart a lawsuit threatening to sideline its
multibillion-peso sale of Cosmos Bottling Corp took a big step
forward on Monday after a former executive of Jaz Cola admitted
that unpaid obligations the company is claiming were already
resolved before it was sold to Cosmos in 1997, ABS-CBN News
reported on September 11.

RFM in a statement said former Jaz Cola president Emmanuel Rios
admitted under questioning that each of Jaz Cola's claims had
been discussed between Jaz Cola and Cosmos before a final
reconciliation of accounts was agreed on.

RFM's lawyers said this strengthens their stance that there is
"no basis" for P146 million in claims since these were taken up
before a sale was finalized. The reconciliation of accounts was
made with the assistance of an external auditor, SGV & Co., with
the final audit report signed by Rios himself and
representatives from SGV and Cosmos.


PHILIPPINE GLOBAL: Completes P400M Debt Restructuring
-----------------------------------------------------
Philippine Global Communications Inc, a cash-strapped
telecommunications firm, has completed the restructuring of
PhP400 million in secured debts owed by its international
gateway facility (IGF) unit, Inquirer News Service reported on
September 12.

According to a source privy to the restructuring negotiations,
the recent deal with the secured banks was a small but
significant step toward the much-delayed restructuring of
Philcom's total debt of P3 billion.

On top of the 400 million pesos in secured debts, the IGF unit
still has to restructure or lengthen the maturity of 800 million
pesos in unsecured debts.

Another bulk of the company's P3-billion debt consisted of
obligations incurred by its local exchange carrier unit (LEC),
equivalent to about 34.5 million dollars.

Among the company's major creditor-banks which account for more
than half of its total debts are Bank of the Philippine Islands,
Equitable PCI Bank, China Banking Corp. and Metropolitan Bank
and Trust Co.

Philcom is seeking the restructuring of its loans in order to
give it some breathing space as far as its cash flow is
concerned. It hopes to stretch out the maturity of its debts,
some of which are falling due this year, by another five to
seven years.

At the very least, however, sources said the resolution of the
ownership squabble among shareholders of parent firm Belle Corp.
has given Philcom a better momentum in negotiating with its
creditors.

Restructuring efforts were stalled in 1999 by the row between
the groups of former Marcos Trade Minister Roberto Ongpin and
other Belle shareholders led by stockbroker Willy Ocier.

Belle, which owns 40 percent of Philcom through subsidiary APC
Group Inc., had been planning to sell its stake in the telecom
firm in order to concentrate its resources on property and
gaming.


QUEZON POWER: Ratings For Possible Downgrade, Says Moody's
----------------------------------------------------------
Moody's Investors Service has downgraded the senior secured debt
rating of Quezon Power (Philippines) Limited Co. (QPL) to Ba2
from Ba1, reflecting the agency's expectation that
renegotiations of a Power Purchase Agreement (PPA) between
Manila Electric Company (Meralco) and QPL will lower the cash
flow to the project and weaken debt coverage and protection
measures to levels that may not support the Ba1 rating. The
rating remains on review for possible further downgrade.

The rating agency believes that renegotiations between QPL and
Meralco to change some terms of the PPA between the two
companies which will reallocate project risks may result in
lower rates paid by Meralco, reducing project revenue and debt
service coverage to levels lower than what was projected to
support the Ba1 rating.

Moody's is also concerned that protracted negotiation and
uncertainties in obtaining payment receipts while negotiation
continues will further hamper cash flow stability and undermine
the project's ability to meet debt obligations.

The rating remains on review for possible further downgrade. The
outcome of the review will depend on the extent to which changes
in PPA terms may lower the level and stability of project cash
flows and whether the plant can consistently achieve
availability for Minimum Guaranteed Electrical Quantity
delivery.

Moody's will continue to monitor closely plant performance and
the progress of renegotiations, focusing on aspects that may
impact cash flow to and debt service capacity of QPL.
Furthermore, Moody's will consider the development of the
deregulation and privatization initiatives in the Philippines
and whether this may result in ongoing pressure on Meralco to
adjust the terms of the PPA.

Quezon Power (Philippines), Limited Co. is an electricity
generating company whose sole asset is a base load pulverized
coal-fired electric generation facility located in Quezon,
Philippines.


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

ASIA PULP: Bapepam Investigates Indonesia Operations
----------------------------------------------------
Bapepam, Indonesia's capital-markets regulatory agency, is
investigating financially troubled Asia Pulp & Paper Co's
Indonesian operations, including transactions between APP and
five trading companies incorporated in the British Virgin
Islands, Asian Wall Street Journal reported on Tuesday.

Bapepam's chairman Herwidayatmo said his agency is looking into
four of APP's Indonesian subsidiaries and a related bank in
connection with seven suspected violations of Indonesian
capital-market regulations.

APP is part of the Indonesian Widjaja family's Sinar Mas Group.
APP's four main Indonesian subsidiaries are PT Pabrik Kertas
Tjiwi Kimia, PT Indah Kiat Pulp & Paper, PT Pindo Deli Pulp &
Paper Mills and PT Lontar Papyrus Pulp & Paper. Tjiwi Kimia and
Indah Kiat are listed on the Jakarta Stock Exchange and all four
companies have issued bonds in Indonesia. The Widjaja family
also formerly controlled listed PT Bank Internasional Indonesia.

Mr. Herwidayatmo said Bapepam is looking into large sales of
paper products that three APP units -- Tjiwi Kimia, Indah Kiat
and Pindo Deli -- made to the British Virgin Islands trading
companies. The three APP companies filed lawsuits in a Jakarta
court in July claiming they were owed $1 billion by the trading
companies -- Yale Han Trading Ltd., Red Chips International
Ltd., Shinning Armor Ltd., Lucky Clover Ltd., and City Success
Ltd.

The companies, which were also registered in Singapore, shut
their operations on the same date in February. Documents on file
with Singapore's Registry of Companies and Businesses indicate
that several current and former APP employees also served as
officers or agents for the trading companies in Singapore.


BRIERLEY INVESTMENTS: Requests For Suspension
---------------------------------------------
The Board of Directors of Brierley Investments Limited (BIL)
requested for suspension in the trading of BIL's shares on the
following Stock Exchanges with effect from September 12, 2001,
pending release of a price-sensitive announcement:

Singapore Exchange Limited - 4.00 p.m. (Singapore time)
London Stock Exchange - 9.00 a.m. (London time)

The Singapore-based investment company narrowed its first-
half loss to US$20.8 million or 0.8 cents a share, in the half
ended on December 31, compared with a net loss of US$49.8
million or 1.7 cents a share year ago period.


KEPPEL CORPORATION: Willing to Cut SPC Stake to Under 50%
---------------------------------------------------------
Keppel Corp is willing to see its stake in Singapore Petroleum
Company (SPC) reduced to below 50%, but still plans to use the
company to pursue its energy strategy.

SPC Chief Executive Leon Codron said Monday that SPC was seeking
a foreign strategic shareholder to buy one-third to 40 per cent
of the company, which is 77 per cent held by Keppel Fels Energy
& Infrastructure (KepFels), a holding company of Keppel
Corporation.

Keppel declared August that it would take KepFels private, in
order to restructure the energy unit as a core business.

Both an SPC and KepFel Director, the latter company hopes to
take over Singapore Power's contract to import natural gas from
Indonesia's South Sumatra, Dow Jones reported on September 12
citing Mr. Cheng Hong Kok.


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


MEDIA OF MEDIAS: Reports Rehabilitation Plan Progress
-----------------------------------------------------
Media of Medias Public Company Limited announced that the Judge
has made a tentative appointment to listen for the judgement
from the Constitution Court on January 15, 2002 in relation to
the Company's rehabilitation plan.

Reference is made to the Company's notice about the postponement
of the court in considering the rehabilitation plan of Media of
Medias Public Company Limited to September 7,2001 and there is
one creditor who protest that some of the Section in the
Bankruptcy Act is from the Constitution Court. The Judge who
handles the case has decided to delay the consideration of the
rehabilitation plan and cancel the hearing date of September
7,2001.


THAI MODERN: Explains Q201 Gross Margin Increase
------------------------------------------------
Thai Modern Plastic Industry PCL (TMP) informed its increase in
gross profit by Bt10.99 million (or 174.50%) in the second
quarter of 2001 comparing to that of the same quarter of 2000.
Detail is as follow:

Income    Quarter 2-2001  Quarter2-2000     Different
Statement

Sales
94,630,679.21    72,404,011.98      22,226,667.23

Cost of Good Sold
       89,940,067.27    78,699,766.31      11,240,300.96

Gross Margin
        4,690,611.94   (6,295,754.33)      10,986,366.27

% Gross Margin
              4.69                (8.70)            174.50

The main reasons of the increase in gross margin are as follows:

(1) Cost of good sold for the second quarter of 2001 was
cheaper than that of the same quarter of 2000 since TMP
increased production in the second quarter of 2001 by
38.06% comparing to the same quarter of 2000, while
production cost of the same period increased by 17.62%.

(2) quantity sold and unit price of the second quarter of 2001
    rose by 24.40% and 6.01%, respectively, comparing with the
    second quarter of 2000.  This causes by the expansion of
    customer base, the change in product mix, and marketing
    strategy.

The above reasons caused the improvement in the company's gross
profit for the second quarter of 2001 over that achieved in the
same quarter in 2000.


THAI WAH: Business Reorg Petition Filed in Bankruptcy Court
-------------------------------------------------
Real Estate Developer Thai Wah Plaza Company Limited's (DEBTOR)
Petition for Business of Reorganization was filed to the Central
Bankruptcy Court:

Black Case Number Phor. 22/2543

Red Case Number Phor 26/2543

Petitioner: THAI WAH PLAZA COMPANY LIMITED

Planner: Thai Wah Group Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt2,273,359,000

Date of Court Acceptance of the Petition: April 10, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited in January 8, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on June 6,
2000

Court issued an Order Accepting the Reorganization Plan:
December 26, 2000 and Appointed Thai Wah Group Planner Company
Limited to be as the Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited in January 8, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on January 30, 2001

The Official Receiver had called on the Meeting of Creditors for
the Amendment of the Plan

The Meeting of Creditors had passed no resolution accepting the
amendment plan

Contact: Ms. Poonsiri Tel 6792511


TPI POLENE: Creditors Not Likely to Extend Deadline
------------------------------------------
Cement Maker TPI Polene Public Company Limited's creditors are
unlikely to grant the Company's request to extend the $180
million capital-increase deadline to December 28, Asian Wall
Street Journal reported Wednesday citing one of its major
creditors.

"More than two-thirds of creditors are dissatisfied with the
delay of the company's fund-raising plan. If there are no new
proposals submitted to the creditors, creditors may not allow
the company to extend the deadline," said the creditor.

Under the company's Bt49.9 billion debt-restructuring scheme,
TPI Polene is required to issue new shares worth up to $180
million to a strategic investor.

Prachai Leophairatana, TPI Polene's founder and director said
that the company prefers to have more room to negotiate with
strategic investors.

Creditors of TPI Polene is scheduled to meet Sept. 20 to gauge
the progress of company's negotiations with potential strategic
partners and to determine a new deadline for the fund-raising
extension.

TPI Polene is a unit of Thai Petrochemical Industry PCL (H.TPE),
the country's largest debt defaulter, with debts worth $3.7
billion.

                                   ***********

       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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