/raid1/www/Hosts/bankrupt/TCRAP_Public/011214.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

            Friday, December 14, Vol. 4, No. 244

                         Headlines

A U S T R A L I A

BEACONSFIELD GOLD: Discloses Chairman's Letter To Shareholders
BEACONSFIELD GOLD: Posts Company Update
JAMES HARDIE: Acquires US Fiber Cement Capacity
KNIGHTSBRIDGE FINANCE: 30 Mortgage Schemes To Be Wound Up
ONE.TEL: ASIC Starts Civil Proceedings Against Former Officers

PIGGOTT WOOD: Liquidators Appointed To Mortgage Scheme
UECOMM LIMITED: Sells Residential Dial-Up ISP


C H I N A   &   H O N G  K O N G

CHUANG'S CONSORTIUM: Widens Loss To US26.7M
CMG ASIA: S&P Lowers Ratings To 'BBB'; Removed From CreditWatch
ELEGANT SLIPPERS: Petition To Wind Up Scheduled
FANTASTIC HOLIDAY: Hearing of Winding Up Petition Set
SUPERCAP HOLDINGS: Winding Up Petition Hearing Set

WAH LEE: Exceptional Price, Turnover Movements Noted


I N D O N E S I A

DUTA PERTIWI: Pefindo Downgrades Ratings, Outlook Negative

* IBRA Sells Chemical Companies' Core Assets For US$409M


J A P A N

ENRON JAPAN: Affiliate To Sell Aomori Power Plant Project
FUJITSU LIMITED: U.S. Unit FBCS Sells Service Business Ops
FUJITSU GROUP: UK IT Services Arm Mulls 11,500 Job Cuts
ISUZU MOTORS: No Timetable On Ending Japan SUVs Production


K O R E A

DAEWOO ENGINEERING: Creditors Plan W866B Debt-Equity Swap
DAEWOO INTERNATIONAL: Creditors Plan W320B Debt-Equity Swap
HANVIT BANK: Expects 2002 Net Profit To Reach W1.1T
HYNIX SEMICONDUCTOR: Hires Int'l Law Firm For Micron Deal
HYNIX SEMICONDUCTOR: No Capital Reduction, Layoffs Ahead

HYUNDAI ENG'G: Beijing Tower Proceeds Expected Soon
HYUNDAI ENGINEERING: Hines Likely Buyer Of Hope Building
HYUNDAI PETROCHEMICAL: Lays Off Executives, Relocates Operations
KOREAN AIR: Issues W500B ABS To Improve Liquidity


M A L A Y S I A

BERJUNTAI TIN: Complying Proposed Workout Scheme Requirements
DEWINA BERHAD: Economic Planning Unit Approves Proposals
KILANG PAPAN: KLSE Grants Extension Until Saturday
MTD CAPITAL: Economic Planning Unit Approves Proposed Disposal
MYCOM BERHAD: Enters Extension Agreements

PAN PACIFIC: Post Defaulted Payment As of November 30
PANGLOBAL: Explains Profit After Tax, Interest Variance
REKAPACIFIC BERHAD: Delists Entire Issued, Paid-Up Capital
RENONG BERHAD: Updates PUTRA's Default In Payment Status
SISTEM TELEVISYEN: Appoints Monek As Joint Secretary

SRI METROPOLIS: Under Voluntary Liquidation
YCS CORP.: Awaits Proposed Disposal's Land Title Registration


P H I L I P P I N E S

METRO PACIFIC: Landco Could Pay P1B Debt, Unaffected By Parent
NATIONAL BANK: Government Eyes NDC To Hold PDIC Shares


S I N G A P O R E

ASIA FOOD: Posts Director Dr Hong Hai's Change In Interest
CAPITALAND LIMITED: Australand Holdings Changes Board
GOLDEN AGRI: Posts Director Dr Hong Hai's Change In Interest
HONG LEONG: Clarifies "80% China Sales Contribution" Reports
HONG LEONG: Posts Changes In Hong Leong Investment's Interests

PANPAC MEDIA.COM: Investing In Asia Link Media


T H A I L A N D

EASTERN STAR: Changes Code To ESTAR From EASTAR
PRASIT PATANA: Changes External Auditor
PREECHA GROUP: Issues List Of 2002 Holidays
RAIMON LAND: Files Petition For Business Reorganization
SUN TECH: Lists 2002 Holidays

     -  -  -  -  -  -  -  -

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


BEACONSFIELD GOLD: Discloses Chairman's Letter To Shareholders
--------------------------------------------------------------
Beaconsfield Gold NL posted Chairman J Jost's letter to
shareholders.

BEACONSFIELD GOLD NL (RECEIVER AND MANAGER APPOINTED)

This letter is to brief you about the following developments:

* adjournment of the Sydney meeting of shareholders to the
Community Hall, Beaconsfield at 11am on Tuesday 18 December
2001:

* positive recent progress in the commissioning of the mine; and

* the withdrawal from sale by BankWest of your company's
interest in  the mine.

ADJOURNMENT OF THE MEETING OF SHAREHOLDERS OF 21 NOVEMBER 2001

On 21 November, the extraordinary meeting of Beaconsfield Gold
shareholders, called by the Catto group, were held in Sydney
with the express purpose of dealing with the election of
directors.

Prior to the meeting, Robert Catto was informed that
approximately 34 million proxy votes supported the existing
directors and that approximately 20 million proxy votes
supported the Catto nominees - a clear majority in favor of the
existing board of some 14 million proxy votes.

At the start of the meeting, Catto disputed the proxy count and
moved to adjourn the meeting to a later date in Sydney in order
to avoid the motions dealing with directors being put to a vote.

As chairman, I responded by using the powers under Article 65(a)
of Beaconsfield Gold's constitution to adjourn the meeting to
the Community Hall in Beaconsfield, the usual place for the
company's meetings.

In a series of letters following 21 November, Catto contested my
right to adjourn the meeting to Beaconsfield, the company's
right to count the proxy votes and various other matters. As a
consequence, an application was made to the Federal Court on
behalf of the company and myself.

ADJOURNED MEETING TO BE HELD AT BEACONSFIELD AT 11AM ON 18
DECEMBER 2001

On 30 November, in the Federal Court (Melbourne), Justice J
Kenny declared that "the general meeting of Beaconsfield Gold NL
convened and held at the Rugby Club, First Floor, 31A Pitt
Street, Sydney on 21 November 2001 at 10am was validly adjourned
by the Chairman pursuant to Article 65(a) of the Constitution of
Beaconsfield Gold NL to 18 December at the Community Hall,
Beaconsfield, Tasmania at 11am."

The ruling clears the way for shareholders to formally endorse
the board at the Beaconsfield meeting.

Regarding your proxy votes for the adjourned meeting:

1. If you have already completed a proxy form, your vote remains
valid and will be counted at the meeting.

2. If you have not yet completed a proxy vote, you may vote now,
provided your proxy is received by mail or fax at the company's
registered office (Level 6, 1 Collins Street, Melbourne, Vic
3000 - Fax 03 9650 7225) by 11am 16 December 2001. You should
tick the "AGAINST" box (the middle box) for all seven
resolutions.

3. If you wish to change your proxy vote, you can fill out a new
proxy form that may be obtained by contacting the company.

STRONG TURNAROUND IN MINE PERFORMANCE

Attached to this letter is an update on mine performance.

The turnaround that occurred in the September quarter continued
strongly in the month of October. Over the four months from July
to October 2001, Beaconsfield Gold's approximate direct 48.49%
share of net operating cash flow (after capital expenditure but
before corporate overheads and debt servicing) has been positive
$1.7 million. In comparison, over the previous 21 months of
commissioning, from October 1999 to June 2001, the company's
approximate direct share of net operating cash flow was negative
$6.4 million.

While the Beaconsfield gold mine is still far from achieving
feasibility cash flow levels, the mine at long last is starting
to show its potential as a high grade, low cost operation.

Also attached to this letter is a copy of the Ozequities
Newsletter of 13 November 2001. In it, the analyst Warwick
Grigor reviews the September quarter figures for the mine and
considers the impact of the turnaround on Beaconsfield Gold.

DECLARATION OF LOAN WORKOUT BY BANKWEST

At the BankWest AGM on 4 July 2001, the chairman, Ian Mackenzie,
said ".... Beaconsfield is not a bad debt but a loan workout."

On 13 November 2001, in an ASX release, BankWest said that "the
decision has been taken ..... to continue operating the Project
and to withdraw the Project from the market for sale."

The board of Beaconsfield Gold consider the move by BankWest to
be very encouraging news.

LOOKING FORWARD

The mine is now making some money, BankWest have declared their
exposure to the company as a loan workout and the probability of
Beaconsfield Gold being recapitulated, as a result, is greatly
enhanced.

There is still a lot of work to be done but the existing board
is more committed and more determined than ever to succeed in
its efforts to restore value to all existing shareholders.

As I said in my last letter to shareholders, the first thing
that must be done is for shareholders to send the strongest
possible message to the Catto group that their efforts to oust
the existing directors at this most crucial time in the
company's history are extremely unwelcome.

You may receive solicitations from the Catto faction encouraging
you to change your vote. We advise that you ignore their claims.

Thank you once again. I look forward to welcoming as many of you
as possible at the Beaconsfield Community Hall on 18 December.
As this will be our first meeting at Beaconsfield since March
this year, all our directors will make themselves available for
extended discussions with shareholders following the meeting
over a cup of tea or coffee with light refreshments.

I may be contacted on 03 9576 2166 or 0413 304 061 if you have
any questions or need assistance ahead of the meeting.


BEACONSFIELD GOLD: Posts Company Update
---------------------------------------
Beaconsfield Gold NL provided this company update:

UPDATE ON ACTIVITIES

MINE PERFORMANCE

Production results and direct operating costs for the operation
to the end of October 2001 are set out below:

PERIOD ORE     ORE    HEAD     GOLD     GOLD     TOTAL   DIRECT
      MINED   MILLED  GRADE   MILLED    RECOV    GOLD  OPERATING
       (T)     (T)    (G/T)    (OZ)      (%)     PRODN   COSTS
               (1)               (2)      (OZ)  (A$/OZ)
QTR
1999 Sept  17,470   7,343   10.8    2,550     N/A     451    N/A
1999 Dec   28,684  30,986   12.3   12,254    69.4   8,501    821
2000 Mar   34,015  51,103   12.9   21,195    66.4  14,083    560
2000 June  44,159  49,699   13.3   21,252    69.4  14,754    586
2000 Sept  51,185  51,987   12.3   20,558    83.0  17,062    499
2000 Dec   51,790  50,107   16.0   25,776    71.4  18,406    446
2001 Mar   46,689  45,899   13.9   20,512    88.9  18,245    430
2001 June  55,007  53,503   12.9   22,190    83.9  18,620    481
2001 Sept  49,763  51,760   14.7   24,513    86.4  21,174    389
MONTH
2001 Oct   18,032  17,430   14.1    7,901   109.2   8,652    307

1. Mill reconciled head grade.

2. Gold recovery excluding changes in gold in circuit.

The September 2001 quarter was clearly the best to date for the
Beaconsfield mine with quarterly records for gold production and
direct operating cost per ounce produced. The results for the
month of October have continued the positive trend. The gold
recovery figure for the month (excluding changes in gold in
circuit) obviously can't be sustained going forward but is
encouraging nonetheless.

The split of gold production, based on the refinery final
outturns, is summarized below. As can be seen from the period
results, the ramp-up in bacterial oxidation gold production has
continued strongly since the June 2001 quarter as the
commissioning problems in the ore treatment plant continue to be
overcome.

PERIOD GRAVITY GOLD   BACTERIAL   TOTAL GOLD   TOTAL PERCENTAGE
       PRODUCTION     OXIDATION   PRODUCTION   GOLD  OF 100,000
     (OUNCES)     PRODUCTION    (OUNCES) PRODUCTION  OUNCES PER
                   (OUNCES)             (OUNCES/DAY) YEAR RATE
QTR
1999 Sept     451             0          451     N/A         2%
1999 Dec    5,416         3,085        8,501      92        34%
2000 Mar    8,962         5,121       14,083     155        56%
2000 June   7,736         7,018       14,754     162        59%
2000 Sept   7,055        10,007       17,062     185        68%
2000 Dec    8,098        10,308       18,406     200        74%
2001 Mar    5,296        12,494       18,245     203        73%
2001 June   6,077        12,543       18,620     205        74%
2001 Sept   7,004        14,170       21,174     230        84%
MONTH
2001 Oct    2,307         6,345        8,652     279       102%

Beaconsfield Gold's 48.49% direct share of net operating cash
flow (after capital expenditure but before corporate overheads
and debt servicing) from the mine to the end of October 2001 is
estimated as follows:

PERIOD   TOTAL     TOTAL     BASE     TOTAL     TOTAL     48.49%
       GOLD      SITE      GOLD     GOLD      NET CASH  NET CASH
       PRODN     COSTS     PRICE    REVENUE   FLOW      FLOW
      (OZ)  (MILLIONS)  (A$/OZ) (MILLIONS) (MILLIONS) (MILLIONS)
                  (1)        (2)                          (3)
QTR
1999 Dec   8,501    10.286     537      4,565   -5.721    -2.774
2000 Mar  14,083    10.589     537      7.563   -3.026    -1.467
2000 June 14,754    10.746     537      7.923   -2.823    -1.369
2000 Sept 17,062    10.838     537      9.162   -1.676    -0.813
2000 Dec  18,406     9.613     537      9.884    0.271     0.131
2001 Mar  18,245     9.356     537      9.798    0.442     0.214
2001 June 18,620    10.626     537      9.999   -0.627    -0.304
2001 Sept 21,174     9.267     537     11.370    2.103     1.020
MONTH
2001 Oct   8,652     3.273     537      4.646    1.373     0.666

1. Operating costs plus capital costs.
2. Base flat forward gold price received by Beaconsfield Gold.
3. Beaconsfield Gold net cash flow before Tasmanian state
royalty, corporate overheads and interest payments on BankWest
debt facilities.

Beaconsfield Gold's cash flow from Operations in the September
quarter was clearly the best quarterly result to date and a very
significant rebound from the result in the June quarter.

Even more encouraging, the result in October, while not
necessarily representative of what will be achieved for the
December 2001 quarter, was twice as good, relatively, as the
September quarter.

The trend is clear. While the Beaconsfield gold mine is still
far from achieving feasibility cash flow levels, the mine at
long last is starting to show its potential as a high grade, low
cost operation.

An Administrator was appointed to Allstate, the Manager of the
Beaconsfield Mine Joint Venture, on 8 June 2001. Beaconsfield
Gold was given less than one day's notice of this event and the
consequential pressures on Beaconsfield Gold were enormous. A
Receiver and Manager was appointed to Beaconsfield Gold on 25
June 2001. The events leading to the appointment of the Receiver
and Manager to Beaconsfield Gold were described in some detail
in the company's June quarterly report.

What the cash flow results show is that, had Beaconsfield Gold
been able to avoid having the Receiver and Manager appointed at
the end of the June quarter, Beaconsfield Gold could well have
avoided the appointment altogether.

BANKWEST

At the BankWest AGM on 4 July 2001, the chairman, Ian Mackenzie,
said the following:

"I want to deal firstly with Beaconsfield. Let me say up front,
Beaconsfield is not a bad debt but a loan workout."

He said there had been a number of technical issues which had
resulted in a longer than anticipated commissioning phase at the
project and hence cash flows had lagged forecasts.

On 13 November 2001, BankWest made the following ASX release:

"Mr Garry Trevor of Ferrier Hodgson (Receiver and Manager of the
Beaconsfield Gold Group) and Mr Michael Ryan of Taylor Woodings
(administrator of the Allstate Group, the other joint venturer,
and Manager of the Beaconsfield Gold Mine) have been exploring
options in relation to the Beaconsfield Gold Mine Project in
Northern Tasmania (Project) including the sale of the Project or
its continued operation and workout by the Administrator and the
Receiver.

The Administrator and the Receiver to continue operating the
Project and to withdraw the Project from the market for sale
have taken the decision.

Based on information to hand, BankWest anticipates a continued
improvement in mine performance.

BankWest has a lending exposure to the Beaconsfield Gold Group
of $32.75 million and also provides gold price protection
facilities, currently assessed at $4 million."

FURTHER INFORMATION

Shareholders are reminded that releases and reports (all
quarterly reports as well as annual reports) by the company can
be seen by clicking "Announcements" on the Beaconsfield Gold
website on the internet: www.beaconsfieldgold.com.au
Shareholders can also email the company on:
beaconsfieldgold@bigpond.com


JAMES HARDIE: Acquires US Fiber Cement Capacity
-----------------------------------------------
James Hardie Industries N.V. announced Thursday that it has
acquired the operating assets of Cemplank Inc, the US-based
producer of fiber cement building products and indirect
subsidiary of Etex Group SA of Belgium.

The acquisition is effective immediately and was completed at a
capital cost to James Hardie of US$39 million.

The acquisition includes a two-line fiber cement manufacturing
plant in Blandon, Pennsylvania which has an annual production
capacity of 120 million square feet and a larger, single-line
plant in Summerville, South Carolina which has a capacity of 190
million square feet.

Cemplank generated annual sales of almost 100 million square
feet and revenue of US$36 million in its year ended December 31,
2000. The business employs 210 people. By comparison, James
Hardie's existing fiber cement business generated annual sales
of 850 million square feet and revenue of US$372 million in its
year ended March 31, 2001.

The Cemplank operations will enable James Hardie to meet the
growing demand for fiber cement products over the long term and
penetrate key regions in the United States in which it did not
have local manufacturing capacity.

James Hardie's Chief Executive Officer, Peter Macdonald said
"Cemplank's plants are located in key growth regions spanning
the Atlantic and New England states and will enable us to supply
customers in these regions faster and at lower cost than in the
past".

"Our ability to supply these regions at lower cost will further
strengthen our competitive position against wood and wood based
products, as well as against vinyl siding which dominates the
siding market in these parts of the country."

"The addition of these two plants expands James Hardie's US
fiber cement manufacturing network to nine plants. All the major
geographic markets for our products in the United States are now
well within a 500 mile radius of a Hardie plant," Mr Macdonald
said.

James Hardie expects the acquisition to yield significant
synergies and cost savings in manufacturing, distribution,
sales, marketing, general management and logistics.

"There is significant upside available to us from this
acquisition. We plan to introduce our proprietary technology
into the Cemplank plants so that they can produce our suite of
fiber cement products as well as the existing Cemplank brands
cost effectively. Very little capital will be required to
convert the plants to the efficient Hardie style operations", Mr
Macdonald said.

"This will allow us to offer a wider range of products in each
market and allow us to pursue a multi-brand strategy that
addresses the different customer needs that are emerging in
different market segments and in different parts of the
country."

"This acquisition represents a significant opportunity for James
Hardie to create value for shareholders," said Mr Macdonald.

BACKGROUND INFORMATION

Cemplank revenue and volume for past 5 years. US Dollars

CEMPLANK INC
HISTORICAL FINANCIAL DATA

                    1997     1998     1999     2000     Jun-01

Volume               40.0     60.0     88.9     99.1      58.5
Net Sales           $15.4    $22.8    $32.4    $36.3     $17.9

James Hardie revenue, volume and EBIT for past 5 years. US
Dollars

JAMES HARDIE BUILDING PRODUCTS
HISTORICAL FINANCIAL DATA

                    FY97     FY98     FY99     FY00     FY01

Volume             315.6    415.8    587.1    724.9    850.1
Net Sales         $148.7   $181.1   $245.9   $310.6   $372.3

EBIT               $31.7    $37.7    $45.8    $69.3    $69.0


According to Wright Investors' Service, as of March 2001, the
company's long term debt was A$729.20 million and total
liabilities i.e., all monies owed) were A$1.34 billion. The long
term debt to equity ratio of the company is 1.26. During the
second quarter of 2001, the Company reported a loss per share of
A$0.03. In comparison, in the second quarter of 2000, the
company reported positive earnings of A$0.09 per share. This
company has paid no dividends during the last 12 months.


KNIGHTSBRIDGE FINANCE: 30 Mortgage Schemes To Be Wound Up
---------------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the WA Supreme Court Thursday
ordered that 30 mortgage investment schemes managed by former WA
finance broker, Knightsbridge Finance Pty Ltd be wound up.
ASIC made the application for the benefit of the company's
mortgage investors who are mostly WA retirees.

The Court appointed Mr John Carrello to ensure that each scheme
was finalized with the best possible outcome for investors. He
is a liquidator and a Perth partner of PKF, a chartered
accounting firm.

Currently almost $21 million is invested in the Knightsbridge
Finance mortgage schemes though 1 ASIC-registered managed
investment scheme involving 90 investors and secured by 8
mortgages, and 29 other mortgage syndicates involving 201
investors.

"The orders granted by the Court were those sought by ASIC as
agreed with a representative group of Knightsbridge Finance
investors. ASIC is confident that the orders will maximize the
potential return to investors on the winding up under Mr
Carrello', ASIC's WA Regional Commissioner Michael Gething said.

"The orders also provide for those investors who have loaned
funds in individual mortgages to manage their investment
themselves outside of the winding up if they agree to do so', he
said.

Knightsbridge Finance (formerly named Clifton Partners Finance)
was one of the largest mortgage brokers and mortgage investment
managers in WA until it appointed Mr Carrello its voluntary
administrator on 29 January 2001.

On 15 May 2001, Knightsbridge Finance placed itself into
liquidation owing to its continuing insolvency, and appointed Mr
Carrello as its liquidator. ASIC filed its application with the
Court on 14 March 2001 to wind up the schemes managed by
Knightsbridge Finance in light of the company's failure.
Prior to his appointment to the winding up the schemes, Mr
Carrello managed the schemes on a care and maintenance basis
with funds provided by the WA Government through the Finance
Brokers Supervisory Board.


ONE.TEL: ASIC Starts Civil Proceedings Against Former Officers
--------------------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced Wednesday that ASIC has
commenced civil proceedings in the NSW Supreme Court against
three former officers of One.Tel Limited and the former
Chairman.

The proceedings have been commenced against Messrs Jodee Rich
and Bradley Keeling, the former Managing Directors of One.Tel,
Mr Mark Silbermann, the former Finance Director, and Mr John
Greaves, the former Chairman of One.Tel (the four defendants).

ASIC is seeking orders from the Supreme Court that each of the
four defendants be disqualified from managing or being a
director of any company for such period as the Court thinks fit.

ASIC is also seeking compensation of between $30 million and $50
million for the reduction in the value of One.Tel over a period
of approximately eight weeks from 30 March 2001 to 29 May 2001
(being the period during which One.Tel continued to trade
because of the alleged failure of the defendants to properly
discharge their responsibilities).

The compensation claim excludes a further $50 million liability
incurred over this period but which has been subject of a
settlement between Lucent Technologies and the Administrator.
Compensation recovered will be available to the liquidator of
One.Tel, Mr Peter Walker of Ferrier Hodgson, for payment to
creditors.

ASIC alleges that Messrs Rich, Keeling and Silberman had
information or access to information regarding the financial
condition of One.Tel that was withheld from the One.Tel Board
and the market. ASIC alleges that their conduct constituted a
breach of their duties as officers of the company. ASIC alleges
that the fourth defendant, Mr Greaves, breached his duty to
exercise the standards of care and diligence required by the law
of a company Chairman.

Evidence available to ASIC indicates that the true financial
position of One.Tel was not known to the remaining directors of
the company, Messrs Lachlan Murdoch, James Packer, Rodney Adler,
Peter Howell-Davies and Pirjo Kekalainen-Torvinen, until shortly
before the appointment of the administrator on 29 May 2001.


PIGGOTT WOOD: Liquidators Appointed To Mortgage Scheme
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
obtained Wednesday orders in the Federal Court of Australia
appointing liquidators to the solicitors' mortgage investment
scheme operated by Hobart-based law firm Piggott Wood and Baker.

The orders were obtained with the consent of Piggott Wood and
Baker.

Mr Justice Sundberg has appointed registered liquidators John
Woods and Barry Hamilton to wind up the scheme jointly and
severally. Currently there are 458 investors owed more than $12
million.

"The appointment of liquidators will continue to ensure that the
remaining loans are realized in a timely manner", ASIC Tasmanian
Regional Commissioner Simon Dwyer said.

"Investors can be confident that the appointment of two
independent insolvency experts will ensure that their interests
will be looked after. ASIC has taken this action to maximize the
return to investors."

"The liquidators have orders to consult with investors in their
administration of the loans. They will also provide regular
reports to ASIC and to investors in the scheme', Mr Dwyer said.
Piggott Wood and Baker will continue to assist ASIC and the
liquidators to ensure the best outcome for investors.

Mr Woods and Mr Hamilton can be contacted on 03 6224 4660.

Background to Tasmanian schemes

On 1 July 1998 a new regime for regulating the managed
investments industry was introduced by the Managed Investments
Act. At that time, Piggott Wood and Baker (as well as other
Tasmanian law firms) was operating a solicitors' mortgage
investment scheme. The regulation of these schemes relied
primarily on the supervision of the Law Society of Tasmania.
>From 17 December 1999 ASIC required operators of these schemes
to either comply with the new requirements of the Corporations
Act or close down the scheme before 1 November 2001. Many
operators chose to close down their schemes (run-out schemes).

Run-out schemes continue to be supervised by the Law Society of
Tasmania.

In August 2001, ASIC announced a short extension of the run-out
relief beyond 31 October 2001 [Class Order 00/203].

Wednesday's appointment of the liquidators follows Piggott Wood
and Baker's consent to the exclusion of their run-out scheme
from the relief provided by ASIC Class Order 00/203.

More information about solicitors' mortgage schemes can be found
at ASIC's website www.asic.gov.au


UECOMM LIMITED: Sells Residential Dial-Up ISP
---------------------------------------------
The Chief Executive Officer of Uecomm Limited, Peter McGrath,
announced Thursday the sale of UNITE, its residential dial-up
Internet service provider (ISP) business to DoDo Internet. The
completion of the sale process was dependent upon the successful
migration of the UNITE customers to DoDo Internet. The migration
has now been completed.

Mr McGrath said that proceeds from the sale include
approximately $440,000 (excluding GST) for the customer base,
and a further $300,000 (excluding GST) approximately from the
sale of related assets and equipment to unrelated third parties.

Total losses for UNITE for 2001 amounted to approximately $6.1
million. This loss is comprised of $4.4 million in operating
losses for the 11 months to November 2001 and branding costs of
$1.7 million, which were written off in the first half of 2001.
In addition, asset write offs relating to the UNITE business
will total $2.7 million.

The sale marks further progress in Uecomm's operational
restructure, and will result in operational savings of at least
$4.0 million per annum, Mr McGrath said.

"The sale of the ISP business represents the final stage in
Uecomm's shift away from activities in the residential market.

"This market sector is characterized by extremely tough
competition and reducing margins. Uecomm made a strategic
decision earlier in the year to focus its sales and service
efforts on the corporate, government and wholesale sectors,
where the company can better leverage its expertise and attract
high quality business. The sale of the dial-up ISP marks the
completion of this transition."


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


CHUANG'S CONSORTIUM: Widens Loss To US26.7M
-------------------------------------------
Chuang's Consortium International said its net loss widened to
$26.7M for the six months ended September 30, from $26.1M
recorded a year earlier.  Loss per share was $0.0201 compared
with $0.0235 previously.  Revenue rose 60% to $271.7M.  No
interim dividend will be distributed, unchanged from a year
earlier.


CMG ASIA: S&P Lowers Ratings To 'BBB'; Removed From CreditWatch
---------------------------------------------------------------
Standard & Poor's lowered Wednesday its insurer financial
strength and counter party ratings on CMG Asia Ltd. to triple-
'B' from triple-'B'-plus and removed them from CreditWatch with
developing implications. The outlook on the rating is now
stable.

The rating actions reflect CMG Asia's weakened operating
performance in Hong Kong's highly competitive market. In fiscal
2000 (ended December), CMG Asia continued to report losses, as
had been the case over the past few years. However, the
company's results have shown improvement in 2001. The ratings
also reflect implicit support from the company's ultimate
parent, Commonwealth Bank of Australia (CBA).

CMG Asia represents an operating platform for CBA's plans to
expand throughout China and north Asia. However, the company
faces strong competitive pressures in the Hong Kong market in
which sourcing quality distribution is difficult and expensive.


ELEGANT SLIPPERS: Petition To Wind Up Scheduled
-----------------------------------------------
The petition to wind up Elegant Slippers Manufacturing Company
Limited is set for hearing before the High Court of Hong Kong on
January 30, 2002 at 9:30 am. The petition was filed with the
court on October 26, 2001 by Ho Wing Sze of Room 313, Fung Chuen
Court, 80 Po Kong Village Road, Kowloon, Hong Kong.  


FANTASTIC HOLIDAY: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Fantastic Holiday Limited is scheduled
to be heard before the High Court of Hong Kong on January 2,
2002 at 9:30 am. The petition was filed with the court on
September 4, 2001 by Lai Yin Yee of Flat A, 4th Floor, Lap Boon
Building, 123-4 Connaught Road West, West Point, Hong Kong.  


SUPERCAP HOLDINGS: Winding Up Petition Hearing Set
--------------------------------------------------
The petition to wind up Supercap Holdings Limited is scheduled
for hearing before the High Court of Hong Kong on January 30,
2001 at 11:00 am. The petition was filed with the court on
November 20, 2001 by Kwok & Yih, Solicitors.


WAH LEE: Exceptional Price, Turnover Movements Noted
----------------------------------------------------
Wah Lee Resources Holdings Limited noticed the recent increases
in the trading volume and the price of the shares of the Company
and stated that the Company is not aware of any reasons for such
increases.

The Company also confirmed 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.


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


DUTA PERTIWI: Pefindo Downgrades Ratings, Outlook Negative
----------------------------------------------------------
Pefindo has downgraded its corporate credit and bond ratings of
PT Duta Pertiwi Tbk. (DUTI or the Company) to "idBBB-" from
"idBBB" due to the mounting financial pressures faced by the
Company to refinance its maturing bonds over the next to
immediate terms. DUTI is a diversified property developer
engaging in commercial mixed-used development, landed
residential, office building and hotel. The Company is also the
property arm of Sinar Mas Group (SMG) and started to be publicly
listed at the JSX in November 1994. SMG is one of Indonesia's
largest and most diversified group of companies, consisting of
more than two hundred companies, which are organized into four
core businesses: agribusiness, pulp and paper, financial
services, and property development.

The rating evaluation reflects these issues:

  * Bonds repayment problem. The Company is currently facing
bond repayment problems and significant refinancing pressures,
as its cash generated from operations would not to be sufficient
to cover its huge maturing bonds. By the end of 2002, Bond II &
III amounting to Rp500 billion and Rp350 billion, respectively
will come due.

  * Uncertainty on the refinancing program. Given the current
struggling domestic economic condition and unfavorable capital
market condition, it is unlikely for the Company to issue new
bonds to refinance the maturing obligations. Moreover, financial
market confidence on the group has deteriorated due to the
recent debt stand still announcement made by SMG's pulp and
paper companies.

  * Strong business profile. A relatively strong market position
coupled with diversified high quality and well-known brand image
of its assets have enabled the Company to continue pre-sale its
commercial properties and successfully penetrate niche markets
in the shop-houses, kiosks and landed residential markets. DUTI
also has a strong brand image, the so-called "ITC" for its
kiosks among merchants and traders in Jakarta trading center
buildings. The Company's landed residential properties also
offer unique concepts, well-established infrastructure and
public's facilities. The Company's revenue structure,
diversified tenant portfolio and strong demand on the Company's
properties have also provided some resilience to the economic
cycles and offset the swing in its revenue base from the
volatile nature of Indonesia's property market.
Improvements in the Company's financial profile will depend on:

  * Successful debt rescheduling. A successful debt rescheduling
should substantially ease the current Company's heavy financial
burdens and provide additional liquidity.

  * Stronger revenue base. Strong realization of the Company's
property pre-sales in the immediate terms should provide greater
funds from operations (FFO) for debt repayment. In addition, it
would reduce the Company's current leverage of 0.9x and increase
its financial flexibility.

OUTLOOK

A negative outlook is assigned for the above rating. The outlook
recognizes the mounting financial pressures on the Company to
meet its huge maturing obligations. The unfavorable capital
market condition also reduces the flexibility degrees of the
company to refinance debts. PEFINDO will closely monitor the
Company's repayment options and plans on its maturing bonds.



* IBRA Sells Chemical Companies' Core Assets For US$409M
---------------------------------------------------------
IBRA has succeeded selling the core assets of two chemical
companies PT Polyprima Karyareksa (Polyprima) and PT Polypet
Karya Perkasa (Polypet) for US$409 million to Batavia
Prosperindo Internasional, Bisnis Indonesia reported Thursday.

The investor is a consortium backed up by a score of local banks
and companies, one of which belongs to Julius Tahija's group, a
Bisnis source said.

Julius Tahija owns Austindo Nusantara Jaya and Austindo Teguh
Jaya. The former director of Caltex Pacific Indonesia is
reportedly expanding his business from the gold mining sector to
private power project.

"IBRA has managed to sell seven companies in the first batch of
the fourth stage sale, two of the companies include Polyprima
and Polypet," according to IBRA Deputy Chairman/Group Head Asset
Division Asset Management Credit, Iwan W. Soemekto. "From the
disposal of the seven companies, IBRA managed to raise US$197.7
million cash," he added.

The core asset value of Polyprima and Polypet is US$409 million.
According to the sales & purchase agreement between the new
investor and IBRA, Batavia Prosperindo Internasional is entitled
to have 38% of IBRA's shares in Polyprima, which consists of
loan, convertible bond, and equity with the total outstanding
worth US$360 million.   
  

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


ENRON JAPAN: Affiliate To Sell Aomori Power Plant Project
---------------------------------------------------------
E Power Corp, the Japanese affiliate of Enron Corp, has informed
the Aomori prefectural government that it is in talks with
possible buyers of its power plant construction project in the
prefecture, Kyodo News reported Wednesday, quoting a local
government official.


FUJITSU LIMITED: U.S. Unit FBCS Sells Service Business Ops
----------------------------------------------------------
Fujitsu Business Communication Systems Inc (FBCS), the U.S. unit
of Fujitsu Ltd, sold to Platinum Equity LLC its service business
operations, including voice switching systems, voice messaging
systems, contact centers, video and voice conferencing systems,
network and system management tools and broadband data
communications products, for an enterprise customer base of
more than 2,000 companies, PRNewsAsia reported Wednesday, which
quoted Platinum. No financial details were disclosed on the
transaction.

The intention to close FBCS was previously announced by Fujitsu
in conjunction with its global restructuring plan.


FUJITSU GROUP: UK IT Services Arm Mulls 11,500 Job Cuts
-------------------------------------------------------
Fujitsu Group's ICL, the European-centered IT services arm,
mulls cutting up to 1,500 of its 11,500 employees in the UK, as
part of its drive towards profitability, via voluntary
redundancy, and will only resort to selected redundancy if there
are insufficient volunteers. The reductions, which will apply
across the UK, are expected by March 2002, PRNewsAsia reported
Thursday.


ISUZU MOTORS: No Timetable On Ending Japan SUVs Production
----------------------------------------------------------
Isuzu Motors Ltd issued a statement Wednesday saying it was
still undecided about the timetable of stopping the production
of sport utility vehicles (SUVs) in Japan. The statement was
issued after the Nihon Keizai Shimbun report that the loss-
making automaker planned to end all SUV production in Japan,
including those sold domestically, by March 2004, Japan reported
Thursday.


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



DAEWOO ENGINEERING: Creditors Plan W866B Debt-Equity Swap
-----------------------------------------------------------
The main creditors of Daewoo Engineering & Construction Co Ltd  
plan to convert W866 billion in  a debt to equity swap to help
the company in its bank-led debt restructuring, Korea Herald
reported Tuesday, which quoted Hanvit Bank, one of the main
creditors.

All creditors will vote on the debt-for-equity swap proposal on
December 19, with creditors holding over 75 percent of the
total debt required to agree to the proposal. Should the debt-
restructuring proposal be passed, Daewoo Engineering and Daewoo
International's debts will be reduced from 4.2 trillion to W3.3
trillion.


DAEWOO INTERNATIONAL: Creditors Plan W320B Debt-Equity Swap
-----------------------------------------------------------
The main creditors of Daewoo International Co Ltd plan to
convert W320 billion in a debt to equity swap to help the
company in its bank-led debt restructuring, Korea Herald
reported Tuesday, which quoted Hanvit Bank, one of the main
creditors.

All creditors will vote on the debt-for-equity swap proposal on
December 19, with creditors holding over 75 percent of the
total debt required to agree to the proposal. Should the debt-
restructuring proposal be passed, Daewoo International's debts
will be reduced from W990 billion to W670 billion.

HANVIT BANK: Expects 2002 Net Profit To Reach W1.1T
---------------------------------------------------
Hanvit Bank's net profit should reach W1.1 trillion in 2002, up
from an estimated W580 billion in 2001, due to smaller loan-loss
provisioning. The Bank's operating profit is also likely to
increase to W3.1 trillion in 2002, from about W2.8 trillion this
year, Korea Herald reported Thursday, which quoted a bank
official.

The official said the planned debt-for-equity conversion of W690
billion later in December would reduce the bank's Hynix exposure
to around W254.5 billion by year-end. The bank's heavy debt
exposure to Hynix Semiconductor Inc. reached up to W944.5
billion in October, and its loan-loss reserves accounted for 40
percent of its Hynix debt.

DebtTraders reports that Hanvit Bank's 11.750% in 2010 (HANVIT1)
trades between 109.000 and 110.500. For real-time bond pricing,
go to http://www.debttraders.com/price.cfm?dt_sec_ticker=HANVIT1


HYNIX SEMICONDUCTOR: Hires Int'l Law Firm For Micron Deal
---------------------------------------------------------
The Restructuring Committee for Hynix Semiconductor Inc. has
hired international law firm Cleary, Gottlieb, Steen & Hamilton
as a legal adviser. Partner, Mark A. Walker, a principal
international legal adviser to the South Korean and Indonesian
governments in their renegotiations of external debts gained
during the 1997-98 Asian financial crisis, is believed to be a
key player in cementing a deal with Micron, the Wall Street
Journal reported Wednesday.

Mr. Walker, the New York-based partner, is a special legal
adviser to the Daewoo Group in restructuring a debt owed to over
70 foreign creditors.  He is expected to advise the
restructuring committee on the talks with Micron, but Mr. Walker
said the law firm was hired by Hynix earlier this year to act as
the company's legal adviser, ahead of the issuance of $1.25
billion of global depository receipts in June.


HYNIX SEMICONDUCTOR: No Capital Reduction, Layoffs Ahead
--------------------------------------------------------
Hynix Semiconductor's restructuring committee head, Shin Kook-
hwan, yesterday affirmed that creditors would not write down the
ailing chipmaker's capital, Korea Herald reported Thursday.
However, creditor banks including Korea Development Bank and
Hanvit Bank are seeking to write down the value of Hynix shares
held by major shareholders such as 4.48 percent stakeholder
Hyundai Merchant Marine Co., 3.4 percent holder Hyundai Heavy
Industries Co. and 0.57% holder Hyundai Elevator Co.

Shin said, "Creditors are not interested in collecting their
loans to Hynix; rather they are intent on helping the chipmaker
survive. They will not act to hurt shareholder value. There
won't be any capital reduction."

He added that "there won't be any inflow of fresh capital into
Hynix" amidst creditors' hopes on the negotiations with Micron
Technology, and that the layoff of Hynix employees is not being
considered at the moment, but "the overall restructuring of the
work force will be discussed in February next year."


HYUNDAI ENG'G: Beijing Tower Proceeds Expected Soon
---------------------------------------------------
Hyundai Engineering and Construction Co. (HEC), which concluded
in July a deal with U.S. real estate developer Hines, as part of
its self-help efforts, said Wednesday the proceeds from the sale
of Beijing Tower will be wired into its bank account by the end
of the year. Its 22-story building, with two lower levels, was
sold for $98 million, netting around $65 million after repaying
local bank loans and returning guarantee money for companies
housed in the building, Korea Herald reported Thursday.

Hyundai confirmed it has received $29 million, with another $36
million more expected around Christmas. The company's is 25
percent owned each by its construction arm and trading company,
while Hyundai Motor Co and Hyundai Merchant Marine (HMM) owning
37.5 percent and 12.5 percent respectively.

DebtTraders reports that Hyundai Engineering & Construction's
0.125% in 2004 (HYUNENC) trades between 65.000 and 75.000. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNENC


HYUNDAI ENGINEERING: Hines Likely Buyer Of Hope Building
--------------------------------------------------------
Hyundai Engineering and Construction Co. (HEC) said it is moving
forward on the sale of its Hope Building, an office building in
the Chinese port of Dalian still under construction. Hyundai
Corp holds 50 percent owneership of the building. HEC and
Hyundai Merchant Marine (HMM) hold 25 percent each. The
company's spokesperson did not provide more details of deal,
second to the Beijing Tower, but said Hines was again the
prospective buyer, Korea Herald reported Thursday.


HYUNDAI PETROCHEMICAL: Lays Off Executives, Relocates Operations
----------------------------------------------------------------
Struggling to restructure itself to survive, Hyundai
Petrochemical said it has cut the number of its executives from
18 to nine, and simplified its operations into three
headquarters, planning and support, marketing and production.
The company President is also acting as head of the marketing
headquarters. To further cut costs, the company relocated to its
Daesan plant on the western coast most of its operations, except
the planning and finance teams and the marketing office for
Gyeonggi Province and Incheon, Korea Herald reported Thursday.


KOREAN AIR: Issues W500B ABS To Improve Liquidity
-------------------------------------------------
Korean Air, in a bid to improve liquidity, has issued W500
billion in asset-backed securities (ABS) to local investors
carrying a five-year maturity and an annual interest rate of 6.6
percent, collateralized by future credit card revenue,
PRNewsAsia reported Thursday.

The airline spokesman said, "With the ABS issue, we will be able
to avoid a liquidity problem well into the first half of next
year."


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


BERJUNTAI TIN: Complying Proposed Workout Scheme Requirements
-------------------------------------------------------------
The Board of Directors of Berjuntai Tin Dredging Berhad (BTD or
the Company) announced that the Company is presently looking to
acquire additional land-bank as part of its overall
restructuring scheme in order to comply with the Securities
Commission (SC)'s requirement that property development
companies must have a minimum land-bank of 1,000 acres for
future development.

In this connection, paragraph 5.1 (a) and (b) of Practice Note 4
of the Kuala Lumpur Stock Exchange (KLSE) Listing Requirement
requires BTD to announce its plans to regularize its financial
condition (Requisite Announcement) and to submit the necessary
applications to the relevant authorities no later than 23
October 2001.

In view of the need for BTD to identify and acquire additional
land-bank, BTD has on 11 December 2001 sought the approval of
the KLSE for an extension of time for BTD to make a revised
Requisite Announcement within 4 months from the date of receipt
of the KLSE's approval and thereafter to resubmit the
applications to the relevant authorities within 2 months from
the date of the revised Requisite Announcement. The Company
following the receipt of the KLSE's decision will make an
announcement.


DEWINA BERHAD: Economic Planning Unit Approves Proposals
--------------------------------------------------------
On behalf of Dewina Berhad (Dewina or Company), Arab-Malaysian
Merchant Bank Berhad (Arab-Malaysian), in reference to the
announcement made on 21 July 2001 with regards to the Proposals,  
announced that the Economic Planning Unit has, vide its letter
dated 6 December 2001, approved:

   i) Proposed acquisition by Dewina of the entire equity
interest in MTD Prime Sdn Bhd from Puncak Sabit Sdn Bhd, a
wholly-owned subsidiary of MTD Capital Bhd (MTD); and

   ii) Proposed disposal of all Dewina's subsidiary companies'
properties, assets, interests and rights, including Desatera Sdn
Bhd, which is involved in the privatization concession of the
Malaysia Armed Forces Catering Services, to Dewina Holdings Sdn
Bhd, which upon completion of the Proposals will be 99.99% owned
by Haji Ibrahim bin Haji Ahmad.

The above Proposals are still subject to, inter-alia, the
approvals from other relevant authorities and the shareholders
of Dewina and MTD.

The PROPOSALS comprises of the following:

  * Proposed rights issue with warrants;

  * Proposed subscription of approximately 99.99% of the    
enlarged issued and paid-up share capital of DHSB by Haji   
Ibrahim Bin Haji Ahmad, subsequent to an internal  
reorganization by Dewina;

  * Proposed acquisition of Mtd Prime Sdn Bhd (Proposed  
Acquisition);

  * Proposed waiver from undertaking a mandatory general offer;

  * Proposed increase in the authorized share capital; and

  * Proposed transfer from second board to the main board of the  
Kuala Lumpur Stock Exchange (KLSE)


KILANG PAPAN: KLSE Grants Extension Until Saturday
--------------------------------------------------
Kilang Papan Seribu Daya Berhad (KPSD), further to the
application of extension of time dated 30 November 2001 by Arab
Malaysian Merchant Bank on behalf of KPSD, announced that the
Kuala Lumpur Stock Exchange (KLSE) has approved an extension of
time to 15 December 2001 for the Company to submit a
regularization plan to the relevant authorities for approval.

Profile

The Company (KPSD) produces 36,000 m3 of sawn timber and 24,000
m3 of molded timber per annum out of its factory in Kota Marudu,
Sabah. It also has a kiln drying facility with capacity of 1,500
m3 per discharge. Approx. 90% of its products is exported to
Japan, USA and Europe. Since 1994, the Company has diversified
into the manufacture of particleboard, timber doors, rubber wood
products and charcoal.

Main subsidiary, Padas Hevea Wood Products (PHWP), produces
9,000 m3 of sawn timber per annum. Approx. 95% is exported to
Taiwan, China and USA whilst the local market accounts for 5% of
finished products.

With effect from 14 December 1999, Special Administrators (SA),
Messrs Ernst & Young, were appointed to the Company. On 21
August 2000, KPSD entered into a conditional agreement with
Datuk Hwong You Chuaang and his brother, Hwong You Soon
(substantial shareholders), for the Company's proposed debt and
equity restructuring scheme.

The proposal, approved by Danaharta and secured creditors on 22
December 2000 and 29 December 2000 respectively, entails a
capital reconstruction, incorporation of a new company (Newco),
share swap of KPSD's shares for Newco shares, debt
restructuring, offer for sale of ICULS by KPSD's ICULS holders
after the debt restructuring, restricted issue of Newco shares
with warrants to certain substantial shareholders, completion of
KPSD's acquisition of Resofocus Corporation Sdn Bhd, internal
restructuring via transfer to Newco of KPSD's shareholdings in
Resofocus and PHWP, put and call option agreement between
substantial shareholders and holders of KPSD's debt securities
pursuant to the debt restructuring, and transfer of KPSD's
listing status to Newco.

Submissions of the proposal to the relevant authorities have
been extended to 31 August 2001 due to the finalization of the
scheme and endorsement from affected parties.


MTD CAPITAL: Economic Planning Unit Approves Proposed Disposal
--------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) on behalf
of MTD Capital Bhd (MTD or Company), announced that the Economic
Planning Unit has, vide its letter dated 6 December 2001,
approved the above Proposed Disposal.

The "Proposals" refers to the following:  

   * Proposed Disposal of MTD Prime Sdn Bhd (Proposed Disposal);

   * Proposed Capital Repayment and Distribution (Proposed
Distribution); and

   * Proposed Placement(Proposed Placement)

The above Proposals are still subject to, inter-alia, the
approvals from other relevant authorities and the shareholders
of MTD and Dewina.


MYCOM BERHAD: Enters Extension Agreements
-----------------------------------------
On behalf of the Board of Directors of Mycom Berhad (Mycom or
Company), Alliance Merchant Bank Berhad (Alliance), formerly
known as Amanah Merchant Bank Berhad, further to the
announcements made on 14 August 2000, 12 December 2000 and 12
June 2001 on the proposed acquisitions of land, companies and
assets (Proposed Acquisitions), entered into two (2) agreements
for the extension of time for fulfillment of conditions
precedent on the following conditional sale and purchase (S&P)
agreements (Extension Agreements):

   (a) a conditional assets acquisition agreement dated 14
August 2000 and its extensions dated 12 December 2000 and 12
June 2001 between Mycom, Olympia Industries Berhad (OIB) and its
subsidiaries, namely United Malaysian Properties Sdn Bhd, Mascon
Sdn Bhd and Regal Unity Sdn Bhd, for the proposed acquisition by
Mycom of 100% equity interest in Olympia Land Berhad, 100%
equity interest in City Properties Development Sdn Bhd, 100%
equity interest in Olympia Plaza Sdn Bhd, 100% equity interest
in Rambai Realty Sdn Bhd, 70% equity interest in Maswarna Colour
Coatings Sdn Bhd, 100% equity interest in Salhalfa Sdn Bhd, 100%
equity interest in Mascon Construction Sdn Bhd together with
four (4) storey shop office situated at Taman Shamelin Perkasa,
Kuala Lumpur and a factory unit situated at Beranang Industrial
Estate, Selangor and five (5)-acre land situated at District of
Kota Kinabalu, Sabah for an aggregate purchase consideration of
RM73,175,000; and

   (b) a conditional land acquisition agreement dated 14 August
2000 and its extensions dated 12 December 2000 and 12 June 2001
between Mycom and Kenny Height Developments Sdn Bhd for the
proposed acquisition by Mycom of approximately 41.14 acres of
land situated at Mukim Batu, Wilayah Persekutuan for a purchase
consideration of RM290,000,000.

The date for fulfillment of the conditions precedent of the
above two (2) conditional S&P agreements has been further
extended for a further period of six (6) months from 12 December
2001 to 12 June 2002 or to such later date as the parties may
agree.

In addition, as announced by the Company on 1 November 2001, the
conditional land acquisition agreement dated 14 August 2000 and
its extensions dated 12 December 2000 and 12 June 2001 between
Mycom, Sierra Development Sdn Bhd (SD) and Olympia Land Berhad
(OLB) for the proposed acquisition by Mycom of approximately
2,012.5 acres of land situated at Mukim of Triang, District of
Bera, Pahang Darul Makmur (SD Land) for a purchase consideration
of RM50,300,000 is deemed terminated as the valuation of the SD
Land approved by the Securities Commission was not acceptable to
the vendor. Hence, the aforesaid agreement and its extensions
would not be further extended on the expiry date of 12 December
2001.

SD is an 80% owned subsidiary of Olympia Development Sdn Bhd
(OD). OD is a 63.75% owned subsidiary of OLB and OLB, in turn,
is a wholly-owned subsidiary of OIB.

DOCUMENTS AVAILABLE FOR INSPECTION

The Extension Agreements are available for inspection at Mycom's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.


PAN PACIFIC: Post Defaulted Payment As of November 30
-----------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
announced the Default in Payment as at 30 November 2001 of PPAB
and its subsidiaries in accordance with the Practice Note No.
1/2001. The Board also informed that there are no material
changes in PPAB's status of default from the date of last
announcement until 30 November 2001.

Go to http://www.bankrupt.com/misc/Pan_Pacific1213.xlsto see  
details of Default in Payment as at 30 November 2001 of PPAB.


PANGLOBAL: Explains Profit After Tax, Interest Variance
-------------------------------------------------------
PanGlobal Berhad (the Company) informed that the positive
deviation of RM26,315,000 between the Profit After Tax and
Minority Interest in the unaudited quarterly results of the
Company for the fourth quarter ended 31 December 2000, being
RM75,280,000, and the audited accounts of the Company for the
year ended 31 December 2000, being RM48,965,000, is due to:

   1. An additional provision for diminution in value of quoted
and unquoted investment marked to market price of RM8,554,000.

   2. Reversal of the 31 December 2000 Claim/IBNR (Incurred But
Note Reported) Reserve of RM33,731,000 by the Company's
subsidiary, PanGlobal Insurance Berhad (PGI), as a result of
subsequent year end review of PGI's Claim/IBNR Reserve as
approved by Bank Negara Malaysia.

   3. Reversal of writeback of provision for bad and doubtful
debts of RM3,000,000 as a result of subsequent prudent review.

4. Reversal of share of post acquisition loss of an associated
company of RM3,850,000 due to provision on diminution in value
made previously. The reversal is made as a result of the
foreclosure of investment in the associated company on 22 March
2000.


REKAPACIFIC BERHAD: Delists Entire Issued, Paid-Up Capital
----------------------------------------------------------
Rekapacific Berhad (REKAPAC) advised that the entire issued and
paid-up capital of REKAPAC will be removed from the Official
List of the Exchange on Wednesday, 26 December 2001.

According to December 7 issue of TCR-AP, REKAPAC announced that
in the event that the appeal on the de-listing is allowed
by the Exchange, the Company will be able to proceed with the
Restructuring Proposal.


RENONG BERHAD: Updates PUTRA's Default In Payment Status
--------------------------------------------------------
Renong Berhad (Renong), in reference to the announcements dated
30 November 2001 and 3 December 2001 in relation to the default
by Projek Usahasama Transit Ringan Automatik Sdn Bhd (PUTRA), a
wholly-owned subsidiary of Renong, of its interest servicing
obligations in respect of its RM2.0 billion Commercial Financing
Facilities, which comprises two (2) tranches i.e. RM1.0 billion
of Conventional Tranche Facility (Conventional Facility) and
RM1.0 billion of Islamic Tranche Facility (Islamic Facility),
highlighted that Syarikat Prasarana Negara Berhad (SPNB) had
earlier acquired the rights of the lenders in respect of the
above facilities.

In addition, Renong announced that the Facility Agent for the
RM2.0 billion Commercial Financing Facilities had on 10 December
2001, served on PUTRA vide their solicitors' letter dated 8
December 2001, declaring an event of default has occurred under
the facility agreements and demanding payments of the following
loan amounts:

Commercial Financing Facilities    Amount
Conventional Facility (principal and interest)  RM1.15 billion
Islamic Facility (principal and profit)   RM1.18 billion

In respect of the RM1.15 billion payable under the Conventional
Facility, PUTRA is also required to pay additional interest at
the rate of 2.75% over and above the effective cost of funds of
Commerce International Merchant Bankers Berhad for the period
from 30 November 2001 until the date of payment.

PUTRA is required to pay the outstanding amounts due within
fourteen (14) days from 10 December 2001, failing which, legal
action will commence thereon. PUTRA is not in a position to pay
the amounts demanded.


SISTEM TELEVISYEN: Appoints Monek As Joint Secretary
----------------------------------------------------
Sistem Televisyen Malaysia Berhad posted this notice:

Date of change  : 12/12/2001  
Type of change  : Appointment
Designation  : Joint Secretary
License no.  : MAICSA 7003822
Name    : YUSLIZAL MONEK

Working experience and occupation during past 5 years : Manager,
Legal & Secretarial Department HICOM Holdings Berhad.

Profile

The Company's core business is commercial television
broadcasting with operations located at Sri Pentas, Bandar
Utama. In addition to television broadcasting, the Company is
also involved in other activities that complement and enhance
its core business such as post and pre-production services,
sports and event management, and training and education in film,
broadcasting and related activities.

As at 1 March 2001, the Group is still undergoing a
restructuring exercise under the auspices of the Corporate Debt
Restructuring Committee of BNM. The Scheme comprises a proposed
debt restructuring of the Group, proposed structural re-
organization and the revival of the financial and operational
viability of both the Group and the Company.


SRI METROPOLIS: Under Voluntary Liquidation
-------------------------------------------
Bandar Raya Developments Berhad (BRD) announced that Sri
Metropolis Sdn Bhd (SMSB), a 77.5% owned subsidiary company of
BRD, has been placed under members' voluntary liquidation
pursuant to the passing of a special resolution by its members
at an extraordinary general meeting held on 7 December 2001.
SMSB has been dormant since its incorporation on 6 January 1993.


YCS CORP.: Awaits Proposed Disposal's Land Title Registration
-------------------------------------------------------------
Utama Merchant Bank Berhad (UMBB) on behalf of the Board of
Directors of YCS Corporation Berhad (YCSB), in reference to the
announcement on 19 July 2001 in respect of the Securities
Commission (SC) approval letter dated 18 July 2001 on the
extension of time to implement YCSB's Proposed Restructuring
Scheme up to and including 21 December 2001, announced that all
Proposals under the Proposed Restructuring Scheme have been
implemented save and except for the Proposed Disposal of the
Subang Twin Towers which YCSB is still awaiting the adjudication
and registration of the Land Title.

UMBB on behalf of YCSB had on 7 December 2001 applied to SC for
an extension of time for six (6) months from 21 December 2001 to
complete the Proposed Disposal of Subang Twin Towers and thus
the final stage of Proposed Restructuring Scheme.


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


METRO PACIFIC: Landco Could Pay P1B Debt, Unaffected By Parent
--------------------------------------------------------------
Metro Pacific Corp's 60 percent subsidiary Landco Pacific Corp
was confident it could wipe out its own P1 billion debt load in
two to three years, and said it was "unaffected" by its parent's
debt problems, Inquirer News Service reported Thursday, which
quoted Landco president and chief executive Alfred Xerez-Burgos.
Mr Xerez-Burgos said Metro Pacific's "debts have no effect on us
per se. We have no problems with our customers and (creditors)."

The unit is "freely operating" from debt-ridden Metro Pacific
and was not getting any funding from the parent firm, according
to Landco Chief Finance Officer, Francis Ceballos.

Landco's income from the sale of its products, including town
and city centers, leisure parks, residential resorts and
memorial parks will "sufficiently address" its cash needs to pay
debts, the company president said.

DebtTraders reports that Metro Pacific Corporation's convertible
bond due in 2003 (METPAC) trades between 124.000 and 125.500.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=METPAC


NATIONAL BANK: Government Eyes NDC To Hold PDIC Shares
------------------------------------------------------
Finance Secretary Jose Isidro Camacho and PDIC President
Norberto Nazareno said the government is considering the
National Development Co (NDC) as the investment vehicle that
will hold its shares in Philippine National Bank, should the
Department of Justice junk the Philippine Deposit Insurance Corp
(PDIC) from owning bank shares, PRNewsAsia reported Wednesday,
citing the Philippine Daily Inquirer.

Nazareno said, "It could be the NDC or any government-owned
corporation. It does not necessarily have to be a government
financial institution."


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


ASIA FOOD: Posts Director Dr Hong Hai's Change In Interest
----------------------------------------------------------
Asia Food & Properties Limited posted a notice of changes in
Director Dr Hong Hai's interests as:

Name of director: Dr Hong Hai
Date of notice to company: 11 Dec 2001
Date of change of interest: 11 Dec 2001
Name of registered holder: Dr Hong Hai
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 200,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$0.07
No. of shares held before change: 100,000
% of issued share capital: 0
No. of shares held after change: 300,000
% of issued share capital: 0

Holdings of Director including direct and deemed interest
                                  Deemed    Direct
No. of shares held before change: 0         100,000
% of issued share capital:        0         0
No. of shares held after change:  0         300,000
% of issued share capital:        0         0
Total shares:                     0         300,000


CAPITALAND LIMITED: Australand Holdings Changes Board
-----------------------------------------------------
CapitaLand Limited's subsidiary, Australand Holdings Limited
(AHL), has issued an announcement on the change in its Board of
Directors:

12 December, 2001

The Manager
Company Announcements
Australian Stock Exchange Limited
Exchange Center
20 Bridge Street
SYDNEY NSW 2000

Dear Sir

CHANGES TO THE BOARD OF DIRECTORS OF AUSTRALAND HOLDINGS LIMITED
(AUSTRALAND)

Australand is pleased to announce the appointment to its Board
of Mr Ian Hutchinson as an independent non-executive director.
Mr Hutchinson is currently a director of a number of Australian
public and private companies and a consultant to the law firm,
Freehills.

Australand also advises that, due to changes in management
responsibilities within its major shareholder CapitaLand
Limited, Mr Hiew Yoon Khong has resigned as a Director. Mr Hiew
has been replaced by Mr Lui Chong Chee who is the Chief
Financial Officer of CapitaLand Limited. These Board changes
took effect from 11 December 2001.

Yours faithfully
Michael G A Smith
COMPANY SECRETARY


GOLDEN AGRI: Posts Director Dr Hong Hai's Change In Interest
------------------------------------------------------------
Golden Agri-Resources Limited posted a notice of changes in
Director Dr Hong Hai's interests:

Name of director: Dr Hong Hai
Date of notice to company: 11 Dec 2001
Date of change of interest: 11 Dec 2001
Name of registered holder: Dr Hong Hai
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 100,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$0.095
No. of shares held before change: 100,000
% of issued share capital: 0
No. of shares held after change: 200,000
% of issued share capital: 0

Holdings of Director including direct and deemed interest
                                  Deemed    Direct
No. of shares held before change: 0         100,000
% of issued share capital:        0         0
No. of shares held after change:  0         200,000
% of issued share capital:        0         0
Total shares:                     0         200,000


HONG LEONG: Clarifies "80% China Sales Contribution" Reports
------------------------------------------------------------
12 December 2001

The Listings Manager
Singapore Exchange Securities Trading Limited
2 Shenton Way #19-00
SGX Center 1
Singapore 068804

Dear Sirs,

HONG LEONG ASIA LTD. (HLA)

ARTICLES ENTITLED "CHINA TO ACCOUNT FOR 80% OF HONG LEONG ASIA'S
SALES" IN THE STRAITS TIMES DATED 12 DECEMBER 2001 (THE "ST
ARTICLE") AND "HONG LEONG ASIA'S COUNTING ON CHINA" IN THE
BUSINESS TIMES DATED 12 DECEMBER 2001 (THE "BT ARTICLE") (THE "
"NEWS ARTICLES"

With reference to your letter dated 12 December 2001 in respect
of the subject matter, we wish to clarify as follows:

1) With regard to the contribution of China businesses to HLA's
turnover, the information reported in the ST Article and BT
Article is listed on page 93 of the circular dated 5 December
2001 (the Circular). The contribution of "some 80%" is the
aggregate revenue of all three China businesses stated
in the proforma profit and loss statement and Mr Gasteen meant
to say the turnover figures pertained to year 2000 instead of
2002.

2) With regard to the BT Article which quoted Mr Gasteen's
comments that the EBITDA from existing business will be "better
but not in the black" and is not expected to get into the black
next year, this information can be deduced from the paragraph on
"Prospects" of the Chairman's Statement in the HLA 2000 annual
report and interim results 2001 announced on 22 August 2001.
For year ended 31 December 2000, HLA's net loss was $15.08
million. In the six months to end June 2001, there was a loss of
$2.4 million.

3) From the above discussion on the continued loss making
existing building materials businesses in Singapore for 2002,
losses in the proposed enlarged and diversified HLA will not be
material. When Mr Gasteen referred to "all the profit coming
from China", he was summarizing the information on "Prospects"
and "Plans" for all the three China businesses, namely Henan
Xinfei, China Yuchai Group and Rheem Group, which can be found
on pages 24, 25, 36, 37 and 48 of the Circular .

Yours faithfully
HONG LEONG ASIA LTD.

Ng Siew Ping
Company Secretary


HONG LEONG: Posts Changes In Hong Leong Investment's Interests
--------------------------------------------------------------
Hong Leong Singapore Finance Limited posted a notice of changes
in substantial shareholder Hong Leong Investment Holdings Pte.
Ltd.'s deemed interests:

Name of substantial shareholder: Hong Leong Investment Holdings
Pte. Ltd.
Date of notice to company: 10 Dec 2001
Date of change of deemed interest: 07 Dec 2001
Name of registered holder: Tudor Court Gallery Pte Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 110,000
% of issued share capital: 0.026
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.5947
No. of shares held before change: 5,506,000
% of issued share capital: 1.279
No. of shares held after change: 5,616,000
% of issued share capital: 1.305

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed        Direct
No. of shares held before change: 106,745,582   99,608,176
% of issued share capital:        24.805        23.146
No. of shares held after change:  106,855,582   99,608,176
% of issued share capital:        24.83         23.146
Total shares:                     106,855,582   99,608,176

Note:
% of issued share capital is based on the Company's issued share
capital of 430,340,464 shares of $1.00 each as at December 7,
2001.


PANPAC MEDIA.COM: Investing In Asia Link Media
----------------------------------------------
The Board of Directors of Panpac Media.com Limited announced
that the company has agreed to invest in the capital of Asia
Link Media Pte Ltd (ALM).

ALM was established in September 2001. Its principal activity is
the publishing of trade magazines.

The investment will be made through:

(a) a subscription by the company for 1.8 million shares of
S$0.10 each, representing 60% of the total issued and paid up
capital of ALM. The consideration for the subscription is
derived based on the par value of the shares in ALM and will be
satisfied by a cash payment of S$180,000 to ALM and will be
completed before the end of March 2002; and

(b) a loan facility of S$200,000 to be made available to ALM by
the company which is expected to be disbursed in the second
quarter of year 2002. The company will have the option to
convert the loan into ordinary shares in the capital of ALM, the
terms and conditions of which will be mutually determined and
agreed upon by the parties at the time of disbursement of the
said loan and which will be disclosed accordingly by the
company.

The investment in ALM is in line with the group's plan to
diversify into publishing of trade magazines and directories,
and organizing of trade exhibitions.

The investment is not expected to have any material effect on
the earnings per share and the net tangible assets per share of
the group.

No director or substantial shareholder of the company has any
interest, direct or indirect, in the investment.


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


EASTERN STAR: Changes Code To ESTAR From EASTAR
-----------------------------------------------    
Eastern Star Real Estate Public Company Limited informed in
changing its abbreviate listed security name from "EASTAR" to
"ESTAR" because the Company is issuing warrants, ESTAR-W1, which
initial listed name won't exceed 8 letters as per the Thailand
Securities Depository Co., Ltd.'s regulation.  

Effective from December 17,2001 onwards, the abbreviation of
Eastern Star Real Estate Public Company Limited in trading
system:

        Old Name                     New Name
        "EASTAR"                     "ESTAR"
       

PRASIT PATANA: Changes External Auditor
---------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, Plan
Administrator of Prasit Patana Publice Company Limited (the
Company), notified the change of the Company's external auditor
for financial year ending 2001 from Suttitham and Associates  to  
SGV-Na Thalang & Company Limited, a member firm of Arther
Andersen as our new external auditor with these auditors:

1.   Mr. Vairoj     Jindamaneepitak     Reg.  No.   3565    or
2.   Mr. Winid      Jilamongkol         Reg.  No.   3378    or
3.   Ms. Sudchit    Boonprakob          Reg.  No.   2991    or
4.   Mr. Methee     Ratanaasrimetha     Reg.  No.   3425

This change is in compliance with the company's Rehabilitation
Plan.


PREECHA GROUP: Issues List Of 2002 Holidays
-------------------------------------------
Preecha Group Public Company Limited announced details of the
company's holidays for the year 2002:

January   1   Monday     New Year's Day
February 12   Tuesday    Chinese New Year's Day
February 13   Wednesday   Chinese New Year's Day
February 14   Thursday   Chinese New Year's Day
February 26   Tuesday    Makha Bucha Day
April    15   Monday     Songkran  Day
April    16   Tuesday    Substitution For Songkran  Day
May       1   Wednesday   National Labor Day
July     25   Thursday   Buddhist Lent Day
August   12   Monday     H.M. The Queen's Birthday
October  23   Wednesday   Chulalongkorn Memorial Day
December  5   Thursday   H.M. The King's Birthday
December 10   Tuesday    Constitution Day
December 31   Tuesday    New Year's Eve

The Company also issued office hours:

Head Office     Working days    Tuesday - Friday
Office hours    08.00 a.m. to 04.30 p.m.
Project Office  Working days    Monday - Sunday
Office hours    09.00 a.m. to 05.00 p.m.


RAIMON LAND: Files Petition For Business Reorganization
-------------------------------------------------------
The Petition for Business Reorganization of real estate Raimon
Land Public Company Limited (DEBTOR) was filed in the Central
Bankruptcy Court:

   Black Case Number 825/2543

   Red Case Number 827/2543

Petitioner: RAIMON LAND PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt6,805,875,808.52

Planner: Raimon Land Planner Company Limited

Date of Court Acceptance of the Petition: October 9, 2000

Date of Examining the Petition: November 6, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: November 6, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 13, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: December 7,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: March 7, 2001

Appointment date for the Meeting of Creditors to consider the
plan: April 2, 2001 at 9.30 am. Ball Room 1, Shangri La Wing
Building, the Shangri La Hotel, Silom

The Meeting of Creditors had passed a resolution accepting the
reorganization plan pursuant to Section 90/46

Central Bankruptcy Court had an order handing this case over to
the Constitutional Court to examine

Court had postponed the hearing of the Constitutional Court and
Plan Consideration to September 27, 2001 at 10.00 am.

Court had issued the order accepting the reorganization plan:
November 8, 2001 and Appointed Rimon Planner Company Limited to
be as a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
November 16, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
Government Gazette: December 4, 2001

Contact: Mr. Thummalort Tel, 6792525 ext 122


SUN TECH: Lists 2002 Holidays
-----------------------------   
Sun Tech Group Public Company Limited informed the Company's
holidays for the year 2002:

Tuesday     1  January   2002    New Year Day
Tuesday    26  February  2002    Makha Bucha Day
Monday      8  April     2002    Chakri Day (Substituted)
Monday     15  April     2002    Songkran Day
Tuesday    16  April     2002    Songkran Day (Substituted)
Wednesday  17  April     2002    Songkran Day (Substituted)
Wednesday   1  May       2002    National Labour Day
Monday     27  May       2002    Visakha Bucha day (Substituted)
Thursday   25  July      2002    Buddhist Lent Day
Monday     12  August    2002    H.M. the Queen's Birthday
Wednesday  23  October   2002    Chulalongkorn Day
Thursday    5  December  2002    H.M. the King's Birthday
Tuesday    10  December  2002    Constitution Day
Tuesday    31  December  2002    New Year's Eve


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Editors.

Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***