/raid1/www/Hosts/bankrupt/TCRAP_Public/020121.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

            Monday, January 21, 2002, Vol. 5, No. 14

                         Headlines

A U S T R A L I A

ANSETT GROUP: Burdened With Retirement Liabilities
CENTRAL NORSEMAN: Suspended From Official Quotation
CHROME GLOBAL: Tian Li Becomes Substantial Holder
GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
HORIZON ENERGY: Loy Yang Power Forced Outage Update

LIFECARE HEALTH: Disposes Property, Dental Practice
NORMANDY MINING: Discloses Shareholders' Letter From Newmont
NORMANDY MINING: Revised Policy Will Not Affect S&P's Rating
PASMINCO LTD: Ratings Lowered To `D' While Restructuring
POWERLAN LIMITED: Closes Loss Making IT Training Business


C H I N A   &   H O N G  K O N G

BRIGHT RANK: Winding Up Petition Set For Hearing
ELITE GARDEN: Winding Up Petition Hearing Set
FIRST PACIFIC: Buys Back Convertible Bonds
FIRST PACIFIC: Revises Outstanding Bonds Repayment Plans
FREEMAN FINANCIAL: Winding Up Petition To Be Heard

SURSON (HOLDINGS): Faces Winding Up Petition
SURSON REAL: Winding Up Sought By Bank of China
WORLDWIDE CONVENTIONS: Winding Up Petition Hearing Slated


I N D O N E S I A

ARGO PANTES: Rp2.06T Debt Restructuring Completed

* Government Planning IBRA Replacement


J A P A N

DAIEI INC: Debt Plan's Impact On Banks Unlikely, Says S&P
DAIEI INC: Reveals Debt Restructuring Plan
FURUKAWA CO: MOODY'S Lowers Rating To Ba3, Outlook Negative
KITANOKAZOKU CO: Seeks Court Protection
NIPPON TELEGRAPH: Telecom Group Opposes Reorganization Plan

SEKISUI HOUSE: Forecasts Y84B Net Loss
SHOKUSAN JUTAKU: Seeks Creditors' Support
UFJ BANK: S&P Rates `BBB-' Long-Term Rating; Watch Negative


K O R E A

DAEWOO MOTOR: GM Discovers Unspecified Hidden Debt
DAEWOO MOTOR: Workers Protest Takeover, Lay-Offs
HANBO BUSAN: Parent Signs MOU With Pyeonghwa Steel
HYNIX SEMICONDUCTOR: US$2.1B Offer Looks Promising
HYNIX SEMICONDUCTOR: Creditors Reject Micron Offer

HYUNDAI HEAVY: February Separation From Parent Likely
HYUNDAI ENGINEERING: Sells Off Seosan Farm
HYUNDAI INVESTMENT: FSC To Restart Sell-Off Negotiations
SEOULBANK: S&P Assigns `BB' Long-Term Credit Rating


M A L A Y S I A

BREM HOLDING: Serves Writ Of Summons Over Defaulted Payment
CHASE PERDANA: Enters Joint Venture Agreement With Messrs PB
KIARA EMAS: Proposes Debt Settlement
MBF CAPITAL: Changes Audit Committee
MTD CAPITAL: Discloses Share Dealings With Relevant Parties

RENONG BERHAD: Replies KLSE's Query Over Media Articles
TIME DOTCOM: Shareholder In Talks With Bondholders Re Repayment


P H I L I P P I N E S

MAYNILAD WATER: Unable To Get US$350M Loan Approval
UNIWIDE GROUP: BPI Accepts Rehabilitation Plan


S I N G A P O R E

CAPITALAND LIMITED: Incorporates Subsidiary
MEDIARING.COM: Posts Shareholder's Interest Notice
PANPAC MEDIA.COM: Posts Managerial Appointment Notice


T H A I L A N D

DATAMAT PUBLIC: Reports Share Offering Results
HI-LIGHT DEVELOPMENT: Business Reorganization Petition Filed
NEP REALTY: Posts BODs' Meeting Resolutions; ESM Scheduled
SINO-THAI ENGINEERING: Ups HTR Share To 80.90%

    -  -  -  -  -  -  -  -

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


ANSETT GROUP: Burdened With Retirement Liabilities
--------------------------------------------------
Ansett's creditors' earnings have been reduced to five cents on
the dollar by an unresolved superannuation liability of up to
$80 million, The Age reported Friday. The latest estimated
dividend compares with figures in October when the
administrators indicated the disposal of aircraft and a sale of
the inter-capital operations could realize 15 to 20 cents on the
dollar.

The first report by Mark Mentha and Mark Korda of Andersen,
administrators of the failed airline, also revealed a $119
million liability for tax and superannuation, although it is not
yet clear whether the company is responsible for meeting the
superannuation shortfall.

The lower estimated creditor payout appears to have arisen
through a sharp increase in liabilities related to tax and a
potential shortfall in payments by several superannuation funds.
While the Administrators have more than $230 million cash on
hand, a schedule of liabilities showed Ansett owed unsecured
creditors (including banks) about $1.2 billion.

Creditors will convene at the Vodafone Arena on January 29 for
the first of a planned two-part meeting.


CENTRAL NORSEMAN: Suspended From Official Quotation
---------------------------------------------------
Central Norseman Gold Corporation Limited's (the
Company) securities were suspended from quotation immediately
following court approval of the Company's merger by way of
scheme of arrangement with Croesus Mining NL.

On Tuesday, January 15, the company received approval from the
Supreme Court of Western Australia to implement a Scheme of
Arrangement that will result in the merger of the company with
Croesus Mining NL.


CHROME GLOBAL: Tian Li Becomes Substantial Holder
-------------------------------------------------
Tian Li Holdings Pte Ltd became a substantial shareholder in
Chrome Global Limited (Administrator Appointed) on
11/January/2002 with a relevant interest in the issued share
capital of 9,564,766 ordinary shares (13.04 percent).


GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
--------------------------------------------------
GOODMAN FIELDER LIMITED posted this notice:

               DAILY SHARE BUY-BACK NOTICE
          (EXCEPT MINIMUM HOLDING BUY-BACK AND
                SELECTIVE BUY-BACK)

Name of Entity
Goodman Fielder Limited

ABN
44 000 003 958

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On market

2. Date Appendix 3C was given to    13/11/2001
   to ASX

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                  BEFORE               PREVIOUS
                                  PREVIOUS                DAY
                                  DAY

3. Number of shares bought      20,207,751               4,840
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid    26,949,173               6,776
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                         Highest price paid   Highest price paid
                               $1.51                $1.40
                               Date:   -

                         Lowest price paid    Lowest price paid
                               $1.30                $1.40
                               Date:   -
                                              Highest price
                                             allowed under rule
                                                    7.33:
                                                    $1.5897
PARTICIPATION BY DIRECTORS

6. If buy-back is an on-market      Nil
   buy-back - name of each
   director and related party
   of a director from whom the
   company bought back shares
   on the previous day, the
   number of shares which the
   company bought back from
   each named director or
   related party, and the
   consideration payable for
   those shares.

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     52,787,409
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.


HORIZON ENERGY: Loy Yang Power Forced Outage Update
---------------------------------------------------
On 31 December 2001, Horizon Energy Investment Management
Limited (HEIML) advised that one of Loy Yang Powers' four units
was isolated from the grid on 22 December 2001 as a result of an
electrical fault, which resulted in damage to the generator at
unit four.

At the time of the announcement, HEIML noted that it would
likely be around mid January before any further substantive
information would be received from Loy Yang Power concerning the
investigations on the nature and impact of the incident.

Loy Yang Power advised that it has identified and is proceeding
with the option of utilizing a replacement Siemens generator
from a decommissioned plant in Germany. This is expected to
return the unit to service towards the end of April 2002.

Siemens has agreed to warrant that the unit will be operational
within the envisaged timeframe as well as certain performance
standards of the generator.

Concurrently, repair works will be undertaken on the existing
generator, which has incurred considerable damage. Upon the
conclusion of these repairs, it is expected that there will be a
scheduled outage to return the original generator to service.

Loy Yang Power has a comprehensive insurance programmed with
coverage for property damage and business interruption as a
result of plant failure. These policies incorporate deductibles
which are typical of the industry. Loy Yang Power management has
no reason to believe that the incident would not be an insured
event under its insurance policies.

Detailed investigations of the electrical fault, the insurance
aspects and resulting financial impact are continuing and no
additional details are available at this time. The market will
be kept informed of further developments, as they become known.


LIFECARE HEALTH: Disposes Property, Dental Practice
---------------------------------------------------
The Directors of Lifecare Health Limited (LifeCare) announced
the sale of the LifeCare center that was developed last year in
St Albans, Victoria for a price of $1.052 million. LifeCare have
secured a long-term lease on the premises and proceeds from the
sale will be used to retire existing debt and fund future
growth.

The St Albans practice was acquired by LifeCare in December 1999
and has more than doubled in size over the past 2 years. The new
purpose-built center has more consulting room space; a
gymnasium; and indoor heated hydrotherapy pool that will
accommodate further growth through an extension of LifeCare's
services to the community.

The Directors also given notice of the sale of the management
and facility rights to the Council Avenue Dental Center in
Rockingham, WA, for $190.000. The sale of the practice was
effective from 31 December 2001.

The divestment of this practice is consistent with previous
communications that LifeCare will focus the growth of its dental
services to existing LifeCare and Foundation Healthcare Limited
sites.

LifeCare, services and facilities provider to allied health and
sports medicine practitioners, has paid no dividends during the
last 12 months. It has also reported losses during the previous
12 months and has not paid any dividends during the previous 2
fiscal years, Wrights Investors' Service reports.


NORMANDY MINING: Discloses Shareholders' Letter From Newmont
------------------------------------------------------------
Normandy Mining Limited posted the letter to shareholders from
Newmont Mining Corporation regarding take-over offer:

LETTER TO NORMANDY SHAREHOLDERS, FROM NEWMONT MINING CORPORATION

You have received two offers to acquire your shares, one from
Newmont Mining Corporation and the other from AngloGold Limited.

When AngloGold's offer was to expire last Friday, holders of
almost 94 percent of Normandy shares did not accept AngloGold's
offer. We believe that Normandy shareholders overwhelmingly
rejected AngloGold offer for one simple reason. Newmont's offer
is clearly superior. It provides Normandy shareholders with:

   * higher overall value,

   * significantly more cash up front.

   * the more secure and liquid security, and

   * the opportunity to participate in the world's premier gold
company, which would also have the greatest leverage to the gold
price.

THE HIGHEST PRICE

The implied value of the Newmont offer has, since its
announcement, been higher than the implied value of the
AngloGold offer. Similarly, using market prices for the shares
of Newmont and AngloGold over the past 12 months, Newmont's
offer always has had a higher implied value than AngloGold's
offer. Based on closing prices on the New York Stock
Exchange on 15 January 2002, our offer values your Normandy
shares at A$2.03# per share, while AngloGold's offer values
those shares at A$1.96# per share.

SIGNIFICANTLY MORE CASH

Newmont is offering A$0.50 cash per Normandy share - 67 percent
more than the A$0.30 per share being offered by AngloGold - in
addition to 0.0385 shares of Newmont common stock for each
Normandy share. This additional cash offered by Newmont gives
you greater certainty of value than that provided by AngloGold.

SIGNIFICANT TRADING LIQUIDITY

Newmont shares have approximately four times the average daily
trading liquidity of AngloGold's shares. This trading liquidity
is important for you. The market for Newmont shares has a much
greater capacity to absorb the selling pressure that typically
accompanies the completion of stock-for-stock acquisitions.

Based oh historic trading patterns, it would take about 17
months for the market to absorb the shares to be issued under
the AngloGold offer if all of those shares were resold and those
sales accounted for half of average daily trading volumes. The
comparable period for Newmont would only be about three-and-a-
half months.

Additionally, as a result of the trading patterns of index
funds, we believe that demand for Newmont stock should increase
significantly upon completion of Newmont's bid as those index
funds increase their holdings of Newmont to match its increased
weighting in the S&P 500 Index. At the conclusion of the offer,
Newmont will also be listed on the ASX and it desires to provide
a liquid market for its securities.

Each of these factors is important to Normandy shareholders who
should be concerned about the liquidity of their investments.

THE WORLD'S PREMIER GOLD COMPANY

When we announced our bid for Normandy, we also announced that
we had entered into an agreement that provides for our
acquisition of Franco-Nevada Mining Corporation. That
acquisition is subject to certain conditions, including our
acquisition of a relevant interest in at least 50.1 percent of
the Normandy shares (including the 19.8 percent block that
Franco-Nevada has committed to us). Our offer for Normandy is
not conditional on the acquisition of Franco-Nevada.

We believe that, after the acquisition of Normandy and Franco-
Nevada, Newmont will be the best gold company in the world and
the best gold vehicle for investors. Newmont will then:

* have the largest reserve base and highest production of gold
in the world,

* be one of the best capitalized gold companies, with the
financial strength to develop attractive projects and ability to
significantly reduce debt over time, even at current gold
prices,

* benefit from a consistent base of cash flow (even in a low
gold price environment) generated by the high margin royalty and
investment business of Franco-Nevada, which will continue to
operate as a separate division of the combined company,

* operate a diversified portfolio of world-class operations
around the world with limited exposure to political risk and
with a focus on large mining districts,

* offer investors the most leverage to the gold price of any
major producer, providing significant upside potential from gold
price appreciation (although Newmont also has significant
exposure to a decrease in gold price),

* have the ability to grow our reserves and production through
development of attractive projects, application of innovative
technology, continued exploration and further industry
rationalization, and

* have a unique management team with a proven record of
delivering shareholder value through global exploration,
development and operation, merchant banking and merger
integration.

We are on track to complete both acquisitions in mid-February.

A NORTH AMERICAN RATING AND BETTER TOTAL RETURNS

Newmont is a US domiciled company. Newmont, along with most
other major North American gold companies, generally trades at
higher multiples than AngloGold. This is due to a wide variety
of factors including asset quality, economic and political risk,
exchange rate risk and trading liquidity. For example,
AngloGold's profitability and hedge book are subject to
significant risk as a result of their exposure to the Rand.

We strongly believe that having Normandy's earnings and assets
valued using Newmont's North American multiple creates
significant potential for creation of additional shareholder
value.

In the three years to the date when AngloGold first announced
its offer for Normandy, through the appreciation of Newmont's
share price and the payment of dividends, Newmont has provided
total returns to its shareholders that are more than three times
the returns provided by AngloGold.

WHAT SHOULD YOU DO?

Newmont's offer has been sent to, and can be accepted by, all
Normandy shareholders.

Newmont already has almost 20 percent of Normandy's shares
committed to its offer through its agreement with Franco-Nevada.
Additionally subject to its fiduciary duties, the Normandy Board
has recommended that you accept Newmont's offer and reject
AngloGold's offer. The Directors of Normandy also have stated
publicly that they intend to accept Newmont's offer in respect
of all of the Normandy shares that they hold.

With this support and support from the shareholders and
directors of Franco-Nevada for Newmont's acquisition of Franco-
Nevada, and receipt of most of the required regulatory approvals
for Newmont's acquisition of Normandy and Franco-Nevada
(including receipt of approval of Australia's Foreign Investment
Review Board this week), Newmont is on track to complete both
acquisitions in mid-February.

Today, more than ever, the compelling choice is to accept
Newmont's superior offer and reject AngloGold's overtures. To
ensure that you can accept Newmont's offer, you should NOT
accept AngloGold's inferior offer.

WHERE CAN YOU FIND MORE INFORMATION?

If you have any questions, you should call 1-800-507-507 in
Australia (toll-free), 61 2 9278 9331 outside of Australia, and
888-750-5835 in the United States and Canada (toll-free). We
also invite you to visit our web site (www.newmont.com), which
includes updates and responses to frequently asked questions.
You can also visit the Normandy (www.normandy.com.au) and
Franco-Nevada (www.franco-nevada.com) websites for additional
information.

We are very excited about this unique opportunity to combine our
companies and look forward to your participation as a
shareholder of a New Newmont.


NORMANDY MINING: Revised Policy Will Not Affect S&P's Rating
------------------------------------------------------------
The announcement made by Normandy Mining Ltd. (Normandy, BBB-
/Watch-Positive/-) to revise its gold hedging policy will have
no impact on the company's rating, said Standard & Poor's. The
revised gold hedging policy reduces the minimum hedge ratio to
45 percent of reserves from the company's operating mines
compared with 60 percent previously. Gold production from
Normandy's 100 percent-owned Ovacik mine in Turkey and its 100
percent-owned Midas mine in the U.S. remains unhedged. The
revised gold hedging policy covers 30 percent of reserves under
fixed-priced forward contracts, and 24 percent of the total 9.9
million ounces hedged is covered by put options.

The decision to revise the gold hedge policy follows the
company's adoption of a more conservative gearing policy of 30
percent. Operating lease-adjusted net debt-to-net capital
reduced to 42 percent in June 30, 2001, from 58 percent in June
30, 2000. Debt is expected to reduce further from free operating
cash flow and approach the preferred target of 30 percent in
fiscal 2002. In addition, the company continues to maintain a
low operating cost profile, with total cash costs of A$310 per
ounce (oz) for the three months to Sept. 30, 2001, compared with
A$300 per oz for June 30, 2001. At realized net gold prices, the
company has a positive cash margin of about A$250 per oz.


PASMINCO LTD: Ratings Lowered To `D' While Restructure Continues
----------------------------------------------------------------
Standard & Poor's lowered Friday its corporate credit ratings on
Pasminco Ltd. (in voluntary administration) and its guaranteed
bank loan to `D' from `CC/Watch Neg' due to the company's
failure to meet interest and scheduled debt repayments.
"Following the appointment of the administrators by Pasminco on
Sept. 19, 2001, outstanding debts of the company totalled about
A$3.4 billion," said Peter Stephens, associate director,
Corporate & Infrastructure Ratings. "These debts have been
crystallized with interest being capitalized pending creditors'
approval of the administrator's corporate restructure strategy
and asset review."

On Jan. 17, 2002, Pasminco announced that it had taken steps to
sell its Australian mining assets, excluding the world-class
Century mine in Queensland, which continues to remain cash flow
positive even at current depressed zinc prices. In Australia,
Pasminco is likely to divest its Elura and Broken Hill mines and
its Cockle Creek smelter. Its remaining operations will include
two mining operations in Australia, the Century mine, and the
Rosebury mine in Tasmania, and three smelters, two located in
Australia and one in the Netherlands. In addition, the company's
U.S. zinc operations are expected to be divested, which includes
two zinc mines and a zinc refinery, producing about 115,000
tonnes of refined zinc per year.

Pasminco continues to operate on a line of credit provided to
the administrators by commercial banks.


POWERLAN LIMITED: Closes Loss Making IT Training Business
---------------------------------------------------------
Powerlan Limited has closed its unprofitable IT training
businesses in Sydney and Melbourne (the Australian IT Careers
Institute and IT&T Education). The Company foreshadowed this
move at its Annual General meeting late last year. The closure
is consistent with Powerlan's objective to focus on its core
business of the provision of proprietary software products and
managed services.

Powerlan's profitable IT training business (IT&T Education) in
Brisbane will continue to operate.

Commenting on the closure, Theo Baker the Managing Director of
Powerlan said, "We alluded to the closure of this business late
last year. The outlook for IT training has continued to worsen.
Our continued focus is on improving the profitability of
Powerlan, improving our quality of earnings and restructuring
those divisions which do not meet our strategic direction or
return consistent profits."


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C H I N A   &   H O N G  K O N G
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BRIGHT RANK: Winding Up Petition Set For Hearing
------------------------------------------------
The petition to wind up Bright Rank Investment Limited was heard
before the High Court of Hong Kong on January 16, 2002 at 9:30
am. The petition was filed with the court on September 21, 2001
by Bank of China (Hong Kong) Limited (the successor corporation
to The National Commercial Bank Limited pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


ELITE GARDEN: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Elite Garden Seafood Restaurant Limited
is set for hearing before the High Court of Hong Kong on January
30, 2002 at 11:30 am. The petition was filed with the court on
November 21, 2001 by Leung Ying Sim of 3rd Floor, 23 Aberdeen
Street, Central, Hong Kong.


FIRST PACIFIC: Buys Back Convertible Bonds
------------------------------------------
The Stock Exchange of Hong Kong Limited has received a
notification from First Pacific Company Limited regarding the
repurchase of Convertible Bonds due on 2002 issued by First
Pacific Capital (1997) Limited. The notice:

                                Nominal
Name of Company    Date of      Value of      Highest    Lowest
(stock code)       Repurchase   Repurchased   Price      Price
---------------   ----------   -----------   -------    -------
FIRST PACIFIC  17/01/2002   US$9,500,000  133.5%     -
COMPANY LIMITED
   (142)


FIRST PACIFIC: Revises Outstanding Bonds Repayment Plans
--------------------------------------------------------
First Pacific has discussed with the Trustee the Company's
intention to make a tender offer for all the Bonds outstanding.
In this regard, given the protracted nature of the procedures
necessary to effect a formal tender offer for the Bonds, First
Pacific believes that it would be in the best interests of its
shareholders and the Bondholders not to proceed with the
proposal to make a formal tender offer for the Bonds and has
instead appointed ING Barings, as its agent, to make open market
purchases of Bonds from those Bondholders wishing to sell, at
such prices as may be agreed between ING Barings and any selling
Bondholders. ING Barings is under no obligation to purchase any
Bonds on behalf of the Company from any Bondholder. Any of the
Bondholders electing not to sell the Bonds to ING Barings during
this period will be able to redeem the Bonds on 27th March,
2002.

To the extent that, following completion of this exercise on or
before 23rd January, 2002 any Bonds remain outstanding, First
Pacific will arrange for funds sufficient to redeem those
outstanding Bonds in full on their maturity to be deposited with
the Trustee on 23rd January, 2002, to be held on trust for the
Bondholders and paid to Bondholders on the maturity date of the
Bonds, which is 27th March, 2002. As First Pacific has the
necessary resources to effect full repayment of the Bonds, the
deposit of these funds with the Trustee should serve to allay
any concerns that might exist with respect to First Pacific's
ability to pay the Bonds on maturity.

There are currently outstanding Bonds in the principal amount of
US$198 million (HK$1.54 billion) which, in the event they are
not purchased by ING Barings as described above, will be repaid
at maturity on 27th March, 2002, at a total cost, including
interest and redemption premium, of approximately US$268 million
(HK$2.09 billion). As previously announced on 9th January, 2002,
repayment of the outstanding Bonds will be funded by a
combination of cash on hand and by drawing down sufficient funds
from the Company's HK$1.56 billion (US$200 million) loan
facility which was announced on 5th November, 2001.

Definitions

The following expressions have the following meanings:

"Bonds"  2 per cent guaranteed convertible bonds, in
the original issued amount of US$350 million (HK$2.7 billion),
issued by First Pacific Capital (1997) Limited, a wholly-owned
subsidiary of First Pacific, and guaranteed by First Pacific.
The Bonds are redeemable on 27th March, 2002, at a price of
134.129 per cent of face value plus accrued interest and, to
date, First Pacific has purchased for cancellation approximately
43 per cent of the amount originally issued;

"First Pacific" or "the Company" First Pacific Company
Limited;

"ING Barings" ING Barings, a division of ING Bank N.V.; and

"Trustee"  the trustee appointed in respect of the Bonds
under the trust deed pursuant to which the Bonds were created.


FREEMAN FINANCIAL: Winding Up Petition To Be Heard
--------------------------------------------------
The petition to wind up Freeman Financial Planning Limited is
scheduled for hearing before the High Court of Hong Kong on
January 23, 2002 at 10:00 am. The petition was filed with the
court on October 19, 2001 by Adlington, Adele Mary of 4th Floor,
12 Kai Chiu Road, Causeway Bay, Hong Kong.


SURSON (HOLDINGS): Faces Winding Up Petition
--------------------------------------------
The petition to wind up Surson (Holdings) Limited was set for
hearing before the High Court of Hong Kong on January 9, 2002.
The petition was filed with the court on September 13, 2001 by
Bank of China (Hong Kong) Limited (the successor corporation to
The China and South Sea Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


SURSON REAL: Winding Up Sought By Bank of China
-----------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Surson Real Estate Development Company Limited. The petition was
filed on September 13, 2001, and was heard before the High Court
of Hong Kong on January 9, 2002.

Bank of China (Hong Kong) Limited (the successor corporation to
The China and South Sea Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) holds its
registered office at 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


WORLDWIDE CONVENTIONS: Winding Up Petition Slated
-------------------------------------------------
The petition to wind up Worldwide Conventions & Expositions
Limited is scheduled to be heard before the High Court of Hong
Kong on January 30, 2002 at 9:30 am. The petition was filed with
the court on October 29, 2001 by Chung Fung Ying of Flat 3409,
Mei Tin House, Hing Tin Estate, LamTin, Kowloon, Hong Kong.


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


ARGO PANTES: Rp2.06T Debt Restructuring Completed
-------------------------------------------------
Textile company PT Argo Pantes completed its debt restructuring
worth Rp2.06 trillion (US$214.81 million), IndoExchange reports,
referring to Vice President Director Ng Djoen Khing's statement
to the Jakarta Stock Exchange. The company's debt consists
foreign loan of  US$203.5 million (Rp1.95 trillion), and
domestic loan of US$11.3 million (Rp108.42billion).

According to Ng Djoen Khing, debt was restructured as:

   * 41.78 percent paid in cash with company's asset sale
   * 18.62 percent through debt to equity swap
   * 39.6 percent paid by issuing convertible bonds


* Government Planning IBRA Replacement
--------------------------------------
The government wants to set up a new body to replace the
Indonesian Bank Restructuring Agency (IBRA), IndoExchange
reported Friday, citing Coordinating Minister for Economic
Affairs Dorodjatun Kuntjoro-Jakti.

"There is a plan to form a new institution replace IBRA," he
said, adding that State Minister has come up with the idea to
form a joint venture, such as those in Korea and Thailand, to
manage assets of banks closed down by the government.

"The proposed body will be like a state enterprise but will have
independent management, a system not adopted by the IBRA,"
State Minister for State Enterprises Laksamana Sukardi said.

IBRA, set up by the government in 1998 and whose tasks end in
2004, is an agency under the Finance Ministry to manage the
assets of troubled banks closed by the government.


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


DAIEI INC: Debt Plan's Impact On Banks Unlikely, Says S&P
---------------------------------------------------------
Standard & Poor's on Jan. 18, 2002 said that the implementation
of a debt restructuring proposal for Daiei Inc. (CCC-pi)
disclosed in media reports would not have an immediate impact on
the credit ratings on the superstore's main banks. The long-term
ratings on the three main banks, Fuji Bank Ltd. (BBB+/Watch
Neg/A-2), Sumitomo Mitsui Banking Corp. (SMBC; BBB+/Watch Neg/A-
2), and UFJ Bank Ltd. (BBB+/Watch Neg/A-2), remain on
CreditWatch with negative implications.

According to press reports, the three banks will extend
financial support through a combined debt-for-equity swap and
debt forgiveness of 300 billion in loans, while retiring all of
their holdings of 120 billion in preferred shares. The total
debt amount reported to be included in this support package
represents approximately half of the banks' long-term and short-
term loans to Daiei as of February 2001.

The expected losses for the main banks from the reported debt
restructuring initiative would be within Standard & Poor's
expectations, and the impact of these losses would not trigger
an immediate downgrade of the banks. A swap for shares is
considered to be better for the main banks compared with a debt
forgiveness scheme, as this would leave the banks the
possibility of recovery as well as the benefit of the increase
in the value for the shareholders, while providing flexibility
for Daiei to pay its creditors. However, Standard & Poor's
estimates the value of these shares to be very low, given
Daiei's current financial standings and the shares' low
marketability.

If adopted, the total corporate restructuring package extended
to Daiei could support the company in improving its financial
condition (see Standard & Poor's press release "S&P to Lower
Rating on Daiei if Debt Restructuring is Announced", published
January 17, 2002). However, given the weak Japanese economy and
fierce competition in the retail market, it is possible that the
banks might be required to provide additional financial support
to Daiei.

The ratings on Fuji, SMBC, and UFJ Bank are currently on
CreditWatch with negative implications. In resolving the
CreditWatch placement, Standard & Poor's will evaluate the final
restructuring plan, and review the three banks' overall asset
quality and capital position in light of the deteriorating
economic and market environment.


DAIEI INC: Reveals Debt Restructuring Plan
------------------------------------------
Daiei, Inc. has announced a new three-year restructuring plan to
cut its interest-bearing debt worth Y750 billion, Nihon Keizai
and AFX News reported on Thursday. The firm also plans to sell
and liquidate unprofitable subsidiaries. In a move to bolster
earnings from its core business, the company will shut down more
than 50 discount stores operating at a loss.

Under a rescue package agreed upon with UFJ Bank, Sumitomo
Mitusi Banking Corp and Fuji Bank, the struggling retailer will
receive Y420 billion in financial assistance.


FURUKAWA CO: MOODY'S Lowers Rating To Ba3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
debt ratings of Furukawa Co., Ltd. (Furukawa) to Ba3 from Baa3
on January 17, 2002. The rating outlook is negative. The rating
action reflects Furukawa's substantially weakened balance sheet.
The rating agency views that Furukawa's cash flow and operating
performance will remain under pressure despite its ongoing
restructuring efforts. The negative rating outlook mainly
incorporates uncertainties that the Australian facility may
continue to face operational difficulties.

The Company derives about 42 percent of consolidated sales from
its machinery business, about 32 percent from the metal
business, and about 9 percent from its electronics business
(mainly high-purity metallic arsenic). The demand for these main
products has been decreasing due to sluggish investment in
construction work and a significant downward trend in demand for
IT-related products. In addition, the delay in operations in its
Australian copper smelting and refining facility further
pressures profitability and increases interest burden.

Meanwhile, Furukawa is making efforts to restructure its
machinery business globally by entering into joint ventures in
some products, liquidating overseas subsidiaries, and
reinforcing its industrial machinery operations. Despite this
series of restructuring steps, Moody's expects Furukawa's
operating performance to remain under downward pressure over the
medium term given the increasingly difficult market environment.

Furukawa Co., Ltd, one of the leading manufacturers of metal
products and construction and mining machinery, is headquartered
in Tokyo Japan.


KITANOKAZOKU CO: Seeks Court Protection
---------------------------------------
Kitanokazoku Co has filed for court protection from its
creditors on January 17, Kyodo News reported on Friday. The
company filed the request at the Tokyo District Court with debts
of Y11.6 billion, invoking the fast-track legislation for
rehabilitating heavily indebted firms.


NIPPON TELEGRAPH: Telecom Group Opposes Reorganization Plan
-----------------------------------------------------------
The regional telephone operators of Nippon Telegraph and
Telephone Corp (NTT) have presented the Telecommunications
Ministry with written opinions against a government panel's call
for reorganizing or dividing up the giant telecom group, Kyodo
News said Friday, quoting company officials.

NTT East Corp and NTT West Corp revealed that the proposal by
the Telecommunications Council, an advisory panel to the public
management, home affairs, posts and telecommunications minister,
is not constructive for promotion of information technology (IT)
as it puts too much emphasis on regulating phone services.


SEKISUI HOUSE: Forecasts Y84B Net Loss
--------------------------------------
Sekisui House Ltd has announced that it expects a consolidated
net loss of Y84 billion in the current business year ending
January 31, revising its earlier estimate of a loss of Y6.5
billion, Kyodo News reported Friday.

Japan's largest homebuilder made the downward revision largely
because it will register an extraordinary loss of Y102 billion
for the revaluation of real-estate holdings for sale. (Kyodo
News)


SHOKUSAN JUTAKU: Seeks Creditors' Support
-----------------------------------------
Shokusan Jutaku Sogo Co, a leading builder of custom-made
houses, has asked for creditors' support to back its
rehabilitation plan on Thursday, four days after it sought court
protection from creditors, according to Kyodo News Friday,
citing President Katsuhiko Nishimura.

"We intend to rehabilitate our company as speedily as possible
by putting emphasis on our housing refurbishment business
division," Katsuhiko Nishimura said.

Shokusan Jutaku Sogo Co. filed for court protection from
creditors on Sunday, with unconsolidated obligations of Y13.5
billion.


UFJ BANK: S&P Rates `BBB-' Long-Term Rating; Watch Negative
-----------------------------------------------------------
Standard & Poor's assigned its triple-'B'-plus long-term and 'A-
2' short-term ratings to UFJ Bank Ltd. and placed the long-term
rating on CreditWatch with negative implications, following the
merger of Sanwa Bank Ltd. and Tokai Bank Ltd. At the same time,
Standard & Poor's withdrew its ratings on these two predecessor
banks. The triple-'B' long-term and 'A-2' short-term ratings on
UFJ Trust & Banking Co. Ltd. remain on CreditWatch with negative
implications following its name change from Toyo Trust & Banking
Co. Ltd. (see list below).

UFJ Bank is the core commercial banking subsidiary of UFJ
Holdings Inc., the holding company of the predecessor banks,
Sanwa, Tokai, and Toyo Trust, which was established in April
2001.

As a result of the merger, UFJ Bank should be able to further
enhance its business efficiency and to improve the quality of
its customer service through appropriate customer segmentation
into retail, corporate, and international market sections.
Through the merger, the bank should also achieve reduced
operating costs, while upgrading its IT systems by combining the
resources of the two predecessor banks, Sanwa and Tokai. UFJ
Bank also aims to increase its synergy with UFJ Trust, and will
begin assuming the lending business of the trust bank in early
fiscal 2003 (starting April 2003).

UFJ's integration strategy is appropriate to strengthen its
profitability considering the business environment of the bank
in Japan, in which competition between the four large banking
groups is growing. However, asset quality problems in the UFJ
group will take some time to resolve. The UFJ group's total
credit costs for fiscal 2001 are expected to amount to 2
trillion, which is 2.5 times its projected core profit.

The ratings on UFJ Bank and UFJ Trust are on CreditWatch with
negative implications reflecting the status of the ratings on
the predecessor banks. In resolving the CreditWatch placement,
Standard & Poor's will review the UFJ group's asset quality and
capital position in light of the deteriorating economic and
market environments. Particular risk factors for the banks
include the adequacy of their provisioning policies and whether
the support plan for troubled large borrowers with which the UFJ
group has a main bank relationship will be effective in
restoring their health.

NEW RATINGS

UFJ Bank Ltd.
Counterparty credit rtg   BBB+/Watch Neg/A-2
CD       BBB+/Watch Neg/A-2
Sr unsecd debt     BBB+/Watch Neg
Sub debt      BBB/Watch Neg

RATINGS ON CREDITWACH NEGATIVE

UFJ Trust & Banking Co. Ltd.
Counterparty credit rtg   BBB/Watch Neg/A-2
CD       BBB/Watch Neg/A-2


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


DAEWOO MOTOR: GM Discovers Unspecified Hidden Debt
--------------------------------------------------
General Motors Corp recently told the labor union at Daewoo
Motor Co that it has discovered an unspecified amount of hidden
debt owed by the company, Dong-a Ilbo daily reported Thursday,
citing union leader Kim Il-sup. Kim was quoted as saying GM is
bringing up the hidden debt as a fresh issue in negotiations to
acquire Daewoo Motor, adding that it may emerge as a major
obstacle to a final deal.

Kim announced that GM made the disclosure in a series of
meetings with union leaders but did not reveal the exact size of
the debt it discovered.


DAEWOO MOTOR: Workers Protest Takeover, Lay-Offs
------------------------------------------------
Workers at Daewoo Motors have rallied in protest against the
company's proposed acquisition by General Motors, Annanova said
Wednesday. Striking employees burned effigies signifying the
heads of General Motors, Daewoo Sales and its creditors. Daewoo
said it would cut 393 sales people as part of the acquisition
agreement. More than a quarter of Daewoo's sales and marketing
staff will have been axed by next month.

Daewoo is weighed down by a W11.8 billion mountain of debt that
some analysts view as a potential obstacle to the GM deal. GM
officials have indicated the takeover deal should be completed
in about six weeks.


HANBO BUSAN: Parent Signs MOU With Pyeonghwa Steel
--------------------------------------------------
Hanbo Group has signed a memorandum of understanding (MOU) with
Pyeonghwa Steel on February 4, approving to sell its Hanbo Busan
Steel Mill, which was declared bankrupt in 1997 together with
its mother company, Korea Herald reported last week. Pyeonghwa
plans on conducting detailed evaluation for one month, with the
goal of concluding the acquisition contract in early February.

Hanbo Busan Steel Mill produces about 1 million tons of steel
per year. Through efficient restructuring, it has managed to
operate at 100 percent rate without financial assistance even
after it was declared bankrupt five years ago.


HYNIX SEMICONDUCTOR: US$2.1B Offer Looks Promising
--------------------------------------------------
Hynix Semiconductor should receive a US$2.1-$3.1 billion offer
for its 13 plants from Micron Technology, DebtTraders analysts,
Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300),
reports. Micron agreed to pay $300 million in cash and stock for
Toshiba's plant, according to a filing with the Securities and
Exchange Commission.

Separately, the Chosun Ilbo newspaper reported that Micron would
offer $3.2 billion for the seven plants and a fifth of Hynix's
non-memory semiconductor business. The Korean chipmaker has a
total debt of 8.6 trillion won ($6.6 million).


HYNIX SEMICONDUCTOR: Creditors Reject Micron Offer
--------------------------------------------------
Creditors of Hynix Semiconductor Inc rejected a US$3 billion
offer by Micron Technology Inc for Hynix memory chip production
lines, Yonhap News Agency and AFX News reported on Wednesday,
quoting unidentified creditor sources. Micron offered to acquire
seven or eight memory chip production lines but would not take
over any of the firm's debts.

Creditors said that Hynix assets were undervalued and the bid
failed to take into account a recent increase in semiconductor
prices. Creditors are now working on their own proposal, which
contains two options and a much higher price. One option
involves Micron acquiring all Hynix' operations, including
memory and non-memory chip businesses. The other would involve
Micron only acquiring Hynix memory chip business, but the Micron
would also have guarantee the continuing operation of Hynix non-
memory activities.

Micron and Hynix began talks in December on an alliance or
merger to create the world's biggest memory chipmaker.


HYUNDAI HEAVY: February Separation From Parent Likely
------------------------------------------------------
Hyundai Heavy Industries is likely to split from its mother
company sometime February, Maritime Press reported on Friday,
citing unnamed company officials. HHI wanted to complete the
process of freeing itself from affiliates by the end of 2001,
but has been delayed by problems in reducing its stake in
Hyundai Asan, the Hyundai Group's vehicle for investments in
North Korea.

HHI must reduce its stake in the loss-making unit from 25
percent to 15 percent to enable it to separate from the Hyundai
Group. The spin-off move will have the benefit of leaving HHI
able to raise capital and invest in other companies, as well as
improving investor confidence that cash will not be used to prop
up ailing group units.


HYUNDAI ENGINEERING: Sells Off Seosan Farm
------------------------------------------
Hyundai Engineering and Construction (HEC) has sold a total of 1
million pyeongs of Seosan Farm to farmers in Gangwon Province,
according to Digital Chosun on Thursday. One pyeong is equal to
3.3 square meters. The move would aim to prop up its struggling
financial status in 2000. The company signed a sales contract
with 27 farmers for the land at W22 billion.

So far, HEC has sold off 9 million pyeongs, leaving about 21
million pyeongs unsold. As the company will have to allot a
total of 14.48 million pyeongs to fishermen who suffered damages
from the reclamation work, the company is expected to sell off
only about six more million pyeongs in the future.

The company's creditor, Korea Exchange Bank said that HEC repaid
convertible bonds (CBs) worth W191.7 billion that reached
maturity on December 31, TCR-AP reported last week. HEC extended
the maturity of the bonds at the end of 2001 because it could
not identify all of the bondholders, who were all individuals
and non-financial corporations.

Debtraders reports that Hyundai Engineering & Construction's
0.125% convertible bond due 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 INVESTMENT: FSC To Restart Sell-Off Negotiations
--------------------------------------------------------
The Financial Supervisory Commission will restart discussions to
sell Hyundai Investment Trust & Securities Co (HITSC) and two
other affiliates namely Hyundai Securities Co and Hyundai
Investment Trust & Management Co to some unspecified foreign
investment firms, that have shown interest in the three Hyundai
financial units, AFX News reports. FSC said that the government
has decided to drop talks to jointly invest in HITSC with
American International Group.

The government could not accept the AIG-led consortium's demand
that the government provide a full guarantee for debt that may
be found later. The report said the government would continue to
press ahead with plans to sell the three units after the
termination of talks with AIG.

FSC stressed that some internationally renowned foreign
financial institutions have already expressed their interest,
but did not mention the names of potential investors.


SEOULBANK: S&P Assigns `BB' Long-Term Credit Rating
---------------------------------------------------
Standard & Poor's assigned January 18 its double-'B' long-term
and single-'B' short-term counterparty credit ratings to
SeoulBank. The outlook on the long-term rating is stable.

The rating on SeoulBank reflects the bank's improved asset
quality, capitalization, and profitability, which enable it to
continue to cut nonperforming loans without significantly
undermining its financial profile. The rating also takes into
account the improved infrastructure of SeoulBank, including
restructuring of its branch network, which has been spearheaded
by the new management following the nationalization of the bank
during the Asian financial crisis. At the same time, the rating
also incorporates uncertainties about the composition of new
shareholders after the planned privatization of SeoulBank is
completed and concerns about remaining exposure to ailing Korean
corporate conglomerates (chaebol).

SeoulBank's ratio of loans categorized as 'precautionary and
below' was 11.0 percent at September 2001. The ratio is mediocre
in comparison with that of the bank's peers, although it
represents a marked decrease from 31.4 percent at December 2000.
The bank also expects to return to net profitability, expecting
to post a net profit of Korean won (W) 60.6 billion in fiscal
2001 (ended December 2001). SeoulBank's capitalization has
improved as a result of the accumulation of profit, with the
bank's Tier 1 ratio increasing to 6.12 percent at September 2001
from 5.73 percent at December 2000.

Following its nationalization, SeoulBank's new management has
radically changed the bank's loan portfolio, shifting the focus
to household-oriented lending from large corporation lending.

Uncertainties remain, however, regarding the composition of new
shareholders in SeoulBank following its planned return to the
private sector. Korea Deposit Insurance Corp. is currently the
sole shareholder of the bank, but the government is seeking a
buyer.

Although SeoulBank has actively decreased lending to the
chaebols and shifted the focus of its loan portfolio to
households, its exposure to the chaebols is still a concern.

SeoulBank is the 10th-largest commercial bank in Korea and has a
strong foothold in the Seoul metropolitan area. The bank was
nationalized in 1998, due to its eroded credit profile during
the Korean financial crisis.

OUTLOOK: STABLE

The outlook takes into consideration SeoulBank's capacity to
meet future challenges, including its future privatization. A
key risk factor for the bank is its efforts to continue cutting
nonperforming loans, through methods including write-offs,
without significantly undermining its financial profile.


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


BREM HOLDING: Serves Writ Of Summons Over Defaulted Payment
-----------------------------------------------------------
Brem Holding Berhad (Brem or the Company) announced that on 15
January 2002, EM Machinery Parts Sdn. Bhd. (EM) (a 71.42 percent
subsidiary of Brem) was served with a Writ of Summons dated 10
October 2001, together with the Statement of Claim dated 10
October 2001, as the First Defendant named therein and Brem as
the Second Defendant named therein. However, Brem has not been
served yet with the Writ of Summons.

The action was brought about by Danaharta Managers Sdn. Bhd.
(Danaharta) against EM for a default in the repayment of banking
facilities amounting to RM3.6 million and against Brem for the
amount of RM3,432,611.77 pursuant to the Corporate Guarantee
provided by Brem.

The sum of RM3,432,611.77 claimed by Danaharta against Brem
amounts to less than 5 percent of the net tangible assets of
Brem as at the year ended 31 March 2001. Up to 31 December 2001,
EM had made a partial repayment of RM610,000/- towards the
outstanding banking facilities.

No hearing date has been fixed, but EM and Brem are required to
enter appearance within eight days of service of the Writ of
Summons. The suit has been referred to the Company's solicitors
with instructions to enter appearance on behalf of the Company.


CHASE PERDANA: Enters Joint Venture Agreement With Messrs PB
------------------------------------------------------------
The Board of Chase Perdana Berhad (CPB) on 17 January 2002 has
entered into a Joint Venture Agreement with Messrs Pioneer
Builders (PB) having its registered office at Plot No. 652, Road
no. 3, Banjara Hills, Hyderabad -500034, Andhra Pradesh, India,
to form a joint venture (JV) to participate in the pre-
qualification, bidding and execution of the works for the Port
Connectivity Projects: Phase II as invited by National Highways
Authority of India. The estimated project cost is approximately
RM425 million.

The work arising from the tender is to be split between CPB and
PB in the proportion of 70:30 respectively.

None of the directors or substantial shareholders of the Company
or persons connected to them has any interest, direct or
indirect in the above transaction.

Profile

The Company's debt restructuring scheme (submitted to the SC on
12 July 2000) has been withdrawn and the Tripartite agreement
(signed between the Company, Sitt Tatt Bhd and Malaysian
Resources Corporation Bhd on 16 January 2001) has been
terminated. The Company is now in the process of formulating a
revised debt and corporate restructuring exercise.

On 25 June 2001, the Company appointed Messrs Arthur Andersen
Corporate Advisory Sdn Bhd to act as Independent Financial
Adviser to review and advise its lenders on a fresh scheme to be
presented by the Company before 11 July 2001.


KIARA EMAS: Proposes Debt Settlement
------------------------------------
Kiara Emas Asia Industries Berhad (Kiara Emas or Company)
proposed that the claims of all of its financial institution
creditors will be determined on the basis of a cut-off date of
31 March 2001. All corporate guarantees given by Kiara Emas for
the benefit of its subsidiaries shall be discharged and released
upon approval by the financial institution creditors of the
terms of the Proposed Debt Settlement.

The total debt owing to the Company's financial institution
creditors, net of assets charged, is proposed to be settled in
the following manner:

   (a) All interest and penalty charges, if any, arising after
31 March 2001, shall be completely waived;

   (b) 80 percent of the total debt owing as at 31 March 2001
shall be waived; and

   (c) 20 percent of the total debt owing as at 31 March 2001
shall be settled by the issuance of 2 percent 5-year RCULS by
MTHSB, on the basis of RM1.00 nominal value of RCULS for every
RM1.00 of debt.

Kiara Emas entered into a Memorandum Of Understanding (MOU) with
Excellent Avenue (M) Sdn Bhd (Excellent) in relation to a
Proposed Scheme to regularize its financial condition, TCR-AP
reported on October last year.


MBF CAPITAL: Changes Audit Committee
------------------------------------
MBf Capital Berhad (MBfC) posted this change in audit committee
notice:

Date of change  : 17/01/2002
Type of change  : Appointment
Designation  : Member of Audit Committee
Directorate  : Independent & Non Executive
Name    : Mohamed Ayub bin Mohamed Ali
Age    : 42
Nationality  : Malaysian
Qualifications  : Higher School Certificate

Working experience and occupation  : In 1999 to 2001 he was a
Director, Head of Foreign Exchange, Asia (ex-Japan) of Barclays
Bank PLC, Singapore where he had regional responsibilities for
forex operations in Asia. He was also responsible for
restructuring the forex business in Asia which was then
undergoing a serious downturn in the face of general overall
decline in volatility, customer volumes and encroachment by non
traditional e-enabled competitors.

He was a Senior Vice President, Head of Global Market Asia,
Sanwa Bank, Singapore from 1997 to 1999. During that time, he
was responsible for setting up one of the most successful and
reputable emerging market forex and interest rate trading desks
in Asia where he was consistently among the top 3 most
profitable traders in the Sanwa global network.

Between 1994 to 1997 he was the Vice President, Head of Emerging
Markets for Union Bank of Switzerland, Singapore. He pioneered
the concept of an integrated Forex and Interest Rates Asian
Currency trading unit. He assisted in building a global
reputation for providing seamless risk management solutions on
Asian currency products. In addition, he served as the Head of
the Treasury Sales and Risk Management Team in which he was
responsible for coordinating sales coverage of US hedge funds,
regional central banks and global treasuries of large multi
nationals out of Asia.

From 1979 to 1994, he held position in KSG Sdn Bhd, Bank Buruh
(Malaysia) Berhad and Citibank NA, Kuala Lumpur.
Directorship of public companies (if any) : None

Family relationship with any director and/or major shareholder
of the listed issuer   : None
Details of any interest in the securities of the listed issuer
or its subsidiaries   : None

Composition of Audit Committee (Name and Directorate of members
after change)    : 1) Datuk Azizan bin Abdul Rahman
  2) Mohamed Ayub bin Mohamed Ali

barely days ago, TCR-AP reported that MBfC has entered
into a conditional Share Sale Agreement (SPA) with FOS Asset
Management Sdn Bhd (FOS) to dispose its entire 100 percent
equity interest in its wholly owned subsidiary, MBf Asset
Management Sdn Bhd (MBfAM) to be used as working capital.


MTD CAPITAL: Discloses Share Dealings With Relevant Parties
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of MTD Capital Bhd (MTD or the Company), pursuant to Section 32
of the Malaysian Code on Take-overs and Mergers 1998 (Code),
announced that there are no dealings in the ordinary shares of
Metacorp Berhad and MTD by MTD and the Relevant Parties, save
for Lambang Simfoni Sdn Bhd, a wholly owned subsidiary of MTD,
which had on 16 January 2002 acquired 130,000 ordinary shares of
RM1.00 each in Metacorp via open market transaction at the
average price of RM2.9424 per Metacorp share.

The disclosures are:

Date of Dealing  :  16 January 2002
Name    :  Lambang Simfoni Sdn Bhd
Acquisition/Disposal :  Acquired
No. of Metacorp shares :   130,000
Price per share  :  2.9424
RM Total Cumulative shareholdings:  41,353,787

With the aforesaid acquisition, the shareholdings of MTD and
persons acting in concert with MTD have increased from
45,223,787 ordinary shares to 45,353,787 ordinary shares of
RM1.00 each in Metacorp, representing approximately 40.58
percent of the issued and paid-up share capital of Metacorp.

Any disclosures made by Arab-Malaysian pursuant to Section 32 of
the Code, on behalf of MTD and the Relevant Parties, are based
on the disclosures as furnished by MTD and the Relevant Parties.
Arab-Malaysian shall not be responsible for any omission or
error in such disclosure to the relevant authorities.

According to Wrights Investors' Service, MTD had negative
working capital at the end of 2001, as current liabilities were
Rp251.05 million while total current assets were only Rp227.54
million.


RENONG BERHAD: Replies To KLSE's Query Over Media Articles
----------------------------------------------------------
Renong Berhad (Renong or the Company), replied to the KLSE's
query dated 16 January 2002 in relation to the articles
entitled, "Time Sticking To Asset Sale Plan" and "Renong Sees
Profit In Fy03 On Assets Sales, Prolink". In particular, Renong
took exception to certain sentences appearing in The Sun, Sun
Biz, page B1 and Bloomberg respectively on Wednesday, 16 January
2002, which have been reproduced:

   "Time plans to sell its 16% stake in Renong."

   "Renong is selling stakes in . Time Engineering Bhd and hotel
operator Faber Group Bhd."

Renong informed the Exchange that it has been the Company's
strategy to reduce its debt through a systematic and structured
disposal of its non-core assets. This strategy had been
previously announced on 13 March 2000 and 6 November 2001 and
stated in Renong's circulars to its shareholders dated 14 July
1999, 27 August 2001 and also Renong's Annual Report 2001.
Renong is currently in the process of undertaking the aforesaid
structured disposal of its non-core assets.

In respect to the phrase "Time plans to sell its 16% stake in
Renong.", Renong have sought clarification from Time Engineering
Berhad (Time), a substantial shareholder of Renong and wish to
inform the Exchange that, as previously announced by Time, Time
had presented a revised restructuring proposal to its
bondholders on 4 December 2001. The revised restructuring plan
may involve the sale over a period of three (3) years of Time's
interest in Renong, amongst others. However, the revised
restructuring plan has not been finalized and accepted by Time's
bondholders.


TIME DOTCOM: Shareholder In Talks With Bondholders Re Repayment
----------------------------------------------------------------
TIME dotCom Berhad (TIME dotCOM or the Company), in reference to
the Kuala Lumpur Stock Exchange's letter in respect of the news
article appearing in The Sun, Sun Biz, page B1 on Wednesday 16
January 2002 entitled, "Time Sticking To Asset Sale Plan", has
been informed by its major shareholder, TIME Engineering Berhad,
of its intention to dispose of part of its stake in TIME dotCom
(not TIMECel Sdn Bhd) pursuant to the revised restructuring plan
presented to the Bondholders on 4 December 2001 to the repayment
of the US dollar Bonds.

TIME Engineering had presented a revised restructuring proposal
to its Bondholders on 4 December 2001. The revised restructuring
plan may involve the sale of the Company's interest in Renong
Berhad, TIME dotCom Berhad and its office building, Wisma TIME
over a period of three (3) years. However, the revised
restructuring plan has not been finalized and accepted by the
Bondholders.

Time dotCom informed that its TIME Engineering is still in
discussions with the Bondholders to seek a non-legal solution to
the repayment of the Bonds.


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


MAYNILAD WATER: Unable To Get US$350M Loan Approval
---------------------------------------------------
Maynilad Water Services Inc (MWSI) was unable to get approval
for US$350 million worth of loans because it has yet to get an
endorsement for a sovereign guarantee from the Metropolitan
Waterworks and Sewerage System (MWSS), Philippine Daily Inquirer
reported on Wednesday.

The MWSS is already subsidizing concession payments now worth
P2.78 billion that MWSI has refused to pay since March 2001. The
company had been servicing some US$800 million worth of debts it
absorbed when it won a US$7.5-billion concession with Manila
Water Co. Inc. to provide water services in Metro Manila. These
were debts incurred by the MWSS.

Earlier Maynilad said it would be unable to pay about US$100
million worth of bridge loans maturing in February. Maynilad was
allowed to recover some of its losses through an increase in its
rates, its creditors are still awaiting on how it would come to
terms with the MWSS referring to the issue of rate re-basing as
well as its performance targets.


UNIWIDE GROUP: BPI Accepts Rehabilitation Plan
----------------------------------------------
The Bank of the Philippine Islands (BPI), a creditor of the
Uniwide Group, has accepted the proposed rehabilitation scheme
as viable but still insisted on being allowed to start
foreclosure proceedings against two major properties as payment
for its secured loans, the Philippine Star reported Friday.

Documents at the Securities and Exchange Commission (SEC)
disclosed that the BPI has filed its comments on the second
amended rehabilitation plan for the Uniwide Group where it said
it was not opposed to the plan provided further amendments were
made.

BPI announced that SEC should at least give it six months to
effect the transfer in a mode other than SPV, following the
approval of the rehabilitation plan. It also contested the
leaseback proposal for one of the properties, specifically a lot
along Avenida, which the rehabilitation scheme pegged at P125
per square meter for the first year with five percent escalation
annually for the succeeding years. BPI stressed that a rental
rate closer to P200 per square meter per month for five years
should be a fairer alternative.

Based on the rehabilitation plan, Uniwide will stick to its core
business of retailing in order to make the balance sheet of its
flagship unit Uniwide Warehouse Club Inc. free of bank debts.
This will be done through a combination of dacion en pago
arrangements of non-operating assets and cash payment.


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


CAPITALAND LIMITED: Incorporates Subsidiary
-------------------------------------------
The Board of Directors of CapitaLand Limited announced on
January 17 the incorporation of an indirect wholly-owned
subsidiary, PREMAS Asia Pte Ltd (PREMAS Asia), in Singapore,
under PREMAS International Limited.

PREMAS Asia, an investment holding company, has an authorized
and paid-up capital of S$100,000 comprising 100,000 ordinary
shares of S$1 each.


MEDIARING.COM: Posts Shareholder's Interest Notice
--------------------------------------------------
Mediaring.Com Ltd posted a notice of substantial shareholder Ng
Kai Wa's deemed interests:

Date of notice to company: 16 Jan 2002
Date of change of interest: 10 Jan 2002
Name of registered holder: Innomedia Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Deemed Interest - Sale in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 50,000
% of issued share capital: 0.007
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$0.165
No. of shares held before change: 41,867,680
% of issued share capital: 5.64
No. of shares held after change: 41,817,680
% of issued share capital: 5.64

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed      Direct
No. of shares held before change: 41,867,680  2,516,340
% of issued share capital:        5.64        0.34
No. of shares held after change:  41,817,680  2,516,340
% of issued share capital:        5.64        0.34

Total shares: 41,817,680 2,516,340

An Internet telephony services firm, Mediaring.com posted a net
loss of S$55.9 million for the fiscal year 2000, TCR-AP reported
last year. The figure is more than double the recorded net loss
in the previous year.


PANPAC MEDIA.COM: Posts Managerial Appointment Notice
------------------------------------------------------
PanPac Media.Com posted this notice:

Name: Teoh Lo Hai
Age: 38

Family relationship with any director and/or substantial
shareholder? Brother-in-law of Mr Chong Huai Seng, Vice Chairman

Current position and duties and the year the position was first
held? Vice President/Chief Technology Officer - 1999

Details of changes in duties and position held, if any, during
the year?


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


DATAMAT PUBLIC: Reports Share Offering Results
----------------------------------------------
Datamat Public Company Limited reported the results of the share
offering:

1. Information relating to the share offering

   - Class of shares offered          :    Common Shares
   - Number of shares offered         :    53,637,216   shares
   - Offered to                       :    Existing  Shareholder
   - Price per share                  :    Bt1
   - Subscription and payment period  :    2-8  January  2002

2. Results of the share sale
   [   ]   totally sold
   [ / ]   partly sold, with   13,606,729  shares remaining.
   The company will deal with the remaining shares as follow:

  - The Board of Directors is considering to sell the remaining
shares.

3. Detail of the sale

    Thai investors           Foreign investors     Total
Juristic       Natural    Juristic      Natural
Persons       Persons     Persons       Persons

Number of persons
11           631         -            3         645
Number of shares subscribed
21,039,708      18,959,271      -       31,508  40,030,487
Percentage of total shares
   Offered for sale
39.23              35.35        -         0.06       74.64

4. Amount of money received from the shares sale

   Total amount                 :       Bt40,030,487
   Less   expenses              :       Bt  -
        Net amount received     :       Bt40,030,487


HI-LIGHT DEVELOPMENT: Business Reorganization Petition Filed
------------------------------------------------------------
The Petition for Business Reorganization of Hi-Light Development
Company Limited (DEBTOR), engaged in apartment service, was
filed in the Central Bankruptcy Court:

   Black Case Number 32/2544

   Red Case Number 162/2544

Petitioner: BANK OF ASIA PUBLIC COMPANY LIMITED By Mr. Somsuk
Voravijuk as the authorized person

Planner: V. T. BUSINESS RESTRUCTURING COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,943,134,575.40

Date of Court Acceptance of the Petition: January 22, 2001

Date of Examining the Petition: February 19, 2001 at 9.00 AM

Court postponed the date of examining: March 9, 2001 at 10.00 AM

Court Order for Business Reorganization on March 9, 2001 and
Appointed the Debtors' executive to be as the temporary
executive

Announcement of Court Order for Business Reorganization : March
19, 2001

Court Order for Appointment of Planner: April 4, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: April 12, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: May 15, 2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: August 15, 2001

Planner postponed the date of submitting the reorganization plan
#1st to September 15, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to October 15, 2001

Appointment date for the Meeting of Creditors to consider the
plan: October 19, 2001 at 9.30 am.

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

Court had issued the order accepting the reorganization plan:
November 26, 2001 and Appointed V.T. Business Restructuring
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:
December 6, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: December 25, 2001

Contact: Mrs. Piyanant Tel, 6792525 ext 114


NEP REALTY: Posts BODs' Meeting Resolutions; ESM Scheduled
----------------------------------------------------------
The Board of Directors of NEP Realty & Industry Public Company
Limited (NEP) has approved of the following matters at the Board
of Directors' Meeting No.1/2002 held on January 17,2002

1. Fixing of the date, time and place for the Extraordinary
Shareholders' Meeting (ESM) No.1/2002, which will be held on
February 11,2002 at 10.00 hrs. at Chateau de Bangkok Building,
29 Soi Ruamrudee, Ploenchit Road, Khwaeng Pathumwan, Khet
Pathumwan, Bangkok, such matters being:

   (1)To consider adopting the Minutes of the Extraordinary
Shareholders' Meeting No.2/2001

   (2)To consider approving the purchase of a land of 1174-2-76
rai located at Tambon Na Klang, Amphur Soong Noen, Nakorn
Ratchasima Province at a price of Bt411,141,500 between
Navanakorn Co., Ltd. and PKS Development Co., Ltd.

   (3) Other business

2. Fixing of the date of closing the share register for the
right to attend the Extraordinary Shareholders' Meeting
No.1/2002, such date being January 31, 2002. 12.00 hrs.

Less than a month ago, TCR-AP disclosed information on the case
of Saraburi Industrial Park Co., Ltd., an affiliate of NEP,
entering into a Debt Restructuring Agreement with NFS Asset
Management Co., Ltd. and National Finance Public Co., Ltd.
According to Wrights Investors' Service, at the end of 2000, NEP
had negative working capital, as current liabilities were Bt1.85
billion while total current assets were only Bt1.77 billion.


SINO-THAI ENGINEERING: Ups HTR Share To 80.90%
----------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited
(STECON) has bought HTR Corporation Limited (HTR) shares from
Amarin Plaza Public Company Limited for 7,350,000 shares
amounted Bt45,000,000 on January 15, 2002. From this
transaction, STECON share holding in HTR shall increase from
66.20 percent to 80.90 percent of HTR paid up capital.

HTR, STECON subsidiary company, focuses on property development,
with registered capital Bt500,000,000. The buying of HTR shares
will result in STECON being a major shareholder which, enable
the company to have full control over HTR and also contribute to
smoother management and more flexible operation. This, in turn,
will maximize the shareholders' benefits.

STECON advised that the transaction size is not in case of
related transaction and the listed company's acquisition of
asset according to the SET Regulation.


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, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  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
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                 *** End of Transmission ***