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

                   A S I A   P A C I F I C

            Tuesday, April 09, 2002, Vol. 5, No. 69

                         Headlines

A U S T R A L I A

AUSTRALIAN PLANTATION: Shareholders GM Set for April 24
HIH INSURANCE: ICA to Appear Before Royal Commission
LEND LEASE: Sells CoolSavings Stakes to Landmark
MCINTYRE GROUP: Court Appoints Mr Vincent Hellen as Receiver
WAIVCOM WORLDWIDE: Updates Sale of Listed Shell Status

WORLDWIDE TECHNOLOGY: KPMG Appointed as Financial Advisors


C H I N A   &   H O N G  K O N G

ASIA MARK LIMITED: Winding Up Sought by Gelec
NORTHEAST ELECTRIC: Requests Suspension of Trading
PACIFIC COMPANY: AGM to be Held on June 3
PIRANDELLO COMPANY: Winding Up Petition Hearing Set
TELECOM PLUS: Appoints Deloitte Touche as New Auditor

VICTORY GROUP: Price, Turnover Movements Inexplicable
WAH TAK: In Acquisition Talks With HK Satellite


I N D O N E S I A

BANK CENTRAL: IBRA Completes Divestment Process
PERTAMINA TBK: Denies Guilty of Contempt


J A P A N

CASIO COMPUTER: R&I Downgrades L-T Rating to A-
FUJI FIRE: Sees Wider Full-Year Net Loss of Y18.7B
IWATAYA DEPARTMENT: Will Close Kumamoto Outlet
KOBE STEEL: Reaches Settlement With Shareholders
NIPPON TELEGRAPH: Expects Y865B Net Loss

NIPPON TELEGRAPH: Group Losses Will Not Affect Ratings
NISSAN CONSTRUCTION: Pledges Y2M Repayment
OMRON CORP: Posts Latent Securities Losses of Y13.8B
NTT DOCOMO: Recognizes Further Impairment Losses for FY02
SNOW BRAND: Faces Y58M Lawsuit From Meat Wholesaler

TADANO LTD: R&I Places L-T Rating on Monitor Scheme


K O R E A

DAEWOO MOTOR: GM Promises to Retain All Staff
DAEWOO MOTOR: Union Rejects GM Strike Proposal
HANVIT BANK: Will Absorb Kyongnam, Kwangju Banks
HYNIX SEMICON: Chohung Raises Loss Reserves to 80%
HYNIX SEMICON: KDB Seeks to Extend Funding Support

HYNIX SEMICON: Micron Dislikes Hynix's Revised Offer
HYUNDAI MOTOR: Inks Deal With Quantum to Develop Fuel Cell


M A L A Y S I A

ABRAR CORPORATION: Currently Reviewing `Workout Proposal' Offers
GREAT UNION: RM50M Graduated Repayment on GRUF Not Met
KIARA EMAS: Creditors' Level of Acceptances Exceeds 50%
LION ASIAPAC: Sonlife Voluntarily Winding Up
MBF CAPITAL: Proposed Acquisition Completed

MEASUREX CORPORATION: Liquidators Appointed to Wound Up Units
MGR CORPORATION: Changes Audit Committee Member
PSC INDUSTRIES: Debt Settlement Arrangement With ABB Finalized
RAHMAN HYDRAULIC: Sells Pinang Tunggal Estate for RM80,000,000
SINMAH RESOURCES: MARC Re-Affirms RM50M Redeemable Bonds Rating

UNITED ENGINEERS: Unit Hartanah's Bonds on Rating Watch
WEMBLEY INDUS.: Working on Revised Proposed Debt Restructuring


P H I L I P P I N E S

NATIONAL POWER: ADB Offers New Loan


S I N G A P O R E

LION ASIAPAC: Voluntarily Winding Up Subsidiary
WEE POH: Expects First-half Losses to Widen This Year



T H A I L A N D

ITALIAN-THAI: Bankruptcy Court OKs Business Reorganization Plan
PAMOLA COMPANY: Files Business Reorganization Petition
THAI HEAT: Issues Registered Increasing Capital Correction

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN PLANTATION: Shareholders GM Set for April 24
-------------------------------------------------------
Australian Plantation Timber Limited advised that a general
meeting of the Shareholders of the Company will be held at The
Ballroom, Rendezvous Observation City Hotel, The Esplanade,
Scarborough, Perth, Western Australia, on Wednesday 24 April
2002 commencing at 11am.

AGENDA

The following resolutions to be considered at the General
Meeting are explained in the attached Explanatory Memorandum.

RESOLUTION 1 - APPROVAL OF PLACEMENT BY THE COMPANY OF
198,412,621 SHARES TO ITC AND APPROVAL OF AN ACQUISITION BY ITC,
FUTURIS ADMINISTRATION PTY LTD, FUTURIS CORPORATION LTD AND
HATMORE PTY LTD, OF A RELEVANT INTEREST IN 198,412,621 SHARES
(SECTION 611 CORPORATIONS ACT; LISTING RULE 7.1; SECTION 208
CORPORATIONS ACT)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT, subject to and conditional upon resolutions 2 to 8
inclusive being passed by Shareholders:

   (1) the issue and allotment by the Company of 198,412,621
fully paid ordinary shares in the share capital of the Company
to Integrated Tree Cropping Limited ABN 79 069 762 634 (ITC)
(198,412,621 Shares) pursuant to a Subscription Agreement/Sale
Agreement to be entered into between ITC, ITC Project Management
Limited ABN 55 081 643 147 (ITC Project Management) and Mervyn
Jonathan Kitay in his capacity as deed administrator (Deed
Administrator) under deeds of company arrangement approved at a
creditors meeting on 21 February 2002 by the creditors of the
Company, APT Nurseries Pty Ltd, APT Forestry Pty Ltd, APT
Finance Pty Ltd, APT Projects Limited, and APT Land Pty Ltd (the
"DOCA Companies") and entered into by the DOCA Companies, a copy
of the form of which Subscription Agreement/Sale Agreement is
produced to the meeting by the Chairman and initialed by him for
identification, in consideration of ITC transferring to the
Company 100% of the issued shares in the share capital of ITC
Project Management;

   (2) the acquisition by ITC of a relevant interest (as defined
in the Corporations Act 2001 (Cth) (Corporations Act) (Relevant
Interest) in the 198,412,621 Shares;

   (3) the acquisition by Futuris Administration Pty Ltd ACN 052
351 621 of a Relevant Interest in the 198,412,621 Shares;

   (4) the acquisition by Futuris Corporation Ltd ABN 34 004 336
636 of a Relevant Interest in the 198,412,621 Shares, and

   (5) the acquisition by Hatmore Pty Ltd ACN 096 553 909 of a
Relevant Interest in the 198,412,621 Shares,

be and are hereby approved for all purposes including:

     (a) item 7 of section 611 of the Corporations Act;

     (b) rule 7.1 of the Listing Rules of Australian Stock
Exchange Limited (Listing Rules); and

     (c) section 208 of the Corporations Act."

RESOLUTION 2 - APPROVAL OF PLACEMENT BY THE COMPANY OF
59,523,786 CREDITORS SHARES TO MERVYN JONATHAN KITAY AS TRUSTEE
OF THE PROPOSAL A CREDITORS TRUST AND APPROVAL OF AN ACQUISITION
BY ITC, FUTURIS ADMINISTRATION PTY LTD, FUTURIS CORPORATION LTD
AND HATMORE PTY LTD, OF A RELEVANT INTEREST IN THE CREDITORS
SHARES (SECTION 611 CORPORATIONS ACT; LISTING RULE 10.11;
SECTION 208 CORPORATIONS ACT)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT, subject to and conditional upon resolution 1 and
resolutions 3 to 8 inclusive being passed by Shareholders:

   (1) the issue and allotment of 59,523,786 fully paid ordinary
shares in the share capital of the Company (Creditors Shares) to
Mervyn Jonathan Kitay (Trustee) to be held by him on trust for
the benefit of creditors of the DOCA Companies on the terms set
out in: the respective deeds of company arrangements approved at
a creditors meeting on 21 February 2002 by the creditors of the
DOCA Companies and between the Deed Administrator and each of
the DOCA Companies; and the Proposed Proposal A Creditors Trust
Deed, copies of the form of which are produced to the meeting by
the Chairman and initialed by him for identification;

   (2) the acquisition by ITC of a Relevant Interest in the
Creditors Shares;

   (3) the acquisition by Futuris Administration Pty Ltd ACN 052
351 621 of a Relevant Interest in the Creditors Shares;

   (4) the acquisition by Futuris Corporation Ltd ABN 34 004 336
636 of a Relevant Interest in the Creditors Shares; and

   (5) the acquisition by Hatmore Pty Ltd ACN 096 553 909 of a
Relevant Interest in the Creditors Shares, be and are hereby
approved for all purposes including:

     (a) item 7 of section 611 of the Corporations Act;
     (b) section 208 of the Corporations Act; and
     (c) rule 10.11 of the Listing Rules."

RESOLUTION 3 - CONVERSION OF TOTAL NUMBER OF ISSUED SHARES INTO
SMALLER NUMBER OF SHARES (SECTION 254H CORPORATIONS ACT)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT, subject to and conditional upon resolutions 1 and 2 and
resolutions 4 to 8 inclusive being passed by Shareholders, the
Company pursuant to section 254 of the Corporations Act convert
all of its issued shares into a smaller number of shares by
converting each Shareholder's number of shares into a smaller
number in accordance with the following formula:

   x = y/5 (rounded down to the nearest whole number)

where x is the number of consolidated shares in the share
capital of the Company; and

y is the number of shares in the share capital of the Company
prior to consolidation,

with the conversion to take effect immediately after the
allotment and issue of the 198,412,621 Shares to ITC and the
59,523,786 Creditors Shares to the Deed Administrator and in
accordance with the timing requirements of the Australian Stock
Exchange Limited."

RESOLUTION 4 - APPROVAL OF APT PROJECTS LIMITED MAKING THE
MANAGEMENT AGREEMENT WITH ITC (SECTION 208 CORPORATIONS ACT)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT, subject to and conditional upon resolutions 1 to 3
inclusive and resolutions 5 to 8 inclusive being passed by
Shareholders, the making by APT Projects Limited of the
Management Agreement with ITC as described in the Explanatory
Memorandum and a copy of the form of which is produced to the
meeting by the Chairman and initialled by him for identification
(Management Agreement), and thereby the giving of the financial
benefits to ITC required by that Management Agreement, be and is
hereby approved for all purposes including section 208 of the
Corporations Act."

RESOLUTION 5 - APPROVAL OF COMPANY MAKING THE LOAN FACILITY WITH
ITC; APPROVAL OF COMPANY AND APT PROJECTS MAKING THE GUARANTEE
FACILITY WITH ITC, AND APPROVAL OF DOCA COMPANIES MAKING DEED OF
CHARGE WITH ITC (SECTION 208 CORPORATIONS ACT)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT, subject to and conditional upon resolutions 1 to 4
inclusive and resolutions 6 to 8 inclusive being passed by
Shareholders, the:

   (a) making by the Company of the Loan Facility with ITC;
   (b) making by the Company and APT Projects Limited of the
guarantee Facility with ITC; and
   (c) making by the DOCA Companies of the Deed of Charge with
ITC,

as described in the Explanatory Memorandum and copies of the
form of which are produced to the meeting by the Chairman and
initialled by him for identification (Financing Agreements), and
thereby the giving of the financial benefits to ITC required by
those Financing Agreements, be and is hereby approved for all
purposes including section 208 of the Corporations Act."

RESOLUTION 6 - ELECTION OF ANTHONY PHILIP JACK (RULE 7.1(C)
COMPANY CONSTITUTION)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT subject to and conditional upon resolutions 1 to 5
inclusive and resolutions 7 to 8 inclusive being passed by
Shareholders, Antony Philip Jack, being a nominee of ITC, be
elected as a Director of the Company effective from the close of
the meeting."

RESOLUTION 7 - ELECTION OF ANTHONY CHARLES GWYNNE DAVIES (RULE
7.1 (C) COMPANY CONSTITUTION)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT subject to and conditional upon resolutions 1 to 6
inclusive and resolution 8 being passed by Shareholders, Anthony
Charles Gwynne Davies, being a nominee of ITC, be elected as a
Director of the Company effective from the close of the
meeting."

RESOLUTION 8 - ELECTION OF CHARLES BRIGHT (RULE 7.1(C) COMPANY
CONSTITUTION)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT subject to and conditional upon resolutions 1 to 7
inclusive being passed by Shareholders, Charles Bright, being a
nominee of ITC, be elected as a Director of the Company
effective from the close of the meeting."

RESOLUTION 9 - ELECTION OF ROBERT GEORGE BUNNING (RULE 7.1(C)
COMPANY CONSTITUTION)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT subject to and conditional upon resolutions 1 to 8
inclusive and resolution 10 being passed by Shareholders, Robert
George Bunning, being a nominee of ITC, be elected as a Director
of the Company effective from the close of the meeting."

RESOLUTION 10 - ELECTION OF DONALD MICHAEL WATT (RULE 7.1(C)
COMPANY CONSTITUTION)

To consider, and if thought fit, pass the following resolution
as an ordinary resolution:

"THAT subject to and conditional upon resolutions 1 to 9
inclusive being passed by Shareholders, Donald Michael Watt,
being a nominee of ITC, be elected as a Director of the Company
effective from the close of the meeting."

IMPORTANT NOTE:

Resolutions 1 to 8 inclusive are inter-dependent, and none of
those resolutions will be given effect unless each of those
resolutions is passed by the requisite majority. In addition,
resolutions 9 and 10 are dependent on resolutions 1 to 8 and
resolution 9 or 10 being passed by Shareholders and neither
resolution 9 or 10 will be given effect unless each of
resolutions 1 to 8 and 9 or 10 is passed by the requisite
majority.


HIH INSURANCE: ICA to Appear Before Royal Commission
----------------------------------------------------
The Insurance Council of Australia (ICA), the peak body for
general insurers, on April 4 has sought leave to appear before
the HIH Royal Commission.

ICA's principal objective is to assist the Royal Commission and
to provide any further information or technical details it may
need on specific aspects of general insurance or the operations
of the industry as a whole.

ICA's 138 members include insurance and reinsurance companies,
intermediaries and agencies from both the private and public
sectors. They account for over 90 percent of all general
insurance business transacted in Australia.

ICA's legal team is Peter Garling SC, and Andrew Bell,
instructed by Phillips Fox Lawyers. The Executive Director of
ICA is Alan Mason.  ICA's media contact is Rod Frail.


LEND LEASE: Sells CoolSavings Stakes to Landmark
------------------------------------------------
Lend Lease Corporation Limited (Lend Lease) announced that it
has sold its full interest in CoolSavings, Inc (CoolSavings),
the US based e-marketing solutions company that delivers
targeted advertising and promotional incentives to consumers.
The sale to a wholly-owned affiliate of Landmark Communications
Inc (Landmark) was at a price slightly above the 31 December
2001 book value of A$1.4 million, and reflects Lend Lease's
strategy of focusing on its two core businesses and exiting non-
core investments.

Landmark is the controlling shareholder in CoolSavings following
its investment of more than US$15 million in secured debt and
preferred equity financing to CoolSavings in November 2001.

     
MCINTYRE GROUP: Court Appoints Mr Vincent Hellen as Receiver
------------------------------------------------------------
The Supreme Court of Queensland has made interim orders
appointing Mr Bradley Vincent Hellen of Calabro Partners as
receiver to the property of the McIntyre group following an
application by the Australian Securities and Investments
Commission (ASIC).

The McIntyre group comprises Visual Changes Pty Ltd (Visual
Changes), trading as 21st Century Academy; Visual Changes' sole
director Mr Jamie McIntyre; Ms Jana Rajnoch; Cashflow Creation
Pty Ltd; JNMAC Pty Ltd; JNMAC2 Pty Ltd; and Jaymac
Communications Aust No 2 Pty Ltd.

The Court also ordered that the McIntyre group be restrained
from conducting, or representing themselves as conducting, loan
schemes whereby money is loaned to any member of the McIntyre
group, trading as 21st Century Academy, for renting out shares.

In addition, the McIntyre group has been restrained from
disposing of or dealing with certain funds, assets and real
property, and Mr McIntyre and Ms Rajnoch have been ordered to
surrender their passports.

The matter is scheduled to return to Court on 17 April 2002.

ASIC's investigation is continuing.


WAIVCOM WORLDWIDE: Updates Sale of Listed Shell Status
------------------------------------------------------
Waivcom Worldwide Limited, further to Deed Administrator N
Brooke advice on 8 March 2002, informed that two alternative
buyers have now submitted offers for the shell.

N Brooke advised all interested parties to submit final offers
for the shell by close of business Friday 5 April 2002 and
expect to make a decision to accept one of these offers by close
of business Wednesday 10 April 2002.

An update on the progress of the sale of the shell to an
alternative buyer will be dispatched by close of business
Wednesday 10 April 2002.


WORLDWIDE TECHNOLOGY: KPMG Appointed as Financial Advisors
----------------------------------------------------------
The Board of Directors (Board) of Worldwide Technology Group
Limited (Company) announced that DP Computers Pte Ltd (DP), the
Singapore based wholly owned subsidiary of the Company has
appointed KPMG Consulting Pte Ltd (KPMG) as its Independent
Financial advisors.

KPMG will assist DP in assessing the financial performance and
cash flow of DP, as well as possible investor and debt
restructuring options.


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C H I N A   &   H O N G  K O N G
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ASIA MARK LIMITED: Winding Up Sought by Gelec
---------------------------------------------
Gelec (HK) Limited is seeking the winding up of Asia Mark
Limited. The petition was filed on January 19, 2002, and will be
heard before the High Court of Hong Kong on April 17, 2002.

Gelec, a company duly incorporated under the Companies Ordinance
(Cap. 32),  holds its registered office at 17th Floor, Island
Place Tower, 510 King's Road, North Point, Hong Kong.


NORTHEAST ELECTRIC: Requests Suspension of Trading
-------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited (the Company) requested that
trading in its H shares be suspended with effect from 9:30 a.m.
Monday 8 April 2002 pending an announcement in relation to the
progress of repayment of US$40 million syndicated loans of the
Company.


PACIFIC COMPANY: AGM to be Held on June 3
-----------------------------------------
Pacific Company Limited (the Company) advised that the Company's
Annual General Meeting will be held at 24th Floor, Two Exchange
Square, 8 Connaught Place, Central, Hong Kong SAR on Monday, 3rd
June, 2002 at 3:00 p.m. for the following purposes:

   1. To receive and adopt the Audited Accounts and the Reports
of the Directors and Auditors for the year ended 31st December,
2001.

   2. To re-elect those directors retiring pursuant to the
Company's bye-laws and to fix their remuneration.

   3. To re-appoint PricewaterhouseCoopers as the Auditors of
the Company and to authorize the directors to fix their
remuneration.

   4. As special business, to consider and, if thought fit, pass
the following as an Ordinary Resolution:

"THAT:

   (a) subject to paragraph (c) below, the exercise by the
directors of the Company during the Relevant Period of all the
powers of the Company to allot and issue additional shares in
the Company and to make or grant offers, agreements or options
which might require the exercise of such power be and hereby is
approved generally and unconditionally;

   (b) the approval in paragraph (a) above shall be in
addition to any other authorization given to the directors of
the Company and shall authorize the directors of the Company
during the Relevant Period to make or grant offers, agreements
or options which might require the exercise of such power after
the end of the Relevant Period;

   (c) the aggregate nominal amount of share capital
allotted and issued, or agreed conditionally or unconditionally
to be allotted and issued, whether pursuant to an option or
otherwise, by the directors of the Company pursuant to the
approval in paragraph (a) above, otherwise than pursuant to a
Rights Issue or any other authorization given to the directors
of the Company, shall not exceed twenty (20) per cent of the
aggregate nominal amount of the share capital of the Company in
issue as at the date of this Resolution; and

   (d) for the purposes of this Resolution:

"Relevant Period" means the period from the passing of this
Resolution until whichever is the earliest of:

   (i) the conclusion of the next Annual General Meeting of
the Company;

   (ii) the expiration of the period within which the next
Annual General Meeting of the Company is required either by law
or by the Company's bye-laws to be held; and

   (iii) the date upon which the authority set out in this
Resolution is revoked or varied by way of ordinary resolution in
general meeting.

"Rights Issue" means an offer of shares open for a period fixed
by the directors of the Company to holders of shares on the
register on a fixed record date in proportion to their then
holdings of shares (subject to such exclusions or other
arrangements as the directors of the Company may deem necessary
or expedient in relation to fractional entitlements or having
regard to any restrictions or obligations under the laws of, or
the requirements of any recognized regulatory body or any stock
exchange in any territory outside Hong Kong)."

   5. As special business, to consider and, if thought fit, pass
the following as an Ordinary Resolution:

"THAT:

   (a) subject to paragraph (b) below, the exercise by the
directors of the Company during the Relevant Period of all the
powers of the Company to repurchase issued shares in the capital
of the Company, subject to the conditions set out in the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited (the "Listing Rules"), be and hereby is
approved generally and unconditionally;

   (b) the aggregate nominal amount of share capital
purchased or agreed conditionally or unconditionally to be
purchased by the directors of the Company pursuant to the
approval in paragraph (a) above shall not exceed ten (10) per
cent of the aggregate nominal amount of the share capital of the
Company in issue as at the date of this Resolution; and

   (c) for the purposes of this Resolution:

"Relevant Period" means the period from the passing of this
Resolution until whichever is the earliest of:

   (i) the conclusion of the next Annual General Meeting of
the Company;

   (ii) the expiration of the period within which the next
Annual General Meeting of the Company is required either by law
or by the Company's bye-laws to be held; and

   (iii) the date upon which the authority set out in this
Resolution is revoked or varied by way of ordinary resolution in
general meeting."

   6. As special business, to consider and, if thought fit, pass
the following as an Ordinary Resolution:

"THAT conditional upon the passing of Ordinary Resolutions
numbered 4 and 5 as set out in the Notice convening this
meeting, the aggregate nominal amount of the number of shares in
the capital of the Company that shall have been repurchased by
the Company after the date hereof pursuant to and in accordance
with the said Ordinary Resolution 5 shall be added to the
aggregate nominal amount of share capital that may be allotted
and issued or agreed conditionally or unconditionally to be
allotted and issued by the directors of the Company pursuant to
the general mandate to allot and issue shares granted to the
directors of the Company by the said Ordinary Resolution 4."

   7. As special business, to consider and, if thought fit, pass
the following as an Ordinary Resolution:

"THAT the board of directors of the Company be and hereby is
authorized to appoint additional directors to fill vacancies on
the board, but so that the board shall not in any case exceed
the maximum number of directors specified in the Company's bye-
laws from time to time."

   8. As special business, to consider and, if thought fit, pass
the following as an Ordinary Resolution:

"THAT the advance by the Company from time to time of funds not
to exceed Two Thousand United States Dollars (US$2,000.00) in
each case to any director of the Company in order to meet travel
or other out-of-pocket expenditure incurred or to be incurred
for the purpose of the Company or to enable such director to
perform his duties as a director of the Company be and hereby is
approved."

   9. To transact any other ordinary business of the Company.


PIRANDELLO COMPANY: Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Pirandello Company is scheduled for
hearing before the High Court of Hong Kong on May 22, 2002 at
9:30 am.  The petition was filed with the court on February 6,
2002 by Full Gain Investment Limited whose registered office is
situated at 6th Floor, World Wide House, 19 Des Voeux Road,
Central, Hong Kong.


TELECOM PLUS: Appoints Deloitte Touche as New Auditor
-----------------------------------------------------
The Board of Directors of Telecom Plus Holdings Limited (the
Company) announced that, effective 28 March 2002, Deloitte
Touche Tohmatsu was appointed Company auditor following the
resignation of Arthur Andersen & Co. on 27 March 2002, and to
hold office until the conclusion of the next annual general
meeting.

Arthur Andersen & Co. confirmed in their notice of resignation
that there were no circumstances connected with their
resignation which they considered should be brought to the
attention of the members or creditors of the Company.


VICTORY GROUP: Price, Turnover Movements Inexplicable
-----------------------------------------------------
Victory Group Limited has noted the recent increases in the
trading volume and the price fluctuation of the shares of the
Company and stated that the Company is not aware of any reasons
for such increase and the price fluctuation.

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.


WAH TAK: In Acquisition Talks With HK Satellite
-----------------------------------------------
The Board of Directors (Board) of Wah Tak Fung Holdings Limited
(Company) announced that the Company has been in negotiations
with Hong Kong Satellite Technology Holdings Limited (Hong Kong
Satellite). The Company currently holds an approximately 1.99%
interest in Honk Kong Satellite, for a proposed acquisition by
the Company of a further interest in Hong Kong Satellite
(Proposed Acquisition). The Board believes that details of the
negotiations relating to the Proposed Acquisition will likely
constitute price-sensitive information relating to the Company
which, if not properly disseminated to the market, might
materially affect market activity in or the price of the
Company's shares. As negotiations for the Proposed Acquisition
have reached an advanced stage and the Board believes that it
may become difficult to maintain confidentiality of such
information, the Company has requested for a suspension in
trading of its shares with effect from 10:00 a.m. on 21 March
2002 pending the finalization of the key commercial terms
relating to the Proposed Acquisition. At this stage, no
agreement has been reached in respect of the Proposed
Acquisition which may or may not proceed. It is uncertain when
these negotiations will be concluded or whether any binding
legal documentation will be executed for the implementation of
the Proposed Acquisition.

Mr Chu Yu Lin David is a Company director and, together with his
associates, a controlling shareholder of the Company. He is also
a director and a substantial shareholder of Hong Kong Satellite.
Accordingly, if any agreement relating to the Proposed
Acquisition is concluded, such agreement will constitute a
connected transaction for the Company under The Rules Governing
the Listing of Securities on the Stock Exchange of Hong Kong
Limited (Listing Rules) and the Company will comply with the
relevant requirements under the Listing Rules accordingly.

Trading in the shares of the Company will be resumed pending
release by the Company of a full announcement if and when a
binding agreement in respect of the Proposed Acquisition is
reached or negotiations concerning the Proposed Acquisition are
terminated, as the case may be.

In the meantime, shareholders and other persons who are
contemplating dealing in the securities of the Company are
advised to exercise caution.


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BANK CENTRAL: IBRA Completes Divestment Process
-----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) on Friday, April
5, 2002 completed the 21 percent of PT Bank Central Asia (BCA)'s
share sales transaction and received payment US$246.8 million
from the Farallon Capital Consortium.

The amount of US$246.8 million is in payment of 21 percent BCA's
shares or 1,363,405,000 shares for the price Rp1,775 share
(excluding interest 18 percent per annum). Total proceeds in
Rupiah is about 2.4 trillion. Using Reuters's exchange rate of
March 14, 2002 and added with exchange rate March 28, 2002 (5
working days before closing date) divided in two is Rp,842.50;
bringing about US$246.8 million. The determination of the
average exchange rate has been approved by the Government and
Farallon Capital Consortium.

Earlier, on Thursday Mach 28, 2002, IBRA has completed the
transaction of 30 percent BCA's shares valued at US$320.7
million. Subsequent to the transaction closing, the total sales
transaction of 51 percent BCA's share has been completed.

From the settlement of 51 percent BCA's shares sales
transaction, IBRA has received cash about Rp5.6 trillion. This
transaction marks the biggest sales asset transaction settled by
IBRA. This successful transaction is a landmark transaction for
bank restructuring process, and lead the way for asset disposal
and privatization.


PERTAMINA TBK: Denies Guilty of Contempt
----------------------------------------
PT Pertamina TBk said it is not in contempt of a court ruling
for using a local court to contest a US$261 million award made
by an international arbitration panel, AFX Asia reports, citing
Pertamina Spokesman Ridwan Nyak Baik.

A U.S. District Court in Houston, Texas, issued a contempt order
on Tuesday against Pertamina for violating a U.S. court order.
Pertamina failed to withdraw a request to a Jakarta court to
halt worldwide enforcement of a $261 million judgment against
it.

"It is not that we are in contempt of a court ruling. The ruling
contravenes the joint operation contract agreement made with
Karaha Bodas. There's a clause in the contract that a dispute
between the two sides should be settled under Indonesian law,"
Nyak Baik said.

Nyak Baik rejected claims that the Indonesian court has no
jurisdiction over international arbitration, saying "Indonesia
had ratified the New York convention on the general principle of
arbitration."

"Karaha Bodas' lawyers are waging an international campaign to
create public opinion that Pertamina is not respecting a court
ruling," he concluded.


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


CASIO COMPUTER: R&I Downgrades L-T Rating to A-
-----------------------------------------------
Rating and Investment Information, Inc. (R&I) on Tuesday has
downgraded Casio Computer Co. Ltd's Senior Long-term Credit
Rating; Long-term Bonds (5 Series) to A- from A.

RATIONALE:

The electronic watch market has bottomed out and some product
lines -- such as electronic stationery and systems equipment --
are relatively sound. Even so, the earnings potential of the
electronics equipment market as a whole is declining. Over the
last few years, Casio Computer Co., Ltd., has come to depend
increasingly heavily on the devices business. The profitability
of stable earnings sources such as musical instruments,
calculators and dictionaries, however, has deteriorated. In
contrast, the structural importance of digital cameras, mobile
phones and PDA (mobile data terminals) has risen, but these
product lines face heavy development costs and their life cycles
are short, while prices are under negative pressure. As a
result, fluctuations in p/l are now much greater than used to be
the case.

Earnings should show a recovery in the March 2002 term thanks to
the effects of a restructuring program that has featured the
withdrawal from unprofitable businesses, the amalgamation or
closure of production bases, and personnel cuts, while the
devices market has also recovered. Casio Computer also launched
new lines of mobile telephones and digital cameras. On the other
hand, there are still concerns as to the wisdom of the company's
continuous pursuit of earnings expansion. The key issues facing
the firm will be to restructure operations, cut inventories, and
strengthen the product development system so that the earnings
base can be transformed into one that is less prone to large
fluctuations in p/l depending on the presence or absence of hit
products.

TCR-AP reported that Moody's Investors Service on February 25
has placed under review for possible downgrade the Baa2 senior
unsecured debt rating of Casio Computer Co., Ltd (Casio). The
review is prompted by weakening profitability of Casio,
resulting from the decline in the consumer electronics market,
as well as the company's lack of attractive new products.


FUJI FIRE: Sees Wider Full-Year Net Loss of Y18.7B
--------------------------------------------------
Fuji Fire and Marine Insurance Co Ltd expects to post a net loss
of 18.7 billion yen in the year to March 2002, wider than its
earlier estimate of 900 million, AFX Asia reports.

The non-life insurance provider, the report adds, is likely to
incur an extraordinary loss of 29.5 billion yen due to latent
securities losses.

The company also expects to post a wider pretax loss of 29.5
billion yen from the originally anticipated 3.8 billion yen
loss, while premium income is expected to come in at 468.5
billion yen.

In March, Fuji Fire said it would liquidate its wholly owned
unit in Luxembourg this month because it no longer gain much of
a business advantage from the investment firm due to the
changing environment.


IWATAYA DEPARTMENT: Will Close Kumamoto Outlet
----------------------------------------------
Fukuoka retailer Iwataya Department Store Co. has decided to
shut an outlet in Kumamoto, the Japan Times reported.

The outlet, run by Kurume Iwataya Dept. Store Co., will be
closed by December this year, sources familiar with the
retailer's rehabilitation program said.

Iwataya, which has a total debt of 28 billion yen, will present
a set of restructuring measures, including the closure of the
Kumamoto outlet, to a meeting of creditors set for April 26, the
sources said.


KOBE STEEL: Reaches Settlement With Shareholders
------------------------------------------------
Four shareholders of Kobe Steel Ltd have agreed to settle a suit
with the steelmaker on the condition six former executives and a
corporate racketeer pay a total of 310 million yen to the
company in compensation for damages caused from a payoff scandal
in the 1990s, the Kyodo News reported.

The shareholders filed the damages suit against seven former
executives of Kobe Steel and the racketeer at the Kobe District
Court, demanding that about 390 million yen be reimbursed to the
company.

The six former executives accepted the settlement and are
expected to compensate the company along with former Kobe Steel
Chairman Sokichi Kametaka.

The Osaka District Court has sentenced the racketeer to a six-
month prison term, given the senior managing director a
suspended term and ordered two other executives to pay fines.


NIPPON TELEGRAPH: Expects Y865B Net Loss
----------------------------------------
Nippon Telegraph and Telephone Corp (NTT), Japan's provider of
regular and long-distance telephone services, expects a swelling
consolidated net loss of 865 billion yen for fiscal 2001 to
March 31, Kyodo News reports.

It is the highest net loss ever posted by a Japanese business
entity, far surpassing the 684.3 billion yen reported by Nissan
Motor Co in the business year, which ended March 2000.

Earlier this month, NTT said it saw an extraordinary group loss
of Y2 trillion in fiscal 2001 because of under performing
overseas investments and increased restructuring costs.

The loss includes Y1 trillion incurred by NTT DoCoMo Inc and
Y500 billion by NTT's two regional entities namely NTT East Corp
and NTT West Corp, following payments of special retirement
benefits in their drastic employee reduction scheme.


NIPPON TELEGRAPH: Group Losses Will Not Affect Ratings
------------------------------------------------------
Standard & Poor's Corp said its ratings on Nippon Telegraph and
Telephone Corp and NTT DoCoMo Inc would not be affected by the
Company's announcement of a downgrade in their earnings
forecasts.

The ratings agency said that the current long-term ratings on
both NTT and NTT DoCoMo already reflect the business and
financial risks of the NTT group's sizable overseas investments
in the past couple of years, as well as added financial pressure
on the NTT group from labor restructuring measures.

NTT expects fiscal 2001 net losses of Y865 billion, compared
with a previous net income forecast of Y331 billion. This is due
to the unusual losses at NTT DoCoMo, as well as additional
extraordinary losses from labor restructuring at NTT's local
network subsidiaries and write-offs from its overseas
investments, including Verio Inc.


NISSAN CONSTRUCTION: Pledges Y2M Repayment
------------------------------------------
Failed Nissan Construction Co unveiled a plan Thursday to commit
itself to the repayment of small liabilities of up to 2 million
yen, the Kyodo News reported.

The plan was revealed at a meeting of creditors convened by the
Tokyo-based midsize construction company.

Nissan Construction Co had difficulty in collecting the Y12
billion it is owed by ailing retailer Mycal Co for work it has
completed, forcing the general contractor to file with the Tokyo
District Court for protection from creditors under the Corporate
Rehabilitation Law.

Nissan Construction has also suffered a fall in orders since
Mycal went under in September 2001.


OMRON CORP: Posts Latent Securities Losses of Y13.8B
----------------------------------------------------
Omron Corp as of the end of March, had latent losses on its
securities holdings of 13.8 billion yen, while it will also have
to take extraordinary charges on the liquidation of two units in
the US and Japan, the AFX Asia reported.

The Kyoto-based electrical components manufacturer added it has
no plan to change its year to March earnings forecasts as a
result.

Moody's Investors Service in March changed the outlook for Omron
Corp's A2 issuer rating to negative from stable. The ratings
agency considered it might be difficult for Omron to materially
restore profitability and cash flow in the intermediary term due
to the prolonged domestic economic downturn.


NTT DOCOMO: Recognizes Further Impairment Losses for FY02
---------------------------------------------------------
NTT DoCoMo, Inc. announced on Thursday that its Board of
Directors decided to recognize impairment losses with respect to
some of its overseas investee affiliates.

In addition to the impairment loss recognized by the Company in
its consolidated financial report for the six months ended
September 30, 2001, the amount of which was Y262.7 billion (or
300.8 billion yen on a non-consolidated basis), the company is
recognizing a further impairment loss amounting to Y550 billion
for the year ended March 31, 2002 to reflect significant drops
in the market price or fair value of the shares of some of its
overseas investee affiliates. The impairment loss will be
recorded in the company's financial statements prepared in
accordance with Japanese GAAP as an extraordinary expense of
Y550 billion based on losses on investments in affiliates.

The Company also expects to recognize impairment charges related
to its overseas investee affiliates in its financial statements
prepared in accordance with US GAAP, which may be materially
greater than the impairments recognized under Japanese GAAP due
to differences in the pre-impairment carrying value of the
investments under the different accounting standards?

DoCoMo is also amending the Japanese GAAP financial forecasts
for the fiscal year ended March 31, 2002 that it announced on
November 7, 2001 in its consolidated financial report for the
six months ended September 30, 2001, to reflect the pro forma
impact of including the impairment charges announced Thursday in
the financial forecasts announced on November 7, 2001. The
amended forecasts included herein are provided only to
demonstrate the pro forma impact of the impairment charges
announced herein on the forecasts announced in November, 2001,
and should not be understood to reflect the company's current
expectations about its actual results for the year ended March
31, 2002. The amended forecasts are as follows:

   (1) Japanese GAAP Consolidated Financial Results Forecasts
for the Fiscal Year Ending March 31, 2002 (April 1, 2001-March
31, 2002)     

(Millions of yen)

                  Operating     Recurring        Net
                    Revenues     Profit         Income

Previous Forecasts (A) 5,217,000  796,000     255,000
Amended Forecasts (B)* 5,217,000  796,000    (36,000)
Increase/(Decrease)(B-A) -         -         (291,000)
Change(%)                -         -             -

Financial Results for the Fiscal Year ended March 31,2001
                      4,686,004   686,918     365,505

* The Amended Forecasts are provided only to demonstrate the pro
forma impact of the impairment charges announced herein on the
Previous Forecasts, and should not be understood to reflect the
company's current expectations about its actual results for the
year ended March 31, 2002.

   (2) Japanese GAAP Non Consolidated Financial Results
Forecasts for the Fiscal Year Ending March 31, 2002 (April 1,
2001-March 31, 2002)  

(Millions of yen)

                          Operating    Recurring         Net
                           Revenues      Profit        Income

Previous Forecasts (A)   2,388,000     354,000         33,000
Amended Forecasts  (B)*  2,388,000     354,000        (324,000)
Increase/(Decrease)(B-A)     -           -            (357,000)
Change(%)                    -           -                -
Financial Results for the Fiscal Year ended March 31,2001
                        2,142,353     292,938         173,005

* The Amended Forecasts are provided only to demonstrate the pro
forma impact of the impairment charges announced herein on the
Previous Forecasts, and should not be understood to reflect the
company's current expectations about its actual results for the
year ended March 31, 2002.

   (3) Break down of Japanese GAAP impairment losses

(Billions of yen)
Affiliated Companies                   Impairment losses
                                Consolidated / Non consolidated

AT&T Wireless Services, Inc.       506             563
Hutchison 3G UK Holdings Ltd.      14              21
KG Telecommunications Co., Ltd.    30              32
(A) Total impairment losses for overseas investee affiliates 550
616
(B) Net assets ended March 31, 2001(A/B x 100) 3,314.8
(16.6%) 2,728.7 (22.6%)
(C) Recurring profit for the FY ended March 31, 2001(A/C x 100)
686.9 (80.1%) 292.9 (210.3%)
(D) Net income for the FY ended March 31, 2001(A/D x 100) 365.5
(150.5%) 173.0 (356.1%)


SNOW BRAND: Faces Y58M Lawsuit From Meat Wholesaler
---------------------------------------------------
Snow Brand Foods Co faces another blow as a meat wholesaler in
Kobe has filed a 58 million yen lawsuit against the scandal-
tainted firm. The lawsuit alleges the food maker damaged its
reputation in a mislabeling scandal, the Kyodo News reported
citing sources close to the case.

Snow Brand Foods sold imported meat repackaged as products of
Yamaga Meat, and sold meat produced in Hokkaido and imported
meat as products of a meat processing company in Kumamoto, which
Yamaga Meat has business relations with, the paper said.

Earlier this month, labor union members of Snow Brand Foods Co
filed a suit with the Saitama District Court, seeking an order
declaring their dismissal invalid.


TADANO LTD: R&I Places L-T Rating on Monitor Scheme
---------------------------------------------------
Rating and Investment Information, Inc. (R&I) revealed on April
1 that it has placed the Senior Long-term Credit Rating (BBB) of
Tadano Ltd. on the Rating Monitor scheme, with a view to
downgrading them.

RATIONALE:

Tadano Ltd. announced on March 29 that it is making a major
downward revision to its profit forecast for the March 2002
term, from an initial projection of a 100 million yen profit to
a 5,500 million yen loss. The move is caused by factors such as
the need to table an extraordinary loss of about 5,900 million
yen caused by loan-loss reserve set-asides. The slump in demand
for mainstay vehicle installed cranes for construction use has
become protracted, while the earnings and financial position of
the construction sector, the key client area, is deteriorating,
with the result that the quality of sales receivables has
slumped. There are growing concerns that this will become a
burden to the company's finances.

R&I is placing the ratings assigned to Tadano's long-term debt
on the Rating Monitor scheme, with a view to downgrading them,
and will announce new ratings after examining the medium-term
prospects for the company's performance and the policies it
plans to adopt.


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


DAEWOO MOTOR: GM Promises to Retain All Staff
---------------------------------------------
General Motors Corp, the world's largest automaker, has promised
Daewoo Motor Co that it would retain all Company staff it is to
acquire, Reuters reported.

"We also expect GM not to initiate corporate restructuring at
Daewoo for the time being unless factory operations fall
significantly below their current level," Daewoo Chief Executive
Lee Jong-dae said through a spokesman.

For more than a year, GM has been negotiating a $400 million
deal to buy four plants from South Korea's bankrupt carmaker.
Both sides expect to finalize the deal this month.

GM signed a memorandum of understanding (MOU) on the deal with
Daewoo creditors last September, but Lee said the scope of the
final contract was still under negotiation.


DAEWOO MOTOR: Union Rejects GM Strike Proposal
----------------------------------------------
Daewoo Motor's union has lashed out at General Motors for
demanding that the employees of the bankrupt local automaker
promise a five-day strike limit, the Korea Times reported.

"We can never accept the GM's proposal as it violates the
present laws. GM should withdraw such requests and come up with
more reasonable conditions," the union said in a statement.

The unionists added that they would fight against the move until
their stance is accepted.

In a previous meeting with the unionists, GM demanded the
condition, alleging that a five-day limit on the strike period
is the general rule worldwide at it's production lines.


HANVIT BANK: Will Absorb Kyongnam, Kwangju Banks
------------------------------------------------
A.T. Kearney, a U.S-based consultancy for Woori Finance Holdings
Co., unveiled a reorganization scheme for Woori's banking
operations, under which Hanvit Bank would absorb Kyongnam and
Kwangju banks.

According to a report from the Korea Herald, the merged entities
will be run under Hanvit Bank's control.

In order to improve the core competence of banking operations at
Woori, a networking of business branches should be also
established and the integrated risk management system be also
put in place, the consultancy said.

Kwangju Bank and Kyongnam Bank are smaller banks based in Jeolla
and Gyeongsang Provinces, respectively.

Neither bank president released his stance regarding A.T.
Kearney's report, but their union leaders called it unacceptable
and said they will walk off their jobs unless the proposed plan
is dropped.

HYNIX SEMICON: Chohung Raises Loss Reserves to 80%
--------------------------------------------------
Chohung Bank will raise the reserve ratio against loans extended
to the troubled Hynix Semiconductor in its first quarter
financial statement from 40 to 70-80 percent, the Korea Herald
reports, citing Chohung Bank President, Hong Serck-ju.

The loan-loss reserves will be around 240-250 billion won, Hong
said.

He went on to say that foreign investors are calling on the bank
to adopt more conservative and rigid loan classification
criterion on the chipmaker.

Chohung is planning to issue around $500 million worth of DRs in
June as part of its privatization scheme.


HYNIX SEMICON: KDB Seeks to Extend Funding Support
--------------------------------------------------
State-run Korea Development Bank, a Hynix Semiconductor Inc
creditor, is willing to extend fresh funding support to Hynix in
connection with the $1.5 billion requested by Micron Technology
Inc., the Korea Times reports.

Some creditor banks object to providing payment guarantees for
Micron Korea, a U.S. incorporated company.

Officials at Hynix and its creditors were not immediately
available for comment.

Hynix closed unchanged at 1,370 won on Friday.


HYNIX SEMICON: Micron Dislikes Hynix's Revised Offer
----------------------------------------------------
The deal between semiconductor giants Micron Technology and
Hynix Semiconductor Inc may run into a snag because Micron
dislikes some of the conditions attached to its planned US$4
billion purchase, Reuters reports.

According to Yonhap News Agency, Hynix creditors conveyed early
last week a counterproposal, including a demand Micron guarantee
creditors' planned fresh loans to the U.S. company.

Micron is negative about the idea that it should guarantee
Hynix's loans, as well as be responsible for potential patent
disputes involving Hynix against other chipmakers.

Hynix, the world's third largest memory maker, has been in talks
with larger rival Micron since December for a deal to sell all
its memory operations and a stake in its non-memory business.

A deal would leave Hynix as a maker of non-memory chips used in
mobile phones and other devices while boosting Micron to the top
of the memory business ahead of leader Samsung Electronics Co.


HYUNDAI MOTOR: Inks Deal With Quantum to Develop Fuel Cell
----------------------------------------------------------
Quantum Technologies WorldWide, Inc., a 100% wholly owned
subsidiary of IMPCO Technologies, Inc., announced the signing of
a Memorandum of Understanding with Hyundai Motor Company (HMC)
for the joint development and commercialization of advanced fuel
systems for fuel cell and alternative fuel vehicles.

This agreement is the culmination of previous successful
programs to develop advanced fuel systems for Hyundai's hydrogen
fuel cell-powered Santa Fe sport utility vehicle (SUV) and
dedicated compressed natural gas Elantra super ultra-low
emissions vehicle (SULEV).

Through the multi-year agreement, both Hyundai and Quantum will
contribute to the development and commercialization of advanced
hydrogen and alternative fuel systems for Hyundai's vehicle
platforms. This co-development will enable Hyundai to expand
their alternative fuel vehicle platforms and expedite the
commercialization of their fuel cell vehicles using Quantum's
proprietary gaseous fuel storage and fuel delivery technologies.

For more information on the agreement, contact Nicole Yasuko
Gill, Manager for International Business of QUANTUM Technologies
WorldWide, Inc., at telephone 949-399-4503 or via e-mail at
ngill@qtww.com.


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


ABRAR CORPORATION: Currently Reviewing `Workout Proposal' Offers
----------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2002.

The Special Administrators of the Company are currently
reviewing the offers/ proposals submitted to them pursuant to
the restricted re-tender exercise conducted by the Special
Administrators on 6 March 2002 in respect of the Company's debt
restructuring exercise (the Workout Proposal). Thereafter, the
Special Administrators will formulate a Workout Proposal for the
Company pursuant to Section 44 of the Danaharta Act. The Workout
Proposal will address the Company's default in payments.


GREAT UNION: RM50M Graduated Repayment on GRUF Not Met
------------------------------------------------------
Great Union Properties Sdn Bhd's (GUP) third graduated repayment
of RM50 million of its RM265 million Guaranteed Revolving
Underwritten Facility (GRUF) fell due on 3 April 2002. As of 3
April 2002, the amount outstanding on the GRUF is RM205 million.
From Rating Agency Malaysia Berhad (RAM) discussions with
management, RAM understands that pending the finalization of a
refinancing package, GUP has sought an indulgence of 30 days
from the noteholders for the graduated repayment of the
facility. As at the time of this press release, GUP has received
written consent from the majority of the noteholders acceding to
their request, albeit for a period ranging from 21 to 30 days.
Given these developments, no graduated repayment of the GRUF was
made on 3 April 2002. GUP expects to finalize the refinancing
package within the period of indulgence.

In December 2001, RAM had reviewed and reaffirmed the enhanced
P3(s) rating for the GRUF. The enhanced rating reflects the
explicit undertaking by GUP's respective shareholders, IGB
Corporation Bhd and Stapleton Development Ltd (a subsidiary of
New World Development Co Ltd of Hong Kong), to extend funds,
either in the form of equity or shareholders' loans, on a
proportionate basis as and when required. Both GUP's
shareholders had in the past extended support to GUP for the
first 2 graduated repayments of the GRUF. If the refinancing
package cannot be made available within 21 days, management has
intimated that both shareholders have allocated sufficient funds
to meet the RM50 million graduated repayment of the GRUF.
However, the inflow of funds from GUP's foreign shareholder is
currently pending approval from the authorities.

A consortium of financial institutions also unconditionally and
irrevocably guarantees the GRUF. However, as one of the
financial institutions within the consortium of guarantors, RAM
is unable to comment on the extent of further credit enhancement
to the GRUF. RAM will continue to monitor the situation closely.


KIARA EMAS: Creditors' Level of Acceptances Exceeds 50%
-------------------------------------------------------
Kiara Emas Asia Industries Berhad, further to the General
Announcement dated 21 March 2002 released by Arab-Malaysian
Merchant Bank Berhad, as Adviser to the Company, announced that
the level of acceptances by its bank creditors of a compromised
settlement of the outstanding indebtedness of the Company and
its subsidiaries has now exceeded 50% by value as at the agreed
cut-off date of 31 March 2001.

The Company expects to obtain the consents of the remaining bank
creditors prior to submission of the applications for approvals
to the relevant authorities shortly.


LION ASIAPAC: Sonlife Voluntarily Winding Up
--------------------------------------------
The Board of Directors of Lion Asiapac Limited (the Company)
announced that Sonlife Yangon Company Limited (Sonlife Yangon),
a wholly owned subsidiary held by Sonlife International Pte Ltd
which is in turn a subsidiary of the Company, has been placed
under members' voluntary winding up. Sonlife Yangon was
incorporated in Myanmar on 29 January 1998 and has been dormant
since July 2000.

The Board said the winding up will not have any material impact
on the net tangible assets per share and earnings per share of
the Group.


MBF CAPITAL: Proposed Acquisition Completed
-------------------------------------------
The Board of Directors of MBf Capital Berhad announced that its
Proposed Acquisition of the entire 100% equity interest in
Nation representing 6,000,002 ordinary shares of RM1.00 each
from Natprop Sdn Bhd, a wholly-owned subsidiary of MBf Finance
Berhad, for a cash consideration of RM1.5 million has been
completed on 30 March 2002.

All approvals from the relevant regulatory authorities have been
obtained.


MEASUREX CORPORATION: Liquidators Appointed to Wound Up Units
-------------------------------------------------------------
Measurex Corporation Berhad (MCB), further to the announcements
on 14 March 2002, 19 March 2002 and 25 March 2002 on the
Petition of Winding-Up By Court by Judicial Managers in Relation
to all the Companies Under Judicial Management, namely, Measurex
Holdings Pte Ltd (MH)(a subsidiary of MCB), Measurex Engineering
Pte Ltd (ME) (a subsidiary of MH) and Measurex Precision Pte Ltd
(MP)(a subsidiary of MH), announced that on 3 April 2002, MCB
had received a copy each of the Court Orders (via facsimile) for
MH, ME and MP from the Judicial Managers' lawyer ordering that
MH, ME and MP be wound up by the Court under the Singapore
Companies Act, (Chapter 50) with effect from 22 March 2002. Mr
Ong Yew Huat and Mr Nagaraj Sivaram care of Messrs Ernst & Young
of 10 Collyer Quay, #21-01, Ocean Building Singapore 049315 have
been appointed liquidators of MH, ME and MP.


MGR CORPORATION: Changes Audit Committee Member
-----------------------------------------------
MGR Corporation Berhad posted this posts:

Date of change  : 30/03/2002  
Type of change  : Retirement
Designation  : Member of Audit Committee
Directorate  : Independent & Non Executive
Name    : Datuk Seri Panglima Haji Ahmad Ayid
Age    : 75
Nationality  : Malaysian
Qualifications  : Nil

Working experience and occupation    : Businessman
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer  : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries  : Nil
Composition of Audit Committee (Name and Directorate of members
after change)


PSC INDUSTRIES: Debt Settlement Arrangement With ABB Finalized
--------------------------------------------------------------
PSC Industries Berhad (PSCI or the Company) announced that it
has resolved it debt restructuring with its major creditor,
Affin Bank Berhad (ABB). The Company finalized a 5-year
settlement arrangement with ABB in respect of banking facilities
due to them totaling RM464 million.

Affin Bank Berhad is PSCI's major creditor. It forms about 76
percent of the total debt under restructuring in PSC Industries
Berhad group. The settlement arrangement involves the banking
facilities of PSCI and its subsidiaries with ABB.

The settlement arrangement was reached arising from the
continuous negotiation with ABB for a viable and mutually
acceptable debt restructuring solution.

With the finalization of the settlement arrangement with Affin
Bank Berhad, PSCI will be able to manage the remaining debts of
the Group.


RAHMAN HYDRAULIC: Sells Pinang Tunggal Estate for RM80,000,000
--------------------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that on 2 April 2002 it accepted an offer by
Perbadanan Kemajuan Negeri Kedah for the sale of Pinang Tunggal
Estate and its related assets for a cash consideration of
RM80,000,000 subject to agreement of the terms and conditions by
both parties.

Further details on the sale of Pinang Tunggal Estate and its
related assets will be announced upon finalization of the terms
and conditions of the sale.


SINMAH RESOURCES: MARC Re-Affirms RM50M Redeemable Bonds Rating
---------------------------------------------------------------
Malaysian Rating Corporation Berhad (MARC) re-affirmed its
AAA(bg) rating on Sinmah's RM50 million redeemable bond issue
due 2002, guaranteed by Cooperative Central Raifesen-
Boereenleenbank B.A. of Nederlands (Rabobank). The rating
reflects the strength of the unconditional and irrevocable
guarantee provided by Rabobank, which has a rating of `AAA' from
Fitch. Meanwhile on the underlying rating of the issue, Sinmah's
financial flexibility has weakened as a result of its
unsuccessful rights issue and as a result, the company is now
exposed to increased refinancing risk with the approaching
maturity of the RM50 million bonds in August 2002. The need to
access adequate new funding comes at a difficult time in the
domestic poultry industry, which currently faces the combined
challenges of uncertain economic conditions and a weak pricing
environment.    

Sinmah is presently one of the largest poultry integrators in
the country. In recent years, Sinmah has demonstrated an ability
to shift its product mix steadily towards more value-added
products. MARC views this as a key factor in moderating business
risk, given the poultry industry's thin margins and the large
economies of scale needed to maintain profitability. Potential
operating synergies and cost-saving opportunities arising from
the group's recent strategic investments in layer and broiler
farming companies has allowed the group to moderate the pressure
on operating margins currently felt by smaller producers.
However, we believe that profitability will continue to be
adversely affected by the price deflationary environment over
the next several quarters.

Sinmah's operating trends reflect cyclical demand conditions and
wide fluctuations in price. Starting from the second half of
FY1999, prices began to recover from a prolonged slump, peaked
in FY2000 before falling in the third quarter of FY2001.
Although turnover of the Group's poultry integration business
grew by 6.1 percent in FY2001, pre-tax profit (before minority
interest) suffered a 48.1 percent drop. In the first six months
to July 31, 2001, lower selling prices of broilers and table
eggs caused profit after tax and minority interest to decline
from RM4.1 million in the corresponding period last year to
RM2.4 million. The group's cash flow protection measures are
presently very thin. Cash flow from operations debt coverage was
down from 0.3x in FY2000 to 0.2x in FY2001. Although MARC
believes that the group will maintain positive financial
performance in the coming quarters, the likelihood of only
modest internal cash flow in the near future suggests that the
group's ability to repay debt from its operating cash flows will
be limited. Interest expenses of over RM10 million annually as
well as term loan maturities will continue to be a heavy use of
internal cash flow.

The group's financial leverage remains elevated, a legacy of
Sinmah's past aggressive growth strategy, which was funded with
debt to a large extent. Sinmah had earlier proposed a rights
issue to shore up its balance sheet and improve its financial
flexibility. Prevailing weak equity market conditions, however,
impaired the ability of substantial shareholder, FCH Holdings
Sdn Bhd to subscribe for its rights entitlement, ultimately
resulting in non-completion of the equity raising exercise.
Restoration in Sinmah's balance sheet appears remote in the
near-term, and it is very likely that Sinmah will have to resort
to debt refinancing to redeem its bonds come August 2002. The
group's refinancing flexibility is a primary risk factor at this
juncture given Sinmah's weakened profitability and currently
challenging market conditions.
  
Profile:

The Company was activated when it implemented a restructuring
scheme involving the acquisition of 100 percent in Sinmah
Breeders, 100 percent of Sinmah Livestocks, 100 percent of
Sinmah Food Industries and 99.99 percent of Sinmah Multifeed.
Multifeed handles contract farming operations while Sinmah
Breeders has about six breeder farms raising 380,000 parent
stocks and two hatcheries with a total capacity of 2.58m
hatching eggs annually. Due to higher demand, Sinmah Group has
to import 50,000 parent stock day old chicks (DOCs) from the US
and Canada and source locally another 250,000 parent stock DOCs
annually. The Group sells DOC and poultry feeds to contract and
independent broiler farmers. Live broilers are sold to local
wholesalers and Singapore poultry processing plants. The Group
exports some of its processed products like nuggets,
frankfurters and burgers to Brunei. In 1995, the Group ventured
into property development in Malacca. Primarily concentrating on
low- and medium-cost housing projects, the Company launched the
Taman Saujana Indah project in the first quarter of 2001. It is
also developing the Saujana Puri apartment project.

Currently, the Company is undertaking a restructuring exercise
involving acquisition of 51 percent interest in Linggi
Agriculture Sdn Bhd and of freehold land in Malacca. The rights
issue that was part of the restructuring was substantially
undersubscribed. As a result, the Company is considering other
alternatives to substitute for the rights issue.


UNITED ENGINEERS: Unit Hartanah's Bonds on Rating Watch
-------------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has placed the BBB1(s)
rating assigned to Hartanah Lintasan Kedua Sdn Bhd's (Hartanah)
RM2.956 billion Secured Redeemable Zero Coupon Bonds (Bonds) on
Rating Watch with a positive outlook. Hartanah is a special-
purpose vehicle set up to assist Linkedua (M) Bhd (Linkedua),
the toll concessionaire for the Linkedua expressways, in
repaying all its commercial lenders via a debt-swap scheme with
its sister company, Projek Lebuhraya Utara-Selatan Berhad
(PLUS). PLUS, Hartanah and Linkedua are wholly-owned
subsidiaries of United Engineers (Malaysia) Berhad (UEM).

RAM's Rating Watch is premised on the expected re-rating of the
credit quality of Hartanah's Bonds following the proposed debt
restructuring exercise to be undertaken by PLUS. The rating
assigned to Hartanah's Bonds is pegged closely to PLUS's credit
rating profile as the former is secured against the redemption
proceeds from the RM3.822 billion Nominal Value Unsecured Zero
Coupon Serial Bonds (Linkbonds) issued by PLUS on a back-to-back
basis with Hartanah's Bonds.

RAM had earlier placed PLUS on Rating Watch with a positive
outlook in view of its proposed debt restructuring exercise,
which aims to reduce PLUS's current debt level of RM16.50
billion to RM7.20 billion (including the accreted value of the
Linkbonds). The reduction of debt, coupled with a much longer
debt repayment tenure, will significantly enhance PLUS's debt-
servicing ability, which was previously hampered by its massive
debt problem, the bulk of which is due to be repaid by 2006.
Based on the details of PLUS's debt restructuring exercise made
available to RAM, we note that PLUS's debt service coverage
ratio (DSCR), inter alia, is expected to record a significant
improvement upon completion of its debt restructuring exercise.
Its DSCR (which includes PLUS's obligations under the Linkbonds)
are far superior to all other toll-road concessionaires rated by
RAM to date. Subject to the successful conclusion of the entire
exercise, RAM believes that there is significant potential for
an improvement in the credit rating of Hartanah's Bonds.

Meanwhile, RAM's Rating Watch highlights possible changes to the
existing rating for an issuer's debt. It focuses on identifiable
events, including mergers, acquisitions, regulatory changes and
operational developments, that put a rated debt under special
surveillance by RAM. In a broader sense, it covers any event
that may result in changes relating to the risk factors in
respect of the payment of interest and principal on a rated debt
instrument.

RAM's Rating Watch, however, does not mean that the existing
rating will be changed. It only means that a rating is under
evaluation by RAM and a final affirmation is expected to be
announced.


WEMBLEY INDUS.: Working on Revised Proposed Debt Restructuring
--------------------------------------------------------------
Alliance Merchant Bank Berhad (AMMB), on behalf of Wembley
Industries Holdings Berhad (the Company) announced that the
Company was not able to make the Requisite Announcement by the
deadline of 28 February 2002 laid down by the Exchange on 25
January 2002. An application has been made to the Exchange on 1
March 2002 for a further extension of time to 30 April 2002 to
make the Requisite Announcement. The application is pending the
approval of the Exchange.

STATUS OF PROPOSED RESTRUCTURING

On 14 December 1999, AMBB, on behalf of the Board of Directors
of the Company, announced:

   (i) proposed debt restructuring involving the issue of
approximately RM606 million nominal value of 1 percent
irredeemable unsecured loan stocks (ICULS) at 100 percent of its
nominal value as full and final settlement of the loans and
amounts owning by the Company and its two subsidiaries namely,
Plaza Rakyat Sdn. Bhd. and Wembley I.B.A.E. Sdn. Bhd. amounting
to RM606 million (inclusive of interests on loans) (Proposed
Debt Restructuring);

  (ii) proposed rights issue of 144,475,000 new ordinary shares
of RM1.00 each together with 144,475,000 detachable warrants on
the basis of one (1) new ordinary share with one (1) detachable
warrant for every one (1) ordinary share held at an issue of
RM1.00 per new rights share (Proposed Rights Issue); and

  (iii) proposed increase in the authorized share capital of the
Company from the existing RM500,000,000 comprising 500,000,000
ordinary shares of RM1.00 each to 1,500,000,000 comprising
1,500,000,000 ordinary shares of RM1.00 each.

Applications were submitted to the Securities Commission (SC)
and the Foreign Investment Committee (FIC) on 16 December 1999.
The FIC had on 26 February 2000 approved the Proposed Debt
Restructuring subject to the approval of the SC and that the
Bumiputra equity interest in the Company be increased to 30
percent before 31 December 2000. The Company is expected to seek
an extension for the compliance upon receipt of the SC's
approval for the proposals.

The above proposals are pending the approvals of the SC and the
shareholders of the Company. Currently, the Company is working
on a revised proposed debt restructuring scheme (Revised
Proposed Debt Restructuring) and is in discussion with the
Group's banks/creditors. As at the date of this announcement,
the details of the proposed debts restructuring scheme have not
been finalized yet.

Presently, five (5) financial institutions, Pengurusan Danaharta
Nasional Berhad and two (2) creditors have confirmed that they
are agreeable to the Revised Proposed Debt Restructuring subject
to, inter-alia, approvals of other creditors. The Company has
yet to receive the outstanding approval or consent from a major
creditor involved in the Revised Proposed Debt Restructuring.

OTHER MATTERS IN RESPECT OF PRACTICE NOTE N0. 10/2001

On 7 September 2001, the Company announced to the Exchange that
the Company is deemed an affected issuer pursuant to paragraph
2.1(c) of the Practice Note No. 10/2001 (PN10). Under paragraph
2.1(c) of PN10, a listed issuer, who has an insignificant
business or operations, is deemed to have inadequate level of
operations. Insignificant business or operations means business
or operations, which generates revenue on a consolidated basis
that represents 5 percent or less of the issued and paid-up
share capital of the listed issuer.

As an affected listed issuer under PN10, the Company must comply
with the obligations set out in paragraph 6 of PN10. The
Exchange has informed the Company that since the Company is also
an affected issuer under PN4, the requirements and obligations
of PN4 would prevail over those of PN10. It is expected that the
Company's regularization plan would address both its financial
condition (PN4) and the level of operations (PN10) to warrant a
continuing listing on the Official List.


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


NATIONAL POWER: ADB Offers New Loan
-----------------------------------
The Asian Development Bank (ADB) has offered to guarantee the
needed additional financing needs of state-owned National Power
Corp. (Napocor) this year, including the planned $750-million
bond offer, the BusinessWorld reported.

According to Edgardo M. del Fonso, president of the Power Sector
Assets and Liabilities Management Corp. (PSALM), Napocor's
privatization arm, the ADB suggested a co-financing structure
that will allow the country to borrow at a spread lower than the
current credit rating the Philippines commands.

Mr. del Fonso added that this would be no more than 100 to 150
basis points which would translate to up to a P150 million
(US$2.93 million) savings in interest.

The PSALM president said there was no definite amount yet as to
how much of the $750-million would be borrowed and how much
would be raised through bond flotation.

He noted that for the planned bond flotation, ADB would
guarantee the principal, while the National Government would
also guarantee the bond issue.

PSALM expects to be able to raise the additional funding
requirements before the end of September.


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


LION ASIAPAC: Voluntary Winding Up of Subsidiary
------------------------------------------------
The Board of Directors of Lion Asiapac Limited (the Company)
announced on Wednesday that Sonlife Yangon Company Limited
(Sonlife Yangon), a wholly owned subsidiary held by Sonlife
International Pte Ltd which is in turn a subsidiary of the
Company, has been placed under members' voluntary winding up.
Sonlife Yangon was incorporated in Myanmar on 29 January 1998
and has been dormant since July 2000.

The winding up will not have any material impact on the net
tangible assets per share and earnings per share of the Group.


WEE POH: Expects First-half Losses to Widen This Year
-----------------------------------------------------
Road work construction contractor Wee Poh Holdings Ltd expects
its six months to June 2002 losses to increase further from the
last financial year, the AFX Asia reports.

"Contrary to the expectations of the board as indicated in the
release of the full-year results in September 2001, the moderate
improvement in company performance has not materialized," the
company said in a statement.

Wee Poh Holdings Limited announced in March the resignation of
its Chief Executive Officer, Gabrielle Tang Lee Woon.


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

ITALIAN-THAI: Bankruptcy Court OKs Business Reorganization Plan
---------------------------------------------------------------
Italian-Thai Development Public Co., Ltd informed that
on April 4, 2002 the Central Bankruptcy Court issued an order
approving the Business Reorganization Plan of the Company and
approving ITD Planner Co., Ltd to implement the plan
accordingly.  Pursuant to this order, the role of ITD Planer
Co., Ltd will change from that of Planner to Plan Administrator.
The rights and duties of the Planner have passed to the Plan
Administrator since such date.


PAMOLA COMPANY: Files Business Reorganization Petition
------------------------------------------------------
Palm oil manufacturer and distributor Pamola Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed in the
Central Bankruptcy Court:

   Black Case Number 1396/2544

   Red Case Number 1133/2544

Petitioner: PAMOLA COMPANY LIMITED BY MR. BOONTEEM
ANSAVACHADCHANCHAI AND MR. BOONCHAI ANSAVACHADCHANCHAI, THE
COMMITEE

Planner: Mr. Boonteim Unsawachadchanchai

Debts Owed to the Petitioning Creditor: Bt1,178,072,712.16

Date of Court Acceptance of the Petition: October 30, 2001

Date of Examining the Petition: November 26, 2001 at 9.00 A.M.

Court Order for Business Reorganization: November 26, 2001 and
Appointed Mr. Boonteim Unsawachadchanchai to be an Interim
Executive

Announcement of Court Order for Business Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
December 6, 2001

Announcement of Court Order for Business Reorganization in
Government Gazette: December 25, 2001

Court Order for Appointment of Planner: January 30, 2002

Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
February 8, 2002

Announcement of Court Order for Appointment of the Planner in
Government Gazette: February 26, 2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: May 26, 2002

Contact: Mr. Apirak Tel, 6792525 ext. 113


THAI HEAT: Issues Registered Increasing Capital Correction
----------------------------------------------------------      
Thai Heat Revival Company Limited, as the reorganization planner
of Thai Heat Exchange Public Company Limited, submitted the
correction of capital increasing, as follows:

Past (Baht)   Change to (Baht)    Change to (Baht)

Authorized share capital  
492,764,000.00     533,066,000.00     613,330,000.00  

Issued and paid up shares capital     
407,234,000.00     533,066,000.00     533,066,000.00

The registered capital amounting Bt80,264,000 is reserve for
convertible debenture.

Past (Share)   Change to (Share)   Change to (Share)  

Common Stock     22,551,200      22,551,200          22,551,200  
Preferred Stock  18,172,200      30,755,000          30,755,400  

The authorized share capital is changed from Bt533,066,000 to
Bt613,300,000 and preferred share from 30,755,000 shares to
30,755,400 shares because of the typing error.

The details of the approval rehabilitation plan of the company
are:  

1. Converting the debt of 13 financial institutions to
12,583,200 convertible prefer shares at Bt10.00 per share
totaling Bt125,583,200.

2. The remaining  debt of 13 financial institutions amount of
Bt265 million will be fully paid within 10 years.

3. Stopping accrued interest from March 2001 onward until the
court admit the company into rehabilitation process. After that
the company has to pay the interest at the rate 3% per annum
until December 2003 and the rate not more than 5% per annum for
the year 2004-2005 and MLR rate for the year after 2006.

4. Account payables pay at normal credit term.

5. The preferential right of labor payables not  exceeding  
Bt100,000 will be fully paid in the year 2002. The normal labor
payables which exceeding Bt100,000 will be fully paid in the
year 2005 and accrued interest rate 7.5% will be paid  in the
year 2006 to 2007.

6. Thai Heat Exchange Public Company Limited will be the
management planner for the period of 5 years.


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
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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