TCRAP_Public/040108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, January 8, 2004, Vol. 7, No. 5

                            Headlines

A U S T R A L I A

BRAIDWOOD GROUP: Disgraced Owner Faces Eviction; Cries Foul
SANTOS LIMITED: Analysts Cut Profit Forecast, Some Advice 'Sell'
SANTOS LIMITED: Moomba Fire Has No Impact on Rating, Says S&P
SANTOS LIMITED: Union Calls for Probe into Plant Fire


C H I N A  & H O N G K O N G

CHINA SOUTHERN: HK Unit Not Affected by Parent's Receivership
CHINA SOUTHERN: Won't Be Last to Fall, Observers Say
ORIENTAL METAL: Court Clears Critical Segment of Restructuring


I N D O N E S I A

BANK NEGARA: Employees' Pension Fund Peddling Singapore Property
KIANI KERTAS: Bank Mandiri Favors Singaporean Bidder


J A P A N

MATSUSHITA ELECTRIC: Recovers Business Slump in China
TAISEI CORP.: S&P Changes Outlook to Positive on Debt Reduction


K O R E A

LG CARD: Bailout Remains Deadlocked
LG CARD: Selects ProactiveNet to Ensure Critical Web Operations
SSANGYONG MOTOR: Union Plans Strike on January 27


M A L A Y S I A

BERJUNTAI TIN: Appoints BDO Binder as Investigative Auditor
EKRAN BERHAD: Issues Default Update
FURQAN BUSINESS: Unveils Disposal of Subsidiaries
KEMAYAN CORPORATION: Court Grants Restraining, Stay Order
KUALA LUMPUR INDUSTRIES: SC OK's Investigative Audit Extension

LONG HUAT: Adjourns Winding Up Hearing to May 14
PILECON ENGINEERING: Default Status Remain Unchanged
SJA BERHAD: Issues Winding Up Petition Update


P H I L I P P I N E S

MAYNILAD WATER: Starts Rehab Talks With Creditors on Wednesday
NATIONAL BANK: Tops List of Banks With Bad Assets


S I N G A P O R E

BLUEFIN FINE: Petition to Wind Up Pending
BRADBURY PRINTS: Winding Up Hearing Set for January 16
ENG NEO: Schedules Winding Up Hearing on January 16
GROSVENOR INVESTMENS: Creditors Must Submit Claims by February 3
HUA KOK: Files Legal Action Against Rayo
WEE POH: SGX Grants Extension Proposal


T H A I L A N D

EMC PCL: Capital Down to THB67M Following 10-to-1 Reduction
PREECHA GROUP: Fails to form Audit Team; SET Warns Delisting

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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BRAIDWOOD GROUP: Disgraced Owner Faces Eviction; Cries Foul
-----------------------------------------------------------
The National Australia Bank will try to enforce this week a
Supreme Court ruling giving it control of the multibillion-
dollar home of Andrew Garrett in Adelaide Hills, The Advertiser
said over the weekend.

Mr. Garrett is the owner of the failed Braidwood group of
companies, which fell into administrative receivership in July
last year with debts of more than AU$9 million.  He is currently
appealing the ruling.

The embattled winemaker argues that only AU$2.5 million of the
debt owed to the bank was secured against the 205-hectare
Springwood Park property.  He also claimed the bank's move is
pure harassment, claiming he had offered the bank cash in early
December, but was rebuffed.

Bank spokesman Geoff Lynch denied his accusation. "We were very
flexible and have given Mr. Garrett every opportunity to resolve
this without having to come to some sort of compulsory eviction.
We always try to avoid this situation whenever we can, but
sometimes we have to take this step," he told The Advertiser in
an interview.  He added Mr. Garrett "neglected to mention the
cheque [he offered in December] came nowhere near settling the
loan."

Mr. Garrett boasts his business interests are worth "north of
AU$30 million."  He, however, could not say how much his assets
were worth.  He said he had recently leased a 2001 black
Maserati, worth more than AU$200,000, to replace a Jaguar and a
Range Rover which were repossessed.  He said he could understand
his creditors being annoyed but deflected the blame to National
Australia Bank.

"I'm annoyed about it as well," The Advertiser quoted him as
saying. "I'm seeking to ensure (my creditors) get paid back.
When you look at the balance sheet this never should have
happened."

He added he would start a new winery in January but would not
say where he got the money to do so.


SANTOS LIMITED: Analysts Cut Profit Forecast, Some Advice 'Sell'
----------------------------------------------------------------
Investment analysts cut their profit forecasts for Santos
Limited, the majority stakeholder of the Moomba gas plant that
caught fire last week, The Advertiser reported yesterday.

ABN Amro cut by 9 percent its 2004 Santos profit forecast to
AU$181 million and retained its "reduce" recommendation on the
stock, the paper said.  Credit Suisse First Boston also signaled
an 11 percent profit downgrade and rated the stock an
"underperform," the paper added.  Goldman Sachs JB Were was
little bit conservative, indicating it could cut its profit
forecast by 6 percent.

In the market, however, investors were a little forgiving,
halting the company's slide that chipped off more than 6% of its
value during the first two trading days immediately after the
fire.  On Tuesday, Santos shares rose 13 cents to AU$6.56, The
Advertiser said.

Observers doubt, however, this seeming stability will hold up.
Accordingly, Santos' estimate of a AU$30 million hit from this
disaster and the potential for legal action from customers are
enough to make investors wary.

"UBS [warns] that the shutdown could encourage Santos's core
customers in NSW and South Australia to accelerate use of
alternative gas sources," The Advertiser said.

South Australia depends on gas for about 40 percent of its
energy demand and obtains almost all its gas through Moomba, the
paper said. In NSW, gas accounts for about 10 percent of energy
demand.  On Tuesday, Santos managed to restore gas flows through
Moomba to around 40 percent of normal capacity by supplementing
stored gas with raw gas taken directly from the Cooper Basin.

"Combined with increased gas flows from the Bass Strait offshore
of Victoria, the flows from Moomba are sufficient to meet normal
demand in SA and NSW," The Advertiser said.


SANTOS LIMITED: Moomba Fire Has No Impact on Rating, Says S&P
-------------------------------------------------------------
Standard & Poor's Ratings Services on Monday said the fire and
closure of Santos Ltd.'s (BBB+/Stable/A-2) Moomba gas plant in
South Australia and the expected impact on Santos' operating
cash flows haven't adversely impacted the credit rating on the
company.  The prospect of litigious challenges as manufacturers
and other large gas users quantify the cost of the incident to
their businesses is a contingent risk that Standard & Poor's
expects will take some time to resolve.

Santos' strong credit protection metric for its rating category
and its good financial flexibility allow the company to
adequately meet any near-term reduction in operating cash flows
as a consequence of the Moomba plant closure. Should the time
taken to re-establish full production and return cash flows to a
steady level extend beyond Standard & Poor's expectations, or
should there be a real prospect of significant legal action
directed toward Santos as the operator of the Moomba gas field,
the ratings on Santos could be adversely affected.

Although the consequence of the Moomba plant failure hasn't been
as direct, or to date as extensive, as the Longford gas plant
explosion and fire of September 1998, where much of Victoria's
gas supplies were interrupted immediately, the legal processes
to date relating to the Longford incident indicate that the
responsibility for the economic loss of users isn't necessarily
borne by the operator of the gas field. Also, as the markets are
being fully supplied, albeit at the reduced seasonal level, by
both Santos' limited production from storage and alternative gas
pipelines and sources, there is a reduced probability of
significant financial consequences and an adverse credit rating
action on Santos. The impact on winter gas storage levels and
prices, which may affect market participants and consumers, is
difficult to assess at this point. Standard & Poor's will
monitor these wider reaching implications on credit ratings as
production at the Moomba plant recovers.

Santos is a midsize Australian-based oil and gas company, with
operations spanning onshore and offshore gas and oil production
in Australia, Indonesia, the Timor Sea, and the Texas Gulf Coast
of the U.S.

For more information, contact Colin Atkin by Phone:
(61) 3-9631-2035 or Craig Parker by Phone: (61) 3-9631-2073


SANTOS LIMITED: Union Calls for Probe into Plant Fire
-----------------------------------------------------
The Australian Workers Union urged the government to form a
panel to look into the "systemic problems at Moomba" that have
led to three incidents in three years, according to The
Advertiser.

"The organization is unhealthy and this is a problem that needs
to be rectified before a bigger problem emerges," the paper
quoted union secretary, Bill Shorten, as saying Tuesday.

In a letter to South Australian Premier Mike Rann, who toured
the Moomba site in central Australia Tuesday, the union urged a
similar response to the Esso Longford explosion in Victoria five
years ago.  Following that explosion that killed two workers,
Major Hazard Facilities standards were made mandatory for the
approximately 40 hazardous facilities in Victoria.

The union suggested the formation of an inquiry panel consisting
of representatives of the Government, the union and Santos.  It
noted the death of a worker in one of the three incidents at the
gas plant as one of the compelling reasons for the inquiry.
These incidents accordingly showed the company was suffering a
"corporate pathology."

"The organization is unhealthy and this is a problem that needs
to be rectified before a bigger problem emerges," Mr. Shorten
told The Advertiser.

On Monday, Santos General Manager John Ellice-Flint said he was
"unhappy" with the record of incidents at Moomba and admitted
that maintenance and safety issues remained unsatisfactory.


============================
C H I N A  & H O N G K O N G
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CHINA SOUTHERN: HK Unit Not Affected by Parent's Receivership
-------------------------------------------------------------
The Hong Kong branch of China Southern Securities tried on
Monday to distance itself from the woes of its parent, which was
taken over by securities regulators just before the weekend.

"We are independent in terms of business and finance.  We do not
owe [the parent company] nor do they owe us," Director TW Cheung
told The Standard Monday.

The Securities and Futures Commission (SFC) of Hong Kong
similarly rejected the possibility the backlash from the
parent's fall into administrative receivership could spread over
to the Hong Kong branch.

"The SFC has been in contact with the management of China
Southern Securities (Hong Kong) and will continue to assess and
monitor the situation," an unidentified spokesman for the SFC
told The Standard. "Based on our latest assessment, China
Southern Securities (Hong Kong) is financially sound."

Hong Kong Stockbrokers Association chairman, Henry Chan, also
said it was very unlikely that the failure of the mainland firm
would be repeated in Hong Kong.

"There are strict regulations on brokerages' financial resources
in Hong Kong, especially on margin financing," he said. "The SFC
has sealed many loopholes in the regulations since the collapse
of CA Pacific Securities in 1998."

CA Pacific Securities was accused of misusing and losing a
substantial amount of clients' funds through margin financing,
according to The Standard.

"Obviously, the CSRC is keen to clean up the securities market,
given the fact that it has been bringing in many international
regulatory practices into the mainland," Mr. Chan added.

Mainland securities watchdog, China Securities Regulatory
Commission (CSRC), took over control of China Southern
Securities Friday under the pretext of protecting the interest
of clients and creditors.  It has accused the No.5 brokerage of
mismanagement.

Based Shenzhen, the group is now being managed by Zhuang Xinyi,
the newly appointed assistant to the chairman of the CSRC.  He
is the former chief of the Shenzhen Stock Exchange and deputy
mayor of the city, which is among the largest shareholders of
China Southern.  A concurrent chairman of the Securities
Association of China, Mr. Zhuang leads the takeover team that
consists of officials from the CSRC, People's Bank of China, the
Ministry of Public Securities, and Shenzhen municipal
government.


CHINA SOUTHERN: Won't Be Last to Fall, Observers Say
----------------------------------------------------
Market observers interviewed by Channel News Asia believe the
collapse of China Southern Securities is just the proverbial tip
of the iceberg, adding they expect more brokerage to close shop
as the crackdown on the unruly Chinese securities market
continues.

Francis Lun, general manager of Hong Kong brokerage Fulbright
Securities, said the clampdown on China Southern is unlikely to
be the last.

"What we heard from the rumor mill was that certain securities
(firms) have been using client's money on trust to invest in
real estate in the past few years and of course when the bubble
burst, some of the developments really lost big," Mr. Lun said
in an interview with Singapore-based Channel News Asia.

"We heard some figures in the market, something like RMB13
billion, which is quite substantial, and what I heard is that in
the past few years, China Southern has been trying to balance
the books somehow," he added.

The takeover of China Southern last Friday by Mainland
securities regulators failed, however, to rattle the market.
One reason for this, according to Channel News Asia, is the fact
that the company's collapse was long anticipated.  The TV
station said rumors about the company's financial difficulties
had been circling around the market since 2001.

"The Shanghai Composite Index, which tracks both A and B shares,
rose 3.4 percent, its highest in seven months, while the
Shenzhen Composite gained 1.6 percent," the TV station noted.

It is expected that the company will remain under administrative
receivership for 3 to 6 months, after which its fate will be
decided by the audit carried out by the administrators.

Meanwhile, the report said the crackdown in the industry is an
auspicious development for the Chinese securities industry.

"One piece of good news out of all this is that if all the bad
apples are removed, the financially solid ones, like CITIC
Securities and Everbright, will probably benefit from a
healthier market. These two were established much later when the
market and regulations were better developed, with bad debts and
corporate governance less of a problem," Channel News Asia said.


ORIENTAL METAL: Court Clears Critical Segment of Restructuring
--------------------------------------------------------------
Oriental Metal (Holdings) Co. Ltd. obtained Tuesday court
approval for its planned capital reduction that will pave the
way for its takeover by China Minmetals HK (Holdings) Ltd.,
Reuters said.

The takeover is the centerpiece of a restructuring program that
began last year when the company booked a net deficit of around
HK$323 million (US$41.6 million) at the end of June 2003.  The
program aims to bring the company's net asset value down to
HK$135 million and reduce debt by HK$458 million.

"Under the deal, announced last year, Minmetals will buy the
debt at a rate of HK$0.25 per dollar, paying a total of up to
HK$104.5 million in cash," Reuters said.  Minmetals will also
subscribe for some 475 million new shares in Oriental Metal,
following its 10-to-one share consolidation that will reduce the
nominal value of each share to HK$0.05 each.  Minmetals, which
will pay HK$0.88 for each share, will end up controlling 78.3
percent of the company.

Oriental Metals trades nonferrous metals and processes aluminum
and copper products, while Minmetals is the Hong Kong unit of
China National Metals and Minerals Import and Export Corp,
China's largest importer and exporter of steel, nonferrous
metals and mineral products, according to Reuters.


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


BANK NEGARA: Employees' Pension Fund Peddling Singapore Property
----------------------------------------------------------------
The employees pension fund of Bank Negara Indonesia is selling a
prime office building in Singapore's central business district,
according to Channel News Asia.

The report said property consultant Colliers International is
handling the tender offer, which will close on February 11.
Located at Cecil Street, the nine-storey Dapenso Building, which
has a total of 11,000 square foot of floor space, could fetch as
much SG$30 million.  It is 81% filled, with Bank Negara
occupying the first floor.  The lease on the property still runs
for another 77 years, according to the report.

"The sale is part of the Indonesian pension fund's plans to
divest its overseas assets," the TV station said.


KIANI KERTAS: Bank Mandiri Favors Singaporean Bidder
----------------------------------------------------
Bank Mandiri, which bought debt-strapped PT Kiani Kertas from
the Indonesian Bank Restructuring Agency last year, indicated
Monday it prefers the bid of a Singaporean investor to two
others.

"It seems that it is a Singaporean investor who will win the
bid.  After the signing of the deal, it will inject some fresh
money," Asia Pulse quoted Nimrod Sitorus, the corporate
secretary of PT Bank Mandiri, as saying.

The unidentified Singaporean bidder is among three foreign
investors who have taken interest in the debt-laden manufacturer
of fully bleached market hardwood pulp.  The two others,
according to Asia Pulse, are from Thailand and Malaysia.

Kiani Kertas, PT Kiani Lestari and PT Wenang Sakti were among 13
units of the Kalimanis Group snatched by a consortium led by
Bank Mandiri and PT Anugra Cipta Investama from IBRA last year.
According to report, Kiani has debts of US$414.87 million and
IDR362 billion; Lestari, US$135 million and IDR575 billion; and
Wenang Sakti, US$7.9 million and IDR938 billion.  The consortium
paid a total of IDR1.76 trillion for the companies.

Meanwhile, Luhut Panjaitan, the president commissioner of the
company, told Bisnis Indonesia the company is now finalizing the
legal documentation to make sure that the Singaporean investor
will invest in the company.

"We hope that the Singaporean investor will at least inject some
US$70 million to turn the corporate around," Bisnis Indonesia
quoted Mr. Panjaitan as saying.


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J A P A N
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MATSUSHITA ELECTRIC: Recovers Business Slump in China
-----------------------------------------------------
Matsushita Electric Industrial Co. Ltd, which consists of 44
production companies, has been seeing its businesses in China
rapidly recover since 2002 (Graph), NE Asia Online reports.

Takashi Asada, managing director at Matsushita Electric (China)
managing director Co. Ltd, the controlling company of the
businesses in China, said that its recovery is a volume
expansion combined with an earnings potential improvement by
saying, "Approximately 70 percent of our production companies in
China had losses until around 2001, but the proportion has
switched over and an about 70 percent is generating profits
now."

The Matsushita Group posted a consolidated pretax loss of 54.80
billion yen in the fiscal year 2001 ended in March 2002.

Matsushita Electric Industrial Co., Ltd. submitted applications
to five stock exchanges for the delisting of the Company's
shares, TCR-AP reported last month. The Company expects to
complete the delisting process between March and April 2004. The
Company noted that trading volume of Matsushita's shares on
these exchanges is extremely low, and that the delistings would
cause no substantial inconvenience to the Company's shareholders
and investors.


TAISEI CORP.: S&P Changes Outlook to Positive on Debt Reduction
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the long-term rating
outlook of Taisei Corporation to positive from stable,
reflecting improvement in the general constructor's capital
structure in real terms due to debt reduction and progress in
asset restructuring. At the same time, Standard & Poor's
affirmed its 'B+' long-term rating and 'BB' senior unsecured
rating on the Company.

"Although concerns remain over the insufficient measures taken
by Taisei to restructure its real estate related assets, the
overall quality of its assets has improved steadily," said
Standard & Poor's credit analyst Junko Miyakawa.

In the six years to March 2003, Taisei recorded a total of 558.4
billion yen in extraordinary losses, mainly from the sale of
fixed assets, devaluation losses from real estate for sale, and
liquidation losses from other businesses. In fiscal 2003 (ending
March 31, 2004), the Company is expected to record additional
extraordinary losses totaling 63 billion yen, including 51
billion yen in impairment losses from real estate leasing and
development, golf courses, and commercial facilities; 3.5
billion yen from real estate-related losses including
devaluation losses from real estate for sale; and other losses
of 8.5 billion yen. As a result of its asset restructuring
measures, Taisei's assets totaled 1.8 trillion yen at September
2003, compared with about 3 trillion yen at March 1997.

Taisei's debt-to-capital ratio, which stood at 78 percent at
Sept. 30, 2003, is expected to decline to about 75 percent at
the end of March 2004. Given the improvement in the Company's
asset quality, concerns over substantial capital erosion are
diminishing, and its debt-to-capital ratio is likely to continue
to improve over the next few years.

The business environment facing Japan's construction industry
remains difficult, with continued weak demand and intense
competition. However, if Taisei can enhance its selection policy
for new orders and improve its cost structure, thereby
stabilizing cash flow generation from the construction business
and further reducing debt, the rating on the Company could be
raised.


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


LG CARD: Bailout Remains Deadlocked
-----------------------------------
Creditors of LG Card Co. will have until 5 P.M. on January 7 to
decide whether to fund a bailout for the struggling credit card
issuer, the Korea Herald reports, citing main creditor Woori
Bank. If 16 creditors fail to agree on the joint rescue package
by the deadline, they will have to discuss other options, such
as placing the issuer under court receivership or liquidating
it.

LG Card is the biggest victim of a credit boom in recent years
that has left 3.7 million Koreans, 7.6 percent of the nation's
population, behind on their credit card and other debt payments
for at least three months. The company's shares continued
plunging by the daily limit of 15 percent yesterday, closing at
2,530 won.


LG CARD: Selects ProactiveNet to Ensure Critical Web Operations
---------------------------------------------------------------
ProactiveNet, Inc., the technology leader in online application
performance measurement and analysis solutions, announced on
Tuesday that LG Card, South Korea's largest credit card company,
has selected ProactiveNet to ensure LG Card's business critical
Web operations and internal application infrastructure perform
optimally.

Almost 19 million people in South Korea currently use LG Card
credit cards, with transactions totaling more than $134 billion
a year. LG Card's online services enable these customers to
track their monthly billing statements, credit card purchases
and outstanding balances.

"Our investment in cutting edge technology enables us to
continuously deliver South Korea's most comprehensive online
credit card services, regardless of the amount of traffic coming
to the site," said Jungwoo Lee, IT Manager, at LG Card. "We
chose ProactiveNet because it was the only solution capable of
correlating and analyzing performance data from our application,
Web transaction and client/server environments."

Credit cards are the flagship product of LG Card, and several
varieties exist that cater to demographically targeted
individuals, while other cards are intended for a corporate
audience. In addition to credit cards, LG Card provides several
other business units designed to address the financial
requirements of consumers and organizations. These units include
Installment Finance, which enable families to purchase big
ticket items such as automobiles, appliances or computers, and
pay fees in monthly installments; Consumer Loans, which include
loan programs designed for specific demographic groups, such as
students or newlyweds; Leasing Services to credit worthy
companies; and New Technology investing services, for infusion
of capital for fledgling companies with solid business models.

ProactiveNet's patented correlation and root-cause analysis
technology will enable LG Card's IT staff to rapidly measure,
analyze and visualize performance metrics across heterogeneous
network devices within the end-to-end application
infrastructure. This capability will help IT staff pinpoint and
resolve network performance problems before they can affect
customers accessing LG Card's online credit card services.

"The world's most successful companies deliver the world's best
products and services," said Ajay Singh, president and CEO of
ProactiveNet. "We're honored LG Card has chosen our technology
to ensure their online credit card services maintain the level
of performance and reliability their customers expect."

About LG Card

LG Card, established in 1988, is Korea's leading credit card
company, holding a strong market position. LG Card offers
installment financing, consumer loans, and leasing as well as
credit card services to more than 18.6 million customers, over
40 percent of the Korean total population. LG Card has 2.75
million associated stores, 50 branches nationwide and 6.5
trillion won in revenue.

About ProactiveNet

ProactiveNet, Inc. is the technology leader in real time, end-
to-end, performance measurement and analysis solutions for
online applications and their associated infrastructures.
ProactiveNet can monitor, identify, diagnose and resolve
performance problems for web and client server applications in a
minimally invasive, holistic approach using its patented
Intelligent Threshold and SmartFilters root cause analysis
technologies. Customers typically report positive ROI in less
than three months, enabling operations groups to reduce the time
spent locating the source of performance problems, improve
operations productivity and responsiveness, make proactive
capacity planning decisions and assess the impact of operations
on the bottom line.

Customers include leading enterprises such as eTrade, Ford,
Hoover's Online, McKesson and Wal-Mart. ProactiveNet has
established strategic partnerships with BEA Systems, BMC,
Computer Associates, IBM, Keynote Systems, Rational Software and
Sun Microsystems. The company's technology is a winner of The
CrossRoads A-list Technology Award, Network Computing Magazine's
Well-Connected Product of the Year Award and is protected by
registered U.S. Patents for monitoring an application
infrastructure environment. The company was founded in 1997 and
is headquartered in Santa Clara, Calif., with international
offices located in India. Additional information is available at
www.proactivenet.com or by phone in the U.S. at 408-935-6800.

Contacts

ProactiveNet
Jim Azevedo, 408-935-6867
jazevedo@proactivenet.com


SSANGYONG MOTOR: Union Plans Strike on January 27
-------------------------------------------------
Ssangyong Motor Co.'s labor union plans to go on strike from
January 27 to protest the ongoing sale of the automaker to China
National Bluestar (Group) Corporation, Dow Jones reports. The
workers plan to put down their tools for four hours next
Wednesday and will completely stop production lines from January
27 if the sale proceeds as planned. The union didn't provide
further details.

Last month, creditors of Ssangyong Motor named Bluestar as a
preferred bidder and signed a memorandum of understanding to
sell a 48.92 percent stake in South Korea's fourth-largest
carmaker. Creditors and Bluestar hope to sign a final contract
around March after the due diligence this month.


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M A L A Y S I A
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BERJUNTAI TIN: Appoints BDO Binder as Investigative Auditor
-----------------------------------------------------------
Berjuntai Tin Dredging Berhad refers to the announcements made
on 26 May 2003, 28 May 2003, 1 July 2003, 3 July 2003, 12 August
2003 and 19 November 2003 on the Proposed Restructuring Scheme.

As part of the Securities Commission's conditions stated in its
approval letter for the Proposed Restructuring Scheme dated 11
November 2003 (Approval Letter), BTD/Comfort Rubber Gloves
Industries Sdn Bhd is required to appoint an independent audit
firm (with experience in investigative audit and is not the
current nor past auditor of the BTD Group) within a period of
two (2) months from the date of the Approval Letter to conduct
the investigative audit on the past losses of BTD.

In this regard, on behalf of the Board of Directors of BTD,
Southern Investment Bank Berhad wishes to announce that the
Company had, on 18 December 2003, appointed Messrs BDO Binder to
carry out the said investigative audit.


EKRAN BERHAD: Issues Default Update
-----------------------------------
Ekran Berhad announced to the Kuala Lumpur Stock Exchange (KLSE)
that on 30 December 2003, the Company received a letter dated 16
December 2003 from Messrs Ee & Lim, the solicitors acting for
RHB Bank Berhad (RHB Bank), enclosing a copy of the Judgment In
Default of Appearance entered against Ekran Berhad on 23 October
2003 in the sum of RM20,560,629.68; interest thereon at the rate
of 3.25 percent p.a. above RHB Bank's Base Lending Rate
(inclusive of the 1 percent additional interest) calculated on
monthly rests as from 12 October 2002 until final payment; and
cost including costs on a solicitors-and-clients' basis.

In the letter, the Company was given notice that unless the
judgment sum and interest accrued thereon together with costs
thereto are paid to RHB Bank within fourteen (14) days from 16
December 2003, Messrs Ee & Lim are instructed by RHB Bank to
proceed with execution proceedings against the Company.

The Company has instructed its lawyers to take immediate steps
to apply to the Court to have the above Judgment In Default of
Appearance set aside.


FURQAN BUSINESS: Unveils Disposal of Subsidiaries
-------------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad
(FBO) announced that on 29th December 2003, its wholly owned
subsidiary, Austral Amalgamated Berhad and indirect subsidiary
Company, Austral Amalgamated Assets Sdn. Bhd. had entered into
the Agreements to dispose of the entire shareholdings in the
following eight (8) subsidiaries for a total cash consideration
of RM16.00 (Ringgit Malaysia Sixteen) only:

1. Austral Amalgamated Hotel Management Sdn. Bhd. (AAHM) ;
2. Austral Amalgamated Hotel & Resorts Sdn. Bhd. (AAHR) ;
3. Austral Amal Property Management Sdn. Bhd. (AAPM) ;
4. Pasar Ria Likas Square Sdn. Bhd. (PRLS) ;
5. Profound Way Sdn. Bhd. (PW) ;
6. Total Excellence Sdn. Bhd. (TE) ;
7. Broadland Amal Capital Sdn. Bhd. (BAC) ; and
8. Broadland Equity Sdn. Bhd. (BE).

[hereinafter collectively referred to as the Disposal]

The details of the disposal can be accessed at
http://bankrupt.com/misc/furqan0107.doc


KEMAYAN CORPORATION: Court Grants Restraining, Stay Order
---------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (KCB)
announced that the Kuala Lumpur High Court of Malaya has on 5th
January 2004 granted a restraining and stay order under Section
176(10) of the Companies Act 1965 to the Company and its
following subsidiaries (Group) restraining the creditors from
proceedings in any action against the Group for 90 days:

1. Alrosa Sdn Bhd;
2. Kemayan Bina Sdn Bhd;
3. Kemayan Land Sdn Bhd;
4. Kemayan Resources Sdn Bhd; and
5. Kemtrad Holdings Sdn Bhd


KUALA LUMPUR INDUSTRIES: SC OK's Investigative Audit Extension
--------------------------------------------------------------
Further to the announcement dated 2 January 2004 on the
application for extension of time to complete the investigative
audit on Kuala Lumpur Industries Holdings Berhad (Special
Administrators Appointed) (KLIH Group), the Company announced
that on 5 January 2004, Commerce International Merchant Bankers
Berhad, on behalf of KLIH, had received the approval from the
Securities Commission (SC) for the extension of time for three
(3) months until 31 March 2004 to complete the Investigative
Audit on the KLIH Group.


LONG HUAT: Adjourns Winding Up Hearing to May 14
------------------------------------------------
Long Huat Group Berhad refers to an earlier announcement dated 2
December 2003.

The Company announced that there is no material development
pertaining to the default in respect of the credit facilities
granted to the Company and its subsidiaries:

1. The clarification by the Company in relation to the notice of
winding-up petition served on Long Huat Development Sdn Bhd
(LHDSB) by Sim Huat Timber & Hardware Sdn Bhd and LTT Veneer
(Singapore) Pte Ltd, which had been announced on 10 December
2003.

2. The Hearing Date for the winding-up petition against LHuat by
HSBC Bank (Malaysia) Berhad has been adjourned from 4 December
2003 to 14 May 2004 as announced on 16 December 2003.


PILECON ENGINEERING: Default Status Remain Unchanged
----------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
(PEB) on 5 December 2003 with regards to the status of default
in payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB announced that there have
not been any changes to the status of default since then.

To be in line with PEB's proposed scheme of arrangement approved
by its scheme creditors in August 2003, TVSB has constructed a
new scheme of arrangement for its creditors and will be filing
an application to the Kuala Lumpur High Court for a restraining
order under Section 176(10) of the Companies Act, 1965.


SJA BERHAD: Issues Winding Up Petition Update
---------------------------------------------
SJA Berhad announced the Kuala Lumpur Stock Exchange that one of
its major shareholder, HLB Nominees (Tempatan ) Sdn Bhd had on
9th October, 2003 withdrawn its appeal to the Court of Appeal
against the winding-up order granted by the High Court of Penang
on 10th September, 2003 for the winding-up of the Company as
petitioned by Bank Utama (Malaysia ) Berhad.


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


MAYNILAD WATER: Starts Rehab Talks With Creditors on Wednesday
--------------------------------------------------------------
Maynilad Water Services Inc. will face its creditors on January
7 to discuss its rehabilitation plan, reports the Business
World. Quezon City Judge Reynaldo B. Daway did not grant the
joint request of the Company and Metropolitan Waterworks and
Sewerage System (MWSS) to postpone the initial hearing with
creditors, which had been set as early as mid-November and
published in newspapers as required by legal rules.

MWSS is the biggest creditor of Maynilad, accounting for more
than 40 percent of its 18 billion pesos debt. Under the
concession agreement, the corporation is obligated to pay an
average of 400 million pesos in concession fees to MWSS.
Maynilad has not been paying fees since March 2002.


NATIONAL BANK: Tops List of Banks With Bad Assets
-------------------------------------------------
Semiprivate Philippine National Bank (PNB) tops the list of
commercial banks with the biggest amount of bad assets at 77.53
billion pesos as of end-September last year, the Business World
reports, citing the Philippine Central Bank's monthly report of
the banking industry's bad loan ratio.

Based on a Bangko Sentral ng Pilipinas (Philippine Central Bank)
monthly report of the banking industry's bad loan ratio, PNB's
non-performing assets accounted for 17.5 percent of the
industry's total bad assets. It was followed by the Metropolitan
Bank and Trust Co. (Metrobank) with PhP62.86 billion; Land Bank
of the Philippines, 38.29 billion pesos; Equitable PCI Bank,
38.21 billion pesos; United Coconut Planters Bank (UCPB), 36.81
billion pesos; and Bank of the Philippine Islands, 26.55 billion
pesos.


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


BLUEFIN FINE: Petition to Wind Up Pending
-----------------------------------------
The petition to wind up Bluefin Fine Seafoods Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on January 16, 2004 at 10 o'clock in the morning. Yeo Joo Ann, a
creditor, whose address is situated at 147 Tanah Merah Kechil
Road South, Singapore 466675, filed the petition with the court
on December 19, 2003.

The Petitioner's solicitors are Wong Tan & Molly Lim LLC of 80
Robinson Road #17-02, Singapore 068898. Any person who intends
to appear on the hearing of the petition must serve on or send
by post to Wong Tan & Molly Lim LLC a notice in writing not
later than twelve o'clock noon of the 15th day of January 2004
(the day before the day appointed for the hearing of the
Petition).


BRADBURY PRINTS: Winding Up Hearing Set for January 16
------------------------------------------------------
The petition to wind up Bradbury Prints Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
January 16, 2004 at 10 o'clock in the morning. Tan Lan Hiang
Annabelle, a creditor, whose address is situated at 23 Burgundy
Rise, Singapore 658874, filed the petition with the court on
December 8, 2003.

The Petitioner's solicitors are Messrs Leong Chua & Wong of 2
Havelock Road, #04-05 Apollo Centre, Singapore 059763. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Leong Chua & Wong a notice in
writing not later than twelve o'clock noon of the 15th day of
January 2004 (the day before the day appointed for the hearing
of the Petition).


ENG NEO: Schedules Winding Up Hearing on January 16
---------------------------------------------------
The petition to wind up Eng Neo Development Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
January 16, 2004 at 10 o'clock in the morning. The Malayan
Banking Berhad, a creditor, whose address is situated at No. 2
Battery Road, #01-00 Maybank Tower, Singapore 049907, filed the
petition with the court on December 23, 2003.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Shook Lin & Bok a notice in writing
not later than twelve o'clock noon of the 15th day of January
2004 (the day before the day appointed for the hearing of the
Petition).


GROSVENOR INVESTMENS: Creditors Must Submit Claims by February 3
----------------------------------------------------------------
The creditors of Grosvenor Investments (Forum) Pte Ltd (In
Members' Voluntary Liquidation), which is being wound up
voluntarily are required on or before the 3rd day of February
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidators of the
said Company and, if so required by notice in writing by the
said liquidators are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

JEREMY SIMON SPRATT
STEPHEN TREHARNE
Liquidators.
c/o 8 Salisbury Square
London EC4Y 8BB
United Kingdom.


HUA KOK: Files Legal Action Against Rayo
----------------------------------------
The Board of Directors of Hua Kok International Ltd has issued a
writ of summons against Rayo Pte Ltd (Rayo), Mr. Lim Chuin Yong
(LCY) and Mr. Ho Hee Him (HHM).

Reference is made to MASNET Announcement No. 2 of 6 September
2003. The following is a summary of the principal points of that
announcement and is qualified in its entirety by reference to
the same:

1. On 26 February 2003, the Company had announced the signing of
a Sale and Purchase Agreement (the "S&P Agreement) with Rayo for
the sale and assignment of all its interests and rights in the
PD Group to Rayo for an aggregate cash consideration of
S$15,000,000 (the "Divestment). On 23 May 2003, the Company
obtained the approval of shareholders to the Divestment at an
extraordinarys general meeting convened for such purpose.

2. Completion of the Divestment took place on 5 September 2003,
subject to and upon the execution of a supplemental agreement
between the Company and Rayo dated 5 September 2003 (the
"Supplemental Agreement). Under the Supplemental Agreement, the
Company and Rayo have agreed to vary certain terms of the S&P
Agreement.

3. Clause 2 of the Supplemental Agreement, inter alia, provides
that Rayo will pay the sum of S$6,000,000, being the balance of
the purchase consideration under the S&P Agreement (the "Balance
Payment) in six equal installments on the following stipulated
dates:

- 30 September 2003;
- 30 October 2003;
- 28 November 2003;
- 30 December 2003;
- 30 January 2004; and
- 30 March 2004.

4. Clause 3 of the Supplemental Agreement provides, inter alia,
that Rayo shall pay the Company interest at 12 per cent per
annum from 1 September 2003 on any outstanding amount of the
Balance Payment, up to 30 March 2004 being the full payment date
(the Aggregate Interest).

5. As security for the due and timely payment of the Balance
Payment and the Aggregate Interest, LCY and HHM, the directors
of Rayo, have executed joint and several personal guarantees
dated 5 September 2003 in favour of the Company.

Claim against Rayo

Pursuant to the Supplemental Agreement, Rayo is accordingly
obliged to make the following payments as at 30 December 2003:

- the sum of S$1,000,000 on 30 September 2003;
- the sum of S$1,000,000 on 30 October 2003;
- the sum of S$1,000,000 on 28 November 2003; and
- the sum of S$1,000,000 on 30 December 2003.

As of to date, Rayo has only made payment of the following sums:

- The sum of S$400,000 on or about 2 October 2003;
- The sum of S$450,000 on 15 October 2003; and
- The sum of S$302,440.19 on or about 16 December 2003.

Rayo is accordingly indebted to the Company for the principal
sum of S$2,847,559.81. Despite demand for payment to be made,
Rayo has failed to make payment of the amounts due to the
Company. The action against Rayo is for payment of the principal
sum of S$2,847,559.81 and the Aggregate Interest on the same.

Claim against LCY and HHM

Pursuant to clause 8 of the Supplemental Agreement, the Company
has obtained joint and several guarantees from LCY and HHM in
favor of the Company, to secure the due and timely payment of
the Balance Payment and the Aggregate Interest. LCY and HHM have
duly provided the Company with a Deed of Guarantee and Indemnity
dated 5 September 2003 (the "Deed).

By Clause 1 of the Deed, LCY and HHM, inter alia, irrevocably
and unconditionally and jointly and severally guarantee:

(a) the due and timely payment of the Balance Payment and the
Aggregate Interest; and

(b) undertake with the Company that if and whenever Rayo shall
be in default in the payment of any sums and/or installments,
each of LCY and HHM shall on demand pay the same to the Company
as if each of LCY and HHM instead of Rayo was expressed to be
the primary obligor.

Despite demands for payment, LCY and/or HHM have failed to make
full payment. Accordingly, the claim against LCY and HHM is for
the sum of S$2,847,559.81 and the Aggregate Interest on the
same.

The Company will make further immediate announcement(s) as and
when appropriate.


WEE POH: SGX Grants Extension Proposal
--------------------------------------
The Board of Directors of Wee Poh Holding Limited announced that
the Singapore Exchange Limited has granted the Company a waiver
from compliance with Rule 707 of the Listing Manual in relation
to the Company's request for an extension to the deadline of the
issuance of its annual report for FY2003. Reasons for the delay
in releasing the annual report are as follows:

(i) As disclosed in our announcements on 2 December 2003, a
subsidiary of the Company, Wee Poh Construction Co. (Pte)
Ltd.(WPC) had, in October 2003, been served additional tax
assessments of approximately $1.8 million by the Inland Revenue
Authority of Singapore (IRAS), in respect of prior years of
assessments, namely YA1997, YA1998 YA1999 and YA2000.

To this end, the auditors and the management of the Company had
been in discussions to ascertain the impact of the additional
assessment on the financial position of WPC and the Group and to
determine the amount of provisions (if any), to be made in the
financial statements of WPC and the Group so as to present a
true and fair view of the situation. As the amount imposed is
substantial and the assessment is in respects of past years of
assessment, we had to spend time to locate, retrieve and review
our old records to ascertain the facts and circumstances then
subsisting. Despite our best efforts, we did take some time to
retrieve the said records, to answer queries from our auditors,
and to retrieve any further documents, which they require.
Mindful of the Company's obligation to complete the audit of our
financial statements and issue our annual report, and as a
matter of prudence, the directors of the newly constituted board
of the Company and WPC, in end November 2003, had no choice but
to make full provision of the additional tax assessed in the
financial statements of the Company and the Group and WPC for
the financial year ended 30 June 2003.

(ii) Immediately after the resolution of the additional tax
assessment issue, the Company announced its audited accounts for
FY2003 on 2 December 2003. Thereafter, the Company and its
auditors had proceeded to expedite work of the Company's annual
report for FY2003 and finalizing all the detailed disclosure
notes to the accounts.

(iii) On 11 December 2003, the Company announced that WPC, one
of its principal subsidiaries, is proposing a Scheme of
Arrangement (the Scheme) with its unsecured creditors, whereby
the Company is proposing to issue up to 300,000,000 new shares
to the unsecured creditors of WPC at $0.05 each.

This turn of events meant that the various required write-ups in
the annual report had to be updated to reflect the Scheme.
Again, this had caused delays in the printing and the issuing of
the annual report to shareholders.

The Board would also like to highlight that as of today, we have
issued the said annual report and notice of the Eight Annual
General Meeting on 5th January 2004 and the appropriate
announcements have been made.


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


EMC PCL: Capital Down to THB67M Following 10-to-1 Reduction
-----------------------------------------------------------
EMC, PCL recently issued a progress report to the SET:

Subject:  Progress Report

To     :  Managing Director, the Stock Exchange of Thailand

Dear Sir,

Reference is made the business reorganization plan of EMC Public
Company Limited (the Company).  The Company through EMC Power
Company Limited, the plan administrator, hereby informs you that
the Company has completely registered the reduction of capital
by mean of decrease in the par value of the share from Baht 10
per share to Baht 1 per share.  This results to the decrease of
paid-up capital of the Company from Baht 677,954,310 to Baht
67,795,431 on January 5, 2004.

Please be informed accordingly.

Yours faithfully,

Komol Wongpornpenpap
Slib Soongsawang
Directors
EMC Power Company Limited
Acting as a Plan Preparer of
EMC Public Company Limited


PREECHA GROUP: Fails to form Audit Team; SET Warns Delisting
------------------------------------------------------------
The Stock Exchange of Thailand (SET) posted the "NP" (Notice
Pending) sign on Preecha Group Public Company Limited (PRECHA)
effective from 7 January 2004 onward as the company had not been
able to establish sufficient number of three members of an audit
committee, specified by the SET, on the deadline.

Following is procedures for when a listed company fails to
establish an audit committee within the SET's deadline:

(1) The "NP" sign will be posted for the first three months
against the securities of the listed company that fails to
follow the SET's rules concerning audit committee.

(2) After three months of the "NP" sign, an "SP" (Suspension)
sign will be posted if it still has not met the SET's rules
concerning audit committee.

(3) If after three months of the "SP" sign, a listed company
still has not met the SET's rules, the SET will publicly
announce the possible delisting of the firm in line with Clause
9 (3) of the SET's Notification regarding Delisting of the
securities.  Finally, if after another three months, it still
has not met the SET's rules, the SET may delist its securities.


                            *********


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