TCRAP_Public/041216.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, December 16, 2004, Vol. 7, No. 249

                            Headlines

A U S T R A L I A

496 PTY: Enters Voluntary Winding Up Proceedings
BETTER FURNITURE: Members Resolve to Voluntarily Wind Up
COFFEY AND SULLIVAN: To Hold Final Meeting on December 17
GOOD VIEW: Court Appoints Steven Nicols as Liquidator
HIH INSURANCE: Former CEO Pleads Guilty to Three Charges

HORE & KENNY: Sets December 17 as Date of Final Meeting
HORNGROVE PTY: Winds Up Voluntarily
ION LIMITED: Creditors Unlikely to Get Full Repayments
JARDINE AUSTRALIAN: Faces Voluntary Winding Up Process
JARDINE INSURANCE: To Wind Up Voluntarily

MAYNE GROUP: Acquires Spanish Generic Pharmaceutical Business
MEDIA WORLD: Creditors Lash Out at Video Technology Inventor
MITSUI TRUST: Final Meeting Slated for December 21
MT DRUITT: Ashton Brailey Appointed as Liquidator
NATIONAL AUSTRALIA: Fitch Affirms Ratings on Sale of Irish Banks

NORKOPING PTY: Enters Voluntary Winding Up Process
NORTH SHORE: Members Resolve to Voluntarily Wind Up
PAUL SEGAERT: Receivers and Managers Named
PRIORITY REAL: John Mazaroli Appointed as Liquidator
SISIJI PTY: Voluntarily Winds Up

VILLAGE ROADSHOW: Panel Discloses Reasons on Boswell Application


C H I N A  &  H O N G  K O N G

AMCOL COSMOS: Creditors Meeting Set December 18
BOHK LIMITED: Creditors to Prove Claims by January 14
GALCO INTERNATIONAL: Creditors to Submit Claims by December 31
HESHUN CHINA: Meetings Slated for December 22
JF CHINA: Receiving Proofs of Claim Until January 14

NON-FERROUS TRADING: Enters Bankruptcy Proceedings


I N D O N E S I A

ASIA PULP: Files Damages Suit Against Chinese Hotel Association
BANK GLOBAL: Police Detains Eight Executives
* Central Bank Urged to Tighten Supervision of Banks


J A P A N

ALL NIPPON: Launches Japan's First English Online Booking Site
ARUPUSUSHA K.K.: Enters Bankruptcy
DAIEI INCORPORATED: Wal-Mart May Withdraw Bid to Sponsor Rehab
KOKUDO CORPORATION: To Void Seibu Stock Contracts with 70 Firms
MITSUBISHI MOTORS: Denies Reported Retreat from Foreign Ventures

MITSUBISHI MOTORS: Says No Decision on Debt Waiver Request
MITSUBISHI MOTORS: Past Recall Probe Misses Deadline
* Corporate Bankruptcies Drop for 23rd Straight Month


K O R E A

LG CARD: To Face KRW1.8 Trillion Loss in Absence of Rescue Funds
THRUNET COMPANY: Hanaro Outbids Dacom


M A L A Y S I A

AYER HITAM: Default Sum Reaches RM39.97 Mln
CHG INDUSTRIES: Court OKs Restraining Order Extension
CT COMMUNICATIONS: Enters Winding Up Proceedings
FABER GROUP: Lists Additional Shares
FARLIM GROUP: EGM Set For December 31
FCW HOLDINGS: Shareholders OK AGM Resolutions

FCW HOLDINGS: Unveils New Strategy To Cut Losses
I-BERHAD: Issues Notice Of Shares Buy Back
KSU HOLDINGS: Updates Delisting Of Securities
TDM MARK-WELL: Faces Winding Up Petition
TRADEWINDS CORPORATION: Notes Additional Listing of Shares


P H I L I P P I N E S

ATLAS CONSOLIDATED: Cebu Customs Questions Mine's Reopening
ATLAS CONSOLIDATED: To Create Six-unit Holding Firm
COLLEGE ASSURANCE: SEC OKs Php110-Mln Withdrawal for Claims
COLLEGE ASSURANCE: Plan Holders Protest Tuition Payments
MAYNILAD WATER: Cuts Water Supply by 25% After Typhoons

NATIONAL POWER: Congress To Investigate Masinloc Plant Bidding


S I N G A P O R E

CAPITALAND LIMITED: Unveils Subsidiary's Final Dividend
CHINA AVIATION(S): Asks Creditors to Set Realistic Expectations
CHINA AVIATION(S): Restructuring Could Take Years
CHINA AVIATION(S): Shareholders Seek Other Legal Possibilities
JUTHA PARICHART: Receives Winding Up Order Notice

KWAI HAI: Posts Notice of Intended Dividend
MAINLAND FREIGHT: Court Issues Winding Up Order
PANPAC MEDIA: Notes Change in Shareholder's Interest


T H A I L A N D

ABICO HOLDINGS: Submits Rehabilitation Plan Summary
KRUNG THAI: Transfers Substandard Assets to TAMC
M.D.X.: Director, Audit Committee Chairman Resigns
TONGKAH HARBOUR: Details Unit's Change in Paid-Up Capital

     -  -  -  -  -  -  -  -

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


496 PTY: Enters Voluntary Winding Up Proceedings
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
The 496 Pty Limited (In Liquidation) A.C.N. 101 330 483 duly
convened and held at 100B, Ramsay Street, Haberfield NSW 2045 on
Thursday, 4 November 2004 at 9:30 a.m. a Special Resolution that
the Company be wound up voluntarily was passed by members and
the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 8th day of November 2004

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


BETTER FURNITURE: Members Resolve to Voluntarily Wind Up
--------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Better Furniture Pty Ltd (In Voluntary Liquidation) A.C.N. 002
717 713 held 13 Dobroyd Parade Haberfield on 1 November 2004 at
10:00 a.m., the following resolutions were passed:

Special Resolution

The Company be wound up voluntarily.

Ordinary Resolutions

That Warwick Easton of 13 Dobroyd Parade Haberfield NSW, be and
is hereby nominated liquidator of the Company for the purpose of
the winding up.


COFFEY AND SULLIVAN: To Hold Final Meeting on December 17
---------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the members of Coffey And Sullivan Pty Limited
(In Liquidation) A.C.N. 002 159 257 will be held at the offices
of Lawler Partners 763 Hunter Street Newcastle West NSW 2302 on
Friday 17th of December 2004 at 10:30 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of, and hearing any explanations that may be
given by Liquidator.

Dated this 16th day of November 2004

P.W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


GOOD VIEW: Court Appoints Steven Nicols as Liquidator
-----------------------------------------------------
On the 4th of November 2004 the Supreme Court of New South
Wales, Equity Division made an Order that Good View Group Pty
Ltd (In Liquidation) A.C.N. 105 494 255 be wound up by the Court
and appointed Steven Nicols to be Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


HIH INSURANCE: Former CEO Pleads Guilty to Three Charges
--------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), announced some important criminal
proceedings in relation to ASIC's HIH investigation.

Mr. Ray Williams, the former Chief Executive Officer of HIH
Insurance Limited, on Wednesday appeared before Justice Bell in
the New South Wales Supreme Court and pleaded guilty to three
charges arising from his management of the HIH group of
companies in the three-year period 1998 to 2000.

"I welcome (Wednesday's) guilty plea by Mr. Williams as a
significant development in ASIC's HIH investigation," Mr. Lucy
said.

Mr. Williams has pleaded guilty to three charges of breaching
the Corporations Act, which in summary are:

(1) Being reckless and failing to properly exercise his powers
and discharge his duties for a proper purpose as a director of
HIH Insurance Limited.

On 19 October 2000, Mr. Williams signed a letter from HIH
Insurance Limited to Note Holders who had purchased FAI Notes
under a US $150 million Note Program. The letter was misleading
as it stated HIH Insurance Limited had managed FAI so that it
complied with its obligations under the Note Program although at
this time, FAI was in breach of certain fundamental obligations.

(2) Authorizing the issue of a prospectus by HIH Holdings (NZ)
Ltd for converting notes, that contained a material omission, on
or about 26 October 1998;

The material omission concerned the effect of a transaction
entered into at the same time between HIH Insurance Limited and
Societe G,n,rale (SG) relating to SG's taking up a priority
allocation of the notes in the approximate sum of A$35 million
in exchange for HIH Insurance Limited depositing approximately
A$35 million with SG.

(3) Making or authorizing a statement in the 1998-99 Annual
Report, which he knew to be misleading, in that the operating
profit before abnormal items and income tax was stated to be
$102 million, which was overstated by $92.4 million by reason of
a financial reinsurance contract wrongly treated as traditional
reinsurance.

The matter returns to Court on 18 March 2005 for a sentence
hearing. As this matter is before the Court for sentencing, ASIC
does not propose to make any further comment until sentencing.

This matter is being prosecuted by the Director of Public
Prosecutions.

Background

Today's guilty plea by Mr. Williams follows a number of other
criminal actions arising from ASIC's HIH investigation,
including:

(1) On 23 December 2003, Mr. William Howard, a former General
Manager of HIH Insurance Limited, was sentenced to three years
imprisonment, fully suspended on the basis of on-going
assistance to the HIH investigation;

(2) On 20 April 2004, Mr. Charles Abbott, the former Deputy
Chairman of HIH Insurance Limited, was charged with dishonestly
using his position as a Company director. The committal hearing
is set down to commence on 30 May 2005;

(3) On 19 July 2004, Mr. Timothy Maxwell Mainprize, Mr. Daniel
Wilkie and Mr. Stephen Burroughs were committed for trial on
charges of failing to act honestly in the exercise of their
powers and discharge of their duties as officers of FAI General
Insurance Company Limited. Messrs Mainprize and Wilkie were also
committed on one count each of providing false and misleading
information;

(4) On 22 October 2004, Mr. Bradley Cooper was committed for
trial on six charges of corruptly giving cash benefit to
influence an agent of HIH Insurance Limited and seven charges of
publishing a false or misleading statement with intent to obtain
financial advantage.

ASIC's HIH investigation is continuing.


HORE & KENNY: Sets December 17 as Date of Final Meeting
-------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Hore &
Kenny Pty Ltd (In Liquidation) A.C.N. 000 300 649 will be held
at the offices of PMK Partners, Chartered Accountants, Suite 40,
Victoria Park Estate, 8 Victoria Avenue, Castle Hill, NSW, 2153
on Friday 17th of December 2004 at 2:30 p.m. for the purpose of
laying before the meeting the liquidator's final account and
report and giving any explanation thereof.

Dated this 8th day of November 2004

Jeffrey Edward Mckee
Liquidator
PMK Partners
Chartered Accountants
Suite 40 Victoria Park Estate,
8 Victoria Avenue,
Castle Hill NSW 2153


HORNGROVE PTY: Winds Up Voluntarily
-----------------------------------
At a General Meeting of Horngrove Pty. Limited (In Liquidation)
A.C.N. 003 360 969, duly convened and held at Suite 4, 16 Rob
Place, Vineyard 2765 on 19th of October 2004, the following
Special Resolution was passed:

That the Company be wound up voluntarily in accordance with the
provisions of Section 491(1) of the Corporations Act 2001 and
that the assets may be distributed in whole or part to the
members of the Company in specie should the liquidator so
desire.

Dated this 1st day of November 2004

Bruce Bailey
Liquidator
Saccasan Bailey Partners
Chartered Accountants
Level 15, 1 York Street,
Sydney NSW 2000


ION LIMITED: Creditors Unlikely to Get Full Repayments
------------------------------------------------------
Creditors owed AU$550 million by failed car parts firm Ion
Limited are unlikely to receive 100 cents on the dollar, reports
the Sydney Morning Herald.

The firm's Administrator, Colin Nicol of McGrath + Nicol, said
the creditors would get a "meaningful" return but a full
repayment is less likely.

At a creditors meeting held Monday, Mr. Nicol told the attendees
he would clarify matters that led to the sudden downfall of the
Company.

According to Mr. Nicol, the reopening of some price negotiations
with customers would be critical to the outcome for some of
Ion's divisions. It is believed this may be important in the
fate of the Altona project.

A major factor in just how much creditors were paid would be the
fate of the Altona engine block plant, which Mr. Nicol said must
be resolved within a month. The value realized for Altona would
largely be dependent on how important the plant is to Holden.

CONTACT:

Ion Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999


JARDINE AUSTRALIAN: Faces Voluntary Winding Up Process
------------------------------------------------------
At a general meeting of the members of Jardine Australian
Insurance Brokers Holdings Pty Limited A.C.N. 008 592 265 (In
Liquidation) held concurrently at Level 11, 66 Clarence Street,
Sydney, NSW, 2000 on 4 November 2004, a special resolution that
the Company be wound up voluntarily was passed.

David Clement Pratt
Timothy James Cuming
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


JARDINE INSURANCE: To Wind Up Voluntarily
-----------------------------------------
At a general meeting of the members of Jardine Insurance Brokers
Pacific Pty Limited A.C.N. 004 566 474 (In Liquidation) held
concurrently at Level 11, 66 Clarence Street, Sydney, NSW, 2000
on 4 November 2004, a special resolution that the Company be
wound up voluntarily was passed.

David Clement Pratt
Timothy James Cuming
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


MAYNE GROUP: Acquires Spanish Generic Pharmaceutical Business
-------------------------------------------------------------
Mayne Group Limited (ASX:MAY) announced Wednesday that its Mayne
Pharma business unit has acquired one of Spain's leading
specialized hospital generic pharmaceutical distribution
businesses from Laboratories Farmaceuticos ROVI SA (ROVI) for
EUR12.2 million plus inventory worth an estimated EUR3.5
million.

This acquisition follows last month's announcement that Mayne's
paclitaxel product had been launched by ROVI into the Spanish
market.

Mayne Group's Managing Director and Chief Executive Officer, Mr.
Stuart James said the acquisition was another important step in
Mayne's geographic expansion strategy and further consolidated
its leading position in the European generic hospital market.

"With the ROVI acquisition, we have improved our European
competitiveness by securing a direct sales and marketing
presence in Spain.  Together with our other Mayne Pharma sales
terms in Europe, we now sell directly to customers in each of
the five largest pharmaceutical markets in the region," Mr.
James said.

"This deal also improves the returns we will generate from each
product we develop and enables us to fully benefit from the
increasing use of generic pharmaceuticals in Spain," he said.

Mayne has acquired the distribution rights for ROVI's existing
generic hospital product portfolio of 14 injectable products and
will also benefit from ROVI's registration or launch.

ROVI's proven sales and marketing team and key management
personnel have deep experience and a strong reputation in the
hospital sector. Mayne will also leverage ROVI's leading market
positioning through the co-promotion of key new products in the
critical first year following the acquisition.

Mr. James said that the deal met Mayne's acquisition criteria by
immediately increasing earnings and generating a return on
invested capital (ROIC) in excess in Mayne's cost of capital in
its full year of ownership.

"With ROVI's experienced sales and marketing team and the strong
portfolio of new products coming to the Spanish market, we will
hit the ground running and expect to generate sales in excess of
EUR6.5 million in the second half of fiscal 2005," he said.

To view a full copy of the press release, click:
http://bankrupt.com/misc/maynegroup121504.pdf

CONTACT:

Mayne Group
Head Office Address:
Level 21/390 St Kilda Rd Melbourne 3004
Head Office Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MEDIA WORLD: Creditors Lash Out at Video Technology Inventor
------------------------------------------------------------
The inventor of an allegedly bogus video compression technology
sold to stricken Media World Communications faced disgruntled
creditors Tuesday, relates The Age.

During the second meeting of Media World creditors, Adam Clark
nervously explained how he developed and sold the license for
the technology. He declared the invention worked but he needed a
chance to prove his claim.

Media World Deputy Chairman John Tatoulis cut Mr. Clark short at
one point, yelling from the crowd of 40 that Mr. Clark was "a
pathological liar" who had been given ample opportunity to prove
the technology worked.

The creditors meeting was called by Administrator Craig Crosbie
of insolvency firm PPB. Mr. Crosbie told reporters that the
Media World saga might continue for five months or more.

Late on Monday, Mr. Crosbie obtained a Federal Court order
allowing him to compulsorily adjourn yesterday's meeting without
a vote cast on a deed of Company arrangement proposed by Mr.
Clark. Mr. Crosbie said he needed more time to consider whether
Mr. Clark's deed was viable.

Meanwhile, more than 70 percent of Media World's shareholders
are launching an AU$35 million class action against Media World
and its current and former directors through law firms Goldman
Partners and Maurice Blacknurn Cashman for losses incurred from
investing in the Company.

A directions hearing for the action by shareholders to be
recognized as creditors has been set down for December 21 in the
Federal Court.

Lawyers for PPB on behalf of Media World must file their
statement of claim against Mr. Clark as to misleading and
deceptive conduct, and breaches of director's duties, by January
17.

The next creditors meeting is scheduled on or before February
11.

CONTACT:

Media World Communications Limited
Level 8 , 99 William Street ,
Melbourne , Victoria,
Australia, 3000
Telephone: (03) 8610 0400
Fax: (03) 8610 0488
Web site: http://www.mwc.net.au/


MITSUI TRUST: Final Meeting Slated for December 21
--------------------------------------------------
Notice is given that the final meeting of the members of Mitsui
Trust Finance (Australia) Limited (In Liquidation) A.C.N. 003
047 541 will be held at the offices of Deloitte Touche Tohmatsu,
Level 3, 225 George Street, Sydney on the 21st of December 2004
at 10:00 a.m.

AGENDA

To lay before the meeting an account showing how the winding up
has been conducted and how the property of the Company has been
disposed of and giving any explanation of the account.

Dated this 8th day of November 2004

C.R. Campbell
K.W. Skinner
Liquidators
c/- Deloitte Touche Tohmatsu
225 George Street, Sydney NSW 2000


MT DRUITT: Ashton Brailey Appointed as Liquidator
-------------------------------------------------
Notice is hereby given that a general meeting of members of MT
Druitt Auto Electrical & Sons Pty Ltd (In Liquidation) A.C.N.
053 294 607 was held on the 20th day of October 2004.

It was resolved that the Company be wound up voluntarily and for
such purposes Ashton John Brailey, of Ashton Brailey & Co Suite
8, Frenchs Forest Road, Frenchs Forest, NSW 2086, Ashton Brailey
appointed Liquidator.

Dated this 20th day of October 2004

Ashton Brailey
Liquidator


NATIONAL AUSTRALIA: Fitch Affirms Ratings on Sale of Irish Banks
----------------------------------------------------------------
Fitch Ratings, the international rating agency, has affirmed the
ratings of National Australia Bank (NAB) at Long-term 'AA', with
a Stable Outlook, Short-term 'F1+', Individual 'A/B' and Support
'2' following the announcement of the sale of National European
Holdings Ireland (NEHI) to Danske Bank of Denmark.

NEHI is the holding Company for NAB's Irish subsidiaries,
Dublin-based National Irish Bank Limited and Northern Bank
Limited of Northern Ireland. Although the sale is subject to
regulatory approval, it is expected to be settled by 31 March
2005.

Fitch's affirmation of NAB's ratings reflects the modest impact
on earnings and capital as a result of the sale. Over recent
years, the two Irish banks have accounted for around 5% of
profit after tax, and on an earnings-per-share basis, subject to
capital management initiatives, the sale is expected to be
mildly accretive.

From an operational perspective, NAB will simplify its European
operations; the sale, coupled with the merger of Yorkshire and
Clydesdale Banks, brings the number of banking licenses held by
NAB's European operations to one from four, and reflects a
continuation of a group-wide structural simplification process.

NAB is currently holding regulatory capital in excess of its
internal target as required by the Australian regulator. This
requirement was imposed after NAB reported losses from trading
in foreign exchange option in early 2004. Immediately following
the sale of the Irish banks, NAB's key capital ratios will rise
further - Tier 1 to 8.1% from 7.3% and total capital to 11.4%
from 10.6%. Nevertheless, and subject to regulatory approval,
NAB will most likely manage its capital position back towards
its target range over time, which prior to the trading losses
was a total capital ratio of 9.0% - 9.5%.

NAB will provide indemnities to cover liability that may stem
from the High Court investigation involving National Irish Bank,
although all Irish pension fund liability will pass to Danske
Bank upon settlement.

Fitch's Individual ratings assess how a bank would be viewed if
it were entirely independent and could not rely on external
support. Its Support ratings deal with the question of whether a
bank would receive support from its owners or from the state if
it were to get into difficulty.

These ratings are not debt ratings but rather, respectively, an
assessment of the intrinsic strength of a bank and of any level
of outside support that may, or may not, be available to it.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


NORKOPING PTY: Enters Voluntary Winding Up Process
--------------------------------------------------
Notice is hereby given that at a special general meeting of
members of Norkoping Pty Limited (In Liquidation) A.B.N. 65 002
165 586 held on the 1st of November 2004, it was resolved that
the Company be wound up voluntarily and that for such purpose
David Colin Shedden, Chartered Accountant of 28/19-21 Central
Road, Miranda NSW be appointed Liquidator.

Dated this 1st day of November 2004

D.C. Shedden
Liquidator
28/19-21 Central Road, Miranda NSW 2228


NORTH SHORE: Members Resolve to Voluntarily Wind Up
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
North Shore Medical Centre Ltd (In Voluntary Liquidation) A.C.N.
000 224 233 duly convened and held on 3 November 2004, a Special
Resolution that the Company be wound up voluntarily was passed
by members and M.C. Smith was appointed Liquidator.

Dated this 8th day of November 2004

M.C. Smith
Liquidator
c/- McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000


PAUL SEGAERT: Receivers and Managers Named
------------------------------------------
On 3 November 2004, David John Frank Lombe and Peter George
Yates, were appointed Receivers and Managers of the assets and
undertaking of Paul Segaert Pty Ltd on behalf of the debenture
holder.

Dated this 8th day of November 2004

D.J.F. Lombe
P.G. Yates
Receivers and Managers
Deloitte
Chartered Accountants
Level 3, Grosvenor Place,
225 George Street,
Sydney


PRIORITY REAL: John Mazaroli Appointed as Liquidator
----------------------------------------------------
Notice is hereby given that at a General Meeting of Priority
Real Estate Pty. Ltd. (In Liquidation) A.C.N. 068 550 121 held
on 28 October 2004, it was resolved that the Company be wound up
voluntarily as a Members' Voluntary Winding up and that for such
a purpose, John Mazaroli be appointed liquidator.

Dated this 28th day of October 2004

John Mazaroli
Liquidator
Howes & Mazaroli
Suite 3 Victoria Court, 36 Victoria Street,
East Gosford NSW 2250


SISIJI PTY: Voluntarily Winds Up
--------------------------------
At a General Meeting of Sisiji Pty Limited (In Liquidation)
A.C.N. 002 805 638, duly convened and held at 49A Bundarra
Avenue, Wahroonga NSW on the 1st of November 2004, the following
Special Resolution was passed:

That the Company be wound up as Members Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidator so
desire.

Dated this 3rd day of November 2004

Timothy G. Looby
Liquidator
Davies, Thompson & Wright
Chartered Accountants
60 Brook Street, Muswellbrook NSW 2333


VILLAGE ROADSHOW: Panel Discloses Reasons on Boswell Application
----------------------------------------------------------------
The Takeovers Panel (the Panel) published the reasons for its
decision in relation of the application from Boswell
Filmgesellschaft mbH dated September 17, 2004 alleging
unacceptable from circumstances in relation to the affairs of
Village Roadshow Limited.

Details of the Panel's decision were announced on October 1,
2004 in Panel media release TPO4/88, available on the Panel's
website at: Media Releases.

The sitting Panel was Andrew Lumsden, Marian Micalizzi and Denis
Byrne.

The reasons of the Panel are available on the Panel's website
at: Decisions.

CONTACT:

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Phone: +61 3 9655 3501
E-mail: nigel.morris@takeovers.gov.au
Web site: http://www.takeovers.govt.nz/

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540
Web site: http://www.villageroadshow.com.au/


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


AMCOL COSMOS: Creditors Meeting Set December 18
-----------------------------------------------
Notice is hereby given pursuant to Section 228A of the Companies
Ordinance, that a meeting of the creditors of Amcol Cosmos
Limited will be held at 3 Shenton Way, #17-03 Shenton House,
Singapore 068805 on 18th day of December 2004 at 10:30 a.m. to
consider the Statement of Affairs, to appoint Liquidator(s), and
to consider further matters relevant to the creditors' voluntary
winding-up of Amcol Cosmos Limited pursuant to Sections 241,
242, 243, and 244 of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Room 1807, West Tower, Shun Tak
Centre, 200 Connaught Road Central, Hong Kong not later than
4:00 p.m. on the day before the time appointed for the holding
of the meeting.

Dated this 10th day of December 2004

Cheung Hing Chik And
Lam Kwan
Provisional Joint Liquidators


BOHK LIMITED: Creditors to Prove Claims by January 14
-----------------------------------------------------
Notice is hereby given that the Creditors of Bohk Limited, which
is being voluntarily wound up, are required on or before the
14th January 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
undersigned.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, such
creditors will be excluded from the benefit of any distribution
before such debts are proved.

Dated this 2nd day of December 2004

Mui Kin Wai
Joint and Several Liquidator
27th Floor, Chater House
8 Connaught Road Central
Hong Kong


GALCO INTERNATIONAL: Creditors to Submit Claims by December 31
--------------------------------------------------------------
Notice is hereby given that the Creditors of Galco International
Toys Limited, whose debts or claims have not already been
admitted, are required on or before the 31st day of December
2004 to prove by affidavit their debts or claims by sending in
their names, addresses and descriptions and full particulars of
their debts or claims in accordance with Form 63A of the
Companies (Winding-up) Rules, and the names and addresses of
their Solicitors (if any) to the undersigned Liquidators of the
said Company.

If so required by notice in writing from the said Liquidators,
they are to come in personally or by their Solicitors or duly
authorized Representative and prove their said debts or claims
and to establish any title they may have to priority at such
time and place as shall be specified in such notice.

In default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

Dated this 10th day of December, 2004

Natalia K M SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Susan Y H LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


HESHUN CHINA: Meetings Slated for December 22
---------------------------------------------
Heshun China Industrial Group Co., Ltd. announced at The
Standard the Meeting schedule for its creditors and
contributories.

Date of Meetings: 22 December 2004 (Wednesday)

Creditors: 10:00 a.m.

Contributories: 11:00 a.m.

Place: The Official Receiver's Office,10th Floor,
Queensway Government Offices, 66
Queensway, Hong Kong

Dated this 10th day of December 2004

E T O'CONNELL
Official Receiver & Provisional
Liquidator


JF CHINA: Receiving Proofs of Claim Until January 14
----------------------------------------------------
Notice is hereby given that the Creditors of JF China Management
Limited, which is being voluntarily wound up, are required on or
before the 14th January 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
undersigned.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, such
creditors will be excluded from the benefit of any distribution
before such debts are proved.

Dated this 29th day of November 2004

Lo Wai Tsun
Joint and Several Liquidator
27th Floor, Chater House
8 Connaught Road Central
Hong Kong


NON-FERROUS TRADING: Enters Bankruptcy Proceedings
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Non-Ferrous Trading Company Limited by the High Court of Hong
Kong Special Administrative Region was on the 29th day of
November 2004 presented to the said Court by Wader Iron & Steel
Works Limited whose registered office is situate at 2nd Floor,
Wing Yee Commercial Building, 5 Wing Kut Street, Central, Hong
Kong.

The said Petition will be heard before the Court at 9:30 am on
the 19th day of January 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Tsang, Chan & Woo
Solicitors for the Petitioner
12th Floor, Grand Building
15-18 Connaught Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18th day of
January 2005.

This notice is dated December 10, 2004.


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


ASIA PULP: Files Damages Suit Against Chinese Hotel Association
---------------------------------------------------------------
Asia Pulp and Paper Company (APP) on Nov. 30 lodged a lawsuit
against the Zhejiang Province Hotel Industry Association with
the Hangzhou Xihu District People's Court, according to Kyodo
News.

The beleaguered pulp and paper firm is seeking CNY2.2 million
(about US$266,000) in damages, claiming the Chinese hotel
association defamed APP by asking its members to boycott the
firm's paper products based on allegations of unethical forestry
practices. APP also demanded public apology from the group.

APP made the legal move after the hotel association on Nov. 18
sent a letter to its 417 members, urging them to stop
patronizing APP's goods if they wanted to qualify for "green
hotel" status. The letter was also posted on the group's
website.

On Nov. 16, environmental group Greenpeace released a report,
saying APP's use of eucalyptus trees to replant a logged-over
area violates Chinese forestry laws, uses too much water and
threatens native wildlife.

APP said it is charging for "infringement of reputation" because
the Greenpeace report "lacks factual evidence, violated the
plaintiff's reputation and caused the plaintiff a huge economic
loss".

A Court hearing is due Jan. 9.

CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


BANK GLOBAL: Police Detains Eight Executives
--------------------------------------------
As part of a probe into alleged banking crimes, eight officials
of embattled PT Bank Global Internasional was detained by
Indonesian police, while three directors were banned from
leaving the country, Dow Jones reveals, citing The Jakarta Post.

The detentions and travel restrictions came after the central
bank decided early this week to suspend Bank Global's activities
for one month due to its unhealthy balance sheet.

The central bank froze Bank Global' operations on grounds that
the latter's performance had deteriorated resulting from
fictitious lending activities and other banking fraud.

The move is an indication that authorities are serious in
cracking down bankers.

CONTACT:

Bank Global Internasional Tbk ( BGIN )
Menara Global,
Jl. Gatot Subroto Kav. 27,
Jakarta 12950
Phone: (021)5270188
Fax: (021)5270288
E-mail: bglobal@cbn.net.id
Web site: www.bankglobalinternasional.com


* Central Bank Urged to Tighten Supervision of Banks
----------------------------------------------------
Bank Indonesia (BI), the central bank, has been called to
supervise commercial banks more closely to prevent them from
falsifying information on their financial status, according to
Asia Pulse.

Several observers made the request following the collapse of
Bank Global, which issued fictitious mutual funds and trying to
transfer it into deposits, in a futile attempt to save its
business.

In the context of Bank Global's case, an accurate and effective
monitoring from BI might have prevented the bank from issuing
fake mutual fund and transfer it into bank deposits.

The Bank Global case has shown moral hazard of its management
thus BI should tighten its regulation regarding risk management.

The central bank's move to freeze the bank is expected to become
a warning for other banks to adhere to BI's regulation otherwise
it would be closed.

Meanwhile, an analyst suggested BI's effort to encourage banks
to boost its credit disbursement should be followed with
improvement in management quality and risk management, which
would mean additional responsibilities for bank supervising
officers.


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


ALL NIPPON: Launches Japan's First English Online Booking Site
--------------------------------------------------------------
From December 15 this year All Nippon Airways (ANA) will unveil
a new-look English language site to better serve the needs of
the non-Japanese speaking community in Japan.

As well as coming in line with the appearance and feel of the
current Japanese website, it will offer users the ability to
check seat availability, and book and pay for domestic flights
online, for the first time in Japan.

In addition to the above features, customers can cancel bookings
online, have their bookings confirmed by e-mail, and also opt
for the increasingly popular [Ticketless] service (e-ticket),
which eliminates problems with lost paper tickets and allows
check-in with no more than the credit card used to make payment.

"We are pleased to be the first airline Japan to address the
online needs of our customers in Japan who do not read Japanese
and who increasingly wish to make domestic reservations or
purchase tickets via the internet," said Toshiyuki Urushibara,
Manager of e-commerce at ANA. "We started English online booking
on our international network, and by rolling it out to our
domestic network have completed our service offering. Looking to
the future we intend to extend our English language services to
other areas," he added.

In a further plus for foreign residents in Japan, ANA's
membership of the world's largest airline alliance, Star
Alliance, allows members of the Frequent Flyer Programme of any
Star Alliance airline to accrue and redeem mileage, including
award flights, on ANA domestic and international routes.
Passengers belonging to the Frequent Flyer Programmes of the
following airlines may also accrue and redeem mileage on ANA
flights: Air China, Mexicana, Qatar Airways, Shanghai Airlines,
and Virgin Atlantic.

CONTACT:

All Nippon Airways Co., Ltd.
Shiodome City Center,
1-5-2 Higashi-Shimbashi, Minato-ku
Tokyo, 105-7133, Japan
Phone: +81-3-6735-1000
Fax: +81-3-6735-1005
Web site: http://www.ana.co.jp


ARUPUSUSHA K.K.: Enters Bankruptcy
----------------------------------
Arupususha K.K. has entered bankruptcy, with total liabilities
of US$23.71 million, says Teikoku Databank America.

The firm, engaged in miscellaneous publishing, is based in
Nagoya-shi, Aichi 464-0807.

For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.


DAIEI INCORPORATED: Wal-Mart May Withdraw Bid to Sponsor Rehab
--------------------------------------------------------------
Wal-Mart Store Incorporated is likely to back out from the
tender to sponsor the rehabilitation of struggling retailer
Daiei Incorporated, Reuters reports.

Sources said the U.S.-based retail giant, which aims to take
management control of Daiei, intends to withdraw its bid after
the state-backed Industrial Revitalization Corporation of Japan
(IRCJ) announced it wants to hold a third of the Japanese
retailer.

The IRCJ will possibly keep 334 percent of Daiei shares even
after selecting sponsors to ensure the smooth process of the
restructuring.

Private investors interested to participate in the turnaround
effort submitted initial proposals earlier this month. Leading
candidates included a group headed by Wal-Mart and others led by
Japan's top supermarket chains, Aeon Co. Ltd. and Ito-Yokado
Company Limited.

The corporate turnaround body is expected to name the sponsor by
March.

CONTACT:

The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: www.daiei.co.jp


KOKUDO CORPORATION: To Void Seibu Stock Contracts with 70 Firms
---------------------------------------------------------------
Stock transaction deals Kokudo Corporation made with about 70
firms that purchased scandal-mired Seibu Railway shares will be
nullified, according to Kyodo News.

Unlisted Kokudo sold about 60 million of its Seibu Railway
shares for around JPY65 billion to some 70 corporate investors,
without informing the buyers that Seibu tampered with share-
ownership ratio figures.

A group of around 40 companies has demanded that Kokudo buy back
the shares.

The rest of the firms will be allowed to cancel their contracts
upon their request. Negotiations with the said companies will
begin after Seibu Railway shares are delisted on Dec. 17.

The group, as well as some Seibu group firms, purchased Seibu
railway shares at Kokudo's request before the Oct. 13 revelation
that the Company had underreported its shareholdings in the
railway firm.

Kokudo admitted in October it had sold Seibu Railway shares to
help Seibu Railway meet a listing requirement prohibiting major
shareholders from owning more than an 80 percent stake in a
firm.


MITSUBISHI MOTORS: Denies Reported Retreat from Foreign Ventures
----------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) clarified that it has no
plans to withdraw from North American operations, sell off its
U.S. facility and shut down its Australian plant, Jiji Press
reports.

The embattled carmaker strongly denied the media reports, saying
they were groundless and based purely on speculations.

MMC said it is currently mapping out a strategic plan to revive
operations and improve its financial health in the medium to
long term.

The automaker, however, refused to disclose details of the plan
at present.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


MITSUBISHI MOTORS: Says No Decision on Debt Waiver Request
----------------------------------------------------------
Mitsubishi Motors Corporation denied reports that it is asking
main creditor banks to forgive its debt, AFX News says.

The ailing automaker said media articles that stated it is
considering requesting its lenders to waive its debt are not
factual.

Earlier, The Mainichi Shimbun reported MMC is planning to ask a
JPY300-billion debt waiver from its main creditor, the
Mitsubishi Tokyo Financial Group Incorporated (MTFG).

But MMC did not comment further on the matter. It only said the
Company is now reviewing a plan to stabilize its business and
reinforce its financial position.

Mitsubishi Motors is also considering the possibility of selling
its Illinois plant to U.S. investment fund Ripplewood Holdings
LLC, the report said.


MITSUBISHI MOTORS: Past Recall Probe Misses Deadline
----------------------------------------------------
In the process of achieving the goal of business revitalization
under Mitsubishi Motors Corporation's new management, it was
determined that it was essential to investigate the reasons for
the past recall problems, and to take disciplinary measures as
necessary.

To achieve this, a team of lawyers from outside the Company is
in the process of carrying out this investigation.

This investigation began on July 6th this year, and a progress
report was issued on October 6th, and although the investigation
was scheduled to be completed within this year, unfortunately,
we must sincerely apologize as it appears that we will not be
able to meet that deadline.

Progress

The team of outside lawyers has since July 6th studied relevant
trial documents and stored archive materials, as well as heard
testimony mainly from those persons closely involved with case
in 2000.

This November the Company received a progress report from the
team of outside lawyers, and afterward at the November 25th
meeting of the Business Ethics Committee, the summary of the
progress of the investigation was presented. The contents of the
report covered the background for the 2000 recall, and the
reasons why the defects related to the hub and clutch housing
case of the Truck and Bus business were not recalled, which were
the main contents of the investigation.

The purpose of the investigation was to clarify the facts of
concealment during the 2000 recall problem, however based on the
Business Ethics Committee's suggestion, in order to deepen the
investigation, we therefore decided to carry out the reinforced
investigation by observing the facts that were being gathered in
the process of the extended investigation.

Reinforced Investigation

Based on the received indications, the Company will continue the
investigation by the external lawyers, and will reinforce the
investigation, into the following matters.

(1) The role of the management and those who assisted them
regarding the fact that the recall problem remained.

(2) The recall problem in the eyes of non-executive, rank-and-
file employees.

(3) The corporate culture and Company quality which are the
background of the passenger car recall concealment and the hub
and clutch housing problem of the truck and bus business.

Future Steps

In as much as it is possible, we will promptly conclude the
reinforced investigation by the team of outside lawyers, receive
their final report and, reporting to the Business Ethics
Committee, we will clarify where responsibility lies and deal
with this strictly. In terms of the reinforced investigation by
the team of outside lawyers, the Company cooperation team will
promote and cooperate fully with the investigation.

Although it will be after reporting to the Business Ethics
Committee, the Company is considering to complete the reinforced
investigation within the fiscal year. After this the Company
will determine the appropriate disciplinary measures to take.

About Mitsubishi Motors Corporation

Mitsubishi Motors Corporation (TSE: 7211) was established in
1970 and is one of the few automobile companies in the world
that produces a full line of automotive products ranging from
660-cc mini cars and passenger cars to commercial vehicles and
heavy-duty trucks and buses. The Company also operates consumer-
financing services and provides this to its customer base.


* Corporate Bankruptcies Drop for 23rd Straight Month
-----------------------------------------------------
For the 23rd consecutive month of decline, the number of
corporate bankruptcies in Japan dipped 2.6 percent in November
from a year earlier to 1,106, reports The Japan Times.

Private corporate credit research agency, Teikoku Databank
America, reported the combine debts left by failed companies
plummeted 64.6 percent to JPY357.15 billion.

The continued fall in bankruptcies may be attributed to various
corporate revival programs, including those extended by the
Industrial Revitalization Corporation of Japan and other
corporate rehabilitation funds.

Teikoku's documents show the number of failures in which firms
were forced to discontinue business under Court-supervised
proceedings came to 423, accounting for 38.2 percent of the
total.

In other bankruptcy cases, companies are allowed to continue
operations though procedures involving debt waivers and job
cuts.

Of the November total, 835 firms, or 75.5 percent, collapsed due
to recession-linked factors, including poor sales and an
inability to pay off loans.

Bankruptcies related to the strong earthquakes in Niigata
Prefecture totaled two, while those in typhoon-related factors
came to five.


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


LG CARD: To Face KRW1.8 Trillion Loss in Absence of Rescue Funds
----------------------------------------------------------------
Up to KRW1.8 trillion ($1.7 billion) in losses would be left by
LG Card Co. if the firm will be liquidated, reports The Korea
Times, citing financial sources.

In the event of liquidation, the creditors would only be able to
recoup KRW1.95 trillion of their debts. The figure represents a
very low amount compared to the estimated KRW3.79 trillion they
were supposed to recoup after an additional capital injection.
The amount is also less than the KRW3.5 trillion in debts which
were converted into equities in the card Company.

The assessment was made a day after the Korea Development Bank,
the largest shareholder in LG Card with a 26 percent share, said
the firm could face liquidation if the creditors fail to agree
on additional bailout funds.

The creditors of LG Card have been involved in a tug-of-war with
LG Group in a call to inject rescue funds for the troubled card
issuer.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


THRUNET COMPANY: Hanaro Outbids Dacom
-------------------------------------
The KRW450 billion-purchase price Hanaro Telecom Inc. proposed
for Thrunet Co. Ltd. outbid Dacom Corporation's offer, Dow Jones
relates, citing Moneytoday, an online news provider.

Dacom who submitted a joint bid with Merrill Lynch L.P. Holdings
Inc. did not match the bid Hanaro submitted for Thrunet.
However, Hanaro, Dacom, and Thrunet creditors declined to
comment on the report.

According to analysts, the Thrunet deal would keep Hanaro in
line with the country's competitive telecoms market.  Hanaro
holds 24 percent share in the broadband firm market.

Thrunet, which handles 1.29 million users, or 10.9 percent of
the country's high-speed Internet market, has been under Court
receivership since March 2003 after a costly and failed attempt
to catch up with its rivals.

Thrunet aims to complete the sale by January 13 thus it hopes to
pick a preferred bidder today.

CONTACT:

Thrunet Co. Ltd.
Address:  1337-20 Seocho-2dong, Seochu-ku
Seoul 137-751, South Korea
Phone: +82-2-3488-8114
Fax: +82-2-3488-8770


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


AYER HITAM: Default Sum Reaches RM39.97 Mln
-------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) issued an update
on its default in payments position as at 30 November 2004 as
shown on Table A.

The total default by the Group on the principal sum plus
interests as at 30 November 2004 amounted to RM39,976,012.00.
The defaulted payments owing to the lenders are in respect of
the term loan and syndicated term loan as per the previous
announcement made on 27 August 2004.

The Company also announced that its wholly owned subsidiary,
Motif Harta Sdn Bhd (MHSB) on 14 December received an A.R.
registered letter dated 8 December 2004 from Alliance Bank
Malaysia Bhd, acting on behalf of the lenders of the syndicated
term loan, demanding MHSB to repay the outstanding debt in the
sum of RM23,870,518.32, which was in respect of principal due
and interest accrued up to 30 September 2004. In the event that
the lenders fail to receive the said sum due within seven (7)
days from the date of the said letter, the lenders will proceed
to exercise all their rights under the charge created over the
Company's land held under HS(D) 4708, Lot no. 210, Bandar KB
XXXIX, Melaka - where the abandoned Ambassador Hotel is located.

Save for the above matter, there is no new development on the
default of payments since the previous announcements with regard
to Practice Note 1/2001 of the Bursa Malaysia Securities Berhad.

Table A

Lenders:

a) Alliance Bank Malaysia Berhad
Borrower: MHSB
Type of Facility: Syndicated Term Loan
Principal (RM): 17,720,643.00
Interest (RM): 6,524,034.00
Principal & Interest (RM) defaulted at 30 November 2004:
24,244,677.00

b) EON Bank Berhad
Borrower: MHSB
Type of Facility: Syndicated Term Loan
Principal (RM): 17,720,643.00
Interest (RM): 6,524,034.00
Principal & Interest (RM) defaulted at 30 November 2004:
24,244,677.00

c. Kewangan Bersatu Berhad
Borrower: MHSB
Type of Facility: Syndicated Term Loan
Principal (RM): 17,720,643.00
Interest (RM): 6,524,034.00
Principal & Interest (RM) defaulted at 30 November 2004:
24,244,677.00

d. Malayan Banking Berhad
Borrower: MHSB
Type of Facility: Syndicated Term Loan
Principal (RM): 17,720,643.00
Interest (RM): 6,524,034.00
Principal & Interest (RM) defaulted at 30 November 2004:
24,244,677.00

AmBank Berhad
Borrower: Pembinaan AHT Sdn Bhd (PAHT)
Type of Facility: Term Loan
Principal (RM): 14,533,117.00
Interest (RM): 1,198,218.00
Principal & Interest (RM) defaulted at 30 November 2004:
15,731,335.00

Notes:

(1) Syndicated Term Loan

(a) As announced to the Exchange on 18 October 2004, the lenders
served a legal letter of demand to MHSB and the Company, as the
corporate guarantor for the sum of RM23,870,518.32 which was in
respect of principal due and interest accrued up to 30 September
2004.

(2) Term Loan

(a) Consequently, the Company, as the corporate guarantor of
both MHSB's and PAHT's loans, may have cross-defaulted PAHT's
term loan. Hence, the full amount has been included in Table A.

(3) EON Bank Berhad (the assets and liabilities of EON Finance
Berhad were acquired by EON Bank Berhad pursuant to the terms of
a vesting order dated 18 October 2004).

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
MALAYSIA
Phone: +60 3 2031 9633
Fax: +60 3 2031 6920

This announcement is dated 14 December 2004.


CHG INDUSTRIES: Court OKs Restraining Order Extension
-----------------------------------------------------
Further to the announcements dated 18 October 2004, 2 November
2004 and 17 November 2004 in respect of the Kuala Lumpur High
Court Ex-parte Originating Summons No. D7-24-181-2004, CHG
Industries Berhad announced that the Kuala Lumpur High Court had
on 10 December 2004 allowed the extension of the Restraining
Order pursuant to Section 176(10) of the Companies Act, 1965 for
a further period of ninety days from 30 October 2004 to 28
January 2005.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Fax: +60 3 907 66215

This announcement is dated 14 December 2004.


CT COMMUNICATIONS: Enters Winding Up Proceedings
------------------------------------------------
Further to Telekom Malaysia Berhad's (TM) announcement dated 29
December 2003, on the commencement of members' voluntary
winding-up of its wholly owned subsidiaries, namely, CT
Communication Sdn Bhd (CT Comm) and Firent Management Services
Sdn Bhd (Firent) held through Celcom (Malaysia) Berhad, TM
wishes to announce that the General Meetings for the members'
voluntary winding-up of both CT Comm and Firent, were duly held
on 9 December 2004.

Pursuant to Section 272(5) of the Companies Act 1965, CT Comm
and Firent would be dissolved with effect from 14 March 2005.


FABER GROUP: Lists Additional Shares
------------------------------------
Faber Group's additional 8,798,159 new ordinary shares of RM1.00
each arising from the conversion of RM17,596,318 nominal value
of 2000/2005 irredeemable convertible unsecured loan stocks into
8,798, 159 new ordinary shares will be granted listing and
quotation with effect from 9 a.m., Thursday, 16 December 2004.

As part of its debt-restructuring scheme, Faber Group Berhad
plans to sell off seven hotels and one commercial complex for a
total value of RM450 million, TCR-AP reported recently.

The properties for sale are five Sheraton hotels, two Merlin Inn
resorts and the Penang Plaza.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


FARLIM GROUP: EGM Set For December 31
-------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Farlim Group (Malaysia) Bhd will be held at Holiday
Villa, Classics 2, No. 9, Jalan SS12/1, Subang Jaya, 47500
Petaling Jaya, Selangor Darul Ehsan on Friday, 31 December 2004
at 10 a.sm. for the purpose of considering, and if thought fit,
passing with or without modifications the following resolution
as an Ordinary Resolution:

ORDINARY RESOLUTION

Proposed Acquisition Of Freehold Land Held Under Hs (D) 48640 -
HS(D) 48774, PT38112 - PT38246, HS(D) 57148 - HS(D) 57169,
PT42509 - PT42530, HS(D) 48617 - HS(D) 48639, PT38089 - PT38111,
HS(D) 57170 - HS(D) 57278, PT42531 - PT42639, HS(D) 57281 -
HS(D) 57316, PT42642 - PT42677, HS(D) 57397 - HS(D) 57448,
PT43144 - PT43195, HS(D) 48792 - HS(D) 48798, PT38264 - PT38270,
HS(D) 56894 - HS(D) 57137, PT42253 - PT42496, HS(D) 56309 -
HS(D) 56510, PT41952 - PT42153, HS(D) 56512 - HS(D) 56579,
PT42155 - PT42222, HS(D) 56605, PT42248, HS(D) 56606 - HS(D)
56607, PT42249 - PT42250, HS(D) 56207 - HS(D) 56288, PT41850 -
PT41931, Mukim Kajang And Emr 2548, Lot 946, Mukim Cheras, All
In Daerah Ulu Langat, Selangor Darul Ehsan With A Gross Land
Area Of 60.067 Acres By Bandar Subang Sdn Bhd, A Wholly-Owned
Subsidiary Of Farlim Group (Malaysia) Bhd, From Rakyat
Corporation Sdn Bhd For A Cash Consideration Of Rm38,000,000
(Proposed Acquisition)

"THAT subject to the conditions precedent to the Proposed
Acquisition being fulfilled and approvals of the relevant
authorities being obtained, approval be and is hereby given to
Farlim Group (Malaysia) Bhd (Farlim), via Bandar Subang Sdn Bhd,
a wholly-owned subsidiary of Farlim, to acquire freehold land
held under HS(D) 48640 - HS(D) 48774, PT38112 - PT38246, HS(D)
57148 - HS(D) 57169, PT42509 - PT42530, HS(D) 48617 - HS(D)
48639, PT38089 - PT38111, HS(D) 57170 - HS(D) 57278, PT42531 -
PT42639, HS(D) 57281 - HS(D) 57316, PT42642 - PT42677, HS(D)
57397 - HS(D) 57448, PT43144 - PT43195, HS(D) 48792 - HS(D)
48798, PT38264 - PT38270, HS(D) 56894 - HS(D) 57137, PT42253 -
PT42496, HS(D) 56309 - HS(D) 56510, PT41952 - PT42153, HS(D)
56512 - HS(D) 56579, PT42155 - PT42222, HS(D) 56605, PT42248,
HS(D) 56606 - HS(D) 56607, PT42249 - PT42250, HS(D) 56207 -
HS(D) 56288, PT41850 - PT41931, Mukim Kajang and EMR 2548, Lot
946, Mukim Cheras, all in Daerah Ulu Langat, Selangor Darul
Ehsan with a gross land area of 60.067 acres from Rakyat
Corporation Sdn Bhd for a cash consideration of RM38,000,000
pursuant to the terms and conditions contained in the sale and
purchase agreement dated 15 June 2004, the salient terms of
which are set out in Section 2.2 of the Circular to Shareholders
dated 15 December 2004, AND THAT the Board of Directors be and
is hereby authorized to give effect to the aforesaid acquisition
with full power to assent to any conditions, modifications,
variations and/ or amendments and to take all such steps as they
may deem necessary or expedient in order to implement, finalize
and give full effect to the aforesaid acquisition and all
matters relating thereto."

By Order of the Board,
Kwong Yook Faan (MAICSA 7031263)
Margaret Pelly (LS 04402)
Sin May Peng (MAICSA 7018354)
Company Secretaries
15 December 2004

Notes:

(1) A member of the Company entitled to attend and vote at the
above meeting may appoint a proxy to attend and vote instead of
him/ her.  A proxy need not be a member of the Company.  If the
member is a corporation, the proxy form must be executed either
under its common seal or under the hand of an officer or
attorney duly authorised in writing.

(2) To be valid, the proxy form must be completed, signed and
deposited at the registered office of the Company at No 2-8,
Bangunan Farlim, Jalan PJS 10/32, Bandar Sri Subang, 46000
Petaling Jaya, Selangor Darul Ehsan, Malaysia not less than
forty-eight (48) hours before the time appointed for holding the
meeting or any adjournment thereof.

CONTACT:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my


FCW HOLDINGS: Shareholders OK AGM Resolutions
---------------------------------------------
The Board of Directors of FCW Holdings Berhad disclosed to Bursa
Malaysia Securities Berhad that all the resolutions tabled at
its 49th Annual General Meeting (AGM) held on 14 December 2004
had been approved by the shareholders.

In a recent TCR-AP report, FCW Holdings Berhad posted a net loss
of MYR34.6 million in the fourth quarter ended June 30, versus a
net loss of 4.8 million a year earlier.

CONTACT:

FCW Holdings Berhad
Jalan Segambut
Kuala Lumpur, Selangor Darul Ehsan 51200
Malaysia
Phone: +60 3 4043 9266
Fax: +60 3 4043 6750


FCW HOLDINGS: Unveils New Strategy To Cut Losses
------------------------------------------------
FCW Holdings Berhad will explore new businesses and ventures
next year following high losses incurred by its associate
companies in the past six years, The Star reports, citing
Executive Director B.Y. Ong.

With the growing competitiveness of telecommunications, the
Company needed a new strategy to slash losses and improve the
overall performance of the group for the financial year ending
June 30, 2005.

Its associate companies, Fujikura Federal Cables Sdn Bhd and
Federal Power Sdn Bhd, which manufacture telecoms cables,
incurred losses of RM18.89 million last year.

For the previous year, FCW registered losses of RM19.57 million
on revenue of RM39.56 million. The group was looking at
disposing of its two associate firms.

"There were no potential buyers yet for the two companies," Mr.
Ong said.


I-BERHAD: Issues Notice Of Shares Buy Back
------------------------------------------
I-Berhad announced the details of its shares buy back on 14
December 2004.

Date of buy back: 14/12/2004

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 12,500

Minimum price paid for each share purchased (RM): 0.840

Maximum price paid for each share purchased (RM): 0.840

Total consideration paid (RM): 10,578.20

Number of shares purchased retained in treasury (units): 12,500

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 500,000

Adjusted issued capital after cancellation (no. of shares)
(units):

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8
Bukit Jelutong
40150 Shah Alam
Selangor
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com


KSU HOLDINGS: Updates Delisting Of Securities
---------------------------------------------
Further to our announcement on 7 December 2004, KSU Holdings
Berhad announced that it has written to Bursa Malaysia
Securities Berhad on 13 December 2004 to appeal against the
decision of the Exchange to remove the securities of the Company
from the Official List of Bursa Securities at 9 a.m. on Tuesday,
21 December 2004.

CONTACT:

KSU Holdings Berhad
No. 1116B & C, 2nd & 3rd Floor
Persiaran Raja Muda Musa
41100 Klang
Selangor Darul Ehsan
Phone: 03-33739191
Fax: 03-33747763


TDM MARK-WELL: Faces Winding Up Petition
----------------------------------------
Pursuant to our earlier announcement on 20 September 2004 on the
service on a winding up petition against TDM Mark-Well Sdn Bhd
(TDM Mark-Well) by YHL Trading (KL) Sdn Bhd (formerly known as
Yew Heng Leong (KL) Sdn Bhd (YHL), KUB Malaysia Berhad wishes to
inform that a winding up order was served on TDM Mark-Well on 13
December 2004.


TRADEWINDS CORPORATION: Notes Additional Listing of Shares
----------------------------------------------------------
Tradewinds Corporation Berhad's additional 20 new ordinary
shares of RM1.00 each arising from the exercise of 20 warrants
2002/2004 into new ordinary shares will be granted listing and
quotation with effect from 9.00 a.m., Friday, 17 December 2004.

The Company posted a pre-tax profit of RM17 million for the six
months ended June 30, after reducing its pre-tax losses by
RM132.7 million to RM23 million for 2003, the TCR-AP reported
recently.

As for its debts, which currently stand at RM1.8 billion, Chief
Executive Officer Mohd Redza Shah Abdul Wahid said the group
aimed to reduce them by RM100 million this year, and by RM200
million to RM300 million annually in the subsequent years.

CONTACT:

Tradewinds Corporation Berhad
21st Floor Wisma Zelan
No. 1 Jalan Tasik Permaisuri
2 Bandar Tun Razak
Cheras, 56000 Kuala Lumpur


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


ATLAS CONSOLIDATED: Cebu Customs Questions Mine's Reopening
-----------------------------------------------------------
The Bureau of Customs (BOC) Port of Cebu will object to the
reopening of Atlas Consolidated Mining and Development
Corporation (ACMDC) unless the firm pays Php800 million
(US$14.27 million) in tax liabilities, Asia Pulse reports,
citing BOC Collector Billy Bibit.

Mr. Bibit was surprised that ACMDC only negotiated with the
Toledo City government for terms in its tax payments and
excluded BOC, a national government agency.

ACMDC is expected to resume operations next year, 11 years after
it ceased mining copper, gold and silver in Lutopan, Toledo
City.

Mr. Bibit said the Supreme Court has ordered the mining firm to
pay BOC its tax liabilities, including duties and taxes,
surcharges and penalties. The SC ruling, which was issued in
1997, has become final and executory, he said.

ACMDC refused to pay duties and taxes on imported mining
machinery and exports on copper and gold because of a
presidential decree issued by former President Ferdinand Marcos
exempting mining companies from paying the obligations.

However, lawyer Paul Alcazaren, Chief of the Customs Bonded
Warehouse Division, said that while the decree exempted ACMDC
from paying duties and taxes on the importation of equipment,
these are subject to exportation if they're no longer used.

The Toledo City government and Atlas Consolidated Mining
recently signed a compromise agreement that settles the mining
firm's real property tax liabilities.

ACMDC offered over Php100 million in cash, shares of stock and
properties to the Toledo City Government, as it prepares to
revive its mining operations next year.

In exchange, Toledo City will cancel some of Atlas' tax
declarations and transfer the others from the taxable to the
tax-exempt roll. Properties listed under several tax
declarations will be put on the exempted roll effective 1992 and
1994.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Tel. No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


ATLAS CONSOLIDATED: To Create Six-unit Holding Firm
---------------------------------------------------
Atlas Consolidated Mining and Development Corporation will form
a holding firm with six units as part of its reorganization
scheme ahead of the reopening of its copper mines, the Business
World reports.

The six subsidiaries will host its copper operations,
operations, nickel interests, Cebu-Toledo water project, a
portfolio of copper and nickel exploration properties and real
estate and development projects in the Toledo-Cebu region.

The program would improve shareholder values and increase
operational, fiscal and funding capacities.

Its copper mining operations, which started commercial
operations in 1955, are centered in Toledo City, Cebu where two
open pit mines, and two underground mines and milling complexes
are located.


COLLEGE ASSURANCE: SEC OKs Php110-Mln Withdrawal for Claims
-----------------------------------------------------------
The Securities and Exchange Commission (SEC) is set to approve
the request of College Assurance Plans Philippines (CAP)'s
application to withdraw Php110 million from its trust fund to
pay tuition fees of its plan holders, according to the
Philippine Star.

The commission approved the pre-need firm's request on the
condition that it makes the firm committed to use the fund for
school fees. The Philippine Veterans Bank, as trustee bank, will
be the one to release the money to plan holders.

The money will be used to pay claims in Metro Manila, Cagayan de
Oro, Cebu, Iloilo and Pampanga. These schools include AMA
Computer College, Assumption College, Centro Escolar University,
Lyceum of the Philippines, San Pedro College and Silliman
University in Dumaguete City.

SEC Chairman Fe Barin said she is hopeful that CAP plan holders
will be fully paid next week.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


COLLEGE ASSURANCE: Plan Holders Protest Tuition Payments
--------------------------------------------------------
A group of College Assurance Plan Philippines Inc. (CAP) plan
holders are threatening to continue to stake out the Company's
head office in the Makati business district to press their
demand for tuition payment, reports the Business World.

Mr. Samuel Ramos, the group spokesperson, said he and about 300
other plan holders decided to form the group three days ago to
protest CAP's issuance of checks that reportedly bounced.

Securities and Exchange Commission Chairman Fe Barin said the
commission would consider CAP's proposal to draw Php110 million
from its trust fund at its trustee bank, Philippine Veterans
Bank.

Ms. Barin said it was likely that if the money were released, it
would be in five tranches to make sure the amount would go
directly to plan holders.

The pre-need firm owes various schools about Php160 million this
semester.


MAYNILAD WATER: Cuts Water Supply by 25% After Typhoons
-------------------------------------------------------
Maynilad Water Services, Inc. (MWSI) reported a 25 percent
reduction in water supply for its concession area as water
quality sourced from Angat deteriorated after a series of
typhoons hit the country, reports the Business World.

"We have to reduce our supply by 25% to 1,950 MLD [million
liters per day] from 2,250 MLD because of the water's high
turbidity levels which treatment plants could not fully
accommodate," Jesus S. Matubis, Jr., MWSI Assistant Vice-
President for Corporate Communications, said yesterday.

The affected areas include elevated portions of Malabon, Quezon
City, Valenzuela, Caloocan City, Navotas and Pasay City, Mr.
Matubis added.

The Company wants a tariff rate adjustment that would increase
water rates to PhP30.19 per cubic meter from the current
PhP19.92 per cubic meter it charges to customers.

"We need the adjustment to recover our capital expenses,
inflationary and other extraordinary costs as well as further
improve our services," MWSI President Fierollo R. Estuar said.

CONTACT:

Maynilad Water Services Inc.
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines


NATIONAL POWER: Congress To Investigate Masinloc Plant Bidding
--------------------------------------------------------------
The Congress will commission a probe into the bidding of the
National Power Corporation's Masinloc coal power facility won by
a Filipino-Australian consortium, YNN Pacific Consortium Inc.,
according to The Philippine Daily Inquirer.

The investigation will center into the winning bidder's
capability to deliver on its $561-million bid and its links with
the Lopez group, which controls the country's biggest power
retailer, Manila Electric Co. (Meralco).

The group of party-list congressmen, who filed House Resolution
No. 468 requesting for a probe on the Dec. 3 Masinloc tender, is
led by Bayan Muna Party-list Representative Teddy Casino.

Representative Jose Salceda has questioned why Power Sector
Assets and Liabilities Management pre-qualified the little-known
YNN consortium to bid for one of the biggest plants of National
Power Corp. despite its modest resources.

Mr. Salceda said the consortium's Filipino partner, YNN Holdings
Corp., had paid-up capital of only Php625,000 while its
Australian partner, Green Pacific Energy Ltd., had a market
capitalization of only $10 million. According to Mr. Casio,
this information "indicates that the winning bidder may have
been grossly undercapitalized."

The Lopez group's First Generation Holdings Inc. was the only
other bidder for Masinloc, with a $288 million offer.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468


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


CAPITALAND LIMITED: Unveils Subsidiary's Final Dividend
-------------------------------------------------------
Capitaland Limited announced at the Singapore Stock Exchange the
Final Dividend / Distribution for 2004 of its subsidiary
Australand Property Group.

Capitaland Limited
Australand Property Group
Australand Holdings Limited Abn
Australand Property Limited Abn

(As Responsible Entity For Australand Property Trust Arsn)
Head Office: Level 3, 1c Homebush Bay Drive, Rhodes 2138
WWW.AUSTRALAND.COM.AU

AUSTRALAND PROPERTY GROUP FINAL 2004 DIVIDEND / DISTRIBUTION
Australand Property Group announces that pursuant to Listing
Rule 3.20 and Appendices 3A(1) and 6A(1):

(1) The final dividend / distribution for the year ending 31
December 2004 will be 4.5 cents per Australand Property Group
stapled security. The breakdown between the dividend and
distribution amounts, together with details of the franking and
estimated tax deferred components will be announced on 31
January 2005.

The Record Date for determining the entitlement to the final
dividend / distribution will be 5:00pm Sydney time on Friday, 31
December 2004.

(2) Australand Property Group stapled securities will be quoted
ex-distribution on Thursday, 23 December 2004.

(3) Australand Property Group's financial results for the year
ending 31 December 2004 and the final dividend and distribution
amounts will be announced on Monday, 31 January 2005.

(4) The final dividend / distribution for the year ending 31
December 2004 will be paid on Wednesday 2 February 2005.

(5) The Australand Property Group Distribution Reinvestment Plan
will operate for the final dividend / distribution for the year
ending 31 December 2004.

(6) Securities issued under the DRP will be issued at a discount
of 2.5% to the weighted average of all sales of Australand
Property Group stapled securities recorded on the Australian
Stock Exchange during the five trading days immediately
following the Record Date. The DRP price will be announced on
Tuesday, 11 January 2005.

(7) Accordingly, stapled security holders who wish to
participate in the DRP for the first time or who wish to vary
their participation in the DRP, will need to have lodged their
DRP Election Forms by 5.00pm Sydney time on Friday, 31 December
2004.

(8) Australand Property Group has entered into an underwriting
agreement with Goldman Sachs JBWere to underwrite the DRP for
the final 2004 dividend / distribution. The underwriting
agreement may be terminated by Australand Property Group at any
time prior to 5:00pm on Monday, 10 January 2005, or by the
underwriter in certain limited circumstances.

For further information, please contact:

David Craig
Chief Financial Officer
Phone: +61 2 9767 2041
Email: dcraig@australand.com.au

Michael Newsom
General Counsel
Phone: +61 2 9767 2177
Email: mnewsom@australand.com.au


CHINA AVIATION(S): Asks Creditors to Set Realistic Expectations
---------------------------------------------------------------
China Aviation Oil (S) Corporation's (CAO) parent firm said
Tuesday that it backs the restructuring of its Singapore-listed
subsidiary, but warned it could not provide "unconditional"
support, and urged creditors to have "realistic" expectations,
reports the Associated Press.

China Aviation Oil Holding Co. (CAOHC) President Jia Changbin
expressed its regret over the huge losses incurred by its
minority shareholders over the speculative oil trade.

Mr. Jia stressed that even though CAO's restructuring has
obtained its parent's support, CAOHC is not in the position to
pledge unconditional support. The aid from the parent Company is
dependent upon the creditors acceptance of its restructuring
plan including the resolution of its legal and regulatory issue,
which would allow its Singapore unit to return to regular
business.

CAO's new subsidiary, CAOT Pte. Ltd., has started procuring jet
fuel amid the criminal investigation into the firm's losses as
well as creditors demand for repayment. CAOT was formed after
the CAO lost over half a billion US dollars in dicey oil trades.

CAOT has already invited suppliers to bid for jet fuel
requirements of its ultimate buyers for January and February
2005.


CHINA AVIATION(S): Restructuring Could Take Years
-------------------------------------------------
Consultants forecast that the restructuring of beleaguered China
Aviation Oil (S) Corp. (CAO) will take years, reports Channel
News Asia.

Although restructuring team under director Gu Yanfei has created
a new subsidiary to continue its oil procurement business, risk
management consultants have not expressed optimism on CAO's
rehabilitation.

Since the trading scandal broke two weeks ago, CAO has been
scrambling for damage control. It has sought Court protection
from its creditors and has taken steps to secure core jet fuel
import business.

Unipec, a Chinese trader, has already been tapped by CAO to help
cover its jet fuel import for December.

CAO's current dilemma is the financial distress and the
regulatory probe it is facing.

According to managing director of Background Asia Alex
Duperouzel, CAO should separate the two issues from each other
so that both things can happen without interfering with each
other.

CAOs current situation can be compared with Thakral Corporation,
a consumer electronics supplier, which once boasted of owning a
huge distribution network in China. It found itself heavily in
debt around US$500 million after it lost US$400 million in the
currency market. More than a year was needed for it to work out
its debt restructuring and it took an even longer time for it to
get back on its feet.


CHINA AVIATION(S): Shareholders Seek Other Legal Possibilities
--------------------------------------------------------------
Troubled China Aviation Oil (CAO) will be taking its fight for
compensation to Court, according to the Strait Times.

CAO President and CEO David Gerald revealed that the Company has
been soliciting suggestions from shareholders to help look into
the possibility of a legal action.

Mr. Gerald said that many of CAO's 7,000 shareholders have
inquired how the US$550 million losses happened, what internal
controls were implemented and what role the CEO and the
Company's board played.

The public has been clamoring for more regulations in order to
prevent another untoward financial incident.

PricewaterhouseCoopers has been asked by the Singapore Exchange
to investigate, while the Commercial Affairs Department is
conducting an inquiry on CEO Chen Jui Lin.

A complete list of creditors is expected filed by the firm by
January 21. Some 12 banks are reportedly owed US$152 million.

No action will be made until the release of the probes results.


JUTHA PARICHART: Receives Winding Up Order Notice
-------------------------------------------------
In the matter of Jutha Parichart Shipping Company Pte Ltd., a
Winding Up Order was made on the 26th day of November 2004.

Name and Address of Liquidator: The Official Receiver
The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11
Singapore 069118

Genesis Law Corporation
Solicitors for the Petitioners

(a) All creditors of the abovementioned Company should file
their proof of debt with the Liquidator who will be
administering all affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the Liquidator.

This Singapore Government Gazette notice is dated December 10,
2004.


KWAI HAI: Posts Notice of Intended Dividend
-------------------------------------------
Kwai Hai Development (Singapore) Pte Ltd. posted a notice of
dividend at the Singapore Stock Exchange.

Address of Registered Office: Formerly of 65 Chulia Street
#43-08 OCBC Centre Singapore 049513

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 18 of 1999

Amount Per Centum: 100%

First and Final or otherwise: First & Final Dividend

When Payable: 30 November 2004

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 10 December 2004

Chan Wang Ho
Assistant Official Receiver


MAINLAND FREIGHT: Court Issues Winding Up Order
-----------------------------------------------
In the matter of Mainland Freight Forwarders Pte Ltd, a
Winding Up Order was made on the 3rd day of December 2004.

Name and address of Liquidator: The Official Receiver Insolvency
& Public Trustee's Office No. 45 Maxwell Road #06-11 URA Centre
(East Wing) Singapore 069811

Dated this 7th day of December 2004.

Messrs Straits Law Practice Llc
Solicitors for the Petitioner


PANPAC MEDIA: Notes Change in Shareholder's Interest
----------------------------------------------------
Panpac Media Group Limited released a notice on December 14,
2004, at the Singapore Stock Exchange pertaining to the change
in the Percentage Level of the Interest of Low Song Take.

Part I

(1) Date of notice to issuer: 13 December 2004

(2) Name of Director: Low Song Take

(3) Please tick one or more appropriate box(es):
Notice of a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.
[Please complete Part II and IV]

Part II

(1) Date of change of Deemed Interest 13 December 2004

(2) Name of Registered Holder International Press Holdings Pte
Ltd

(3) Circumstance(s) giving rise to the interest or change in
interest: Others
- Please specify details Purchase Pursuant To A Married Deal.

(4) Information relating to shares held in the name of the
Registered Holder

No. of Shares held before the change 66,962,588
As a percentage of issued share capital 12.2133%

No. of Shares which are subject of this notice 10,000,000
As a percentage of issued share capital 1.8239%

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 0.065

No. of Shares held after the change 76,962,588
As a percentage of issued share capital 14.0372%

Part III

(1) Date of change of Deemed Interest 13 December 2004

(2) The change in the percentage level from 12.2133% to 14.0372%

(3) Circumstance(s) giving rise to the interest or change in
interest: Others
- Please specify details Purchase Pursuant To A Married Deal.

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions: The
Change In Percentage Level Is The Result Of A Transaction.

Part IV

(1)Holdings of Director , including direct and deemed interest :


                                            Direct     Deemed
No. of shares held before the change      6,117,647   66,962,588
As a percentage of issued share capital      1.1158%  12.2133%
No. of shares held after the change       6,117,647   76,962,588
As a percentage of issued share capital      1.1158%  14.0372%

Footnotes:
This Notification Supercedes The Previous Notification Published
On 13 December 2004 At 17:56:05 Hours.

Submitted by:
Ricky Ang Gee Hing
Group Md And Ceo


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


ABICO HOLDINGS: Submits Rehabilitation Plan Summary
---------------------------------------------------
Abico Holdings Public Company Limited furnished the Stock
Exchange of Thailand (SET) a copy of the summary of its
Rehabilitation Plan passed by the Central Bankruptcy Court on
November 29, 2004 for the benefit of the investors and other
related persons.

To view a full copy of the rehab plan summary, click
http://bankrupt.com/misc/ABICOHOLDINGS121504.txt

Forwarded for your information.

Sincerely yours,
Kitti Vilaivarangkul
Abico Holdings Public Co. Ltd.
The Plan Administrator of Abico Holdings Public Company Limited

CONTACT:

Abico Holdings Pcl
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani
Telephone: 0-2992-5858 (14 Lines)
Fax: 0-2992-5878-9
Web site: www.abicogroup.com


KRUNG THAI: Transfers Substandard Assets to TAMC
------------------------------------------------
It is stipulated in the Thai Asset Management Corporation Royal
Ordinance B.E. 2544 (2001), Section 30 that a financial
institution or assets management company with the Financial
Institutions Development Fund or any combined government
agencies or state enterprises as its shareholders holding more
than fifty percent of paid-up registered capital shall transfer
all its substandard assets as at 31 December 2000 to the Thai
Asset Management Corporation (TAMC) within the period of time
specified by the TAMC.

In this regard, the Board of Directors of Krung Thai Bank Public
Co. Ltd, at its meeting No. 15/2544 (576) on 17 October 2001,
passed its resolution to ratify the approval of the transfer of
all substandard debtors to TAMC as mentioned above.

Initially there will be about 60,000 cases/debtors and THB80,000
million of outstanding debts in total. Of these figures the Bank
already transferred them 24 times. As for the 25th transfer
scheduled for 15 December 2004, it consists of the following
details:

Serial  Date    Number of  Book Value    Transfer     Transfer
Number          cases      in            Price in     price to
                         Million Baht  Million Baht Outstanding

25  15 December  85    331.85        174.99       52.73%
      2004

Note: Information on transfer as at 15 December 2004 is
estimated figures since it is still in the transfer process and
for the following transfer; exact date and amount have not been
fixed as yet.

Upon the Bank's transfer of substandard debtors to TAMC, it has
to complete verifying the asset prices to be initially repaid
within 180 days. If TAMC sees that such prices are correct, it
will issue a letter confirming the asset prices to be primarily
paid to the Bank within 7 days.

Concerning method of payment, TAMC will issue a nontransferable
promissory note on which the following details will be
specified:

- Amount of money according to the price of asset transferred to
TAMC - Promissory note (P/N) issuing date according to the date
of asset transfer and due date of repayment upon the expiration
of 10 years from the P/N issuing date with an aval by the
Financial Institutions Development Fund. However, TAMC may
exercise its right to redeem the P/N before its maturity.

As for interest payment, TAMC will pay the interest on P/N to
the Bank according to the average interest on deposit by
calculating the interest as at the last working day of the year.

In addition, the above transactions are categorized as related-
party transactions but they are exempted according to Clause 8
(1) of the announcement of the Stock Exchange of Thailand (SET)
governing disclosure of related - party transactions, and the
size of the transaction when being fully transferred according
to the estimate will account for the rate of approximately 8.22
percent of the Bank's total assets whereby the Bank does not
have to comply with the SET's announcement governing the
acquisition or disposal of assets of a registered Company.

Please be informed accordingly.
Yours sincerely,
Mr.Somanat Chutima
Senior Executive Vice President


CONTACT:

Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: www.ktb.co.th


M.D.X.: Director, Audit Committee Chairman Resigns
--------------------------------------------------
According to the Security and Exchange Commission's (SEC)
accusation on the action of Mr. Suthep Kitsawat against section
312 of the Securities and Exchange Act B.E. 2535, M.D.X. Public
Company Limited advised the Stock Exchange of Thailand (SET)
that it had clarified this matter in the referred letter.

This is to inform the SET that Mr. Suthep Kitsawat has resigned
from the position of Director and Chairman of the Audit
Committee of MDX Public Company Limited effective on December
14, 2004 in order to verify his innocence and to facilitate
future legal process without any effects on the Company's
business.

Please be informed accordingly.
Yours sincerely,
(Mrs. Songsri Kalyanamitr)
Authorized director of Wittayu Planner Co. Ltd.
On behalf of the Plan Administrator of MDX Public Co. Ltd.

CONTACT:

M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731


TONGKAH HARBOUR: Details Unit's Change in Paid-Up Capital
---------------------------------------------------------
With reference to the letter sent to the Stock Exchange of
Thailand (SET) on 8 December 2004 regarding the change of
Tongkah Harbour Public Company Limited (THL) subsidiary's paid-
up capital.  The Company would like to declare the following
additional information:

(1) THL's shareholding in the subsidiary Company, Tungkum
Limited.

Upon the capital increase of Tungkum Limited (THL's subsidiary)
increasing its paid-up capital to THB500,000,000, the Company's
direct shareholding in Tungkum Limited slightly increased from
94.10 percent to 95.91 percent as another Company's subsidiary,
Cholsin Limited, did not subscribe the capital increase shares.

Thus, in total, the Company currently holds directly and
indirectly 98.86 percent in Tungkum Limited (previously 98.35
percent).

The transaction is a connected transaction as THL subscribed
shares on behalf of its subsidiary (Cholsin Limited).  However,
the transaction value is not significant with the amount of
approximately THB9 million.

(2) Source of Fund

The Company's investment fund in the above capital increase
exercise was derived partially from loan and partially from the
Company's own funds raised in accordance with the approval in
THL's Annual General Meeting of Shareholders No. 10/2547 on 26
April 2004.

Please be informed accordingly.
Sincerely yours,
(Mr.Chalermchai Martmuang)
Secretary to the Board of Director

CONTACT:

Tongkah Harbour Public Company Limited
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901







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

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