TCRAP_Public/050221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, February 21, 2005, Vol. 8, No. 36

                            Headlines

A U S T R A L I A

A.B. ARNOLD: To Hold Final Meeting February 25
A.C.N. 071 413 191: To Hear Liquidator's Report This Week
A.C.N. 104 088 379: Members Agree to Wind Up Company
ADSTEAM MARINE: To Release Half-year Results on February 24
AMP LIMITED: Releases Key Dates for Shareholders

AMP LIMITED: Delivers Strong Results for 2004
AMP LIMITED: Proposes AU$1Bln Capital Return, Debt Repayment
ANCHOR PROPERTY: To Hold Final Meeting March 7
AXTEAN FINANCE: EGM Passes Resolution to Wind Up Company
B & A CEMENT: Members Agree to Wind Up Company

BRIGHTON AVENUE: To Convene Final Meeting February 25
C2D-MV PTY: Final Meeting Slated for February 28
CHRISTOPHER PAYNE: Lays Out Final Meeting Agenda
DS DESIGN: Members and Creditors to Meet February 25
GRATHAM PARK: EGM Resolves to Wind Up Company

KELLS CREEK: Members, Creditors to Meet February 25
MAYNE GROUP: Loses U.K. Court of Appeal Decision for Epirubicin
MILOSA HOLDINGS: Appoints Liquidator to Wind Up Company
PORTHOLE PROJECTS: Members Resolve to Wind Up Company
PROFESSIONAL TRAFFIC: To Declare Final Dividend March 25

RHINO CEMENT: To Hold Meeting February 25
RICHARD GORDON: Liquidator to Show Account of Winding Up
SANWAR AUSTRALIA: Lays Out Final Meeting Agenda
SHIELS ENTERPRISES: Sets March 4 as Date of Final Meeting
SOUTHERN SITE: To Declare Final Dividend March 15

WALTER CONSTRUCTION: Union Threatens Strike
WALTER CONSTRUCTION: Premier Says Government Won't Cover Debts


C H I N A  &  H O N G  K O N G

CENTRAL HARVEST: Court to Hear Case March 3
CHINA GAS: Issues Statement on Shares Trading Volume
CHINA GAS: Posts Individual Shareholder Notice
GOLDEN HARVEST: Shares Trading Suspended
HOLDER LINK: Court Issues Winding Up Order

JAZZ PHOTO: To Hold Creditors, Contributories Meeting
MAE HOLDINGS: Updates Share Placement, Subscription
WING LEUNG: Faces Winding Up Proceedings


I N D O N E S I A

ASEAN ACEH: Indonesian Government to Support Operations
BANK DANAMON: Moody's Revises Outlook to Positive
BANK INTERNASIONAL: Gets Positive Rating Outlook from Moody's
BANK MANDIRI: Moody's Upgrades Rating to Positive
BANK NEGARA: Moody's Changes Outlook to Positive

PERTAMINA: Buys Eight Crude Oil Shipments For Monthly Tender
TOTAL E&P: Has No Agreement with Contractor, Says Witness


J A P A N

CHUO TEITOSHINYO: Begins Bankruptcy Proceedings
GS YUASA: R&I Places GS Yuasa Corp. on Rating Monitor
JAPAN TOBACCO: One Third of Employees Opt for Early Retirement
JOY COMPANY: METI Authorizes Business Restructuring Plan
MITSUBISHI MOTORS: Seeks Buyer for U.S. Operations

TOSHIBA CORPORATION: V.P. Nishida Tapped for President Post


K O R E A

KOREA EXCHANGE: To Sell US$300 Mln Worth of Debt Overseas


M A L A Y S I A

CHG INDUSTRIES: RO Extension Hearing Date Scheduled March 22
HONG LEONG: Bank Negara Approves Proposed Amendments
HONG LEONG: Members Voluntarily Wind Up Unit
NAUTICALINK BERHAD: SC Approves Stock Issuance Revision
NEGARA PROPERTIES: Releases FY04 Quarterly Results

OCEAN CAPITAL: Issues Winding Up Petition Update
POS MALAYSIA: Lists Additional Shares
POS MALAYSIA: Resells 400,000 Treasury Shares
SRI HARTAMAS BERHAD: Bourse Delists Securities
TIMBERWELL BERHAD: Unit Allots Additional 6,200,000 Shares

TRU-TECH HOLDINGS: Issues Default Status Update
TT RESOURCES: To list Additional 38,000 Shares


P H I L I P P I N E S

COLLEGE ASSURANCE: Incurs Losses After Failing To Renew License
NATIONAL POWER: Moody's Cuts Debt Ratings to B1
PHILIPPINE AIRLINES: Widens Net Loss on Fuel Costs
PHILIPPINE LONG: Settles Penalty for Non-Compliance


S I N G A P O R E

ADAMS PARKING: Court to Hear Petition February 25
CHINA AVIATION (S): Creditor Intensifies Legal Battle
DIGILAND INTERNATIONAL: Clarifies Half-Year Results
LIANG HUAT: Petition Hearing Scheduled March 4
PANIMEX INTERNATIONAL: General Meeting Set March 2

SAN KIONG: Court Issues Bankruptcy Order
SAPTA GLOBAL: Petition Hearing Slated for March 4
SHK LEVERAGED: Creditors Should Prove Debt before March 14


T H A I L A N D

KRUNG THAI: Appoints Santi Vilassakdanont as New Director
KRUNG THAI: Says Misconduct Took Place After Procedure Review
THAI PETROCHEMICAL: Sets Up Petitions Committee

     -  -  -  -  -  -  -  -

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


A.B. ARNOLD: To Hold Final Meeting February 25
----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of members and creditors
of A.B. Arnold Pty Limited (In Liquidation) A.C.N. 000 169 175
will be held at the offices of Jirsch Sutherland, Chartered
Accountants, Level 2, 84 Pitt Street, Sydney NSW on Friday,
February 25, 2005 at 11:00 a.m.

The purpose of the meeting is to have an account laid before
them showing the manner in which the winding up has been
conducted, the property of the Company disposed of and of
hearing any explanations that may be given by Liquidator.

Dated this 25th day of January 2005

R. M. Sutherland
Liquidator


A.C.N. 071 413 191: To Hear Liquidator's Report This Week
---------------------------------------------------------
Notice is given pursuant to Sections 508 & 509 of the
Corporations Act 2001 that a joint meeting of the members and
creditors of A.C.N. 071 413 191 Pty Limited (In Liquidation)
formerly Emerson Corporation Pty Limited A.C.N. 071 413 191 will
be held at the offices of Ferrier Hodgson, Level 17, 2 Market
Street, Sydney, NSW on Friday, February 25, 2005 at 10:00 a.m.

The purpose of the meeting is to have 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 of
hearing any explanations that may be given by the Liquidator.

Dated this 25th day of January 2005

M. C. Donnelly
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


A.C.N. 104 088 379: Members Agree to Wind Up Company
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of A.C.N. 104 088 379 Pty Limited (In Liquidation)
A.C.N. 104 088 379 held on January 17, 2005, it was resolved
that the Company be wound up voluntarily and at a meeting of
creditors held on the same day it was resolved that for such
purpose, Peter Paul Krejci of GHK Green Krejci, Level 9, 179
Elizabeth Street, Sydney NSW 2000 be appointed Liquidator.

Dated this 17th day of January 2005

Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street, Sydney NSW 2000


ADSTEAM MARINE: To Release Half-year Results on February 24
-----------------------------------------------------------
Please be advised that Adsteam Marine Limited will be releasing
its Half-year Results for the period ended December 31, 2004 at
approximately 8:30 a.m. Australian Eastern Daylight Time (AEDT)
on Thursday, February 24, 2005.

After the Australian Stock Exchange (ASX) confirms receipt of
Adsteam's results, a copy of those results will be posted on the
Company's web site at http://www.adsteam.com.au.

At 10:00 a.m. AEDT, Mr. John Moller, managing Director of
Adsteam Marine Limited, will hold an Analysts' Briefing which
will be web cast via the Adsteam web site.

All shareholders and interested investors are invited to listen
to the web cast presentation.

The Company advises shareholders and interested investors to
allow extra time prior to the briefing to ensure your computer
is compatible for access to the web cast. The online archive of
the web cast will be available after the briefing for
approximately two months.

DOMINIS D. SMITH
GENERAL COUNSEL & COMPANY SECRETARY

CONTRACT:

Adsteam Marine- Corporate Office
Adsteam Harbour
United Salvage (Australia and the Pacific)
Level 22, Plaza 2
500 Oxford Street
Bondi Junction NSW 2022
Australia
Phone: +61 2 9369 9200
Fax: +61 2 9369 9266
E-mail: info@adsteam.com.au
Web site: http://www.adsteam.com.au/


AMP LIMITED: Releases Key Dates for Shareholders
------------------------------------------------
AMP Limited wishes to inform shareholders of the key dates for
2005.

April 26, 2005      2004 Full-year dividend payment
May 19, 2005        Annual General Meeting
August 18, 2005     2005 Interim Results Announcement
October 25, 2005    2005 Interim dividend payment

For your information.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


AMP LIMITED: Delivers Strong Results for 2004
---------------------------------------------
Stronger underlying business performance and the benefits of
improved investment markets have contributed to a consolidated
bottom line profit of A$934 million for AMP Limited in the year
to 31 December 2004.

This compares with a bottom line loss of A$5.54 billion in the
previous corresponding period, a figure that included write
downs on UK assets and an accounting loss on AMP's demerger.

Business unit operating margins rose 11 per cent to A$599
million for the year. The underlying contribution, which
smoothes out investment market volatility, rose 10 percent to
A$671 million, and by 20 per cent after allowing for the
additional interest expense in 2004 on debt transferred from HHG
at demerger in December 2003.

The Board of Directors has declared a final dividend of 14 cents
per share (75 per cent franked), payable on 26 April 2005. This
takes the total dividend for the year to 27 cents, compared with
16 cents in the previous corresponding period. The final
dividend has been approved by APRA.

AMP has also announced today a A$750 million capital return to
shareholders (40 cents per share) and redemption of A$265
million in debt (see separate ASX release).
Chief Executive Officer Andrew Mohl said that 2004 was a year of
consolidation with a focus on four key areas and good progress
made in each:

- reducing unit costs: cost to income ratio down three
percentage points to 42 per cent and total controllable costs
down by 3 per cent to A$813 million;

- growing cashflows: a turnaround of A$1.7 billion in net
cashflows in AMP Financial Services to A$1.2 billion, and a
turnaround of A$4.9 billion (excluding LPT outflows of A$4.1
billion) in net external cashflows in AMP Capital Investors to
A$2.2 billion;

- outperforming on investments: 86 per cent of Australian funds
under management met or exceeded their benchmarks in 2004; and

- lowering gearing: group debt reduced by A$2.8 billion to A$1.5
billion at least six months earlier than expected with gearing
(defined as debt to debt plus equity) halved to 27 per cent.
AMP's goal of restoring its `A'-grade credit rating was achieved
in August 2004.

"Following the demerger of our UK operations in 2003, we were
clear about the task at hand: to run the Company better than
it's ever been run before," Mr. Mohl said.

"Our focus on improving the operational efficiency of the
business positioned us well in the favorable investment market
conditions of the past year.

"Overall, the first year of post-demerger results for AMP are
encouraging and underline our continuing transformation from a
traditional life insurance Company to a modern wealth management
Company."

To view the entire document, click on:
http://bankrupt.com/misc/TCRAP_AMPLIMITED021805.pdf


AMP LIMITED: Proposes AU$1Bln Capital Return, Debt Repayment
------------------------------------------------------------
AMP Limited shareholders will receive a capital return of around
AU$750 million - or 40 cents a share - and Group debt will be
reduced by AU$265 million in a proposed total return of just
over AU$1 billion in the first half of 2005.

AMP Chief Executive Officer Andrew Mohl said shareholders would
have the opportunity to approve the capital return at the Annual
General Meeting in May. If approved, payment will be made in
mid-June.

Of the AU$750 million to be returned to AMP shareholders, around
43 percent or AU$320 million will be paid to retail investors.
The median number of shares that an AMP retail investor owns is
around 400, providing a capital return of AU$160.

"AMP is entering a new phase of its capital management plans,"
Mr. Mohl said.

"In 2004, our priorities were to pay down debt and restore our
`A'-grade credit rating. We achieved these goals more than six
months ahead of schedule with debt reduced by two-thirds to
AU$1.5 billion, gearing halved to 27 percent and our credit
rating lifted to A- in August last year.

"AMP's approach to this next phase of capital management will be
measured and disciplined. In 2005, we will begin to return
capital to shareholders while ensuring our gearing and interest
cover are at appropriate levels to retain our `A' credit rating.
We will also continue to reinvest for profitable growth in our
core businesses.

"This approach will continue in 2006, when we expect to make a
further capital return to shareholders, subject to fair market
conditions. The quantum, timing and form of this capital return
are yet to be determined."

Mr. Mohl said that the structure of the proposed capital return
this half-year was the simplest and fairest way to return excess
capital to AMP shareholders, an important consideration given
the large retail shareholder base. The capital return has been
approved by APRA.

An Australian Tax Office (ATO) ruling on the proposed capital
return is in progress. AMP has applied to the ATO to treat the
capital return as a reduction in the cost base and not as a
taxable dividend.

In addition to the 40 cents per share capital return to
shareholders, AMP will pay down debt to ensure its gearing ratio
is maintained at current levels.

AMP plans to redeem its outstanding A$265 million in Income
Securities at face value. Under the terms and conditions
contained in the Trust Deed for the Income Securities, AMP may
redeem the securities any time after 10 February 2005.

The securities will be redeemed on the next coupon payment date
of 10 May 2005. Income Securities holders do not need to do
anything - they will be sent a redemption notice at the
beginning of April. The final payment of the face value and
interest on the securities will be made on 10 May.

"The redemption of the Income Securities is the most efficient
way for AMP to reduce its debt and maintain its gearing at
current levels. In addition, the securities are now relatively
illiquid," Mr. Mohl said.

There are approximately 19,000 Income Securities holders
remaining on the register. The securities trade on the
Australian Stock Exchange and have a face value of AU$100 each.
Following the capital return and the redemption of the income
securities, AMP will have AU$1,288 million in debt while gearing
(defined as debt to debt plus equity) will be maintained at
around 27 per cent, in line with the group's focus to retain its
`A'-grade credit rating.

The capital return and debt repayment will be funded from
surplus capital, which stood at over AU$2.1 billion at 31
December 2004.

Following the AU$1 billion reduction in capital, investment
income will decrease by around AU$48 million after tax per
annum. The AU$265 million repayment of debt will result in a
decrease in interest expense by around AU$13 million after tax
per annum.

Return on equity (based on underlying contribution divided by
monthly average shareholder equity for the period) will increase
as a result of the capital reduction. For example, return on
equity in 2004 of 17.7 per cent would have been around 21 per
cent if the proposed capital return had taken place at the
beginning of the year.

If shareholders at the Annual General Meeting approve the
proposed capital return on 19 May 2005, AMP shares will trade
ex-entitlement from 20 May 2005. Documentation for the capital
return is expected to be sent to shareholders in early to mid
April.


ANCHOR PROPERTY: To Hold Final Meeting March 7
----------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Anchor Property Services Pty Ltd (In Liquidation)
A.C.N. 081 622 853 will be held at the office of Nicholls & Co,
Chartered Accountants, Suite 6, 459 Peel Street Tamworth NSW
2340, on Monday, March 7, 2005 at 11:00 a.m.

For the purpose of receiving the Liquidator's account showing
how the winding up has been conducted and the property of the
Company disposed of and hearing any explanation which may be
given by the Liquidator.

Dated this 17th day of January 2005

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340


AXTEAN FINANCE: EGM Passes Resolution to Wind Up Company
--------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Axtean Finance Pty Ltd (In Liquidation) A.C.N. 087 079 810
duly convened and held on January 14, 2005, the following
Special Resolution was passed:

That the Company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purpose of such winding
up.

Dated this 17th day of January 2005

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


B & A CEMENT: Members Agree to Wind Up Company
----------------------------------------------
Notice is hereby given that at a general meeting of members of B
& A Cement Rendering Pty Ltd (In Liquidation) A.C.N. 085 107 099
held on January 6, 2005 it was resolved that the Company be
wound up voluntarily and that for such purposes Joseph Sleiman,
Certified Practising Accountant of Sleiman & Co, Level 8, 65
York Street, Sydney, be appointed liquidator.

Dated this 14th day of January 2005

Joseph Sleiman
Liquidator


BRIGHTON AVENUE: To Convene Final Meeting February 25
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Brighton Avenue Pty Limited (In Liquidation) A.C.N. 081 052 940
will be held at the offices of Ferrier Hodgson (Newcastle),
Chartered Accountants, Level 3, 2 Market Street, Newcastle NSW
2300 on February 25, 2005 at 10:00 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 of hearing any
explanations that may be given by the Liquidators.

Dated this 13th day of January 2005

A. E. Lewis
J. A. Shaw
Liquidators


C2D-MV PTY: Final Meeting Slated for February 28
------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of Members of C2d-Mv Pty Limited
(In Voluntary Liquidation) A.C.N. 002 709 220 will be held at
the offices of Ngan & Co, Level 5, 49 Market Street, Sydney NSW
2000 on Monday, February 28, 2005 at 9:30 a.m. for the purpose
of laying before the meeting the Liquidator's final account and
giving any explanation thereof.

Dated this 17th day of January 2005

P. Ngan
Liquidator


CHRISTOPHER PAYNE: Lays Out Final Meeting Agenda
------------------------------------------------
Notice is given that the final meeting of members and creditors
of Christopher Payne Media Marketing Pty Limited (In
Liquidation) A.C.N. 052 823 168 will be held at Level 1, 32
Martin Place, Sydney, NSW, on Friday, February 25, 2005 at 10:00
a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the Company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 18th day of January 2005

Nick Malanos
Liquidator
Christopher Payne Media Marketing Pty Limited (In Liquidation)


DS DESIGN: Members and Creditors to Meet February 25
----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of DS Design Group Pty Limited (In Liquidation) A.C.N. 064 629
278 will be held at the offices of Jirsch Sutherland, Level 2,
84 Pitt Street, Sydney, NSW, on February 25, 2005 at 10.00 a.m.

For the purpose of having an account laid before them showing
the manner in which the winding up has been conducted, the
properties of the Company disposed of and hearing any
explanations that may be given by Liquidator.

Dated this 17th day of January 2005

Danny Vrkic
Liquidator
Level 2, 175 Keira Street,
Wollongong NSW 2500
Telephone: (02) 4225 2545
Facsimile: (02) 4322 0544


GRATHAM PARK: EGM Resolves to Wind Up Company
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Gratham Park Pty Limited (In Liquidation) A.C.N. 003 858 455,
held on the 12th day of January, 2005 the following Special
Resolution was passed:

That the Company be wound up voluntarily.

Dennis Carl Maunder of 82 Brisbane Street, Tamworth New South
Wales was appointed Liquidator.

Dated this 12th day of January 2005

D. Maunder
Liquidator


KELLS CREEK: Members, Creditors to Meet February 25
---------------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of Kells Creek Vineyards Pty Limited (In Liquidation)
A.C.N. 094 412 665 will be held at the office of Ferrier
Hodgson, Chartered Accountants, Level 1, 121-123 Crown Street,
Wollongong, New South Wales on February 25, 2005 at 10:00 a.m.

The purpose of the meeting is to:

(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;

(ii) To consider any other matter properly brought before the
meeting.

Dated this 13th day of January 2005

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500


MAYNE GROUP: Loses U.K. Court of Appeal Decision for Epirubicin
---------------------------------------------------------------
Mayne Group Limited (MAY) on Friday advised the market that the
English Court of Appeal last night ruled that Mayne Pharma's
(Mayne) formulation of Epirubicin infringes a patent of the
innovator, Pharmacia Italia S.P.A, a subsidiary of Pfizer, Inc.
Epirubicin is commonly used in the treatment of breast cancer.

Mayne developed a generic version of Epiribucin and in April
2004, it notified the innovator of its intention to import and
sell Epirubicin in the United Kingdom (UK) and subsequently
commenced proceedings in the U.K., seeking a formal declaration
that its product did not infringe the innovator's patent.

On 28 October 2004, the English High Court of Justice ruled in
Mayne's favor and in light of this judgment and independent
legal advice, Mayne said it was confident that the decision
would be upheld through the appeals process.


On 17 February 2005, the English Court of Appeal overturned the
High Court's decision on a point of law and now Mayne is
currently considering the impact of this ruling.

As a result of the English Court of Appeal decision, Mayne said
it would record a significant item in the amount of $5 million
in its half yearly results representing the top-end of the
estimated legal and other costs associated with the U.K.
litigation.

This estimate does not include potential mitigating factors that
Mayne is in the process of evaluating.

The UK patent for Epirubicin expires in June 2006.

Mayne is involved in litigation with regard to Epirubicin in
other countries around the world including Australia and Canada.
Mayne will continue to vigorously pursue these matters and is
confident of its prospects of success in these major markets.

Furthermore, since the U.K. decision does not set a binding
precedent for those courts, Mayne has made no further provision
in its accounts.

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/


MILOSA HOLDINGS: Appoints Liquidator to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Milosa Holdings Pty Ltd (In Liquidation) A.C.N. 087 079 874
duly convened and held on the January 14, 2005, the following
Special Resolution was passed:

That the Company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purpose of such winding
up.

Dated this 17th day of January 2005

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


PORTHOLE PROJECTS: Members Resolve to Wind Up Company
-----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Porthole Projects Pty Limited (In Liquidation) A.C.N. 086 135
640 held on January 17, 2005 it was resolved that the Company be
wound up voluntarily and that for such purpose Sule Arnautovic,
of Jirsch Sutherland Chartered Accountants, be appointed
Liquidator. A meeting of creditors held later that day confirmed
this appointment.

Dated this 17th day of January 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street, Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


PROFESSIONAL TRAFFIC: To Declare Final Dividend March 25
--------------------------------------------------------
A first and final priority dividend to employees of Professional
Traffic Control & Training Services Pty Limited (In Liquidation)
A.C.N. 081 270 135 is to be declared on March 25, 2005.

Employees who were not able to formally prove their debts or
claims will be excluded from the benefit of the dividend.

Dated this 25th day of January 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


RHINO CEMENT: To Hold Meeting February 25
-----------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
Rhino Cement Rendering Pty Ltd (In Liquidation) A.C.N. 097 176
951 will be held at the offices of Stephen Baker & Co, Suite 2,
98 Woolwich Road Woolwich NSW 2110, on February 25, 2005 at 9:00
o'clock in the forenoon for the purpose of laying before the
meeting the liquidator's final account and report and giving any
explanation thereof.

Dated this 17th day of January 2005

Stephen Baker
Liquidator


RICHARD GORDON: Liquidator to Show Account of Winding Up
--------------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of members and creditors
of Richard Gordon Pty Limited (In Liquidation) A.C.N. 000 171
700 will be held at the offices of Jirsch Sutherland, Chartered
Accountants, Level 2, 84 Pitt Street, Sydney NSW on Friday,
February 25, 2005 at 11:30 a.m.

For the purpose of having an account laid before them showing
the manner in which the winding up has been conducted, the
property of the Company disposed of and of hearing any
explanations that may be given by Liquidator.

Dated this 25th day of January 2005

R. M. Sutherland
Liquidator


SANWAR AUSTRALIA: Lays Out Final Meeting Agenda
-----------------------------------------------
Notice is given that the final meeting of the members of Sanwar
Australia Securities Limited (In Liquidation) A.C.N. 000 468 333
will be held at the offices of Deloitte Touche Tohmatsu, Level
3, 225 George Street, Sydney on February 25, 2005 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 17th day of January 2005

C. R. Campbell
H. W. Mosley
Liquidators
Deloitte Touche Tohmatsu
225 George Street, Sydney NSW 2000


SHIELS ENTERPRISES: Sets March 4 as Date of Final Meeting
---------------------------------------------------------
Notice is given that a Final Meeting of the Members of Shiels
Enterprises Pty Limited (In Voluntary Liquidation) A.C.N. 084
634 613 will be held at the offices of Nicholls & Co., Chartered
Accountants, Suite 103, 1st Floor, Wollundry Chambers, Johnston
Street, Wagga Wagga, New South Wales on March 4, 2005 at 10:00
a.m.

The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 12th day of January 2005

Stephen Jay
Liquidator
Nicholls & Co
Chartered Accountants
PO Box 182, Wagga Wagga NSW 2650


SOUTHERN SITE: To Declare Final Dividend March 15
-------------------------------------------------
A first and final dividend to creditors is to be declared on
March 15, 2005 for Southern Site Security Services Pty Limited
(Subject To Deed Of Company Arrangement) A.C.N. 089 360 636.

Creditors who were not able to formally prove their debts or
claims will be excluded from the benefit of the dividend.

Dated this 13th day of January 2005

Richard Albarran
Deed Administrator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


WALTER CONSTRUCTION: Union Threatens Strike
-------------------------------------------
Delegates of a construction union in New South Wales have agreed
on a statewide strike over the issue of payments of the
employees of collapsed Walter Construction, says ABC News.

The Construction Forestry Mining and Energy Union (CFMEU)
decided on the move as a means to pressure the State Government
to cover Walter Construction's financial obligations to
contractors and employees.

CFMEU State Secretary Andrew Ferguson says deals have been
reached for payments on sites at Parramatta and Auburn in
Sydney, and he expects an agreement on Zetland shortly.

But Mr. Ferguson stressed the State Government has to take
responsibility for failing to check on a Company which was close
to collapse. He also appealed to workers to fund continuing
pickets on Sydney Water and Health Department jobs.

The ultimatum for the State Government is that there will be a
statewide strike at the end of the month unless the payment
issue is sorted out.

Meanwhile, the union affirmed there are no plans to stage a
protest in Queensland, as the issue does not affect Queensland
workers.

The union claimed Walter Construction was operating on a small
number of projects in Queensland, including the Burnett Dam
project where entitlements have been guaranteed.


WALTER CONSTRUCTION: Premier Says Government Won't Cover Debts
--------------------------------------------------------------
It is very unlikely that the New South Wales (NSW) government
would absorb the debts owed to sub-contractors by failed
building contractor Walter Construction, reports The Australian.

Premier Bob Carr indicated that the government would not step in
to cover the debt of Walter Construction, saying the government
cannot be held responsible for a commercial collapse. He added
the government would not make such a move even to avert an
impending industrial action.

The Construction Forestry Mining and Energy Union (CFMEU) has
earlier threatened state-wide strike action if the government
does not guarantee debts and entitlements owed to workers and
subcontractors by the end of the month.


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

CENTRAL HARVEST: Court to Hear Case March 3
-------------------------------------------
Central Harvest Holdings Limited posted in a notice that an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of the High Court in
Chambers for consideration of the resolutions and determinations
(if any) of the first meeting of creditors and contributories
both held on December 2, 2004 deciding the differences (if any)
and making such order of appointments as the court may think
fit.

Date and Time of Hearing: 3rd March 2005 (Thursday) at 9:30 a.m.

Place of Hearing: High Court, High Court Building, No. 38
Queensway, Hong Kong

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 18th day of February 2005.

E. T. O'Connell
Official Receiver & Provisional
Liquidator


CHINA GAS: Issues Statement on Shares Trading Volume
----------------------------------------------------
China Gas Holdings Limited advised the Hong Kong Stock Exchange
it noted the increases in Friday's trading volume of the shares
of the Company and wish to state that it is not aware of any
reasons for such increases.

Save as disclosed in the Company's announcements dated 1
February 2005, 28 January 2005 and 24 January 2005, the Company
confirms that there are no negotiations or agreements relating
to intended acquisitions or realizations which are disclosable
under rule 13.23, neither is the Board aware of any matter
disclosable under the general obligation imposed by rule 13.09,
which is or may be of a price-sensitive nature.

Made by the order of the Board of the Company, the directors of
which individually and jointly accept responsibility for the
accuracy of this statement."

By order of the Board of
China Gas Holdings Limited

Doris Yang
Company Secretary


CHINA GAS: Posts Individual Shareholder Notice
----------------------------------------------
China Gas Holdings issued to the Hong Kong Stock Exchange an
Individual Substantial Shareholder Notice.

Stock code: 00384

Class of shares: Ordinary Shares

Number of issued shares in class: 2,117,932,338

Name of substantial shareholder (English) as printed on
HKID/Passport: (Surname) Kan
(Other names) Che Kin, Billy Albert

To view a full copy of the notice, click
http://bankrupt.com/misc/CHINAGAS021505.doc


GOLDEN HARVEST: Shares Trading Suspended
----------------------------------------
Trading in the shares of Golden Harvest Entertainment (1132)
will be suspended effective 9:30 a.m., Friday pending the
release of an announcement relating to a placement of new shares
of the Company.

The stock closed yesterday at $0.26.

This Infocast announcement is dated February 18, 2005.


HOLDER LINK: Court Issues Winding Up Order
------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance issued a winding up proceeding for
Holder Link Knitting Factory Limited Of Rm 201a, 2nd Floor,
Harbour Centre Tower I, 1 Hok Cheung Street, Hunghom, KLN on
February 2, 2005.

The winding up petition was presented November 26, 2004.

Dated this 18th day of February 2005

E T O'Connell
Official Receiver


JAZZ PHOTO: To Hold Creditors, Contributories Meeting
-----------------------------------------------------
Jazz Photo (Hong Kong) Ltd. posted in a notice made to The
Standard that it will hold meetings at the following date and
time:

Date of Meetings: March 2, 2005 (Wednesday)

Creditors: 10:30 a.m.

Contributories: At 11:30 a.m.

Place:

At the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66
Queensway, Hong Kong

Dated this 18th day of February 2005

E T O'Connell
Official Receiver & Provisional
Liquidator


MAE HOLDINGS: Updates Share Placement, Subscription
---------------------------------------------------
MAE Holdings Limited advised the Hong Kong Stock Exchange that
on February 17, 2005 HK Sky Entertainment Holdings Limited
(Vendor) entered into the Placing Agreement and the Top-Up
Subscription Agreement with Get Nice Investment Limited and the
Company respectively.

Pursuant to the Placing Agreement, the Vendor agreed to place,
through the Placing Agent an aggregate of 400,000,000 existing
Shares, on a fully underwritten basis, to not fewer than six
placees (being independent individual, corporation and/or
institutional investors to be identified by the Placing Agent
and who will be independent third parties not connected with the
directors, chief executive or substantial shareholders of the
Company or any of its subsidiaries or associates of any of
them), at a price of HK$0.016 per Share.

Pursuant to the Top-Up Subscription Agreement, the Vendor
conditionally agreed to subscribe for an aggregate of
400,000,000 new Shares at a price of HK$0.016 per Share.

The Placing Shares (or the Top-Up Subscription Shares) of
400,000,000 Shares represent approximately 9.80% of the
Company's existing issued share capital and approximately 8.92%
of its issued share capital as enlarged by the Top-Up
Subscription.

The Placing Price (or the Top-Up Subscription Price) of HK$0.016
represents;

(i) a discount of approximately 15.79% to the closing price of
the Shares of HK$0.019 quoted on the Stock Exchange on 17
February 2005, being the date of the Placing Agreement;

(ii) a discount of approximately 9.09% to the average closing
price of the Shares of HK$0.0176 quoted on the Stock Exchange
for the five consecutive trading days immediately prior to 17
February 2005; and
(iii) a discount of approximately 8.57% to the average closing
price of the Shares of HK$0.0175 quoted on the Stock Exchange
for the ten consecutive trading days immediately prior to 17
February 2005.

The gross proceeds from the Top-Up Subscription will be HK$6.4
million and net proceeds from the Top-Up Subscription of
approximately HK$6.23 million will be used as general working
capital of the Group.
The Placing is unconditional.

The Top-Up Subscription is conditional, among other things,

(1) The Listing Committee of the Stock Exchange granting the
listing of, and permission to deal in, the Top-Up Subscription
Shares and

(2) Completion of the Placing.

To view a full copy of the document, click
http://bankrupt.com/misc/MAEHOLDINGS021805.pdf


WING LEUNG: Faces Winding Up Proceedings
----------------------------------------
Wing Leung Jewellery Company Limited of ROOM 103, 1/F, Waga
Commercial Centre, 99a-C Wellington Street, Central, HK received
a winding up order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on February 2,
2005.

The winding up petition was presented December 3, 2004.

Dated this 18th day of February 2005

E T O'Connell
Official Receiver


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


ASEAN ACEH: Indonesian Government to Support Operations
-------------------------------------------------------
The government has asserted that it plans to prevent Asean Aceh
Fertilizer (AAF) from bankruptcy by supplying gas feedstock to
the plant, Asia Pulse reports.

State Minister for State Enterprises Sugiharto said the Ministry
of Energy and Mineral Resources has agreed to provide 12
shipments of liquefied natural gas (LNG) to AAF and Pupuk
Iskandar Muda (PIM), both located in Lhokseumawe.

In a meeting of the House of Representative's Commission VI last
Feb. 15, Mr. Sugiharto said the 12 LNG shipments would be enough
to support both plants until 2006, and continue to employ 1,900
workers. AAF will have 6 cargoes and the remaining 6 cargoes
will be for PIM with its two factories.

AAF's foreign partners reportedly said that they would pull out
from the plant. AAF has been idle for the past two years due to
shortage in gas supply for urea fertilizer production.


BANK DANAMON: Moody's Revises Outlook to Positive
-------------------------------------------------
Moody's Investors Service has revised the outlook to positive
from stable for the B3 long-term bank deposit ratings of Bank
Danamon Indonesia.

This action follows the revisions in the outlooks for
Indonesia's sovereign ratings - to positive from stable for the
B2 foreign currency country ceiling for debt, the B2 foreign
currency bonds of the government, the B2 domestic currency
issuer rating of the government and the B3 foreign currency bank
deposit ceiling - on Feb. 18, 2005.

The following rating was affected and now carries a positive
outlook from stable:

Bank Danamon Indonesia: subordinated debt of B3 and long-term
deposit of B3.


BANK INTERNASIONAL: Gets Positive Rating Outlook from Moody's
-------------------------------------------------------------
Moody's Investors Service has revised the outlook to positive
from stable for the B3 long-term bank deposit ratings of Bank
Internasional Indonesia.

This action follows the revisions in the outlooks for
Indonesia's sovereign ratings - to positive from stable for the
B2 foreign currency country ceiling for debt, the B2 foreign
currency bonds of the government, the B2 domestic currency
issuer rating of the government and the B3 foreign currency bank
deposit ceiling - on Feb. 18, 2005.

The following rating was affected and now carries a positive
outlook from stable:

Bank Internasional Indonesia: long-term deposit of B3.


BANK MANDIRI: Moody's Upgrades Rating to Positive
-------------------------------------------------
Moody's Investors Service has revised the outlook to positive
from stable for the B3 long-term bank deposit ratings of Bank
Mandiri.

This action follows the revisions in the outlooks for
Indonesia's sovereign ratings - to positive from stable for the
B2 foreign currency country ceiling for debt, the B2 foreign
currency bonds of the government, the B2 domestic currency
issuer rating of the government and the B3 foreign currency bank
deposit ceiling - on Feb. 18, 2005.

The following rating was affected and now carries a positive
outlook from stable:

Bank Mandiri: senior debt of B2; subordinated debt of B3 and
long-term deposit of B3


BANK NEGARA: Moody's Changes Outlook to Positive
------------------------------------------------
Moody's Investors Service has revised the outlook to positive
from stable for the B3 long-term bank deposit ratings of Bank
Negara Indonesia.

This action follows the revisions in the outlooks for
Indonesia's sovereign ratings - to positive from stable for the
B2 foreign currency country ceiling for debt, the B2 foreign
currency bonds of the government, the B2 domestic currency
issuer rating of the government and the B3 foreign currency bank
deposit ceiling - on Feb. 18, 2005.

The following rating was affected and now carries a positive
outlook from stable:

Bank Negara Indonesia: senior debt of B2; subordinated debt of
B3 and long-term deposit of B3.


PERTAMINA: Buys Eight Crude Oil Shipments For Monthly Tender
------------------------------------------------------------
Indonesia's Pertamina bought eight crude oil cargoes for
delivery in its monthly spot tender in April, Dow Jones reports,
citing a Company official.

The Company bought 600,000 barrels each of Vietnamese Bach Ho
and Rang Dong, Chinese Wenchang and Panyu, Bruneian Seria Light,
as well as 500,000 barrels of Kazakhstan's Kumkol. It also
bought 900,000 barrels of crude oil from Algerian Saharan Blend,
and 1 million barrels of Libyan Sarir, the official said.

The purchases did not include a further supply of 3.3 million
barrels to be supplied under term contracts.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


TOTAL E&P: Has No Agreement with Contractor, Says Witness
---------------------------------------------------------
In the bankruptcy case of Total E&P Indonesia, a witness said
there were no signed agreements between the firm and one of the
two subcontractor plaintiffs, reports the Jakarta Post.

Mr. Hutahuruk Leonardo of the Development Finance Comptroller
(BPKP) told the Indonesian Commercial Court on Feb. 17 that
there were no contractual relations between Total E&P and
subcontractor PT Istana Karang Laut (IKL), stating that the
contract to construct platforms and a gas plant was made between
Total and contractor PT Sanggar Kaltim Jaya (SKJ).

Mr. Leonardo was part of the BPKP team that audited the Tuna oil
field project, the point of argument between Total and the two
contractors IKL and SKJ. In his testimony, Mr. Leonardo said
that based on BPKP's report, Total was obliged to pay US$3.952
million as compensation to SKJ, and US$3.178 million to IKL.

But he insisted that the BPKP team indicated that some parts of
the project were constructed by IKL. The two plaintiffs had
demanded a compensation of US$187 million, but the audit showed
that the compensation was worth US$7.131 million only.

The audit result has been objected by the Company's lawyer
Lelyana Santoso, saying that some documents were disputed during
the audit, but according to the contractor's lawyer OC Kaligis,
the two contractors were invited by Total as separate units to
end the dispute before it went to court.

The trial was adjourned last Feb. 14, 2005.

CONTACT:

Total E&P Indonesia
Plaza Kuningan Manara Utara
JL. H.R Rasuna Said Kav C.11-14
P.O Box 1010
12940 Jakarta, Indonesia
Phone: + 62 21 523 1999
Fax:   + 62 21 523 1888


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


CHUO TEITOSHINYO: Begins Bankruptcy Proceedings
-----------------------------------------------
Chuo Teitoshinyo K.K. has entered bankruptcy, with total
liabilities of US$228.57 million.

The firm, engaged in consumer credit and finance operations, is
based in Koto-Ku, Tokyo 135-0048.

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


GS YUASA: R&I Places GS Yuasa Corp. on Rating Monitor
-----------------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following ratings to GS Yuasa Corp.

Domestic Commercial Paper Programme
R&I RATING: (a-2);
Placed on the Rating Monitor with a view to downgrading

RATIONALE:

On February 14, GS Yuasa Corp. announced a downward revision for
the fiscal year ending March 2005. This is the second downward
adjustment following the announcement in November
2004. Accordingly, R&I placed GS Yuasa on Rating Monitor with a
view to downgrading.

GS Yuasa is a pure holding Company set up on April 1, 2004
between the merger of Japan Storage Battery and Yuasa
Corporation. It has the largest domestic shares in the lead
storage batteries for automobiles. The business environment of
the storage battery is severe with rising prices of raw
materials (lead) as well as the declining product unit prices
accelerated by intensifying competition. GS Yuasa had been
expecting to put breaks on the lowering profitability through
cost reductions by taking advantage of the synergy effect after
the integration and product price negotiations. However, the
earning power has decreased greatly due to the increase in
expenditures following the integration and the failure in
passing the costs onto prices inside and outside Japan.

R&I will announce a new rating after making full research on the
cause of the downward revision and the progress of the synergy
effect of the integration.

R&I RATINGS:
ISSUER: GS Yuasa Corp.
Domestic Commercial Paper Programme
Issue Limit: JPY30,000 million
R&I RATING: (a-2);
Placed on the Rating Monitor with a view to downgrading

CONTACT:

GS Yuasa Corporation
Nippon Seimei Shijo Bldg.,
60 Tachiurinishimachi,
Higashiiru Hig
Kyoto 600-8007, Japan
Phone: +81-75-253-3800
Fax: +81-75-253-3801


JAPAN TOBACCO: One Third of Employees Opt for Early Retirement
--------------------------------------------------------------
About one-third of Japan Tobacco's (JT) workforce applied for
early retirement in a scheme designed to cope with the harsh
business environment confronting the cigarette producer,
according to Kyodo News.

JT has lowered its group net profit forecast to JPY56 billion
due to a special loss of JPY230 billion, including JPY206
billion for the early retirement program in which 5,796
employees have applied for.

The number of early retirement applicants is about one-third of
JT's parent-only workforce of around 16,600. The JT group's
entire workforce, including overseas personnel, is around
38,000.

The program will offer three to three-and-a-half years' pay per
retiring employee in addition to regular retirement benefits.

In recent years, JT has been confronting a tough business
climate. In addition to a falling number of smokers, the Company
will lose the license to manufacture and sell the popular
"Marlboro" cigarette brand in Japan at the end of April this
year.

JT announced a package of drastic restructuring plans in August
2003, including a workforce cut of 4,000 over three years
through voluntary retirement.

Under an early retirement program for fiscal 2003, the Company
slashed some 420 jobs.

CONTACT:

Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com


JOY COMPANY: METI Authorizes Business Restructuring Plan
--------------------------------------------------------
A business restructuring plan submitted to the Ministry of
Economy, Trade and Industry (METI) by Joy Co., Ltd. was examined
pursuant to Article 3, Paragraph 6 of the Law on Special
Measures for Industrial Revitalization, and found to fulfill the
business structure modification requirements of Article 2,
Paragraph 2, Clause 1, and business innovation requirements of
Clause 2.

The plan was consequently approved on February 14.


MITSUBISHI MOTORS: Seeks Buyer for U.S. Operations
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) may finally exit the world's
largest car market, as it quietly seeks a buyer for its U.S.
operations, according to the Asian Wall Street Journal.

Osamu Masuko, the troubled automaker's new president, reportedly
went to Detroit to conduct negotiations with potential buyers
during the North American International Auto Show.

Mr. Masuko reportedly met with several industry executives,
including representatives from U.S. private equity fund
Ripplewood Holdings LLC, which did not show much interest in
MMC's U.S. business.

The focus of the talks are MMC's assembly plant in Normal,
Illinois and its North American sales unit in southern
California.

MMC's planned exit from the U.S. market would be the first major
withdrawal by a foreign automaker in more than a decade. French
auto manufacturers PSA Peugeot-Citroen SA and Renault SA, and
Japan's Daihatsu Motor Co. pulled out in the late 1980s and
early 1990s.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


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


TOSHIBA CORPORATION: V.P. Nishida Tapped for President Post
-----------------------------------------------------------
Toshiba Corporation will promote its corporate executive vice
president, who currently manages its personal computer
operations, to a higher position, Reuters reports.

Atsutoshi Nishida will take over President Tadashi Okamura's
position. Mr. Okimura has been with the electronics conglomerate
since 2000 and will become chairman of Toshiba.

Under Mr. Nishida, Toshiba's lackluster personal computer
division is on course to turn in profits for the current
business year ending in March.

The Company's board of directors will officially decide on the
personnel change in a meeting following a general shareholders'
meeting in June.

However, a Toshiba spokesman said that a committee tasked to
appoint a candidate for president has not been convened and no
decision has been made.

CONTACT:

Toshiba Corporation
1-1 Kanda-Nishikicho
Chiyoda-Ku 101-8442, Tokyo 101-8442
Japan
Phone:  +81 3 3292 1011
Fax: +81 3 3292 6440
Web site: http://www.toshiba.com


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

KOREA EXCHANGE: To Sell US$300 Mln Worth of Debt Overseas
---------------------------------------------------------
Korea Exchange Bank said last Thursday it plans to raise US$300
million by selling its debt to foreign investors, Asia Pulse
reports.

Proceeds from the sale of 10-year debts will be used for the
early redemption of foreign currency-denominated subordinated
debts sold by the Company, according to a filing with the Korea
Stock Exchange.

The bank, which is controlled by U.S.-based Lone Star investment
fund, will have the option of redeeming the debts after five
years. The debts will be privately placed.

According to the bank, Citigroup and HSBC will arrange the sale
of the debts.

CONTACT:

Korea Exchange Bank
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax:   +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


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


CHG INDUSTRIES: RO Extension Hearing Date Scheduled March 22
------------------------------------------------------------
Further to the announcements on Dec. 14, 2004, and Jan. 27,
2005, in relation to Summons No. D7-24-181-2004, CHG Industries
Berhad announced that the Kuala Lumpur High Court has fixed the
hearing of the application for an extension of the Restraining
Order on Tuesday, March 22, 2005.

CONTACT:

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

This announcement is dated Feb. 16, 2005.


HONG LEONG: Bank Negara Approves Proposed Amendments
----------------------------------------------------
Further to the Company announcements dated Oct. 12, 2004, Dec.
3, 2004, Dec. 23, 2004 and Dec. 24, 2004, Hong Leong Industries
Berhad announced that the Bank Negara Malaysia has, via its
letter dated 15 February 2005 (which was received on Feb. 16,
2005), approved the Proposed Amendments to certain terms of the
Company's Euroconvertible bonds.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak 50450
Kuala Lumpur, Malaysia
Phone: 03-2164 2631
Fax:   03-2164 2514
Web site: http://www.hongleong.com

This announcement is dated Feb. 17, 2005.


HONG LEONG: Members Voluntarily Wind Up Unit
--------------------------------------------
Hong Leong Industries Berhad (HLI) advised that its 96.4%
subsidiary, Guolene Packaging Industries Berhad (GPIB), will
place wholly owned subsidiary Plaspack Marketing Sdn Bhd under
Member's Voluntary Winding-Up pursuant to Section 254(1)(b) of
the Companies Act, 1965. Mr Ling Kam Hoong of Messrs Ling Kam
Hoong & Co., No. 6-1, Jalan 3/64A, Udarama Kompleks, Off Jalan
Ipoh, 50350 Kuala Lumpur will be appointed as liquidator of
Plaspack Marketing.

Plaspack Marketing has been dormant since 1997 and there are no
future plans to activate this Company.

This announcement is dated Feb. 17, 2005.


NAUTICALINK BERHAD: SC Approves Stock Issuance Revision
-------------------------------------------------------
Nauticalink Berhad announced that the Securities Commission (SC)
had, via its letter dated Feb. 8, 2005, which was received Feb.
15, 2005, approved the application submitted to the SC by the
Company dated Jan. 27, 2005, in respect of a proposed revision
to the terms and conditions of the proposed issue of RM8,396,618
nominal value of Irredeemable Convertible Unsecured Loan Stocks
(ICULS) pursuant to the Company's Proposed Restructuring Scheme.

The SC Approval for the Proposed Revision is subject to the
following conditions:

(i) All relevant parties in relation to the ICULS, including the
Scheme Creditors participating in NB's debt-restructuring
scheme, any prospective investors and the trustee, be fully
informed of the proposed revision, and where applicable, their
approval and consents obtained;

(ii) Company advisor Public Merchant Bank Berhad (PMBB) to e-
mail a soft copy (in PDF format) of the complete principal terms
and conditions for the ICULS reflecting all the approved
revisions to DS@seccom.com.my in the following format:

             Font: Arial
             Font Size: 11
             Margin (Top, Down, Right, Left): 1.25"
             Spacing: Single

and;

(iii) PMBB to submit a written confirmation on compliance with
the above conditions.

Details of the Proposed Revision are set out in Table 1 below:

http://bankrupt.com/misc/tcrap_nauticalink021805.doc

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: 03-40431005
Fax:   03-40431058

This announcement is dated Feb. 17, 2005.


NEGARA PROPERTIES: Releases FY04 Quarterly Results
--------------------------------------------------
Negara Properties (M) Berhad released its unaudited quarterly
report for the financial year ended Dec. 31, 2004.

            SUMMARY OF KEY FINANCIAL INFORMATION
                          31/12/2004

                  INDIVIDUAL PERIOD        CUMULATIVE PERIOD
          CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING
           QUARTER    CORRESPONDING    TO DATE        YEAR
                        QUARTER                   CORRESPONDING
                                                     PERIOD
          30/11/2004    30/11/2003     30/11/2004   30/11/2003
1  Revenue
           10,947        30,488         20,256       47,952

2  Profit/(loss) before tax
             -754        -3,518         -9,167         -496
3  Profit/(loss) after tax and minority interest
             -864        -4,403         -9,414       -2,384

4  Net profit/(loss) for the period
             -864        -4,403         -9,414       -2,384

5  Basic earnings/(loss) per shares (sen)
             -1.22        -6.24         -13.33        -3.38

6  Dividend per share (sen)
              0.00         0.00         0.00       0.00

        AS AT END OF     AS AT PRECEDING
      CURRENT QUARTER   FINANCIAL YEAR END

7  Net tangible assets per share (RM)
              4.2998       4.4907

For a full copy of the report, go to:
http://bankrupt.com/misc/tcrap_negara021805.xls
CONTACT:

Negara Properties (M) Berhad
Pusat Bandar Melawati Jalan Ulu Kelang
Kuala Lumpur, 53100
Malaysia
Phone: +60 3 4107 2066
Fax:   +60 3 4107 5163


OCEAN CAPITAL: Issues Winding Up Petition Update
------------------------------------------------
Further to the announcement dated Jan. 27, 2005, Ocean Capital
Berhad would file an application to try to strike out the
winding up petition by Wyarex Sdn. Berhad, instead of Ocean
subsidiary as stated in the earlier announcement.

CONTACT:

Ocean Capital Berhad
No. 43B, 2nd Floor Changkat
Bukit Bintang 50200 Kuala Lumpur
Malaysia
Phone: 03-21480700
Fax:   03-21454825

This announcement is dated Feb. 17,  2005.


POS MALAYSIA: Lists Additional Shares
-------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 97,000 new
ordinary shares of RM1.00 each issued pursuant the Employee
Share Option Scheme are granted listing and quotation effective
Monday, Feb. 21, 2005, 9:00 a.m.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax:   +60 3 2166 2266


POS MALAYSIA: Resells 400,000 Treasury Shares
---------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Pos
Malaysia & Services Holdings Berhad issued a notice of resale
and cancellation of treasury shares on Feb. 17, 2005.


Date of transaction: 17/02/2005

Total number of treasury shares sold (units):  400,000

Total number of treasury shares cancelled (units):

Minimum price paid for each share sold (RM): 2.900

Maximum price paid for each share sold (RM): 2.990

Total amount received for treasury shares sold
(RM): 1,169,800.00

Cumulative net outstanding treasury shares as at to-date
(units): 33,298,000

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


SRI HARTAMAS BERHAD: Bourse Delists Securities
----------------------------------------------
Sri Hartamas Berhad announced that its shares were delisted from
the Bursa Malaysia Securities Berhad on Feb. 17, due to the poor
financial condition of the Company.

The Company will inform Bursa Securities of any further
developments.

CONTACT:

Sri Hartamas Berhad
8 Jalan Yap Kwan Seng
Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Phone: +60 3 2167 0600
Fax:   +60 3 2162 0212


TIMBERWELL BERHAD: Unit Allots Additional 6,200,000 Shares
----------------------------------------------------------
Further to Timberwell Berhad's (TWB) announcement dated Jan. 28,
2005, pertaining to the Shareholders' Agreement between TWB and
Victarget Sdn. Bhd., the Company announces that its subsidiary
Timberwell Plywood Sdn. Bhd. (TPSB), has alloted additional
6,200,000 ordinary shares of RM1.00 each in the capital of TPSB
to TWB for a total consideration of RM28,300,897 pursuant to the
said Shareholders' Agreement.

The allotment of additional shares by TPSB to TWB was satisfied
by way of capitalizing the amount due by TPSB to TWB.

Consequent to the allotment of additional shares pursuant to the
Shareholders' Agreement, the issue and paid-up capital of TPSB
has been increased from RM4,000,000 divided into 4,000,000
ordinary shares of RM1.00 each to RM19,000,000 divided into
19,000,000 ordinary shares of RM1.00 each of which TWB holds
10,200,000 ordinary shares of RM1.00 each representing 53.68% of
the total issued and paid-up capital of TPSB.

TPSB is a Company incorporated in Malaysia on Jan. 13, 1998. The
authorized share capital of TPSB has been increased from
RM5,000,000 divided into 5,000,000 ordinary shares of RM1.00
each to RM25,000,000 divided into 25,000,000 ordinary shares of
RM1.00 each upon the allotment of additional shares.

The principle activities of TPSB is manufacturing and trading of
plywood, block board and timber related products.

The allotment of shares will not have any effect on the share
capital of TWB and has no material effect on the net tangible
assets and earnings of the Group for the financial year ending
31December 2005.

The allotment of shares is not subject to the approval of the
shareholders of TWB and the relevant Government authorities.

None of the Directors or Substantial Shareholders of TWB, or
persons connected to such Directors or Substantial Shareholders
has any interest, direct or indirect, in the aforesaid allotment
of shares.

The Directors of TWB is of the opinion that the allotment of
shares is in the best interest of TWB and none of the Directors
of TWB has disagreed with this statement.

This announcement is dated Feb. 17, 2005.


TRU-TECH HOLDINGS: Issues Default Status Update
-----------------------------------------------
Further to the Company announcement dated Jan. 17, 2005 on the
default status of coupon payment on RM55,000,000 nominal amount
of redeemable unsecured loan stock, and default of monthly
deposit of RM1,200,000 into the sinking fund account, Tru-Tech
Holdings Berhad announced that there has been no material
development in respect of the Default pursuant to Practice Note
1/2001.

The Company was unable to make the monthly deposit of
RM1,200,000 due on Jan. 17, 2005 for the purposes of redemption
of the RULS, due to its current tight cash flow position. The
monthly deposit was required in accordance with the terms of the
Trust Deed dated Oct. 18, 1996 as amended by the Supplemental
Trust Deed dated Nov. 16, 2001 and the 2nd Supplemental Trust
Deed dated Sept. 10, 2003. The financial and legal implications
to the Company in respect of the Deposit Default are similar to
that of the Default, which was set out in the announcement dated
Oct. 17, 2003.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at Jan. 31, 2005 is set out
in Table 1 of the Appendix to this announcement.

To view Table 1, click on:

http://bankrupt.com/misc/tcrap_trutech021805.xls

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax:   (60) 3 7861 7972

This announcement is dated Feb. 17, 2005.


TT RESOURCES: To list Additional 38,000 Shares
----------------------------------------------
TT Resources Berhad's additional 38,000 new ordinary shares of
RM1.00 each issued pursuant to the Employees' Share Option
Scheme will be granted listing and quotation effective Tuesday,
Feb. 22, 2005, 9:00 a.m.

CONTACT:

TT Resources Berhad
Lot 302, 3rd Floor, Wisma Dijaya
No. 1A, Jalan SS 20/1
Damansara Utama 47400
Petaling Jaya, Selangor
Darul Ehsan, Malaysia
Phone: 03-77268297
Fax:   03-77268076
Web site: http://www.ttrb.com.my


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


COLLEGE ASSURANCE: Incurs Losses After Failing To Renew License
---------------------------------------------------------------
Beleaguered College Assurance Plans (CAP) suffered huge losses
in 2004 mainly due to its failure to renew its license, The
Manila Times relates.

The pre-need firm saw its 2004 deficit jump 77.59 percent to
Php8.72 billion from Php4.91 billion. Its audited loss came to
Php3.81 billion or 38.54 percent higher than Php2.75 billion in
2003.

Total gross revenue fell to Php957.60 million from Php1.32
billion primarily because CAP was unable to renew its expired
dealership with the Securities and Exchange Commission (SEC).

AP's realized gross income decreased to Php526 million from
Php661 million.

Revenue generated from its trust fund dipped by 41.3 percent
from Php506.22 million to Php296.75 million.

Meanwhile, CAP's total operating expense increased by Php1
billion to Php4.40 billion from Php3.39 billion.

The firm's balance sheet reflected a decline of total assets by
Php1 billion to Php17 billion to Php18 billion. Its liability
grew to Php26.28 billion from Php23.92 billion.

Stockholder equity decreased by Php3.77 billion to Php9.19
billion from Php5.42 billion.

CAP has yet to renew its dealers' license, which expired in
September last year. The regulator has advised the pre-need firm
to inject much-needed cash into its trust fund before it could
grant a new license to operate.

CAP is continuing talks with the Romeo Roxas group, which
proposed to subscribe CAP shares worth Php6 billion and pay for
them with land in Baler town in the eastern province of Aurora.
SEC is waiting for a reappraisal of the property using proper
valuation methods before it can approve the Php6-billion
infusion.

CAP is the pioneer in providing education plans in the
Philippines mired with "cash-flow problem" and deficiencies
which has caused plan holders to receive delayed tuition fees.

CONTACT:

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


NATIONAL POWER: Moody's Cuts Debt Ratings to B1
-----------------------------------------------
Moody's Investors Service has downgraded the foreign currency
and local currency debt ratings of National Power Corporation
(NPC) to B1 from Ba2.

This rating action follows Moody's decision to downgrade the
Philippines' long-term foreign currency country ceiling for
bonds as well as the local currency rating of the government to
B1 from Ba2. The ratings outlook is stable, which is in line
with the stable outlook for the sovereign ratings. This
concludes the rating review commenced on November 9, 2004.

Moody's says that despite the weak operating and financial
profiles of NPC, the B1 ratings continue to reflect the
Philippine government's unconditional and irrevocable guarantee
for NPC's rated senior unsecured debts.

Moody's expects the Philippine government will honor its
commitment to the outstanding guaranteed obligations of NPC
regardless of the progress of power sector restructuring and
privatization. With the P0.98 centavo per kilowatt-hour
provisional tariff adjustment granted to NPC in September 2004,
along with the continued implementation of cost-cutting programs
and other initiatives to improve energy sales and operational
efficiencies, NPC expects its financial and operating conditions
will improve.

Under the power sector reform plan, NPC will transfer its assets
and liabilities to the Power Sector Assets and Liabilities
Management Corporation (PSALM) which is wholly-owned by the
Philippine government. NPC will however continue to operate the
generation assets until such assets are privatized and it is
currently negotiating the operations and maintenance agreement
with PSALM. Moody's notes that NPC has obtained consents from
certain bondholders to transfer its debt obligations to PSALM as
part of the reform process.

National Power Corporation, 100% owned by the Philippine
Government, is the principal supplier of electricity in the
Philippines

CONTACT:

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


PHILIPPINE AIRLINES: Widens Net Loss on Fuel Costs
--------------------------------------------------
National flag carrier Philippine Airlines (PAL) has tallied a
net loss of Php272.2 million (US$4.94 million) for the third
quarter to December, reports Agence France Presse.

PAL acknowledged that the figure was a significant increase from
a net loss of Php4.3 million in the same period a year earlier.

PAL said an increase in its operating revenues was offset by
higher operating expenses and other charges, such as fuel costs.

Operating revenues for the quarter totaled Php12.77 billion, up
13 percent year-on-year, aided by an increase in the number of
passengers carried.

However, operating expenses and other charges rose 15 percent
year-on-year to around Php13 billion, mainly due to substantial
increases in the cost of flying operations, aircraft and traffic
servicing, and depreciation.

Fuel costs, which contributed to the large increase in flying
operations expenses, rose to Php3.6 billion or 48 percent from a
year earlier.

"This was a result of higher fuel consumption for the quarter
and increase in average fuel prices per barrel from 39.59
dollars in 2003 to 53.98 dollars in 2004," PAL said.

The airline posted a net profit of Php204.13 million for the
second quarter to September, against a net loss of Php383.79
million in the same period in 2003.

CONTACT:

Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Phone: (632) 817-1234
Phone: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph


PHILIPPINE LONG: Settles Penalty for Non-Compliance
---------------------------------------------------
Pursuant to Section 4 of Penalties and Fines pertaining to
"Publication of Penalties Assessed", the Exchange hereby informs
the Trading Participants and the investing public that
Philippine Long Distance Telephone Company (TEL) has settled the
corresponding penalty for non-compliance with the requirement
prescribed in Section 13 of the Revised Disclosure Rules on
"Disclosure on Transactions of Directors and Principal Officers
in the Issuer's Securities."

For your information.

(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


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


ADAMS PARKING: Court to Hear Petition February 25
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Adams Parking (Singapore) Pte Ltd by the High Court was on
January 31, 2005 presented by The Management Corporation Strata
Title Plan No. 2555 of 61 Ubi Avenue 2, #06-04/05 Automobile
Megamart, Singapore 408898, a creditor of the Company.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m., on Friday, February 25, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the 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 Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioners' address is at 61 Ubi Avenue 2, #06-04/05
Automobile Megamart, Singapore 408898.

The Petitioners' solicitors are Messrs Rodyk & Davidson of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624.
(Ref:LCC/JSHK/25843.1/cbn)

Messrs RODYK & DAVIDSON

Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Rodyk & Davidson of 80 Raffles Place, #33-00 UOB Plaza 1,
Singapore 048624, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or 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 abovenamed not later than 12 o'clock noon of
February 24, 2005 (the day before the appointed date for the
hearing of the Petition).

Friday, February 18, 2005


CHINA AVIATION (S): Creditor Intensifies Legal Battle
-----------------------------------------------------
One of China Aviation Oil (Singapore) Corporation's (CAO) main
creditors has stepped up its legal fight with the failed oil
trader, according to the Financial Times.

Sumitomo Mitsui Banking Corporation has requested courts for
permission to post a writ against CAO's suspended chief
executive, Chen Jiulin, in the local press.

The Japanese bank, which is reportedly owed some US$26 million
by CAO, submitted documents to the High Court last week.
Sumitomo Mitsui claimed its lawyers have attempted to serve Mr.
Chen with a writ and statement of claim five times over three
days this month, but the effort had been unsuccessful since Mr.
Chen was not at his Singapore residence.

In separate court documents, CAO admitted it had received
Sumitomo Mitsui's writ. There was no word if CAO's Beijing-based
parent, China Aviation Holding Company, was served with the
writ.

Embattled CAO admitted last year it was facing collapse after
running up US$550 million in trading oil derivative losses.

CONTACT:

China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/


DIGILAND INTERNATIONAL: Clarifies Half-Year Results
---------------------------------------------------
With reference to Digiland International Limited's announcement
of the half-year results on February 11, 2005 issued to the
Singapore Stock Exchange (SGX), the Company would like to make
further clarification on the following questions raised by
Singapore Exchange:

(a) "We note in the Profit and Loss Statement, an item
provision/write-off of receivable' amounting to US$7.067
million. To disclose the reasons why the Company is unable to
collect these debts, whether these debts are owed by interested
persons, whether any further debts are still owed by such
customers after the provision and whether further provision may
have to be made for these outstanding amounts."

The Company discontinued business transactions with customers
affected by the cessation of certain product lines. Since then,
some of these customers have delayed and/or stopped payments due
to the Company. The provision was made on amounts which
management viewed as unrecoverable. The Company is in the
continuous process of reviewing/streamlining product
representations in the region.

As at the date of announcement, management believed it was
reasonable that no further provisions was necessary.

These debts are not owed by interested persons.

(b) "We note in the Profit and Loss Statement, an item
`provision/write-off of stocks' amounting to US$3.027 million.
To provide further information on what these stocks are, the
reasons for the significant provision/write-off and whether the
Company is aware of any factors which may require further write-
down of its inventory on hand."

The provisions are mainly for hard disk drives and computer
related products that had become obsolete. Management believes
the stocks are more reasonably valued after the provisions.

As at the date of the announcement, the Company was not aware of
any factors which may require further write-down of the
inventory on hand.

(c) "The Company reported that there is `no significant change
in accounting policies and methods of computation compared to
the previous corresponding period'.

Please clarify whether the same accounting policies and methods
of computation as in the issuers' most recently audited annual
financial statements have been applied. If not, please provide
details of the change, the reasons for and the effect of the
change as required under paragraph 5 of Appendix 7.2."

There is no change in accounting policies and methods of
computation compared with the most recently audited financial
statements.

(d) "Total sales decreased from US$198.7 million to US$52.3
million.

The Company reported that `the decrease in sales was mainly due
to the continued scaling down of non-profitable operations in
the Group'. To provide further information on this process."

The decrease in sales was due to a reduction in the number of
products lines that the Company now distributes, due to the
weeding out of non-profitable lines (particularly those where
vendors engaged in direct selling to our customers) to focus on
higher value added products & services.

By Order Of The Board
Lim Koon Hock
Company Secretary
17 February 2005


LIANG HUAT: Petition Hearing Scheduled March 4
----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Liang Huat Holdings Pte Ltd by the High Court was on February 4,
2005 presented by Liberty Insurance Pte Ltd (formerly known as
Citystate Insurance Pte Ltd) of 51 Club Street, #03-00 Liberty
House, Singapore 069428, a Judgment Creditor.

The said Petition is to be heard before the Court sitting at the
High Court in Singapore at 10:00 a.m. on Friday, March 4, 2005.

Any creditor or contributory of the said Company desiring 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.

The Petitioner's address is 51 Club Street, #03-00 Liberty
House, Singapore 069428.

The Petitioner's solicitors are ComLaw LLC of 65 Chulia Street,
#43-03 OCBC Centre, Singapore 049513.

Dated the 16th day of February 2005

Comlaw Llc
Solicitors for the Petitioner

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 ComLaw
LLC of 65 Chulia Street, #43-03 OCBC Centre, Singapore 049513,
notice in writing of his intention to do so.

The notice must state the name and address of the person, or if
firm, the name and address of the firm, and must be signed by
the person or 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 twelve o'clock noon on
March 3, 2005 (the day before the day appointed for the hearing
of the Petition).

Friday, February 18, 2005


PANIMEX INTERNATIONAL: General Meeting Set March 2
--------------------------------------------------
Notice is hereby given that General Meetings of Members and
Creditors of Panimex International Limited (In Creditors'
Voluntary Liquidation) will be held at the offices of Baker
Tilly Hong Kong, 12/F China Merchants Tower, Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong on March 2, 2005 at
the times listed below, for the purpose of ascertaining their
wishes in all matters relating to the winding up and receiving
an account of the liquidators showing their conduct of the
winding-up of the above Company.

Members' meeting: 2:30 p.m.

Creditors' meeting: 3:00 p.m.

A member or creditor entitled to attend and vote at either of
the above meetings is entitled to appoint a proxy to attend and
vote on their behalf. A proxy need not also be a member or
creditor of the Company.

Proxies in the prescribed form must be lodged at the offices of
Baker Tilly Hong Kong, 12/F, China Merchants Tower, Shun Tak
Centre, 168-200 Connaught Road Central, Hong Kong. Members'
proxies should be lodged at the above address not later than 24
hours before the time for the holding of the members' meeting
and creditors' proxies not later than 4:00pm on the day before
the meeting.

Dated this 18 February 2005

Simon Richard Blade
Joint and Several Liquidator


SAN KIONG: Court Issues Bankruptcy Order
----------------------------------------
The High Court of Singapore issued a bankruptcy order for Tan
Hock Kee Lawrence (NRIC No. S7307562I) trading as San Kiong
Glass Studio of Blk 579, Woodlands Drive 16 #03-606, Singapore
730579 with Bankruptcy No.-4955 of 2004 on January 20, 2005.

Date of Petition: December 16, 2004

Grounds of Petition: In Default of Statutory Demand

Toh Han Li
Senior Assistant Registrar,
Supreme Court,
Singapore.
Registry, Supreme Court, Singapore
14th February 2005


SAPTA GLOBAL: Petition Hearing Slated for March 4
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up Sapta
Global Trading Pte. Ltd. by the High Court was on the 4th day of
February 2005 presented by Asiaciti Management Pte Ltd (RC No.
197903425M) of 1 Raffles Place, #21-01 OUB Centre, Singapore
048616, a Creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m., on Friday, March 4, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the 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 Company requiring a copy of the Petition by
the undersigned on payment of the regulated charge for the same.

The Petitioners' address is at 1 Raffles Place, #21-01 OUB
Centre, Singapore 048616.

The Petitioners' solicitors are Messrs Rodyk & Davidson of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624. (Ref.
GPF/tgmn/10348.4)

Messrs Rodyk & Davidson
Solicitors for the Petitioners

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 Messrs
Rodyk & Davidson of 80 Raffles Place, #33-00 UOB Plaza 1,
Singapore 048624, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or 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 12 o'clock noon of
March 3, 2005 (the day before the appointed date for the hearing
of the Petition).

Friday, February 18, 2005


SHK LEVERAGED: Creditors Should Prove Debt before March 14
----------------------------------------------------------
Take notice that Cosimo Borrelli of 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong, Liquidator of
SHK Leveraged Forex & Gold Fund Limited (In Voluntary
Liquidation)has fixed March 14, 2005 as the final date on or
before which the creditors of the Company are to prove their
debts or claims, and to establish any title they may have to
priority.

Proofs of debt should therefore be delivered to the Liquidator,
at the address aforementioned, before that date, in default of
which creditors will be excluded from the benefit of any
distribution made before such debts are proved, or such priority
is established or, as the case may be, from objecting to such
distribution.

Dated this 18th day of February 2005.

Cosimo Borrelli
Liquidator
SHK Leveraged Forex & Gold Fund Limited


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


KRUNG THAI: Appoints Santi Vilassakdanont as New Director
---------------------------------------------------------
Krung Thai Bank Public Company Limited advised the Stock
Exchange of Thailand (SET) that the Board of Directors meeting
No.3/2548 (643) on February 17, 2005 has resolved to appoint Mr.
Santi Vilassakdanont as Director to replace Lt. Suchai
Jaovisidha who retired earlier.

Please be informed accordingly.

Sincerely yours,
Krung Thai Bank Public Company Limited
Somgiat Sangsurane
Secretary to the Board of Directors

CONTACT:

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


KRUNG THAI: Says Misconduct Took Place After Procedure Review
-------------------------------------------------------------
Krung Thai Bank Plc said it had finished reviewing its loan
authorization procedures before several of its executives faced
accusations of wrongdoings, according to Business Day.

The review, which was started in November as soon as Apisak
Tantivorawong took his job as president of the troubled lender,
came before Thailand's central bank took action against Krung
Thai officials for alleged irregular lending practices involving
about THB11 billion (US$286 million) of loans.

Central bank governor Pridiyathorn Devakula earlier declared
that Krung Thai officials violated banking laws by lending money
that was used to buy shares in the lender's affiliate. The
central bank pointed out three loan cases involving 21 companies
and people, including as many as nine banks.

The central bank has not yet informed Krung Thai of the details
of the accusations. But Mr. Apisak said Krung Thai may take
disciplinary action against the staff should they be prosecuted.

Mr. Apisak refused to comment on the specifics of borrowers
mentioned in the press reports.


THAI PETROCHEMICAL: Sets Up Petitions Committee
-----------------------------------------------
A committee responsible for petitions to the Central Bankruptcy
Court was set up for Thai Petrochemical Industry Public Company
Limited (TPI), relates Business Day, citing Krisda Uthayanin,
director of the ministry Monetary System Policy Office.

The committee is responsible for considering petitions from the
shareholders of TPI, especially regarding its capital-raising
shares allocation plan.  But according to Mr. Krisda, it is
still uncertain whether the petitions consideration would bring
any change to the shares allocation plan.

The basis for the shares allocation would be on the highest
benefit of shareholders, creditors, debtors, employees and TPI
itself, said Suparut Kawatkul, permanent secretary for finance
and chairman of the TPI shares allocation committee.

CONTACT:

Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th



                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Faith Marie Bacatan, Reiza Dejito, Erica Fernando,
Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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