TCRAP_Public/050331.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, March 31, 2005, Vol. 8, No. 63

                            Headlines

A U S T R A L I A

AINSWORTH GAME: Calls Off Merger with Unicom
AUSTCOOL REFRIGERATION: Court Issues Winding Up Order
BARWEST PTY: Lays Out Final Meeting Agenda
CAMMERAY PTY: Members Pass Winding Up Resolution
CHROMALASER PTY: Fixes April 4 as Date of Final Meeting

COUNTRYROAD FREIGHT: To Declare First Dividend by April 13
DOWNIE PTY: Members to Hear Winding Up Account
DR INVESTMENTS: Final Meeting Set April 4
EUROBENEFITS ASIA: To Convene Final Meeting April 4
FRITZLAR PTY: To Undergo Voluntary Liquidation

HARVEST LODGE: Liquidator to Explain Final Report
HILLS MOTORWAY: Shareholder Snubs Transurban's Advances
HILLS MOTORWAY: Defends Interests of Security Holders
ION LIMITED: Sale of Wingfield Plant Likely to Fail
ION LIMITED: Workers Fear Huge Job Cuts

MLA SUPERANNUATION: To Wind Up Voluntarily
MOUNT EDON: Appoints Liquidator to Wind Up Company
MULTIPLEX: Senior Execs Leave to Set Up Own Firm
NATIONAL AUSTRALIA: New Head of Markets Joins Team
NORTH BEACH: Resolves to Wind Up Company

PARADOX DIGITAL: To Declare Dividend April 6
REZERVE PTY: Members, Creditors to Meet April 6
SAILNOTCH PTY: To Convene Final Meeting April 1
SANTOS LIMITED: Mutineer-Exeter Pumps First Oil
SANTOS LIMITED: To Receive, Consider Financial Report on May 20

TURNBULL DISTRIBUTION: To Declare Final Dividend April 26
TWENTY INVESTMENTS: Members Meeting Set April 5
TREETON HOLDINGS: Lays Out Final Meeting Agenda
YILGARN STAR: Hires Liquidators from Ferrier Hodgson


C H I N A  &  H O N G  K O N G

ANKOR SERVICE: Creditors Meeting Set April 7
ANTHONY LEE: To Exit Bankruptcy on July 18
COMPUTECH HOLDINGS: 2004 Net Loss Shrinks to HKD11.8 Mln
SHANGHAI FUDAN-ZHANGJIANG: 2004 Net Loss Balloons To RMB24.9 Mln
HA CHUN: Exiting Bankruptcy July 18, 2005

H.K. HUNG: To Emerge from Bankruptcy on August 8
HO HO EMPORIUM: To Exit Bankruptcy on July 11
KING YIELD: Schedules Winding Up Hearing May 11
LINEFAN TECHNOLOGY: Narrows 2004 Net Loss to HKD36.4 Mln
LOK FU: Exits Bankruptcy Proceedings


I N D O N E S I A

PERTAMINA: President Urges Global Expansion


J A P A N

ASHIKAGA FINANCIAL: Creditors OK Rehab Plan
DAIEI INCORPORATED: Shareholders Approve IRCJ's Rehab Scheme
GO DOKEN: Enters Bankruptcy
MISAWA HOMES: Toyota-Nomura Group to Sponsor Revival
MISAWA HOMES: Files Complaint Against Minister Takenaka

MITSUBISHI FUSO: To Compensate More Companies for Losses
MITSUBISHI FUSO: Apologizes for Late Defect Disclosure
SOGO CO.: Ex-chief Found Guilty of Hiding Funds
SOJITZ HOLDINGS: Transfers Fixed Assets at Subsidiary


K O R E A

HYNIX SEMICONDUCTOR: Earmarks KRW347 Bln for Investigation
JINRO LIMITED: Bidder Scraps Joint Bid with Partner Firm


M A L A Y S I A

BELL & ORDER: Posts Amended FY04 Fourth Quarter Results
FABER GROUP: Now Healthier After Restructuring
GULA PERAK: Sells Land to Perishine Berhad
INTAN UTILITIES: Provides Summary of Borrowings Defaults
JIN LIN: Seeks Court Approval on Further Extension of RO

K.P. KENINGAU: Claim Against Unit Still Under Dispute
K.P. KENINGAU: Discloses Second Quarter Results FY05
KUMPULAN BELTON: Releases Default, Litigation Updates
MALAYSIAN BULK: Working to Streamline Business
PAN MALAYSIA: Issues Notice of Shares Buy Back

PAN MALAYSIA: Exits PN4 Status
TALAM CORPORATION: Repurchases 366,600 Ordinary Shares
TALAM CORPORATION: Set to List Additional Shares


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Mulls Investment in Schools
DIGITAL TELECOMMUNICATIONS: Raises Link Woes with Smart
DMCI HOLDINGS: BCDA Refuses to Return Php300-Mln Investment
EASYCALL COMMUNICATIONS: Sells Condo Units for Php29.5 Mln
EASYCALL COMMUNICATIONS: Moves Stockholders' Meeting to June 28

GARWOOD PARK: Employees Seek Cebu Mayor's Help
NATIONAL BANK: Clarifies News Articles
PHILIPPINE LONG: 11,396 Common Shares Set for Listing Today
* State Firms to Undergo Performance Audit


S I N G A P O R E

ACCORD CUSTOMER: Requests for Trading Halt
CHARTERED SEMICONDUCTOR: Mulls Issuance of New Shares
CHINA AVIATION (S): Releases PwC Phase I Findings
NUANSA LEISURE: Picks Deloitte & Touche to Liquidate Company
OVERSEA-CHINESE: Resolves to Wind Up Unit

TRINITY COMMERCIAL: Court to Hear Petition April 8
VENTURECORP BUSINESS: Invites Creditors to Attend Hearing
WEE POH: Unit Enters Voluntary Liquidation
WEE POH: Places Subsidiary Under Liquidation
WEE POH: Bourse Approves Placement of Shares


T H A I L A N D

K. HOLDING: Seeks for New Investor to Repay Debt
MANAGER MEDIA: SET Grants Listing of Securities

     -  -  -  -  -  -  -  -

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


AINSWORTH GAME: Calls Off Merger with Unicom
--------------------------------------------
Merger talks between struggling poker machine maker Ainsworth
Game Technology Limited and Russia's Unicum Group had failed,
according to The Age.

Ainsworth cancelled its proposed business integration with
Unicum after failing to reach an agreement on a number of
commercial matters. However, the two firms vowed to continue
building their relationship.

Ainsworth announced in February that it was keen on a merger
with Unicum, Russia's largest casino and gaming equipment
supplier.

Aisnworth has posted a net loss of AU$1.83 million for the six
months to December 31, 2004 due to a contract delay, caused when
a client's software problems prevented the connection of
Ainsworth machines.

CONTACT:

Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au


AUSTCOOL REFRIGERATION: Court Issues Winding Up Order
-----------------------------------------------------
On February 17, 2005, the Supreme Court of New South Wales made
an Order that Austcool Refrigeration Pty Ltd (In Liquidation)
A.C.N. 088 837 101 be wound up by the Court and appointed
Stephen James Parbery to be Liquidator.

Dated this 18th day of February 2005

Stephen James Parbery
c/- PPB
Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


BARWEST PTY: Lays Out Final Meeting Agenda
------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act, a final meeting of members and creditors of
Barwest (WA) Pty Ltd (In Liquidation) (Barwest) A.C.N. 074 364
060 will be held at the offices of PPB, Level 1, 5 Mill Street,
Perth WA 6000 on Friday, April 1, 2005 at 11:00 a.m.

AGENDA

(1) To provide an account to the members and creditors of the
liquidation.

(2) To discuss any other matters that arises.

Dated this 1st day of March 2005

Cliff Rocke
Liquidator


CAMMERAY PTY: Members Pass Winding Up Resolution
------------------------------------------------
At the General Meeting of the members of Cammeray Pty Ltd A.C.N.
007 794 729 duly convened and held at 48 Greenhill Road,
Wayville, South Australia on February 15, 2005 the special
resolutions set out below were duly passed:

(1) That the Company be wound up voluntarily.

(2) That on the winding up of the Company subject to the payment
of the debts and liabilities of the Company and the costs of
liquidation, the assets of the Company be distributed amongst
the members in specie in whole or in part according to their
rights and interest in the Company.

(3) That Dennis Gordon Laundy, Chartered Accountant, of 48
Greenhill Road, Wayville SA 5034, be appointed Liquidator for
the purposes of such winding up.

Dated this 15th day of February 2005

T. L. Tanner
Director


CHROMALASER PTY: Fixes April 4 as Date of Final Meeting
-------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Chromalaser Pty Ltd (In Liquidation) A.C.N. 098 740
357 will be held at the offices of Brooke Bird & Co, Chartered
Accountants, 471 Riversdale Road, East Hawthorn, 3123, on April
4, 2005 at 9:15 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 Liquidator.

Dated this 7th day of February 2005

Peter Goodin
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
East Hawthorn Vic 3123
Telephone: 9882 6666


COUNTRYROAD FREIGHT: To Declare First Dividend by April 13
----------------------------------------------------------
A first dividend is to be declared on or about April 13, 2005
for Countryroad Freight Services Pty Ltd (In Liquidation) A.C.N.
058 045 051.

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

Dated this 25th day of February 2005

Nicholas Crouch
Liquidator
Crouch Insolvency
Chartered Accountants
Level 5, 82 Elizabeth Street,
Sydney NSW 2000


DOWNIE PTY: Members to Hear Winding Up Account
----------------------------------------------
Notice is given that a final meeting of members of Downie Pty
Limited (In Voluntary Liquidation) A.C.N. 009 486 319 will be
held at 33 George Street, Launceston, Tasmania, on Monday, April
4, 2005 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Dated this 10th day of February 2005

Michael H. Cooke
Liquidator
KPMG
Level 2, 33 George Street,
Launceston Tas 7250
Telephone: (03) 6337 3737


DR INVESTMENTS: Final Meeting Set April 4
-----------------------------------------
Notice is given that a final meeting of members of DR
Investments Pty Limited (In Voluntary Liquidation) A.C.N. 009
495 747 will be held at 33 George Street, Launceston, Tasmania,
on Monday, April 4, 2005 at 10:30 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Dated this 11th day of February 2005

Michael H. Cooke
Liquidator
KPMG
Level 2, 33 George Street,
Launceston Tas 7250
Telephone: (03) 6337 3737


EUROBENEFITS ASIA: To Convene Final Meeting April 4
---------------------------------------------------
Notice is hereby given that pursuant to Section 509(1) of the
Corporations Act, the final meeting of the members of
Eurobenefits Asia Pacific Pty Ltd (In Liquidation) A.C.N. 095
327 790 will be held at the offices of Pitcher Partners, Level
21, 300 Queen Street, Brisbane on April 4, 2005 at 10:00 a.m.

AGENDA

To receive an account made up by the liquidator showing how the
winding up has been conducted and the property of the Company
has been disposed of, and to receive any explanation required
thereof.

Dated this 1st day of March 2005

J. E. Scott
Liquidator


FRITZLAR PTY: To Undergo Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Fritzlar Pty Ltd A.C.N. 088 139 664 held on
February 18, 2005 it was resolved that the Company be wound up
voluntarily as a Creditors Voluntary Liquidation.

Dated this 18th day of February 2005

V. A. Smith
C. J. Munday
Joint and Several Liquidators
c/- Pitcher Partners
Chartered Accountants
10 Ord Street,
West Perth WA 6005
Telephone: (08) 9322 2022
Facsimile: (08) 9322 1262


HARVEST LODGE: Liquidator to Explain Final Report
-------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Harvest Lodge
Proprietary Limited (In Liquidation) A.C.N. 007 791 166
will be held at 13 Byard Place, Hahndorf, on April 1, 2005 at
10:00 a.m. for the purpose of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 15th day of February 2005

Rodney I. Bartholomaeus
Liquidator
Rowe McGee
193 Wakefield Street,
Adelaide SA 5000


HILLS MOTORWAY: Shareholder Snubs Transurban's Advances
-------------------------------------------------------
Hills Motorway's second major stakeholder has rejected
Transurban's AU$2-billion bid for the takeover target, according
to the Sydney Morning Herald.

AMP Capital Investors, along with fellow Hills shareholder
Lazard Asset Management, openly declined the offer and
considered it inadequate. AMP and Lazard jointly hold 15 percent
of Hills.

Transurban's offer for Hills became unconditional last week when
the firm raised its a stake to 33 percent after gaining
acceptances from Colonial First State and Macquarie
Infrastructure Group (MIG), which agreed to sell its stake
before the takeover was launched.

Transurban earlier warned that shareholders who reject the bid
face the prospect of Hill's planned restructure. It was also
noted fund managers would be left holding a more illiquid stock.

A Hills spokesman said Transurban was "using veiled threats of
voting against our restructure to distract people from the core
issue, which is the value of their offer is inadequate."

CONTACT:

Hills Motorway Group
Off Culloden Road
M2 Toll Plaza Building
North Ryde, New South Wales 2113
Australia
Phone: +61 2 9869 4578
Fax: +61 2 9869 4519
Web site: http://www.hillsmotorway.com.au/


HILLS MOTORWAY: Defends Interests of Security Holders
-----------------------------------------------------
Throughout the Transurban takeover, Independent Directors of
Hills Motorway have attended to the interests of all Hills
investors. In this regard, the Independent Directors wish to
clarify a number of issues raised by Transurban's recent
announcement and letter to Hills investors on 21 March.

Provision of information on Transurban

Following the release of Hills' target's statement, Transurban
criticized the fact that its securities were valued based on
historical trading prices. However, Transurban now believes that
its security price last week is appropriate to assess
Transurban's value.

Hills Chairman Jock Murray said "The Transurban security price
has been inflated by Transurban's promise of increased
distributions which are being provided largely by Hills' balance
sheet strength. Using Transurban's security price post
announcement of the takeover offer would double-count the
benefits of Hills' balance sheet capacity."

Transurban has refused to offer any further information to allow
Hills investors and the Independent Directors to undertake a net
present value of Transurban securities on similar parameters to
those used by the Independent Expert to value Hills.

Hills again observes that if Transurban believed that the Offer
ratio of 1.47 Transurban securities for each Hills security was
fair, it would release information to Hills investors and the
Independent Directors to allow an objective assessment of the
value of Transurban securities and the Offer ratio.

Restructure

Transurban stated in its announcement that it would "oppose
Hills' current proposed restructure and has the security holding
sufficient to defeat it". Transurban also stated in a letter to
Hills investors that it does not "intend to vote in favor of any
such restructure".

Transurban does not explain why it would not support a Hills
restructure. Why would Transurban not want to maximize the value
in Hills through the restructure for all Hills investors? We are
perplexed that Transurban would make such a statement unless it
is to attempt to influence Hills investors into accepting its
inadequate Offer. Quite simply Transurban are in effect saying
that, if Transurban can't borrow against Hills' balance sheet to
provide higher distributions for its own security holders, then
no one can - not even Hills itself.

Independent expert misquoted

Transurban has selectively and misleadingly quoted from a
section in the Independent Expert's report that deals
specifically with distributions to Hills investors rather than
comparative value.

In a letter to Hills investors, Transurban suggested that the
Independent Expert had come to the view that "It should be
recognized that if Hills' restructure does not proceed, Hills
security holders would be in a better position having accepted
the offer".

The full quote from the Independent Expert's report relied on by
Transurban is confined to distributions rather than comparative
value. It is in a section of the Report referring only to
distributions. It stated:

"On the basis that, in the absence of the Offer, Hills implement
the proposed restructuring, Hills security holders would be
worse off pursuant to the Offer. It should also be recognized
that if Hills' restructure does not proceed, Hills security
holders would be in a better position having accepted the
Offer."

The quote above directly contradicts Transurban's suggestion in
yesterday's letter to Hills investors that "this proposed
restructure is not in the interests of all (Hills) security
holders."

Hills questions how Transurban can suggest that the restructure
is not in the interests of Hills investors when the restructure
is expected to provide higher distributions than those offered
by Transurban. Hills certainly agrees that the restructure is
not in the best interests of Transurban security holders, who
will, if the current Transurban Offer is unsuccessful, not
benefit from the transfer of value from Hills to Transurban.

Hills recommends that Hills investors read the Independent
Expert's report in full, given it findsTransurban's Offer to be
"neither fair nor reasonable".

Opportunistic and inadequate offer "Hills will not tolerate
Transurban attempting to influence Hills investors into
accepting this opportunistic, inadequate offer" Mr. Murray said.

"Hills Independent Directors are 100% committed to maximizing
value for all Hills investors, not just those who hold a vested
interest in Transurban acquiring Hills for below fair value."


ION LIMITED: Sale of Wingfield Plant Likely to Fail
---------------------------------------------------
ION Limited Administrators, Colin Nicol, Peter Anderson and Sam
Davies, announced that the efforts to sell Castalloy's Wingfield
plant as a going concern are unlikely to succeed and an orderly
wind down of the facility is being implemented immediately as a
result.

The Administrators have obtained indicative bids for the plant
and initiated preliminary negotiations with those parties,
however the bidders and the plant's major customers are not able
to come to terms on viable future supply arrangements.

As a consequence of the substantial trading losses presently
incurred at the Wingfield operation, it is necessary to prepare
for the closure of this plant with effect from 31 July 2005.

Wingfield employs 150 permanent staff and a further 250
contractors or casual staff. Employee entitlements are secure
and counseling and outplacement services for all employees are
in place. Staffing at the plant had blown out despite the
original business case that envisaged a workforce of only 80
staff.

The Administrators thanked employees for their efforts in very
difficult circumstances and expressed regret that Wingfield
could not remain operational. Special thanks go to those who
worked tirelessly to overcome the many production problems.

The Wingfield plant is one of ION's greenfield projects and has
been plagued with difficulties from the outset. The difficulties
at Wingfield and the aluminium engine block project at Altona
have been among the major causes of the collapse of the ION
group. Wingfield manufactures castings for cylinder heads, inlet
manifolds and oil pans.

Since their appointment, the Administrators increased customer
selling prices by 50%, but despite this very significant price
rise, the plant continues to operate at losses of $18 million
per annum.

The Wingfield plant was a greenfield site that commenced
operations in 2004, however it has experienced difficulties from
the outset. The Administrators found:

(1) The original investment decision was based on flawed
analysis (for example, it assumed a workforce of 80 employees
when the required number is presently 400);

(2) There were extensive delays and cost overruns in
commissioning the plant. The final estimated capital cost is
$110 million compared with the original plan of $65 million;

(3) Further capital expenditure of $15 million is required to
complete the plant at which point it would remain uncompetitive
on price and quality;

(4) There have been substantial difficulties with the plant's
design and production technology;

(5) The plant has experienced crippling reject rates and ongoing
quality and production problems; and

(6) As noted, financial losses have been unsustainable.

The Administrators acknowledge the strong support from key
customers Holden and Bosch, the South Australian and Federal
governments and the AWU, however the scale of Wingfield's
difficulties proved insurmountable.

The Administrators have made arrangements to operate Wingfield
until July, to facilitate an orderly closure of the facility and
prevent disruption amongst customer supply lines. This
arrangement has the support of the AWU and of the major
customers Holden and Bosch, who will absorb the costs of this
run-off plan. An immediate reduction of 60 casual staff is
unavoidable. Arrangements are being made with the remaining
employees to retain their services during the run-off period.

The Administrators have pursued every available option to avoid
closing the Wingfield plant and were left with no alternative
but to take this regrettable action.

The plant remains on the market and the Administrators' sale
advisers, CSFB, continue to treat with prospective purchasers
who will consider alternative uses for the facility.

However, the remaining ION operations, comprising the Wheels
plants at Plympton, Kilkenny, Auckland and Kentucky, and the
Transmissions operations at Albury and Springvale, are
performing smoothly and their profit performance is achieving
forecast.

The programme to sell these remaining ION businesses is on
schedule and is progressing well. A strong level of interest is
being shown in both the wheels and the transmissions businesses
from a range of parties.

Colin Nicol, Peter Anderson and Sam Davies
Administrators
29 March 2005

CONTACT:

ION Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/


ION LIMITED: Workers Fear Huge Job Cuts
---------------------------------------
ION Limited workers met with union officials at the Plympton
plant in Adelaide yesterday amid ongoing concerns over the fate
of workers at the ailing car parts maker, The Advertiser
reports.

Despite assurance that the Plympton workers will not be affected
by the closure of ION's Wingfield plant in Adelaide, union
officials are seeking assistance from the state government to
ensure the future of the Plympton operations. ION's Wingfield
plant will close on July 31, causing the loss of 400 jobs.

Meanwhile, ION's woes escalated when its Plympton facility faced
recent action from environmental regulators. Last week, the
Environmental Protection Authority took Ion to the Environment,
Resources and Development Court in a bid to enforce new controls
for noise and odor at the Plympton site.

ION's move to comply with new pollution controls may
force the firm to shut down its entire Adelaide operations and
lay off around 1100 workers.


MLA SUPERANNUATION: To Wind Up Voluntarily
------------------------------------------
Notice is hereby given that at a General Meeting of Members of
MLA Superannuation Pty Ltd A.C.N. 066 791 204 duly convened and
held at Level 2, MLC Centre, 19-29 Martin Place, Sydney in the
State of Victoria on February 22, 2005, the following Resolution
was proposed and passed as a Special Resolution at the meeting.

That the Company be wound up voluntarily.

Dated this 22nd day of February 2005

P. J. Bongiorno
Liquidator
MacMillan Cowan & Co
Chartered Accountants
Steampacket House, Level 2,
10 Moorabool Street, Geelong 3220
Telephone: (03) 5222 2866


MOUNT EDON: Appoints Liquidator to Wind Up Company
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Mount Edon Mines Pty Ltd (In Liquidation) A.C.N. 008 758 361
held on February 16, 2005, it was resolved that the Company be
wound up voluntarily and that Garry Trevor, Andrew Love and
Darren Weaver of Ferrier Hodgson, Chartered Accountants, Level
26, 108 St George's Terrace, Perth WA 6000 be nominated to act
as Joint and Several Liquidators for the purpose of the winding
up.

Dated this 16th day of February 2005

Darren Weaver
Joint and Several Liquidator of
Mount Edon Mines Pty Ltd


MULTIPLEX: Senior Execs Leave to Set Up Own Firm
------------------------------------------------
Two senior executives at embattled Multiplex will leave the
Company this week, in an amicable agreement, says the Sydney
Morning Herald.

The two senior British executives from the Multiplex's 50
percent-owned Stannifer Corovest Funds Management are quitting
to set up their own Company. The two will, however, remain
consultants to the builder and, for 18 months, the new Company
will give Multiplex first right of refusal on projects.

The decision to leave came amid a string of problems with
Multiplex's Wembley Stadium refurbishment project in London.

Last month, institutional investors started to question
Multiplex's continuous disclosure regime after it revealed that
its final result included an unexpected AU$68.3-million write-
down due to cost overruns at Wembley.

As a result, the Australian Securities and Investments
Commission is making preliminary inquiries into the events
surrounding a near 20 percent collapse in the market value of
Multiplex in late February.

CONTACT:

Multiplex Limited
Level 4
1 Kent Street
Millers Point NSW 2000
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001
Web site: http://www.multiplex.com.au


NATIONAL AUSTRALIA: New Head of Markets Joins Team
--------------------------------------------------
National Australia Bank (NAB) has announced Wednesday that it
has appointed Mr. Peter Coad as General Manager of the Markets
Division.

Mr. Coad will be responsible for leading the Markets strategy
globally, working with his leadership team to expand and improve
on NAB's product offering and distribution into each of the
Group's client segments.

Mr. Coad previously worked for Commonwealth Bank of Australia's
Markets division where he held a number of senior positions
including Head of Global Markets, Global Head of Rates, FX and
Commodities and Global Head of Trading and Product Management.
He brings to NAB a wealth of international capital and financial
markets experience, prior to Commonwealth Bank he held regional
and global management roles within the Global Markets divisions
of the former Chase Manhattan Bank in New York and Hong Kong and
the former Chemical Bank in Hong Kong and Tokyo.

Mr. Coad will report directly to Mr. John Hooper, Executive
General Manager, Institutional Markets & Services (IMS). He will
commence in his new role on May 2 and will be based in Sydney.

Commenting on the appointment Mr. John Hooper said "We are
pleased Peter is joining the team. His vast experience in
Australia, Asia and the US across the range of Markets products
and his strong leadership skills will complement those of our
existing team."

As part of the remedial actions program, NAB continues to work
closely with the Australian Prudential Regulation Authority to
reopen its' Foreign Exchange options desk.

Contact:

Fidelma Ryan
IMS Communications
Phone: +61 3 8641 2586
E-mail: fidelma_ryan@national.com.au

Brandon Phillips
Group Corporate Affairs
Phone: + 61 3 8641 3857
E-mail: Brandon_phillips@national.com.au


NORTH BEACH: Resolves to Wind Up Company
----------------------------------------
Notice is hereby given that at a General Meeting of the Members
of North Beach Pty Ltd (In Liquidation) A.C.N. 007 578 814
convened and duly held on February 14, 2005, a Special
Resolution that the Company be wound up voluntarily was passed
by the members and Nick Orfanos was appointed liquidator.

Dated this 17th day of February 2005

Nick Orfanos
Orfanos Corporte Services
Level 1, 147 Frome Street, Adelaide SA 5000.
Telephone: 08 8224 0440
Facsimile: 08 8224 0470,
E-mail: nick.orfanos@adelaide.on.net


PARADOX DIGITAL: To Declare Dividend April 6
--------------------------------------------
A first and final dividend is to be declared for creditors of
Paradox Digital Pty Ltd (Subject to Deed of Company Arrangement)
(who were creditors of the Company as at February 13, 2001) on
April 6, 2005.

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

Dated this 18th day of February 2005

Vincent Smith
Joint and Several Deed Administrator
(April 2001 Deed of Company Arrangement)
Pitcher Partners
10 Ord Street, West Perth WA 6005
Telephone: (08) 9322 2022
Facsimile: (08) 9322 1262


REZERVE PTY: Members, Creditors to Meet April 6
-----------------------------------------------
Notice is hereby given that, pursuant to Section 509 of the
Corporations Act, the final combined meeting of the members and
creditors of Rezerve Pty Ltd (In Liquidation) formerly trading
as The Square Restaurant A.C.N. 102 935 491 will be held at the
offices of Horwath Jefferson Stevenson, Level 4, 370 Queen
Street, Brisbane on April 6, 2005 at 11:00 a.m.

AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
Company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business which may be lawfully considered with the
foregoing matters.

Dated this 18th day of February 2005

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


SAILNOTCH PTY: To Convene Final Meeting April 1
-----------------------------------------------
Notice is given that a final meeting of the creditors and
members of Sailnotch Pty Ltd (In Liquidation) A.C.N. 057 834 312
will be held at c/-McGrathNicol+Partners, Level 32, 345 Queen
Street, Brisbane, Qld, 4000 on April 1, 2005 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidators'
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Dated this 16th day of February 2005

Tracy J. Dare
Liquidator
c/- Level 32, Central Plaza One,
345 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3333 9804


SANTOS LIMITED: Mutineer-Exeter Pumps First Oil
-----------------------------------------------
First commercial production commenced on March 29 from
Australia's newest oil field development - the Mutineer-Exeter
development in the offshore Carnarvon Basin, Western Australia
operated by Santos Limited.

The AU$440 million project is the first offshore oil development
to be operated by Santos since the Company's formation in 1954.

First production has been achieved only three years from the
drilling of the Norfolk 1 well which confirmed the commerciality
of the Mutineer-Exeter fields and just 17 months from
developmental approval.

The project has been delivered three months ahead of schedule
and approximately 10% under budget.

Production will be from four horizontal developmental wells,
with the production rate expected to be 70,000 to 90,000 barrels
of oil per day during the start-up phase.

"Yesterday's Mutineer-Exeter start-up represents a significant
addition to Australia's oil production," said Santos' Managing
Director, Mr. John Ellice-Flint.

"It is an important project for Santos as it will be a
fundamental contributor to the Company's near-term growth - with
a payback period of less than two years," he said.

"What we have achieved with Mutineer-Exter is a fast-track
development, premised on an appropriate concept which has
maximized the value of the oil in the ground.

"The early production and lower costs have been achieved through
the total support and commitment of our employees, suppliers and
contractors.

"Together they have done an excellent job bringing this world-
class development into production safely, ahead of schedule and
under budget."

The Floating Production Storage and Offtake vessel - the MODEC
Venture 11 - is a converted double hull trading tanker with a
disconnectable turret mooring system. It has provision for
930,000 barrels of processed crude oil storage with a design
throughout of 100,000 barrels of oil per day.

The MODEC Venture 11, including the fixed mooring system, is
leased by the joint ventures and was contracted under a services
agreement which covers the supply of the vessel, maintenance,
production operations, demobilization and abandonment at the end
of the field life.

The first cargo of oil from Mutineer-Exeter has been sold under
a marketing agreement with BP at a premium to the Tapis
benchmark.

Interests in the Mutineer-Exeter project (WA-26-L and WA-27-L0
are:

Santos Limited (Operator)       33.4%
KUFPEC                          33.4%
Nippon Oil Exploration          25.0%
Woodside Petroleum Limited       8.2%

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SANTOS LIMITED: To Receive, Consider Financial Report on May 20
---------------------------------------------------------------
Notice is hereby given that the Annual General Meeting of
members of Santos Limited will be held in the Auditorium at the
Adelaide Town Hall Function Centre, 128 King William Street,
Adelaide, South Australia on Friday, May 20, 2005 at 10:00 a.m.

ORDINARY BUSINESS

(1) To receive and consider the Financial Report for the year
ended 31 December 31, 2004 and the reports of the Directors and
the Auditors thereon.

(2) To elect or re-elect Directors

The Board has determined in accordance with the Articles of the
Company's Constitution and the Corporations regulations 2001
that a person's entitlement to vote at the Annual General
Meeting will be taken to be the entitlement of that person shown
in the Register of Members at the End of Day on and in respect
of May 18, 2005.

By Order of the Board
W.J. Glanville
Secretary

Ground Floor, Santos House
91 King William Street
Adelaide, South Australia, 5000


TURNBULL DISTRIBUTION: To Declare Final Dividend April 26
---------------------------------------------------------
A first and final dividend is to be declared on April 26, 2005
for Turnbull Distribution Pty Ltd (In Liquidation) A.C.N. 093
569 254.

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

Dated this 21st day of February 2005

Martin J. Green
Official Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


TWENTY INVESTMENTS: Members Meeting Set April 5
-----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Twenty
Investments Pty Ltd (In Liquidation) A.C.N. 009 494 839 will be
held at 205 Hedges Avenue, Mermaid Beach, Queensland on April 5,
2005 at 8:30 a.m. 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 February 2005

Robert William Atkinson
Liquidator
Atkinson Gibson
49 Best Street,
Devonport Tas 7310


TREETON HOLDINGS: Lays Out Final Meeting Agenda
-----------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act, a final meeting of members and creditors of
Treeton Holdings Pty Ltd (In Liquidation) (Treeton) as Trustee
for The Treeton Family Trust formerly trading as JHM CONTROLS
A.C.N. 050 161 030 will be held at the offices of PPB, Level 1,
5 Mill Street Perth WA, 6000 on Friday, April 1, 2005 at 12:00
p.m.

AGENDA

(1) To provide an account to the members and creditors of the
liquidation.

(2) For creditors to resolve to approve the early destruction of
Treetons's books and records.

(3) To discuss any other matters that arise.

Dated this 1st day of March 2005

Cliff Rocke
Liquidator


YILGARN STAR: Hires Liquidators from Ferrier Hodgson
----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Yilgarn Star Pty Ltd (In Liquidation) A.C.N. 009 334 767 held
on February 16, 2005, it was resolved that the Company be wound
up voluntarily and that Garry Trevor, Andrew Love and Darren
Weaver of Ferrier Hodgson, Chartered Accountants, Level 26, 108
St George's Terrace, Perth WA 6000 be nominated to act as Joint
and Several Liquidators for the purpose of the winding up.

Dated this 16th day of February 2005

Darren Weaver
Joint and Several Liquidator of Yilgarn Star Pty Ltd


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

ANKOR SERVICE: Creditors Meeting Set April 7
--------------------------------------------
Notice is hereby given that a meeting of creditors of Ankor
Service Limited (In Compulsory Liquidation) will be held at 7th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai Hong
Kong, on April 7, 2005 at 11:30 a.m.

A meeting of contributories is also scheduled on the same day at
11 o'clock in the morning.

Dated this 24th day of March 2005.

Kelvin Edward Flynn
Joint and Several Provisional Liquidator

Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited

CONTACT:

Ankor Service Limited
7th Floor, Allied Kajima Building
138 Gloucester Road, Wanchai
Hong Kong


ANTHONY LEE: To Exit Bankruptcy on July 18
------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Lee Kim Kwan Antony
trading under the name of Anthony Lee Entertainment Production
(the bankrupt), will be discharged from its bankruptcy on July
18, 2005, in the absence of any objections from their trustee in
bankruptcy or creditors.

The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro


COMPUTECH HOLDINGS: 2004 Net Loss Shrinks to HKD11.8 Mln
--------------------------------------------------------
Computech Holdings Limited (8081) disclosed its financial
results from the period ended December 31, 2004.

Year-end date: 31/12/2004
Currency: HKD
Auditors' report: Unqualified


                              (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/01/2004   from 01/01/2003
                             to 31/12/2004     to 31/12/2003
                             $'000             $'000

Turnover                           : 43,240             35,399
Profit/(Loss) from Operations      : (11,610)           26,834
Finance cost                       : (10)               (447)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (11,841)           (27,282)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0493)           (0.1137)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (11,841)           (27,282)
Final Dividend                     : N/A                N/A
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A


For and on behalf of
Computech Holdings Limited

Name:  Fung Pak Chuen, Alphonso
Title: Executive Director

The calculation of basic loss per share for the year ended
December 31, 2004 was based on the Group's net loss of
approximately HK$11,841,000 (2003: HK$27,282,000) and the
weighted average number of 240,000,000 ordinary shares in issue
during the year (2003: 240,000,000).

The Company did not have dilutive potential shares for the year
ended 31 December 2004 (2003: Nil).

CONTACT:

Computech Holdings Limited
10/F, Westlands Centre
20 Westlands Road
Quarry Bay, Hong Kong
Phone: +852 2880 7100
Fax: +852 2563 9564


SHANGHAI FUDAN-ZHANGJIANG: 2004 Net Loss Balloons To RMB24.9 Mln
----------------------------------------------------------------
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. (8231)
announced its financial results from the period ended December
31, 2004.

Year-end date: 31/12/2004
Currency: RMB
Auditors' report: Unqualified


                              (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/01/2004   from 01/01/2003
                             to 31/12/2004     to 31/12/2003
                             RMB'000             RMB'000

Turnover             :         10,567             8,131
Profit/(Loss) from Operations: (24,446)          (20,206)
Finance cost                 :    0                 0
Share of Profit/(Loss) of Associates: (2,240)    (1,381)
Share of Profit/(Loss) of Jointly
         Controlled Entites         :  N/A        N/A
Profit/(Loss) after Taxation & MI   : (24,901)   (18,347)
% Change Over the Last Period       :             N/A
EPS / (LPS)
          Basic (in dollar)         : (RMB 0.0351) (RMB 0.0258)
          Diluted (in dollar)       :  N/A        N/A
Extraordinary (ETD) Gain/(Loss)     :  0           0
Profit (Loss) after ETD Items       : (24,901)   (18,347)
Final Dividends per Share           :  NIL        NIL
(specify if with other options)     :  N/A        N/A
B/C Dates for Final Dividends       :             N/A
Payable Date                        :             N/A
B/C Dates for Annual General Meeting: 24/05/2005   to 24/06/2005
bdi.
Other Distribution for Current Period:            NIL
B/C Dates for Other Distribution     :            N/A
                                     (bdi: both days inclusive)

For and on behalf of
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.

Remarks:

1. Basis of preparation

The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
(IFRS). These financial statements are prepared under the
historical cost convention, except that the available-for-sale
investments are shown at fair value.

The results are audited and have also been reviewed by the Audit
Committee.

2. Financial review

The Group's consolidated turnover for the year ended 31 December
2004 amounted to RMB10,567,000, compared to RMB8,131,000 for the
previous year. During the year under review, RMB4,200,000(or 40%
of the total turnover) was derived from the income of technology
transfer, and the rest of approximately RMB6,367,000 (or 60% of
the total turnover) came from the sale of diagnostic products
and the provision of the ancillary services. In contrast, the
total turnover for the year 2003 was generated from the sale of
diagnostic products.

In comparison to RMB6,155,000 for the same period last year, the
cost of sales for the year ended 31 December 2004 was
RMB8,325,000, raised by 35% from that of last year. This has
been growing in line with the enhancing revenues.

Operating loss for the year ended 31 December 2004 was
approximately RMB24,446,000, whereas the same figure for last
year was RMB20,206,000. Several factors contributed to the
exacerbated situation. Firstly, the interest income as reflected
in other revenues was cut by half for the reason that large sums
of capital has been invested in R&D, resulting in a reduction of
cash deposited in banks. Secondly, the distribution costs
increased by 14%, due to the fact mentioned above, that the
Group employed more resources on the launch of new products.

Thirdly, the Group purchased a technology used in developing and
manufacturing of the new product during the year, and
amortization of this technology know-how boosted administrative
expenses by 18% over last financial year. And lastly, the
excessive other operating expenses were caused by a provision
for impairment of a technology Oxymatrine of RMB1,000,000, which
was the impairment loss provided for by the management from a
cautious perspective, taking into account the uncertainty of the
project's future development.

3. Loss per share

The calculation of the loss per share for the year ended
December 31, 2004 was based on the loss of approximately
RMB24,901,000 and the total shares of 710,000,000 as at
December 31, 2004. The calculation of the loss per share for the
year ended December 13, 2003 was based on the loss of
RMB18,347,000 and the total shares of 710,000,000 as at December
31, 2003.

Diluted loss per share has not been calculated for the year
ended December 31, 2004 and year ended December 31, 2003
respectively as there was no dilutive potential ordinary share
during those periods.

CONTACT:

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd.
15/F, The Bank of East Asia Building
10 Des Voeux Road Central, Hong Kong
Phone: 86-21-58553596
Fax: 86-21-58553595


HA CHUN: Exiting Bankruptcy July 18, 2005
-----------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Ha Chun Hoi formerly
trading as Pole & Log Production (the bankrupt), will be
discharged from its bankruptcy on July 18, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.

The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


H.K. HUNG: To Emerge from Bankruptcy on August 8
------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), William Hung trading
under the name of H.K. Hung & Co. (the bankrupt), will be
discharged from its bankruptcy on August 8, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.

The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


HO HO EMPORIUM: To Exit Bankruptcy on July 11
---------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Wong Sun Cheung trading
under the name of Ho Ho Emporium Company (the bankrupt), will be
discharged from its bankruptcy on July 11, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.

The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


KING YIELD: Schedules Winding Up Hearing May 11
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
King Yield Enterprise Limited by the High Court of Hong Kong
Special Administrative Region was on March 8, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 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.

ROWLAND CHOW, CHAN & CO.
Solicitors for the Petitioner
15th Floor, Wing Lung Bank Building
No. 45 Des Voeux Road Central
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 abovenamed, 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 abovenamed not later
than six o'clock in the afternoon of May 10, 2005.


LINEFAN TECHNOLOGY: Narrows 2004 Net Loss to HKD36.4 Mln
--------------------------------------------------------
Linefan Technology Holdings Limited (8166) announced its
financial results from the period ended December 31, 2004.

Year-end date: 31/12/2004
Currency: RMB
Auditors' report: Unqualified


                              (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/01/2004   from 01/01/2003
                             to 31/12/2004     to 31/12/2003
                               $'000             $'000

Turnover                      :   6,181            14,421
Profit/(Loss) from Operations :   (34,401)         (31,431)
Finance cost                  :    (93)            (77)
Share of Profit/(Loss) of Associates: (94)         (1,640)
Share of Profit/(Loss) of Jointly
         Controlled Entites         : (3,203)       13
Profit/(Loss) after Taxation & MI   : (36,493)      (37,031)
% Change Over the Last Period       :  N/A
EPS / (LPS)
          Basic (in dollar)         : (HKD 0.0284)  (HKD 0.0399)
          Diluted (in dollar)       :  N/A          N/A
Extraordinary (ETD) Gain/(Loss)     :  N/A          N/A
Profit (Loss) after ETD Items       :  (36,493)     (37,031)
Final Dividends per Share           :  NIL         NIL
(specify if with other options)     :  N/A         N/A
B/C Dates for Final Dividends       :  N/A
Payable Date                        :  N/A
B/C Dates for (-) General Meeting   :  N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A
                                   (bdi: both days inclusive)

For and on behalf of
Linefan Technology Holdings Limited

Signature:
Name: Ho Suet Man Stella
Title: Company Secretary

CONTACT:

Linefan Technology Holdings Limited
Rm 1901, 19th Floor
Henan Building
90 Jaffe Road
Wanchai Hong Kong
Phone: 3106-0360
Fax: 3106-0399


LOK FU: Exits Bankruptcy Proceedings
------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Cheng Mau Hoi trading
under the name of Lok Fu Trading Company (the bankrupt), will be
discharged from its bankruptcy on August 1, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.

The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


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

PERTAMINA: President Urges Global Expansion
-------------------------------------------
Indonesian President Susilo Bambang Yudhoyono wants state-owned
oil firm Pertamina to expand its operations abroad and go to
become a world-class Company, Asia Pulse reports.

According to Energy & Mineral Resources Minister Purnomo
Usgiantoro, the president had discussed with him the stumbling
blocks the Company would have to affront in order to expand to
other oil-producing nations.

Mr. Purnomo said that among the factors that impeded Pertamina
from becoming an international company was the high income tax
(60%). He proposed to reduce the income tax to 35%, the current
income tax of other state-owned firms, in order for the Company
to survive competition.

Since Pertamina has good relations with OPEC nations in the
Middle East, the firm could probably win more concessions there
with the help of the government.

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


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

ASHIKAGA FINANCIAL: Creditors OK Rehab Plan
-------------------------------------------
Creditors of Ashikaga Financial Group Inc. has approved the
Company's reconstruction plan presented by its administrator
Tadashi Shimizu at a meeting held in Tokyo, reports Jiji Press.

Shimizu plans to sell all of the group's subsidiaries by the end
of September to dissolve the financial group.

The Company will pay an annual dividend of JPY12.69 per share
for shares held by the government, up JPY2.85 from previous
plans. Dividends for ordinary shareholders were set at JPY40.51,
up JPY9.9.

Ashikaga Financial filed for court protection under the
corporate rehabilitation law in December 2003.

CONTACT:

Ashikaga Financial Group, Inc.
4-1-25 Sakura
Utsunomiya Tochigi
320-8610 Japan
Web site: http://www.ashiginfg.co.jp/


DAIEI INCORPORATED: Shareholders Approve IRCJ's Rehab Scheme
------------------------------------------------------------
Shareholders of Daiei Incorporated have approved the Company's
rehabilitation plan, which features a JPY592.4 billion package,
according to Kyodo News.

The supermarket chain operator is set to fully implement the
rehabilitation under the Industrial Revitalization Corporation
of Japan (IRCJ) and the sponsorship of trading house Marubeni
Corporation and Japanese investment fund Advantage Partners
Incorporated.

CONTACT:

Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


GO DOKEN: Enters Bankruptcy
---------------------------
Go Doken Kogyo K.K. has entered bankruptcy with total
liabilities of US$49.06 million, says Teikoku Databank America.

The general civil engineering and construction firm is based in
Ebetsu-shi, Hokkaido.

For further details regarding this Company, please contact
office@teikoku.com or +1-212-421-9805.


MISAWA HOMES: Toyota-Nomura Group to Sponsor Revival
----------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
selected an alliance of Toyota Motor Corporation and Nomura
Principal Finance Co. as the sponsor to aid in the
revitalization of Misawa Homes Holdings Inc., according to Kyodo
News.

Misawa Homes Holdings in December submitted to IRCJ a
reconstruction program that features JPY248 billion in financial
assistance from creditor banks and a business tie-up with Toyota
Motor Corporation.

CONTACT:

Misawa Homes Co. Ltd
4-5 Takaido-Higashi 2-Chome
Suginami-Ku 168-8533, Tokyo 168-8533
Japan
Phone: +81 3 3331 1111
Fax: +81 3 5381 7830
Web site: http://www.misawa.co.jp/


MISAWA HOMES: Files Complaint Against Minister Takenaka
-------------------------------------------------------
Misawa Homes Holdings Inc. has filed a complaint against the
Economic and Fiscal Policy Minister Heizo Takenaka and two
others for abuse of authority over the business reconstruction
of the ailing home building group, reports the Jiji Press.

In the complaint, filed with the Metropolitan Police Department,
the Company alleged that Mr. Takenaka forced the Company to seek
assistance from the Industrial Revitalization Corporation of
Japan, when the self-reconstruction was on track and such
support was unnecessary.

Specifically, Mr. Takenaka pressured Misawa Homes Holdings
President Kazuo Mizutani through UFJ Bank, Misawa's main
creditor, to turn to IRCJ, according to Misawa.

The Company also accused Mr. Hiroshi Okuda, Chairman of the
Japan Business Federation (Nippon Keidanren), of conspiring with
Takenaka, and IRCJ President Atsushi Saito of helping the
conspiracy even though he was aware of the circumstances.


MITSUBISHI FUSO: To Compensate More Companies for Losses
--------------------------------------------------------
Mitsubishi Motors Corporation (MMC) and DaimlerChrysler AG (DC)
concluded a final agreement regarding compensation for quality
issues and recall related to Mitsubishi Fuso Truck and Bus
Corporation (MFTBC) on March 10, 2005 and officially announced
this on the same day.

On March 29, 2005, MMC concluded agreements with the remaining
companies that also bought MFTBC stock from the Company.

1. Relevant companies:

DaimlerChrysler AG (previously announced on March 10, 2005)
Mitsubishi Heavy Industries, Ltd.
Mitsubishi Corporation
The Bank of Tokyo-Mitsubishi, Ltd.
Seven additional companies

2. Main details of the agreement with DaimlerChrysler AG
(announced March 10, 2005):

Compensation payment from MMC.
The transfer of MMC's 20% stake in MFTBC to DC.

The agreement that MMC will continue to maintain 100% ownership
of NedCar.

Additional operative cooperation between MMC and MFTBC in
various other areas.

3. Main details of the agreement with the remaining companies:

Compensation payment from MMC.

4. Effect on MMC's consolidated and non-consolidated profit loss
for fiscal year 2004.

Forecasted loss: Non-consolidated: approximately JPY85 billion.
Consolidated: approximately JPY70 billion.

This will be appropriated as an extraordinary loss (non-
consolidated and consolidated) for the accounting period ending
March 31, 2005. Furthermore, the abovementioned loss has already
been incorporated into both the Company's consolidated and non-
consolidated earnings outlook.

CONTACTS:

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 Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com

This is a Company press release.


MITSUBISHI FUSO: Apologizes for Late Defect Disclosure
------------------------------------------------------
Mitsubishi Motors Corporation on Tuesday submitted to the
Ministry of Land Infrastructure & Transport (MLIT) its final
report in response to the written warning issued by MLIT on May
6, 2004.

The Company apologized for the worry and anxiety caused to its
customers and to society at large as a result the
inappropriateness of our handling of past recall procedures.

On receipt of the written warning, the Company last year
initiated exhaustive technical investigations with a view to
assuring the proper implementation of vehicle safety measures
and to revising recall procedures. On the basis of the findings
of these investigations, the Company submitted a report to MLIT
on December 22, 2004. The final report submitted on March 29,
2005 adds new improvement measures to those contained in the
initial report.

These measures have been developed on the basis of the findings
of an investigation beginning last July by a team of external
lawyers into the facts behind the past recall problem and into
its root causes. Further, to prevent the recurrence of such
improprieties, the Company is actively implementing major
reforms in the corporate culture. Now, on the basis of the facts
as identified by the investigation into the recall problems, the
Company has decided to take disciplinary measures or other
action against those involved.

I. Findings of investigation into past recall problems

The Company commissioned a team of external lawyers and
mobilized a number of internal departments coordinated by the
CSR Promotion Office to conduct investigations into the facts
lying behind, and the root causes of, past recall problems. The
findings of these investigations are summarized as follows.

Company response in 2000:

The investigations have found that the Company's investigation
in 2000 into the former practice of Shiji Kaishu (repair
directives) was insufficiently thorough. More specifically, the
2000 investigation failed to bring to light the illegal practice
of Shiji Kaishu and in doing so failed to give due precedence
both to the Company's customers and to the fundamental
principles of the law that requires an automobile manufacturer
to provide adequate road transport safety. It must be said that
there was a serious lack of awareness on matters relating to
compliance.

Hub problem:

The findings show that the technical views presented by the R&D
Department of the Truck and Bus Division at the time led to a
misreading by the Company of the post-market action required to
be taken. It is possible to see in these views a desire to
explain the cause of the problem in such a way that would allow
the Company to avoid post-market measures.

Clutch housing:

With regard to the matter of Mitsubishi Motors having shipped to
market vehicles that did not meet the safety standards drawn up
by the R&D Department of its Truck and Bus Division, the
investigation found that the Company failed to make public these
facts although it subsequently had numerous opportunities to
correct the situation. The investigation has shown that the
cause of the clutch housing accidents lies in the fact that the
Truck and Bus Division covered up the problem and failed to file
a recall.

Accountability:

As to the question of responsibility, the investigation
considers that accountability lies not only with the employees
of the departments involved and with the corporate officers to
which those departments report but also with successive
managements for their failure to build an organizational
structure that was capable of detecting cover ups of defects
requiring a recall. The investigation also determined that blame
for the Company's response in 2000, for the hub problem and for
the clutch housing problem must attach to the R&D, the
Production and the After-sales Service departments that were
also involved as well as departments in charge of quality
assurance.

II. Final report (additional improvement measures) to MLIT

In the light of the findings outlined above the Company will
implement a further set of improvement measures, the most
significant of which are introduced below. These latest measures
will be in addition to the reforms in work processes that are
already being implemented to eradicate Shiji Kaishu and to speed
up the recall process.

Incorporating product quality information into management system
The status of post-market measures implemented or being
implemented by reason of defects - this not being limited to
defects requiring a recall and also including defects that are
deemed not to require a recall - will be reported to Board of
Director meetings and will be incorporated into the management
system as a vital element of corporate business policy.

Raising Quality Assurance Office staffing levels

The Company will increase the Technical Center headcount and
will also bring in extra personnel to boost technical support
for sales companies. These manpower increases are in addition to
the creation of the Quality Assurance Office in June last year.

Raising employee awareness on quality issues

The Company will implement employee conduct education and
training programs and will also include an assignment to a
quality related department in the career path.

Revisions to employees' regulations

With a view to raising awareness about the recall process and to
preventing any recurrence of the present situation, the Company
will revise the disciplinary provisions in the Employees
Regulations to clarify responsibilities of individual employees
with regard to product quality and customer safety.

Business ethics action program to continue

Seeking to further raise compliance awareness levels throughout
the organization, in fiscal 2005 the Company will be
implementing a number of ongoing initiatives. These will include
the holding of "Business Ethics Issues Study Groups" on a
departmental basis that discuss and consider areas and matters
requiring special attention from a corporate ethics perspective
in the course of everyday work and duties.

III. Disciplinary action

The Company set up an Extraordinary Recall Problem Council on
February 14 this year. Comprising seven Company members and
three external lawyers, the Council convened a total of seven
times. Mainly on the basis of the findings of the lawyers'
investigation, the Council deliberated on the blame to be
attached to successive managements responsible for building up
the Company's corporate culture and organization, and to
individuals involved in formulating the Company's response to
the past recall problems that surfaced in 2000. Taking into
account the date of introduction of legislation governing
Japan's recall system and to statute of limitations
considerations, the Council looked into disciplinary measures
and other action to be taken for a period covering the past 10
years.

The Council examined a total of 157 directors, executive
officers and auditors who have held posts since July 1995. To
draw a clear line between right and wrong in terms of past
recall problems and to fulfill the Company's commitment to the
revitalization of its business, the Council recommended that the
Company initiate proceedings to sue for damages against seven
former directors and executive officers, these including former
chairmen and presidents. The Company will limit its claim for
damages to the total net severance payments received (\1.3
billion for the seven people involved.)

The Council also recommended that the Company demand the return
of severance payments from 10 former senior management
executives in the quality assurance, sales and R&D departments
who, in view of the relative seniority of their posts at the
time, were deemed not to deserve to be sued for damages. The
amount of severance payment to be returned will depend on the
relative degree of responsibility of the individual concerned.

The Council recommended that blame should be attached only to
Company officers and that at the present time no disciplinary
action should be taken against rank and file employees.
Reflecting the Company's keen awareness that the implementation
of improper post-market and recall measures should not be
permitted in any circumstance, the new management team will,
however, stiffly reprimand those involved.

Over the last year Mitsubishi Motors has faced a management
crisis of unprecedented proportions. With the submission of the
final report to the MLIT today, the Company is confident it has
brought to a close the recall issues that sparked off this
crisis and that it has identified and dealt with the detrimental
elements from its past.

Management will continue to devote all its energies and
resources to the revitalization of the Company. In this endeavor
management attaches the highest priority to the proper
implementation of recall processes and to the establishment of
structures and systems that assure full regulatory and ethical
compliance. Everyone at Mitsubishi Motors is totally focused on
regaining and restoring customer and public trust and confidence
in their Company.

This is a Company press release.


SOGO CO.: Ex-chief Found Guilty of Hiding Funds
-----------------------------------------------
Mr. Hiroo Mizushima, the former Chairman of Sogo Co., was found
guilty Tuesday for hiding JPY157 million in personal assets from
a court-ordered seizure, Asahi News reports.

The Tokyo District Court sentenced Mr. Mizushima to 18 months in
prison on charges of obstructing justice by hiding part of his
savings immediately after the collapse of the department store
chain in 2000. The sentence was suspended for four years.

Mr. Mizushima, who reigned over the Sogo group for 32 years as
President and six more years as Chairman until April 2000, had
pleaded innocent. He denied he held joint liability for Sogo's
debts. His defense immediately filed an appeal.

Sogo went under in July 2004 with liabilities exceeding assets
by JPY580 billion.

The department store chain completed its rehabilitation process
in 2003 and has integrated its operations with Seibu Department
Stores Limited.

CONTACT:

Sogo Co., Ltd.
8-3, Shinsaibashi-Suji 1-Chome
Chuo-Ku, Osaka 542-8555
Japan
Phone: +81 6 62813111


SOJITZ HOLDINGS: Transfers Fixed Assets at Subsidiary
-----------------------------------------------------
Sojitz Holdings Corporation has decided to transfer fixed assets
owned by consolidated subsidiary Sojitz Corporation (Sojitz) in
connection with the Sojitz Group's New Business Plan and its
effort to create a robust asset portfolio. Details are as
follows:

1. Tradepia Odaiba Building (Tokyo Head Office of the former
Nissho Iwai Corporation)

(1) Assets Transferred

Leasehold Right (Land): 11 Daiba 2-chome, Minato-ku, Tokyo (New
Tokyo Waterfront Subcenter Daiba G-1 Area)

Buildings: Steel-reinforced concrete structured terrace roof, 23
storey building with two underground levels

(2) Transfer Price JPY26.1 billion (Transfer beneficial interest
in trust to the buyer)

(3) Outline of Buyer

Name: Battery Investment YK. (Special purpose Company)

Address: 4-3, Nihonbashimuromachi 2-chome, Chuo-ku, Tokyo

Representative: Yoshihiro Koizumi, Director

(4) Date of Transfer March 18, 2005; Decision of transfer,
beneficial interest in trust handover, settlement

2. NICS Ginza Building

(1) Assets Transferred

Land: 3-31 Ginza 6-chome, Chuo-ku, Tokyo
Building: Steel-reinforced concrete structured terrace roof,
eight story building with one underground level

(2) Transfer Price JPY1.7billion (Transfer beneficial interest
in trust to the buyer)

(3) Outline of Buyer

Name: 611 Ginza Inc. (Special purpose Company)
Address: 11, Kandajinboucho 1-chome, Chiyoda-ku, Tokyo
Representative: Shigeru Sugimoto, Director

(4) Date of Transfer March 18, 2005; Decision of transfer,
beneficial interest in trust handover, settlement Sojitz
Holdings has forecast a loss of approximately JPY24.6 billion on
a consolidated basis in connection with the transfer of the
fixed assets. This loss has already been incorporated in
forecasts of consolidated business results for the fiscal year
ending March 31, 2005, in accordance with the Company's New
Business Plan and its effort to create a robust asset portfolio.

CONTACT:

Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
Web site: http://www.sojitz-holdings.com

This is a Company press release.


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

HYNIX SEMICONDUCTOR: Earmarks KRW347 Bln for Investigation
----------------------------------------------------------
Hynix Semiconductor Inc. was reported to have set aside KRW347
billion as supply in an industry-wide price-fixing investigation
on dynamic random access memory (DRAM) chips, reports the EE
Times.

Together with Hynix, Samsung Electronics Ltd. and Infineon
Technologies AG have also set aside reserves in the ongoing
investigation.

In 2002, the U.S. Justice Department initiated an investigation
into alleged price fixing methods for Dram chips. In 2003, an
official of Micron Technology Inc. was charged with hiding and
faltering documents containing competitor pricing information on
DRAMs.

Last December, four Infineon Technologies executives plead
guilty to conspiring to fix the prices of DRAM chips. The German
firm Infineon pled guilty to charges of price fixing of DRAM
chips, and was ordered to pay a USD160 million fine.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax:   82-2-3459-5987/8
Web site: http://www.hynix.com


JINRO LIMITED: Bidder Scraps Joint Bid with Partner Firm
--------------------------------------------------------
CJ Corporation has ended talks with Kirin Brewery Co. in a joint
bid for the takeover of Jinro Company, Ltd. since they wanted a
"strategic partnership" to bid for the Company, reports Asia
pulse.

In a regulatory filing to the Korea Stock Exchange, CJ Corp.
said that it plans to team with domestic investors to buy the
soju maker.

March 30, 2005 was the deadline for bidding in Jinro, with 12
bidders interested in the sale. CJ Corp. official Park Shin-jung
did not comment on the motive for breaking off talks with Kirin,
but said they are unaware if Kirin continued to bid for Jinro.

According to industry analysts, the sale of the Company is
estimated to the biggest this year, with an expected sale price
of KRW1.5 trillion. Last year, the Company posted a KRW221.9
billion operating profit on sales of KRW734.7 billion.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
South Korea
Phone: +82 2 520 3114
Fax:   +82 2 520 3453
Web site: http://www.jinro.co.kr/


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

BELL & ORDER: Posts Amended FY04 Fourth Quarter Results
-------------------------------------------------------
Bell & Order Berhad released its unaudited report for the
financial period ended Dec. 31, 2004. This announcement has been
amended and corrected, and thus supersedes the Company's earlier
announcement dated Feb. 28, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004
                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
               684          3,651          5,031         9,924

2  Profit/(loss) before tax
           -46,499         -1,507        -60,100        -4,425

3  Profit/(loss) after tax and minority interest
           -46,243         -1,507        -59,844        -4,143

4  Net profit/(loss) for the period
           -46,243         -1,507        -59,844        -4,143

5  Basic earnings/(loss) per shares (sen)
           -241.00          -8.00        -312.00        -22.00

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)
                               -1.6200               1.1900

For further information on the report, go to:

http://bankrupt.com/misc/tcrap_bell&order1033005.xls

http://bankrupt.com/misc/tcrap_bell&order2033005.doc

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax:   03 - 56345081


FABER GROUP: Now Healthier After Restructuring
----------------------------------------------
Faber Group has emerged in a healthier position after completing
its restructuring program last year, and reducing its
liabilities to MYR250 million from a prior MYR1.2 billion, the
Star News reports.

Research house AmResearch has recommended a "buy" on the
Compnay's shares, which are trading at an attractive 45 %
discount on the research agency's estimated MYR1.06 revised net
asset value/share.

In the Company's restructuring program, it withdrew from the
hotel business, with its liabilities (8 hotels and 3 commercial
assets) grouped together in a special purpose vehicle, Jeram
Bintang Sdn Berhad.

The Company plans to sell its remaining hotel within the nest
few years, and focus on its healthcare business, supported by
property development activities.

According to AmResearch, the Company is expected to generate
pre-tax earnings from MYR60 million to MYR70 million until the
end of 2011.

CONTACT:

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


GULA PERAK: Sells Land to Perishine Berhad
------------------------------------------
Gula Perak (GPB) on March 29, 2005 sold four pieces of freehold
industrial land (813,413 square feet) located in Mukim, Bastang
Berjuntai, to Perishine Development Sdn Berhad, for
MYR7,320,717.

The land is charged in favor of Universal Trustee (Malaysia)
Berhad as security for repayment of a 2003/2008 RCSN issued by
the Company. Universal Trustee is the trustee for the holders of
the RCSN.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax:   03-4044 6688


INTAN UTILITIES: Provides Summary of Borrowings Defaults
--------------------------------------------------------
With regard to the announcement dated Feb. 24, 2005, and in
accordance with the Bursa Malaysia Securities Berhad (Bursa
Securities) Listing Requirements and Practice Note 1/2001, Intan
Utilities Berhad announced that it has provided Bursa Securities
with a summary of the Company's loans in default, and the steps
to address the defaults.

The defaults in payments were made by Company subsidiaries IDS
Electronics Sdn Berhad and IDS Technology Sdn Berhad.

For further details on the summary report, click on:

http://bankrupt.com/misc/tcrap_intan033005.xls

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur, Malaysia
Phone: 03-2935 8888
Fax:   03-29358043
Web site: http://www3.jaring.my/intan


JIN LIN: Seeks Court Approval on Further Extension of RO
--------------------------------------------------------
Jin Lin Wood Industries Berhad announced that on March 25, 2005,
the Company filed an application for an extension of its
Restraining Order under Section 176 (10) of the Companies Act
1965. The Company had previously filed for the RO on Jan. 4,
2005, to stay the winding-up petition issued on it by Alwayield
Sdn Berhad; the RO expired on March 28, 2005.

The Court will decide on the matter, and the decision will be
announced in due course.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floor
Taman Sri Dagang, P O Box 3181
97013 Bintulu,
Sarawak, Malaysia
Phone: 086-334661/335570
Fax:   086-330866/334808


K.P. KENINGAU: Claim Against Unit Still Under Dispute
-----------------------------------------------------
K.P. Keningau Berhad refers to the announcement dated March 25,
2005, on the writ of summon & claim statement by RHB Bank Berhad
against Kilang Papan Sdn Berhad (KPKSB).

KPK clarifies that the claim was for payments in default for
goods supplied to the Company's wholly owned subsidiary, KPKSB.
The said amount claimable has been in dispute with the supplier
since 2003. The case is being reviewed, and once finished,
solicitors will take the appropriate defense action.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax:   03-7784 1988


K.P. KENINGAU: Discloses Second Quarter Results FY05
----------------------------------------------------
K.P. Keningau Berhad released its unaudited report for the
financial period ended Jan. 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004
                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
               599          2,465          1,364         6,282

2  Profit/(loss) before tax
            -1,112         -2,273         -2,567        -4,172

3  Profit/(loss) after tax and minority interest
            -1,112         -2,146         -2,577        -3,971

4  Net profit/(loss) for the period
            -1,112         -2,146         -2,577        -3,971

5  Basic earnings/(loss) per shares (sen)
             -2.23          -4.30          -5.16         -7.95

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)
                               -0.5800              -0.5300


A detailed copy of the report is attached:

http://bankrupt.com/misc/tcrap_kpkeningau1033005.xls

http://bankrupt.com/misc/tcrap_kpkeningau2033005.doc


KUMPULAN BELTON: Releases Default, Litigation Updates
-----------------------------------------------------
The Board of Directors of Kumpulan Belton Berhad has informed
the Bursa Malaysia Securities Berhad that the Company has
updated on its default status in payment, and involvement in a
litigation from March 24, 2005, up to the date of this
announcement.

To view the full report, click on:

http://bankrupt.com/misc/tcrap_kumpulanbelton033005.doc

CONTACT:

Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput,
Perak Darul Ridzuan 48000
Malaysia
Phone: +60 3 6257 2233
Fax:   +60 3 6257 8989


MALAYSIAN BULK: Working to Streamline Business
----------------------------------------------
In accordance with the announcement made on Dec. 1, 2004,
Malaysian Bulk Carriers Berhad (MBC) announced that on March 28,
2005, the Company effected an internal reorganization wherein
its wholly owned subsidiary, Novel Bright Assets Limited, would
be transferred to its other wholly owned subsidiary, Lightwell
Shipping Inc. for USD1.00.

The reorganization was effected in order for MC to integrate its
businesses, and the transfer will not affect the Company's
earnings, share capital, tangible assets and shareholder's
capital.

CONTACT:

Malaysian Bulk Carriers Berhad
Level 17 and 18
PJ Tower Jalan Persiaran Barat Off Jalan Timur
46050 Petaling Jaya
Malaysia
Phone: 03-79661688
Fax:   03-79661628


PAN MALAYSIA: Issues Notice of Shares Buy Back
----------------------------------------------
Pan Malaysia disclosed to the Bursa Malaysia Securities Berhad
details of its shares buy back on March 29, 2005.

Date of buy back: 29/03/2005

Description of shares purchased: Ordinary shares of RM0.50 each

Total number of shares purchased (units):             70,000

Minimum price paid for each share purchased (RM):      0.380

Maximum price paid for each share purchased (RM):      0.390

Total consideration paid (RM):                   26,980.41

Number of shares purchased retained in treasury
(units):  70,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 20,935,500

Adjusted issued capital after cancellation
(no. of shares) (units): 0

CONTACT:

Pan Malaysia Corporation Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 6722
Fax:   +60 3 2031 1299


PAN MALAYSIA: Exits PN4 Status
------------------------------
Pan Malaysia Holdings Berhad announced that the Company has
regularized its financial condition, and no longer triggers the
criteria of the Bursa Malaysia Securities Berhad's Practice note
4/2001.

In accordance to such, the trade restriction on the Company's
securities has been lifted, and the Company's securities are
longer marked as PN4 as of Wednesday, March 30, 2005.


TALAM CORPORATION: Repurchases 366,600 Ordinary Shares
------------------------------------------------------
Talam Corporation disclosed the details of shares it had bought
back on March 29, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 29/03/2005

Description of shares purchased: Ordinary

Total number of shares purchased (units):            366,600

Minimum price paid for each share purchased (RM):      1.020

Maximum price paid for each share purchased (RM):      1.050

Total consideration paid (RM):                  380,684.00

Number of shares purchased retained in treasury
(units): 366,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 367,600

Adjusted issued capital after cancellation
(no. of shares) (units): 0

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax:   603-2731439


TALAM CORPORATION: Set to List Additional Shares
------------------------------------------------
Talam Corporation Berhad's additional 9,900 new ordinary shares
of RM1.00 each issued pursuant to the Company's Conversion of
99,000 irredeemable convertible preference shares 2004/2009 into
9,900 new ordinary shares will be granted listing and quotation
effective Friday, April 1, 2005, 9:00 a.m.


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


BACNOTAN CONSOLIDATED: Mulls Investment in Schools
--------------------------------------------------
Bacnotan Consolidated Industries Inc. is looking to acquire a
network of three to five colleges and universities as part of
its diversification plan, relates Dow Jones Newswires.

The investment holding firm plans to purchase a network of
establishments with a total student population of between 50,000
and 75,000.

Bacnotan has already invested in Araullo University and is
negotiating to acquire Cagayan de Oro College Inc. in the
southern Philippines. The Company is also keen on investing in
another school in Iloilo province, central Philippines.

The Company earlier announced plans to diversify its portfolio
to include the services sector, including education, energy,
financial services and affordable housing. The Company said it
is also looking into participating in the medical services
business.

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456


DIGITAL TELECOMMUNICATIONS: Raises Link Woes with Smart
-------------------------------------------------------
The National Telecommunications Commission (NTC) has received a
formal complaint by Digital Telecommunications Philippines Inc.
(Digitel) regarding problems to its interconnection links with
rival Smart Communications Inc., Dow Jones Newswires reports.

Digitel told the NTC that it has been experiencing high
incidence of voice call and text message failures in its
interconnection links with Smart. The firm forecasts a monthly
revenue loss of Php5.44 million should the problem persist.

Digitel launched its cellular division, Sun Cellular, in March
2003 to compete with industry leaders Smart and Globe Telecom.

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


DMCI HOLDINGS: BCDA Refuses to Return Php300-Mln Investment
-----------------------------------------------------------
State-run Bases Conversion Development Authority (BCDA) said it
will not return a Php300-million investment made by a unit of
DMCI Holdings in the Northrail project, Business World says.

BCDA and its wholly owned subsidiary, the Northern Luzon
Railways Corporation, are pointing to each other over an attempt
by DM Consuji Inc. (DMCI) to recoup its Php300-million deposit
for Northrail.

BCDA stressed it is not responsible for returning the amount, as
both BCDA and DMCI were investors in the project.

BCDA said DMCI should be running after Northrail since the
Php300 million was deposited in an account under its name. But
Northrail said that it will only repay DMCI once it can afford
to return the amount. And since it has yet to make money,
Northrail said it has no choice but to pass on the obligation to
its parent, the BCDA.

The controversial deposit was made in 1996 when DMCI was picked
as the government's strategic partner for the project. DMCI has
been trying to recover the money since 2000, when it finally
decided to abandon the Northrail project due to the government's
failure to live up to its end of the deal.

CONTACT:

DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone:  888-3000
Fax:  816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com


EASYCALL COMMUNICATIONS: Sells Condo Units for Php29.5 Mln
----------------------------------------------------------
EasyCall Communications Philippines Inc. has decided to sell its
Galleria Condominium units in Manila to thrift bank Robinson's
Bank for Php29.5 million, according to Dow Jones Newswires.

EasyCall will use the proceeds of the sale to settle its debts.

EasyCall was established to operate a paging business in the
Philippines. Since 1993, the Company has been the leading paging
operator in the country. In July 1999, the Company expanded into
the Call Center Business. Furthermore, in July 2000, the Company
launched a new business covering Internet services offering high
quality Internet network focused on access, data center and web
business solutions.

The Company's move into the Internet business is in line with
its expansion program designed to provide connectivity solutions
to its clients in moving forward to an economy under an
electronic commerce environment. In September 2000, the Company
started the operation of the Internet business on a commercial
business with a combined corporate and individual subscriber
base of about 3,000. In early 2001, ECP acquired the systems of
TeamPOINT Information Systems and Genesys Computer Telephony
Integration to enable it to go into the high-end eCRM market
abroad.

CONTACT:

EasyCall Communications Philippines Inc.
418 Arayat corner Libertad Sts.
Mandaluyong City
Phone:  533-8001 to 25
Fax:  533-4390
E-mail: lhd@easycall.com.ph
Web site:  http://www.easycall.com.ph


EASYCALL COMMUNICATIONS: Moves Stockholders' Meeting to June 28
---------------------------------------------------------------
The Board of EasyCall Communications Philippines Inc. has
postponed the Annual Stockholders Meeting of the Company to June
28, 2005 to provide sufficient time for the Board to review and
consider the recommendations of the independent director and the
senior officer of the Company for the integration and valuation
of TESU in ECPI and have the action of the Board on this matter
submitted to the stockholders for ratification and approval.

The Board has, likewise, set may 31, 2005 as the record date for
stockholders who can cast their vote in said meeting.

Meanwhile, the Board announced the appointment of Mr. Rafael
Garcia III, as independent director and Mr. Edgardo T. Abalos,
Executive Vice President, as Senior Officer of the Company to
oversee the integration and valuation, either through merger or
acquisition of Transnational e-Business Solutions Inc. (TESI)
into the Company and to submit their recommendations to the
Board of Directors.

The Board also announced the appointment of Mr. Manolito Soller
as Assistant Corporate Secretary of the Company.


GARWOOD PARK: Employees Seek Cebu Mayor's Help
----------------------------------------------
The disgruntled staff of closed Garwood Park Hotel has sought
the help of Cebu City Mayor Thomas Osmena, according to the
Freeman.

The employees claimed the hotel management "abandoned" them by
not giving proper notice of the hotel's closure and not giving
them benefits such as separation pay.

Mayor Osmena said he could not immediately decide on what type
of assistance he would extend to the workers because he is not
knowledgeable on the issue. He, however, assured the staff that
he consult with the city's councilor-lawyers and would talk to
the existing owner of Garwood Hotel.

The mayor also said that the lawyers of the workers could file a
garnishment proceeding in court for them to be able to get their
demands or may be to take over the management of the hotel.

Garwood's management had explained that it could no longer
afford to pay the building rental of more than Php500,000,
citing bankruptcy when it applied for permanent closure with the
labor department early this month. It had allegedly incurred
Php16 million liabilities, including the Php3.1-million debt for
the building lease.

The workers believe the hotel is not losing money, because its
lowest occupancy rate so far was only 30 percent. The hotel has
30 rooms and several concessionaires, the biggest of which is
the Casino Filipino, which is paying a monthly rental of more
than Php300,000.

CONTACT:

Garwood Park Hotel
Fuente Osmea, Cebu City 6000
PO Box 236, Philippines


NATIONAL BANK: Clarifies News Articles
--------------------------------------
The Philippine National Bank (PNB) has issued this announcement
in reference to the following articles:

(1) "Tycoon taps Singson for advice on PNB move" published in
the March 28, 2005 issue of the daily Tribune. The article
reported that:

"Businessman Lucio Tan, co-owner of the Philippine National Bank
(PNB), is getting expert help from a former regulator on what to
do with the lender once the joint sale agreement he signed with
government five years ago expires on Sept. 16 this year. Tan has
enlisted the expert advice of former Bangko Sentral ng Pilipinas
Governor Gabriel Singson."

(2) "L. Tan to buy gov't stake in PNB?" published in the March
28, 2005 issue of the Business World. The article reported that:

"Wealthy businessman Lucio Tan is interested in buying the
government's 45% stake in semi-private Philippine National Bank
(PNB), to add to the 45% that he already owns, banking sources
said."

(3) "DoF plans to hire financial adviser for PNB stake sale"
published in the March 28, 2005 issue of the Manila Bulletin.
The article reported that:

"The Department of Finance (DoF) is drafting the guidelines for
the hiring of technical and financial advisers for the sale of
its holdings in Philippine National Bank. DoF legal sources said
the government is preparing the guidelines now in anticipation
that tobacco tycoon Lucio tan will not agree to an extension of
the shareholders' agreement when it expires on September 16. DoF
Secretary Cesar V. Purisima wants to sell the PNB shares but
right now they are also trying to initiate talks of possibly
extending the shareholders' deal as an option. 'We have not
rules this out and an extension must also be explored,' he
said."

Philippine National Bank (PNB) in its letter to the Exchange
date March 29, 2005, stated that:

"(1) With reference to the news item that Mr. Lucio Tan has
hired the services of former BSP Governor Gabriel Singson to
secure expert advise on how to deal with the government
regarding the impending expiration of his Joint Sale Agreement
on September 16 this year, please be advised that the bank is
not privy to the nature and confidentiality of consultations
being made by Mr. Tan regarding the foregoing subject matter and
hence cannot reasonably comment on the same.

(2) As to the news item that Mr. Lucio Tan is interested in
buying the government's 45% stake in the Philippine National
Bank, such interest has been manifested during the drafting and
execution of the Joint Sale Agreement with the LT Group enjoying
a provision with the right to match the highest bid.

(3) The news item quoted is basically correct. PNB has been
advised that the government, within the provision of the MOA, is
ready to proceed with the joint sale of 67% of PNB's shares of
stock if the exercise period of the warrants cannot be extended.
However, a possibility that the exercise period of the PNB
warrants may be negotiated by the parties concerned."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph


PHILIPPINE LONG: 11,396 Common Shares Set for Listing Today
-----------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of Php5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of Php814.00
per share.

In this connection, please be advised that a total of 11,396
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 11,396 common shares is set
for Thursday, March 31, 2005. This brings the number of common
shares listed under the ESOP to a total of 443,068 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance.

(Original Signed)
CLAUDINE E. CRUZ
OIC, Listings 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


* State Firms to Undergo Performance Audit
------------------------------------------
The Department of Budget and Management (DBM) is poised to
conduct a performance audit on all state firms to determine
which agencies should be dissolved, Business World reports.

The move is part of the government's campaign to cut public
expenditures and curb the budget deficit.

Acting Budget Sec. Mario L. Relampagos explained the performance
audit would determine which government-owned and -controlled
corporations (GOCCs) and government financial institutions
(GFIs) would continue to receive government subsidy, which would
have to be deactivated, consolidated, abolished or regularized,
and which would have to be strengthen.

The budget department's statement came after the government
announced it will provide more than Php14 billion this year to
subsidize the operation of losing state firms.


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

ACCORD CUSTOMER: Requests for Trading Halt
------------------------------------------
Accord Customer Care Solution Ltd issued to the Singapore Stock
Exchange a request for trading halt pending announcement
effective March 30, 2005 at 9:00 p.m.

Woo Kah Wai
Company Secretary
March 30, 2005

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com


CHARTERED SEMICONDUCTOR: Mulls Issuance of New Shares
-----------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. plans to issue 1.5
billion new shares to boost its capital share, relates Channel
News Asia.

The new share issuance will raise the Company's authorized share
capital to SG$1.2 billion from SG$800 million.  The proceeds
will be used to fund future financing transactions, acquisitions
and corporate purposes.

But according to some analysts, Chartered could use the fund to
pay off US$575 million worth of convertible bonds due in 2006.

Chartered cut its sales target for this quarter earlier this
month due to slowing demand for its products.  The Company eyes
losses to be at the higher end of an earlier guidance of US$80
million to US$90 million.

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Telephone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com


CHINA AVIATION (S): Releases PwC Phase I Findings
-------------------------------------------------
The Board of Directors of China Aviation Oil (Singapore)
Corporation Ltd advised the Singapore Stock Exchange that it has
received PricewaterhouseCoopers' (PwC) report dated March 28,
2005.

PwC was appointed on November 30, 2004 by the Company at the
direction of the Singapore Exchange Ltd as Special Auditors
under Rule 704(12) of the Listing Rules to investigate the
affairs of the Company relating to the oil trading losses that
it had suffered and to report the findings to the Singapore
Exchange Ltd.

In the Statement, PwC has expressed its views on the following
issues;

(a) The accounting and financial aspects of the derivatives
trading which the Company carried out;

(b) The trading strategies that the Company employed on its
derivatives trades;

(c) The mechanics and consequences of each of the Company's
restructurings of its options portfolio in 2004;

(d) The losses that the Company suffered on its derivatives
trading;

(e) The accuracy of the financial reporting of the Company; and

(f) The risk management environment that was in place in the
Company for derivatives trading.

PwC has also stated in the Statement that it should not be
presumed that its investigations are closed on any issues that
may relate to or arise from matters discussed in its Statement
or on any other issue within its terms of reference. The Company
understands that PwC has not completed all of its
investigations. As a result the Statement may not represent the
full and complete findings and conclusions of PwC's
investigations.

Further, the Company is reviewing PwC's findings and reserves
its rights to give further comments as the Company deems
appropriate.

The Company now wishes to comment on the following areas
addressed in the Statement:

(1) Marked to Market (MTM) valuation methodology

It is noted by PwC that the Company did not apply the correct
MTM valuation methodology for options and that this led to
several consequential errors in its accounting recognition of
the MTM values of the options and the accuracy of disclosure in
the financial statements and announcements of its results.

PwC has presented its own MTM valuation calculations and used
these calculations as the basis for expressing certain views.
The Company notes that PwC have commented that there are a
number of variables (some of which are subjective), that go into
arriving at the MTM valuation and that the valuation is not an
exact science and involves judgement.

Based on these MTM calculations, PwC have concluded that the
Company understated its reported profits for the financial year
ended December 31, 2003 (ie profits should have been
approximately SG$67.9 million instead of the reported profits of
SG$67.1 million).

In correspondence with the Company, PwC has acknowledged that
this difference is not material and the Company shares this
view. However PwC also reported that the Company should have
reported losses in its 2004 announcements instead of the
reported profits. There were no comments on the profit and loss
impact for the financial year ended December 31, 2002.

(2) Restructuring of options portfolio

PwC have identified that the Company restructured its options
portfolio with various option counterparties in late January,
June and September 2004. These restructurings involved the
simultaneous buying of options to close out existing positions
and the selling of new options with larger volumes and longer
tenures.

The combination of the increased risk that was taken on as a
result of the restructurings with the increase in oil prices
during 2004 led to the losses and led the option counterparties
to demand substantial margin calls which depleted the Company's
cash reserves.

The Company notes that PwC has not named the counterparties
involved in these restructuring transactions and has not
investigated the terms of these restructurings. In addition as
some of PwC's views in respect of the restructurings involve
issues which are the subject of actual or potential legal
action, the Company reserves its right to comment at the
appropriate juncture.

The Company has engaged its own options expert and together with
this expert is reviewing the terms of the options trading
conducted by the Company and the terms of the restructurings. To
date, as a result of this review the Company has commenced legal
action against one of the counterparties by filing on 16 March
2005, a Writ of Summons in the High Court of the Republic of
Singapore against J Aron & Company (Singapore) Pte (J Aron).

In the said Writ of Summons, the Company has sought damages from
J Aron or a recission of two agreements entered into between the
Company and J Aron for the restructuring of the Company's
options portfolio in January and June 2004 as a result of
various acts of misrepresentation, negligence, breach of
statutory duties and/or deceit on the part of J Aron.

The Company has not yet completed its review of transactions
with other counterparties and will make further appropriate
announcements should it initiate further legal action.

(3) The Company's Risk Management Environment

PwC noted that the Risk Management Manual (RMM) did not address
the issue of options trading, and also noted that this was
perhaps not surprising given that it came into force prior to
the commencement of options trading. The RMM did however set out
the stop - loss limits which represented the risk and loss
appetite of the Company for oil trading.

Furthermore the RMM contains specific provisions regarding the
introduction of new products and which require the trading of
new products to be approved by the Board of Directors on the
recommendations of a committee and the Chief Executive Officer.
PwC has also noted that there is no evidence that formal
approval was secured from the Board.

PwC has highlighted to the Company certain areas in which risk
management and corporate governance could have been
strengthened.

In this regard, the following steps have been taken. As
previously announced on November 16, 2004, the Company has
ceased all trading in derivatives (save for hedging purposes)
and would concentrate on its physical jet fuel procurement
business.

In addition the Company has also previously announced on
November 30, 2004 the appointment of the Special Task Force with
the authority of the Board of Directors to lead the
restructuring, investigation and rehabilitation process as well
as to supervise the day to day operations of the Company on its
behalf. More specifically the Special Task Force has undertaken
the duties including the following;

(1) Closing of all remaining open positions with regards to
derivative futures, options and swaps;

(2) Preparation and filing of the proposed Scheme of Arrangement
in the Singapore High Court on January 24, 2005;

(3) Discussions and meetings with creditors;

(4) Discussions and meetings with strategic investor;

(5) Cooperation with PwC and CAD investigations;

(6) The establishment of China Aviation Oil Trading Pte Ltd, a
wholly owned subsidiary of the Company, including conducting
tender exercises to ensure the continued operation of the jet
fuel procurement business; and

(7) Communication with the relevant authorities in China and
Singapore.

(8) Managing the daily operations including maintaining controls
over its assets, including cash monitoring and expense controls.

The Company reiterates that it will continue to fully support
and cooperate with PwC's ongoing investigations. In parallel,
the Company will take steps to conduct a review of its risk
management, finance and corporate governance functions and to
implement appropriate measures to strengthen the same.

By Order of the Board
Adrian Chang
Company Secretary
March 29, 2005

Click to view the full copy of PwC's Phase 1 Findings
http://bankrupt.com/misc/chinaaviationPwCfindings032905.pdf

CONTACT:

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


NUANSA LEISURE: Picks Deloitte & Touche to Liquidate Company
------------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of Nuansa Leisure Pte Ltd (In Creditors' Voluntary
Liquidation) held on March 17, 2005, the following resolutions
were carried unanimously by the meeting:

(1) That the Company be wound up as a Creditors' Voluntary
Winding Up pursuant to section 290 (1) of the Companies Act and
that Messrs Wee Aik Guan and Tam Chee Chong of Deloitte & Touche
of 6 Shenton Way, #32-00 DBS Building Tower Two, Singapore
068809, be appointed as Liquidators for the purpose of the
winding up.

(2) That the Liquidators be at liberty to exercise all or any of
the powers conferred on them pursuant to the Companies Act.

Dated this 24th day of March 2005

Confirmed by:
Lai Meng
Director


OVERSEA-CHINESE: Resolves to Wind Up Unit
-----------------------------------------
At an Extraordinary General Meeting of OCBC Properties Private
Limited, held on March 24, 2005, the shareholders of the Company
passed a special resolution for the members' voluntary winding-
up of the Company. The Company is a subsidiary of Oversea-
Chinese Banking Corporation Limited (OCBC).

The Statutory Declaration of Solvency of the Company, duly
executed by the respective Board of Directors, in compliance
with the Companies Act, Cap. 50, have been lodged with the
Accounting and Corporate Regulatory Authority.

The voluntary liquidation of the Company is part of the ongoing
rationalization of the OCBC Group and is not expected to have
any material impact on the net tangible assets or earnings per
share of OCBC Group for the financial year ending December 31,
2005.

CONTACT:

Oversea-Chinese Banking Corporation Limited
65 Chulia Street #29-02/04
OCBC Centre
Singapore 049513
Telephone: 65 63187222
Fax: 65 65337955
Web site: http://www.ocbc.com


TRINITY COMMERCIAL: Court to Hear Petition April 8
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Trinity Commercial School Pte Ltd by the High Court was, on
March 11, 2005 presented by Prep2go Pte Ltd (RC No. 200008356C),
a Company incorporated under the law of Singapore and having its
registered office address at 1 Scotts Road, #21-06 Shaw Centre,
Singapore 228208, a creditor.

The petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon, on April 8, 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 Petitioner's solicitors are Wong & Leow LLC of 1 Temasek
Avenue, #27-01 Millenia Tower, Singapore 039192.

Wong & Leow Llc
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the abovenamed Wong & Leow LLC,
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, 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 April
7, 2005.


VENTURECORP BUSINESS: Invites Creditors to Attend Hearing
---------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Venturecorp Business Pte Ltd by the High Court was, on March 11,
2005, presented by PT Bank Mandiri (Persero) TBK of 9 Raffles
Place, #35-01/02 Republic Plaza, Singapore 048619, a creditor.

The said Petition is to be heard before the Court sitting on
Friday at 10:00 a.m., on April 8, 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 9 Raffles Place, #35-01/02 Republic
Plaza, Singapore 048619.

The Petitioner's solicitors are Messrs Tan Peng Chin LLC of 9
Battery Road, #18-08 Straits Trading Building, Singapore 049910.

Tan Peng Chin 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 abovenamed Messrs
Tan Peng Chin LLC, 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 twelve o'clock noon
of April 7, 2005 (the day before the day appointed for the
hearing of the Petition).


WEE POH: Unit Enters Voluntary Liquidation
------------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced to
the Singapore Stock Exchange (SGX) that its wholly owned
subsidiaries, WP Lorong Matan Holdings Pte Ltd have been placed
under member's voluntary liquidation on February 25, 2005.

Name of and address of Liquidator:

Timothy James Reid
Ferrier Hodgson
50 Raffles Place
No.16-06 Singapore Land Tower
Singapore 048623

The liquidation of the said Subsidiary is not expected to have
any material impact on the net tangible assets per share and the
earnings per share of the Group for the financial year ended
June 30, 2004, assuming that the liquidation had been effected
as at June 30, 2004.

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg


WEE POH: Places Subsidiary Under Liquidation
--------------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced to
the Singapore Stock Exchange (SGX) that its wholly-owned
subsidiaries, W&P Management Services Co Pte Ltd have been
placed under member's voluntary liquidation on February 25,
2005.

Name of and address of Liquidator:

Timothy James Reid
Ferrier Hodgson
50 Raffles Place
No.16-06 Singapore Land Tower
Singapore 048623

The liquidation of the said Subsidiary is not expected to have
any material impact on the net tangible assets per share and the
earnings per share of the Group for the financial year ended 30
June 2004, assuming that the liquidation had been effected as at
30 June 2004.


WEE POH: Bourse Approves Placement of Shares
--------------------------------------------
Further to the announcements made on March 8, 2005, March 16,
2005 and March 17, 2005, the Directors of Wee Poh Holdings
Limited (Company) are pleased to announce that the Singapore
Exchange Securities Trading Limited (SGX-ST) has given its in-
principle approval for the Company's application for the listing
and quotation of the Placement Shares, the WPC Debt
Restructuring Shares and the WPP Debt Restructuring Shares on
March 29, 2005.

The in-principle approval of the SGX-ST is not an indication of
the merits of the Placement and the Bank Restructuring
Agreements. The Company will make other announcements on the
completion of the issue of the Placement Shares, the WPC Debt
Restructuring Shares and the WPP Debt Restructuring Shares and
the date of listing and quotation of such shares on the SESDAQ,
in due course.


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


K. HOLDING: Seeks for New Investor to Repay Debt
------------------------------------------------
K. Holding Co. Ltd. sent a letter on December 30, 2004, seeking
for a change in the condition of payment in the debt
restructuring contract dated October 17, 2003 with the amount of
debt totaling THB719,577,299.24 which will mature in 12 years.

The reason for the change is K. Holding Co. Ltd.'s inability to
pay the total amount of principal and interest for the year
2004. (K.Holding has paid some interest amounting to
THB22,800,000).

K. Holding has just sent a letter dated March 15, 2005 to the
Company stating in detail that K. Holding is still in
negotiations with the new investor to support the capital or/and
Loan for repayment to the Company.

For this transaction K. Holding needs time to conclude the
transaction with the new investor through December 31, 2005. If
the due has progressed, the Company will send the information to
SET immediate occasion.

Sincerely Yours,

Mr. Salil Tohtubtiang
Chief Executive Officer


MANAGER MEDIA: SET Grants Listing of Securities
-----------------------------------------------
Starting March 30, 2005, the Stock Exchange of Thailand (SET)
allowed the securities of Manager Media Group Public Company
Limited (MGR) to be listed on the SET after finishing capital
increase procedures.

However, MGR is a listed Company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of MGR until the causes of
delisting are eliminated.

Name: MGR

Issued and Paid up Capital

Old: THB5,999,802 (Common Stock   5,999,802 shares)

New: THB129,354,620 (Common Stock 129,354,620 shares)

Par Value: THB1/Share

Allocate to:

(1) Financial creditors warrants (Warrant I) 38,239,548 units
convert to 95,598,872 common stocks

Exercise ratio: Warrant I 2 units: Common Stock 5 shares

Exercise price: THB0.01/Share

(2) Existing shareholders warrants (Warrant II) 27,755,946 units
convert to 27,755,946 common stocks

Exercise ratio: Warrant II 1 unit:Common Stock 1 share

Exercise price: THB0.01/Share

Exercise date: 2 February 2005

CONTACT:

Manager Media Group Public Company Limited
102/1 Phra Athit Road,
Chanasongkhram, Phra Nakhon, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Web site: http://www.manager.co.th





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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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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