TCRAP_Public/050401.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

             Friday, April 1, 2005, Vol. 8, No. 64

                            Headlines

A U S T R A L I A

ALLIMONE PTY: Fixes April 13 as Date of Final Meeting
BIABAN HOLDINGS: Final Meeting Slated for April 6
BIRNAM INVESTMENTS: To Hear Liquidator's Report on Winding Up
CAMPBELL'S PROPERTIES: Sets April 8 as Date of General Meeting
CHEMEQ LIMITED: Banks AU$40 Mln from Bond Issuance

COLLINS BOOKSELLERS: Modern Competition Forcing Tough Decisions
COMUSELL MANAGEMENT: Members Agree to Wind Up Company
DAIHATSU AUSTRALIA: Exits Market After 30 Years
EIGER ELECTRONICS: To Hold Final Meeting April 13
ELECTRONIC SALES: To Declare Final Dividend April 4

EUROPA MINERALS: Enters Winding Up Proceedings
FINLEY'S HIRE: Members, Creditors to Meet April 12
GLAVANIS PTY: Liquidator to Lay Final Winding Up Account
GWALIA SECURITIES: Picks Liquidator from Ferrier Hodgson
HYTHE PTY: Members Pass Resolution to Wind Up Company

JAMES HARDIE: Legal Woes Delay Compo Deal
LIGHTRAN PTY: To Declare Final Dividend April 15
LOGWEST PTY: Lays Out Final Meeting Agenda
MARDWELL PTY: To Convene Final Meeting April 4
MINCOA NOMINEES: Members Hire Ferrier Hodgson Liquidators

MITIAMO LANDS: Member's Final Meeting Slated for April 8
NATIONAL AUSTRALIA: Cuts 1,700 Jobs in U.K.
NOODLE PLUS: Court Names Christopher J. Palmer as Liquidator
PLUMBSEARCH PTY: Court Issues Winding Up Order
TEAC AUSTRALIA: Collapses with AU$55-Mln Debt

TOTAL E.COM.AU: To Hold Final Meeting April 13


C H I N A  &  H O N G  K O N G

BUT'S CONSULTANT: Completes Bankruptcy Proceedings
CARRYON COMPANY: To Exit Bankruptcy on August 22
INTCERA HIGH: Net Loss Shrinks to HKD16 Mln
JILIN CHEMICAL: Board Proposes to Amend Articles of Association
SYSCAN TECHNOLOGY: 2004 Net Loss Balloons to HKD23 Mln

TELHOPE INFORMATION: Receiving Proofs of Debt Until April 15
TIN FAT: Winding Up Hearing Set April 13
VERTEX COMMUNICATIONS: 2004 Net Loss Narrows to HKD28 Mln
WO FUNG: Meetings of Creditors, Contributories Set April 15
WONG SIU: To Emerge from Bankruptcy on August 15


I N D O N E S I A

ASIA PULP: SFA Throws Illegal Logging Charges
TELEKOMUNIKASI INDONESIA: Misses Financial Report Deadline


J A P A N

MIYAZAWA KOGYO: Files for Bankruptcy
MATSUDASEISAKUSHO K.K.: Enters Bankruptcy
MITSUBISHI MOTORS: To Sue Ex-bosses Over Recalls
MITSUBISHI MOTORS: Issues Statement on the MMC Press Conference
SEIBU RAILWAY: Pension Fund Group to File Lawsuit

SOJITZ HOLDINGS: Grants Debt Waiver to Saudi Arabian Client
SOJITZ HOLDINGS: To Build Cement Plant in Vietnam


K O R E A

JINRO LIMITED: Three Firms Lead Takeover Bid


M A L A Y S I A

ANTAH HOLDINGS: Unit Asks SC to Reconsider Listing Approval
GULA PERAK: Granted Listing of Additional Shares
LION INDUSTRIES: Creditors Approve Proposals at Meeting
MALAYSIAN BULK: Seeks Shareholder Approval on Proposals at AGM
MANGIUM INDUSTRIES: Unit Defaults in Payments to Banks

PAN MALAYSIA: Buys Back 50,000 Shares
PANTAI HOLDINGS: Issues Shares Buy Back Notice
PETALING TIN: Posts Lower Net Loss
PICA CORPORATION: Court Sets Hearing Dates for Payment Defaults
PICA CORPORATION: Hunt for Financial Adviser Continues

TAP RESOURCES: Discloses FY04 Quarterly Results


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Confirms Connection Woes with Smart
MIRANT PHILIPPINES: To Defer Plan Until Parent Exits Bankruptcy
NATIONAL BANK: Finance Sec Sees No Conflict in Shares Sale
NATIONAL POWER: Moody's Says Reform Issues May Affect Profile
PHIL-ASIA CARE: SEC Warns Public of Non-Existent Plans

PRICESMART INCORPORATED: Local Partners Favor Receivership


S I N G A P O R E

ACCORD CUSTOMER: Requests for Lifting of Trading Halt
ACCORD CUSTOMER: Parties Failed to Agree on Undertaking
CHINA AVIATION (S): Files Affidavit to Contest SK Petition
COMMUNICATIONS 2000: Court to Hear Winding Up Petition Today
MARCOBILT DEVELOPERS: To Undergo Voluntary Liquidation

OVERSEA-CHINESE: Unit Faces Voluntary Winding Up Process
OVERSEA-CHINESE: Shareholders Agree to Wind Up Company
WP LORONG: Members Pass Resolution to Cease Ops


T H A I L A N D

HANTEX: Appointed as Planner to Draw Up Rehab Plan
THAI GERMAN: Detects Error in Financial Statement
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ALLIMONE PTY: Fixes April 13 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Allimone Pty Limited (In Liquidation) A.C.N. 077 236 812 will
be held at Suite 67, Level 14/88 Pitt Street, Sydney NSW 2000 on
Wednesday, April 13, 2005 at 11:00 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for 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.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, April 12, 2005.

Dated this 25th day of February 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


BIABAN HOLDINGS: Final Meeting Slated for April 6
-------------------------------------------------
Notice is hereby given that the final meeting of the members of
Biaban (Holdings) Pty Limited (In Liquidation) A.C.N. 000 292
124 will be held at the offices of Jones Condon Chartered
Accountants, Level 13 189 Kent Street, Sydney NSW, on April 6,
2005 at 11:00 a.m., for the purpose of laying before the meeting
an account showing how the winding up has been conducted and the
property of the Company has been disposed of and giving any
explanation thereof.

Dated this 22nd day of February 2005

Michael G. Jones
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222


BIRNAM INVESTMENTS: To Hear Liquidator's Report on Winding Up
-------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of Corporations
Law that a general meeting of the members of Birnam Investments
Pty Limited (In Voluntary Liquidation) A.C.N. 000 302 027 will
be held at the Offices of KPMG, Chartered Accountants, Level 15,
10 Shelley Street, Sydney NSW 2000 on Monday, April 4, 2005 at
10:00 a.m. for the purposes 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 22nd day of February 2005

Peter John Done
Liquidator
KPMG
Chartered Accountants
10 Shelley Street, Sydney NSW 2000
Telephone: (02) 9335 7000
Facsimile: (02) 9299 7077


CAMPBELL'S PROPERTIES: Sets April 8 as Date of General Meeting
--------------------------------------------------------------
Notice is hereby given in pursuance of subsection 509(3) and (4)
of the Corporations Act 2001 that a General Meeting of the
Members of Campbell's Properties (Nowra) Pty Ltd (In Voluntary
Liquidation) A.C.N. 000 957 817 will be held on April 8, 2005 at
the office of Cronin & Norris, 47 Manning Street Kiama NSW 2533
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and hearing any explanation
that may be given by the Liquidators.

Dated this 25th day of February 2005

R. J. Norris
Liquidator
Cronin & Norris
PO Box 8, Kiama NSW 2533


CHEMEQ LIMITED: Banks AU$40 Mln from Bond Issuance
--------------------------------------------------
Chemeq Limited announced that it had issued 40,000 convertible
bonds at AU$1,000 each to raise AU$40 million. The total funds
have been received and banked by Chemeq.

The convertible bonds were issued to Mizuho International plc,
Stark Trading and Shepherd Investments International.

"We welcome Mizuho, Stark and Shepherd as investors in Chemeq,"
said Chairman and CEO Dr. Graham Melrose.

The issue of the convertible bonds was approved by Chemeq
shareholders at a General Meeting on March 23.

Dr. Melrose said he was pleased that the first tranche of the
AU$60 million funding package approved by shareholders had been
received.

"The AU$40 million in capital will be used to pursue our
business plans and drive Chemeq's push into the global
veterinary drug market," he said.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


COLLINS BOOKSELLERS: Modern Competition Forcing Tough Decisions
---------------------------------------------------------------
Eighty-three-year-old Collins Booksellers is considering ceasing
operations after battling cutthroat competition in the recent
years, The Age says.

The Company confirmed its founding family is being forced to
consider selling the business or bringing in a partner to
restructure it.

The Slamen family declined to confirm reports about the planned
sale but said it is currently reviewing the matter. However,
confidential papers had reportedly circulated in recent weeks
seeking potential buyers.

The Company revealed that its store in Chadstone shopping center
had closed. Of its 57 outlets, 33 are owned by Collins
Booksellers and the rest are franchises.

The Australian Booksellers Association is saddened by
possibility of Collins' collapse since the Company was a part of
the Australian book trade that the industry could not afford to
lose.

CONTACT:

Collins Booksellers Pty Ltd
Level 9
388-390 Lonsdale Street
MELBOURNE
VIC 3000
Phone: 03 9949 1200
Fax: 03 9918 0319


COMUSELL MANAGEMENT: Members Agree to Wind Up Company
-----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Comusell Management Pty Ltd (In Liquidation) A.C.N. 107 604
124held on February 17, 2005, it was resolved that the Company
be wound up voluntarily and that, A.H.J. Wily, Chartered
Accountant of Armstrong Wily, Chartered Accountants, Level 5, 75
Castlereagh Street, Sydney NSW 2000 be nominated to act as
Liquidator for the purpose of the winding up.

Dated this 17th day of February 2005

A. H. J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street, Sydney NSW 2000


DAIHATSU AUSTRALIA: Exits Market After 30 Years
-----------------------------------------------
Toyota Motor Corporation Australia (TMCA) announced that it will
wind down Daihatsu Australia. The decision takes effect from
Friday, March 31, 2006.

The TMCA board made the decision following an intensive study of
Daihatsu's current and forecast performance in Australia and the
broader competitive environment.

TMCA has managed the distribution of Daihatsu Australia since
2000.

During the next 12 months, Daihatsu owners will be supported
through the existing service outlets. From March 31, 2006,
parts, service and warranties will be supported through a
national network of service centres to be established.

Where current details are available, letters will be sent to
Daihatsu owners advising them of this announcement.
Advertisements will appear in major newspapers this Saturday and
owners can obtain information through a Customer Hotline on 1800
457 470 or from the Daihatsu website on www.daihatsu.com.au.

TMCA's Executive Director of Sales and Marketing, David Buttner
cited the competitive sales environment and the future outlook
for the brand in the small car segment as reasons for the
decision.

"We conducted a thorough review which examined matters including
the local sales environment, customer preferences, increased
competition, financial outlook and recent volume trends. This
review determined that the long term viability of the Daihatsu
business was limited in the Australian market."

"Details of national service and parts outlets available to
Daihatsu owners from April 2006 will be determined during the
coming months."

"Customers who intend to buy a Daihatsu vehicle during the next
12 months can be confident their new car will be supported."

There are currently 79 Daihatsu dealers in Australia and many
are in multi-franchised arrangements.

"We are working with Australian Daihatsu dealers to ensure that
all relevant matters are managed effectively, including the
continuation of vehicle supply to the network."

Daihatsu began marketing vehicles in Australia in 1967 and
current models include Sirion, Terios, Copen, Charade and Delta
trucks.

CONTACT:

PO Box 1247
Darlinghurst, NSW 1300.
Customer hotline: 1800 457 470
E-mail: daihatsu@impetus.net.au


EIGER ELECTRONICS: To Hold Final Meeting April 13
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members & creditors of
Eiger Electronics Pty Limited (In Liquidation) A.C.N. 095 093
860 will be held at Suite 67, Level 14/88 Pitt Street, Sydney
NSW 2000 on Wednesday, April 13, 2005 at 10:30 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for 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.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, April 12, 2005.

Dated this 25th day of February 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


ELECTRONIC SALES: To Declare Final Dividend April 4
---------------------------------------------------
A first and final dividend is to be declared to unsecured
creditors on April 4, 2005 for The Electronic Sales & Service
Group (In Liquidation).

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

Anthony W. Elkerton
Liquidator
The Electronic Sales & Service Group (In
Liquidation)
William Buck
Chartered Accountants
Level 24, 201 Elizabeth Street,
Sydney NSW 2000


EUROPA MINERALS: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Europa Minerals Australia Pty Ltd (In Liquidation) A.C.N. 003
828 206 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 Europa Minerals
Australia Pty Ltd


FINLEY'S HIRE: Members, Creditors to Meet April 12
--------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Finley's Hire Service Pty Ltd (In Liquidation)
A.C.N. 084 806 164 will be held at the office of Nicholls & Co,
Chartered Accountants, Suite 6, 459 Peel Street Tamworth NSW
2340, on Tuesday, April 12, 2005, at 11:30 a.m. for the purpose
of receiving the Liquidator's account showing how the winding up
has been conducted and the property of the Company disposed of
and hearing any explanation which may be given by the
Liquidator.

Dated this 21st day of February 2005

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


GLAVANIS PTY: Liquidator to Lay Final Winding Up Account
--------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the Final Meeting of Glavanis Pty Ltd (In
Liquidation) A.C.N. 000 551 879 will be held at 43 Auburn
Street, Moree, NSW on April 12, 2005, at 10:00 a.m. for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 3rd day of March 2005

Stanley Leo Carroll
Liquidator
43 Auburn Street, Moree NSW


GWALIA SECURITIES: Picks Liquidator from Ferrier Hodgson
--------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Gwalia Securities Pty Ltd (In Liquidation) A.C.N. 009 469 336
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 Gwalia Securities Pty Ltd


HYTHE PTY: Members Pass Resolution to Wind Up Company
-----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Hythe Pty Limited (In Voluntary Liquidation) A.C.N. 000 609
969 duly convened and held at 25 Wentworth Road, Vaucluse NSW
2030 on February 18, 2005 the following Special Resolution was
passed:

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

Dated this 18th day of February 2005

Tamplin Lynam
Director


JAMES HARDIE: Legal Woes Delay Compo Deal
-----------------------------------------
James Hardie Industries has delayed the signing of an AU$1.5
billion compensation deal due to legal problems, according to
The Age.

The embattled building products manufacturer in December last
year inked a preliminary agreement to earmark some AU$1.5
billion from its cash flow to honor asbestos claims over the
next four decades.  The firm was expected to seal a legally
binding agreement by end of March. But the Company says legal
issues prevent it from signing the deal.

Under a new timetable agreed by the New South Wales government,
the principal agreement will not be signed until early June.
But even if James Hardie signs the deal in June, an independent
expert's report and shareholder approval is needed before
asbestos victims start receiving the money.

James Hardie claims the delay would not affect asbestos victims
because payouts were still being met by the Company's
compensation fund, the Medical Research and Compensation Fund
(MRCF).

CONTACT:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other inquiries to CustomerLink Service Centre on 13 1103.


LIGHTRAN PTY: To Declare Final Dividend April 15
------------------------------------------------
A first and final dividend is to be declared on April 15, 2005
for Lightran Pty Limited (In Liquidation) A.C.N. 078 677 424.

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

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


LOGWEST PTY: Lays Out Final Meeting Agenda
------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Logwest Pty Ltd (In Liquidation) A.C.N.
074 952 819 will be held at the offices of Knights Insolvency
Administration, Level 3, United Overseas Bank Building, 32
Martin Place, Sydney on April 8, 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.

Dated this 25th day of February 2005

Adrian Duncan
Liquidator
Level 3, United Overseas Bank Building,
32 Martin Place, Sydney NSW 2000


MARDWELL PTY: To Convene Final Meeting April 4
----------------------------------------------
Notice is hereby given that a meeting of the Members of Mardwell
Pty Limited (In Liquidation) A.C.N. 007 795 217 will be held at
Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 on
April 4, 2005 at 10:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 4 April 2005.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the companies on completion of all duties.

(3) Any other business.

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


MINCOA NOMINEES: Members Hire Ferrier Hodgson Liquidators
---------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Mincoa Nominees Pty Ltd (In Liquidation) A.C.N. 009 132 021
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 Mincoa Nominees Pty
Ltd


MITIAMO LANDS: Member's Final Meeting Slated for April 8
--------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, the final meeting of members of Mitiamo Lands Pty Ltd
(In Liquidation) A.C.N. 000 638 611 will be held at the offices
of Cameron Kirk Rose, 3 Glen Innes Road, Inverell on April 8,
2005 at 12:30 p.m. for the purpose of laying before the meeting
the liquidator's final account and report and giving any
explanation thereof.

Dated this 8th day of March 2005

John Donald Mcrae
Liquidator
Cameron Kirk Rose


NATIONAL AUSTRALIA: Cuts 1,700 Jobs in U.K.
-------------------------------------------
National Australia Bank (NAB) announced a range of initiatives
as part of its ongoing program to rebuild, revitalize and grow
its banking operations in the United Kingdom.

The National's Chief Executive John Stewart said work in the
United Kingdom was progressing well to restart revenue and
improve efficiency while enhancing the focus on customer
service.

"In February we outlined the overall United Kingdom strategy and
now we can provide detailed plans on how we intend to deliver on
those strategic objectives," Mr. Stewart said.

"The integration of our Australian retail banking, corporate
banking and wealth management businesses is a separate program
that is still under development.

"The Australian program is following consistent principles of
building capability to better serve our customers, removing
unnecessary processes and simplifying procedures to create
efficiencies, and reducing the size of the corporate center as
part of the move to a regionally focused business model.

"We will provide an update of the progress of this work at the
half year profit announcement," he said.

The National's U.K. Chief Executive Lynne Peacock said:

"We have completed the sale of our Irish operations, and are now
concentrating on ensuring our UK businesses are more nimble and
customer focused.

"We have made it clear that we are committed to a strong
presence in the UK, but to do so we must change the way we do
business.  All areas of our existing operations have been under
review and we are moving quickly to implement the changes
necessary to create an efficient, competitive business that
delivers leading products, great service and lasting shareholder
value."

Ms. Peacock said to cover the initiatives currently underway in
the UK operations the National would book a provision of
approximately AU$266 million (GBP109 million) in the 2005 half
year financial accounts.

The provision will cover costs expected to be incurred on
streamlining of operations which will lead to reductions in
staffing levels and the reconfiguration of the distribution
networks to meet the changing needs of our customers.

The annualized savings from the restructuring initiatives are
expected to be approximately AU$285 million (GBP117 million).

Ms. Peacock said the process of streamlining operations was well
underway. The restructuring would lead to a total reduction of
approximately 1700 positions across the UK during the next 12 to
18 months. All areas of the business are subject to the review
but the majority of positions affected are non-customer facing
roles.

"We are already five months into this process, which is
partially offset by natural attrition and redeployment.
Restructuring changes have already been communicated to
approximately 400 U.K. staff. The union has been informed of the
restructuring plans and the existing job security agreement
between the Bank and the union covers the intended changes."

Ms. Peacock said key aspects of the National's UK growth program
are:

(1) The continued expansion into the south east of England via a
network of Financial Solutions Centres offering integrated
business, private banking and wealth management services to
operators of small to medium sized businesses. Around 15 centers
have been opened in the southeast region and 15 more will be
opened by the end of 2005.

(2) The extension of the integrated Financial Solutions Centres
business model into the north by converting approximately 40
existing Yorkshire Bank and Clydesdale Bank business banking
centers;

(3) The re-alignment of the Group's High Street branch presence
to reflect changing customer usage and needs, including the
establishment of 50 "flagship" branches in key centres, which
will also offer banking services to the micro-business segment;

(4) A simplified product range, more product support and
actively managing margins down to market levels;

(5) Third party distribution of mortgage products;

(6) Investment in the Clydesdale and Yorkshire Bank brands and
in electronic and direct channels, such as telephone and
Internet banking; and

(7) A broad cost reduction program involving process
simplification, centralizing workloads, rationalizing management
structures and consolidating technology platforms.

The National's half-year results will be announced on May 11.

CONTACT:

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


NOODLE PLUS: Court Names Christopher J. Palmer as Liquidator
------------------------------------------------------------
On February 24, 2005 the Supreme Court of New South Wales,
Equity Division, made an Order that Christopher J. Palmer be
appointed Official Liquidator of Noodle Plus Pty Limited (In
Liquidation) A.C.N. 078 724 160.

Dated this 8th day of March 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


PLUMBSEARCH PTY: Court Issues Winding Up Order
----------------------------------------------
On February 21, 2005 the Supreme Court of New South Wales made
an Order that Plumbsearch Pty Ltd (In Liquidation) A.C.N. 082
483 976 be wound up by the Court and appointed A. H. J. Wily to
be Liquidator.

A. H. J. Wily
Official Liquidator
Armstrong Wily & Co
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


TEAC AUSTRALIA: Collapses with AU$55-Mln Debt
---------------------------------------------
TEAC Australia entered administration Wednesday just as its
Japanese parent received a JPY10-billion (AU$125 million) cash
infusion from a restructuring fund specialist, relates the
Sydney Morning Herald.

TEAC Australia, a unit of Japanese electronics giant TEAC
Corporation, called in external administrators Simon Wallace-
Smith and Sal Algeri of Deloitte Touche Tohmatsu to look after
the interests of local unsecured creditors, who are reportedly
owed some AU$55 million.

The appointment of voluntary administrators came as a surprise
because it comes in the wake of an unprecedented boom in
consumer spending on electronic goods.

The administrators explained the appointment was made as a
result of a cash flow issue that has an impact on the working
capital.

TEAC Australia turns over about AU$170 million a year and
employs more than 100 people in sales, product warranty,
distribution and administration.

CONTACT:

TEAC Australia
Address: 280 William St
Melbourne Vic 3000
Phone: (03) 9672 2400
       (03) 9644 2442
Fax: (03) 9672 2499
E-mail: info@teac.com.au
Web site: http://www.teac.com.au/


TOTAL E.COM.AU: To Hold Final Meeting April 13
----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Total E.Com.Au Pty Limited (In Liquidation) A.C.N. 088 870
062 will be held at Suite 67, Level 14/88 Pitt Street, Sydney
NSW 2000 on Wednesday, April 13, 2005 at 11:30 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for 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.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, April 12, 2005.

Dated this 25th day of February 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


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

BUT'S CONSULTANT: Completes Bankruptcy Proceedings
--------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), But Yiu Man trading as
But's Consultant & Engineering Company (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

(ii) be able to make a significant contribution to its estate;

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

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

(v) 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;

(vi) 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;

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

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

(ix) 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


CARRYON COMPANY: To Exit Bankruptcy on August 22
------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Tsang Kam Tong trading
as Carryon Company (the bankrupt), will be discharged from its
bankruptcy on August 22, 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


INTCERA HIGH: Net Loss Shrinks to HKD16 Mln
-------------------------------------------
Intcera High Tech Group Limited (8041) 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                :       7,076             9,591
Profit/(Loss) from Operations:  (15,542)         (44,453)
Finance cost                 :  (548)            (3,205)
Share of Profit/(Loss) of Associates: 0             0
Share of Profit/(Loss) of Jointly
         Controlled Entites      :    0             0
Profit/(Loss) after Taxation & MI : (16,090)     (47,658)
% Change Over the Last Period     :  N/A
EPS / (LPS)
          Basic (in dollar)       : (HKD 0.0223)  (HKD 0.0683)
          Diluted (in dollar)     :  N/A           N/A
Extraordinary (ETD) Gain/(Loss)   :   0             0
Profit (Loss) after ETD Items     : (16,090)      (47,658)
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
Intcera High Tech Group Limited

Signature:
Name: Wong Hon Kit
Title: Company Secretary

Loss per share

The calculation of basic loss per share is based on the Group's
net loss for the year of approximately HK$16,090,000 (2003:
HK$47,658,000) and the weighted average number of 723,087,310
(2003: 697,336,625) ordinary shares in issue during the year.

No diluted loss per share has been presented because the
exercise of the outstanding share options and convertible bonds
would have an anti-dilutive effect for the years ended December
31, 2004 and 2003.

CONTACT:

Intcera High Tech Group Limited
Unit 4713, 47th Floor
The Center
99 Queen's Road Central
Hong Kong
Phone: (852) 2520 6020
Fax: (852) 2520 6086


JILIN CHEMICAL: Board Proposes to Amend Articles of Association
---------------------------------------------------------------
The board of the directors of Jilin Chemical Industrial Company
Limited passed resolutions on 17 March 2005, among other things,
proposing to amend the relevant provisions of the articles of
association of the Company (the Articles of Association) in
order to comply with the provisions under Certain Rules in
Respect of the Strengthening of the Protection of the Interests
of the Public Shareholders issued by China Securities Regulatory
Committee.

The proposed amendments to the Articles of Association
(collectively the Proposed Amendments) are as follows:

1. THAT the Articles of Association be and are hereby amended by
re-numbering the existing Article 80 as Article 81 and inserting
the following provisions as new Article 80:

"Article 80

Apart from the approval by the shareholders at the general
meeting, any of the following issues or the relevant
applications in relation thereto shall only be carried out if
approved by at least half of the shares carrying voting rights
held by the public shareholders voting at the general meeting:

(a) Any issue of new shares to the public (including issue of
overseas listed foreign investment shares or other share
titles), issue of convertible debentures, placing of shares to
existing shareholders (except in such placings where the
controlling shareholders have provided an undertaking to fully
subscribe for the shares in cash before the general meeting is
convened);

(b) Major asset restructuring if the assets to be acquired are
being proposed to be acquired at a total price, which is 20%
higher than the audited book net value of such assets;

(c) Repayment of debts due to the Company by any shareholder
using his shares of the Company;

(d) Overseas listing of any significant subsidiary of the
Company;

(e) Other relevant issues which may have a substantial impact on
the interests of the public shareholders in the development of
the Company.

The notice of any general meeting at which any issue mentioned
above will be considered shall be reannounced within three (3)
days after the record date.

The announcement of the resolutions of the general meeting shall
set out the number of the public shareholders voting at the
general meeting, the shares held by them and the percentage of
such shares in the total number of the shares held by the public
shareholders and the results of their votes as well as the
shareholdings of the 10 largest public shareholders voting at
the general meeting and the results of their votes.

If the Company convenes a general meeting to consider and
approve any issue mentioned above, it shall provide the
shareholders with an on-line voting system and such on-line
voting shall be carried out in accordance with the relevant
implementation rules.

The board of directors, the independent directors and eligible
shareholders may solicit votes of the shareholders of the
Company to be cast at the general meeting. The person soliciting
votes from the public shareholders shall carry out such
activities in accordance with the relevant implementation
rules."

2. THAT the articles following the existing Article 80 be and
are hereby re-numbered accordingly.

The Proposed Amendments are subject to the approval of the
shareholders of the Company by way of special resolutions and
approval and/or endorsement on registration as may be required
by the relevant PRC authorities.

Zhang Liyan
Company Secretary
31 March 2005
Jilin, the PRC

CONTACT:

Jilin Chemical Industrial Company Limited
No 9 Longtan Street Longtan District
Jilin City, Jilin Province 132021
CHINA
Phone: +86 432 390 3651
Fax: +86 432 302 8126


SYSCAN TECHNOLOGY: 2004 Net Loss Balloons to HKD23 Mln
------------------------------------------------------
Syscan Technology Holdings Limited (8083) announced its
financial results from the period ended December 31, 2004.

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


                              (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                   :       192,339           264,213
Profit/(Loss) from Operations:     (12,986)          (10,505)
Finance cost                 :     (5,636)           (6,218)
Share of Profit/(Loss) of Associates: (42)             0
Share of Profit/(Loss) of Jointly
         Controlled Entites         :  0               0
Profit/(Loss) after Taxation & MI   : (23,040)       (14,651)
% Change Over the Last Period       :  N/A
EPS / (LPS)
          Basic (in dollar)         :  HKD (0.22)    HKD (0.14)
          Diluted (in dollar)       :  N/A           N/A
Extraordinary (ETD) Gain/(Loss)     :  N/A            0
Profit (Loss) after ETD Items       : (23,040)       (14,651)
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: 29/04/2005   to 03/05/2005
bdi.
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A
                                   (bdi: both days inclusive)

For and on behalf of
SYSCAN Technology Holdings Limited

Signature:
Name: Chan Man Ching
Title: Director

Remarks:

1. The calculation of basic loss per share for the year ended
December 31, 2004 is based on the net loss attributable to
shareholders of approximately HK$23,040,000 (2003:
HK$14,651,000) and the weighted average number of ordinary
shares for the purpose of basic loss per share of approximately
102,364,000 (2003: 102,362,000) ordinary shares in issue during
the year.

No diluted loss per share is presented, as the outstanding
employee share options were anti-dilutive.

CONTACT:

Syscan Technology Holdings Limited
Unit 808, 8/F
K. Wah Centre
191 Java Road
Hong Kong
Phone: 27975223
Fax: 25109662
Web site: http://www.syscaninc.com


TELHOPE INFORMATION: Receiving Proofs of Debt Until April 15
------------------------------------------------------------
Notice is hereby given that the creditors of Telhope Information
Development Company Limited (In Compulsory Liquidation), which
is being compulsorily wound up, are required on or before 15
April 2005 to send in their names and addresses, full
particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to the Liquidators of the
Company at 7/F Allied Kajima Building, 138 Gloucester Road, Wan
Chai, Hong Kong.

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

Dated this 24th day of March 2005.

STEPHEN BRISCOE
Joint and Several Liquidators


TIN FAT: Winding Up Hearing Set April 13
----------------------------------------
Notice is hereby given that a Petition for the Winding up of Tin
Fat Hong Limited by the High Court of Hong Kong Special
Administrative Region was on the 5th day of February 2005
present to the said Court by the Petitioner, Foo Ka Po Anny of
2nd Floor, 75 Ma Sim Pai Village, Lot No. 1387, Tsuen Wan, New
Territories, Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
the 13th day of April 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 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 April 12, 2005.


VERTEX COMMUNICATIONS: 2004 Net Loss Narrows to HKD28 Mln
---------------------------------------------------------
Vertex Communications & Technology Group Limited (8228)
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                :       7,283             6,586
Profit/(Loss) from Operations: (40,513)          (33,109)
Finance cost                 : (264)               N/A
Share of Profit/(Loss) of Associates: N/A        (1,895)
Share of Profit/(Loss) of Jointly
         Controlled Entites     :  N/A              N/A
Profit/(Loss) after Taxation & MI: (28,401)     (35,552)
% Change Over the Last Period    : N/A
EPS / (LPS)
          Basic (in dollar)      : (HKD 0.0574)  (HKD 0.0722)
          Diluted (in dollar)    :  N/A            N/A
Extraordinary (ETD) Gain/(Loss)  :  N/A            N/A
Profit (Loss) after ETD Items    : (28,401)     (35,552)
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
Vertex Communications & Technology Group Limited

Signature:
Name: Poon Kwok Lim, Steven
Title: Chairman

Remarks:

1. Basis of Preparation and Accounting Policies

The accounts have been prepared in accordance with accounting
principles generally accepted in Hong Kong and comply with
accounting standard issued by Hong Kong Society of Accountants.
They have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis, the
validity of which depends upon future funding being available to
meet the debts and liabilities as and when they fall due in the
foreseeable future. The financial statements do not include any
adjustment that may result from the failure to obtain such
funding.

2. Loss per share

The calculation of the Group's basic loss per share for the year
ended 31st Dec 2004 is based on the Group's audited loss
attributable to shareholders of approximately HK$28,401,000
(2003: loss of HK$35,552,000) and on the weighted average number
of 495,064,029 (2003: 492,196,232) deemed to be issued
throughout the periods.

No diluted loss per share was presented as there were no
dilutive potential shares in existence during the year ended
31st Dec 2004 (year ended 31st Dec 2003: Nil)

3. Modified and unqualified auditors' report

The auditors' report of the Group for the year ended 31 December
2004 has been unqualified and modified for the financial
uncertainty.

CONTACT:

Vertex Group Headquarter (Hong Kong)
Room 2703
China Merchants Tower
Shun Tak Centre 168-200
Connaught Road Central, H.K.
Phone: (852) 2187 3333
Fax: (852) 2187 3334/5


WO FUNG: Meetings of Creditors, Contributories Set April 15
-----------------------------------------------------------
Notice is hereby given that the Meetings of the Creditors and
Contributories of Wo Fung Construction Limited (In Liquidation)
will be held at Room B, Unit 1, G/F., The Center, 99 Queen's
Road Central, Hong Kong on April 15, 2005 at the times specified
below, for the purpose of considering, and if thought fit, pass
the resolutions to authorize the liquidators to apply to the
Court to rescind the Summary Procedure Order and the appointment
of a Committee of Inspection to act with the liquidators.

                           Time

Creditors' Meeting        3:00 p.m.
Contributories' Meeting   4:00 p.m.

Creditors and Contributories may attend and vote either in
person or by proxy. Proxy forms to beused a the Meetings must be
lodged at 13th Floor, Gloucester Tower, The Landmark, 11 Pedder
Street, Central, Hong Kong or sent by facsimile to 2218 3883,
not later than 4:00 p.m. on the day before the meetings or any
adjourned meetings at which they are to be used.

Dated this 24th day of March, 2005.

Alan C. W. Tang
Wong Kwok Man
Joint and Several liquidators


WONG SIU: To Emerge from Bankruptcy on August 15
------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), But Yiu Man trading as
Wong Siu Fai trading as Hung Fai Electric Company (the
bankrupt), will be discharged from its bankruptcy on August 15,
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
=================

ASIA PULP: SFA Throws Illegal Logging Charges
---------------------------------------------
The State Forestry Administration (SFA) of China accused Asia
Pulp and Paper Co. (APP) of illegal logging in the Yunnan
province, reports Xinhua News.

In an ongoing investigation, SFA traced illegal logging to a
project done by APP. SFA official said Wang Zhuxiong said that
they believe APP and local governments participated in the
project, and that they would be punished if suspicions are
confirmed.

The SFA began investigations on APP after the Company was
accused of "vandalizing China's forest" by Greenpeace last
November. In its initial findings, the SFA found that almost
25,000 cubic meters of timber was logged without approval by the
government.

If the Company is found to have engaged in illegal logging, it
may be the first foreign firm to be sanctioned for environmental
violations in China.

APP was unavailable for comment on the matter.

CONTACT:

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


TELEKOMUNIKASI INDONESIA: Misses Financial Report Deadline
----------------------------------------------------------
PT Telekomunikasi Indonesia (TLK) said that it cannot meet the
March deadline to file its audited financial results for 2004,
Dow Jones reports.

According to Telkom Corporate Secretary Adek Julainwar, the
Company's auditor (KPMG International member firm KAP Siddharta
Siddharta & Widjaja) had yet to submit a report to the Company
on its 2004 performance. Without such report, Telkom cannot
disclose to the public its financial report.

The Company declined to comment on when they expected to receive
the report.

Jakarta Stock Exchange President Erry Firmansyah has said that
the Exchange will not suspend trading of Telkom shares, as the
Company had clarified the reason for the delay of its financial
report.

The bourse threatened suspension of shares trading on companies
that failed to submit their audited financial statements by the
March 31 deadline.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/


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

MIYAZAWA KOGYO: Files for Bankruptcy
------------------------------------
Miyazawa Kogyo K.K. has begun bankruptcy proceedings with total
liabilities of US$173.68 million, says Teikoku Databank America.

The iron and steel wholesale trader is based in Sapporo-shi,
Hokkaido 060-0807.

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


MATSUDASEISAKUSHO K.K.: Enters Bankruptcy
-----------------------------------------
Matsudaseisakusho K.K. has entered bankruptcy with total
liabilities of US$86.91 million, says Teikoku Databank America.

The wire communication equipment-manufacturing firm is based in
Minato-ku, Tokyo 108-0072.

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


MITSUBISHI MOTORS: To Sue Ex-bosses Over Recalls
------------------------------------------------
Mitsubishi Motors Corporation said it would sue three former
Presidents and four others, seeking around JPY1 billion in
damages for their roles in a defect cover-up scandal that has
damaged the automaker's brand, Kyodo News reports.

Among the seven former board members and executives targeted for
the damages are Hirokazu Nakamura, Takemune Kimura and Katsuhiko
Kawasoe, who served as president from 1989 to 2000.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Dan Irvin, 309-888-8205


MITSUBISHI MOTORS: Issues Statement on the MMC Press Conference
---------------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation's efforts for
recovering public trust have just started. The Company has a
number of items related to the quality issues of the past, and
has to deal with all these items concurrently. At the same time,
Fuso is working wholeheartedly for steady implementation and
realization of compliance and improvement measure.

Through the investigation on the series of recall issues, the
automaker intends to take disciplinary action and measures
including legal action against involved persons, based on the
fact revealed after the Company's spin-off.

In addition, Fuso plans to report the result of investigation
conducted by external lawyers in mid April, and will inform the
public as soon as the date is fixed.

PR Department
Mitsubishi Fuso Truck and Bus Corporation

This is a Company press release.


SEIBU RAILWAY: Pension Fund Group to File Lawsuit
-------------------------------------------------
The Pension Fund Association plans to sue the Seibu Railway Co.
group for causing up to JPY4 billion in losses on sales of Seibu
Railway shares before its delisting, Kyodo News reports.

The association comprises about 1,400 private-sector pension
funds in Japan. It owned 1.9 million Seibu Railway shares worth
some 2 billion yen as of October 13, the day Seibu Railway
publicly disclosed that its financial statements had been
falsified.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SOJITZ HOLDINGS: Grants Debt Waiver to Saudi Arabian Client
-----------------------------------------------------------
Sojitz Holdings Corporation announced details of the debt
forgiveness for a client of consolidated subsidiary Sojitz
Corporation, Bakhashab Brothers Co., Ltd., in Saudi Arabia, in
owing to support that client's effort to improve its financial
strength.

1. Outline of Client

(1) Company Name: Bakhashab Brothers Co., Ltd.
(2) Address: Jeddah, Kingdom of Saudi Arabia
(3) Representative: President Hisham K. Bakhashab
(4) Capital: 10 million Saudi Arabia Riyal
(5) Activities: Automobile Sales Agent

2. Type and Amount of Debt Forgiveness

Trade Notes and Trade Accounts Receivable: 2,242 million

3. Outlook

Sojitz Holdings expects to incur a consolidated loss of JPY2,242
million in connection with the aforementioned debt forgiveness.
A provision, including the aforementioned amount, has been
provided in line with plans to create a robust business
portfolio. Accordingly, announced forecasts for consolidated
business results for the fiscal year ending March 31, 2005,
remain unchanged.

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.


SOJITZ HOLDINGS: To Build Cement Plant in Vietnam
-------------------------------------------------
Sojitz Holdings Corporation and Kawasaki Heavy Industries Ltd.
have jointly received an order to construct cement plant
facilities in Vietnam, Asia Pulse reports.

The state-owned Vietnam Construction & Import-Export Corp.
(Vinaconex) has tapped the major Japanese engineering and
trading companies to help it build one of the largest cement
plants in Vietnam.

Construction of the plant, whose production capacity is
estimated at 1.89 million tons a year, is expected to begin this
month and to be completed by the end of 2007. The value of the
order has not been disclosed.


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

JINRO LIMITED: Three Firms Lead Takeover Bid
--------------------------------------------
At least nine firms submitted bids on March 30, 2005 to buy
local distiller Jinro Ltd., with the favorites being Lotte
Chilsung Beverage, Doosan Corp, and CJ Corp., reports the Korea
Herald.

Other bidders include Hite Brewery Co., Daesang Corp., Taehan
Electric Wire Co., Muhak Co. and Dongwon F&B Co. Merrill Lynch,
the lead manager for the sale estimated at KRW1.7 trillion to
KRW3trillion, is scheduled to select a preferred bidder early
this month, and plans to conclude the sale in July.

Lotte Chilsung, Doosan Corp. and CJ Corp have all formed
consortiums with domestic companies to bid for the troubled soju
maker. Lotte has teamed up with Japanese liquor maker Asahi
Breweries Ltd. for the sale. Doosan Corporation formed a joint
bid with Samhwa Crown & Closure Co. and Doosan Industrial
Development Co., while CJ Corp. earlier broke off talks with
then partner Japanese Kirin Brewery Co., and planned to team up
with domestic investors instead.

Even though Jinro's main creditor Goldman Sachs set the selling
price at KRW3.6 trillion, although the three firms have bid at a
"not-so-overloaded" level.

Jinro has been in court receivership since May 2003, but has
attracted many firms to bid in its takeover sale, due to its
strong market position and business performance. It is very rare
in Korea for so many corporate buyers to bid for one single
Company.

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
===============

ANTAH HOLDINGS: Unit Asks SC to Reconsider Listing Approval
-----------------------------------------------------------
Antah Holdings Berhad announced that its unit, Antah Healthcare
Group Berhad, submitted an appeal to the Securities Commission
(SC), asking the Commission to reconsider approval of its
proposed listing on the Bursa Malaysia Securities Berhad Mesdaq
Market, reports the Star News.

The SC had previously rejected Antah Helathcare's proposed
listing because it failed to meet Rule 2.2.2 of Bursa
Securities' listing requirements for the Mesdaq market.

Further announcements on the matter will be made in due course.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur, Malaysia
Phone: 03-20849000
Fax:   03-20949940


GULA PERAK: Granted Listing of Additional Shares
------------------------------------------------
Gula Perak Berhad's additional 65,500 new ordinary shares of
RM1.00 each issued pursuant to the Company's Conversion of
65,800 irredeemable convertible secured loan stocks 2000/2005
into 65,500 new ordinary shares will be granted listing and
quotation effective Monday, April 4, 2005, 9:00 a.m.

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


LION INDUSTRIES: Creditors Approve Proposals at Meeting
-------------------------------------------------------
Lion Industries Corporation Berhad refers to the announcement on
March 4, 2005 regarding the meeting of the scheme creditors of
Company-owned subsidiary Amsteel Mills Sdn Bhd (AMSB), which was
held on March 30, 2005, to consider and if thought fit, pass the
following proposals:

(a) matters connected with the issuance of 6-year RM500 million
Bai' Bithaman Ajil Islamic private debt securities by Antara
Steel Mills Sdn Bhd, a wholly owned subsidiary of AMSB; and

(b) sale of 2,000,000 ordinary shares of RM1.00 each
representing 20% of the issued and paid-up capital of CH Rebar
Sdn Bhd by AMSB to Chuan Huat Hardware Holdings Sdn Bhd for cash
of RM1,900,000.00 and the purchase of the land held under HS(D)
13425, PT 17216, Mukim Tanjong Duabelas, District of Kuala
Langat, Selangor by AMSB from Amsteel Mills Realty Sdn Bhd, a
wholly owned subsidiary of AMSB.

The Company announced that at the said creditors' meeting, all
the resolutions in relation to the Proposals were duly passed by
the requisite majority.

CONTACT:

Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Malaysia
Phone: 03-21622155
Fax:   03-21623448
Web site: http://www.lion.com.my


MALAYSIAN BULK: Seeks Shareholder Approval on Proposals at AGM
--------------------------------------------------------------
Malaysian Bulk Carriers Berhad (MBC) announced that the Company
will seek shareholder approval for the following proposals at
the forthcoming MBC Annual General Meeting (AGM):

(1) Proposed Renewal of Shareholders' Mandate for Recurrent
Related Party Transactions of a Revenue or Trading Nature;

(2) Proposed Authorization for Purchase of Own Shares; and

(3) Proposed Amendment to Article 158 of the Company's Articles
of Association.

The Circular to Shareholders containing details of the above
proposals will be dispatched to MBC shareholders in due course.

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


MANGIUM INDUSTRIES: Unit Defaults in Payments to Banks
------------------------------------------------------
Mangium Industries Berhad (MIB) announced that its wholly owned
subsidiary, Mangium Sawmill Sdn Bhd (MSSB) has not paid, and is
deemed to have defaulted in its repayments on facilities granted
by Standard Chartered Bank Malaysia Berhad (SCB) and Southern
Bank Berhad (SBB), which are unsecured.

The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are tabulated in Table
1 attached.

A) REASON FOR DEFAULT IN PAYMENTS

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
making them unable to settle their outstanding balances despite
management efforts to collect these outstanding debts with the
Group. As a result, the cash flow generated from operations was
not sufficient to service the interest and principal obligations
to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Both SCB and SBB agreed to the Proposed Debt Settlement &
Restructuring Scheme announced by MIB on Dec. 22, 2003.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at Feb. 28, 2005, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to RM11,106,732.62.

As the guarantor for these loans, MIB is liable for the full
amount and any further interest and financial cost levied there
or until the settlement of these debts.

D) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.

Table 1 can be seen at:

http://bankrupt.com/misc/tcrap_mangium033105.doc

CONTACT:

Mangium Industries Berhad
2nd Floor Menara MAA
6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah, Malaysia
Phone: 6088-315000
Fax:   6088-312213


PAN MALAYSIA: Buys Back 50,000 Shares
-------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on March 30,
2005.

Date of buy back: 30/03/2005

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

Total number of shares purchased (units):             50,000

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

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

Total consideration paid (RM):                   19,403.27

Number of shares purchased retained in treasury
(units):  50,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 20,985,500

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


PANTAI HOLDINGS: Issues Shares Buy Back Notice
----------------------------------------------
Pantai Holdings Berhad disclosed the details of the shares it
had bought back on March 25, 2005 to the Bursa Malaysia
Securities Berhad.

Date of buy back from: 21/03/2005

Date of buy back to: 25/03/2005

Total number of shares purchased (units):             47,200

Minimum price paid for each share purchased (RM):      0.970

Maximum price paid for each share purchased (RM):      1.000

Total amount paid for shares purchased (RM):       46,776.34

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury
(units):  47,200

Total number of shares retained in treasury
(units): 28,322,800

Number of shares purchased which were cancelled
(units):       0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 30/03/2005

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Malaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


PETALING TIN: Posts Lower Net Loss
----------------------------------
Petaling Tin Berhad released its unaudited report for the
financial period ended Jan. 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/01/2005

                 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
             1,953            78          1,953            78

2  Profit/(loss) before tax
              -407        -1,262           -407        -1,262

3  Profit/(loss) after tax and minority interest
              -407        -1,262           -407        -1,262

4  Net profit/(loss) for the period
              -407        -1,262           -407        -1,262

5  Basic earnings/(loss) per shares (sen)
             -0.14         -0.37          -0.14         -0.37

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)
                                1.1100               1.1100

To view a copy of the report, click on:

CONTACT:

Petaling Tin Berhad
Level 19, Menara PanGlobal,
No. 8, Lorong P Ramlee, 50250 Kuala Lumpur.
Phone: 03 - 20312377
Fax:   03 - 20312263


PICA CORPORATION: Court Sets Hearing Dates for Payment Defaults
---------------------------------------------------------------
Pica (M) Corporation Berhad issued the following announcement
for public release:

1. MYR60 Million Guaranteed Revolving Underwriting Facility:

Further to the Company's announcement on the status of the above
matter, the Court fixed April 22, 2005 for further mention in
relation to the Defendant's striking out application. Apart from
the above, the legal proceeding is still pending in court.

2. MYR5 Million Revolving Credit Facility & MYR7 Million Short
Term Loan

Further to the Company's announcement, the Company announces
that the Plaintiff's summary judgment application was fixed for
hearing on April 19, 2005. Apart from the above, the legal
proceeding is still pending in court.

3. MYR50 Million Term Loan Facility

The Company announces that the Plaintiff's summary judgment
application was fixed for mention on April 29, 2005. Apart from
the above, the legal proceeding is still pending in court.

4. MYR4 million Revolving Credit Facility & MYR7 million
Overdraft Facility

The Company informs that the Plaintiff's summary judgment
application has been fixed for hearing on May 23, 2005. The
legal proceeding is still pending in court.

5. Approx MYR3 million Credit Facility

The Company wish to inform that the Plaintiff's summary judgment
application was dismissed on Jan. 25, 2005. The Plaintiff
appealed against the dismissal, and the Court fixed a date for
hearing of the appeal on April 14, 2005. Apart from the above,
the legal proceeding is still pending in court.

CONTACT:

Pica (M) Corporation Berhad
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2161 8800
Fax: +60 3 2161 1714


PICA CORPORATION: Hunt for Financial Adviser Continues
------------------------------------------------------
Pica (M) Corporation Berhad announced the following for public
release:

Further to the Company's announcement on Practice Note 4, the
Company has yet to identify a suitable party to take over the
function of Commerce International Merchant Bankers Bhd (CIMB),
the Company's adviser for the proposed Composite Scheme that had
resigned on March 18, 2004, and continue with the Scheme.

The proposed Composite Scheme remains unchanged and is still
pending approval from the Securities Commission.


TAP RESOURCES: Discloses FY04 Quarterly Results
-----------------------------------------------
Tap Resources Berhad released its unaudited report for the
financial period ended Jan. 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/01/2005

                 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
             4,862         8,396          8,786         9,545

2  Profit/(loss) before tax
                 8           124         -2,637        -3,648

3  Profit/(loss) after tax and minority interest
              -336            88         -2,981        -3,451

4  Net profit/(loss) for the period
              -336            88         -2,981        -3,451

5  Basic earnings/(loss) per shares (sen)
             -0.34          0.19          -3.05         -4.60

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)
                                0.2490               0.2694

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_tapresources033105.xls

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax:   03-79811329


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

DIGITAL TELECOMMUNICATIONS: Confirms Connection Woes with Smart
---------------------------------------------------------------
Digital Telecommunications Philippines issued this disclosure in
reference to the news article entitled "Connection woes with
Smart seen to cost Sun Php5M a month" published in the March 29,
2005 issue of the Philippine Daily Inquirer (Internet Edition).

The article reported that:

"DIGITEL Mobile Philippines Inc., operator of the Sun Cellular
wireless service brand, said Monday that its interconnection
problems with Smart Communications Inc. would cost it Php65
million in revenue a year, or Php5.44 million a month. Digitel
Mobile senior vice president William Pamintuan said that on a
daily basis the Company wuld have earned Php181,433 more from
its SMS or text messaging service if Sun Cellular had an
efficient interconnection with Smart. He said Digitel lost
Php318,214,07 in revenue from march 9 to 17 because Smart
refused to receive calls from Sun Cellular."

Digital Telecommunications Philippines Inc., in its letter to
the Exchange dated March 30, 2005, stated that:

"We wish to confirm that Digitel indeed wrote to the national
telecommunications Commission (NTC) the high incidence of voice
call and SMS failures that our Company has been experiencing in
our voice and SMS interconnection links with SMART CMTS. As
stated in our letter to the NTC, Digitel Mobile estimated that
it may incur Php5.44M per month of loss revenue should the
problem continue."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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/


MIRANT PHILIPPINES: To Defer Plan Until Parent Exits Bankruptcy
---------------------------------------------------------------
Mirant Philippines Corporation has postponed its planned listing
at the Philippine Stock Exchange until its U.S. parent completes
bankruptcy proceedings in the U.S., Business World says.

Atlanta-based Mirant Corporation (Mirant) is expected to emerge
from bankruptcy this year. Until then, the Philippine unit will
have to wait for new developments before going public. Mirant
Philippines is also waiting for additional stability in the
stock market.

Mirant, which posted a net loss of US$410 million in 2004 from a
net loss of US$3.6 billion the previous year, expects to emerge
from bankruptcy in mid-2005. But the Company was still waiting
for a bankruptcy judge's ruling on its reorganization plan.

CONTACTS:

Mirant Corporation
1155 Perimeter Center West
Atlanta, GA 30338
Phone: 678-579-5000
Fax: 678-579-5001

Mirant in the Philippines
Mirant (Philippines) Corporation
CTC Building
2232, Roxas Boulevard,
1300 Pasay City
Metro Manila, Philippines
Telephone: 632 552 8000


NATIONAL BANK: Finance Sec Sees No Conflict in Shares Sale
----------------------------------------------------------
Finance Secretary Cesar V. Purisima said there will be no
conflict or controversies in the sale of Philippine National
Bank (PNB) despite the fact that the person in-charged of PNB's
privatization is related to one of Lucio Tan's financial
advisers, reports The Manila Bulletin.

The finance department's new undersecretary, Gabriel "Jay"
Singson, is handling government privatization. His father,
former Central Bank Governor Gabriel Singson is reportedly
leading the PNB sale for Mr. Tan's camp.

"I see no problem in that," Sec. Purisima told reporters. "Jay
and Governor Singson are two different people (leading)
different lives. I have full confidence in him."

The government is planning to sell its 45 percent stake in PNB
when the joint sale agreement between the Department of Finance
(DoF) and the Lucio Tan group expires on September 16.

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


NATIONAL POWER: Moody's Says Reform Issues May Affect Profile
-------------------------------------------------------------
Moody's Investors Service says, in a new report, that the slow
progress of power sector reform in the Philippines and the high
level of regulatory uncertainty will continue to pressure the
financial profiles of the country's major operators, National
Power Corporation (NPC, B1/stable) and Manila Electric Company
(Meralco, unrated), and in turn the ratings of the independent
power producers (IPPs).

Nevertheless, Moody's considers the current B ratings for the
IPPs as having incorporated such risks, and these companies are
well positioned at their rating levels, absent any material
adverse change in the regulatory environment.

The new report is entitled "Philippines Power Industry - Power
reform and regulatory risk continue to create uncertainty for
market players," and is authored by Kasemsak Charoensiddhi,
Analyst, based in Moody's Hong Kong office.

In addition to reform and the credit profiles of the major
operators and IPPs, the report looks at contract renegotiation
risk and the tighter medium-term outlook for power supply, and
compares the key features of the Philippines power sector with
those evident in Malaysia and Korea.

"The pace of reform remains slow more than 3 years after the
introduction of the Electric Power Industry Reform Act in 2001,"
says Charoensiddhi, adding, "Furthermore, the sector's
weaknesses continue to outweigh some of the progress achieved in
restructuring."

"In this context, one of the major problems is the financial
vulnerability of NPC and Meralco, which accounts for more than
50% of the total volume of electricity sales in the
Philippines," Charoensiddhi says. "The main reason behind the
weak state of their finances is the non-transparent and
unpredictable state of tariff regulation."

The Philippines high cost of power and the government's
imperative of balancing the interests of different parties
suggest that obtaining approval for tariff hikes to cover
escalating costs is not easy, the report says, adding this
situation is notwithstanding the presence of a cost pass-through
mechanism.

Furthermore, the ability of the courts to over-rule tariff hikes
approved by the Energy Regulatory Commission has inhibited the
latter's function as a quasi-judicial and independent regulatory
body.

The report goes on to say that while sustainable demand growth
will provide some support for the operating fundamentals of the
country's utility and distribution companies, such as NPC and
Meralco, their finances will stay overshadowed by the
uncertainty of tariff regulation.

It also says that regulatory risk in the Philippines is
considered high when compared to Malaysia and Korea, given
ongoing pressure to lower tariffs, government initiatives to
renegotiate IPP contracts, and court rejections of tariff
adjustments. For instance, the proposed lifting of value added
tax exemption by the Philippines government on IPPs - if passed
- could affect their cash flow.

CONTACT:

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


PHIL-ASIA CARE: SEC Warns Public of Non-Existent Plans
------------------------------------------------------
The Securities and Exchange Commission (SEC) has warned the
public against dealing with pre-need firm Phil-Asia Care Plans
Inc., The Philippine Star reports.

The SEC issued the warning after receiving reports that the
Company continues to solicit investments despite the permanent
cease-and-desist order (CDO) issued by the regulator. Phil-Asia
Care ceased operations due to illegal sale of securities.

Phil-Asia, formerly Consolidated Care Plans, has had no pre-need
plan available for sale since 1993 for failure to comply with
SEC requirements. It has had no dealers licensed since 1996 and
no authority to operate a branch. It was only authorized to
service existing planholders from Dec. 23, 1993.

Earlier findings by the SEC showed that between November 2000
and January 2002, Phil-Asia sold pre-need plans to a number of
individuals in violation of Section 16 of the Securities
Regulation Code, which requires registration of securities
before selling the same to the public.

The SEC's compliance and enforcement department is now looking
into the case.


PRICESMART INCORPORATED: Local Partners Favor Receivership
----------------------------------------------------------
Local minority shareholders of U.S.-based PriceSmart
Incorporated want to put the firm's Philippine unit PSMT
Philippines Inc. under receivership, according to The Manila
Standard.

PriceSmart's shareholders are asking the courts to take the lead
of their Guatemalan counterparts and place PSMT under
receivership for alleged irregularities.

Guatemalan courts have earlier placed the local subsidiary of
PriceSmart under receivership in response to the complaints of
minority shareholders that PriceSmart Guatemala SA was
"inappropriately charged with regard to various fees, expenses
and certain related matters".

PSMT shareholder William Go urges the local court to review the
PriceSmart Guatemala case, which is very similar to the
situation of PSMT. In a statement, Mr. Go said he is hoping this
latest development would bolster similar efforts by the Filipino
minority shareholders to kick out the PriceSmart-appointed
management led by PSMT president Benjamin Woods.

Mr. Go and his Company E-Class Corp have filed before the Pasig
Regional Trial Court Criminal cases against Mr. Woods and other
PriceSmart-appointed officers in PSMT for alleged illegal
disbursements and misappropriation of Company funds.  The
complaint includes a petition for the appointment of a receiver
and management committee to stop PSMT's financial drain due to
irregularities allegedly done by Mr. Wood's group.

CONTACT:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


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

ACCORD CUSTOMER: Requests for Lifting of Trading Halt
-----------------------------------------------------
Accord Customer Care Soln Ltd issued to the Singapore Stock
Exchange (SGX) a request for the lifting of trading halt
effective March 31, 2005 at 9:00 a.m.

Woo Kah Wai
Company Secretary
March 31, 2005


ACCORD CUSTOMER: Parties Failed to Agree on Undertaking
-------------------------------------------------------
The Board of Directors of Accord Customer Care Solutions Limited
refers to the announcement made to the Singapore Stock Exchange
(SGX) on March 7, 2005 in connection with the investment
agreement dated March 7, 2005 (Investment Agreement) with
Singapore Post Limited (Investor) for the proposed subscription
by the Investor of new ordinary shares of SG$0.025 each in the
capital of the Company (Investment).

All terms and definitions used herein are as defined in the
announcement made on March 7, 2005 in connection with the
Investment Agreement.

Pursuant to the terms of the Investment Agreement, each of
Accord Holdings Pte Ltd, Henry Tan Hor Thye, Ronnie Poh Tian
Peng and Victor Tan Hor Peow (the Founders) were to provide an
undertaking to the Investor that for a period of six (6) months
from the Tranche B Completion Date, they would not directly or
indirectly, offer, sell, contract to sell or otherwise dispose
of (or enter into any transaction which is designed to, or might
reasonably be expected to, result in the sale or disposition
(whether by actual sale or disposition or effective economic
sale or disposition due to cash settlement or otherwise)),
transfer, mortgage or otherwise dispose of any of the shares of
the Company (the Shares) directly or indirectly held by them as
at the date of the Investment Agreement.

Each of the Founders were also to provide an undertaking to the
Investor that for a period of two (2) years from the Tranche B
Completion Date, the Investor would have a first right of
refusal over any proposed sale of any of their Shares directly
or indirectly held by them as at the date of the Investment
Agreement.

Furthermore, each of the Founders, 2G Capital Pte Ltd, M-
Commerce Ventures Pte Ltd and PLE Investments Pte Ltd (the
Substantial Shareholders) were to provide an undertaking to the
Investor that it shall vote and/or procure the vote of all
Shares directly or indirectly held by them as at the date of the
Investment Agreement in favor of the resolution to be passed at
an extraordinary general meeting of the Company to be held in
connection with the proposed issue and allotment of the Tranche
B Shares to the Investor.

The Substantial Shareholders hold in aggregate 441,314,900
Shares representing approximately 45.9% of the issued share
capital of the Company.

The abovementioned undertakings to be provided by each of the
Founders, 2G Capital Pte Ltd, M-Commerce Ventures Pte Ltd and
PLE Investments Pte Ltd (the Undertakings) were required to be
delivered to the Investor on the completion of the subscription
of the Tranche A Shares.

Pursuant to the terms of the Investment Agreement, completion of
the subscription of the Tranche A Shares (Tranche A Completion)
was to have taken place on the date falling three (3) market
days after the date of in-principle approval from the Singapore
Exchange Securities Trading Limited for the listing of the
Tranche A Shares, such date being March 29, 2005.

Following the execution of the Investment Agreement, the
Investor had raised its concerns that some of the Shares that
are subject to the Undertakings to be provided at Tranche A
Completion had been pledged.

Despite the efforts of ACCS to address the Investor's concerns
and the numerous discussions and meetings between the management
of ACCS and the Investor, both parties could not reach an
agreement on revisions to be made to some of the Undertakings.

Accordingly, Tranche A Completion was not proceeded with as per
the terms of the Investment Agreement. It is noted that the
Investor will not be subscribing for any Tranche A Shares or
Tranche B Shares. Neither the Investor nor its advisers had
commenced due-diligence on the Company and its subsidiaries.

At the time of the entry by the Company into the Investment
Agreement, several parties had expressed an interest in taking a
strategic shareholding in the Company. Certain of these parties
have continued to express their interest in the Company even
subsequent to the Investment Agreement. The Company's financial
adviser will now continue its communications with such parties.
The Company will make such announcements as and when any
material developments arise in this respect.

By Order of the Board
Woo Kah Wai
Company Secretary
March 31, 2005
Singapore


CHINA AVIATION (S): Files Affidavit to Contest SK Petition
----------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd advised the
Singapore Stock Exchange (SGX) that it has filed an Affidavit in
the Singapore High Court to contest the Judicial Management
Petition (JM Petition) filed by SK Energy Asia Pte Ltd (SKEA).

In the Affidavit of Mdm Gu Yanfei filed on behalf of the Company
Wednesday, the Company disagreed with SKEA's grounds for placing
the Company under judicial management. In addition, the Company
gave an update of the progress of the Company's debt
restructuring exercise thus far, as well as its discussions with
the creditors.

The hearing of SKEA's Petition will be heard today, April 1,
2005 at 10:00 a.m. in the High Court of Singapore. The Company
will make a further announcement after the Court hearing today.


COMMUNICATIONS 2000: Court to Hear Winding Up Petition Today
------------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Communications 2000 (S) Pte. Ltd. by the High Court was, on
March 10, 2005 presented by United Overseas Bank Limited of 80
Raffles Place, UOB Plaza, Singapore 048624, a Creditor.

The Petition is to be heard before the Court sitting at the High
Court at 10.00 o'clock in the forenoon today, April 1, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose.

A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is 80 Raffles Place, UOB Plaza,
Singapore 048624.

The Petitioner's Solicitors are Rajah & Tann of 4 Battery Road,
#15-01 Bank of China Building, Singapore 049908

Dated this 11th day of March 2005.

Rajah & Tann
Petitioner's Solicitors

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the abovenamed Rajah & Tann,
the Petitioner's Solicitors, notice in writing of his intention
to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12 o'clock noon of
March 31, 2005 (the day before the day appointed for the hearing
of the Petition).


MARCOBILT DEVELOPERS: To Undergo Voluntary Liquidation
------------------------------------------------------
At an Extraordinary General Meeting of Marcobilt Developers
Pte Ltd duly convened pursuant to Section 179 (6) of the
Companies Act, Cap. 50 on March 17, 2005, the following
resolutions set out below were duly passed:

SPECIAL RESOLUTIONS:

Resolved

(a) That the Company be wound up voluntarily pursuant to Section
290 (1) (b) of the Companies Act, Cap. 50, and that Messrs
Steven Tan Chee Chuan and Douglas Tan Kay Yeow of 138 Cecil
Street #15-00, Cecil Court, Singapore 069538, be and are hereby
appointed as Joint Liquidators for the purpose of such winding-
up;

(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests; and

(c) That the Liquidators of the Company be and are hereby
authorised to exercise any of the powers given by Section 272
(1) (b), (c), (d) and (e) of the Singapore Companies Act, Cap.
50.

ORDINARY RESOLUTION:

Resolved

That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up of the
Company on their normal scale of fees and that the Liquidators,
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in execution and discharge of their duties in relation thereto.

Pauline Tham Su Mei
Director
Dated this 24th March 2005


OVERSEA-CHINESE: Unit Faces Voluntary Winding Up Process
--------------------------------------------------------
At an Extraordinary General Meeting of Provident Securities
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.


OVERSEA-CHINESE: Shareholders Agree to Wind Up Company
------------------------------------------------------
At an Extraordinary General Meeting of OCF Investments 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.


WP LORONG: Members Pass Resolution to Cease Ops
-----------------------------------------------
At an Extraordinary General Meeting of WP Lorong Matan Holdings
Pte Ltd (In Creditors' Voluntary Liquidation) duly convened and
held at 50 Raffles Place, #16-06 Singapore Land Tower, Singapore
048623 on March 18, 2005 at 9:00 am, the following Resolutions
were duly passed:

SPECIAL RESOLUTION

(1) That the Company cannot by reason of its liabilities
continue its business and accordingly the Company be wound up
voluntarily.

ORDINARY RESOLUTION

(2) That Timothy James Reid of Ferrier Hodgson of 50 Raffles
Place, #16-06 Singapore Land Tower, Singapore 048623 to act as
Liquidator for the purpose of such winding up and that his
remuneration be based on his normal scale rates and be paid out
of the Company assets at the end of every quarter after the
commencement of liquidation.

Dated 24th day of March 2005.

Chin Hay Min
Director
Thursday, March 24, 2005


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

HANTEX: Appointed as Planner to Draw Up Rehab Plan
--------------------------------------------------
The Board of directors of Hantex Public Company Limited (HTX)
unveiled to the Stock Exchange of Thailand (SET) the resolutions
passed during its meeting no. 03/2548 held on March 29, 2005:

(1) The Company shall be the planner to draw up rehabilitation
plans as per rules and regulations stipulated by the Stock
Exchange of Thailand (SET) and authorize Mr. Monchai
Pongstabadee, who is the Chairman of the Executive Board, to
prepare schedules and information and provide the SET with a
schedule for implementing its decisions within April 18, 2005.

(2) Appoint Seamico Securities Public Company Limited as
independent financial advisor (IFA) to study and to advise the
Management of the Company to prepare the plans as per rules and
regulations stipulated by the SET.

Please be informed accordingly.

Sincerely yours,
Mr. Monchai Pongstabadee
Director

CONTACT:

Hantex Public Co., Ltd.
170/9-10 4th Fl. Ocean Tower I Bldg.,
Rachadapisek Rd., Klongtoey,
Bangkok 10110 Thailand
Phone: 022612814-20,2612824-6
Fax:  022612822


THAI GERMAN: Detects Error in Financial Statement
-------------------------------------------------
On March 1, 2005, Thai-German Products Public Company Limited
(TGPRO) submitted its financial statements for the year ended
December 31, 2004. TGPRO had detected error on registered share
capital of shareholders equity on balance sheets, statement of
changes in shareholders equity and note to financial statements
No.15 from THB341,666,667 to THB383,129,943.

The registered share capital error does not affect the balance
sheets or other financial statements.  TGPRO will resubmit new
financial statements.

Yours faithfully,
Apinun Ratchatasombat

For more information, click
http://bankrupt.com/misc/tgproe1.doc
http://bankrupt.com/misc/TGPROE2.XLS
http://bankrupt.com/misc/TGPROE3.XLS

CONTACT:

Thai-German Products Pcl
99 Huaypong-Nongbon Road,
Tambol Huaypong, Amphur Muang Rayong
Telephone: 0-3868-4901-5
Fax: 0-3868-4906
Web site: http://www.tgpro.co.th


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613     (-5.15)      18.72
Informatics Holdings Ltd         INFO       26.82      62.92
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16


INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99

JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92
YCS Corporation Bhd             YCS         28.34      160.27

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46
Informatics Holdings Ltd         INFO        26.82      62.92

THAILAND
--------

Asia Hotel PCL                  ASIA       (-26.62)      96.21
Asia Hotel PCL                  ASIA/F     (-26.62)      96.21
Bangkok Rubber PCL              BRC        (-41.29)      80.14
Bangkok Rubber PCL              BRC/F      (-41.29)      80.14
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
National Fertilizer PCL         NFC        (-91.34)     293.84
National Fertilizer PCL         NFC/F      (-91.34)     293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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