TCRAP_Public/050405.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

             Tuesday, April 5, 2005, Vol. 8, No. 66

                            Headlines

A U S T R A L I A

A.H. TWEDDLE: To Hold Final Meeting April 12
AIR ELECTRICS: Final Meeting Slated for April 7
ALFRED YEOVIL: Sets April 9 as Date of Final Meeting
APOLLO MANAGEMENT: Sets April 8 as Date of Final Meeting
BRUNO FESTA: Members Pass Winding Up Resolution

EMLEED PTY: To Hear Liquidator's Account on Manner of Winding Up
FRASER MINE: Appoints Liquidator for Winding Up Purposes
GEPOFA PTY: Fixes Date of Final Meeting on April 6
G.J. HARRISON: Lays Out Final Meeting Agenda
GYMPIE FRUIT: Final Meeting Set April 8

HOTEL MANAGEMENT: Liquidator to Lay Final Report on Winding Up
ION LIMITED: Fuels Engine Parts Shortage
KNOXFIELD BONING: To Hear Liquidator's Report at Meeting
KURRAJONG PTY: Names Liquidator from Ferrier Hodgson
LOCKINGTON INVESTMENTS: To Declare Final Dividend April 26

MATRIX OIL: Members, Creditors to Meet April 5
MACKENZIE RIVER: To Pay Creditors' Dividend April 12
MULTIPLEX: Wins AU$392-Mln Dubai Deal
NATIONAL AUSTRALIA: Faces Fresh Litigation by Idoport
PACMIN CORPORATION: Hires Liquidator to Wind Up Company

PEARCE BROS: Members to Meet April 8
QANTAS AIRWAYS: Passenger Figures Dip 76.1%
SECURITY DEPOSIT: Fixes Final Meeting April 15
SEVAKE PTY: Members Agree to Wind Up Company
WALTER CONSTRUCTION: Employees Fear Lost Entitlements
* ASIC Bans NSW Director for Five Years


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Fraud Charge Hits Bank
BANK OF CHINA: Launches First JCB Brand Card in China
CREATE BILLION: Slated for Winding Up May 11
EAST SECTOR: Winding Up Hearing Set for May 4
HAVE MORE: Winding Up Hearing Date Fixed May 11

HILLS ENGINEERING: To Emerge from Bankruptcy on September 5
IA NETWORKING: Enters Winding Up Proceedings
LAM FUNG: Exits Bankruptcy
SHANXI CENTRAL: Bourse to Cancel Listing on April 6
SHUN QUN: Court Begins Bankruptcy Proceedings

TIANJIN TEDA: 2004 Operating Loss Narrows to RMB15.9 Mln
VASO INTERNATIONAL: Court to Hear Winding Up Petition on May 4
WAYSIN INTERNATIONAL: Schedules Winding Up Hearing on May 11


I N D O N E S I A

PERTAMINA: Uses IT to Wipe Out Corruption, Inefficiency


J A P A N

OKUNIKKO KONISHI: IRCJ Reaches Debt Purchase Agreement
MATSUSHITA ELECTRIC: To Settle Plasma Patent Dispute With LG
MITSUBISHI MOTORS: Releases March U.S. Sales
MITSUBISHI MOTORS: Canada Sales Surge 13.4%
OSAKA KOCHI: Files for Bankruptcy

RINKU GATE: Starts Reorganization Proceedings
RINKUGETOTAWABIRU K.K.: Enters Bankruptcy
SEIKO EPSON: METI Authorizes Business Restructuring Plan
SUMITOMO MITSUI: Seeking JPY184 Bln in Aid from Banks
TOKYO FASHION: Commences Civil Rehabilitation Proceedings


K O R E A

HYNIX SEMICONDUCTOR: Seeks Early Exit from Debt Workout
JINRO LIMITED: Picks Hite Brewery as Preferred Bidder
ORION ELECTRIC: Creditor Opposition May Abort Sale


M A L A Y S I A

AKTIF LIFESTYLE: Still Seeking to Regularize Financial Status
AYER HITAM: Hunts Potential White Knight
CYGAL BERHAD: Posts Monthly Status Update
FORESWOOD GROUP: No Change in Restructuring Status
JASATERA BERHAD: Moves to Avert Delisting

JIN LIN: SC Has Yet to Approve Proposed Restructuring
K.P. KENINGAU: Strikes Deal with Gabungan Cendawan
LION CORPORATION: Redeems Bonds, Repays Debt on April 1
MENTIGA CORPORATION: Awaits SC Approval of Revised Proposals
MYCOM BERHAD: Sees No Change in Restructuring Plan

OCEAN CAPITAL: In Talks with Probable White Knight
OLYMPIA INDUSTRIES: No Developments in Restructuring Scheme
PAN PACIFIC: Proposed Restructuring Scheme Pending Approval
PARK MAY: Court Approves Shareholders' Meeting
SATERAS RESOURCES: Seeks Extension to Complete Restructuring

SETEGAP BERHAD: Updates Monthly Status of Restructuring Plan
WCT ENGINEERING: Unit Serves Writ of Summons on Maju Holdings


P H I L I P P I N E S

COLLEGE ASSURANCE: Taps European Firm to Help Boost Capital
DIGITAL TELECOMMUNICATIONS: Stockholders' Meeting Set May 30
MANILA ELECTRIC: Intensifies Safety Campaign
MAYNILAD WATER: Civic Groups Call for Rates Rollback
NATIONAL BANK: Tan, Government Start Talks to Keep Status Quo

NATIONAL ELECTRIFICATION: Back to Black in 2004
PHILIPPINE LONG: Fitch Places Local Currency Rating on Watch
PHILIPPINE LONG: To Offer Advanced MPLS Network Solutions
PHILIPPINE TELEGRAPH: Clarifies Tax Evasion Case Report
PILIPINO TELEPHONE: Vows to Shoulder VAT Rate Hike

PRICESMART INCORPORATED: Top Local Execs Face Estafa Case


S I N G A P O R E

ACCORD CUSTOMER: Replies to SGX-ST Query on Price Share Hike
CHINA AVIATION (S): Court Adjourns SK Petition for One Week
DYNASTY CITY: Receiving Proofs of Debt, Claim Until April 15
GREATRONIC LIMITED: CEO Dissatisfied on How Company was Handled
HOCK BEE: Issues Notice of Dividend

SEATOWN CORPORATION: Releases Monthly Default Update
SEATOWN CORPORATION: Members Reject 5th Resolution at AGM
SUNWAY BUSINESS: Passes Resolution to Wind Up Company
SUNWAY WORKFLOW: Hires Liquidator for Winding Up Purposes


T H A I L A N D

KRUNG THAI: President Mulls Sanction Against Bank Executives
PREECHA GROUP: Board Agrees to Invest in P. Leasing Shares
TANAYONG: Forms Committee of Creditors
BOND PRICING: For the Week 04 April to 08 April 2005

     -  -  -  -  -  -  -  -     

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

A.H. TWEDDLE: To Hold Final Meeting April 12
--------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that the final meeting of the Members of
A.H. Tweddle Investments Pty. Ltd. (In Liquidation) A.C.N. 004
742 689 will be held at the offices of Romanis Cant, Chartered
Accountants, 2nd Floor, 106 Hardware Street, Melbourne at 9:15
a.m. on Tuesday, April 12, 2005 for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 1st day of March 2005

Anthony R. Cant
Liquidator
2nd Floor, 106 Hardware Street,
Melbourne Vic 3000


AIR ELECTRICS: Final Meeting Slated for April 7
-----------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of members and creditors
of Air Electrics Pty Ltd (In Liquidation) will be held in the
Meeting Room, HLB Mann Judd, Chartered Accountants, Level 1, 160
Queen Street, Melbourne on April 7, 2005 at 10:00 a.m.

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

Dated this 28th day of February 2005

C. P. White
Liquidator


ALFRED YEOVIL: Sets April 9 as Date of Final Meeting
----------------------------------------------------
Notice is hereby given that in accordance with Section 509 of
the Corporations Act, a Final General Meeting of Alfred Yeovil
Pty Ltd A.C.N. 009 809 536 will be held at the Offices of the
Liquidator, Suite 12 Portman Place, 220 Boundary Street, Spring
Hill, Qld 4000 on April 9, 2005 at 10:00 a.m. for the purpose of
laying before the meeting, accounts showing how the winding up
has been conducted and the property of the Company disposed, and
giving any explanation thereof.

Dated this 23rd day of February 2005

Kenneth Scott Finlayson
Liquidator


APOLLO MANAGEMENT: Sets April 8 as Date of Final Meeting
--------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members of Apollo
Management Pty Ltd (In Voluntary Liquidation) A.C.N. 005 724 194
will be held at the offices of Bruce Mulvaney & Co, 1st Floor,
613 Canterbury Road, Surrey Hills on April 8, 2005 at 10:00 a.m.
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanation that may be given by the liquidator.

Dated this 28th day of February 2005

Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127


BRUNO FESTA: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is given that at a special general meeting of Bruno Festa
Financial Services Pty Ltd A.C.N. 052 243 240 duly convened and
held on February 16, 2005, the following special resolution was
duly passed:

(1) That the Company be wound up voluntarily.

(2) That Domenico Festa be appointed liquidator in members
voluntary winding up of the Company.

Dated this 16th day of February 2005

Bruno Festa
Director


EMLEED PTY: To Hear Liquidator's Account on Manner of Winding Up
----------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members of Emleed
Pty Ltd (In Voluntary Liquidation) A.C.N. 008 186 276 will be
held at the offices of Bruce Mulvaney & Co, 1st Floor, 613
Canterbury Road, Surrey Hills on April 8, 2005 at 10:20 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanation that may be given by the liquidator.

Dated this 28th day of February 2005

Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127


FRASER MINE: Appoints Liquidator for Winding Up Purposes
--------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Fraser Mine Management Pty Ltd (In Liquidation)
A.C.N. 008 169 435 held on February 24, 2005, it was resolved
that the Company be wound up voluntarily and at a meeting of
creditors held on the same day it was resolved that for such
purpose, Garry Trevor, Andrew Love and Darren Weaver of Ferrier
Hodgson, Chartered Accountants, Level 26, 108 St George's
Terrace, Perth WA 6000 be appointed Joint & Several Liquidators.

Dated this 24th day of February 2005

Garry Trevor
Joint and Several Liquidator of Fraser Mine
Management Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000


GEPOFA PTY: Fixes Date of Final Meeting on April 6
--------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Gepofa
Pty Ltd (In Liquidation) A.C.N. 000 574 836 will be held at the
offices of PMK Partners, Chartered Accountants, Suite 40,
Victoria Park Estate, 8 Victoria Avenue, Castle Hill, NSW, 2153
on April 6, 2005 at 9:00 a.m. for the purpose of laying before
the meeting the liquidator's final account and report and giving
any explanation thereof.

Dated this 21st day of February 2005

RICHARD VENN PICKERING
Liquidator
PMK Partners
Chartered Accountants
Suite 40, Victoria Park Estate,
8 Victoria Avenue,
Castle Hill NSW 2153


G.J. HARRISON: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is given that a final meeting of members and creditors of
G.J. Harrison Pty Ltd (In Liquidation) A.C.N. 004 383 680 will
be held at the offices of CJL Partners Pty Ltd, Level 3, 180
Flinders Lane, Melbourne, 3000 at 11:00 a.m. and 11:30 a.m.
respectively on Friday, April 8, 2005.

AGENDA

To lay before the meeting a final account of the Liquidators'
acts and dealings and of the conduct of the winding up.

Dated this 1st day of March 2005

Richard J. Cauchi
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773


GYMPIE FRUIT: Final Meeting Set April 8
---------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act the final meeting of the members of Gympie Fruit And
Vegetable Growers Limited (In Voluntary Liquidation) A.C.N. 087
855 589 will be held in the meeting room of SimsPartners, Level
11, 145 Eagle Street, Brisbane on April 8, 2005 at 10:00 a.m.

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

(2) Any other business.

Dated this 25th day of February 2005

Ray Richards
Liquidator
SimsPartners
Level 11, 145 Eagle Street,
Brisbane Qld 4000
Telephone: (07) 3831 2700


HOTEL MANAGEMENT: Liquidator to Lay Final Report on Winding Up
--------------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Hotel
Management Services Pty Ltd (In Liquidation) A.C.N. 004 861 027
will be held at the offices of Charman Partners, Suite 4, 10-12
Chapel Street, Blackburn on April 12, 2005 at 9:00 a.m. in the
forenoon for the purpose of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 1st day of March 2005

Paul Anton Tierney
Liquidator
Charman Partners
Suite 4, 10-12 Chapel Street,
Blackburn 3130


ION LIMITED: Fuels Engine Parts Shortage
----------------------------------------
The collapse of auto parts manufacturer ION Limited has hurt
operations of Australia's carmakers such as Germany's Robert
Bosch group and Holden, the Sydney Morning Herald reports.

Automotive firm Bosch will be forced to rely more on imported
parts as the effects of ION's collapse continue to spread.

Holden is, likewise, scrambling to find an offshore supplier of
parts for V6 engines after ION administrator, Collin Nicol of
McGratNicol+Partners, ordered to shut down the ailing Wingfield
aluminum casting facility in July.

Bosch has been using upper and lower manifolds from Wingfield
for its air intake sub-assembly, which is then delivered to
Holden for installation on the V6 engine.

There were other manufacturers in Australia doing similar
castings but Bosch doubted they would be able to handle the
volumes it required.

Bosch finance director Martin Ziegler admitted Bosch has had
concerns about ION's Wingfield plant right from the start.

"Wingfield was a greenfield site. That was basically the
problem," he said.

CONTACT:

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


KNOXFIELD BONING: To Hear Liquidator's Report at Meeting
--------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of members and creditors
of Knoxfield Boning Pty Ltd (In Liquidation) A.C.N. 064 922 710
will be held in the Meeting Room, HLB Mann Judd, Chartered
Accountants, Level 1, 160 Queen Street, Melbourne on April 8,
2005 at 10:00 a.m.

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

Dated this 1st day of March 2005

P. Newman
Liquidator


KURRAJONG PTY: Names Liquidator from Ferrier Hodgson
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Kurrajong Pty Ltd (In Liquidation) A.C.N. 009 206
571 held on February 24, 2005, it was resolved that the Company
be wound up voluntarily and at a meeting of creditors held on
the same day it was resolved that for such purpose, Garry
Trevor, Andrew Love and Darren Weaver of Ferrier Hodgson,
Chartered Accountants, Level 26, 108 St George's Terrace, Perth
WA 6000 be appointed Joint & Several Liquidators.

Dated this 24th day of February 2005

Garry Trevor
Joint and Several Liquidator of Kurrajong Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000


LOCKINGTON INVESTMENTS: To Declare Final Dividend April 26
----------------------------------------------------------
A first and final dividend is to be declared on April 26, 2005
in respect of Lockington Investments Pty Ltd (In Liquidation)
A.C.N. 083 141 502.

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

Dated this 28th day of February 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: (03) 9882 6666


MATRIX OIL: Members, Creditors to Meet April 5
----------------------------------------------
Notice is given that a final meeting of the members and
creditors of Matrix Oil (Glagah Kambuna) Pty Ltd (In
Liquidation) A.C.N. 094 542 926 will be held at the offices of
Pitcher Partners, 10 Ord Street, West Perth on Tuesday, April 5,
2005 at 11:00 a.m.

AGENDA

(1) To consider the matters raised in the Liquidators' Final
Circular to Members and Creditors.

(2) To consider and if thought fit, approve the Liquidators'
account of receipts and payments for the period of the
Liquidation.

(3) To approve the early destruction of books and records of the
Company subject to the approval of the Australian Securities and
Investments Commission.

(4) To consider any other matter.

Dated this 24th day of February 2005

Vincent Smith
Joint and Several Liquidator


MACKENZIE RIVER: To Pay Creditors' Dividend April 12
----------------------------------------------------
A final dividend is to be declared on April 12, 2005 for
Mackenzie River Bulkhaul Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 083 678 791.

Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 28th day of February 2005

Michael Peldan
Deed Administrator
Worrells
Solvency & Forensic Accountants
8th Floor, 102 Adelaide Street,
Brisbane Qld 4000
Web Site: http://www.worrells.net.au


MULTIPLEX: Wins AU$392-Mln Dubai Deal
-------------------------------------
Multiplex Group has recently won AU$392-million worth of
contracts to build 12 residential towers and 58 townhouses and
villas in Dubai, Dow Jones Newswires reports.

The firm's unit, Nasa Multiplex, has also been awarded the first
phase of a construction management role in the Hircon Tower, an
89-storey residential project in the new Dubai marina.

The residential towers are within the Burj Dubai Residences
Development and the Dubai Marine Development where Multiplex is
currently building nine residential towers. The new construction
projects include the design and construction of the towers and
townhouses and associated podium, parking, landscaping and
facilities.

CONTACT:

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


NATIONAL AUSTRALIA: Faces Fresh Litigation by Idoport
-----------------------------------------------------
Idoport Pty Limited (Idoport) on Friday initiated fresh
proceedings against the National Australia Bank Limited and its
subsidiary National Markets Group Limited (NMG), related to an
agreement with NMG and an associated guarantee from the NAB,
according to PRNewswire.

The proceedings seek payment of amounts currently due by NMG and
NAB under the agreement and guarantee, which requires NAB and
certain of its subsidiaries to make annual payments to Idoport
dependent upon their financial performance. The proceedings also
seek declarations as to future payment obligations.

Idoport also announced that Portsmouth Partners LLC, an indirect
wholly owned subsidiary of Elliott Associates, L.P., a private
investment firm, now holds a strategic interest in Idoport as a
significant minority shareholder.

Idoport Pty Limited is a privately owned Company founded in
1996. Elliott Associates, L.P., and its sister fund, Elliott
International, L.P., have more than US$4 billion of capital as
of January 2005. The Elliott funds' investors include large
institutional investors, high net worth individuals and
families, and employees of the firm.

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/


PACMIN CORPORATION: Hires Liquidator to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Pacmin Corporation Pty Ltd (In Liquidation) A.C.N.
074 276 314 held on February 24, 2005, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Garry Trevor, Andrew Love and Darren Weaver of Ferrier Hodgson,
Chartered Accountants, Level 26, 108 St George's Terrace, Perth
WA 6000 be appointed Joint & Several Liquidators.

Dated this 24th day of February 2005

Garry Trevor
Joint and Several Liquidator of PacMin Corporation
Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000


PEARCE BROS: Members to Meet April 8
------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members of Pearce
Bros Pty Ltd (In Voluntary Liquidation) A.C.N. 007 541 942 will
be held at the offices of Bruce Mulvaney & Co, 1st Floor, 613
Canterbury Road, Surrey Hills on April 8, 2005 at 10:10 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanation that may be given by the liquidator.

Dated this 28th day of February 2005

Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127


QANTAS AIRWAYS: Passenger Figures Dip 76.1%
-------------------------------------------
Qantas Airways Limited on Monday released its traffic and
capacity figures for February 2005, Egoli News says.

Total domestic traffic for Qantas, Qantaslink and Jestar
measured in Revenue Passenger Kilometres (RPKs) grew by 8.4
percent, while capacity, measured in Available Seat Kilometers
(ASKs) climbed by 9.6 percent. This resulted in a revenue seat
factor of 76.1 percent, 0.9 percentage points lower than for
February 2004.

Total International RPKs for Qantas and Australian Airlines
increased by 2.1 percent in February 2005, while ASKs increased
by 4.5 percent over the same period. The resulting revenue seat
factor of 76 percent was 1.7 percentage points lower than the
previous year.

Total International yield excluding exchange for the financial
year to February increased by 3.8 percent when compared with the
same period last year.

Total International revenue seat factor decreased by 3.7
percentage points to 75.9 percent over the same period.

February Group, comprising Qantas Domestic, QantasLink, Jetstar,
Qantas International and Australian Airlines passenger numbers
increased by 7.1 percent over the previous year. RPKs increased
by 4%, while ASKs were up 6.1 percent, resulting in a revenue
seat factor of 76 percent, which was 1.5 percentage points lower
than the previous year.

Total Domestic revenue seat factor for the financial year to
February 2005 decreased by 1.1 percentage points to 79 percent
when compared with year to date February 2004, while total
Domestic yield excluding exchange decreased by 4.2 percent over
the same period.

Group passenger numbers for the year to February 2005 increased
by 9 percent from the previous year. RPKs increased by 7.6
percent, while ASKs increased by 11.8 percent, resulting in a
revenue seat factor of 76.8 percent, 3 percentage points lower
than the previous year.

For a copy of Qantas Airways' complete February 205 Traffic
Figures, click on:
http://bankrupt.com/misc/tcrap_qantasairways040405.pdf

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


SECURITY DEPOSIT: Fixes Final Meeting April 15
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a combined Annual General Meeting and Final Meeting of
the Members and Creditors of Security Deposit Boxes Australia
Pty Ltd (In Liquidation) A.C.N. 057 411 319 will be held in the
Boardroom of Jessup & Partners, 1st Floor 488 Mulgrave Road
Earlville Qld on April 15, 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, the property of the Company
has been disposed of, and to receive any explanation required
thereof.

(2) To approve the remuneration of the Liquidator.

(3) Any other business.

Dated this 28th day of February 2005

I. D. Jessup
Liquidator


SEVAKE PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Sevake Pty Ltd (In Liquidation) A.C.N. 002 772 223
held on February 24, 2005, it was resolved that the Company be
wound up voluntarily and at a meeting of creditors held on the
same day it was resolved that for such purpose, Garry Trevor,
Andrew Love and Darren Weaver of Ferrier Hodgson, Chartered
Accountants, Level 26, 108 St George's Terrace, Perth WA 6000 be
appointed Joint & Several Liquidators.

Dated this 24th day of February 2005

Garry Trevor
Joint and Several Liquidator of Sevake Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000


WALTER CONSTRUCTION: Employees Fear Lost Entitlements
-----------------------------------------------------
Former employees of failed Walter Construction Group fear they
will not receive their entitlements after German banks moved to
recover their losses, according to Northern Territory News.

About 400 employees from the collapsed firm had expected top get
redundancy payments from remaining funds. But the workers
believe payouts were now unlikely since Deutsche Bank and
Bayerische Landesbank had tried to secure cash.

Nevertheless, employee representative Michael Walsh had been
assured their redundancies would be given priority.

Walter Construction called in administrator from Korda Mentha
last month when its German parent, Walter Bau AG, filed for
insolvency over credit issues.


* ASIC Bans NSW Director for Five Years
---------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Santo Rapisarda of West Hoxton, New South Wales, from
managing companies for five years.

ASIC banned Mr. Rapisarda for the maximum period permissible
under the law, after finding that he had been a director of 15
companies which had been placed into liquidation within the last
seven years while he was an officer, or within 12 months of him
being an officer of the companies. These companies were
connected to the construction and crane hire industries.

ASIC's investigation revealed that in total, the companies owed
in excess of AU$2.5 million in unremitted group tax, over
AU$300,000 in state payroll and land tax, and over AU$800,000 to
other creditors.

ASIC found that Mr. Rapisarda's conduct included breaches of
provisions of the Corporations Act 2001 (the Act) relating to
directors duties, the requirement to keep proper books and
records, and the requirement to assist in the orderly and proper
winding up of companies in the interest of creditors, and that
these breaches constituted serious misconduct.

ASIC's Deputy Executive Director of Enforcement, Mr. Allen
Turton, said ASIC took the action in the public interest in
protecting against present and future misuse of the corporate
structure.

"ASIC will continue to take action against Company officers who
fail to comply with their legal obligations under the Act and in
doing so, put the public and business community at risk," he
added.

Mr. Rapisarda has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.


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

BANK OF CHINA: Fraud Charge Hits Bank
-------------------------------------
The Bank of China (BOC) confirmed that a loan manager in Beijing
was arrested in connection with a CNY640 million (US$77 million)
property-loan fraud, Taipei Times reports.

Beijing Huayunda Real Estate Development Co. borrowed money from
the Beijing branch between 2000 and 2002 for its Senhao
Apartments project using fake documents, bank spokesman Wang
Zhaowen said.

The bank fired Mr. Xu Weilian, a deputy chief manager of the
Beijing branch's retail loans sector, which offered the loans.
Mr. Xu was later arrested.

The latest corruption revelation comes as China's biggest four
state banks are preparing to go public and need to convince
investors that bad loans and poor management are features of the
past.

Bank of China, China Construction Bank and Agricultural Bank,
three of the Big Four, have been implicated the past two weeks
in fraud cases involving more than US$28 million, according to
reports by the Xinhua News Agency and the China Banking
Regulatory Commission.

BOC, which reorganized into a shareholding Company in 2004, is
seeking strategic foreign investors before listing overseas, as
early as this year.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


BANK OF CHINA: Launches First JCB Brand Card in China
-----------------------------------------------------
Bank of China announced the April launching of a JCB branded
credit card in China, Pressreleasenetwork.com reports.

The new Chinese JCB card, to be issued through the Bank of China
(BOC), marks the first JCB international credit card to be
issued in China in partnership with a Chinese bank.

BOC and JCB International signed a license agreement in June
2004. The Chinese government has now granted permission to BOC
to issue credit cards, thus paving the way for the launch of the
new card in April.

The new BOC JCB Card, denominated dual-currency settlement in
renminbi (RMB) and Japanese yen, is issued in both Standard and
Gold, and is targeted at Chinese business travelers, tourists,
students and others who reside and travel frequently in China or
abroad on business or pleasure. The card carries worldwide
acceptance through JCB's 12.2 million merchant network located
in 190 countries and territories. Cardmember services provided
by the JCB brand include access to JCB Plaza customer service
centers in 31 popular destinations around the world as well as a
wide variety of other value-added benefits.

The newly issued BOC JCB card design itself is innovative and
features motifs of the two country's traditional performing
arts, China's Beijing opera and Japan's kabuki.

JCB has partnered with prestigious financial institutions in
China for merchant services including BOC since 1982, to meet
increasing demand from JCB cardmembers who travel to and within
China. Dramatic growth in the Chinese economy and the openings
of the Beijing Olympics in 2008 and the Shanghai World Expo in
2010 indicate that the Chinese market is one of the largest
potential credit card markets in the world. In anticipation of
this growth, JCB has been focusing on expanding relationships
with licensee issuers in China in order to establish a business
base for the JCB brand.

JCB's 40-year experience as a proprietary card issuer in Japan
coupled with BOC's technical knowledge and well-established
local operations will contribute to the creation of high-quality
and beneficial services for JCB cardmembers in China. JCB and
BOC are targeting 100,000 cardmembers in the first year alone
through active promotion of the new BOC JCB Card.

JCB is currently working with other leading Japanese partners in
China to develop new services for JCB cardmembers in China.
Examples include offering discounted package prices for tours in
Japan from JTB Corporation and special deals on mobile phone
rental in Japan from NTT DoCoMo, Inc. Exclusive services such as
these provided in cooperation with partners are a significant
element in the JCB brand value proposition.

JCB is an international credit card brand and the largest card
issuer and acquirer in Japan. JCB launched its card business in
Japan in 1961 and began expanding overseas in 1981. Its merchant
network includes 12.2 million merchants and spans 190 countries
and territories. JCB cards are now issued in 18 countries and
territories, with 53.6 million card members. As part of its
international growth strategy, JCB has formed alliances with
more than 320 leading banks and financial institutions globally
to increase merchant coverage and card member base. JCB's
corporate philosophy of "Service from the heart", a commitment
to responsive and high-quality service, continues to guide it as
it creates the future together with its customers, merchants and
partners. For further information, please visit the JCB
homepages at www.jcb-global.com/english or
www.jcbinternational.com.

CONTACT:

JCB Co. Ltd.
5-1-22 Minami Aoyama
Minato-ku
Tokyo 107-8686 JAPAN


CREATE BILLION: Slated for Winding Up May 11
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Create Billion Limited by the High Court of Hong Kong Special
Administrative Region was on March 10, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 2005.

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

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

Ford, Kwan & Company
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza, 77 Mody Road
Kowloon, Hong Kong
Tel: 2366 0688
Fax: 2722 0736

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.


EAST SECTOR: Winding Up Hearing Set for May 4
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
East Sector International Limited by the High Court of Hong Kong
Special Administrative Region was on March 4, 2005 presented to
the said Court by The Hong Kong And Shanghai Banking Corporation
Limited whose registered office is situated at 1 Queen's Road
Central, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on May 4, 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.

Johnson Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 3, 2005.


HAVE MORE: Winding Up Hearing Date Fixed May 11
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Have More Industrial Limited by the High Court of Hong Kong
Special Administrative Region was on March 10, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 2005.

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

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

Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.


HILLS ENGINEERING: To Emerge from Bankruptcy on September 5
-----------------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Hui Iu Wing trading as
Hills Engineering Company (the bankrupt), will be discharged
from its bankruptcy on September 5, 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.

Dated this 31st day of March, 2005

ET O'Connell
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


IA NETWORKING: Enters Winding Up Proceedings
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of IA
Networking Limited by the High Court of Hong Kong Special
Administrative Region was on the March 4, 2005 presented to the
said Court by The Hong Kong And Shanghai Banking Corporation
Limited whose registered office is situated at 1 Queen's Road
Central, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on the May 4, 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.

JOHNSON STOKES & MASTER
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to sthe abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of May 3, 2005.


LAM FUNG: Exits Bankruptcy
--------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Lam Hoi Sui trading as
Lam Fung Plastic Material Factory (the bankrupt), will be
discharged from its bankruptcy on September 26, 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.

Dated this 31st day of March, 2005

ET O'Connell
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


SHANXI CENTRAL: Bourse to Cancel Listing on April 6
---------------------------------------------------
The Stock Exchange of Hong Kong Limited (the Exchange) announced
that the listing of the shares of Shanxi Central Pharmaceutical
International Limited (In Liquidation) (the Company) will be
cancelled with effect from 9:30 a.m. on April 6, 2005 in
accordance with the delisting procedures stipulated in Practice
Note 17 to the Listing Rules (the Delisting Procedures).
Practice Note 17 to the Listing Rules formalizes the procedures
to be adopted to delist long-suspended companies.

Dealings in the Company's shares have been suspended since 25
July 2003. Accordingly, dealings in the Company's shares have
effectively been suspended for over 20 months.

The Company was put into the third stage of the Delisting
Procedures on September 10, 2004. Pursuant to the Delisting
Procedures, at the end of the third stage, which in the case of
the Company was on March 9, 2005 (the Deadline), where no valid
proposals have been received for resumption, the listing of the
Company's shares will be cancelled. Following the suspension in
trading in the Company's shares and before the Deadline, a
resumption proposal (the Proposal) was submitted to the Exchange
on 7 June 2004. After reviewing the Proposal, the Listing
Division decided that the resumption proposal was not viable.

The Exchange has notified the Company of its obligation under
paragraph 3.1 of Practice Note 17 to issue an announcement on
the same day of this announcement informing the public of the
cancellation of the listing of its shares.

The Exchange advises shareholders of the Company who have any
queries about the implications of the delisting to obtain
appropriate professional advice.

CONTACT:

Shanxi Central Pharmaceutical International Limited
Rm 3710-3714
Sun Hung Kai Centre
30 Harbour Road
Wan Chai, Hong Kong  
Phone: 23770258  
Fax: 23773958  
Web site: http://www.zzyy.com.cn


SHUN QUN: Court Begins Bankruptcy Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Shun Qun Industrial Company Limited by the High Court of Hong
Kong Special Administrative Region was on February 24, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 2005.

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

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

Messrs. T. H. Koo & Associates
Solicitors for the Petitioner
Room A2, 15th Floor, United Centre
No. 95 Queensway
Hong Kong

Note:

Any person who intends to appear to the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.


TIANJIN TEDA: 2004 Operating Loss Narrows to RMB15.9 Mln
--------------------------------------------------------
Reference is made to the Announcement of postponement of board
of directors' meeting of Tianjin TEDA Biomedical Engineering
Company Limited dated March 22, 2005.

Set out below is the unaudited profit and loss account of the
Company and its subsidiaries (the Group) for the year ended
December 31, 2004 with comparative figures of the audited profit
and loss account for the year ended December 31, 2003.

The audit committee of the Company has reviewed the management
accounts and its opinion on the issues of the provision for the
accounts receivable of the Group and other revenue from sale of
right to use the Group's proprietary technology within Southeast
Asia region is as follows:

As regards the issue of accounts receivable, the management of
the Company is waiting for further information from the customer
and will review with the Company's auditors upon receipt of such
information. Regarding the sales revenue from the sale of right
to use the Group's proprietary technology within Southeast Asia
region, the audit committee of the Company agrees to the
consensus reached by the Company and the auditors to make full
provision for the collection of the sales revenue.

                                     For the year ended
                                       31st December
                                         2004         2003
                                         RMB          RMB

Turnover                             58,645,974   47,304,980
Cost of sales                        (37,685,256) (24,892,161)
Gross profit                         20,960,718   22,412,819
Other revenues (Note 1)              11,209,349   1,296,154
Distribution and selling expenses    (17,769,213) (17,238,078)
Administrative expenses (Note 1)     (26,463,398) (27,108,257)

Research and development expenses,
net of government grants of nil
(2003: RMB1,150,000)                 (3,616,494) (3,354,001)

Amortisation of goodwill on
consolidation                         (303,419)   (403,419)

Operating loss                        (15,982,457) (24,394,782)
Finance costs                         (3,013,371)  (894,214)
Loss before taxation                  (18,995,828) (25,288,996)
Taxation                              (82,496)       -
Loss after taxation                   (19,078,324) (25,288,996)
Minority interests                     3,532,187   447,217
Loss attributable to shareholders      (15,546,137) (24,841,779)
Loss per share - basic                (3.89) cents (6.21) cents

Note 1:

Other revenues include RMB7.7 million in respect of the sales of
right to use the Group's proprietary technology. The purchaser
has defaulted on its promised repayment schedule and in light of
the uncertainty of the recovery of the debt, full provision has
been made and charged to administrative expenses.

The Board Meeting is to be held on April 15, 2005 to consider
and approve the same matters as stated in the notice of the
Board Meeting dated March 11, 2005. After the Board Meeting, the
audited financial results of the Group for the year ended
December 31, 2004 will be disclosed in the 2004 Result
Announcement on the same day. Under such circumstances, the
dealing in the shares of the Company will be suspended on March
31, 2005 pending the release of the audited financial results of
the Group for the year ended December 31, 2004.

On behalf of the Board
Tianjin TEDA Biomedical Engineering Company Limited
Wang Shuxin
Chairman

Tianjin, the PRC
31st March 2005.

CONTACT:

Tianjin Teda Biomedical Engineering Company Limited
Suites 1501-1503
15/F, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
Phone: 86-22-24138796  
Fax: 86-22-24138796  
Web site: http://www.bioteda.com.cn


VASO INTERNATIONAL: Court to Hear Winding Up Petition on May 4
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of the
Vaso International Limited by the High Court of Hong Kong
Special Administrative Region was on March 4, 2005 presented to
the said Court by The Hong Kong And Shanghai Banking Corporation
Limited whose registered office is situated at 1 Queen's Road
Central, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on May 4, 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.

JOHNSON STOKES & MASTER
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 3, 2005.


WAYSIN INTERNATIONAL: Schedules Winding Up Hearing on May 11
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Waysin International Investment Limited by the High Court of
Hong Kong Special Administrative Region was on February 24, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng
Banking Corporation pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.  

The said Petition is to be heard before the Court at 9:30 am on
May 11, 2005 and 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.

MESSRS. T. H. KOO & ASSOCIATES
Solicitors for the Petitioner
Room A2, 15th Floor, United Centre
No. 95 Queensway
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.


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

PERTAMINA: Uses IT to Wipe Out Corruption, Inefficiency
-------------------------------------------------------
Pertamina's CIO Triyadi Prayago said he is using Information
Technology (IT) as a strategic tool to eliminate corruption and
efficiency in the state-owned enterprise, reports MIS Magazine
News.

The Company's CIO is part of a new management tem set up in 2003
to "clean up" the Company, dissolving questionable contracts
designed to benefit few individuals, as inefficiency and abuse
contributed to IDR18.96 trillion in losses from 1996 to 1998.

According to Mr. Triyadi, Pertamina can become a competitive
enterprise despite a poor track record, and can be successfully
restructured into a leaner orgranization, with the help of IT.
Of course, it is not expected that the Company will change
overnight. But Mr. Triyadi is slowly integrating IT tools into
the Company, consolidating information, upgrading its email and
Internet systems for better communication within the Company and
with customers and suppliers.

Mr. Triyadi also said that some of the Company's business
practices had to be removed. He estimates that it may take as
long as ten years before the Company can enjoy steady returns.
Pertamina has to continuously install new systems, optimize
business processes and train employees to become a competitive
entity.

CONTACT:

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


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

OKUNIKKO KONISHI: IRCJ Reaches Debt Purchase Agreement
------------------------------------------------------
Following its approval on February 3, 2005 of an application for
assistance by K.K. Okunikko Konishi Hotel under Article 22,
Clause 3 of the Industrial Revitalization Corporation Act of
2003, the Industrial Revitalization Corporation of Japan on
March 25, 2005, under Article 25, Clause 1 of the same act,
reached an agreement with financial institutions on the purchase
of debt owed by Okunikko Konishi Hotel.

Note:

This agreement on the purchase of debt means that agreement has
been reached between the necessary financial institutions and
the IRCJ in respect of either a) sale of debt by the financial
institutions concerned to the IRCJ at market price or b)
financial support by the financial institutions concerned (for
example debt forgiveness while continuing to hold the balance of
debt, debt equity swaps, etc.). Any decision by the IRCJ to
purchase the debt of companies it has approved for assistance is
only made at a point when it is evident that the revitalization
plan of the business concerned can be progressed as planned.

1. Name(s) of Company concerned
K.K. Okunikko Konishi Hotel

2. Amount of debt to be purchased
(Million yen)
Principal value of total debt 858 (A)
Principal value of debt to be purchased as per note a) above 1
(B)
Principal value of debt for which financial support to be
provided
by financial institutions as per note b) above
857
(A-B)

Note:

The actual amount of debt purchased may change between this
announcement and completion of the purchase.

3. Amount of financial assistance
Debt forgiveness: JPY475 million

Note:

Due to factors such as changes in dates of record there has been
a change from the amount (JPY476 million) announced at time of
decision to support.

4. Schedule
A capital increase is scheduled for May 2005.

5. Comment from the state ministers in charge of the Industrial
Revitalization
Corporation of Japan

None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments about decisions to assist private-sector
companies from the government ministers in charge of the IRCJ.

6. Treatment of trade and other creditors

The agreement on the purchase of debt as outlined above is an
agreement between relevant financial institutions and the IRCJ;
there will continue to be no effect on the claims of trade and
other creditors.

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437

About the IRCJ

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp


MATSUSHITA ELECTRIC: To Settle Plasma Patent Dispute With LG
------------------------------------------------------------
Matsushita Electric Industrial Co. and South Korea's LG
Electronics, Inc. have agreed to settle their dispute over
plasma display technology, according to Reuters.

The world's No. 1 and 3 suppliers of plasma panels, filed
lawsuits against each other last year, claiming infringements on
patents related to plasma technology. The suits have led to a
halt of imports of LG panels into Japan and Matsushita panels to
South Korea.

Both companies have been holding talks and are expected to agree
on a settlement that would require LG to pay royalties to
Matsushita while allowing each firm access to some of the
other's patents.

CONTACT:

Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351


MITSUBISHI MOTORS: Releases March U.S. Sales
--------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) reported March
2005 U.S. sales of 14,776 units, an 18 percent increase from
February's sales volume.

"Mitsubishi Motors' sales volume has steadily increased each
month of 2005, and we look forward to that trend continuing as
we approach the spring launch of the 2006 Eclipse," said David
Schembri, executive vice president of sales and marketing at
Mitsubishi Motors North America.

In addition to the monthly increase in sales volume, MMNA
experienced an increase in sales of several vehicles, including
a 23 percent increase in Lancer sales from last month, a 37
percent increase in Endeavor sales from last month (and a 16
percent increase since 2004), and a 34 percent increase in
Eclipse sales from last month (and a 14 percent increase since
2004).

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.

    Following is the sales breakdown for March 2005:

                                        2005
                                MAR     FEB      %
    ECLIPSE COUPE               1,452   1,080   34.4%
    ECLIPSE SPYDER                609     243  150.6%
    LANCER                      3,255   2,639   23.3%
    LANCER EVOLUTION              312     302    3.3%
    LANCER SPORTBACK              192     144   33.3%
    GALANT                      4,686   4,772   -1.8%
    DIAMANTE                       24      31  -22.6%
    TOTAL CAR                  10,530   9,211   14.3%
    OUTLANDER                   1,118     934   19.7%
    MONTERO SPORT                 108     118   -8.5%
    ENDEAVOR                    2,642   1,928   37.0%
    MONTERO                       378     286   32.2%
    TOTAL SUV                   4,246   3,266   30.0%
    TOTAL                      14,776  12,477   18.4%
    Selling Days                   27      24

CONTACT:

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

This is a Company press release.


MITSUBISHI MOTORS: Canada Sales Surge 13.4%
-------------------------------------------
Mitsubishi Motors Sales of Canada, Inc. (MMSCAN) reported March
sales of 1,263 vehicles, a year-over-year sales increase of 13.4
percent.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada.

Mitsubishi Motors sells coupes, convertibles, sedans and sport
utility vehicles through a network of approximately 650 dealers.
Mitsubishi Motors sold its first vehicle in the U.S. in 1981,
and began building cars in 1988 at its manufacturing facility in
Normal, Illinois.

For further information: Laura Hooker, Fleishman-Hillard Canada,
Inc., (416) 645-8181, hookerl@fleishman.com.


OSAKA KOCHI: Files for Bankruptcy
---------------------------------
Osaka Kochi Tokkyu Feri K.K. has begun bankruptcy proceedings
with total liabilities of US$38.53 million, says Teikoku
Databank America.

The coastal freight transport firm is located in Koshi-shi,
Kochi 780-0822.

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


RINKU GATE: Starts Reorganization Proceedings
---------------------------------------------
Rinku Gate Tower Building Co., Ltd. Resona Holdings, Inc.
(Resona HD,) hereby gives notice that Rinku Gate Tower Building
Co., Ltd., which is a customer of its banking subsidiary, Resona
Bank, Ltd. (Resona Bank, President: Masaaki Nomura) and The
Kinki Osaka Bank, Ltd. (Kinki Osaka Bank," President: Hiroyuki
Mizuta), filed an application for commencement of corporate
reorganization proceedings with the Osaka District Court. As a
result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Company

(1) Corporate name Rinku Gate Tower Building Co., Ltd.
(2) Address 1 Rinku Orai Kita, Izumisano City, Osaka
(3) Representative Eiji Takeyama
(4) Amount of capital 15,000 million yen
(5) Line of business Real estate leasing

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of corporate
reorganization proceedings with the Osaka District Court on
April 1, 2005.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: JPY2.5 billion
Exposure of Kinki Osaka Bank Loans: JPY2.3 billion
Other banking subsidiaries of Resona HD, Saitama Resona Bank and
Nara Bank have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD The aforementioned claims of Resona Bank and Kinki
Osaka Bank are covered by collateral and loan loss reserves.
Therefore, the previous earnings forecasts of Resona HD for the
fiscal year ended March 31, 2005, which were announced on
November 25, 2004, remain the same.


RINKUGETOTAWABIRU K.K.: Enters Bankruptcy
-----------------------------------------
Rinkugetotawabiru K.K. has entered bankruptcy with total
liabilities of US$432.71 million, says Teikoku Databank America.

The office space-leasing firm is based in Izumisano-shi, Osaka
598-0048.

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


SEIKO EPSON: METI Authorizes Business Restructuring Plan
--------------------------------------------------------
Changes to the joint business restructuring plan submitted by
Seiko Epson Corporation, Sanyo Electric Co., Ltd. and Sanyo
Epson Imaging Device Co., Ltd. under the Law on Special Measures
for Industrial Revitalization, were approved by the Ministry of
Economy, Trade and Industry on March 31.

CONTACTS:

Seiko Epson Corporation
Address:  3-3-5 Owa
Suwa, Nagano 392-8502, Japan  
Phone: +81-266-52-3131
Fax: +81-266-53-4844

Sanyo Electric Co. Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan  
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086

Sanyo Epson Imaging Device Co., Ltd.
World Trade Center Building, 15F,
2-4-1 Hamamatsu-cho, Minato-ku, Tokyo

For more information, go to http://www.meti.go.jp/english/


SUMITOMO MITSUI: Seeking JPY184 Bln in Aid from Banks
-----------------------------------------------------
Sumitomo Mitsui Construction Co. is asking JPY184 billion in aid
from Sumitomo Mitsui Banking Corporation and other creditor
banks, Jiji Press reports.

The struggling construction firm expects a group net loss of
JPY241.1 billion for the business year ending March 31, against
the previous forecast of a profit of JPY1 billion.

The revision stems from a special loss of JPY259 billion due
mainly to a decline in the value of asset holdings and losses
from asset sales.

The Company also unveiled a new medium-term business plan, in
which its loss-laden real estate division will be separated from
its construction business.

Sumitomo Mitsui Construction was formed in April 2003 through a
merger between Sumitomo Construction Co. and Mitsui Construction
Co. In March 2004, Sumitomo Mitsui Banking and other creditor
banks helped the Company by purchasing its preferred shares
worth 80 billion yen.

As of the end of September 2004, the Company has JPY366.7
billion in interest-bearing debts.

CONTACT:

Sumitomo Mitsui Construction Company Limited
36-5 Nihonbashi-Kakigaracho 1-Chome
Chuo-Ku 103-0014, Tokyo 100-0004
Japan
Phone: +81 3 5614 9832
Fax: +81 3 5614 9810  
Web site: http://www.mcc.co.jp/


TOKYO FASHION: Commences Civil Rehabilitation Proceedings
---------------------------------------------------------
Tokyo Fashion Town Corporation and Time 24 Co., Ltd. Resona
Holdings, Inc. (Resona HD) hereby gives notice that Tokyo
Fashion Town Corporation and Time 24 Co., Ltd. (the Companies)
which are customers of its banking subsidiary, Resona Bank, Ltd.
(Resona Bank," President: Masaaki Nomura), filed applications
for commencement of civil rehabilitation proceedings with the
Tokyo District Court.

As a result of this development, there arose a concern that the
claims to the Companies may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Companies

(1) Corporate name:
(a)Tokyo Fashion Town Corporation
(b) Time 24 Co., Ltd.

(2) Address 3-1 Ariake, Koto-ku, Tokyo 2-45 Aomi, Koto-ku, Tokyo
(3) Representative Shigeo Araki Shigeo Muraoka
(4) Amount of capital 17,245 million yen 2,484 million yen
(5) Line of business Real estate leasing Real estate leasing

2. Fact Arisen to the Companies and Its Date
The Companies filed applications for commencement of civil
rehabilitation proceedings with the Tokyo District Court on
March 31, 2005

3. Amount of Claims to the Companies

(a) Tokyo Fashion Town Corporation
Exposure of Resona Bank
Loans: JPY2.4 billion

(b) Time 24 Co., Ltd.
Exposure of Resona Bank
Loans: JPY1.2 billion

Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Companies.

4. Impact of This Development on the Forecasted Earnings of
Resona HD
The anticipated losses arising from this development are covered
by loan loss reserves.

Therefore, the previous earnings forecasts of Resona HD for the
fiscal year ending March 31, 2005, which were announced on
November 25, 2004, remain the same.


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

HYNIX SEMICONDUCTOR: Seeks Early Exit from Debt Workout
-------------------------------------------------------
Hynix Semiconductor Inc. aims to graduate from its workout
program by June this year if it can borrow KRW1 trillion from
foreign and domestic firms, reports Asia Pulse.

According to an unnamed creditor, there may be talks of an early
graduation for Hynix if it comes up with the funds to turn over
to creditors. If the proposal is approved, and the firm comes up
with the necessary funds, Hynix may regain control again as
early as June.

Hynix indicated its resolve to be released from the workout
program. The Company's labor union hinted that it would accept a
freezing of wages if it would mean being in charge again. Staff
had to forego wage increases in the last five years as the
Company tried to regain its footing.

The Company posted an impressive KRW2.02 trillion operating
profit last year, and is estimated by some to rake in an
increase in operating profit up to KRW335.3 billion. Creditors
also plan to sell 30 % of its present 81.4 % stake in the
Company, but there are no details as to how the stake would be
sold.

An insider close to the Company said that nothing has been
decided as of now, but that creditors will likely gather to know
their thoughts on the matter, before making any decisions.

CONTACT:

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


JINRO LIMITED: Picks Hite Brewery as Preferred Bidder
-----------------------------------------------------
Hite Brewery Co. was chosen on April 1 as the preferred bidder
to buy Jinro Ltd., in the biggest takeover auction in Korea and
in Asia this year, the Korea Herald reports.

Out of 10 consortiums who submitted bids to buy Jinro by the
March 30 deadline, Hite won with an offer of KRW3.1 trillion.

If a takeover agreement is reached, Jinro would undoubtedly
become a global brand, with Hite Brewery significantly
increasing its local market share, aside from being able to
penetrate the world liquor market.

Hite Brewery, in a consortium with the Korean Federation of
Community Credit Cooperative, the Korean Teachers Credit Union,
and two subsidiaries of Korea Development Bank, must reach a
memorandum of understanding for the purchase before month's end,
after which the group would have three months to conclude the
sale.

If the Hite consortium fails to complete the sale, next in line
to take over Jinro would be Doosan Corp., CJ Corp, and Taehan
Electric Wire Co.

Doosan Corp. and CJ Corp., together with Lotte Group, were prior
favorites to take over Jinro, but they bid below KRW3 trillion,
sources close to the deal said.

Hite Brewery was the forerunner in the sale, having offered
KRW3.1 trillion. It has the most to gain from the takeover since
Jinro's strong brand position could boost distribution in the
market, even though Hite enjoys 58% of thr Korean beer market.

Despite being troubled, Jinro Company continued expanding even
under court receivership, and has the potential to become a
global brand. The Company posted a KRW221.9 billion operating
profit last year.

CONTACT:

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


ORION ELECTRIC: Creditor Opposition May Abort Sale
--------------------------------------------------
Opposition from Orion Electric Co.'s largest creditor endangered
the Company's sale to U.S.-based Matlin Patterson, reports Asia
Pulse.

Orion Electric signed a formal agreement with American fund
Metlin Patterson last February, after being granted court
approval for the sale. The Company went into court receivership
in July 2003.

Sources said that the Company's largest creditor, Seoul
Guarantee Insurance, was against the sale, saying that the
Company's liquidation value (which is the amount that a Company
can be sold if it closes down) was higher than the proposed sale
price. Seoul Guarantee Insurance has 35% voting rights in Orion
Electric.

If Seoul Guarantee Insurance will not support the proposed sale,
it may never push through, as the sale required 75% approval
from shareholders.

Orion Electric, brushed aside the claim, stating that the
Company's liquidation value only amounts to KRW109.9 billion,
lesser than the proposed KRW120 billion sale price.

Orion Electric was a part of the now-defunct Daewoo Group before
going bankrupt in May 2003.  

CONTACT:

Orion Electric Company
165, Kongdan-dong, Kumi-city,
Kyongbuk, Korea
Phone : (0546)469-5000
Fax : (0546)461-3281
Web site: http://www.orion/co/kr


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

AKTIF LIFESTYLE: Still Seeking to Regularize Financial Status
-------------------------------------------------------------
In accordance to Practice Note No. 4/2001 of the Bursa Malaysia
Securities Berhad, Aktif Lifestyle Corporation Berhad announced
that the Company is currently seeking to acquire new core
businesses in order to regularize its financial condition.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax:   (60) 3 2691 2798


AYER HITAM: Hunts Potential White Knight
----------------------------------------
In accordance with Bursa Malaysia Securities Berhad's Practice
note No. 4/2001, Ayer Hitam Tin Dredging Malaysia Berhad
announces that there is still no further development on the
status of the Company's plan to regularize its financial
condition, since its last monthly announcement dated March 1,
2005.

The Company is currently in talks with firms interested in being
a "White Knight," and is reviewing the business and/or assets
that may be infused into the Company.

CONTACT:

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


CYGAL BERHAD: Posts Monthly Status Update
-----------------------------------------
Cygal Berhad refers to its announcements dated March 1 and March
16, 2005, in relation to Practice Note No. 4/2001 of the Nursa
Malaysia Securities Berhad.

The Company informed the Exchange that since its last
announcement, there is no further development to the status of
the Company's restructuring plan.

CONTACT:

Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Malaysia
Phone: 03-7983 9099
Fax:   03-7981 7629


FORESWOOD GROUP: No Change in Restructuring Status
--------------------------------------------------
Pursuant to Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, Foreswood Group Berhad
announces that there is no important development in the
Company's plan to regularize its financial condition, since its
last monthly announcement on March 1, 2005.

CONTACT:

Foreswood Group Berhad
Level 4, B59
Taman Sri Sarawak Mall
Jalan Tunku Abdul Rahman
93100 Kuching , Sarawak
Malaysia
Phone: 6082-428626
Fax:   6082-423626


JASATERA BERHAD: Moves to Avert Delisting
-----------------------------------------
Jasatera Berhad announced that on Feb. 18, 2005, the Bursa
Securities Malaysia Berhad (Bursa Securities) served a notice
asking the Company to make written representations (supported by
documentary evidence, if any) as to why it should not be
delisted from the Official List of companies.

On March 4, 2005, the Company made a written representation to
Bursa Securities, asking not to be delisted. The Company also
asked for an oral hearing with Bursa Securities on the matter of
the delisting notice.

Bursa Securities suspended trading of Jasatera Berhad securities
from Feb. 28, 2005, until further notice. Nevertheless, bank
lenders approved for the Company to extend up to Aug. 31, 2005,
to complete its Proposed Restructuring Scheme.

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax:   603-7332607


JIN LIN: SC Has Yet to Approve Proposed Restructuring
-----------------------------------------------------
In compliance with Practice Note No. 4/2001 of the Bursa
Malaysia Securities Berhad's listing requirements, Jin Lin Wood
Industries Berhad announces that the Securities Commission (SC)
is currently evaluating the Company's Proposed Restructuring
Scheme.
      
The Company obtained the scheme creditors' approval for the
proposed scheme at the court-convened Meeting of Scheme
Creditors on March 23, 2005. The Company also filed for an
extension to a Restraining Order to stay the winding-up petition
issued against it by Alwayield Sdn Berhad. The Court's decision
on the matter has yet to be announced.

CONTACT:

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


K.P. KENINGAU: Strikes Deal with Gabungan Cendawan
--------------------------------------------------
K.P. Keningau Berhad (KPK) announced that on March 18, 2005, the
Company entered in to an agreement with Gabungan Cendawan Sdn
Berhad to undertake a proposed restructuring scheme, aiming to
regularize the Company's financial condition. Both companies are
working to accomplish the said scheme and finalize details
within a three-month period from March 18.

So far, there are no other new developments with the Company's
scheme, since its last announcement.

The Company also announced that the Bursa Malaysia Securities
Berhad, via its letter dated March 31, 2005, has approved the
Company's application for an extension of two months (March 22,
2005 to May 22, 2005) to make a requisite announcement on the
Company's regularization plan.


LION CORPORATION: Redeems Bonds, Repays Debt on April 1
-------------------------------------------------------
Lion Corporation Berhad refers to its last announcement dated
March 25, 2005, regarding the issuance of notices of meetings to
bondholders and holder of Company debts, seeking approval to
extend the redemption/repayment date from March 31, 2005 to June
30, 2005.

The Company announced that it has redeemed/repaid the bonds and
debts, together with the penalty interest on April 1,2005,
Therefore, approval for the extension to repay the debts is no
longer needed. On the same day, the Company informed the
Bondholders and Lender that the resolutions in respect of the
Proposed Extension were withdrawn.

CONTACT:

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


MENTIGA CORPORATION: Awaits SC Approval of Revised Proposals
------------------------------------------------------------
Pursuant to Practice Note No. 4/2001 of the Bursa Malaysia
Securities Berhad, Mentiga Corporation Berhad announced that
since its last announcement dated March 1, 2005, the Company is
still awaiting the approval of the Securities Commission (SC) on
the following revised proposals, which were submitted on March
15, 2005:

i)  Proposed revaluation of the property assets of the Company
and its subsidiaries;

ii) Proposed debt settlement via the issue of 12,500,000 new
Mentiga Shares at an issue price of RM1.00 per share to Amanah
Saham Pahang Berhad, as settlement of an amount owed by the
Company to ASPA amounting to MYR12,500,000;

iii) Proposed restricted issue of 20,000,000 Redeemable
Convertible Preference Shares ("RCPS") at an issues price of
RM1.00 per RCPS to ASPA; and

iv) Proposed disposal of 90% equity interest in PT Rebinmas
Jaya, through the Company's 56%-owned subsidiary, Selat Bersatu
Sdn Bhd for a cash consideration of MYR61.2 million, details of
which were announced on 19 January 2005.

In addition to the above Comprehensive Proposals and Proposed
Disposal, the Company also proposes to implement the following
proposals:

i) Proposed Employee Share Option Scheme for eligible Company
Director and employees, and its subsidiaries;
ii)  Proposed increase in the Company's authorized share
capital; and

iii) Proposed amendments to the Memorandum and Articles of
Association of the Company.

CONTACT:

Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax:   +60 3 40431233


MYCOM BERHAD: Sees No Change in Restructuring Plan
--------------------------------------------------
In relation to Bursa Malaysia Securities Berhad's Practice Note
No. 4/2001, Mycom Berhad announced that since its last
announcements dated March 1 and March 31, 2005, there is no
major development to the Company's Proposed Restructuring
Scheme.

CONTACT:

Mycom Berhad
Level 23, Menara Olympia
Jalan Raja Chulan
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2072 3993
Fax:   +60 3 2072 3996


OCEAN CAPITAL: In Talks with Probable White Knight
--------------------------------------------------
Pursuant to Practice Note No. 4/2001 of the Bursa Malaysia
Securities Berhad, Ocean Capital Berhad announced that the
Company is discussing with an interested party, to take n the
role of "White Knight," and is drafting a restructuring scheme
in order to regularize its financial condition.

CONTACT:

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


OLYMPIA INDUSTRIES: No Developments in Restructuring Scheme
-----------------------------------------------------------
Olympia Industries Berhad announces that in accordance with
Practice note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, there is no major development to the
Company's proposed restructuring scheme since its last
announcements on March 1, 2005, and March 31, 2005.

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax:   +60 3 2070 0011


PAN PACIFIC: Proposed Restructuring Scheme Pending Approval
-----------------------------------------------------------
Pan Pacific Asia Berhad announced that pursuant to Practice Note
No. 4/2001 of the Bursa Malaysia Securities Berhad, the Company
is currently awaiting approval of its Proposed Restructuring
Scheme from the relevant authorities.

The Board of Directors wishes to announce that the Company is
awaiting the approvals from the relevant authorities in relation
to the Proposed Restructuring Scheme of the Company.

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B, Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown, 47400
Petaling Jaya, Selangor
Malaysia
Phone: 03-77278168
Fax:   03-77271622


PARK MAY: Court Approves Shareholders' Meeting
----------------------------------------------
To comply with Practice Note 4/2001 of Bursa Malaysia Securities
Berhad, Park May Berhad announced that on the Company obtained
approval dated March 18, 2005 from the Malaya High Court for an
extension from Jan. 31, 2005 to May 31, 2005, for the Company to
convene and hold the court-convened shareholders' meeting to
approve a proposed shareholders' scheme, an important part of
the Company's plan to regularize its financial condition.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
Phone: +60 3 7982 7060
Fax:   +60 3 7625 4987


SATERAS RESOURCES: Seeks Extension to Complete Restructuring
------------------------------------------------------------
Sateras Resources (Malaysia) Berhad refers to the Securities
Commision (SC)'s letter of approval dated March 31, 2005, on the
Company's Proposed Restructuring Scheme, which was announced on
April 8, 2005.

According to Paragraph 18.02 of Chapter 18 of the Policies and
Guidelines on Issue/Offer of Securities, if the Proposed
Restructuring Scheme should involve court proceedings,
The Company has a 12-month time period to implement the said
Scheme. Therefore, the Company's Proposed Restructuring Scheme
should be implemented by March 30, 2005.

The Company's management speculates that the Scheme would not be
finished on the said date, so the Company submitted an
application to the Securities Commission (SC) on March 16, 2005,
to seek an extension of three months to June 30, 2005, for the
Company to complete its Proposed Restructuring Scheme. The
application for the extension is still pending approval.

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Phone: +60 2162 5288
Telephone:      +60 2161 8529


SETEGAP BERHAD: Updates Monthly Status of Restructuring Plan
------------------------------------------------------------
Setegap Berhad announced that there is no new development on the
Company's restructuring scheme since its last announcement. The
Company is still finalizing its restructuring scheme to
regularize its financial condition.

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax:   03-77271555
Web site: http://www.setegap.com.my


WCT ENGINEERING: Unit Serves Writ of Summons on Maju Holdings
-------------------------------------------------------------
WCT Engineering Berhad announced that its wholly owned
subsidiary WCT Construction Sdn Berhad (WCTC) served a Writ of
Summons on Maju Holdings Sdn Berhad on April 1, 2005, for a sun
of MYR14,076,342.79, plus interest at 8% per annum and costs.

The summons was filed against Maju for non-payment of works done
on the following projects:

a. Proposed development of the Matriculation Centre on Lot 4706
and Part of Lot 3955, Pongsu Seribu, Mukim 8, Daerah Utara,
Seberang Perai, Pulau Pinang;

b. Proposed design, build and transfer a hostel building with
facilities for 2,000 students at the UiTM campus in Dungun,
Terengganu;

c. Proposed construction of the building for the Institut Tanah,
Ukur dan Pemetaan Negara (Instun) Daerah Batang Padang, Perak;

In compliance with the terms of the letters of awards for the
said works, WCTC completed the said works and handed over
possession of the same to Maju Holdings. Once the works were
completed, WCTC forwarded to Maju Holdings its final progress
claims. However, in breach of the letters of award, Maju
Holdings failed to settle WCTC's final progress claims.

As at Jan. 18, 2005, the total debts due to WCTC is
MYR14,076,342.79 after taking into consideration sums paid by
Maju Holdings in respect of WCTC's final progress claims.

By a settlement agreement dated Jan. 18, 2005, Maju Holdings
agreed to pay WCTC the sum of MYR12,000,000.00 only as full and
final settlement of the said Debts so that WCTC would withhold
legal proceedings against the firm. The settlement agreement
provided that should there be any default in its payments, Maju
Holdings shall pay to WCTC the full amount of the said Debts
together with interests at 8% per annum less such sum that was
paid to WCTC.

Consequently, Maju Holdings paid MYR500,000.00 only to WCTC but
thereafter failed and/or refused to pay the balance of the said
Debts.

The Company will continue to try to recover the said debts from
Maju Holdings Sdn Berhad.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44,
Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul
Ehsan, Malaysia
Phone: 603-7805 2266


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

COLLEGE ASSURANCE: Taps European Firm to Help Boost Capital
-----------------------------------------------------------
College Assurance Plans Philippines Inc. (CAP) has forged a deal
with Europe-based fund manager International Global Capital
Holdings AG (IGCH) to help raise equity capital for the pre-need
firm, The Philippine Star reports.

Under the agreement, IGCH will provide financial advisory
services to the embattled pre-need firm in view of boosting
equity capital necessary to meet CAP's obligations to
planholders.

IGCH will only need to receive a bank-to-bank authenticated
message of an Asset Safekeeping Receipt over CAP's MRT bonds to
prove its existence, valuation and non-encumbrance.
This ASKR serves as a confirmation that CAP has certain amount
of assets.

Meanwhile, CAP assured the public that it is committed to
fulfilling its obligations to all its planholders. The pre-need
firm is currently in the process of completing all the
requirements for the approval of its application to raise its
capital to Php8 billion, which is now pending with the
Securities and Exchange Commission (SEC).

CONTACT:

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


DIGITAL TELECOMMUNICATIONS: Stockholders' Meeting Set May 30
------------------------------------------------------------
Notice is hereby given that the regular Annual Stockholders'
Meeting of Digital Telecommunications Phils. Inc. (DIGITEL) will
be held at the Amorsolo Grand Ballroom, Holiday Inn Galleria
Manila, ADB One Avenue, Ortigas Center, Pasig City on Monday,
may 30, 2005 at 10:00 a.m.

AGENDA:

(1) Call to Order

(2) Certification by the Corporate Secretary on the sending of
notices and existence of quorum

(3) Reading and approval of minutes of the last Annual
Stockholders' Meeting

(4) Report of the President

(5) Approval of the Financial Statements for the fiscal year
ended December 31, 2004

(6) Ratification of actions taken by the Board of Directors and
Officers of the Corporation since the last annual meeting of the
stockholders

(7) Election of Directors

(8) Appointment of External Auditors

(9) Other matters

(10) Adjournment

Only stockholders of record as of March 31, 2005 are entitled to
vote and be voted during the meeting. For your convenience in
registering your attendance, please have available some form of
identification, such as your Community Tax Certificate,
Passport, or Driver's License. Registration starts at 9:00 a.m.

FOR THE BOARD OF DIRECTORS

ATTY. WILLIAM S. PAMINTUAN
Corporate Secretary

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/


MANILA ELECTRIC: Intensifies Safety Campaign
--------------------------------------------
The Manila Electric Company (Meralco) is stepping up efforts to
make the public more aware on the importance of public safety,
especially during the summer season, relates The Philippine
Star.

Meralco has launched an information campaign on public safety
particularly on the danger of getting near or in contact with
line facilities in construction-related activities.

The ongoing media drive intends to target, among others,
construction workers including crane and boon operators,
homeowners with untrimmed trees and kite flyers, most especially
children.

Since construction activities are expected to grow at this time
of the year, Meralco is currently coordinating with local
building officials to further boost the information drive.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MAYNILAD WATER: Civic Groups Call for Rates Rollback
----------------------------------------------------
Cause-oriented groups want Maynilad Water Services Inc. to roll
back its water rate hike, Business World says.

Action for Economic Reforms, Akbayan and the Freedom from Debt
Coalition are urging the Supreme Court to compel Maynilad to
reduce the water rate increase implemented at the beginning of
the year. The groups were earlier prevented by a lower court
from questioning the 51 percent increase in water rates to
Php30.19 per cubic meter from Php19.82 per cubic meter.

On April 1, Action for Economic Reforms asked the Supreme Court
to issue a temporary restraining order on the Feb. 28 decision
of the Quezon regional Trial Court, favoring Maynilad's rate
hike application. Action for Economic Reforms insisted on
participating in the rehabilitation proceedings saying it was
virtually the only participant representing the interest of the
consumers and the general public. The civic group, likewise,
moved for the payment by Maynilad to Metropolitan Waterworks and
Sewerage System (MWSS) of P2.403 billion in concession fees
which the Rehabilitation Receiver admitted to be administrative
fees due to MWSS.

The group opposed the Revised Rehabilitation Plan saying it was
"contrary to public policy as it involves a scheme to bail out
Benpres Holdings Corporation using US$60 million in public funds
derived from the draw on the US$120 million Performance Bond."
It added that the plan was "contrary to public policy and
illegal for being grossly disadvantageous to the government, as
it involves the purchase by MWSS of Maynilad shares at a grossly
inflated price."

CONTACTS:

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


NATIONAL BANK: Tan, Government Start Talks to Keep Status Quo
-------------------------------------------------------------
Filipino business tycoon Lucio Tan has started talks with the
government to maintain the status quo at the Philippine National
Bank (PNB), according to The Philippine Star.

The two parties are reportedly discussing the terms for the
possible extension of their joint agreement for at least two
more years.

According to sources, the government prefers to extend the joint
deal rather than be forced to sell at a loss when the agreement
expires in September this year.

The extension of the joint agreement is believed to be in the
interest of both Mr. Tan and the government since neither is
eager to change the status quo at a time when market conditions
are not good.

Finance Secretary Cesar V. Purisima would not confirm nor deny
the talks but according to sources, government would be selling
its PNB stake at a loss because the break-even level was at
Php40 per share.

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 ELECTRIFICATION: Back to Black in 2004
-----------------------------------------------
For the first time in six years, National Electrification
Administration achieved a financial turnaround by posting a net
income of Php2 million in 2004 from Php5.9 billion net loss in
2003. Such feat is attributed to the agency's implementation of
key policy reforms which includes the streamlining of its
bureaucracy, from previously 730 employees to only 313 after
successful restructuring in December 2003. This enabled the
agency to accrue savings from the employees' salary and
compensation alone of Php237 million from a high of Php326
million in 2003 to only Php89 million in 2004.

"The enactment of the EPIRA has restructured and transformed NEA
to become more responsive to the needs of the electric
cooperatives to help them become globally competitive under a
deregulated power industry," said Administrator Edita S. Bueno.

About Php20 million was also unutilized for operational expenses
due to the strategic action to close the regional facilities and
warehouses. Likewise, the continuing energy conservation and
austerity program, urged by President Arroyo contributed notably
to the savings incurred by the agency.

"We have a program dubbed as 'Climb the NEA Mountain' where
employees use the stairs daily to reach the 4th floor of the
building. It may be very trivial but earned savings for the
Company through reduces energy consumption," Mr. Beuno said.

Also notable among these reforms were the restructuring of loan
arrearages of eleven (11) ECs to improve their financial
standing and cope with their maturing obligations to NEA has
helped improved the agency's financial position. ECs throughout
the country gearing up for competitiveness within the
deregulated environment may now avail of three additional
windows opened by NEA, namely: Equity Financing Scheme (EFSEC),
Single Digit Systems Loss Program, (SDSLP), and Short Term
Credit Facility (STCF).

The NEA and the 119 ECs have already extended the benefits of
electrification to 36 million Filipinos in 32,950 barangays and
1,452 municipalities and cities around the country.

CONTACT:

National Electrification Administration
57 NEA Building, NIA Road, Government Center
Dilliman, Quezon City
Philippines 1100
Telephone: (+632) 929-1909
Fax: (+632) 926-1328
Web site: http://www.nea.gov.ph/home.htm


PHILIPPINE LONG: Fitch Places Local Currency Rating on Watch
------------------------------------------------------------
Fitch Ratings, the international rating agency, has placed
Philippine Long Distance Telephone Company's (PLDT) 'BB' Long-
term local currency rating on Rating Watch Positive. At the same
time, Fitch has affirmed PLDT's Long-term foreign currency
rating, its global bonds and senior notes at 'BB', and its
convertible preferred stock at 'B+'. The Outlook on the affirmed
ratings remains Negative, reflecting the Outlook of the Republic
of the Philippines' Long-term foreign currency rating.

The decision to place PLDT's local currency rating on Rating
Watch Positive represents an acknowledgment of the group's
stable operating performance and consistent improvement in its
financial profile over a sustained period. Much of the
improvement has been driven by robust growth at its highly cash-
generative 100%-owned cellular subsidiary Smart Communications
Inc (Smart) as well as strong and profitable growth by Pilipino
Telephone Corporation (Piltel), which is now 92%-owned within
the group. Furthermore, PLDT's fixed-line business also
generates robust positive free cash flows.

PLDT's local currency rating is not constrained by the
sovereign's local currency rating (currently 'BB+', Outlook
Negative). The local currency rating, which ignores currency
convertibility risk, is reflective of an issuer's stand-alone
credit profile, and in this instance Fitch recognizes that
PLDT's stand-alone credit profile has been improving and
continues to strengthen as it reduces total indebtedness.

Fitch's forthcoming review of the ratings will focus on PLDT's
overall operating and financial profile, including its ability
to sustain free cash flow generation in light of the prevailing
competitive conditions and industry developments, management of
its growth aspirations, and its capital management initiatives
relating to dividend and share buyback policies.

CONTACT:

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


PHILIPPINE LONG: To Offer Advanced MPLS Network Solutions
---------------------------------------------------------
Philippine Long Distance Company (PLDT) (PSE: TEL; NYSE:PHI) and
MCI (NASDAQ: MCIP) have recently signed an agreement that
enables both providers to offer more customers superior IP-based
network services through advanced Multi-Protocol Label Switching
(MPLS) technology.

The MCI-PLDT agreement establishes a node that links PLDT's
national MPLSnetwork with the MCI global Private IP network -
which offers customers direct access trough MCI-owned MPLS nodes
in 105 cities across 41 countries in Asia Pacific, the Americas,
Europe, the Middle East and Africa. MCI also offers indirect
access to its Private IP network network through Frame Relay and
ATM points-of-presence (PoPs) in more than 90 countries around
the world.

PLDT President and CEO Napoleon L. Nazareno said the MCI-PLDT
MPLS node is strategically located at the Vitro Data Center of
PLDT's subsidiary, ePLDT.

"This strategic relationship between PLDT and MCI now allows
both providers to offer their portfolios of managed global
networking services to more customers in our respective
markets," he said.

With PLDT's extensive local network, MCI's global reach and the
use of the latest technologies, Philippine companies and the
local offices of multinational corporations can now benefit from
the flexibility of secure, reliable, high-speed, any-to-any
communications solutions. MCI has more than 158 Company owned
and operated MPLS nodes connecting businesses worldwide. The
Philippines, through PLDT, is now a part of this IP-driven MPLS
network.

"With our many years of experience in delivering managed
networking services, we believe that PLDT is now, through this
partnership with MCI, in a prime position to take it to the next
level," said PLDT Corporate Business Group Head Eric R. Alberto.

"We are now working in close partnership with a global network
service provider with unparalleled depth of experience in IP
technology. This relationship opens up new opportunities for
both PLDT and MCI."

"MCI's relationship with PLDT is mutually beneficial. It enables
each Company to extend the reach of our MPLS networks and our
managed network solutions quickly and efficiently," said Dan
Crawford, acting president of MCI International and Wholesale.

"This agreement affords PLDT the opportunity to rapidly expand
its MPLS service globally, while allowing MCI to offer customers
in the Philippines the same levels of quality, reliability and
support they enjoy in other parts of the world. Customers in the
Philippines will have access to a wider array of MCI services
with the flexibility of local and centralized billing."


PHILIPPINE TELEGRAPH: Clarifies Tax Evasion Case Report
-------------------------------------------------------
Philippine Telegraph and Telephone Corporation (PT&T) issued
this disclosure in reference to the news article entitled "PT&T,
weaving firm sued for tax evasion at Justice" published in the
April 1, 2005 issue of the Business World.

The article reported that "The Bureau of Internal Revenue sued
the Philippine Telephone and Telegraph Corporation (PT&T) for
failing to turn over to the government the Php560 million in
taxes it had collected from its customers in the last six years.
Charged with tax evasion and estafa were PT&T Chairman and
President Jose Luis Melo Santiago, vice-president and treasurer
Alicia A. Arogo, and vice-president and comptroller Arturo T.
Falco. 'We have filed a case of tax evasion and estafa for
failure to remit taxes that they withheld covering several
years...,' tax commissioner Gullermo Parayno told reporters. 'We
have not separated the liabilities of the three. They are being
charged jointly for a total amount of Php560 million since
1999,' he added. He said that as early as 1997, PT&T had already
been assessed for withholding tax, but payments had not been
made. Mr. Parayno added that PT&T had not denied it owed taxes.
"they recognized that these are liabilities that they failed to
remit to the government,' he said."

Philippine Telegraph & Telephone Corporation, in a letter dated
April 4, 2005, stated that:

"Please be informed that as of the close of business hours last
April 1, 2005, PT&T has not received any official copy ot the
BIR's complaint. We came to know about the alleged filing of the
suit from the above-mentioned news article itself.

"As soon as we receive official communications from the
Department of Justice, consistent with legal processes and
procedures, we will file our Current Reports pursuant to Section
4.4 (b) of the Exchange's Disclosure Rules."

For your information.

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

Noted by:
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Philippine Telegraph & Telephone Corporation
106 Carlos Palanca Jr St Legaspi Village
Spirit Of Communication Centre Building
Makati City 1229
Philippines
Phone: +63 2 818 0511
Fax: +63 2 8180511


PILIPINO TELEPHONE: Vows to Shoulder VAT Rate Hike
--------------------------------------------------
Pilipino Telephone Corporation (Piltel) has assured the public
it would not pass on to consumers the increase in the value-
added tax (VAT) rate expected to be passed by Congress, relates
the Philippine Star.

Piltel said it would absorb the additional taxes to protect its
customers, even though the VAT law authorizes business firms to
make their consumers shoulder the VAT taxes on their purchased
products.

Opponents of the bill seeking to increase the VAT from 10
percent to 12 percent have warned that if passed into the law
the legislation would cause more inflation as business firms
would merely pass on the additional VAT to their consumers. But
Piltel vowed to shoulder the additional taxes not only to
support its customers and also to help the country cope with its
budget deficit through an increase in government revenue.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


PRICESMART INCORPORATED: Top Local Execs Face Estafa Case
---------------------------------------------------------
Five top officials of PSMT Philippines, the local subsidiary of
U.S.-based PriceSmart Incorporated, were summoned by the
Department of Justice to answer a Php38.59-million estafa case
filed against them by William Go, Business World reports.

Assistant Rizal Prosecutor Rodolfo B. Santos ordered PSMT
President Benjamin Woods, Controller Zeus Aboy, Vice-president
Robert Gans, Treasurer John Heffner and director James Cahill to
appear at a hearing on April 22.

Mr. Santos said failure on the defendants' part to appear and
file their counter-affidavit shall be considered a waiver to be
heard in the investigation.

The plaintiff, Mr. Go, is a minority shareholder of PSMT
Philippines. 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: Replies to SGX-ST Query on Price Share Hike
------------------------------------------------------------
The Board of Directors of Accord Customer Care Solutions Limited
refers to the queries from Singapore Exchange Securities Trading
Limited (SGX-ST) concerning the substantial increase in the
price of the Company's shares on the SGX-ST on April 1, 2005.

The Company clarified that:

(1) It is not aware of any information not previously announced
concerning the Company, its subsidiaries or associated companies
which, if known, might explain the trading;

(2) It is not aware of any other possible explanation for the
trading; and

(3) It is in compliance with the listing rules and in
particular, listing rule 703.

By Order of the Board
Woo Kah Wai
Company Secretary
April 1, 2005
Singapore    

CONTACT:

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


CHINA AVIATION (S): Court Adjourns SK Petition for One Week
-----------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd announced in a
disclosure made to the Singapore Stock Exchange (SGX) that the
High Court of Singapore has adjourned the Judicial Management
Petition filed by SK Energy Asia Pte Ltd (SKEA) for one week to
April 8, 2005 at 9:30 a.m.

At the hearing Friday, SKEA requested the Court for a five-week
adjournment to May 6, 2005. The reason given by SKEA for this
request was that the Company had represented to its creditors
that an improved Scheme of Arrangement would be presented, and
that the terms of such revised Scheme should be finalized by May
6, 2005. The Company wishes to highlight that this reason is not
stated anywhere in SKEA's petition to place the Company under
judicial management.

The Company further notes that, in an article entitled "SK
Energy may delay move to put CAO under judicial management" in
www.channelnewsasia.com dated March 30, 2005, it was reported
that SKEA might seek an adjournment for an entirely different
reason, namely, that SKEA might require more time to consider
PricewaterhouseCoopers' Statement of Phase I Findings issued on
March 28, 2005.

At the hearing, the Company responded to SKEA that the Company
is meeting with its creditors to obtain the creditors' feedback
and to use its best efforts to improve the terms of the proposed
Scheme of Arrangement. The Court then adjourned the hearing for
one week to give SKEA an opportunity to clarify the position,
and, if it wished, to write to the Company in this regard.

The Company would like to express its disappointment at SKEA's
stance. SKEA should not use the judicial management proceedings
to attempt to set an earlier deadline for the Company to come up
with an improved Scheme of Arrangement. If the true objective of
SKEA is to negotiate for an improvement of the terms of the
proposed Scheme of Arrangement, SKEA should engage in dialogue
with the Company instead of presenting a petition for judicial
management.

The majority of the Company's creditors are already working
together with the Company to successfully conclude a debt
restructuring. At least 53% in value of the Company's creditors
support the current restructuring process at this stage. In
contrast, only one other creditor of the Company has expressly
voiced its support for the judicial management proceedings
commenced by SKEA.

SKEA's actions are disruptive and counter-productive, and
therefore contrary to the wider collective interest of the
Company's creditors. The Company has had to divert some of its
resources and management time to deal with the judicial
management proceedings instead of focusing wholly on the
restructuring efforts which have the support of the majority of
its creditors. It should also be noted that the Company's parent
Company, China Aviation Oil Holding Company, has emphasized that
it will withdraw support and terminate the Company's core jet
fuel procurement business should the Company be placed under
judicial management.

The Company wishes to assure its creditors that it will exercise
its best efforts to improve the terms of the proposed Scheme of
Arrangement and will continue to work together with its
creditors towards a successful restructuring of its debts.

CONTACT:

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


DYNASTY CITY: Receiving Proofs of Debt, Claim Until April 15
------------------------------------------------------------
Dynasty City Traders Pte Ltd. formerly of 200 Jalan Sultan #03-
03 Textile Centre Singapore 199018 posted at the Government
Gazette, Electronic Edition a notice of intended dividend with
the following details:

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 7 of 1999

Last Day for Receiving Proofs: 15th April 2005

Name & Address of Liquidator:

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

April 1, 2005
MOEY WENG FOO
Assistant Official Receiver


GREATRONIC LIMITED: CEO Dissatisfied on How Company was Handled
---------------------------------------------------------------
Greatronic Limited advised the Singapore Stock Exchange (SGX)
that it has received a letter dated March 31, 2005 from its
Director and Chief Executive Officer, Mr. Lim Kok Koon,
tendering his resignation as Director and Chief Executive
Officer with immediate effect.

In his letter of resignation, Mr. Lim alleged he is guided by
his overriding duty to the Company and its shareholders. He
believed he has discharged his duties as Chief Executive Officer
and Director fully. He added that his resignation should not be
construed as an admission of liability or a waiver of any of his
rights.

Mr. Lim also alleged that his reason for resigning is because of
his dissatisfaction with the manner in which the independent
directors have handled the affairs of the Company and the Group
since February 24, 2005. He alleged that the actions of the
independent directors have caused great damage to the Company
and the Group, and the refusal to reinstate him as Chief
Executive Officer has exacerbated the difficulties confronting
the Company and Group.

Mr. Lim further alleged that, in his opinion, the independent
directors' mismanagement of the affairs of the Company has
affected their ability to act independently, impartially and
objectively in the interests of the Company and its
shareholders. He said that notwithstanding his request, the
independent directors have refused to resign and rather than
exercise his right as a shareholder to remove them, he has
decided to make way as any further infighting can only damage
the Company.

The Company and the independent directors refute Mr. Lim's
allegations in totality and will be taking up the matter with
him separately.

Insofar as Mr. Lim's resignation as Director is concerned, the
Company wishes to state that Mr. Lim is due for retirement by
way of rotation at the next Annual General Meeting of the
Company, and at a Board Meeting on March 28, 2005, Mr. Lim was
informed of the Board's decision to accept the recommendation of
the Nomination Committee not to recommend him for re-election as
a Director at the Annual General Meeting.

As for Mr. Lim's resignation as Chief Executive Officer, the
Company wishes to state that at the Board Meeting on March 28,
2005, Mr. Lim (through his solicitor) contended that he should
be restored to his position as Chief Executive Officer,
alternatively in some other capacity so as to enable him to
assist restore confidence among the customers, suppliers and
employees of Greatronic Technology (M) Sdn Bhd (GTM).

The Board was highly critical of Mr. Lim's performance and
conduct as Chief Executive Officer and declined his request for
reinstatement as Chief Executive Officer, but decided not to
take any further action to terminate him as Chief Executive
Officer in the hope that he would, in some limited capacity, be
still able to ensure business continuity.

The Company will be writing to Mr. Lim to inform him that under
the terms of the service agreement that is continuing, Mr. Lim
is required to give 6 months' notice of resignation,
alternatively he is required to pay to the Company 6 months'
salary in lieu of notice. The Company will demand that Mr. Lim
pay 6 months' salary in lieu of notice.

Notwithstanding Mr. Lim's resignation as Director and Chief
Executive Officer, the Company reserves the Company's rights
against him for any prior breach of fiduciary or other duty, or
breach of contract by Mr. Lim while he was a Director and the
Chief Executive Officer of the Company.

The independent directors will also be replying to Mr. Lim on
his allegations that they have mismanaged the affairs of the
Company, which the independent directors strongly deny.

By Order of the Board
Greatronic Limited
April 2, 2005

CONTACT:

Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/


HOCK BEE: Issues Notice of Dividend
-----------------------------------
Hock Bee Heng Construction Pte Ltd. of 204, Hougang Street 21
#04-127 Singapore 530204, posted a notice of dividend to the
Government Gazette, Electronic Edition with the following
details:

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 277 of 1993

Amount Per Centum: 7.08%

First and Final or otherwise: First & Final Dividend

When Payable: 10th March 2005

Where Payable:

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

April 1, 2005
MOEY WENG FOO
Assistant Official Receiver


SEATOWN CORPORATION: Releases Monthly Default Update
----------------------------------------------------
Seatown Corporation Ltd. provided the Singapore Stock Exchange
with updates on the following matters:

(1) Banking facilities which are in default resulting in the
outstanding amounts repayable on demand.

Outstanding

Name of subsidiary at 30/09/04

Fermold Pte Ltd S$5,113,000
Seatown Construction Pte Ltd S$6,542,000
Capital I Sdn Bhd S$3,123,000

Other than matters previously announced by the Company, there
have been no further developments since the date of the earlier
announcement.

(2) Annual Report for the year ended September 30, 2004

Paragraph 4(v) of the auditors' report states that the ability
of the Company and the Group to continue as going concerns and
meet their financial obligations as and when they fall due are
dependent, inter alia, on the following factors:

(a) The successful restructuring of the Company's and the
Group's outstanding debts with lenders as at September 30, 2004;

(b) The Group not incurring significant losses in the future and
being able to secure additional new profitable contracts;

(c) The successful implementation of the Investment Agreement
with King Premier by the Judicial Manager; and

(d) The successful outcome of negotiations between the Group and
lenders to the Group concerning the preservation of existing
banking facilities available to the Group including those where
covenants have been breached not being withdrawn or materially
reduced by the banks and the indemnities provided by the Company
to third parties such as financial institutions in respect of
performance bonds and guarantees issued by such third parties on
account of its subsidiaries not being called upon by such third
parties.

There have been no further developments since the date of the
auditors' report.

(3) Resumption of trading proposal

There have been no further developments since the date of the
last announcement on March 16, 2005 regarding the resumption of
trading proposal to the Singapore Exchange Securities Trading
Limited.

(4) Schemes of arrangement for Seatown Construction Pte Ltd and
Fermold Pte Ltd

(i) Seatown Construction Pte Ltd is currently implementing its
Scheme of Arrangement with its creditors.

(ii) Fermold Pte Ltd (Fermold) is currently implementing its
Scheme of Arrangement with its creditors. Fermold's Scheme
Administrator has informed the Company that Fermold has not
complied with certain terms of the its Scheme.

The Company will make announcements as and when material
developments arise.

CONTACT:

Seatown Corporation Limited (In Judicial Management)
(formerly: Pacific Can Investment Holdings Limited)
20 Maxwell Road #02-01
Maxwell House
Singapore 069113
Telephone: 65 62211777
Fax: 65 62235202/65 67887788


SEATOWN CORPORATION: Members Reject 5th Resolution at AGM
---------------------------------------------------------
Pursuant to Rule 704(14) of the Singapore Exchange Securities
Trading Ltd's Listing Manual, the Company announced that at the
16th Annual General Meeting (AGM) of the Company held on March
31, 2005 at 11:00 a.m., all the proposed resolutions as set out
in the Notice of AGM were passed except for resolution no. 5,
which was withdrawn and not passed.

The Company also announced that at the abovementioned AGM, Dr.
Philip Tan Meng Ngee and Mr. Soh Kian Shang were re-elected as
Directors of the Company.

Pursuant to Rule 704(8) of the Singapore Exchange Securities
Trading Ltd's Listing Manual, the Company announced that Dr.
Philip Tan Meng Ngee would be considered as an Independent
Director on the Audit Committee and Mr. Soh Kian Shang would be
considered as a Non-executive Director on the Audit Committee.
   

SUNWAY BUSINESS: Passes Resolution to Wind Up Company
-----------------------------------------------------
At an Extraordinary General Meeting of the members of Sunway
Business Systems Pte Ltd  (In Voluntary Liquidation) duly
convened and held at 298 Tiong Bahru Road, #12-01/06 Central
Plaza, Singapore 168730 on Thursday, 31st March 2005 at 11.00
a.m. the following Special Resolutions were duly passed:

RESOLVED:

(a) That Sunway Business Systems Pte Ltd be wound up
voluntarily; and

(b) That Mr. Tay Joo Soon, Certified Public Accountants of 1
North Bridge Road, #13-03 High Street Centre, Singapore 179094
be and is hereby appointed Liquidator for the purpose of such
winding up.  The said Liquidator be indemnified by the Company
against all costs, charges, losses, expenses and liabilities
incurred or sustained by him in the execution and discharge of
his duties in relation thereto.

Dated this 26th March 2005

Lee Tian Hock
Chairman


SUNWAY WORKFLOW: Hires Liquidator for Winding Up Purposes
---------------------------------------------------------
At an Extraordinary General Meeting of the members of Sunway
Workflow Automation Pte Ltd (In Voluntary Liquidation) duly
convened and held at 298 Tiong Bahru Road, #12-01/06 Central
Plaza, Singapore 168730 on Thursday, 31st March 2005 at 11.30
a.m., the following Special Resolutions were duly passed:

RESOLVED:

(a) That Sunway Workflow Automation Pte Ltd be wound up
voluntarily; and

(b) That Mr. Tay Joo Soon, Certified Public Accountants of 1
North Bridge Road, #13-03 High Street Centre, Singapore 179094
be and is hereby appointed Liquidator for the purpose of such
winding up.  The said Liquidator be indemnified by the Company
against all costs, charges, losses, expenses and liabilities
incurred or sustained by him in the execution and discharge of
his duties in relation thereto.

Dated this 26th March 2005

Lee Tian Hock
Chairman



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

KRUNG THAI: President Mulls Sanction Against Bank Executives
------------------------------------------------------------
Krung Thai Bank Pcl (KTB) President Apisak Tantivorawong is
currently in the process of evaluating appropriate sanctions
against bank executives involved in the bad loan fiasco, Bangkok
Post relates.

Mr. Apisak said the penalties may range from a simple warning to
dismissal.  He also said the bank has completed its report into
12 corporate loan accounts singled out by regulators for action
last year.  

The investigation included senior executive vice-presidents of
the bank.  Pongsathorn Siriyodhin, Dusit Tengniyom, Wanchai
Thanittiraporn and Sthit Chupatanakul were among the four senior
executive vice-presidents singled out for possible fraud. The
four executives were responsible for loan approvals.

In February, the Bank of Thailand filed charges against 21 KTB
directors, executives and outside parties relating to possible
fraud, embezzlement and malfeasance connected with THB11.68
billion in loans made by the state bank during 2003.

Among those charged were Suchai Jaovisidha, a former KTB
executive director; director Machima Kunjara na Ayudhya; and
former director and bank president Viroj Nualkhair.

CONTACT:

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

PREECHA GROUP: Board Agrees to Invest in P. Leasing Shares
----------------------------------------------------------
Referring to the meeting of the Board of Directors of Preecha
Group Public Company Limited (PRECHA) held on March 31, 2005, a
resolution was passed that the Company will invest in the wholly
own shares of P. Leasing Co. Ltd. (P. Leasing) as follows:

(1) Date of Acquisition

The Company will enter into the transaction, after obtaining
approval from the annual general meeting of shareholders of the
Company No. 1/2005 to be held on April 26, 2005.

(2) Related Parties

Acquirer: Preecha Group Public Company Limited

Seller: Mr. Panya  Tirakijpong, Miss Worrapan Bhumipakdeepan,
Miss Supranee Meksri, Mr.Suvit Jarukitkul, Mr.Kitti Tirakijpong,
Miss Siriporn Jarukitkul, Miss Saitong Tandong

Number of shares: 50,000 shares (Fifty thousand shares) or 100
percent of paid up capital

Transaction Value: Baht 0.01 per share (One Satang) for the
total amount of THB500 (Five hundred Baht)

Relationship: P. Leasing has the same major shareholders and
control persons as the Company.

(3) General characteristic of the transaction

The Company has an intention to invest in P. Leasing in order to
follow the 1/1996 shareholder's meeting resolution on October 8,
1996 that allowed the Company to purchase the 556-square-wah
land and the office buildings no. 2, 4, and 1919 (building No. 2
and 1919 are the same building) from P. Leasing, the connected
party, at THB175 million (one hundred and seventy five million
Baht).

This resolution to do the connected transaction supported the
Company to eliminate its conflict of interest between the
Company and P. Leasing in which the Company had rented P.
Leasing as its main office.

The Company had paid THB85.56 million to P. Leasing as its down
payment for the property since 1997, however, the 1997 Asia
Economic Crisis led the Company to its financial difficulties.
Therefore, the Company had ceased its payment for the properties
ever since.

Moreover, in 2001, the Stock Exchange of Thailand (SET) moved
the Company from property sector to sector of companies under
rehabilitation and suspended the Company from trading.

Later on, in 2005, the Company has successfully recovered its
operation and has an intention to file a resumption of trading
application to the SET.

Therefore, all the conflict of interests, including the above
properties, must be eliminated before its shares can be traded
again.  Nevertheless, such properties have been mortgaged to the
Thai Asset Management Corporation Company Limited (TAMC).

Therefore, those properties cannot be sold until P. Leasing
fulfills its role in the debt restructuring agreement between P.
Leasing and TAMC in that P. Leasing must pay all of THB126.68
million to TAMC within 10 years. As a result, P. Leasing cannot
conduct the role as the seller in the purchase-of-property
agreement with the Company dated August 8, 1996.

In order to solve such problem instead, the Company's committee
has agreed to acquire P. Leasing's 50,000 common shares at
THB0.01 per share for the total payment of THB500 from P.
Leasing's shareholders.

Those 50,000 shares account for 100 percent of P. Leasing paid-
up capital.  Acquiring P. Leasing shares will immediately
eliminate the Company's conflict of interest and is beneficial
to both the Company and its shareholders.

The Company will apply for the resumption of trading to the SET
afterward. Although the transaction size does not reach the
trigger point according to the Notification of the Board of
Governors of the SET regarding the Disclosure of Information
concerning the Connected Transactions, 2003, and the Company
does not need the shareholders' approval.

However, the Company would like to get the approval from the
shareholders in order to show transparency and good governance
in this transaction.

The information about this transaction will be disclosed to the
SET and the transaction will obtain the approval of the
shareholders' meeting with three-quarters of the total votes of
all shareholders present and eligible to vote at the meeting
excluding the votes of interested shareholders.

(4) The details of the assets acquired

(A) Company Information

Company Name: P. Leasing Co. Ltd.

Address:

1901 Pattanakarn Road, Suan Luang, Suan Luang, Bangkok 10250
Type of Business:P. Leasing is engaged in real estate
development business, office building for rent. The Company owns
two office buildings, Preecha Group and Furngfa Building,
located at Soi Pattanakarn 41 on Pattanakarn Road.

(B) Shareholding Structure

As of April 29, 2004, the registered and paid-up capital of P.
Leasing is THB5 million totaling 50,000 shares with a par value
of THB100 per share.

The shareholder structure is as follows:

Rank      Name                      No. of Shares      %

1      Mr.Panya Tirakijapong        18,499           37.00%
2      Ms. Worrapan Bhumipakdeepan  15,500           31.00%
3      Ms. Supranee Meksri           8,000           16.00%
4      Mr. Suvit Jarukitkul          4,500            9.00%
5      Mr. Kitti Tirakijpong         1,900            3.80%
6      Ms. Siriporn Jarukitkul       1,600            3.20%
7      Ms. Saitong Tandong               1            0.00%

Total                               50,000          100.00%

(C) Financial Summary

The financial status and operating results of P. Leasing, in
accordance with the audited financial statement as of December
31, 2002-2004 and the reviewed financial statement as of January
31, 2005, are:
                           
(Unit: Baht)

Net Income Statement    2545*         2546*         2547**

Rental incomes 2004     -             -           6,841,172.78

Other incomes         4,335.16       13,754.47        132,635.63

Total Revenues        4,335.16       13,754.47      6,973,808.41

Selling and
administrative
expenses          3,767,067.88    4,383,244.18      9,967,547.28

Profit (Loss)
Before Interest
Expense          -3,762,732.72   -4,369,489.71     -2,993,738.87
Interest
Expenses      -21,066,074.39  -21,066,074.39              -

Net Profit
(Loss)        -24,828,807.11  -25,435,564.10     -2,993,738.87

Earning (Loss)
per shares    -496.58          -508.71         -59.87

Note: * The financial statement was audited by Mr. Worasak
Yimpienpak, Certified Public Account, Reg. No.  3054

** The financial statement was prepared by the management of P.
Leasing                                                   

(Unit: Baht)

Balance Sheet      2545*           2546*                 2547**

Cash and cash
equivalent     804,331.41         653,269.38     177,778.56

Short term
Investment      54,808.65          55,147.52      55,554.83
Accounts
Receivable   6,658,182.44       6,658,182.44   9,534,000.00

Other
Receivable   15,150,455.93      15,150,455.93  15,150,455.93

Inventories   4,903,427.00       4,903,427.00   4,903,427.00

Other current
assets          801,848.47          118,961.00      -

Total Current
Assets        28,373,053.90      27,539,443.27  29,821,216.32

Property, Plant,
and
Equipment-Net  134,383,137.62    130,812,723.61 163,727,276.45

Other Assets-
Deposit (Waterworks &
electricity )      225,700.00        177,700.00      177,700.00

Total Assets   162,981,891.52    158,529,866.88  193,726,192.77

Client
deposit         30,000,000.00     30,000,000.00    85,557,000.00

Short-term
loans form
related parties  15,781,000.00    15,781,000.00    15,781,000.00

Capital increase
Reserve           2,556,926.00     2,556,926.00     4,658,304.84

Other Current
Liabilities     153,103.60        145,568.67        18,565.67

Total Current
Liabilities    48,491,029.60      48,483,494.67   106,014,870.51

Long-term
loans from
financial
institutions  117,033,746.85    117,033,746.85   115,630,523.89

Accrued interest
Expense       110,346,191.11    131,412,265.50   130,314,110.53

Other
Liabilities       990,000.00         915,000.00       371,250.00

Total Non-Current
Liabilities    228,369,937.96    249,361,012.35   246,315,884.42

Total
Liability     276,860,967.56    297,844,507.02   352,330,754.93

Share capital    5,000,000.00       5,000,000.00    5,000,000.00

Retained
earning
(losses) -118,879,076.04    -144,314,640.14  -163,604,562.16

Shareholder's
Equity    -113,879,076.04   -139,314,640.14   -158,604,562.16

Total Liability
and Shareholders
Equity     162,981,891.52     158,529,866.88    193,726,192.77

Total paid-up
Shares          50,000.00          50,000.00        50,000.00

Par Value
per Share          100.00             100.00           100.00

Book Value
per Share       -2,277.58          -2,786.29        -3,172.09

Note:

* The financial statement was audited by Mr. Worasak Yimpienpak,
Certified Public Account, Reg. No.  3054

** The financial statement was prepared by the management of P.
Leasing.

(5) Total Value of transaction

The total value of 50,000 shares (equal to 100% of the
registered capital) of P. Leasing at THB0.01 per share, that
will be acquired, is THB500 in aggregate.

(6) The basis of transaction valuation

Because P. Leasing is not a listed Company and the shareholder's
equity was negative, the valuation of P. Leasing share should be
based on neither the market price nor the book value per share.
Hence, the Company and Shareholders of P. Leasing agreed to set
the purchase price at THB0.01 per share, the lowest share price
allowed by law, or THB500 in aggregate, which is reasonable
comparing with P. Leasing current status.

The Company believes that this price is appropriate. However, to
prevent the Company from additional liabilities of P. Leasing,
the Company has appointed Siam City Securities Co., Ltd. as the
independent financial advisory will be assigned to appraise
whether cash flow from P. Leasing operation is reliable to pay
the debt service to TAMC, without additional support from the
Company.

(7) Source of funds to be used in the purchase of assets

The Company will apply its operating cash flow as the source of
funds in this purchase.

(8) List of Connected Persons

(1) Mr. Preecha Tirakijpong
President of Preecha Group PLC
Authorized Director of P. Leasing Co., Ltd

(2) Naiad Co., Ltd

Mr. Preecha Tirakijpong- Authorized Director

Mr. Panya Tirakijpong (Son of Mr. Preecha Tirakijpong) holds
344,980 shares equal to 69%

Miss Thitima Tirakijpong (Daughter of Mr. Preecha Tirakijpong)
holds 150,000 shares equal to 30%

(3) Miss Supranee Meksri (Non-registered wife of Mr. Preecha
Tirakijpong) Shareholder of Preecha Group PLC Authorized
Director of P. Leasin Co., Ltd

(4) Mr. Suvit Jarukitkul (Son of Mr. Preecha Tirakijpong's
brother) Shareholder of Preecha Group PLC, Authorized Director
and Shareholder of P. Leasing Co., Ltd

(5) Miss Siriporn Jarukitkul (Daughter of Mr. Preecha
Tirakijpong's brother) Shareholder of Preecha Group PLC
Shareholder of P. Leasing Co., Ltd

List of Preecha Group PLC's shareholders who are eligible to
vote for or against this matter
Name                               Number of shares

(1) Company Naiad                  32,619,035
(2) Mr. Panya Tirakijapong          6,742,197
(3) Ms. Achara Tirakijapong            96,662
(4) Mr. Thamrongsak Tirakijapong      400,000
(5) Mr. Chaiyuth Tirakijapong         300,000
(6) Mr. Pichai Tirakijapong            22,083
(7) Mr. Thammarat Tirakijapong          8,458
(8) Ms. Thitima Tirakijapong        5,806,023
(9) Ms. Rachadaporn Tirakijapong      200,000
(10) Ms. Siriporn Jarukitkul          247,697
(11) Mr. Suvit Jarukitkul              89,166
(12) Ms. Siripetch Jarukitkul           5,000
(13) Mr. Niran Jarukitkul               5,000
(14) Mr. Parinya Jarukitkul             5,000
(15) Ms. Supranee Meksri               30,207
(16) Mrs. Anicha Meksri                 5,000
(17) Mr. Charin Meksri                  5,000
(18) Mr. Jaran Meksri                     500

(9) Nature and Scope of the interest of the connected persons in
the transaction

The connected persons comprise the shareholders and/or directors
of the Company and P. Leasing.

(10) Expected Benefits to the Company

The Company is the listed Company on the Stock Exchange of
Thailand using the symbol PRECHA. In order to eliminate the
Company's conflict of interest, renting Preecha Group building
as the Company's Office from P. Leasing, the connected party own
by The Company's major shareholder and Authorized directors, the
Company has entered into the agreement to purchase the lands
with Preecha Group building and Furngfa building from P. Leasing
on August 2, 1996 (This transaction was approved by the
shareholders' resolution made in the Extraordinary General
Meeting No. 1/1996 dated October 8, 1996).

Regarding the audited financial statement as of December 31,
1997, the Company already paid THB85.56 million to P. Leasing as
the deposit for the said properties.

However, the 1997 Economic Crisis led the Company to its'
financial difficulties. Therefore, the Company had ceased its
payment for the properties ever since. To reclaim its initial
installment of THB85.5 million, the Company has been using
Preecha Group building as the Company's Office without any
rental payment.

As per the auditor advice, the Company should record the rental
expenses for using this Preecha Group building because the
Company didn't own the properties; therefore, the Company booked
the accrued rent as accrued expenses since 1998.


On December 31, 2005, the Company owed the accrued rent with P.
Leasing amounting THB9.53 million.  In 2001, The Stock Exchange
of Thailand (SET) changed the Company's listing sector from the
property sector to the sector of companies under rehabilitation
and suspended it from trading.

Later on, in 2005, the Company has successfully recovered its
operation and gained the operating profit for three quarters,
consecutively. Thus, the Company has an intention to file the
resume trading application to SET. Therefore, all the conflict
of interests, including the above properties, must be eliminated
before the shares can be traded again.

However, P. Leasing cannot fulfill the purchase-of- property
agreement dated 8 August 1996, although the Company pays the
initial installment of THB89.44 million (the total price stated
in the agreement was THB175 million), because those properties
have been mortgaged with the Thai Asset Management Corporation
Company Limited (TAMC).

However, considering P. Leasing status, it carries losses from
the operating activities, consecutively and the negative
shareholder's equity. Moreover, P.Leasing is under a debt-
restructuring agreement, dated July 30, 2004, with TAMC.In order
to eliminate the conflict of interest, therefore The Company's
Board of Directors has agreed to acquire P. Leasing's 50,000
common shares at THB0.01 per share for the total payment of
THB500.

After the share purchases, the Company will pay the rent of the
building for the area used by the Company. Besides, in order to
obtain the enough and reliable incomes to service the
outstanding debt with TAMC, P. Leasing will find additional
renters for the available space in those buildings.

After the Company completes the debt restructuring obligations
with TAMC, the right over those properties will be transferred
back to P. Leasing for using the lands and building in its
office rental business.

(11) Interested directors and/or connected directors
At the meeting of the Company's Board of Directors to consider
this investment transaction, no interested director or connected
director, namely Mr. Preecha Tirakijpong, was present and
eligible to vote for or against this matter.

(12) Opinion of the Board and the Audited Committee on entry
into this transaction

In the opinion of The Company's Board of Directors and the
Audited Committee, this acquisition is a suitable connected
transaction because it will immediately eliminate the Company's
conflict of interest and is beneficial to both the Company and
its shareholders. Afterward, the Company will apply for the
resumption of trading to the SET.

(13) Actions to be taken by the Company

To apply this connected transaction, the Company requires
obtaining the approval of the shareholders' meeting with three-
quarters of the total votes of all shareholders present and
eligible to vote at the meeting, the votes of interested
shareholders not to be counted.

CONTACT:

Preecha Group Public Company Limited   
1919 Pattanakarn Road, Suan Luang Bangkok    
Telephone: 0-2722-8855   
Fax: 0-2722-8844-5   
Web site: http://www.preecha.com


TANAYONG: Forms Committee of Creditors
--------------------------------------
Pursuant to the Central Bankruptcy Court's orders on December
30, 2003 for the business reorganization of Tanayong Public
Company Limited and on March 15, 2004 to appoint Tanayong Public
Company Limited as the Planner, the Official Receiver then
called for a meeting of creditors on March 31, 2005.

At this latest meeting to consider the plan, those at the
creditors' meeting have passed a resolution to approve the plan
with the total votes of 79.29 percent.

Furthermore, those at the meeting also passed a resolution
appointing 7 persons as a committee of creditors to act on
behalf of all the creditors in monitoring the implementation of
the plan. Thus, the Central Bankruptcy court has fixed date to
consider the rehabilitation plan on April 19, 2005.
     
Please be informed accordingly.

Yours sincerely,
Mr. Sudha Liptawat / Mr. Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Planner of Tanayong Public Company Limited

CONTACT:

Tanayong Public Company Limited   
100-100/1 Moo 4, Km.14,Bangna-Trat Road,
Bang Plee, Samut Prakarn    
Telephone: 0-2273-8511-15   
Fax: 0-2273-8516-17   
Web site: http://www.tanayong.co.th
    


BOND PRICING: For the Week 04 April to 08 April 2005
----------------------------------------------------

Issuer                            Coupon   Maturity  Price
------                            ------   --------  -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    8
Austral Coal                          9.500%    10/01/06    1
Australis Holdings                   15.000%    11/01/02    1
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    8
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Citigold Corporation                 12.000%     3/29/07    1
Consolidated Minerals                11.250%     3/31/05    4
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    7
Hy-Fi Securities Ltd                  8.750%     8/15/08   10
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13    8
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd.             10.250%    10/15/09   10
Primelife Corp.                       9.500%    12/08/06    1
Prime Infrastructure                  8.500%     2/28/49   10
Prime Infrastructure                  8.500%    12/31/49   10
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities Ltd               7.410%     9/20/35    7
Sapphire Securities Ltd               9.250%    12/20/06    8
Sherlock Bay Nickel                  12.000%     9/01/07    1
Sky Network Television Ltd            9.300%    10/29/49    7
Software of Excellence                7.000%     8/09/07    1
Strathfield Group                    11.000%    12/31/05    1
Sydney Gas Company                   12.000%     4/01/06    1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2

CHINA
-----

China Government Bond                  2.900%    5/24/32   73


KOREA
-----

Korea Electric Power                   7.950%      4/01/96  71


MALAYSIA
--------

Aliran Ihsan Resources Bhd             5.000%     11/29/11    1
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/06/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          7.000%      2/24/06    1
Dataprep Holdings Bhd                  4.000%      8/05/05    1
Dataprep Holdings Bhd                  4.000%      8/06/07    1
Eden Enterprises (M) Bhd               2.500%     12/02/07    1
Fountain View Development Sdn Bhd      3.500%     11/03/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Huat Lai Resources Bhd                 5.000%      3/28/10    1
I-Berhad                               5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kamdar Group Bhd                       3.000      11/09/09    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/27/12    1
LBS Bina Group Bhd                     4.000%     12/29/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%      1/06/07    5
Lion Diversified Holdings Bhd          2.000%      6/01/09    2
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%      4/05/12    1
Mithril Bhd                            8.000%      4/05/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corp.                       0.500%      8/24/06    1
Nam Fatt Corporation Bhd               2.000%      6/24/11    1
Pantai Holdings Bhd                    5.000%      7/31/07    1
Patimas Computers Bhd                  6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/18/16    1
Ramunia Holdings                       1.000%     12/20/07    1
Rashid Hussain Bhd                     0.500%     12/24/12    1
Rashid Hussain Bhd                     1.500%      6/30/07   75
Rashid Hussain Bhd                     3.000%     12/24/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel                         5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%     12/09/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
Tradewinds Corporation Bhd             2.000%      2/08/12    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   73
Sengkang Mall                          8.000%     11/20/12    1
Structural System Singapore           11.000%      6/30/07    1
Tampines Assets Ltd                    5.625%     12/07/06    1
Tincel Limited                         7.400%      6/13/11    1





                            *********


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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                 *** End of Transmission ***