TCRAP_Public/050418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, April 18, 2005, Vol. 8, No. 75

                            Headlines

A U S T R A L I A

1B MARRICKVILLE: Members Pass Winding Up Resolution
ACS FOOD: Sets April 29 as Date of Final Meeting
AOS GROUP: To Declare Final Dividend April 27
BARTON CAPITAL: Names J.R. Biddle as Liquidator
BATHROOM ARTE: Court Issues Winding Up Order

CALDER PARK: To Pay Dividend April 29
CENTENARY AVE: Members to Meet April 29
C.K.S PERSONNEL: Fixes April 29 as Final Meeting Date
CONTOUR BATHROOM: To Convene Final Meeting April 18
CREST TECHNOLOGIES: Final Meeting Set April 29

ESTAR NOMINEES: Appoints Liquidator to Wind Up Company
ESX PTY: Members Resolve to Wind Up Company
G.A. MANGOULIAS: Placed Under Liquidation
GENERAL REINSURANCE: APRA Pores Over Practices
LEO LEGGATT: Names Stephen Jay as Liquidator

HIH INSURANCE: Former Chief to Appeal Jail Term
ION LIMITED: Harley Slump Worries Administrators
JAMES HARDIE: To Cover Baryulgil Workers' Claims
KNIGHTS INSOLVENCY: Forced to Write-off Bigger Sum
LEAHY PETROLEUM: Collapses Over Price-fixing Scandal

MARNOE PROPERTIES: Members Nominate David H. Cott as Liquidator
MULTIPLEX: Withdraws from 1249 Regeneration Partnership
NATIONAL AUSTRALIA: Considers Weekend Trade
NICO GROUP: Enters Winding Up Process
PARRYS MOTORCYCLES: Members, Creditors to Meet April 27

PIKO'S TRANSPORT: Court Names Mark Roufeil as Liquidator
PLUMRICH PTY: Members Opt to Wind Up Company
QANTAS AIRWAYS: Adds Flights to Boost Tourism
SOMMERS PTY: Appoints Joint and Several Liquidators
WESTBUS: May Be Sold as One Entity

* ASIC Bans Queensland Director of Ten Failed Companies


C H I N A  &  H O N G  K O N G

CANADA INDUSTRIAL: Court Issues Winding Up Notice
CHANGJIANG POWER: Sets Second Annual Meeting on April 29
CHAOMING LIMITED: Creditors Meeting Slated for April 29
CENTRE MARK: Court Releases Winding Up Order
CHING HING: 2004 Net Loss Narrows to HKD11.6 Mln

FAI TAN: High Court Issues Winding Up Notice
NAM FONG: Receives Applications for New Certificate Issuance
ON GLORY: Enters Winding Up Proceedings
PLUS HOLDINGS: SFC Prosecutes Chairman for Market Manipulation
UNIQUE BUSINESS: Creditors Meeting Fixed on April 29

WIDE SUCCESS: Winding Up Hearing Set May 25
WIN PROFIT: Receives Winding Up Notice
WING SHAN: Net Loss Balloons to HKD55.8 in 2004
XIN CORPORATION: Proposes Capital Reorganization


I N D O N E S I A

BANK MANDIRI: Executives Up for Questioning on Alleged Fraud
PERTAMINA: Demands KPPU to Reveal Informers' Identity


J A P A N

DAIEI INCORPORATED: Posts JPY511 Bln Net Loss in 2004
ENU TEI: Files for Bankruptcy
KANEBO LIMITED: IRCJ to Continue Revitalization Support
MITSUBISHI ELECTRIC: To Shut Down European Unit
SANYO ELECTRIC: Joins DVD6C in Licensing DVD Patents With Sharp

VICTOR COMPANY: Sees JPY2 Bln Net Loss on Weak European Sales
* Bankruptcies Below 14,000 for First Time in 13 Years


K O R E A

CHOHUNG BANK: Executive Allegedly Embezzled KRW40 Bln
DAEWOO INTERNATIONAL: Accused of Supporting Myanmar Gov't
JINRO LIMITED: Winning Bidder Begins Due Diligence
LG CARD: Sells KRW50-Bln Bonds to Finance Operations


M A L A Y S I A

GOLDEN FRONTIER: Repurchases More Shares
I-BERHAD: Buys Back 3,000 Shares
METROPLEX BERHAD: In Talks with Lenders to Settle Defaults
OMEGA HOLDINGS: Bourse Awaits Decision on Regularization Plan
PANTAI HOLDINGS: Posts Notice of Shares Buy Back

REKAPACIFIC BERHAD: Bourse Delists Securities
SARAWAK ENTERPRISE: Shareholders OK Non-Core Assets Stake Sale
WCT ENGINEERING: Set to List More Shares


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Furnishes Copy of SEC Form 23-A
LMG CHEMICALS: Issues Definitive Information Statement
NATIONAL BANK: Tycoon May Grab Majority Shareholding
NATIONAL POWER: Government Eyes ADB Guarantee for Refinancing
PACIFIC PLANS: Seeks Php300-Mln Capital Infusion

PACIFIC PLANS: Woes Elude Sister Firm
PRICESMART INCORPORATED: Hikes Sales, Will Keep Local Outlets


S I N G A P O R E

CHINA AVIATION (S): Unit Concludes Jet Fuel Tender for May, June
CYBER VILLAGE: Sends Out Annual Report to Shareholders
FHTK HOLDINGS: EGM Set May 11
GREATRONIC LIMITED: Terminates CEO's Service Agreement
NEPTUNE ORIENT: Issues Amendment to Director's Report

TRINITY COMMERCIAL: Faces Winding Up Proceedings
XING HAI: Served with Winding Up Order
YONGNAM HOLDINGS: Replies to SGX Query


T H A I L A N D

PHUKET AIR: Resumes Flights After Inspection Halt

     -  -  -  -  -  -  -  -

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

1B MARRICKVILLE: Members Pass Winding Up Resolution
---------------------------------------------------
At a General Meeting of 1B Marrickville Pty Ltd (In Liquidation)
A.C.N. 003 951 700, duly convened and held at the offices of
Prior & Co Pty Ltd, Level 6, 140 Queen Street, Melbourne,
Victoria 3000 the following Special Resolution passed:

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

Dated this 1st day of March 2005

Stephen Prior
c/- Prior & Co Pty Ltd
Level 6, 140 Queen Street,
Melbourne Victoria 3000


ACS FOOD: Sets April 29 as Date of Final Meeting
------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of ACS Food Services Pty. Ltd. (In Liquidation) A.C.N.
086 781 366 will be held at the offices of Dye & Rennie, Suite 8
260 Auburn Road, Hawthorn 3122 on Friday, April 29, 2005 at 9:15
a.m. for the purpose of laying before the meeting the accounts
showing how the winding up have been conducted and the property
of the Company disposed of and giving any explanation thereof.

Dated this 15th day of March 2005

V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122


AOS GROUP: To Declare Final Dividend April 27
---------------------------------------------
A first and final dividend is to be declared on April 27, 2005
for AOS Group Australia Pty Limited (In Liquidation) A.C.N. 084
580 496.

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

Dated this 15th day of March 2005

Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, Currency House,
23-25 Hunter Street,
Sydney NSW 2000
Telephone: (02) 9232 3322,
Facsimile: (02) 9232 3388


BARTON CAPITAL: Names J.R. Biddle as Liquidator
-----------------------------------------------
Notice is hereby given that at a general meeting of members held
on March 2, 2005 it was resolved that Barton Capital Pty Ltd (In
Liquidation) would be wound up voluntarily and that J. R. Biddle
of Level 19, 207 Kent Street, Sydney be appointed Liquidator for
the purpose.

Dated this 2nd day of March 2005

J. R. Biddle
Liquidator


BATHROOM ARTE: Court Issues Winding Up Order
--------------------------------------------
On February 28, 2005 the Supreme Court of New South Wales made
an Order that Bathroom Arte Pty Limited (In Liquidation) A.C.N.
084 779 760 be wound up by the Court and appointed Maxwell
William Prentice to be Liquidator.

Dated this 1st day of March 2005

Maxwell William Prentice
c/- PPB
Chartered Accountants & Business Reconstruction
Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


CALDER PARK: To Pay Dividend April 29
-------------------------------------
A dividend is to be declared on April 29, 2005 for Calder Park
Motorsport Promotions Pty Ltd (In Liquidation) A.C.N. 056 636
901.

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

Dated this 4th day of March 2005
PAUL BURNESS
Liquidator
Worrells
Solvency & Forensic Accountants
Level 5, 15 Queen Street,
Melbourne Vic 3000
Web site: http://www.worrells.net.au


CENTENARY AVE: Members to Meet April 29
---------------------------------------
Notice is hereby given in pursuance of Subsection 509(3) and (4)
of the Corporations Law that a General Meeting of the Members of
Centenary Ave Child Care Centre Pty Ltd (In Voluntary
Liquidation) A.C.N. 055 072 207 will be held on April 29, 2005
at 10:30 a.m. at the office of Twomey Patterson Chartered
Accountants for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and
hearing any explanation that may be given by the Liquidators.

Dated this 7th day of March 2005

Michael B. Twomey
Geoffrey F. Twomey
Joint and Several Liquidators
47 Cooper Street, Cootamundra NSW 2590


C.K.S PERSONNEL: Fixes April 29 as Final Meeting Date
-----------------------------------------------------
Notice is hereby given that the final meetings of the members
and creditors of C.K.S Personnel Pty Ltd (In Liquidation) A.C.N.
083 225 307 will be held at the offices of Dye & Rennie, Suite 8
260 Auburn Road, Hawthorn 3122 on Friday, April 29, 2005 at 9:45
a.m. for the purpose of laying before the meeting the accounts
showing how the windings up have been conducted and the property
of the Company disposed of and giving any explanation thereof.

Dated this 15th day of March 2005
V. R. DYE
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122


CONTOUR BATHROOM: To Convene Final Meeting April 18
---------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of the members and
creditors of Contour Bathroom Fitting Designs Pty Ltd (In
Liquidation) A.C.N. 102 601 463 will be held at the offices of
SimsPartners, Level 24, 264 George Street, Sydney 2000, on April
18, 2005 at 12:00 p.m. for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 15th day of March 2005

Neil G. Singleton
Liquidator
Sims Partners
Level 24, Australia Square,
264 George Street,
Sydney NSW 2000
Telephone: 9241 3422

Proxy Forms are available from Sims Partners.


CREST TECHNOLOGIES: Final Meeting Set April 29
----------------------------------------------
Notice is hereby given that the final meetings of the members
and creditors of Crest Technologies (NSW) Pty Ltd (In
Liquidation) A.C.N. 071 905 256 will be held at the offices of
Dye & Rennie, Suite 8 260 Auburn Road, Hawthorn 3122 on Friday,
April 29, 2005 at 10:15 a.m. for the purpose of laying before
the meetings accounts showing how the windings up have been
conducted and the property of the companies disposed of and
giving any explanation thereof.

Dated this 15th day of March 2005
V. R. DYE
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road, Hawthorn 3122


ESTAR NOMINEES: Appoints Liquidator to Wind Up Company
------------------------------------------------------
Notice is hereby given that at a general meeting of members held
on March 2, 2005 it was resolved that Estar Nominees Pty Limited
(In Liquidation) A.C.N. 090 887 399 would be wound up
voluntarily and that J. R. Biddle of Level 19, 207 Kent Street,
Sydney be appointed Liquidator for the purpose.

Dated this 2nd day of March 2005

J. R. Biddle
Liquidator


ESX PTY: Members Resolve to Wind Up Company
-------------------------------------------
Notice is hereby given that at a general meeting of members held
on March 2, 2005 it was resolved that ESX Pty Limited (In
Liquidation) A.C.N. 076 981 970 would be wound up voluntarily
and that J. R. Biddle of Level 19, 207 Kent Street, Sydney be
appointed Liquidator for the purpose.

Dated this 2nd day of March 2005

J. R. Biddle
Liquidator


G.A. MANGOULIAS: Placed Under Liquidation
-----------------------------------------
At an extraordinary General Meeting of G.A. Mangoulias Dental
Services Pty Ltd (In Liquidation) A.C.N. 072 902 955 convened
and held at the offices of a MP & K Partners, 5/9 Montgomery
Street Kogarah NSW 2217, NSW 2150 on March 2, 2005, Riad Tayeh
was appointed Joint Liquidator with Mr. Antony de Vries.

Dated this 2nd day of March 2005

Riad Tayeh
Joint Liquidator
de Vries Tayeh
c/- Level 3, 95 Macquarie Street,
Parramatta NSW 2150


GENERAL REINSURANCE: APRA Pores Over Practices
----------------------------------------------
The Australian Prudential Regulation Authority has commissioned
an investigation over the reinsurance practices of General
Reinsurance Australia (General Re), The Age says.

General Re, the Australian insurance arm of international
investment legend Warren Buffet's Bershire Hathaway group, last
month provided a submission to APRA that was considered before
the probe was called. The Company said it would continue to
cooperate with APRA.

General Re Australia first came to regulatory notice after
claims in the HIH Royal Commission that it had sold a
reinsurance product to FAI in June 1998. The product allowed the
failed insurer to turn a AU$50 million loss into an AU$8.6
million profit. Soon afterwards FAI was taken over by HIH and
the group ultimately collapsed.

Previously, General Re said it sold a legal product that FAI
misused.

The regulator did not release further details about the nature
of the investigation and said it would not comment while
inquiries proceeded.


LEO LEGGATT: Names Stephen Jay as Liquidator
--------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Leo Leggatt Pest Control Pty Limited (In Liquidation) A.C.N.
003 188 369, held on March 3, 2005, the following Special
Resolution was duly passed:

That as the Company in the opinion of the Directors will not be
able to pay its debts within twelve (12) months the Company be
wound up by a Creditors Voluntary Winding Up.

Stephen Jay of Nicholls & Co., Chartered Accountants, Suite 103,
1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW
was appointed Liquidator.

Dated this 3rd day of March 2005

Stephen Jay
Liquidator
Suite 2, 1st Floor,
43 Macquarie Street,
Dubbo NSW 2830


HIH INSURANCE: Former Chief to Appeal Jail Term
-----------------------------------------------
A former chief executive of failed HIH Insurance Limited will
appeal the jail term handed down on Friday, saying the sentence
was "manifestly excessive", the Sydney Morning Herald reports.

Ray Williams was sentenced by the NSW Supreme Court to a maximum
of four years and six months jail, with a non-parole period of
two years and nine months.

Mr. Williams, which vowed to lodge his appeal immediately, joins
former HIH director Rodley Adler in being the first executives
to go behind bars as part of an AU$28 million investigation into
Australia's biggest corporate collapse.

In December last year, Mr. Williams pleaded guilty to making
misleading statements about the financial position of HIH, being
reckless and failing in his duties as a director and authorizing
a misleading document to raise money for the Company.

HIH Insurance collapsed in March 2001, leaving thousands of
policyholders without insurance cover and debt estimated at
AU$5.3 billion.


ION LIMITED: Harley Slump Worries Administrators
------------------------------------------------
Ion Limited's administrators fear that a surprise downgrade of
growth forecasts by a U.S.-based client would negatively affect
the sale of the failed car parts maker's assets, Sydney Morning
Herald relates.

Barely a week before administrators Colin Nicol and Peter
Anderson of McGrathNicol+Partners were expected to report the
first of series of Ion asset sales, the firm's longest
established client Harley-Davidson cut its production schedule
for 2005 by almost 3 percent.

The reduction will hurt Ion's Castalloy business in Adelaide,
which manufactures Harley's aluminum wheels and suspension
components.

Meanwhile, Ion's administrators remain optimistic about the
Harley downgrade, saying the issue will not a long-term impact
on Ion. The administrators are currently in talks with
interested parties over the sale of Ion's assets.

McGrathNicol is set to release a detailed report to creditors
this week, ahead of the scheduled meeting on May 6.

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/


JAMES HARDIE: To Cover Baryulgil Workers' Claims
------------------------------------------------
James Hardie Industries would extend the coverage of the Special
Purpose Fund (SPF) to include former asbestos mine workers and
residents of the Baryulgil community in Northern New South
Wales, Egoli News reports.

The embattled building products manufacturer's decision will
allow asbestos sufferers in Baryulgil to receive compensation
funding from the SPF for valid and proven claims against the
former James Hardie subsidiary, Asbestos Mines Pty Ltd.

The move follows a review of the status of Asbestos Mines in the
context of the proposed SPF and the principles agreed to and set
out in the Heads of Agreement. James Hardie said it doesn't
expect the decision to include Baryulgil in the SPF to
significantly increase the total value of claims already
factored into the SPF funding.

Asbestos Mines (now Marlew Mining Pty Ltd) went into liquidation
in 2002 and the group noted that there was uncertainty regarding
the availability of funds for future asbestos claims relating to
Asbestos Mines and that they were now looking to ally this.  

James Hardie advised that Asbestos Mines has never been part of
the Medical Research & Compensation Foundation (MRCF), and the
Company said it has had no involvement with Asbestos Mines since
1976. The firm added that claims against Asbestos Mines were not
included within the original Heads of Agreement because "none of
the participants sought to do so".

James Hardie proposed that any valid and proven claims against
Asbestos Mines not otherwise recoverable from any assets of the
mine, or any insurers of Asbestos Mines, or other parties from
whom the claimant can recover compensation would also be able to
be covered by the SPF.

CONTACT:

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

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

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

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

All other inquiries to CustomerLink Service Centre on 13 1103.


KNIGHTS INSOLVENCY: Forced to Write-off Bigger Sum
--------------------------------------------------
Knights Insolvency Administration expects to incur further
losses for the second half of the 2005 financial year as a
result of additional write-offs, according to the Sydney Morning
Herald.

The troubled insolvency firm has determined to write off AU$2.5
million of work in progress amid an investigation conducted by
the Australian Securities and Investments Commission (ASIC).
This is in addition to the write off of approximately AU$4.2
million undertaken as of December last year.

The write-ff comes in the wake of the surprising AU$3.1 million
first-half loss released earlier this year.

Knights has received approaches from a number of parties seeking
to explore opportunities for investment in the Company. The
discussions so far are of a preliminary nature.
            
To view an update on Knights financial and operating
performance, click on:
http://bankrupt.com/misc/tcrap_knightsinsolvency041505.pdf

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/


LEAHY PETROLEUM: Collapses Over Price-fixing Scandal
----------------------------------------------------
Leahy Petroleum Pty Ltd has called in administrators Andrew Yeo
and Gess Rambaldi from Pitcher and Partners last week, according
to Herald Sun.

The petrol firm and its unit Leahy Petroleum-Reatil were last
month fined AU$4 million after pleading guilty to fixing petrol
prices in the Ballarat area.

A meeting will be set for creditors of both companies. It was
likely the companies would go into liquidation next month.


MARNOE PROPERTIES: Members Nominate David H. Cott as Liquidator
---------------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Marnoe Properties Pty Ltd (In Liquidation) A.C.N. 004 824 453
held on February 26, 2005, it was resolved that the Company be
wound up voluntarily and that David H. Scott, Chartered
Accountant, of Jones Condon Scott, Chartered Accountants, 77
Station Street, Malvern Vic 3144 be nominated to act as
Liquidator for the purpose of the winding up.

Dated this 26th day of February 2005

David H. Scott
Liquidator
Jones Condon Scott
Chartered Accountants
77 Station Street, Malvern Vic 3144


MULTIPLEX: Withdraws from 1249 Regeneration Partnership
-------------------------------------------------------
Multiplex Group on Friday announced that it has withdrawn from
the joint venture partnership known as 1249 Regeneration
Partnership which received preferred developer status to deliver
the GBP175 million Barnsler Markets project in the United
Kingdom.

Multiplex Deputy Managing Director Ross McDiven said the
decision to withdraw from the project was due to the results of
lengthy due diligence process.

Mr. McDiven said the current joint venture partners' vision for
the project was inconsistent with Multiplex's preferred design
parameters and would not meet the development division's risk
return hurdles.

The Company, with joint venture partners with Ashcroft Estates
Plc and Guildhouse Group, was initially named preferred
developer in December 2004.

It is understood the remaining partners in the 1249
Regenerations Partnership will seek another party to assist them
in delivering Barnsley for the Barnsley Metropolitan Council and
Yorkshire Forward.

"Muliplex continues to have solid pipeline of development work
in the U.K. and Europe, highlighted by the major projects of
White City, Cricklewood, Giraltar and the town center extension
at High Wycombe," he said.

Multiplex Group stapled securities trade on the Australian Stock
Exchange under the symbol "MXG".

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: Considers Weekend Trade
-------------------------------------------
National Australia Bank (NAB) said it is open to the possibility
of trading on Sundays, according to The Australian.

NAB Chief Executive John Stewart said the bank still needed to
consider several factors before a decision is made.

"I'm quite used to Sunday trading in various parts of the world,
including the UK, and sometimes it's successful, sometimes it's
just not effective," Mr. Stewart said. "But we remain open-
minded, and we'd look at it depending on the circumstances at
the time."

Mr. Stewart said his bank could follow rival Westpac into Sunday
trading, in a bid to bridge the gap between NAB and its
customers.

Meanwhile, UBS Securities Australia has forecast NAB could
suffer another profit downgrade due mainly to problems in its
British operations. But M. Stewart was upbeat about the bank's
recent British operations, saying a recent round of lay-offs had
boosted morale because the remaining staff now had more
certainty.

He also said plans for possible downsizing in Australia would be
announced when finalized.

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/


NICO GROUP: Enters Winding Up Process
-------------------------------------
Notice is hereby given that at a meeting of members of Nico
Group Australia Pty Limited (In Liquidation) A.C.N. 097 024 470
held on March 2, 2005 the following special and ordinary
resolutions respectively were passed:

That the Company be wound up as a members voluntary liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in species should the Liquidator so
desire and that Ian James Purchas be appointed Liquidator of the
Company.

Dated this 3rd day of March 2005

Ian James Purchas
Liquidator
Star Dean-Willcocks
GPO Box 3969,
Sydney NSW 2001
Telephone: (02) 9223 2944


PARRYS MOTORCYCLES: Members, Creditors to Meet April 27
-------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Parrys Motorcycles Pty Limited (In Liquidation) A.C.N. 002
087 354 will be held at Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000 on Wednesday, April 27, 2005 at 11:00 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, April 26, 2005.

Dated this 7th day of March 2005

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


PIKO'S TRANSPORT: Court Names Mark Roufeil as Liquidator
--------------------------------------------------------
On February 28, 2005 the Supreme Court made an Order that Piko's
Transport Pty Limited (In Liquidation) A.C.N. 063 657 778 be
wound up and appointed Mark Roufeil to be Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney


PLUMRICH PTY: Members Opt to Wind Up Company
--------------------------------------------
Notice is hereby given that at a general meeting of members of
Plumrich Pty Limited (In Liquidation) A.C.N. 078 260 287 held on
March 4, 2005 it was resolved that the Company be wound up
voluntarily and that for such purpose T. J. Wardle was appointed
Liquidator of the Company.

Dated this 4th day of March 2005

T. J. Wardle
Liquidator
Chartered Accountant
11 Bourke Street,
Tamworth NSW 2340
Telephone: (02) 6766 5800
Facsimile: (02) 6766 4975


QANTAS AIRWAYS: Adds Flights to Boost Tourism
---------------------------------------------
Qantas Airways plans to add extra seats and new services to help
boost Queensland's tourism industry, The Australian reports.

The national flag carrier will provide 6600 additional seats and
19 extra return weekly flights in Queensland from July 1.

Qantas will add six new weekly return flights between Brisbane
and Adelaide, five new services between Perth and Brisbane, and
four new services between Sydney and Brisbane. The airline will
also add an extra Friday service between Brisbane and Mt. Isa,
another seasonal service between Cairns and Perth and two more
between Cairns and Sydney each week.

In addition, Qantas will fly larger aircraft on 13 weekly
services between Brisbane and Darwin from July, providing extra
854 seats a week for the peak season.

Qantas reportedly contributes significantly to the Queensland
economy, committing 44 percent of the airline's domestic
capacity on flights to and from Queensland and providing
employment for more than 5,500 people.

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


SOMMERS PTY: Appoints Joint and Several Liquidators
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Sommers (NSW) Pty Limited (In Liquidation) formerly Mackay &
Sommer Furniture Pty Ltd A.C.N. 093 458 372 duly convened and
held on March 4, 2005, a Special Resolution that the Company be
wound up voluntarily was passed by members and David Levi Riad
Tayeh were appointed joint and several Liquidators. The
liquidator's appointment was confirmed at a subsequent meeting
of creditors held on 4 March 2005.

Dated this 4th day of March 2005

David Levi
Riad Tayeh
Joint and Several Liquidators
c/- de Vries Tayeh
Level 3, 95 Macquarie Street,
Parramatta NSW 2150


WESTBUS: May Be Sold as One Entity
----------------------------------
Westbus administrator Peter Yates said last week he was
confident the Westbus Group would be sold as one group and not
split up, Hills Shire Times relates.

Mr. Yates' statement was a relief to bus drivers and the
Transport Workers Union, who prefer to have one buyer rather
than see the Company broken up.

The administrator will continue with the sale process and has
already done an independent valuation on all assets at all of
the Company's locations.

Mr. Yates said further expressions of interest have been
received from national and international companies following
recent advertisements offering the Company for sale.

CONTACT:

Westbus Pty Ltd
Level 12, 100 George Street
Parramatta, NSW 2150
Web site: http://www.westbus.com.au


* ASIC Bans Queensland Director of Ten Failed Companies
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Wilhelm Prinz, of Slacks Creek in Queensland, from
managing corporations for two and a half years.

ASIC imposed the ban following an investigation that found Mr.
Prinz was involved with ten companies that were reported as
having failed to pay creditors after they were placed into
liquidation. A number of the ten companies were related and due
to this, ASIC treated the liquidations as three separate
corporate failures. The three corporate failures were Oz Seals
Pty Ltd and its subsidiaries companies, Oz Seals United Pty Ltd
and Cartia Pty Ltd, and Seal Staff Pty Ltd.

Mr. Prinz was a director of the Oz Seals group of companies that
manufactured and sold industrial rubber seals through outlets
around Australia.

ASIC's investigation revealed that in total, the companies owed
in excess of $3.8 million to unsecured creditors, including
$293,000 in unpaid employees superannuation guarantee
contributions.

"ASIC will take action to ensure that directors involved in
these major corporate failures are banned from managing
corporations for substantial periods of time," ASIC's Deputy
Executive Director of Enforcement, Mr. Allen Turton said.

Mr. Prinz 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
==============================

CANADA INDUSTRIAL: Court Issues Winding Up Notice
-------------------------------------------------
Canada Industrial Company Limited with registered office located
at No. 1 2/F, Wing Fung Industrial Bldg, 40-50 Sha Tsui Road,
Tsuen Wan, New Territories was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on March 30, 2005.

Date of Presentation of Petition: January 28, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


CHANGJIANG POWER: Sets Second Annual Meeting on April 29
--------------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Changjiang Power Development (HK) Company
Limited (In Creditors' Voluntary Liquidation) will be held at
13th Floor, Gloucester Tower, The Landmark, 11 Pedder Street,
Central, Hong Kong on April 29, 2005 at the times specified
below, for the purposes of having an account laid before the
meetings by the Joint and Several Liquidators of their acts and
dealings and of the conduct of the winding-up.

                               Time
Creditors Meeting            10 a.m.
Contributories Meeting       10:15 a.m.

Creditors may vote either in person or by proxy. Proxies to be
used at the meeting must be lodged at the office of Grant
Thornton at 13th Floor, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong or sent by facsimile to (852)
2218 3518 not later than 4 p.m. on the day before the meetings
or adjourned meetings at which they are to be used.

Dated this 15th day of April 2005.

Alan Chung Wah tang
Alison Wong Lee Fung Ying
Joint and Several Liquidators


CHAOMING LIMITED: Creditors Meeting Slated for April 29
-------------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Chaoming Limited (In Creditors' Voluntary
Liquidation) will be held at 13th Floor, Gloucester Tower, The
Landmark, 11 Pedder Street, Central, Hong Kong on April 29, 2005
at the times specified below, for the purposes of having an
account laid before the meetings by the Joint and Several
Liquidators of their acts and dealings and of the conduct of the
winding-up.

                               Time
Creditors Meeting            10:30 a.m.
Contributories Meeting       10:45 a.m.

Creditors may vote either in person or by proxy. Proxies to be
used at the meeting must be lodged at the office of Grant
Thornton at 13th Floor, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong or sent by facsimile to (852)
2218 3518 not later than 4 p.m. on the day before the meetings
or adjourned meetings at which they are to be used.

Dated this 15th day of April 2005.

Alan Chung Wah tang
Alison Wong Lee Fung Ying
Joint and Several Liquidators


CENTRE MARK: Court Releases Winding Up Order
--------------------------------------------
Centre Mark Building Services with registered office located at
Flat C, 6th Floor, Tsan Yung Mansion, 70 Waterloo Road, Kln was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
30, 2005.

Date of Presentation of Petition: January 28, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


CHING HING: 2004 Net Loss Narrows to HKD11.6 Mln
------------------------------------------------
Ching Hing (Holdings) Limited (0692) disclosed its financial
results for the nine months ended December 31, 2004.

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

                               (Unaudited)         (Unaudited)
                                  Current           Last
                                                  Corresponding
                                  Period            Period
                               from 01/01/2004   from 01/01/2003
                                to 31/12/2005     to 31/12/2003
                                    Note ($)            ($)

Turnover                           : 209,101,000        
238,543,000       
Profit/(Loss) from Operations      : (7,343,000)        
(38,119,000)      
Finance cost                       : (3,885,000)        
(5,497,000)       
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (11,603,000)       
(43,319,000)      
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0362)           (0.1352)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (11,603,000)       
(43,319,000)      
Final Dividend                     : Nil                Nil
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   

Remarks:
  
The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$11,603,000 (2003: loss
of HK$43,319, 000) and on the weighted average number of
320,349,468 (2003: 320,349,468) ordinary shares in issue during
the year.

CONTACT:

10/F, International Industrial Building
501-503 Castle Peak Road, Kowloon, H.K.  
Phone: 22669000  
Fax: 23109878  
Web site: http://www.ching-hing.com.hk/


FAI TAN: High Court Issues Winding Up Notice
--------------------------------------------
Fai Tan (Wai Li) Transportation Limited with registered office
located at Unit 2101, 21st Floor, Bright Way Tower, 33 Mongkok
Road, Kln was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on March 30, 2005.

Date of Presentation of Petition: January 28, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


NAM FONG: Receives Applications for New Certificate Issuance
------------------------------------------------------------
Notice is hereby given that applications have been received by
Nam Fong International Holdings Limited for the issue of new
certificates in respect of the following share certificates,
which have been declared, lost:

Applicant/Registered Holder: Guanfair Finance and Investments
Limited
Certificate Number: 050051
Number of Shares: 200,000
Class of Shares: Ordinary

Applicant/Registered Holder: Nam Yue Trading Company Limited
Certificate Number: 050052
Number of Shres: 586,000
Class of Shares: Ordinary

Tengis Limited
Registrar to the Company

Notice is hereby given that in default of claims by other
persons to be registered as holders of the said shares being
received by the Secretaries of the Company within one month from
the publication of this Notice in the newspaper, the Companies
may issue new certificates in respect of the said shares.

The Company have delivered a copy of the above Notice of The
Stock Exchange of Hong Kong Limited and that an authorized
officer of The Stock Exchange of Hong Kong Limited has certified
to the Companies in writing that the said copy of the Notice is
being exhibited in accordance with the provisions of section
71A(5) of the Hong Kong Companies Ordinance.

DATED: 15 April 2005

CONTACT:

Nam Fong International Holdings Limited
16/F, Dah Sing Financial Centre
108 Gloucester Road
Wanchai, Hong Kong  
Phone: 25062322  
Fax: 25061013  
Web site: http://www.irasia.com/listco/hk/namfong  


ON GLORY: Enters Winding Up Proceedings
---------------------------------------
On Glory Enterprises Limited with registered office located at
Rm 705-6, COnic Investment Bldg, 13 Hok Yuen St, Hung Hom, Kln
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First
Instance on March 30, 2005.

Date of Presentation of Petition: January 28, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


PLUS HOLDINGS: SFC Prosecutes Chairman for Market Manipulation
--------------------------------------------------------------
The Securities and Futures Commission (SFC) has successfully
prosecuted Mr. Zou Yishang, Chairman of Plus Holdings Limited,
for intentionally creating a false or misleading appearance of
active trading in the shares of Dynamic Holdings Limited between
December 7, 2001 and January 31, 2002, contrary to sections 135
and 139 of the Securities Ordinance.

Mr. Zou was convicted on April 11 after trial before Mr. Allan
Wyeth, a Magistrate at Eastern Magistracy. Sentencing was
adjourned until April 25, 2005 pending reports. Mr. Zou was
remanded in custody.

CONTACT:

Plus Holdings Limited
iUnit 4211, 42/F
COSCO Tower
183 Queen's Road
Central, Hong Kong  
Phone: 24818122  


UNIQUE BUSINESS: Creditors Meeting Fixed on April 29
----------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Unique Business Service (China) Limited (In
Creditors' Voluntary Liquidation) will be held at 13th Floor,
Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong
Kong on April 29, 2005 at the times specified below, for the
purposes of having an account laid before the meetings by the
Joint and Several Liquidators of their acts and dealings and of
the conduct of the winding-up.

                               Time
Creditors Meeting            11:00 a.m.
Contributories Meeting       11:15 a.m.

Creditors may vote either in person or by proxy. Proxies to be
used at the meeting must be lodged at the office of Grant
Thornton at 13th Floor, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong or sent by facsimile to (852)
2218 3518 not later than 4 p.m. on the day before the meetings
or adjourned meetings at which they are to be used.

Dated this 15th day of April, 2005.

Alan Chung Wah tang
Alison Wong Lee Fung Ying
Joint and Several Liquidators


WIDE SUCCESS: Winding Up Hearing Set May 25
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wide Success Development Limited by the High Court of Hong Kong
was on March 21, 2005 presented to the said Court by Lam Mei
Tung of Room 212, Sui Hei House, Siu Sai Wan Estate, Chai Wan,
Hong Kong.

The said petition is to be heard before the Court at 9:30 a.m.
on May 25, 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.

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
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 24, 2005.


WIN PROFIT: Receives Winding Up Notice
--------------------------------------
Win Profit Development Limited with registered office located at
G/F, 47 Shun Ning Road, Shamshuipo, Kln was issued a winding up
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on March 30, 2005.

Date of Presentation of Petition: January 28, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


WING SHAN: Net Loss Balloons to HKD55.8 in 2004
-----------------------------------------------
Wing Shan International Limited (00570) disclosed its financial
results for the nine months ended December 31, 2004.

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

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

Turnover                           : 740,724            716,489           
Profit/(Loss) from Operations      : (47,032)           19,140            
Finance cost                       : (20,892)           (26,436)          
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (55,857)           (17,571)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0673)           (0.0212)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (55,857)           (17,571)          
Final Dividend                     : NIL                1.5
cents
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   

The calculation of basic loss per share is based on the loss
attributable to shareholders of $55,857,000 (2003: $17,571,000)
and on the weighted average number of shares in issue during the
year of 829,883,228 (2003: 829,018,244).

The diluted loss per share for the years ended 31 December 2003
and 2004 is not shown, as all potential ordinary shares are
anti-dilutive.

CONTACT:

Wing Shan International Limited
Rooms 2801-2805
China Insurance Group
Building 141,
Des Voeux Road Central, H.K.  
Phone: 28543393  
Fax: 25441269  
Web site: http://www.wingshan.com.hk


XIN CORPORATION: Proposes Capital Reorganization
------------------------------------------------
The Board of Directors of Xin Corporation Limited proposes the
Capital Reorganization, which involves capital reduction, share
premium reduction and share consolidation.

The Capital Reduction involves a reduction in the nominal value
of the existing issued shares of HK$0.01 each by HK$0.0095 to
HK$0.0005.

The Share Premium Reduction involves cancellation of the entire
amount standing to the credit of the share premium account of
the Company.

The Share Consolidation involves a consolidation of every 20
shares of HK$0.0005 each resulting from the Capital Reduction
into one share of HK$0.01.

The amounts arising from the Capital Reduction and the Share
Premium Reduction will be credited to the contributed surplus of
the Company, which will be used to eliminate the accumulated
losses of the Company.

According to Wright Investor's Service, at the end of 2004, Xin
Corporation Limited had negative working capital, as current
liabilities were HKD96.44 million while total current assets
were only HKD19.55 million.

For more information, go to
http://bankrupt.com/misc/tcrap_xincorp041505.pdf

CONTACT:

Xin Corporation Limited
Room 2107, 21st Floor
Nan Fung Tower
173 Des Voeux Road Central
Hong Kong  
Phone: 26498682  
Fax: 26496830  


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

BANK MANDIRI: Executives Up for Questioning on Alleged Fraud
------------------------------------------------------------
The Indonesian government is set to call executives of Bank
Mandiri to question them on the bank's alleged IDR1 trillion
fraud, Dow Jones reports.

According to the Attorney General's official spokesman
Suhandojo, the state will summon the executives this week as
witnesses in the case against the bank, adding that it was too
early to give out more details on the case.

Head auditor for state-owned firms of the State's Audit Agency,
Udju Djuhaeri, said that the Attorney General is looking into 28
accounting irregularities uncovered by the audit agency in its
examination of the bank's financial reports. The said
irregularities date back several years, indicating that it may
have begun when Bank Mandiri was first created in the late `90s
to restructure the local banking sector in the Asian economic
crisis of 1997.

During the crisis, the Indonesian banking sector was brought
down by the amount of huge non-performing loans brokered by
friends of Indonesia's former dictator Suharto. The
investigation also points out the "effectiveness" of regulators
in improving the health of Indonesia's banks.

Minister of State Enterprises Sugiharto said on April 14 that
the government has no plans yet to replace Bank Mandiri on
suspicion of fraud.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


PERTAMINA: Demands KPPU to Reveal Informers' Identity
-----------------------------------------------------
Pt Pertamina and its consultant Goldman Sachs are demanding that
the Business Competition Supervisory Commission (KPPU) release
its files revealing its informers to the court for
consideration, reports the Jakarta Post.

The KPPU said that it is protecting the identity of its
informants, saying that it is against the law to reveal their
identities, otherwise no will come forward to report any illegal
activities if their identities cannot be kept secret.

Pertamina and Goldman Sachs cited Article 5 in the Supreme Court
regulation on legal proceedings, which says that the KPPU is
obliged to submit its rulings and case files to court. Presiding
Judge Mulyani in the Goldman Sachs trial agreed with the
companies, and ordered the KPPU to submit all its files to the
court.

The KPPU ruled that Pertamina and its business consultant,
together with two other firms were guilty of colluding in the
sale of Pertamina's two tankers to a preferred bidder last year.

The court was adjourned on April 14 and was set to continue on
April 15 to receive the rest of the KPPU's files.

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
=========

DAIEI INCORPORATED: Posts JPY511 Bln Net Loss in 2004
-----------------------------------------------------
Daiei Incorporated incurred a group net loss of JPY511.20
billion for its 2004 business year, Kyodo News reports.

For the current year to February 2006, the Company expects a net
profit of JPY403.0 billion on sales of JPY1.67 trillion.

The struggling supermarket chain operator earlier appointed
Mr. Yasuyuki Higuchi, President of Hewlett-Packard Japan Ltd.,
as its next President and Chief Operating Officer.

CONTACT:

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


ENU TEI: Files for Bankruptcy
-----------------------------
K.K. Enu Tei Education has begun bankruptcy proceedings with
total liabilities of US$31.92 million, says Teikoku Databank
America.

The academic school management firm is located in Toshima-ku,
Tokyo 170-0012.

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


KANEBO LIMITED: IRCJ to Continue Revitalization Support
-------------------------------------------------------
On May 31, 2004, the Industrial Revitalization Corporation of
Japan (the IRCJ) approved an application for assistance from
Kanebo Ltd. and related companies under Article 22, Clause 3 of
the Industrial Revitalization Corporation Act of 2003. Since
that time the IRCJ has been providing continued support to the
said companies.

On April 13, 2005, Kanebo announced a revision of the financial
statements for the past financial years.

The IRCJ's position on this matter is as follows:

1. The business revitalization plan for Kanebo, which formed a
basis for the IRCJ's decision to support Kanebo, was developed
based on the due diligence carried out by the IRCJ prior to the
said support decision and the issues relating to today's
revision has been already taken into account. Therefore, the
revision does not affect the corporate value of Kanebo nor
influence the basis for the IRCJ's support. Rather, the revision
is an outcome of Kanebo investigating the accuracy of its past
financial statements based on the results of the due diligence
conducted by the IRCJ.

2. For the following reasons, the IRCJ is determined to continue
to support the business revitalization of Kanebo:

(1) As outlined above, the revision does not affect the business
revitalization plan or other factors that formed a basis for the
IRCJ decision to support Kanebo.

(2) The revision was made voluntarily by Kanebo as an integral
part of its business revitalization process based on the in-
house investigation with a view to clarifying past management
responsibilities and disclosing adequate Company information.

(3) The revision is related to inappropriate management
practiced by Kanebo in the past. Kanebo today is operating under
an appropriate management structure that was established after
deep and sincere contrition of past events.

(4) Kanebo is currently making steady efforts towards the
realization of its business revitalization plan.

3. The IRCJ believes it appropriate for the Kanebo shares to
remain listed, and is communicating our thinking to the stock
exchanges for the reasons listed in 2. above as well as for the
following reasons:

(1) Consolidated and non-consolidated balance sheets for the
fiscal year ended March 31, 2004 have already been disclosed in
an essentially adequate manner, as have consolidated and non-
consolidated financial statements for the interim period of the
- fiscal year ended March 31, 2005.

(2) Delisting Kanebo could cause unexpected damages to more than
50,000 holders of Kanebo share trading units (or more than
110,000 including holders of partial trading units), and/or
could cause needless disruptions among a considerable number of
business partners.

(3) Those stipulations for listed companies - companies that
have entered the IRCJ-assisted business revitalization
proceedings, statutory reorganization proceedings or guideline-
based civil rehabilitation proceedings - include provisions
aimed at helping maintain the listed status of companies seeking
prompt business revitalization or extend the moratorium period
before delisting, if certain criteria are met. If a Company is
delisted notwithstanding these provisions only because it
retroactively revises incorrect past financial statements
uncovered during a voluntary initiative of applying appropriate
accounting standards to past financial statements, which is an
integral part of a business revitalization process, the purpose
of the above stipulations could be undermined, and the
possibility cannot be denied that business revitalization market
for listed companies would shrink substantially.

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

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

CONTACT:

Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm


MITSUBISHI ELECTRIC: To Shut Down European Unit
-----------------------------------------------
Mitsubishi Electric Corporation (TOKYO:6503) (President and CEO:
Tamotsu Nomakuchi) announced that it plans to liquidate and
eventually dissolve its European mobile phone R&D subsidiary
Company, Melco Mobile Communications Europe S.A. (MMCE). Sales
activity in Europe would be discontinued after the currently
released models, but after-sales-service and customer support
service will be maintained.

Since its foundation in January 2003, MMCE has been involved in
the research and development of Mitsubishi Electric GSM mobile
phones. However, despite efforts to launch a number of highly
regarded GSM models with the latest technology for European
operators, there has been fierce competition with industry
leaders like Nokia, Motorola, Samsung etc. Since the European
mobile phone business has not forecasted a return to
profitability for the foreseeable future, for the above reason,
Mitsubishi Electric has planned the liquidation of MMCE. The
timeframe for liquidation will be decided based on talks with
local employee representatives.

Outline of Melco Mobile Communications Europe S.A.

-- Founded: January 2003

-- Start of Business Operation: April 2003

-- Capital: 30 millions Euro

-- Shareholding: Mitsubishi Electric 100%

-- Number of Employees: 156 (as of March 2005)

-- Business Domain: Research and Development for GSM mobile
telephone

-- Location: France

About Mitsubishi Electric

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (TOKYO:6503)
is a recognized world leader in the manufacture, marketing and
sales of electrical and electronic equipment used in information
processing and communications, space development and satellite
communications, consumer electronics, industrial technology,
energy, transportation and building equipment. The Company
recorded consolidated group sales of JPY3,309 billion (US$ 31.2
billion(a)) in the fiscal year ended March 31, 2004. For more
information visit http://global.mitsubishielectric.com.

(a)At an exchange rate of 106 yen to the US dollar, the rate
given by the Tokyo Foreign Exchange Market on March 31, 2004.
  
Media Contacts:
   
Mitsubishi Electric Corporation
Investor Relations Inquiries:
Yasumitsu Kugenuma, +81-3-3218-2391 (IR inquiries only)
(Corporate Finance Department)
Yasumitsu.Kugenuma@hq.melco.co.jp

Travis Woodward, +81-3-3218-2346
(Public Relations Department)
Travis.Woodward@hq.melco.co.jp
Web site: http://global.mitsubishielectric.com/news/


SANYO ELECTRIC: Joins DVD6C in Licensing DVD Patents With Sharp
---------------------------------------------------------------
The DVD6C Licensing Group (DVD6C), whose members include seven
leading developers of DVD technology and formats -- Hitachi,
Ltd., International Business Machines Corporation, Matsushita
Electric Industrial Co., Ltd. (Panasonic), Mitsubishi Electric
Corporation, Toshiba Corporation, Victor Company of Japan, Ltd.
(JVC) and Warner Home Video Inc. -- today announced that SANYO
Electric Co., Ltd. (SANYO) and Sharp Corporation (Sharp) joined
its worldwide joint licensing program which provides
manufacturers of DVD products the ability to license essential
DVD patents owned by the group's members.

DVD6C has licensed essential DVD patents owned by its member
companies since June 1999 (adding licensing for DVD-Recorders,
DVD-Audio Players, DVD-R, -RW and -RAM Drives, DVD-Audio, -R, -
RW, -and -RAM Discs and Cases in September 2003). DVD6C's
licenses cover patents owned by the 6C member companies that are
essential for products that comply with the DVD-format
specifications defined by the DVD Forum.

Membership of SANYO and Sharp in the joint licensing program
will benefit existing and future licensees of DVD6C, who will
obtain a license to additional essential patents for the DVD
products at no additional charge.

Interested parties will remain free to negotiate individual
license agreements with DVD6C's member companies, rather than
taking licenses from DVD6C. The member companies have committed
to provide such licenses under fair, reasonable and non-
discriminatory terms and conditions.

For further information, please contact one of the following
regional agents: Japan:
Toshihiro Shinohara
Vice President and General Manager

Licensing
Toshiba DVD License Services, Inc.
5th Floor, Sumitomo-Hamamatsucho Bldg.
18-16, Hamamatsucho 1-chome, Minato-ku
Tokyo 105-0013, Japan
Phone: +81-3-5777-3286
Fax: +81-3-5401-2503
E-mail: toshihiro.shinohara@toshiba-tdls.co.jp

Europe and Africa:
Masahiro Ogura
Vice President & General Manager
Toshiba of Europe Limited
Audrey House, Ely Place
London, EC1N 6SN
United Kingdom
Phone: +44(0)20 7421 7610
Fax: +44(0)20 7421 7626
E-mail: masahiro.ogura@toshiba.co.jp

Asia (excluding Japan), Oceania and the Middle East:
Joji Ozaki
Department Manager
DVD Licensing Center
Hitachi Ltd.
Shin-Otemachi Bldg., 2-1 Otemachi 2-chome,
Chiyoda-ku, Tokyo 100-0004, Japan
Phone: +81-3-4232-5052
Fax: +81-3-4232-5091
E-Mail: joji.ozaki.xv@hitachi.com

The Americas:
Masahisa Saito
Panasonic Corporation of North America
Exclusive Regional Agent for DVD 6C Licensing Agency
c/o Weil, Gotshal & Manges LLP
201 Redwood Shores Parkway
Redwood Shores, California 94065, USA
Phone: 650-802-3146
Fax: 650-802-3100
E-Mail: saitom@us.panasonic.com

CONTACT: Toshiba Corporation
Junko Furuta, +81-3-3457-2105
http://www.toshiba.co.jp/contact/media.htm
  

VICTOR COMPANY: Sees JPY2 Bln Net Loss on Weak European Sales
-------------------------------------------------------------
Victor Company of Japan expects to post a net loss of JPY2
billion for fiscal 2004 after suffering weak sales of camcorders
and home theater systems in Europe, Japan Times reports.

The consumer electronics company, 52 percent owned by industry
giant Matsushita Electronic Industrial Co., said it now expects
sales of JPY840 billion for the year, down from the earlier
projected JPY905 billion.

CONTACT:

Victor Company of Japan, Limited
1-7-1, Shinbashi, Minato-ku, Tokyo 105-0004, Japan
Telephone: 03-3289-1458
Telefax: 03-3289-0376
Web site: http://www.jvc.co.jp


* Bankruptcies Below 14,000 for First Time in 13 Years
------------------------------------------------------
Japan corporate bankruptcies for the fiscal year 2004 fell to
13,276, slipping below 14,000 for the first time in 13 years,
Japan Times reports, citing private credit research firm Teikoku
Databank.

Teikoku attributed the fall partly to the government's expanded
loan guarantee program for smaller firms.

Bankruptcies for the year to March 31 shrank 15.9 percent from
the previous year, falling for the third straight year, the
research firm added.

Combined debts left by bankrupt firms dropped 34.1 percent from
the previous year to JPY7.04 trillion, down for the fourth
consecutive year, it said in a report covering failures
involving debts of JPY10 million or more.


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

CHOHUNG BANK: Executive Allegedly Embezzled KRW40 Bln
-----------------------------------------------------
A Chohung Bank official caused huge losses to the bank when he
allegedly embezzled KRW40 billion, reports Asia Pulse.

According to the Financial Supervisory Service (FSS), the
official embezzled the money from Nov. 23, 2004 to March 31,
2005. He reportedly invested the money in futures and options,
in a securities house account in his own name and family
members. Of the total amount, the official lost KRW33.2 billion.

The FSS sent an investigation team to the bank and the
securities house to determine the alleged embezzlement. Chohung
Bank has filed a report with the police against the official and
two family members.

CONTACT:

Chohung Bank
South Korea
Web site: http://www.chohungbank.co.kr/
E-mail: zpwcho2@chohungbank.co.kr


DAEWOO INTERNATIONAL: Accused of Supporting Myanmar Gov't
---------------------------------------------------------
Daewoo International Corporation, head of now-defunct Daewoo
Group, is suspected of supporting Myanmar's military government,
and faces obstacles in its gas development, reports the Korea
Times.

The Company's share price doubled in two months' time when it
found a gas mine off Myanmar's coast, with which to develop gas.
But the Company is being accused of helping Myanmar's
government, and wants to participate in energy developments in
neighboring Asian nations.

According to Earth Rights International (ERI) leader Tyler
Giannini, the Company is developing gas with "dictators," and
that a large part of profits from the project would go to the
Myanmar government.

In Korea, Daewoo International was prohibited by the Financial
Supervisory Service (FSS) from taking over its former affiliate,
Daewoo Precision Industries (DPI), due to the Company's
"unstable financial status" and its control belonging to
creditor banks.

The Company has largely ignored protests on allegations of its
supporting Myanmar's military government, but is wondering why
the FSS did not allow the takeover of DPI at this time.

CONTACT:

Daewoo International Corporation
541 5-Ga Namdaemunno
Chung Gu, CPO Box 2810
Seoul, South Korea
Phone: +82-2-759-2114
Fax:   +82-2-753-9489
Web site: http://www.daewoo.com


JINRO LIMITED: Winning Bidder Begins Due Diligence
--------------------------------------------------
Hite Brewery Co., the preferred bidder for the takeover of
troubled Jinro Limited, began due diligence on the Company on
April 15, 2005, Asia Pulse reports.

An unnamed Hite official said that the Company plans to complete
due diligence in one month. Jinro Co.'s labor union has accepted
the due diligence, saying that they are still opposed to the
acquisition price that may drain the country' wealth, but are
not against takeover itself.

Hite Brewery has applied to the Fair Trade Commission for
approval on the takeover, which could take one to three months
pending investigation of the sale. Bu Jinro's labor union called
to hasten the approval process.

If all goes well, the consortium led by Hite Brewery is set to
complete a formal contract for the acquisition by July this
year. If Hite Brewery is not approved for the takeover, next in
line are consortiums led by CJ Corporation, Doosan Corporation
and Taihan Wire.

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/


LG CARD: Sells KRW50-Bln Bonds to Finance Operations
----------------------------------------------------
Troubled credit card firm LG Card sold bonds amounting to KRW50
billion in order to fund its operations, Asia Pulse reports.

The bonds, which are due in three years, have a 5.5% annual
yield, according to the ailing credit card issuer.

LG Card, which posted a KRW5.6 trillion loss in 2003 due to
overdue credit card bills and increasing loan-loss reserves,
escaped bankruptcy in 2004 by a KRW5 trillion bailout package
from creditors.

CONTACT:

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


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

GOLDEN FRONTIER: Repurchases More Shares
----------------------------------------
Golden Frontier Berhad disclosed the details of the shares it
had bought back on April 14, 2005 to the Bursa Malaysia
Securities Berhad.
  
Date of buy back: 14/04/2005

Description of shares purchased: Ordinary Shares of MYR1.00 Each

Total number of shares purchased (units):              3,000

Minimum price paid for each share purchased (MYR):      0.600

Maximum price paid for each share purchased (MYR):      0.610

Total consideration paid (MYR):                    1,824.73

Number of shares purchased retained in treasury
(units):  3,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,455,100

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

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax:   +60 4 228 2890


I-BERHAD: Buys Back 3,000 Shares
--------------------------------
I-Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back on April 14, 2005.
  
Date of buy back: 14/04/2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units):              3,000

Minimum price paid for each share purchased (MYR):      0.800

Maximum price paid for each share purchased (MYR):      0.800

Total consideration paid (MYR):                    2,418.36

Number of shares purchased retained in treasury
(units):  3,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,438,500

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

CONTACT:

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


METROPLEX BERHAD: In Talks with Lenders to Settle Defaults
----------------------------------------------------------
Metroplex Berhad has issued an update on the Company's default
status in payment of its various loan facilities as of March 31,
2005.

The estimated amount (principal plus interest) of the Company's
default as of March 31, 2005 was MYR1,664,336,087.33. The
Company is in talks with its creditors to agree on a proposed
Composite Scheme of Arrangement to settle such default in
payment. The Company will issue an announcement once the scheme
is finalized.

To view a full copy of the default update, click on:

http://bankrupt.com/misc/tcrap_metroplex041505.XLS

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911


OMEGA HOLDINGS: Bourse Awaits Decision on Regularization Plan
-------------------------------------------------------------
Omega Holdings Berhad was informed that Bursa Malaysia
Securities Berhad (Bursa Securities) will wait for the results
for the Company's application to approve its regularization
before deciding on delisting its securities, reports Business
Times.

The Exchange's Committee, in its letter dated April 12, 2005,
informed the Company that Bursa Securities can delist its
securities if the Company doesn't get the necessary approval for
its regularization plan.

The Company also risks delisting of its securities if it is
unable to implement its regularization plan within a time frame
stipulated by the proper authorities.

According to Omega Holdings, Bursa Securities will issue a
decision only after the approval/rejection of the Company's
plan, whichever the case may be, including any written
representation filed by the Company that is made within a week
from either event (the approval/ rejection of the regularization
plan and implementation of such plan within the prescribed time
period).

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur,
Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax:   +60 3 2713 2170


PANTAI HOLDINGS: Posts Notice of Shares Buy Back
------------------------------------------------
Pantai Holdings Berhad disclosed its shares buy back on April
14, 2005 to Bursa Malaysia Securities Berhad.
  
Date of buy back: 14/04/2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units):             20,000

Minimum price paid for each share purchased (MYR):      1.010

Maximum price paid for each share purchased (MYR):      1.020

Total consideration paid (MYR):                   20,495.20

Number of shares purchased retained in treasury
(units):  20,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,582,800

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

CONTACT:

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


REKAPACIFIC BERHAD: Bourse Delists Securities
---------------------------------------------
Rekapacific Berhad announced that after deliberation on the
facts of the Company's persistent breach of fundamental
disclosure obligations under the Main Board Listing Requirements
and in view of the Company's failure to regularize its financial
condition within the prescribed time frame stipulated by
relevant authorities and in consultation with the Securities
Commission, Bursa Malaysia Securities Berhad (Bursa Securities)
has decided to delist the securities of the Company.

The Company has filed several appeals with Bursa Securities,
which have been disallowed. The Company then obtained a stay
order from the Kuala Lumpur High Court, but later withdrew its
petition, thus allowing the Exchange to finally delist the
Company's securities, as the level of the Company's financial
condition is not enough to merit listing on the Exchange.

Therefore, the securities of Rekapacific Berhad were removed
from the Official List of Bursa Securities on Friday, April 15,
2005.

With respect to the Company securities that are deposited with
Bursa Malaysia Depository Sdn Bhd, such securities will continue
to be deposited with Bursa Depository notwithstanding the de-
listing of the Company securities from the Official List of
Bursa Securities. It is not mandatory for the securities of the
Company to be withdrawn from Bursa Depository.

Company shareholders who intend to hold their securities in the
form of physical certificates can withdraw these securities from
their Central Depository System accounts with Bursa Depository
at any time after delisting of the securities, by submitting the
application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.

Company shareholders can contact any Participating Organization
of Bursa Securities and/or Bursa Depository's helpline at 03-
20347711 for information on the withdrawal procedures.

CONTACT:

RekaPacific Berhad
77-1 Jl Setiabakti Bukit Damansara
Kuala Lumpur, 50490
Malaysia
Phone: +60 3 2094 2260
Fax:   +60 3 2094 2335


SARAWAK ENTERPRISE: Shareholders OK Non-Core Assets Stake Sale
--------------------------------------------------------------
Sarawak Enterprise Corporation Berhad (SECB) obtained
shareholder approval to dispose of its entire stake in four non-
core assets amounting to MYR501.9 million, the Star News
reports.

The stake sale is part of the Company's restructuring scheme,
which includes its buying 51.6% stake in unit Sarawak
Electricity Supply Corporation (SESCo) for MYR1.03 billion from
Sarawak State Financial Secretary (SFS). The Company will buy
the remaining stake in SESCo through a mandatory general offer.

SECB is set to sell its 5.33% stake and MYR589 million
irredeemable unsecured loan stocks in 1st Silicon Sdn Berhad to
SFS for MYR441 million. SECB will also sell its entire interest
in Boustead Bulking Sdn Berhad for MYR400,000, its 17.2% stake
in Curtin (M) Sdn Berhad for MYR12 million, and its stake in
Jayalah Cemerlang Realty Sdn Berhad for MYR48.3 million.

With the disposal of its non-core assets, the Company can focus
on its core business of providing energy to the state.

CONTACT:

Sarawak Enterprise Corporation Berhad
Lot 2679 Jalan Rock
1st Floor Custodev Tower
93200 Kuching
Sarawak 93673
Malaysia
Phone: +60 82 244 000
Fax:   +60 82 248 588
Web site: http://www.enzon.com/


WCT ENGINEERING: Set to List More Shares
----------------------------------------
WCT Engineering Berhad's additional 17,058,840 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Exercise
of 17,058,840 Warrants 2000-2005 will be granted listing and
quotation effective Tuesday, April 19, 2005, 9:00 a.m.

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

BACNOTAN CONSOLIDATED: Furnishes Copy of SEC Form 23-A
------------------------------------------------------
Further to Circular for Brokers No. 1711-2005 dated April 12,
2005, Mr. Willie J. Uy, a newly elected director of Bacnotan
Consolidated Industries, Inc. (BCI), furnished the Exchange a
copy of his SEC Form 23-A (Initial Statement of Beneficial
Ownership of Securities), pursuant to Section 13 of the Revised
Disclosure Rules pertaining to "Disclosure on Transactions of
Directors and Principal Officers in the Issuer's
Securities".

A copy of the said document shall be made available for
reference at the PSE Centre and PSE Plaza libraries. The same
shall likewise be made available for downloading at the PSE
website: www.pse.com.ph (under Listed Companies).

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


LMG CHEMICALS: Issues Definitive Information Statement
------------------------------------------------------
Further to Circular for Brokers No. 1533-2005 dated April 1,
2005, LMG Chemicals Corporation furnished the Exchange a copy of
its SEC Form 20-IS (Definitive Information Statement) in
connection with its Annual Stockholders' Meeting which will be
held on May 3, 2005, at 2:00 p.m. at the 7th Floor, Board Room,
Chemphil Building, 851 Arnaiz Avenue, Legaspi Village, Makati
City.

As stated in the said report, "only holders of the Company's
stock of record as of May 3, 2005, whether acting in person or
by proxy are entitled to vote at the Annual Meeting".

A copy of LMG's Definitive Information Statement shall be made
available for reference at the PSE Centre an PSE Plaza
libraries. The same shall likewise be made available for
downloading at the PSE web site: http://www.pse.com.ph(under  
Listed Companies).

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711


NATIONAL BANK: Tycoon May Grab Majority Shareholding
----------------------------------------------------
Business tycoon Lucio Tan is likely to end up as Philippine
National Bank's (PNB) majority shareholder since he has the
right to offer or match third-party bids under the bank's
privatization, Today News reports.

The Philippine Deposit Insurance Corp. (PDIC), which handles
PNB's stake sale, confirmed Mr. Tan is eligible to own 100
percent of the semi-private bank since he is a local investor.
As a Filipino investor, he has no limit in the ownership share.

The government, through PDIC, can exercise its voting rights
since it owns 45 percent of PNB. The Lucio Tan group also owns
another 45 percent. The investing public owns the balance of 10
percent.

Foreign and local firms are looking to participate in the tender
for the government and Mr. Tan's controlling share in PNB.

PDIC has formed a joint-technical committee to pick the
financial adviser for the share sale, which could generate
between Php9 billion and Php15 billion for the government. Among
the six investment banks which have submitted proposals for the
financial advisory role are Citigroup, Deutsche Bank, Goldman
Sachs, ING Bank, Macquire Securities and UBS Investment Bank.

CONTACT:

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


NATIONAL POWER: Government Eyes ADB Guarantee for Refinancing
-------------------------------------------------------------
The Philippine government is expected to ink a deal with Asian
Development Bank (ADB), in a bid to help restore the financial
viability of state-run National Power Corporation (Napocor), Dow
Jones Newswires relates.

Energy Secretary Raphael Lotilla explained ADB will extend a
partial credit guarantee that will support refinancing of
Napocor's loans on softer terms, thus reducing the power firm's
debt service requirement.

The assistance by ADB will also include an investment component
and partial credit guarantee to deal with the credit risk of
power distribution utilities and large power users in the spot
market.

The move is part of the government's accelerated efforts to
revive the power sector and address the negative impact Napocor
has on the Philippine's economic situation.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


PACIFIC PLANS: Seeks Php300-Mln Capital Infusion
------------------------------------------------
Pacific Plans Inc. is looking for investors willing to inject
Php300 million in working capital into the ailing pre-need firm,
relates The Philippine Daily Inquirer.

The firm's legal counsel and spokesperson Maria Jeanette Tecson
said the Company was hoping to initiate talks with investors,
including the family business magnate Alfonso Yuchengco, to
infuse the much-needed capital to continue its operations.

Pacific Plans is desperately in need of Php300 in fresh funds to
service maturing claims of around 16,000 students for school
year 2005-2006.

Recently, the pre-need firm was forced to file a petition for
rehabilitation before the Makati Regional Trial Court, as it
expected difficulty in meeting tuition payment obligations
because of the tremendous tuition fee hike.

Pacific Plans, however, assured the public that it was not about
to close down but was merely reeling from a liquidity issue.

The Securities and Exchange Commission (SEC) affirmed that
Pacific Plans was still in good shape. The regulator said that
while the firm had enough assets to meet all its obligations,
cashing in on them today would mean investment losses that would
affect their ability to pay future claims.

CONTACT:

Pacific Plans Inc.
Web site: http://www.pacificplans.com/


PACIFIC PLANS: Woes Elude Sister Firm
-------------------------------------
The central bank has assured that the financial troubles of
Pacific Plans Inc. haven't spilled over to its affiliate, Rizal
Commercial Banking Corp. (RCBC), Business World says.

RCBC, the country's sixth largest commercial bank in assets,
doesn't have any exposure to besieged Pacific Plans. The two
companies only have common shareholders.

The Yuchengco Group of Companies reassured the public that
companies under it weren't in any way affected by recent
developments at Pacific Plans.

Earlier this week, a lower court allowed Pacific Plans to stop
payments to creditors and planholders as it deliberates on the
Company's petition for corporate rehabilitation.


PRICESMART INCORPORATED: Hikes Sales, Will Keep Local Outlets
-------------------------------------------------------------
Beleaguered PriceSmart Incorporated said it will remain
committed to operate its local unit, PSMT Philippines, after it
reported a 14 percent growth in sales in the second quarter of
the business year, says The Philippine Star.

The higher sales growth is attributed to increased importation
of U.S. products. But while the bulk or about 70 percent of
PriceSmart's offerings are U.S. products, it also carries about
30-percent local goods.

PSMT President Benjamin Woods, meanwhile, downplayed reports
that PriceSmart was embroiled in cash flow woes globally and was
likely to shut down Philippine operations.

"We view the Philippines as a growth market and while there are
various challenges facing PriceSmart [here], these are part of
efforts in growing the business in a new market," Mr. Woods
said.

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

CHINA AVIATION (S): Unit Concludes Jet Fuel Tender for May, June
----------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd (CAO) advised the
Singapore Stock Exchange (SGX) that its wholly owned subsidiary,
China Aviation Oil Trading Pte Ltd (CAOT), has closed its
physical Jet Fuel tender for deliveries in May/June 2005.

CAOT's third tender for the year was highly successful and
received a strong response from 13 physical jet fuel suppliers
(tenderers), which included both the oil majors and major
trading houses. In aggregate, based on the May/June 2005 volume
requirements of 390,000 metric tonnes of Jet A-1 Fuel, the
tender was approximately 4 times oversubscribed.

Mdm Gu Yanfei, Non-Executive Director of CAO and Special Task
Force Leader said: "Once again, I am pleased to note that the
CAOT has received a strong response from the market in this
latest tender. Including this latest tender, CAOT has completed
tenders for a total of 1.2 million tonnes of Jet A- 1 Fuel to
date, which is comparable to the same period last year."

CAOT will award the mandates to the most competitive tenderers
and is pleased to note that the tenders that were received
continued to be very competitive and complied with CAOT's
standard terms and conditions.

"We continue to receive support from relevant creditors in the
form of competitive bids for our tenders. The continuation of
our Jet Fuel business is a key element of our ongoing
restructuring process, and this is made possible through the
continued support and facilitation by our holding Company,
CAOHC." Mdm Gu added.

The Company, on behalf of CAOT, wishes to express its
appreciation and thanks to all tenderers for their continued
support of its jet fuel procurement business.

CONTACT:

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


CYBER VILLAGE: Sends Out Annual Report to Shareholders
------------------------------------------------------
In compliance with Rule 704(5) of the Listing Manual, the Board
of Directors of Cyber Village Holdings Limited announced to the
Singapore Stock Exchange (SGX) the following in relation to the
Company's Annual Report for the financial year ended December
31, 2004 which was dispatched to shareholders on April 8, 2005.

To view a copy of the report, click
http://bankrupt.com/misc/cybervillage140405.pdf


FHTK HOLDINGS: EGM Set May 11
-----------------------------
Notice is hereby given that an Extraordinary General Meeting of
FHTK Holdings Ltd will be held at 20 Harbour Drive #06-02 PSA
Vista Singapore 117612 on May 11, 2005 at 11:00 a.m. for the
purpose of considering and if thought fit, passing, with or
without any amendment, the following resolutions:

AS A SPECIAL RESOLUTION

(A) The proposed capital reduction exercise to reduce the par
Value of each ordinary share in the capital of the Company from
$0.05 TO $0.005

That pursuant to Article 10 of the Company's Articles of
Association and subject to the confirmation of the High Court of
the Republic of Singapore:

(a) The authorized share capital of the Company be reduced from
$200,000,000 divided into 4,000,000,000 ordinary shares of $0.05
each, of which 1,230,963,167 ordinary shares of $0.05 each have
been issued and are fully paid-up, or credited as fully paid-up,
to $20,000,000 divided into 4,000,000,000 ordinary shares of
$0.005 each, of which 1,230,963,167 ordinary shares of $0.005
each will be issued and fully paid-up, or credited as fully
paid-up, and that such reduction be effected by:

(i) Canceling paid-up capital to the extent of $0.045 on each of
the 1,230,963,167 ordinary shares of $0.05 each which have been
issued and are fully paid-up, or credited as fully paid-up; and

(ii) Reducing the par value of all ordinary shares, both issued
and unissued, from $0.05 to $0.005 each; and

That forthwith upon the reduction of the capital (the Capital
Reduction) taking effect, there shall be credited to a separate
capital reduction reserve (the Capital Reduction Reserve) in the
accounting records of the Company an amount which is equal to
the credit arising on the proposed reduction taking effect, to
the extent to which such credit is not applied in writing-off
the accumulated losses of the Company as at 31 December 2004,
and save to the extent that the Capital Reduction Reserve shall
have been capitalized in accordance with the Articles of
Association of the Company, the Capital Reduction Reserve shall
not be treated or used by the Company as a distributable
reserve; and

(b) the Directors and each of them be authorized and empowered
to complete and do and execute all such acts and things as they
or he may consider necessary or expedient to give effect to this
Resolution, with such modifications thereto (if any) as they or
he shall think fit in the interests of the Company.

To view a full copy of the notice, click
http://bankrupt.com/misc/fhtkholdings041505.pdf

CONTACT:

FHTK HOLDINGS LIMITED
20 Harbour Drive
SINGAPORE 117612
SINGAPORE  
Phone: +65 6779 5688
Fax: +65 6777 3960  
Web site: http://www.fhtk.com.sg/


GREATRONIC LIMITED: Terminates CEO's Service Agreement
------------------------------------------------------
Greatronic Limited advised the Singapore Stock Exchange (SGX)
that further to its announcement dated April 6, 2005 (SGXNET
announcement No. 0068), the Company has received a letter from
the solicitors acting for Mr. Lim Kok Koon (Mr. Lim) responding
to the breaches of duty as a Director and the Chief Executive
Officer (CEO).

In their reply, the solicitors for Mr. Lim have alleged that Mr.
Lim was entitled to resign with immediate effect on the ground
that the Company was in repudiatory breach of the service
agreement when the Board of Directors refused to reinstate him
as CEO at a Board Meeting on March 28, 2005. They further
alleged, in relation to the breaches of duty, that, inter alia:

(1) Mr. Lim did not admit that the outstanding receivables of
S$1.3 million arose from an inflation of prices in the
transactions between Greatronic Technology (M) Sdn Bhd,
Greatlink Electronics Germany GmbH and Greatlink International
Inc.;

(2) Mr. Lim had not deliberately misled the Audit Committee (AC)
when he informed the AC that the information paper requested for
by one of the Independent Directors was not ready at the AC
meeting on February 25, 2005;

(3) Mr. Huang Ming Lang @ Max Huang (MH) did not in his
Taiwanese lawyers' letter to the AC say that the transactions
leading to the outstanding receivables of S$1.3 million were not
genuine; and

(4) The AC has chosen to accept what MH has contended without
verifying its veracity, thereby adopting a biased attitude
against Mr. Lim.

The Board of Directors has considered and rejects the responses
of Mr. Lim. The Independent Directors, who now constitute the
Board of Directors, stand by their statements made in the
announcements made on February 27 and 28, March 4, April 2 and
6, 2005.

The Company has procured GTM to instruct Malaysian lawyers to
write to Greatlink Electronics Germany GmbH and Greatlink
International Inc., for payment of the outstanding receivables
and intends to prosecute the matter to its legitimate
conclusion.

The Company has, through its solicitors written to the
solicitors for Mr. Lim to terminate Mr. Lim's service agreement
as CEO with immediate effect without prejudice to the Company's
rights against Mr. Lim.

The Company hereby gives notice that with the termination, Mr.
Lim no longer exercises any executive powers in the companies
within the Group.

By Order of the Board
Greatronic Limited
14 April 2005

CONTACT:

Greatronic Limited
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Phone: (65) 6841 7828
Fax: (65) 6841 7282
E-mail : info@greatronic.com
Web site: http://www.greatronic.com


NEPTUNE ORIENT: Issues Amendment to Director's Report
-----------------------------------------------------
Neptune Orient Lines Limited announced at the Singapore Stock
Exchange (SGX) on amendments to the Directors' Report for the
Financial Year Ended December 31, 2004. The amendments relate to
additional material being included in respect of the directors'
interests in the share capital of companies that are related to
the Company and are set out at pages 53 to 55 of the Annual
Report.

A copy of the Directors' Report For the Financial Year ended
December 31, 2004 containing the additional material is attached
to this Announcement. The Register of directors' interests in
the Company and its related corporations is further available
for inspection by shareholders at their request.

By Order of the Board

Marjorie Wee/Wong Kim Wah (Ms)
Company Secretaries

To view a full copy of the director's report, click   
http://bankrupt.com/misc/neptuneorientDirectorsReport_revision_.
pdf

CONTACT:

NEPTUNE ORIENT LINES LIMITED
456 Alexandra Road
119962 Singapore
Phone: +65 6278 9000
Fax: +65 6278 4900
Web site: http://www.nol.com.sg/


TRINITY COMMERCIAL: Faces Winding Up Proceedings
------------------------------------------------
In the matter of Trinity Commercial School Pte Ltd. a winding up
order was made on April 8, 2005.

Name and address of Liquidator:

MR LOK LAI CHENG
Cypress Singapore PAC
1 Scotts Road
#21-07/08/09 Shaw Centre
Singapore 228208

Dated this 8th day of April 2005.

De Souza Tay & Goh
Solicitors for the Petitioner


XING HAI: Served with Winding Up Order
--------------------------------------
In the matter of Xing Hai Holdings Pte Ltd a winding up order
was made on April 8, 2005.

Name and address of Liquidator:

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

Jacob Mansur & Pillai
Solicitor for the Petitioner

Note:

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

(b) All debts due to the abovenamed Company should be forwarded
to the liquidator.


YONGNAM HOLDINGS: Replies to SGX Query
--------------------------------------
The Board of Directors of Yongnam Holdings Limited wishes to
provide the following information in response to the query
received from SGX-ST on 14 April 2005 with regards to the
Company's Annual Report for the financial year ended 31 December
2004:

SGX's queries:

(a) We refer to page 26 and 27 of the Annual Report. Rule 704(5)
of the Listing Manual states that an issuer must immediately
announce any qualification or emphasis of matter by the auditors
on the financial statements/ Please also include in the
announcement Note 2(a) of the financial statements which the
auditors made reference to.

(b) We also note that the Company has not announced the Notice
of AGM via SGXNET. Please announce accordingly.

Company's reply:

(a) The Auditors' Report together with Note 2(a) of the
Financial Statements is attached below.

(b) The Notice of AGM of the Company was announced by the
Company on April 12, 2005, Announcement No. 00047.   

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


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

PHUKET AIR: Resumes Flights After Inspection Halt
-------------------------------------------------
Inspection relating to safety on Phuket Air's aircrafts was
postponed allowing it to resume its flights during the Thai New
Year holiday, relates the Associated Press.

According to Sribenja Semmesook, a Phuket Air spokeswoman,
inspection for the aircrafts has commenced but the government
agreed they could be suspended until Monday, after the Thai New
Year holiday, which falls on a Sunday. In the meantime the
airline would resume its normal scheduled flights.

Some 700 passengers were stranded at Bangkok's airport Tuesday
because of the safety checks, however the stranded passengers
have been taken care of.

Eleven of the 13 Phuket Air aircrafts were subjected for
inspection after a recent highly publicized scares involving two
planes en route to London.  An engine problem caused the London
flight to be delayed for 24 hours on Saturday.

In United Arab Emirates' Sharjah Airport, passengers reportedly
forced the pilot to abort two takeoffs when they saw fuel spill
out from one of the plane's wings. The passengers refused to
board the aircraft when it finally left and preferred to take
another flight.

If problems persist, Phuket air could lose its license, Deputy
Transport Minister Phumtham Vejjayachai said.

CONTACT:

Phuket Airlines Co., Ltd.
1168/102 34th-B Fl. Lumpini Tower Bldg.
Rama IV Road, Thungmahamek
Sathorn Bangkok 10120
Thailand.
Telephone: (662) 679-8999 (10 Line)
Fax: (662) 679-8235-6
E-mail: info@phuketairlines.com

To view a full copy of Phuket Air EVP, click
http://bankrupt.com/misc/TCRAP_phuketair041105.pdf




                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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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.

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