TCRAP_Public/051213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, December 13, 2005, Vol. 8, No. 246

                            Headlines


A U S T R A L I A

ANDICO TRADING: Members, Creditors to Discuss Wind Up Report
AVOCA SERVICE: Liquidator to Distribute Company Assets
BIGGIE RATT: To Declare Dividend Today
BURNS INVESTMENTS: Winds Up Operations
CARBOY CREDIT: Decides to Close Business

CARINYA PTY: Liquidator to Explain Wind Up Manner
CARTER HOLT: Rank Extends Takeover Offer Period by 14 Days
CLOUGH LIMITED: Receives Maari Platform Plan Approval
DESLAND & SON: Appoints Official Liquidator
FLEET TAXI: Court Orders Winding Up

FOXY INDUSTRIES: Creditors OK Liquidator's Appointment
HARGO INVESTMENTS: Schedules Final Meeting Dec. 20
IDOKO PTY: Intends to Distribute Final Dividend
ITSARIPA INVESTMENT: Receiving Claims Until Dec. 21
ITS OK: Members Agree to Wind Up Firm

MACVILLE & GIBSON: Former Financial Adviser Sentenced for Fraud
MYER LIMITED: Several Parties Qualify for Next Bidding Phase
MYER LIMITED: Fate to Be Decided Early Next Year
NATIONAL AUSTRALIA: Boss to Stay on After Rehab Plan Ends
NATIONAL AUSTRALIA: Eyes Higher-Risk Clients

NATIONAL AUSTRALIA: Affirms Commitment to U.K. Business
PACIFIC CAR: Members, Creditors Receive Liquidator's Report
PAYCE PTY: Enters Voluntary Liquidation
RABCO PTY: Members Pass Winding Up Resolution
SALISBURY WRECKING: Wind Up Process Initiated

SUPERIOR FRUIT: Court Releases Winding Up Order
TEAM NEVEREST: Declares First, Final Dividend
TELSTRA CORPORATION: Braces for Negative Price Ruling
TORWIL PTY: R.J. Porter Named Liquidator
* ASIC Bans 3 Directors Involved in Failed Firms' Management


C H I N A  &  H O N G  K O N G

COINS CANAL: Court to Hear Winding Up Petition Jan. 18
CRESVALE FAR EAST: Members AGM Fixed Dec. 21
DAILY GREAT: Winding Up Hearing Slated for Jan. 18
HOP SHING: First Meeting of Creditors Set Dec. 20
HO HOI: Annuls Adjudication Order

HOP SHING: Creditors, Contributories to Meet Dec. 20
JOINWELL INTERNATIONAL: Issues Winding Up Order Notice
KWOK FUNG: Winding Up Hearing Slated for Jan. 18
LUEN FAT: SFC Reprimands Firm for Internal Control Failings
NEWKIND INTERNATIONAL: Court Issues Winding Up Notice

NEW PACIFIC: Intends to Pay Dividend
N.G.A. OPTICAL: Creditors First Meeting Fixed December 20
PLAYMATES HOLDINGS: PwC Quits as Auditor
RAYTRONIC TRADING: Prepares to Wind Up Business
TIN PO: Enters Bankruptcy

TMT FINANCIAL: SFC Reprimands Firm for Supervisory Failures
WING LEE: Court Releases Bankruptcy Order


I N D I A

BHAGYANAGAR METALS: Updates Scheme of Restructuring Status
JAYSHREE CHEMICALS: Seeks to Escape from BIFR's Grasp
JMC PROJECTS: Unveils AGM Outcome
JMC PROJECTS: Board Approves Rights Issue


I N D O N E S I A

GARUDA INDONESIA: Debt Repayment Extension Awaits Creditors' OK
PERTAMINA: ExxonMobil Won't Budge on Cepu Gas Block Issue
PERTAMINA: Unveils New Logo


J A P A N

HITACHI LIMITED: Eckhard Pfeiffer Joins Unit's Executive Board
MATSUSHITA ELECTRIC: To Reorganize Overseas Mobile Operations
MITSUBISHI MOTORS: Gets Orders for 10,000 SUV Outlander Units
PIONEER CORPORATION: Amends Semiannual Results for FY2006
RESONA HOLDINGS: R&I Assigns BBB Rating


K O R E A

DAEWOO ENGINEERING: Investors Swarm to Take Over Operations
HANARO TELECOM: Launches Corporate Internet Phone Service
KOREAN AIR: Strike Hits Local Export Firms Hard


M A L A Y S I A

ANCOM BERHAD: Buys Back 86,700 Ordinary Shares
APL INDUSTRIES: To Convene AGM Dec. 29
FA PENINSULAR: 2Q Net Loss Widens to MYR4,257,000
HO HUP: Net Loss Shrinks to MYR850,000 in 3Q/FYO5
HYTEX INTEGRATED: Incurs Losses in 2Q/FY05

MAGNUM CORPORATION: Buys Back Additional Shares
MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
MENANG CORPORATION: Books MYR4,352,000 Net Loss
NORTH BORNEO: To Convene AGM Dec. 29
PALETTE MULTIMEDIA: Releases 3Q/FY05 Financial Report

PATIMAS COMPUTERS: New Shares Up for Listing, Quotation
PSC INDUSTRIES: PSC-Naval Ceases to be Subsidiary
PWE INDUSTRIES: Amends Conditions of Proposed Rehab Extension
SETEGAP BERHAD: Posts MYR5,310,000 Net Loss in 3Q/FY05
SOUTHERN BANK: Buys Back Ordinary Shares

SUNWAY HOLDINGS: Unit Served with Winding Up Petition
WEMBLEY INDUSTRIES: Bourse Sets Out Delisting Conditions


P H I L I P P I N E S

APEX MINING: Notes Release of Escrow Amounts, Stock Certificates
NATIONAL FOOD: Losses to Continue if Funds Remain Insufficient
NATIONAL FOOD: Rice Stays at Php18 per kilo for WMR
PANASONIC MOBILE: Faces Liquidation by Parent
PHILIPPINE AIRLINES: Eyes Fleet Upgrade of Wide-bodied Aircraft

WELLEX INDUSTRIES: Unveils Results of Special Board Meeting


S I N G A P O R E

GULFEAST SHIPPING: To Declare Dividend Soon
INFORMATICS HOLDINGS: Adjusts Exercise Price of Rights Issue
LEUN WAH: Asks Creditors to Submit Proofs of Debt, Claims
LIANG HUAT: SGX-ST Oks Property Disposal, Change in Auditors
MEDIASTREAM LIMITED: Members Agree to Appoint New Auditors

WEE SIANG: Intends to Pay Dividend


T H A I L A N D

THAI PETROCHEMICAL: Court Junks Debtor's Petition
BOND PRICING: For the Week 12 December to 16 December 2005

     -  -  -  -  -  -  -  -

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

ANDICO TRADING: Members, Creditors to Discuss Wind Up Report
------------------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Andico Trading Pty Limited will be held on Dec. 20,
2005, 10:00 a.m. at the offices of Forsythes Chartered
Accountants, Level 5, Hunter Mall Chambers, 175 Scott Street,
Newcastle, to present the Liquidator's final account and report,
and to give any explanation thereof.

Dated this 17th day of November 2005

Peter Hicks
Liquidator
C/o Forsythe Chartered Accountants
Level 5, Hunter Mall Chambers
175 Scott Street
Newcastle


AVOCA SERVICE: Liquidator to Distribute Company Assets
------------------------------------------------------
At a general meeting of Avoca Service Station Pty Limited held
on Nov. 25, 2005, the following Special Resolution was passed:

That the Company be wound up as a Member's Voluntary
Liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidator so
desire.

Dated this 25th day of November 2005

Terry Ringland
Liquidator
1/44A Perouse Road, Randwick NSW 2031


BIGGIE RATT: To Declare Dividend Today
--------------------------------------
Biggie Ratt Pty Limited will declare a final priority dividend
on Dec. 13, 2005.

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

Dated this 17th day of October 2005

Bradley Hellen
Liquidator
Pilot Partners
Level 5, 175 Eagle Street,
Brisbane Qld 4000


BURNS INVESTMENTS: Winds Up Operations
--------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Burns Investments Pty Limited held on Nov. 13,
2005, it was resolved that the Company be wound up voluntarily,
and that Mr. Dennis Joseph Rynne of 70 Davrod Street, Robertson
Qld be nominated as Liquidator for such purpose.

Dated this 13th day of November 2005

Dennis J. Rynne
Liquidator
70 Davrod Street, Robertson Qld 4109
Phone: 07 3216 9768


CARBOY CREDIT: Decides to Close Business
----------------------------------------
At an extraordinary meeting of the members of Carboy (SA) Credit
Union Limited held on Nov. 14, 2005, the following Resolutions
were passed:

SPECIAL RESOLUTION

That Carboy (SA) Credit Union Limited enter into a members'
voluntary winding up.

ORDINARY RESOLUTIONS

That Mr. Nicholas David Cooper, Official Liquidator of Sims
Partners, Level 4, 12 Pirie Street, Adelaide SA 5000, be
appointed as the Liquidator.

That the remuneration payable to the Liquidator be paid on a
monthly basis, calculated at the hourly rates currently charged
by SimsPartners.

Dated this 16th day of November 2005

Nicholas D. Cooper
Liquidator
Sims Partners
Level 4, 12 Pirie Street
Adelaide SA 5000


CARINYA PTY: Liquidator to Explain Wind Up Manner
-------------------------------------------------
Notice is hereby given that a final meeting of the members of
Carinya Pty Limited will be held on Dec. 20, 2005, 12:00 p.m. at
the offices of Toomey Maning & Co, Barristers & Solicitors, 30
Davey Street, Hobart, Tasmania, to receive the Liquidator's
account showing how the wind up of the Company was conducted and
its property disposed of, and to hear any explanations that may
be given by the Liquidator.

Dated this 15th day of November 2005

John W. Woods
Liquidator
Wilson Woods & Partners
30 Davey Street, Hobart
Tasmania 7000
Phone: 03 6223 4343


CARTER HOLT: Rank Extends Takeover Offer Period by 14 Days
----------------------------------------------------------
Rank Group Investments Limited made a full takeover offer dated
Sept. 14, 2005 for all the shares in Carter Holt Harvey Limited.

Pursuant to Rule 27(d) of the Takeovers Code, Rank hereby gives
notice that the offer period is extended by 14 days. Rank's
takeover offer will now close on Friday, Dec. 23, 2005.

CONTACT:

NEW ZEALAND
Carter Holt Harvey Limited
640 Great South Road
Manukau City
Auckland 1020
Phone: +64 9 262 6000
Facsimile: +64 9 262 6099

AUSTRALIA
Carter Holt Harvey Limited
Como Office Tower
Level 16, 644 Chapel Street
South Yarra
Melbourne, VIC 3141
Telephone: +61 3 9823 1600
Facsimile: +61 3 9823 1620
Web site: http://www.chh.com


CLOUGH LIMITED: Receives Maari Platform Plan Approval
-----------------------------------------------------
Clough Limited has received a letter of intent for a contract as
part of the Maari field development from OMV New Zealand Limited
on behalf of the Maari Joint Venture.

Negotiation of the final agreement will be completed within one
month, with contract value expected to be approximately AU$170
million.

Clough will perform all engineering, procurement, construction
and installation activities related to the wellhead platform.
The innovative design is based on the self-elevating DrillAce
platform concept successfully implemented by Clough in Australia
last year.

David Singleton, CEO and Managing Director of Clough Limited
said, "Clough is further developing an offshore platform . The
innovative design is based on the self-elevating DrillAce
platform concept that is uniquely different from conventional
techniques, and that is particularly well suited to remote
locations. The DrillAce is proving to be cost effective and
offers a lower risk solution to clients who require rapid
installation without the need for large offshore construction
vessels.

"Clough is committed to the success of the Maari field
development and believes that the contracting strategy agreed
for this project will deliver it to the benefit of all
stakeholders," Mr. Singleton said.

Located in the Taranaki Basin, the Maari field is approximately
80 km south east of New Zealand's north island, in 100 meters
water depth. The field development will consist o0f a wellhead
platform tied back to a floating production, storage and
offloading facility moored nearby.

Clough was selected for this project after a six-month client
funded design competition. The design is particularly suited to
the conditions and remote locality of the Maari field. The
project will commence immediately with practical completion
expected in 2008.

CONTACT:

Clough Limited
Head Office &
Principal Registered Office
Level 6, 251 St Georges Terrace
Perth, Western Australia 6000
Telephone: +618 9281 9281
Facsimile: +618 9481 6699
E-mail: clough@clough.com.au
Web site: http://www.clough.com.au/


DESLAND & SON: Appoints Official Liquidator
-------------------------------------------
Notice is hereby given that at a general meeting of the members
of Desland & Son - Carpentry & Joinery Pty Limited held on Nov.
16, 2005, it was resolved that the Company be wound up
voluntarily, and that Mr. Roderick Mackay Sutherland of Jirsch
Sutherland Chartered Accountants be appointed as Liquidator for
such purpose. Creditors confirmed the Liquidator's appointment
at a creditors' meeting held later that day.

Dated this 29th day of November 2005

Roderick M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


FLEET TAXI: Court Orders Winding Up
-----------------------------------
On Nov. 24, 2005, the Supreme Court of New South Wales, Equity
Division appointed Mr. Deryk Andrew to be the Official
Liquidator in the winding up of Fleet Taxi Training Center Pty
Limited.

Deryk Andrew
Liquidator
Bentleys MRI Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230


FOXY INDUSTRIES: Creditors OK Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Foxy Industries Pty Limited held on Nov. 17, 2005, a Special
Resolution was passed that the Company be wound up. Creditors
confirmed the Liquidator's appointment at a creditors' meeting
held that same day.

Dated this 17th day of November 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


HARGO INVESTMENTS: Schedules Final Meeting Dec. 20
--------------------------------------------------
Notice is hereby given that the final meeting of the members of
Hargo Investments Pty Limited will be held on Dec. 20, 2005,
10:00 a.m. at the offices of Carruthers Farram & Co. Services,
Suite 4, Level 4, 105 Pitt Street, Sydney, NSW, to lay before
the meeting the Liquidator's final account and report, and to
give any explanation thereof.

Dated this 15th day of November 2005

Douglas John Farram
Liquidator
Carruthers Farram & Co Services Pty Limited
Suite 4, Level 4, 105 Pitt Street
Sydney NSW 2000


IDOKO PTY: Intends to Distribute Final Dividend
-----------------------------------------------
Idoko Pty Limited will declare a first and final dividend today,
Dec. 13, 2005.

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

Gavin Thomas
Liquidator
Level 9, 31 Market Street
Sydney NSW 2000


ITSARIPA INVESTMENT: Receiving Claims Until Dec. 21
---------------------------------------------------
Notice is hereby given that the creditors of Itsaripa Investment
Pty Limited, whose debts or claims have not already been
admitted, are required on or before Dec. 21, 2005 to prove their
debts or claims and to establish any title they may have to
priority by delivering or sending through the post a formal
proof of debt or claim to the Liquidator's office. In default
thereof, they will be excluded from:

(a) the benefit of any distribution made before their debts or
claims are proven or their priority is established; and

(b) objecting to the distribution.

A form of proof may be obtained from this office.

Dated this 25th day of November 2005

B. A. Secatore
Liquidator
Bentleys MRI
114 William Street, Melbourne Vic 3000


ITS OK: Members Agree to Wind Up Firm
-------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Its Ok Pty Limited held on Nov. 18, 2005, it
was resolved that the Company be wound up voluntarily, and that
Mr. William Bernard Abeyratne and Mr. Loke Ching Wong of
Harrisons Insolvency, Level 5, 150 Albert Road, South Melbourne
be appointed as Joint and Several Liquidators for such purpose.

Dated this 18th day of November 2005

William B. Abeyratne
Loke Ching Wong
Joint Liquidators
C/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205.
Phone: 9696 2885


MACVILLE & GIBSON: Former Financial Adviser Sentenced for Fraud
---------------------------------------------------------------
Mr. Robert Pierre Macville, a former financial planner and
adviser from Alexandra Headland in Queensland, was sentenced to
4.5 years imprisonment after pleading guilty to six fraud
charges brought by ASIC.

Mr. Macville will serve the first 12 months of the sentence in
jail, with the remainder suspended for a period of five years.

Mr. Macville was accused of dishonestly re-directing client
funds, totaling AU$467,432.00, into his own private company
Macville & Gibson Holdings Pty Ltd between March 2001 and July
2003. Mr. Macville was employed as a financial adviser by Mawson
Securities Pty Ltd at the time of the offences.

"This outcome sends a clear message that people in positions of
trust, who misuse investors funds, will not be treated lightly,"
ASIC's Executive Director of Enforcement, Ms. Jan Redfern said.

"We will continue to vigorously pursue those in the financial
services industry that seek to take advantage of consumers, and
inflict financial and personal anguish on people they are meant
to be providing a service to," Ms Redfern said.

In March 2004, Mawson Securities terminated Mr. Macville's
employment for failing to comply with the provisions of its
Australian financial services license. Mawson Securities
referred the matter to ASIC.

On 20 October 2005, Mr. Macville was permanently banned from
providing financial advice by ASIC.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


MYER LIMITED: Several Parties Qualify for Next Bidding Phase
------------------------------------------------------------
The Coles Myer Board met Monday to consider indicative bids for
the Myer business submitted as part of the Myer ownership
review.

The Board decided that several parties would now be invited to
participate in the next phase of the process.

The parties will conduct due diligence on Myer to enable them to
prepare and submit final bids by early February.

The Board will then be in a position to compare the potential
shareholder value that could be created by divestment relative
to that which should be generated by Myer's retention or de-
merger.

It is anticipated that a decision on the future ownership of
Myer will be made in the first quarter of calendar year 2006.

"There continues to be a high level of interest in the Myer
business and we continue to work constructively with a number of
interested parties," Coles Myer Chairman Rick Allert said.

Mr. Allert rejected commentary in the media regarding the
integrity of the review process.

"We are engaged in a comprehensive and rigorous process to
determine the best outcome for Coles Myer shareholders. Good
governance practices have been and will continue to be adhered
to throughout," he said.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au


MYER LIMITED: Fate to Be Decided Early Next Year
------------------------------------------------
Coles Myer is expected to decide on the fate of its ailing
department store unit, Myer Limited, in the first quarter of
2006, according to the Sydney Morning Herald.

The retail giant admitted it is keen on selling Myer, but could
also opt for a demerger or even keep the stores.

The Coles board met on Monday to consider indicative bids for
the stores and will now invite "several" parties to go on to the
next stage of the process.

The parties will conduct due diligence on Myer to enable them to
prepare and submit final bids by early February.

Coles is believed to be seeking up to AU$700 million from any
sale of Myer, although market analysts have valued the business
at about AU$500 million.


NATIONAL AUSTRALIA: Boss to Stay on After Rehab Plan Ends
---------------------------------------------------------
The chief executive of National Australia Bank (NAB) says he
will continue to run the bank after the current recovery program
is complete, reports the Sydney Morning Herald.

John Stewart said he would lead the bank "for the war and not
the peace" as it undertook a three-year program to turn its
business around.

Mr. Stewart on Monday announced that he had signed a new ongoing
contract, which will see him staying with NAB for "a number of
years".

He said the board had decided that after the turn around program
was complete it wanted him to stay on to set up a new strategy
and to hand over when the bank was growing again.

Mr. Stewart's new contract boosts his fixed remuneration by
AU$500,000 to AU$2.75 million and includes a short-term
incentive plan of up to AU$4.125 million per year.

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


NATIONAL AUSTRALIA: Eyes Higher-Risk Clients
--------------------------------------------
National Australia Bank (NAB) will offer risk-based interest-
rate pricing for homebuyers who fail prime-lending criteria, The
Advertiser reports.

NAB will be the first of Australia's biggest banks to offer such
service. If a Victorian trial is successful, it plans to
introduce the program nationally between April and June.

The sub-prime, or non-conforming, sector has grown exponentially
in the last decade, as lenders such as Bluestone, Liberty and GE
Money capitalize on cheaper access to wholesale funds and an
easing of regulations.

NAB did not expect that the sub-prime market would become a
significant part of NAB's AU$106 billion mortgage book.

NAB rejects about 10-14 percent of all loan applications, about
half because the applicants ask for more money than NAB believes
they have the capacity to repay.

During the trial, some applicants who are at first refused will
be invited to re-apply under slightly different lending terms,
including higher interest.


NATIONAL AUSTRALIA: Affirms Commitment to U.K. Business
-------------------------------------------------------
National Australia Bank (NAB) rules out any plan to sell its
U.K. banking operations, Reuters reports.

Australia's largest bank has turned around a lackluster
performance of its Clydesdale Bank and Yorkshire Bank, which it
merged a year ago while maintaining both brand names.

Some analysts and fund managers have suggested NAB should
dispose of its U.K. business, but the bank stressed it still has
a lot of plans for the region.

NAB Chief Executive John Stewart disclosed the bank was also
interested in possible expansion in Asia but had no immediate
plans.


PACIFIC CAR: Members, Creditors Receive Liquidator's Report
-----------------------------------------------------------
Notice is hereby given that an annual general meeting and final
meeting of the members and creditors of Pacific Car & Truck
Rentals Pty Limited will be held on Dec. 20, 2005, 11:00 a.m. at
the offices of PPB, Level 10, 90 Collins Street, Melbourne 3000,
to present the Liquidator's account showing the manner of the
winding up of the Company, and to hear any explanations that may
be given by the Liquidator.

Dated this 9th day of November 2005

Andrew McLellan
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


PAYCE PTY: Enters Voluntary Liquidation
---------------------------------------
At an extraordinary general meeting of Payce Pty Limited held on
Nov. 14, 2005, members resolved to wind up the Company
voluntarily, and to appoint Mr. Justin Denis Walsh and Mr.
Richard John Dennis of Ernst & Young, Waterfront Place, Level 5,
1 Eagle Street, Brisbane, Qld 4000 as Liquidators for the wind
up.

Dated this 18th day of November 2005

Justin D. Walsh
Liquidator
Ernst & Young
Level 5, Waterfront Place
1 Eagle Street, Brisbane Qld 4001
Phone: 07 3243 3607


RABCO PTY: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of Rabco (NSW) Pty Limited held on Nov. 14, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Schon G. Condon and Mr. Bruce Gleeson of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW be
appointed as Joint Liquidators for such winding up.

Dated this 20th day of November 2005

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidators
C/o Jones Condon Chartered Accountants
Level 1, 34 Charles Street
Parramtta NSW
Phone: 02 9893 9499


SALISBURY WRECKING: Wind Up Process Initiated
---------------------------------------------
Notice is given that at a general meeting of the members of
Salisbury Wrecking Qld Pty Limited held on Nov. 16, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Robert Eugene Murphy and Mr. David James Hambleton, Chartered
Accountants of R. E. Murphy & Co., Level 9, 46 Edward Street,
Brisbane, Qld 4000 be appointed as Joint and Several Liquidators
for such purpose.

Dated this 16th day of November 2005

David J. Hambleton
Robert E. Murphy
Joint Liquidators
R. E. Murphy & Co.
Level 9, 46 Edward Street
Brisbane Qld 4000


SUPERIOR FRUIT: Court Releases Winding Up Order
-----------------------------------------------
On Nov. 11, 2005, the Federal Court of New South Wales, District
Registry ordered the winding up of Superior Fruit & Vegies Pty
Limited, and appointed Mr. Steven Nicols to be the Company
Liquidator.

Stevn Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


TEAM NEVEREST: Declares First, Final Dividend
---------------------------------------------
Team Neverest Pty Limited will declare a first and final
dividend today, Dec. 13, 2005.

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

Dated this 10th day of November 2005

M. F. Cooper
Deed Administrator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


TELSTRA CORPORATION: Braces for Negative Price Ruling
-----------------------------------------------------
Telstra Corporation is prepares itself for the competition
regulator's decision on price hikes due next week, Reuters
reveals.

The telco expects the Australian Competition and Consumer
Commission(ACCC) to rule against a hike in prices it can charge
rivals to access its network that will deal a blow to its bottom
line and share price.

An independent telecom analyst, Paul Budde, believes the ruling
will go against Telstra. The ruling, he said, will create more
fear in the market and the share price could drop further below
AU$3.70.

Analysts say investors will also be looking for some clarity
from the regulator on prices, as those currently proposed are
only valid until mid 2006.

Access prices are the most pressing regulatory hurdle facing
Telstra ahead of the share sale, Australia's biggest ever, due
to take place in October or November next year.

CONTACT:

Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne, Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


TORWIL PTY: R.J. Porter Named Liquidator
----------------------------------------
On Nov. 15, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Torwil Pty Limited, and
appointed Mr. R. J. Porter to be the Company Liquidator.

R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


* ASIC Bans 3 Directors Involved in Failed Firms' Management
------------------------------------------------------------
ASIC has disqualified three company directors from managing
companies for periods of up to four years, following their
involvement in a number of failed companies.

ASIC has banned brothers Mr. Peter and Mr. Terry Panayi, of
Strathfield and Cabarita, NSW, respectively, from being
directors or involved in the management of companies for four
years each.

ASIC also banned Mr. Barrie Charles Beattie, of Port Melbourne
in Victoria, from managing companies for three years.

Mr. Peter and Mr. Terry Panayi

The banning of Peter and Terry Panayi follows an ASIC
investigation into their involvement in the management of a
number of transport and storage companies including Aamac
Logistics Pty Limited (Aaamac), Pan Express Pty Limited (Pan
Express), Kalicain Pty Limited (Kalicain), Drisha Pty Limited
(Drisha), Kemps Creek Distributors Pty Limited (Kemps Creek) and
NAP Trading Pty Ltd (NAP Trading), all of which had been wound
up within the last seven years.

ASIC found that Peter and Terry Panayi engaged in misconduct
regarding the management, business or property of the various
liquidated companies of which they were directors, and had
demonstrated a repeated pattern of misconduct and apparent
disregard for their obligations as directors.

In particular, ASIC found they may have allowed some of the
companies to trade whilst insolvent, failed to ensure unsecured
creditors received any distribution, and did not properly
provide for the payment of employee and superannuation
entitlements and taxation liabilities.

ASIC was also concerned they may have engaged in 'phoenix' type
transactions by deliberately using the corporate structure to
avoid their responsibility to creditors.

Further, ASIC found that the brothers failed to exercise their
powers and duties as directors with reasonable care and
diligence by not keeping proper books and records, and failing
to produce all company books and records and provide assistance
to liquidators.

Kemps Creek, NAP Trading, Aamac, Drisha, Kalicain and Pan
Express were wound up with an estimated deficiency of assets of
$1,962,128, $886,211, $812,449, $804,881, $465,000, and $33,000
respectively.

ASIC was further concerned that the brothers may have failed to
properly manage the business and property of Rent-A-Skel Pty
Limited, after the company went into receivership, with a
deficiency of assets of $4,539,199 estimated by the Receiver.

Peter and Terry Panayi have also been directors of a number of
companies, namely Ranana Pty Limited, Beregold Pty Limited,
Atlas Satellite Pty Ltd, Teakdock Pty Ltd, Rent-A-Skel Pty
Limited and Valdox Pty Ltd, which were deregistered after the
company failed to lodge annual returns, which were required at
that time.

Mr. Barrie Beattie

Mr. Beattie was banned after an ASIC investigation into failed
companies iBase Global Pty Ltd, Campus Online Pty Ltd, and Power
Asset Management Pty Ltd.

iBase Global, Campus Online and Power Asset Management left
debts totaling approximately $2.3 million.

ASIC alleges that Mr. Beattie failed to exercise his powers and
duties as a director of the companies with reasonable care and
due diligence in failing to keep adequate financial records and
provide assistance to a liquidator within the statutory
timeframe, including the provision of information relating to
the financial circumstances of a failed company.

Mr. Beattie also failed to pay statutory debts, including tax
liabilities and superannuation guarantee charges and carried on
a business using an unregistered company name.

"Directors who do not carry out their duties properly pose a
threat to future creditors, consumers and the business
community. ASIC will not hesitate to take banning action against
directors who intentionally or negligently fail to fulfil their
responsibilities," ASIC Executive Director of Enforcement, Ms.
Jan Redfern said.

Mr. Beattie and Peter and Terry Panayi have the right to appeal
to the Administrative Appeals Tribunal for a review of ASIC's
decisions.

Background

The Corporations Act provides that ASIC may disqualify a person
from managing a corporation for up to five years if a person has
been the director of two or more failed corporations within
seven years that have been wound up and their liquidator has
lodged a report with ASIC about the corporation's inability to
pay its debts. Since 1 July 2005, ASIC has banned 12 company
officers under this provision for a total of 43 years.


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

COINS CANAL: Court to Hear Winding Up Petition Jan. 18
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Coins Canal Limited by the High Court of Hong Kong Special
Administrative Region was on November 24, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 18, 2006.

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

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

GALLANT Y. T. HO & CO.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 17, 2006.


CRESVALE FAR EAST: Members AGM Fixed Dec. 21
--------------------------------------------
Notice is hereby given that an Annual General Meeting (AGM) of
the members of Cresvale Far East Limited (In Creditors'
Voluntary Liquidation) will be held at 20th Floor, Prince's
Building, Central, Hong Kong on December 21, 2005 at 2 p.m. and
will be followed by an annual general meeting of the creditors
of the company to be held at the same place at 3 p.m. for the
purpose of having laid before the meetings by the liquidators an
account of their acts and dealings and of the conduct of the
winding up of the company during the preceding year.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and on a poll, vote instead
of him. A proxy need not be a member or creditor of the company.

To be valid, proxies for both meetings must be lodged at 20th
Floor, Prince's Building, Central, Hong Kong no later than 3:00
p.m. on 19th December 2005.

Dated this 9th day of December 2005

JOANNE OSWIN
Joint and Several Liquidator


DAILY GREAT: Winding Up Hearing Slated for Jan. 18
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Daily Great Property Limited by the High Court of Hong Kong
Special Administrative Region was on November 23, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 18, 2006.

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.

Signed: K. W. NG & CO.
Solicitors for the Petitioner
11th Floor, Wings Building
110 Queen's Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. 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 January 17, 2006.


HOP SHING: First Meeting of Creditors Set Dec. 20
-------------------------------------------------
Hop Shing Loong Lighting Limited issued a notice of first
meetings of creditors and contributories in the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on December 20, 2005 at 2:30 p.m. and 3:30 p.m.
respectively.

The creditors meeting will be held at the Official Receiver's
Office, 10th Floor, Queensway Government Offices, 66 Queensway,
Hong Kong.

Dated this 9th day of December 2005

E T O'CONNELL
Official Receiver & Provisional
Liquidator


HO HOI: Annuls Adjudication Order
---------------------------------
Ho Hoi Fai (In Bankruptcy) hereby gives notice that by Order of
the Court dated October 19, 2005, the Receiving Order dated
January 11, 1995 and the Adjudication Order dated April 4, 1995
made against the company were rescinded and annulled.

Dated this 9th day of December 2005

E T O'CONNELL
Official Receiver


HOP SHING: Creditors, Contributories to Meet Dec. 20
----------------------------------------------------
Hop Shing Loong Lighting Limited issued a notice of first
meeting of creditors and contributories in the High Court of the
Hong Kong Special Administrative Region Court of First Instance
at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong at 2:30 a.m. and
3:30 in the morning.

Dated this 9th day of December 2005

E T O'CONNELL
Official Receiver & Provisional Liquidator


JOINWELL INTERNATIONAL: Issues Winding Up Order Notice
------------------------------------------------------
Joinwell (H.K.) International Limited, whose office address is
located at Rm 1005 Allied Kajima Building No 138 Gloucester Road
Wanchai Hong Kong, issued a winding up order notice in the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on November 30, 2005.

Date of Presentation of Petition: July 22, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


KWOK FUNG: Winding Up Hearing Slated for Jan. 18
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kwok Fung International Development Limited by the High Court of
Hong Kong Special Administrative Region was on November 24, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 18, 2006.

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

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

GALLANT Y. T. HO & CO.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 17, 2006.


LUEN FAT: SFC Reprimands Firm for Internal Control Failings
-----------------------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded Luen
Fat Securities Company Limited and one of its responsible
officers Ms Wong Shue Yung Teresa and fined them $150,000 and
$30,000 respectively for internal control failings.

An SFC inspection in September 2003 revealed a number of
internal control failings in Luen Fat's operations. They
included:

Re-pledging securities of certain margin clients to banks
without valid standing authority from clients;

Transferring approximately $24,000 interest accrued from client
money to its own account without client consent;

Keeping inadequate audit trails of client orders;

Inadequate monitoring of staff dealing transactions; and

Inadequate supervision and monitoring of discretionary accounts.

The SFC views Luen Fat's failings more seriously than would
otherwise be the case because some of the deficiencies were
previously detected during a routine inspection by the SFC in
2000. However, despite the SFC notice given at that time, Luen
Fat failed to take steps to remedy the deficiencies. The
failings were unintentional and a result of omissions and
oversight. As a responsible officer of Luen Fat, Wong bore
responsibility of the negligent failings. As a result, the SFC
concludes that the fitness and properness of Luen Fat and Wong
has been called into question.

In deciding the fines, the SFC has considered the Disciplinary
Fining Guidelines (Note 2) and all the circumstances of the case
including the fact that:

Some of the failings were repeated breaches, a factor which the
SFC considers aggravating;

The management responsible in 2000 have since left Luen Fat;

Luen Fat has taken remedial action and strengthened its internal
control system;

No loss or damage to clients was identified;

Luen Fat was previously disciplined by the SFC (Note 3); and

Luen Fat co-operated with the SFC.

This disciplinary action is the result of a settlement between
Luen Fat, Wong and the SFC. The SFC considers the settlement to
be in the interests of the investing public and in the public
interest.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said,
"Licensed corporations have been repeatedly reminded that it is
paramount for them to have adequate internal controls.
Responsible officers have a duty to ensure the adequacy of
internal control systems to achieve regulatory compliance. Lax
controls are unacceptable because they expose the licensed
corporations and their clients to unnecessary risks and possible
losses. Licensed corporations should properly address
deficiencies, which have been identified in inspections.
Repeated breaches will not be condoned and are considered as an
aggravating factor which will be reflected in the penalty
imposed."


NEWKIND INTERNATIONAL: Court Issues Winding Up Notice
-----------------------------------------------------
Newkind International Limited, whose office address is located
at Rm 1304 Golden Gate Commercial Bldg 136-138 Austin Road
Tsimshatsui Kowloon, issued a winding up order notice in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on November 30, 2005.

Date of Presentation of Petition: September 26, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


NEW PACIFIC: Intends to Pay Dividend
------------------------------------
New Pacific Properties Limited issued a notice of intended
preferential payment and dividend in the High Court of the Hong
Kong Special Administrative Region Court of First Instance with
the following details:

Name of Liquidator: The Official Receiver

Registered Office and Liquidator's Address: 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.

Last Day of Receiving Proofs: December 31, 2005

Dated this 9th day of December 2005

E T O'CONNELL
Official Receiver & Liquidator


N.G.A. OPTICAL: Creditors First Meeting Fixed December 20
---------------------------------------------------------
N.G.A. Optical Manufactory Co. Limited issued a notice of first
meeting of creditors and contributories in the High Court of the
Hong Kong Special Administrative Region Court of First Instance
at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong at 10:30 a.m. and
11:30 in the morning.

Dated this 9th day of December 2005

E T O'CONNELL
Official Receiver & Provisional Liquidator


PLAYMATES HOLDINGS: PwC Quits as Auditor
----------------------------------------
The board of directors of Playmates Holdings Limited (the
Company) announces that PricewaterhouseCoopers (PwC) has
tendered its resignation from the office of auditors of the
Company and its subsidiaries with effect from 30 November 2005.

Pursuant to the byelaws of the Company, the Board has appointed
Moores Rowland Mazars to fill the casual vacancy in the office
of auditors with effect from 1 December 2005.

On December 1, 2005 the Company's audit committee and the Board
received a letter of resignation from PwC issued pursuant to
Professional Ethics Statement 1.207A on "Change of Auditors of a
Listed Issuer of The Stock Exchange of Hong Kong" issued by the
Hong Kong Institute of Certified Public Accountants (the Letter
of Resignation). In its Letter of Resignation, PwC states that
during discussions between its staff and a senior officer of
Playmates Toys Inc. (PTI), a principal subsidiary of the Company
incorporated in California, the senior officer "admitted
misconduct in respect of certain accounting matters at PTI".

The Company understands from PwC that the admission referred to
in its Letter of Resignation related to deliberate: (1) over
provisioning for potential customer claims of mark down
allowances due to unsold goods owned by customers at the end of
the 2004 financial year; and (2) incorrect recognition of
revenue on sales of goods on freight prepaid terms at the time
when they leave the Company's warehouse.

Following notification of these matters by PwC, the Company's
audit committee appointed an independent legal counsel in the
United States of America to conduct an investigation (the
Independent Investigation) and to provide the Company's audit
committee with independent advice in the collection and analysis
of facts and data relevant to the Independent Investigation. The
Company's audit committee conducted a thorough review of the
findings of the Independent Investigation and took further steps
to investigate and quantify the impact of issues (1) and (2).

In relation to issue (1), based on the findings of the
Independent Investigation and its own investigation, the
Company's audit committee is of the view, and the Board concurs,
that all provisions are specific, supported by appropriate
documentation and were reasonable when made and that there is
no evidence to substantiate any deliberate over provisioning on
the part of Company's management.

The unutilized amount of the provision for potential customer
claims of mark down allowances for the 2004 financial year was
approximately US$1.67 million. This amount was credited to the
profit and loss account of the Company during the first half of
the 2005 financial year. In relation to issue (2), based on the
findings of the Independent Investigation and its own
investigation, the Company's audit committee is of the view, and
the Board concurs, that the issue was an accounting oversight
which had not been raised in previous audits but which had an
insignificant effect on the accounts of the Company. The net
impact on revenue in the 2004 financial year arising from this
oversight was a decrease of approximately US$411,000.

In addition, the Company's audit committee made a number of
recommendations for reviewing and strengthening, where
necessary, the internal controls of the Company. All of these
recommendations have been, or are in the process of being,
implemented. The findings of the Independent Investigation and
the views of the Company's audit committee and the Board were
discussed with PwC whereupon PwC made a request to conduct a
more in depth review of the Independent Investigation. PwC has
stated in its Letter of Resignation that at this point there was
"resistance of management" to providing it with the access to
the Independent Investigation that it considered necessary.

The Company's position is that once PwC made it clear that such
review was necessary to enable it to discharge its professional
responsibilities as auditors, the Company was willing and took
steps to provide PwC with such access and the Company's audit
committee communicated this fact to PwC and the legal counsel
appointed to conduct the Independent Investigation. However, PwC
was unable to give a commitment as to the time, the costs and
further scope involved in carrying out the review. Furthermore,
PwC indicated that it would not be in a position to commence the
2005 annual audit whilst any such review was ongoing.

In light of its own thorough review of the Independent
Investigation findings, the Board considered that a further
review by PwC would cause unnecessary delay to the 2005 annual
audit. As a result, it was agreed that PwC would resign as
auditors of the Company.

In its Letter of Resignation PwC has confirmed that, apart from
the matter referred to above, there are no circumstances
connected with the cessation of its audit appointment that it
considers should be brought to the attention of the shareholders
of the Company. In accordance with Section 140A(2)(a) of the
Hong Kong Companies Ordinance, PwC has also confirmed that for
the subsidiaries of the Company incorporated in Hong Kong, there
are no circumstances connected with the cessation of its audit
appointment that it considers should be brought to the notice of
the shareholders or creditors of those companies.

The Board also considers that, apart from the matter referred to
above, there are no circumstances connected with the change of
auditors that need to be brought to the notice of the
shareholders or creditors of the Company.

By Order of the Board
Playmates Holdings Limited
Tracy Fong
Company Secretary
Hong Kong, 9 December 2005


RAYTRONIC TRADING: Prepares to Wind Up Business
-----------------------------------------------
Raytronic Trading Company, whose office address is located at
Flat 8-10, 14th Floor, Block A, Veristrong Ind. Center, 34-36 Au
Pui Wan Street Fo Tan Shatin New Territories, issued a winding
up order notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on November 30,
2005.

Date of Presentation of Petition: September 16, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


TIN PO: Enters Bankruptcy
-------------------------
Notice is hereby given that the bankruptcy order against Leung
Tin Po trading as Tin Po Paper Products Factory was made on
November 30, 2005. All debts due to the estates should be paid
to the receiver.

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


TMT FINANCIAL: SFC Reprimands Firm for Supervisory Failures
-----------------------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded TMT
Financial Services Limited for supervisory failures.

The SFC investigated the complaint of a couple who had intended
to retire and had followed the recommendation of TMT's
representatives to gear up four times their investment in a
with-profit fund. They ended up losing more than their entire
initial investment because of the interest charges and exit
penalties imposed.

The SFC found that TMT's representatives had failed to consider
the suitability of the gearing strategy in light of the
investors' investment objective, risk profile and financial
circumstances before advising on geared investment (Note 2). The
SFC also considered that TMT had failed to provide the investors
with a balanced explanation of the advantages and disadvantages
of gearing an investment. Furthermore, the SFC found that the
assumed rate of return used to justify the cost of borrowing for
the gearing had been unreasonably high given the nature of the
fund was low risk.

The failures showed that TMT had not supervised its
representatives adequately to ensure that the recommendations
given to its clients were reasonable. TMT had a duty to
diligently supervise its representatives in their performance of
business activities and was responsible for their failures.

The SFC concludes that TMT's fitness and properness has been
called into question and decides to reprimand TMT. The SFC noted
that the investors also took advice from other advisers which
they might have relied on in addition to TMT. Had the investors
relied more heavily on TMT's advice, the penalty against TMT
would have been more severe.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"It is a primary duty of investment advisers to ensure that
their investment recommendations are reasonable. Licensed
corporations have a duty to adequately supervise their staff to
reasonably ensure that investment strategies suggested are
suitable for their clients. A written financial plan should be
reviewed against the profile of an investor to ensure
suitability of investment strategy and products. In considering
the suitability of investment, an investment adviser should take
into account the investor's investment objective, risk profile,
financial circumstances and whether the investment recommended
is in the interests of the investor."


WING LEE: Court Releases Bankruptcy Order
-----------------------------------------
Notice is hereby given that the bankruptcy order against Lai Tin
Tai trading as Wing Lee Engineering Company was made on November
30, 2005.

All debts due to the estates should be paid to the receiver.

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


=========
I N D I A
=========

BHAGYANAGAR METALS: Updates Scheme of Restructuring Status
----------------------------------------------------------
With reference to the earlier announcement regarding Scheme of
Restructuring of the Company, i.e., the infrastructure, metals
and telecom business to be demerged subject to the approvals of
Statutory Authorities.

Bhagyanagar Metals Ltd has informed Bombay Stock Exchange (BSE)
that as a part of development of infrastructure business, the
Company has now participated in various tenders floated by A P
Housing Board.

The Company is the highest bidder for development of housing
project in 52 acres of land at Vishakapatnam, Andhra Pradesh,
The bid amount offered by the company for the land is to the
tune of INR290 million.

Further the Company has informed that the Company is the highest
bidder in another commercial/residential project at Kukatpally,
Hyderabad for development of 35 acres of land with a bid amount
of INR1350 million.

CONTACT:

Bhagyanagar Metals Ltd
Surya Towers, 5th Floor, Sardar Patel Road,
Secunderabad 500003  
Andhra Pradesh  
Phone: 27841198 27846013    
Fax: 27848851


JAYSHREE CHEMICALS: Seeks to Escape from BIFR's Grasp
-----------------------------------------------------
Jayshree Chemicals Ltd has informed Bombay Stock Exchange (BSE)
that the Board of Directors of the Company at its Meeting held
on Dec. 12, 2005, inter alia, has approved the audited Accounts
of the Company for the period from April 1, 2005 to Nov. 30,
2005 with which the Company's Net Worth has become positive.

The Company is now approaching the Board for Industrial And
Financial Reconstruction (BIFR) with the request to declare that
the Company is no more a sick industrial company within the
meaning of the Sick Industrial Companies (Special Provisions)
Act, 1985.

CONTACT:

Jayshree Chemicals Ltd
Ganjam, P.O. Jayshree
Jayshree 761025  
Orissa  
Phone: 254319 254329 254336 254160  
Fax: 254384   


JMC PROJECTS: Unveils AGM Outcome
---------------------------------
JMC Projects (India) Ltd has informed BSE that the members at
the 19th Annual General Meeting (AGM) of the Company held on
December 10, 2005, inter alia, have approved the following:

1. Appointment of Mr. Vijay Choraria, Mr. Ajay Munot & Mr. Kamal
Jain, as Directors of the Company.

2. Appointment of Mr. M D Khattar, as Managing Director -
Infrastructure Business of the Company.

3. Increase in Authorized Share Capital of the Company from
INR16,00,00,000/- to INR20,00,00,000 divided into 2,00,00,000
equity shares of INR10/- each and consequent alteration in the
Memorandum & Articles of Association of the Company.

4. To offer/issue/allot such number of Equity Shares of the face
value of INR10/- each at such price as may be fixed and
determined by the Board / Committee prior to the issue and offer
thereof, not exceeding INR350 million in value, including
premium.

5. Increase in Borrowing powers from INR750 million to INR1500
million and increase in limits from INR750 million to INR1500
million for creation of charges/mortgages/hypothecation on
Company's assets.

CONTACT:

JMC Projects (India) Ltd
A-104, Shapath-4, S G Road,
Opp Karanavati Club
Ahmedabad  
380051  
Gujarat  
Phone: 30011500    
Fax: 30011600 30011700


JMC PROJECTS: Board Approves Rights Issue
-----------------------------------------
JMC Projects (India) Ltd has informed BSE that the Board of
Directors of the Company at its meeting held on December 10,
2005, has approved issue of 46,46,550 Equity Shares on Rights
basis in the ratio of 2 equity shares for every 5 equity shares
held in the Company as on record date at a price of INR60/- per
equity share (Face value INR10/- per equity share and premium of
INR50/- per equity share.


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

GARUDA INDONESIA: Debt Repayment Extension Awaits Creditors' OK
---------------------------------------------------------------
Contrary to previous reports, state carrier PT Garuda Indonesia
said that its creditors have not given the go-signal for the
Company to extend its debt repayment schedule, reports Asia
Pulse.

Garuda Indonesia has a total debt of over IDR7.74 trillion. It
had stated last week that its ECA creditors approved its plan to
delay debt payments amounting to IDR4.98 trillion.

According to Company President Emirsyah Satar, the Company must
pay a principal installment worth IDR483.53 billion by Dec. 31,
2005. But they can only afford to pay IDR309.4 billion in
interest.

Garuda Indonesia had earlier proposed a debt restructuring
scheme to its creidtors under the European Credit Agency (ECA)
in London, as well as its creditors in Singapore. Mr. Satar
hopes that the creditors would be able to respond to the
proposal within one month.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: ExxonMobil Won't Budge on Cepu Gas Block Issue
---------------------------------------------------------
ExxonMobil Corp., the U.S.-based partner of state oil and gas
firm PT Pertamina, says that it will stick to its stand to be
the sole operator of a oil-rich block co-owned by the two firms,
the Jakarta Post reports.

ExxonMobil Oil Indonesia Inc. President Peter J. Coleman said
that Pertamina and the Indonesian government must honor a
Memorandum of Understanding (MOU) it had signed with a
government-led negotiating team last June, which granted
ExxonMobil the right to be the sole operator of the oil block in
Cepu province, for the duration of its contract. ExxonMobil had
a contract to develop the oil block, and wanted to extend such
contract after discovering additional reserves in the block.

The MOU stipulated that both Pertamina and ExxonMobil would
equally represented in a joint venture firm named Mobil Cepu
Limited (MCL), which was established to develop and operate the
oil block. However, it seems that Pertamina wanted to be more
active in the operations of the Cepu block, and refused
ExxonMobil's offer of senior positions in MCL, including that of
deputy manager of the development process.

Pertamina claimed that ExxonMobil could not demand to be sole
operator of the Cepu block since the MOU was valid for only 90
days from teh date of signing. ExxonMobil clarified, however,
that the 90-day stipulation was for Pertamina to report to a
steering committee which overseas Pertamina in the negotiation.

Talks have deadlocked on who would be the operator of the oil-
rich Cepu block, and the government decided to intervene and
revive the negotiating team it had created last June in order to
resolve the situation.

The government is anxious for development on the Cepu block to
begin, as the block would increase Indonesia's crude oil output
by 20% from its present level.

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


PERTAMINA: Unveils New Logo
---------------------------
After planning to change its logo since 1976, state oil and gas
firm PT Pertamina has finally introduced its new logo, reports
Asia Pulse.

With the new logo, which consists of three rhombus shapes in
red, blue and green to form the letter P, the Company hopes to
improve its image both at home and abroad, said Pertamina
President Widya Purnama.

The logo also indicates the Company's philosophy of new spirit
to encourage better working culture and increased compatibility,
aside from a better image. The three colors also represent
reliability (blue), environment-friendly energy sources (green)
and tenacity (red).


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

HITACHI LIMITED: Eckhard Pfeiffer Joins Unit's Executive Board
--------------------------------------------------------------
Hitachi Data Systems Corporation, provider of Application
Optimized Storage (TM) solutions and a wholly owned subsidiary
of Hitachi, Ltd. (NYSE: HIT), announced that former Compaq
President and CEO, Eckhard Pfeiffer, has joined Hitachi Data
Systems' Executive Advisory Board.

In this role, Mr. Pfeiffer will advise the company on strategy
and go-to-market activities and offer guidance on its various
new initiatives. Pfeiffer has over 30 years of sales and
executive management experience in the information technology
sector, including 16 years at Compaq, where his leadership took
the company to the top position in the PC industry.

"Eckhard Pfeiffer has tremendous industry experience. It is
important for a company like Hitachi Data Systems to consult
external industry leaders as it transforms itself from a
product-driven to a solutions company to support its strong
growth plan. We look to him to provide market insight that will
help strengthen our presence, and build on our momentum, in the
storage solutions market," said Shinjiro Iwata, CEO of Hitachi
Data Systems.

"Eckhard Pfeiffer has tremendous industry experience. It is
important for a company like Hitachi Data Systems to consult
external industry leaders as it transforms itself from a
product-driven to a solutions company to support its strong
growth plan. We look to him to provide market insight that will
help strengthen our presence, and build on our momentum, in the
storage solutions market," said Shinjiro Iwata, CEO of Hitachi
Data Systems.

As CEO of Compaq, Mr. Pfeiffer led the company from annual sales
of $3 billion to more than $30 billion, and worldwide PC market
share from 3.5 percent to 15.4 percent.

On December 8, Pfeiffer is Chairman of Accoona Corporation, and
a director of the board of General Motors Corporation and of L M
E Ericsson.

Eckhard Pfeiffer commented, "I am delighted to be an Executive
Board advisor to Hitachi Data Systems. This company, without
question, delivers the very best storage technology available
and boasts a truly loyal customer base that appreciates the
focus placed on aligning business and IT. Hitachi Data Systems
is poised to capture significant market share and I look forward
to making a strong contribution as the company transforms itself
to achieve rapid growth."

About Hitachi Data Systems

Hitachi Data Systems leverages global R&D resources to develop
storage solutions built on industry-leading technology with the
performance, availability and scalability to maximize customers'
ROI and minimize their risk. By focusing on the customer's
perspective as we apply the best hardware, software, and
services from Hitachi and our partners, we uniquely satisfy our
customers' business needs.

With approximately 2,900 employees, Hitachi Data Systems
conducts business through direct and indirect channels in the
public, government and private sectors in over 170 countries and
regions. Its customers include more than 50 percent of Fortune
100 companies. For more information, please visit our Web site
at www.hds.com.
  
About Hitachi, Ltd.

Hitachi, Ltd., (NYSE: HIT), headquartered in Tokyo, Japan, is a
leading global electronics company with approximately 347,000
employees worldwide. Fiscal 2004 (ended March 31, 2005)
consolidated sales totaled JPY9,027.0 billion ($84.4 billion).

The company offers a wide range of systems, products and
services in market sectors including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services. For more information
on Hitachi, please visit the company's Website at
http://www.hitachi.com.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com

This is a company press release.


MATSUSHITA ELECTRIC: To Reorganize Overseas Mobile Operations
-------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (MEI [NYSE: MC]),
announced that one of its subsidiaries, Panasonic Mobile
Communications Co., Ltd. (Panasonic Mobile), would phase out
overseas 2.5G GSM mobile terminal operations due to severe
global competition. By concentrating resources into next-
generation mobile terminal technologies, as well as unifying
platforms and core technologies for the Japanese and overseas
markets, Panasonic Mobile aims to improve development efficiency
and product competitiveness. Sales and service activities for
the current GSM products will continue.

In line with this decision, the following initiatives will
commence from January 2006:

(1) In order to concentrate resources into the development of
common core technologies and next-generation mobile terminals,
Panasonic Mobile's global R&D structure will be reorganized.
Panasonic Mobile will accelerate the development of a global
platform based on the Linux* Operating System (OS) that is now
being used in mobile terminals for the Japanese market.

Furthermore, the Linux OS-based platform will be integrated into
Matsushita's newly developed system LSI, resulting in the
establishment of global platforms through integrating core
technologies for wireless modem and AV processing. In this way,
Panasonic Mobile will further strengthen technological
foundations for next-generation mobile terminal development on a
global basis, as well as reinforce its mobile terminal business
in Japan.

By focusing on the development of a Linux OS-based global
platform, Panasonic Mobile will close R&D operations at
Panasonic Mobile Communications Development Corporation of
U.S.A. (PMCDU) in the United States, which has been developing
other OS platforms. In addition, R&D operations at Panasonic
Mobile Communications Development of Europe Ltd. (PMCDE) in the
United Kingdom will concentrate on the development of 3G and
next-generation technologies such as wireless modems and
platforms.

(2) With the phasing out of GSM mobile terminal operations,
Panasonic Mobile will reorganize its overseas manufacturing
facilities.

Panasonic Mobile Communications Corporation of the Philippines
(PMCP), where mainly GSM terminals have been produced will be
closed. The GSM manufacturing in the production lines at
Panasonic Mobile & Automotive Systems Czech, s. r. o. (PMACZ) in
the Czech Republic will be discontinued. GSM manufacturing at
Panasonic Putian Mobile Communications Beijing Co., Ltd. (PMCB)
in China will shift to 3G mobile terminal production.

* Linux is a registered trademark of Linus Torvalds.

Profile of Each Facility
R & D Facilities
Panasonic Mobile Communications Development of Europe Ltd.
(PMCDE)

Location:   Berkshire, United Kingdom
Established:   March 27, 2001
Employees:    228
Activities:   GSM Software Development, UMTS Software
Development including Modem, Global Regulation & Approval
function, System Engineering for EU region

Panasonic Mobile Communications Development Corporation of
U.S.A. (PMCDU)

Location:   Georgia, U.S.A.
Established:   April 1, 1998
Employees:   228
Activities:   UMTS terminal development using Symbian/S60
Platform

Manufacturing Facilities Panasonic Mobile Communications
Corporation of the Philippines (PMCP)

Location:   Laguna, Republic of the Philippines
Established:   December 4, 1987
Employees:   842
Activities:   Manufacture of GSM mobile terminals, in-vehicle
ETC terminals*, video surveillance CRT monitors
*In-vehicle ETC terminals are consignment products from
Panasonic Automotive Systems Co., Matsushita Electric and video
surveillance CRT monitors are products of Panasonic System
Solutions Co., Matsushita Electric.  

Panasonic Mobile & Automotive Systems Czech, s. r. o. (PMACZ)

Location:   Pardubice-Stare Civice, Czech Republic
Established:   March 2001
Employees:   210 (Manufacturing division of mobile terminals)
Activities:   Manufacture of GSM mobile terminals and car audio
equipment*

*Production of car audio at PMACZ will continue. Car audio
equipments are products of Panasonic Automotive Systems Co.,
Matsushita Electric.

About Matsushita Electric Industrial Co., Ltd. (Panasonic)
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand name, is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated sales of US$81.44 billion for
the fiscal year ended March 31, 2005. Matsushita's shares are
listed on the Tokyo, Osaka, Nagoya, New York (NYSE:MC), Euronext
Amsterdam and Frankfurt stock exchanges. For more information on
the company and its Panasonic brand, visit the Matsushita
website at http://panasonic.co.jp/global/index.html.

Media Contacts:  
Akira Kadota (Japan)
International PR  
(Phone: +81-3-3578-1237)


MITSUBISHI MOTORS: Gets Orders for 10,000 SUV Outlander Units
-------------------------------------------------------------
Mitsubishi Motors Corporation has received 10,000 orders for the
new SUV Outlander in less than two months since its launch on
October 17. Having brought in 5,000 orders in the first two
weeks after its launch, Outlander continues to sell strongly
with orders representing five months of the company's monthly
sales target that calls for sales of 2,000 vehicles a month.

With more people visiting Mitsubishi Motors showrooms recently,
the company expects the launch of the new concept minicar early
next year to add further momentum to Outlander sales.

1. Number of showroom visitors since October 17

Approximately 280,000 groups. This figure exceeds the 200,000
groups who visited Mitsubishi Motors showrooms in the first two
months after the Colt Plus was launched in October 2004.

2. Visitor characteristics

50%+ of visitors were owners of other brands of car, a higher
figure than with previous Mitsubishi brand new model launches.

Many visitors saw Outlander in newspapers and auto magazines, or
on TV, websites, etc. and have good impression from TV
commercials.

3. Visitor evaluation of Outlander

Visitors evaluate Outlander's exhilarating performance and its
audio amenities.

Outlander features Mitsubishi's brand-identifying sporty
styling, manual transmission mode with paddle shifters, a level
of exhilarating performance not to be found in other SUV's,
quiet engine sound, and high fuel efficiency.

Outlander also features a premium sound system, developed
jointly with Rockford Fosgate, that delivers a quality of sound
far superior to the average factory-fitted audio system.

Outlander offers excellent value for money overall for its
function and equipment specifications.

4. Outlander order breakdown

(1) By grade and seating capacity

M 10%    7-seat 65%
G 90%    5-seat 35%

(2) By body color

Cool silver metallic      30%
Black mica                20%
White pearl               15%
Medium purplish-gray mica 15%

(3) By make of car currently owned

Mitsubishi brand 70%
Other brand      30%

CONTACT:

Mitsubishi Motors Corporation Company
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan  
Phone: +81-3-6719-2111
Fax: +81-3-6719-0059

This is a company press release.


PIONEER CORPORATION: Amends Semiannual Results for FY2006
---------------------------------------------------------
Pioneer Corporation on December 8 announced as follows, partial
amendments to its consolidated second-quarter and semiannual
business results, and non-consolidated semiannual business
results, for the periods ended September 30, 2005, which were
announced on October 31, 2005.

Reason for Amendments

The Company, after consulting its Auditors, has amended certain
amounts in its consolidated and non-consolidated financial
statements, in connection with the business restructuring plans
announced on December 8, 2005. The amendments were due to
impairment losses recognized for the property, plant and
equipment for plasma display production, losses related to the
decision to withdraw from active-matrix organic light-emitting
diode (OLED) business, and additional valuation allowances made
for deferred tax assets.

Impairment losses of JPY31.9 billion in "Other-net," were
recognized after reviewing the future business plans and cash
flows of the plasma display production facilities. The Company
recognized equity in losses of affiliated companies for the
amount of JPY22.4 billion for the active-matrix OLED business,
as Tohoku Pioneer Corporation has recently decided to end its
joint venture ELDis, Inc. and the guarantee for ELDis Inc.'s
loans has been recognized as liabilities. The Company also
recognized JPY10.4 billion - JPY9.4 billion for the parent
company and JPY1.0 billion for subsidiaries in Japan - in
additional valuation allowances for deferred tax assets, after
reviewing the business forecast.

For more details, go to
http://bankrupt.com/misc/tcrap_pioneer121205.pdf

CONTACT:

Pioneer Corporation
4-1, Meguro 1-chome, Meguro-ku
Tokyo 153-8654, Japan  
Phone: +81-3-3495-6774
Fax: +81-3-3495-4301


RESONA HOLDINGS: R&I Assigns BBB Rating
---------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned a BBB
long-term rating to Resona Holdings Inc. issued under the Shelf
Registration scheme.

RATIONALE:

The holding company of the Resona Group, Resona Holdings, Inc.
has Resona Bank Ltd., Saitama Resona Bank Ltd., The Kinki Osaka
Bank Ltd., The Nara Bank Ltd., and Resona Trust & Banking Co.,
Ltd. under its umbrella. The Resona Bank and The Nara Bank are
planning to merge on January 1, 2006. The Issuer Rating reflects
the group's overall creditworthiness and the financial structure
of the holding company. The double leverage ratio of affiliated
company shares to shareholders' equity is high at 121% (at the
end of September) and an Issuer Rating of BBB, one notch lower
than the Issuer Rating of Resona Bank, has been assigned to the
holding company.

The Resona Group has a wide operational base centering on
Tokyo's metropolitan area (especially Saitama Prefecture) and
the Kansai area. Trailing close behind Japan's megabanks, it has
about 40 trillion yen in total assets. Aiming for rehabilitation
since June 2003 under the framework of the government's special
support program for financial institutions, the group has been
making efforts to improve asset health and cost structure by
restructuring the group's governance system and through sweeping
reductions in non-performing loans and shareholding. At present
the group is more or less on track in achieving its goals.

The bank's dependency on public funds remains large, however,
and this has been a restraining factor in terms of its capital
adequacy. In order to make further progress in credit quality,
it will be important for Resona to create a high-profit
management base by establishing a business model as a retail
bank and by making full use of its business base, which it had
not been sufficiently exploited so far.

CONTACT:

Resona Holdings, Inc.
Address:  2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp


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

DAEWOO ENGINEERING: Investors Swarm to Take Over Operations
-----------------------------------------------------------
Daeju Construction Co. and nine other investors have expressed
interest to take over Daewoo Engineering & Construction Co.,
Yonhap News reveals.

According to analysts, since a number of companies have shown
interest in Daewoo, they are most likely to form a consortium to
take over the Company.

The company's major shareholders include The Korea Asset
Management Corp. (KAMCO) with 44.4 percent, Daewoo Capital Co.
with 8.39 percent, Woori Bank with 5.5 percent, Korea Exchange
Bank with 4.36 percent, and Hyundai Card Co. with 2.7 percent.

KAMCO and eight other creditors are seeking to sell their 50
percent stake in the Company by the first half of this year.  
According to market watchers the acquisition of the stake would
cost around KRW2.5 trillion, when a premium for management right
is taken into consideration.

KAMCO will invite formal bids for their controlling stake in the
construction company around March next year.

Citi Global Market Securities and Samsung Securities, hired as
co-lead managers for the sale, have conducted due diligence on
the builder's assets and debts since August.

Daewoo Engineering was spun off in 2000 from its parent Daewoo
Corp., the former trading arm of the now-defunct Daewoo Group.

CONTACT:

Daewoo Engineering and Construction
South Korea
Phone: 82 2 2288 5140
Fax: 82 2 2288 3113
Web: http://www.dwconst.co.kr


HANARO TELECOM: Launches Corporate Internet Phone Service
---------------------------------------------------------
Hanaro Telecom unveiled in a disclosure to the Korea Stock
Exchange that starting December 6 its Internet phone service for
business consumers would be in full swing.

This service titled, "Hanaphone Corporate Internet Phone" is
offered in two types, Corporate Digital Phone and Corporate 070
Internet Phone. In addition to basic voice communication, this
service provides various added services companies need over
Internet protocol instead of existing phone lines.

Corporate Digital Phone has the same fee system as the local
service for the household. Corporate 070 Internet Phone has a
basic service fee of 2,000 won and a domestic usage fee of 45
won per three minutes regardless of distance.

Hanaro Telecom has introduced IP Centrex for the first time in
the domestic Internet phone service industry in order to offer
various added services to subscribers of "Hanaphone Corporate
Internet Phone' service."

Using the IP Centrex, customers can greatly save their
communication fees because there is no need to create basic
communication facilities such as keyphone and PBX. Furthermore,
they can take advantage of various added services that are
appropriate for the business environment such as web portal,
voice mail, call manager, conference call, and remote office
services. Hence it is expected to significantly enhance
companies' business efficiency.

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com


KOREAN AIR: Strike Hits Local Export Firms Hard
-----------------------------------------------
The strike at Korean Air has placed local export companies in a
state of emergency, relates Yonhap News Agency.
  
As the strike progresses, majority of international freight
services have been canceled.

The flight interruptions started with the cancellation of about
24 of 30 Incheon-Vienna-Copenhagen flights scheduled to take off
at 3:10 a.m.

Flights to Chicago, Los Angeles, Frankfurt, Osaka, and Shanghai,
however, continued due to the sheer volume of exports delivered
to the cities on a daily basis.

According to experts, the walk out could do a major blow to the
national economy given that Korean Air is responsible for 48.1
percent of air freight services.  The daily financial loss for
failed export deliveries are estimated to reach KRW50 billion,
the Construction Ministry said.

Most of the items that make up the airfreight are flash memory
chips, handsets, liquid crystal displays, and plasma display
panels - items that lead the export earnings. About 34.7 percent
of air cargoes are flash memory chips, 27.7 percent are handset
parts, while other electronics products like LCDs and PDPs make
up the majority of the remainder.

Nearly 100 percent of memory chips and 70 percent of the
handsets are delivered by air. And this is raising concerns that
should the strike be prolonged, economic damage could snowball.

Industry insiders are worried that amid intense competition
among global electronics and IT companies for a bigger market
share, failure to deliver the products on time would tarnish the
credibility of local businesses.

Deliveries bound for Europe and U.S. may have to take a detour
through Hong Kong or Singapore, making the manufacturers pay
additional 25 to 30 percent more in transportation charges.

Flight services to Europe in particular are limited, making it
more difficult to fulfill the transportation needs to this
region.

Samsung Electronics Co. and other local electronics and
information technology firms are searching for alternative ways
to carry their overseas orders.  Korean Air carries about 45
percent of Samsung's overseas shipments.

Samsung Electronics Co. plans to use other air carriers; it is
also considering renting a commercial jet to carry its handsets
and memory chips.

LG Electronics Co. is considering Asiana Airlines to deliver its
handset overseas.

An industry insider is hopeful that Korean Air management and
pilots work out their differences right away since competition
with overseas markets is intense and failure to deliver the
items on time is detrimental to its business relationship with
the overseas clients.

CONTACT:

Korean Air
41-3 Seosomun-dong Jung-Gu
Seoul, Seoul 100-813
Korea (South)
Phone: +82 2 656 7114
Fax: +82 2 656 7169


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

ANCOM BERHAD: Buys Back 86,700 Ordinary Shares
----------------------------------------------
Ancom Berhad furnished Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:  
   
Date of buy back: December 6, 2005

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

Total number of shares purchased (units): 86,700

Minimum price paid for each share purchased (MYR): 0.675

Maximum price paid for each share purchased (MYR): 0.685

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 86,700

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

Cumulative net outstanding treasury shares as at to-date
(units): 8,454,503

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

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my


APL INDUSTRIES: To Convene AGM Dec. 29
--------------------------------------
The Board of Directors of APL Industries Berhad advised Bursa
Malaysia Securities Berhad that the 6th Annual General Meeting
of the Company will be held at Selangor Ballroom 1, Sheraton
Subang Hotel, Jalan SS12/1, 47500 Subang Jaya, Selangor Darul
Ehsan on Thursday, December 29, 2005 at 10:00 a.m.

A full copy of the AGM Notice is available free of charge at:
http://bankrupt.com/misc/APLIndustries2005Notice.doc

CONTACT:

APL Industries Berhad
No. 35 Jalan Hussein,
Ipoh , Malaysia
Phone: 60 05 241 5633
Fax:60 05 241 5578


FA PENINSULAR: 2Q Net Loss Widens to MYR4,257,000
-------------------------------------------------
FA Peninsular Bhd submitted to Bursa Malaysia Securities Berhad
a copy of its Second Quarter financial report for the financial
period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000  

(1) Revenue  

    645           2,671           2,851          3,229

(2) Profit/(loss) before tax  

    -7,239         -2,119         -12,065        738

(3) Profit/(loss) after tax and minority interest  

    -4,257         -1,642          -7,214        -717

(4) Net profit/(loss) for the period

    -4,257         -1,642          -7,214        -717

(5) Basic earnings/(loss) per shares (sen)  

    -5.53           -2.13           -9.37        -0.93

(6) Dividend per share (sen)  

    0.00             0.00            0.00         0.00

       As at end of               As at Preceding
       Current Quarter            Financial Year End  

(7) Net tangible assets per share (MYR)  

      -0.1600                      -0.0800

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/FaPKeninsularLSE22006.doc

CONTACT:

FA Peninsular Bhd   
22nd Floor, Menara Promet,
Jalan Sultan Ismail,
Kuala Lumpur Wilayah Persekutuan 50250
Malaysia
Telephone: 03-21444446   
Fax: 03-21418463


HO HUP: Net Loss Shrinks to MYR850,000 in 3Q/FYO5
-------------------------------------------------
Ho Hup Construction Company Bhd furnished Bursa Malaysia
Securities Berhad a copy of its Third Quarter financial report
for the financial period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
        
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000  

(1) Revenue  

    42,552        40,410          113,290        113,569

(2) Profit/(loss) before tax  

    809           -12,025         3,348          -20,935

(3) Profit/(loss) after tax and minority interest  

    -850          -10,552         220            -19,543

(4) Net profit/(loss) for the period

    -850          -10,552         220            -19,543

(5) Basic earnings/(loss) per shares (sen)  

    -0.01          -10.70         0.00            -19.70

(6) Dividend per share (sen)  

    0.00            0.00          0.00             0.00

        As at end of               As at Preceding
        Current Quarter            Financial Year End  

(7) Net tangible assets per share (MYR)  

        1.5000                     1.5000

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/HoHup3rdQtr2005.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/HoHupNotes3Q2005.doc

CONTACT:

Ho Hup Construction Company Berhad
No 2 Medan Imbi
Kuala Lumpur, 55100
Malaysia
Telephone: +60 3 2148 7711
Fax: +60 3 2142 4988


HYTEX INTEGRATED: Incurs Losses in 2Q/FY05
------------------------------------------
Hytex Integrated Berhad furnished Bursa Malaysia Securities
Berhad a copy of its Second Quarter financial report for the
financial period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000    

(1) Revenue  

    33,946        22,530          67,326         48,799

(2) Profit/(loss) before tax  

    -1,673        1,226           -4,860          2,121

(3) Profit/(loss) after tax and minority interest  

    -2,140        926             -5,880          1,433

(4) Net profit/(loss) for the period

    -2,140       926              -5,880          1,433
  
(5) Basic earnings/(loss) per shares (sen)  

    -1.43       0.62              -3.92            0.96

(6) Dividend per share (sen)  

    0.00        0.00               0.00            0.00


        As at end of               As at Preceding
        Current Quarter            Financial Year End  

(7) Net tangible assets per share (MYR)  

       0.6300                      0.6700

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/HytexIntegratedQRSep05.xls
http://bankrupt.com/misc/HytexIntegratedQtrlyRptSep05.xls


MAGNUM CORPORATION: Buys Back Additional Shares
-----------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:  
   
Date of buy back: December 6, 2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 384,400

Minimum price paid for each share purchased (MYR): 1.890

Maximum price paid for each share purchased (MYR): 1.900

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 384,400

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

Cumulative net outstanding treasury shares as at to-date
(units): 80,688,600

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

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885


MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
--------------------------------------------------------------
Maxis Communications Berhad advised that its additional 309,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, December 8, 2005.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059


MENANG CORPORATION: Books MYR4,352,000 Net Loss
-----------------------------------------------
Menang Corporation (M) Berhad furnished Bursa Malaysia
Securities Berhad a copy of its Third Quarter Financial Report
for the financial period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
        
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue  

    5,074         5,938           18,388         7,191

(2) Profit/(loss) before tax  

    -4,346        1,601           -10,231        -7,099

(3) Profit/(loss) after tax and minority interest  

    -4,352        -199            -10,911        -8,905

(4) Net profit/(loss) for the period

   -4,352         -199            -10,911        -8,905

(5) Basic earnings/(loss) per shares (sen)  

    -1.63         -0.07           -4.08          -3.33

(6) Dividend per share (sen)  

    0.00           0.00           0.00           0.00

     As at end of               As at Preceding
     Current Quarter            Financial Year End  

(7) Net tangible assets per share (MYR)  

     0.7361                     0.7770

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/MenangCorp092005.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/MenangCorpNotes092005.rtf

CONTACT:

Menang Corporation (M) Bhd   
8th Floor, South Block,
Wisma Selangor Dredging, 142A, Jalan Ampang,
Kuala Lumpur Wilayah Persekutuan 50450
Telephone: 03-21613366   
Fax: 03-21613393


NORTH BORNEO: To Convene AGM Dec. 29
------------------------------------
The North Borneo Corporation Bhd informed Bursa Malaysia
Securities Berhad that the Adjourned Fifty-Fifth Annual General
Meeting (AAGM) of The North Borneo Corporation Berhad will be
held at Labuan Ballroom, Sheraton Labuan Hotel, 462 Jalan
Merdeka, 87029 W.P. Labuan, on Thursday, December 29, 2005 at
3:00 pm.

The full text of the Notice of the AAGM attached herewith will
be published in the New Straits Times on December 7, 2005.

To view a full copy of the AAGM Notice, go to
http://bankrupt.com/misc/TheNorthBorneo2004notice.doc

CONTACT:

The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan 87007
Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220


PALETTE MULTIMEDIA: Releases 3Q/FY05 Financial Report
-----------------------------------------------------
Palette Multimedia Berhad submitted to Bursa Malaysia Securities
Berhad a copy of its Third Quarter report for the financial
period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue  

    1,093         5,451           3,626          13,372

(2) Profit/(loss) before tax  

    -1,312        911             -1,518         2,540

(3) Profit/(loss) after tax and minority interest  

    -1,312        911             -1,518         2,541

(4) Net profit/(loss) for the period

    -1,312        911             -1,518         2,541

(5) Basic earnings/(loss) per shares (sen)  

    -1.24         0.86            -1.44          2.41

(6) Dividend per share (sen)  

    0.00          0.00             0.00           0.00

        As at end of               As at Preceding
        Current Quarter            Financial Year End  

(7) Net tangible assets per share (MYR)  

        8.3100                      10.1600

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/PaletteMultiMedia3Qresults.xls

CONTACT:

Palette Multimedia Bhd   
9, Jalan 1/46A, Off Jalan Selising 7,
Taman Niaga Waris,
Kuala Lumpur Wilayah Persekutuan 51200
Malaysia
Telephone: 03-62533299   
Fax: 03-62534399


PATIMAS COMPUTERS: New Shares Up for Listing, Quotation
-------------------------------------------------------
Patimas Computers Berhad advised that its additional 20,000 new
ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR76,000 six percent Irredeemable Convertible
Unsecured Loan Stocks 2001/2006 into 20,000 new ordinary shares
of MYR1.00 each will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9.00 a.m., Thursday,
December 8, 2005.

CONTACT:

Patimas Computers Bhd   
Patimas Technology Centre,
Technology Park Malaysia, Bukit Jalil,
Kuala Lumpur Wilayah Persekutuan 57000
Malaysia
Telephone: 03-89941818   
Fax: 03-89941188


PSC INDUSTRIES: PSC-Naval Ceases to be Subsidiary
-------------------------------------------------
Further to the announcement dated October 11, 2005, PSC
Industries Berhad (PSCI) advised Bursa Malaysia Securities
Berhad that Perstim Industries Sdn Bhd, a subsidiary of PSCI,
has received a Notice dated December 5, 2005 from Limaran
Logistics Sdn Bhd notifying of their exercise of rights to
foreclose the forty million (40,000,000) ordinary shares of
MYR1.00 each (Foreclosure Shares) in the capital of PSC-Naval
Dockyard Sdn Bhd (PSCND) as final settlement of the term loan
facility of US$31,578,947 granted by Credit Suisse, Labuan
Branch under a facility agreement dated June 11, 2002.

In view of the foreclosure of the Foreclosure Shares, PSCND has
ceased to be a subsidiary of PSCI, as indicated in the earlier
announcement dated October 11, 2005.

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


PWE INDUSTRIES: Amends Conditions of Proposed Rehab Extension
-------------------------------------------------------------
PWE Industries Berhad (PWE) refers to the announcement dated
December 6, 2004 in relation to the Securities Commission's (SC)
approval on the Proposed Corporate Restructuring of PWE.

On behalf of PWE, the company advised that it had on November
10, 2005 submitted an application to the SC to seek an extension
of six (6) months from the date of expiry of SC's approval
letter dated December 1, 2004 (Approval Letter) (i.e December 1,
2005) for PWE to complete the Proposed Corporate Restructuring,
(i.e. on or before June 1, 2006) (Proposed Extension).

Further to the above, PWE had on November 30, 2005 submitted a
separate application to SC to seek for its approval for a
variation of a condition stated in the Approval Letter in
relation to Bintang Bulk Movers Sdn Bhd's property at Lot No.
1241, Mukim of Rawang, District of Gombak (Proposed Variation)
to be read from:

"Bintang Mover Berhad is to provide an undertaking to use its
best endeavour to obtain approvals for the land use conversion
and the building plans together with the certificate of fitness
for occupation within 12 months of SC's approval letter"

to:

"Bintang Mover Berhad is to provide an undertaking to use its
best endeavour to obtain approvals for the building plans
together with the certificate of fitness for occupation within
twenty four (24) months from the date of SC's first approval
letter dated December 1, 2004"

The Proposed Extension and Proposed Variation are currently
pending the approval from the SC.

This announcement is dated 6 December 2005.

For and on behalf of
PWE Industries Berhad

CONTACT:

PWE Industries Berhad
Lorong Lapangan Terbang Baru 1
Level 16 Wisma Ting Pek Khiing
93350 Kuching, Sarawak 93100
Malaysia
Telephone: +60 82 450 908 / +60 82 450 922  


SETEGAP BERHAD: Posts MYR5,310,000 Net Loss in 3Q/FY05
------------------------------------------------------
Setegap Berhad furnished Bursa Malaysia Securities Berhad a copy
of its Third Quarter financial report for the financial period
ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000    

(1) Revenue  

    17,991        27,773          48,685         78,729

(2) Profit/(loss) before tax  

    -4,923        -1,512          -17,088        -8,553

(3) Profit/(loss) after tax and minority interest  

    -5,310        -955            -16,138        -7,728

(4) Net profit/(loss) for the period

    -5,310        -955            -16,138        -7,728

(5) Basic earnings/(loss) per shares (sen)  

    -10.68        -1.92         -32.47           -15.55          

(6) Dividend per share (sen)  

    0.00           0.00          0.00            0.00

      As at end of               As at Preceding
      Current Quarter            Financial Year End  

(7) Net tangible assets per share (MYR)  

       -1.5600                   -1.1800

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/SetegapBerhadannouncement.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/SetegapBerhadQtrRptSept2005.doc

CONTACT:

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


SOUTHERN BANK: Buys Back Ordinary Shares
----------------------------------------
Southern Bank Berhad issued to Bursa Malaysia Securities Berhad
a notice of shares buy back with the following details:
   
Date of buy back: December 6, 2005

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

Total number of shares purchased (units): 301,700

Minimum price paid for each share purchased (MYR): 3.900

Maximum price paid for each share purchased (MYR): 3.980

Total consideration paid (MYR): 1,196,718.35

Number of shares purchased retained in treasury (units): 301,700

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

Cumulative net outstanding treasury shares as at to-date
(units): 54,226,500

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

CONTACT:

Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
Fax: +60 3 2093 3157


SUNWAY HOLDINGS: Unit Served with Winding Up Petition
-----------------------------------------------------
Pursuant to Chapter 9, Paragraph 9.19(19) of the Listing
Requirements of Bursa Malaysia Securities Berhad, Sunway
Holdings Incorporated Berhad (Suninc) informed Bursa Malaysia
Securities Berhad that a winding-up petition had been served on
Sunway Construction Sdn Bhd (SunCon), a wholly owned subsidiary
of SunInc on December 2, 2005. The details are as follows:

(1) Date of Petition Served

The winding-up petition on SunCon was presented at the High
Court at Shah Alam on November 9, 2005 and the sealed winding-up
petition was served on SunCon on December 2, 2005 by Messrs
Raja, Darryl & Loh, the solicitors of Boon Wah Engineering (Boon
Wah). The hearing date for the winding-up petition is fixed on
February 15, 2006.

(2) Particulars of Claim

The winding-up petition is in respect of a judgment debt claimed
by Boon Wah amounting to MYR2,070,969.43 wherein the same
carries an interest of eight percent per annum to the date of
full and final settlement.

(3) Details of Default or Circumstances leading to the filing of
the Winding-Up Petition against SunCon

Boon Wah had filed a claim against SunCon as a result of non-
payment for works carried out. SunCon, in its defence, had
disputed the amount payable to Boon Wah and also pleaded that
since payment was to be made on a back-to-back basis, SunCon's
liability to pay Boon Wah has not arisen as the employer had yet
to pay SunCon. Boon Wah had filed a Summary Application under
Order 14 Rules of The High Court 1980, wherein the Senior
Assistant Registrar (SAR) had allowed the claim.

SunCon has filed an appeal against the SAR's decision and the
hearing of the appeal is fixed on August 21, 2006.

(4) SunInc's Total Cost of Investment in SunCon

SunInc's total cost of investment in SunCon is
MYR300,470,408.00.

(5) Financial and Operational Impact on SunInc Group

The winding-up petition will not have any financial and
operational impact on SunInc Group.

(6) Expected Losses

The judgement sum awarded is MYR2,070,969.43, wherein the same
carries an interest of eight percent per annum to the date of
full and final settlement. The legal cost payable is MYR350.00
to the petitioners.

(7) Steps taken and proposed to be taken by SunCon in respect of
the Winding-Up Proceedings

Pending hearing of the appeal against the SAR's decision, SunCon
had filed an application for Stay of Execution but was
dismissed. SunCon has since appealed against this decision and
this Stay Application Appeal is now fixed for hearing on
February 15, 2006.

In this instance, SunCon would dispute the winding up petition;
and SunCon has been advised by its solicitors that it has a good
chance of succeeding in disputing the winding-up petition.

This announcement is dated 6 December 2005.

CONTACT:

Sunway Holdings Incorporated Berhad
Jalan Lagoon Timur Bandar Sunway
46150 Petaling Jaya, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 3 5635 8889
Fax: +60 3 5634 1349


WEMBLEY INDUSTRIES: Bourse Sets Out Delisting Conditions
--------------------------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities), upon
consultation with the Securities Commission (SC), had earlier
via Bursa Securities' letter dated June 6, 2005 decided given
the fact that the SC had, vide its letter dated April 18, 2005,
granted its approval to Wembley Industries for an extension of
time for a period of one (1) year up to January 27, 2006 to
complete the implementation of its regularization plan subject
to the conditions as set out in the said SC's letter, the
Company is required to implement its regularization plan within
the timeframe stipulated by the SC i.e. by January 27, 2006 or
such other extended timeframe as stipulated by the SC .

Bursa Securities also notified the Company that in the event any
one of the circumstances set out below occurs, the de-listing of
the securities of Wembley from the Official List of Bursa
Securities will be effected without any further representations
from Wembley and without further consideration of the matter by
Bursa Securities:

(a) Wembley fails to comply with any of the conditions imposed
by the SC vide its letter dated April 18, 2005 and/or any
further conditions imposed by the SC (including if the SC
rejects Wembley's application for extension of time to comply
with the Supplemental Joint Venture Agreement (SJVA) Condition
or if the SC allows the extension of time but the SJVA is not
signed by the extended timeframe); or

(b) Wembley fails to implement its regularization plan within
the timeframe stipulated by the SC i.e. by January 27, 2006 or
such other extended timeframe as stipulated by the SC.

Bursa Securities notes that as at to-date, the Company has not
complied with the following conditions stipulated in the SC's
letter dated April 18, 2005:

(i) The signing of the SJVA between Dewan Bandaraya Kuala Lumpur
and Plaza Rakyat Sdn Bhd by May 31, 2005;

(ii) The holding of the Extraordinary General Meeting for the
shareholders to consider the proposed capital reduction and
consolidation, proposed debt restructuring and proposed rights
issue by July 31, 2005; and

(iii) The submission of application to the Kuala Lumpur High
Court for the proposed capital reduction and consolidation by
July 31, 2005.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of Bursa
Securities at 9:00 a.m. on Wednesday, December 21, 2005.

With respect to the securities of the Company which are
deposited with Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), please be informed that the securities of the
Company may continue to remain deposited with Bursa Depository
notwithstanding the de-listing of the securities of the Company
from the Official List of Bursa Securities. It is not mandatory
for the securities of the Company to be withdrawn from Bursa
Depository.

Alternatively, shareholders of the Company who intend to hold
their securities in the form of physical certificates can
withdraw these securities from their Central Depository System
accounts maintained with Bursa Depository at any time after the
securities of the Company are de-listed from the Official List
of Bursa Securities by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.

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

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922


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

APEX MINING: Notes Release of Escrow Amounts, Stock Certificates
----------------------------------------------------------------
On Dec. 9, 2005 at 3:00 p.m., Crew Gold Corporation and Mapula
Creek Gold Corporation and Puyat Group Selling Stockholders of
Apex Mining Co., Inc. have held their closing for the release of
the escrow amounts and the stock certificates after the parties
have fulfilled/waived the conditions precedent to closing
pursuant to terms and conditions of the Share Purchase Agreement
of Aug. 24, 2005.

CONTACT:

Apex Mining Company Inc.
6/F Manila Bank Building
6772 Ayala Avenue, Makati City 1226
Telephone:  810-0882; 892-6504
Fax: 810-0887


NATIONAL FOOD: Losses to Continue if Funds Remain Insufficient
--------------------------------------------------------------
Losses at National Food Authority (NFA) are expected to mount if
the government will not provide the agency sufficient funds for
it operations, according to The Daily Star.

NFA Administrator Gregorio Tan Jr. said losses will continue at
the state-owned agency even as the firm has been performing the
mandates of food security and supply, and price stabilization in
more than 33 years.

Mr. Tan, however, said that whatever losses NFA incurs in its
day-to-day operations are gains for the rice farmers who
continue to enjoy having a ready market at a reasonable price
for their palay and the consumers who have continuous access to
quality but low-priced NFA rice.

People expect the NFA to earn income as a government
corporation, but Mr. Tan said that the nature of NFA's
operations is just like other social-oriented agencies.

To stabilize the grains market, the NFA buys high (now up to
Php10.50 per kilogram of palay) when traders offer much lower
prices at the farmgate to help the farmers get a commensurate
income from their produce. It also sells NFA rice at Php18 per
kilo (well-milled) compared to Php22 to Php24 per kilo of same
variety commercial rice.

CONTACT:

National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/


NATIONAL FOOD: Rice Stays at Php18 per kilo for WMR
---------------------------------------------------
Considering that consumers prefer the Well Milled Rice (WMR),
the National Food Authority (NFA) is distributing to all its
accredited rice outlets only 25 percent Broken Imported Rice
Well Milled and Local Well Milled Rice varieties which are sold
at a consumer price of Php18.00/kg starting this Christmas
season and until the demands lasts.

This was bared by NFA-12 Director Ernesto M. Macasinag so the
general public will be better inform of this latest scheme on
rice and to avoid confusion on the part of the consumer.

Director Macasinag emphasized, however, that the NFA is not
increasing its selling price. Only Php18.00/kg is NFA's existing
selling price for WMR. He assures the public that there is
enough supply of rice in the region. NFA has some 68,640 bags of
rice and 273,356 bags of palay (rice) inventories as of November
30, 2005.


PANASONIC MOBILE: Faces Liquidation by Parent
---------------------------------------------
Matsushita Electric Industrial Co. will wind up its
manufacturing arm in the Philippines, Panasonic Mobile
Communications Corp of the Philippines.

Kyodo News reported that the Philippine subsidiary will halt
production in March next year.

Matsushita said it will reform the structure of its mobile phone
business, given fierce competition over GSM-standard models and
a shift in the market to third-generation products.

Panasonic Mobile Communications has produced a total of 14
million mobile phones since it launched its mobile phone
business in 1999.   

CONTACT:

Panasonic Mobile Communications Corporation of the Philippines
102 Laguna Boulevard, Laguna Technopark
Sta. Rosa 4026, Laguna
Philippines
Telephone: (632)818-1263
           (632)520-8500
           (6349)541-1445
Fax: (632)818-3303
Web site: http://www.mcp.panasonic.com.ph/


PHILIPPINE AIRLINES: Eyes Fleet Upgrade of Wide-bodied Aircraft
---------------------------------------------------------------
National flag carrier Philippine Airlines (PAL) will follow up a
recent deal to modernize its smaller planes with a similar
upgrading of its bigger aircraft used for long-haul trips, The
Philippine Daily Inquirer has learned.

PAL President Jaime Bautista said the airline needed to
modernize its wide-bodied planes to boost operations to the
United States.

PAL's nine wide-bodied aircraft, consisting mostly of Boeing
747s, were already between and 12 years old.

Last week, PAL inked an agreement to buy nine narrow-bodied
aircraft from Airbus and lease four brand-new Airbus planes. The
list price of the nine planes plus an option to buy five more
was US$840 million.

The deal with Airbus will address the fleet used for domestic
and regional trips. Flights to India, for instance, will be
launched next year. Expanding operations in Japan and China were
also being reviewed.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


WELLEX INDUSTRIES: Unveils Results of Special Board Meeting
-----------------------------------------------------------
Please be informed that at a special meeting of the Board of
Directors of Wellex Industries Inc. held Friday, Dec. 9, 2005,
the following matters were taken up and acted upon by the Board:

The Board decided to set the date of the annual stockholders'
meeting on Jan. 19, 2006, Thursday at 10:00 o' clock in the
morning to be held at the Top of the Citi, 34th Floor, Citibank
Tower, 8741 Paseo de Roxas St. Makati City.

In view thereof, the Board fixed Dec. 23, 2005 as the record
date for stockholders entitled to vote in said meeting; and
authorized the closing of the stock and transfer book during the
period Dec. 23, 2005 to Jan. 19, 2006.

The Agenda of the said meeting is as follows:

1. Call to Order
2. Report on Attendance and Quorum
3. Approval of Minutes of the Previous Stockholders' Meeting
4. President's Report to the Stockholders for the Year 2004
5. Ratification of the Acts of the Board and Directors and
Management for 2004
6. Appointment of External Auditor
7. Election of Directors for the Ensuing Term
8. Such Other Matters
9. Adjournment

CONTACT:

Wellex Industries Inc.
22/F, Citibank Tower
8741 Paseo de Roxas, Makati City 1200
Phone No/s:  848-0851 local 114
Fax No/s:  848-0532
E-mail Address:  info@ccplaw.com.ph


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

GULFEAST SHIPPING: To Declare Dividend Soon
-------------------------------------------
Gulfeast Shipping Pte Limited, formerly of 10 Anson Road, #03-09
International Plaza, Singapore 079903, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: Gulfeast Shipping Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 62 of 1993
Last day for receiving proofs: Dec. 23, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Beverly Wee
Assistant Official Receiver


INFORMATICS HOLDINGS: Adjusts Exercise Price of Rights Issue
------------------------------------------------------------
Informatics Holdings Limited refers to its Nov. 25, 2005
announcement, which stated that the Company passed its
resolution to approve a rights issue at its extraordinary
general meeting held on Nov. 25, 2005.

Subject to the registration with the Monetary Authority of
Singapore and issue of the Offer Information Statement in
connection with the Rights Issue, the Rights Issue will,
pursuant to the terms and conditions of the deed poll dated
Sept. 7, 2004 executed by the Company constituting the Warrants
2004 (the "Deed Poll"), constitute an event giving rise to an
adjustment to:

(i) the exercise price payable for each new ordinary share of
SGD0.05 each in the Company on the exercise of each Warrant 2004
(the Exercise Price); and

(ii) the number of Warrants 2004 held by each warrantholder.

In relation to the Warrants 2004, the Company, after
consultation with CIMB-GK Securities Pte. Ltd., made some
adjustments to the Exercise Price and the number of Warrants
2004. Such adjustments are in accordance with the Deed Poll and
will be effective from Dec. 13, 2005, being the commencement of
the Market Day next following the record date for the Rights
Issue on Dec. 12, 2005.

A copy of the entire media release is available free of charge
at:
http://bankrupt.com/misc/tcrap_informaticsholdings121205.pdf

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax:   65 6565 1371
Web site: http://www.informaticsgroup.com


LEUN WAH: Asks Creditors to Submit Proofs of Debt, Claims
---------------------------------------------------------
Notice is hereby given that the creditors of Leun Wah Electric
Company (Private) Limited, whose debts or claims have not
already been admitted, are required on or before Dec. 23, 2005
to submit particulars of their debts or claims and any security
held by them to us.

This should be done by delivering or sending through the post a
formal Proof of Debt containing their respective debts or claims
to the Liquidator.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 9th day of December 2005

Tam Chee Chong
Liquidator
C/o 6 Shenton Way
#32-00, DBS Building Tower Two
Singapore 068809


LIANG HUAT: SGX-ST Oks Property Disposal, Change in Auditors
------------------------------------------------------------
Liang Huat Aluminum Limiteed announced that on Dec. 9, 2005, the
Singapore Exchange & Securities Trading Limited (SGX-ST) gave
its clearance of the Circular submitted by the Company (on Dec.
5, 2005) to seek shareholder approval for the disposal of its
proerty located at 51 Benoi Road, Liang Huat Industrial Complex,
and the proposed changer of its auditors.

The Company will announce any developments on the matter.

By Order of the Board

Tan Yong Kee
Group Managing Director

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax:   65 68624962
Web site: http://www.lianghuatgroup.com.sg/


MEDIASTREAM LIMITED: Members Agree to Appoint New Auditors
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Mediastream Limited held on Dec. 12, 2005, the following
ordinary resolution was passed:

ORDINARY RESOLUTION - CHANGE OF AUDITORS

That the resignation of Ernst & Young (E&Y) as Auditors of the
Company be and is hereby accepted and that Chio Lim & Associates
(CLA) be and is hereby appointed Auditors of the Company in
place of E&Y, to hold office until the conclusion of the next
Annual General Meeting, at a fee to be agreed between the
Judicial Manager and CLA.

T.J. Reid
Judicial Manager
Ferrier Hodgson
50 Raffles Place, #16-06
Singapore Land Tower
Singapore 048623


WEE SIANG: Intends to Pay Dividend
----------------------------------
Wee Siang Pte Limited, formerly of 66 Tannery Lane, #05-10
Sindo Building, Singapore 347805, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Wee Siang Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 241 of 1992
Last day for receiving proofs: Dec. 23, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated : Dec. 9, 2005

Moey Weng Foo
Assistant Official Receiver


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

THAI PETROCHEMICAL: Court Junks Debtor's Petition
-------------------------------------------------
With reference to Thai Petrochemical Industry Public Co. Ltd.'s
letter dated November 30, 2005 regarding the two emergency
petitions of the debtor's executive for the objection of share
offering to strategic investors and the share offering price to
strategic investors, the company informed the Stock Exchange of
Thailand (SET) that the Central Bankruptcy Court dismisses those
two petitions of the debtor's executive.
          
Your acknowledgement of the above-mentioned matter is highly
appreciated.
           
Yours Sincerely,
Suwit Nivartvong
The Plan Administrator for
Thai Petrochemical Industry Pcl

CONTACT:

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



BOND PRICING: For the Week 12 December to 16 December 2005
----------------------------------------------------------

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


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%     3/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
Capital Properties Nz Ltd             8.000%     4/15/10     8
Cardno Limited                        9.000%     6/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
eBet Limited                         10.000%    11/29/06    22
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     8
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     8
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Investa Property Group Ltd            6.000%     5/28/08     6
Kagara Zinc Ltd                       9.750%     5/06/07     2
Kiwi Income Properties Ltd            8.000%     6/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
MacArthur Coal                       10.000%    12/11/05     5
Minerals Corporation Ltd             10.500%     9/30/07     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Riversdale Mining Ltd                 8.000%    12/31/05     2
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               9.160%     9/20/35     9
Sherlock Bay Nickel                  12.000%     9/01/07     1
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Strathfield Group                    11.000%    12/31/05     1
Sydney Gas Company                   12.000%     4/01/06     1
Sydney Gas Limited                   12.000%     6/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     9
Tower Finance Ltd                     8.750%    10/15/07     9
TrustPower Ltd                        8.300%     9/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%     9/15/12     8
TrustPower Ltd                        8.500%     3/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Holdings Bhd                4.000%    12/22/05     1
Berjaya Group Bhd                     5.000%    10/17/09     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%     7/15/07     1
Crescendo Corporation Bhd             3.000%     8/25/07     1
Crest Builder Holdings Bhd            7.000%     2/24/06     2
Dataprep Holdings Bhd                 4.000%     8/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%     6/16/10     1
Equine Capital Bhd                    3.000%     8/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Furqan Business Organization          2.000%    12/19/05     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%     4/23/08     1
Hong Leong Industries Bhd             4.000%     6/28/07     1
Huat Lai Resources Bhd                5.000%     3/28/10     1
I-Berhad                              5.000%     4/30/07     1
Insas Bhd                             8.000%     4/19/09     1
Integrax Bhd                          3.000%    12/24/05     1
Kamdar Group Bhd                      3.000     11/09/09     1
Killinghall Bhd                       5.000%     4/13/09     2
Konsortium Lebuhraya                  4.000%     7/15/20    74
Kosmo Technology Industrial Bhd       2.000%     6/23/08     1
Kretam Holdings Bhd                   1.000%     8/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%     1/06/07     3
Lion Diversified Holdings Bhd         2.000%     6/01/09     1
Media Prima Bhd                       2.000%     7/18/08     1
Mithril Bhd                           3.000%     4/05/12     1
Mithril Bhd                           8.000%     4/05/09     1
Mutiara Goodyear Development Bhd      2.500%     1/15/07     1
Naim Indah Corporation Bhd            0.500%     8/24/06     1
Nam Fatt Corporation Bhd              2.000%     6/24/11     1
Pantai Holdings Bhd                   5.000%     7/31/07     2
Patimas Computers Bhd                 6.000%     2/19/06     1
Pelikan International Corp Bhd        3.000%     4/08/10     1
Poh Kong Holdings Bhd                 3.000%     1/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%     2/15/09     1
Southern Steel                        5.500%     7/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%     6/29/06     1
Tenaga Nasional Bhd                   3.050%     5/10/09     1
Time Engineering Bhd                  2.000%    12/25/05     1
VTI Vintage Bhd                       4.000%     8/22/06     1
WCT Land Bhd                          3.000%     8/02/09     1
Wah Seong Corp                        3.000%     5/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------

Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%     6/30/07     1
Tampines Assets Ltd                   5.625%   12/07/06      1
Tampines Assets Ltd                   6.000%   12/07/06      1


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***