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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, January 27, 2006, Vol. 9, No. 020

                            Headlines

A U S T R A L I A

A.C.N. 000 205 363: To Declare Dividend
APS PTY: Members Favor Liquidation
AZTEC HAIRCIENDA: Decides to Close Business
BURLAND INTERNATIONAL: Liquidator To Give Wind-Up Report
BUSINESS AUSTRALIA: Creditor Claims Still Vague

COLORADO GROUP: CEO Quits Amid Profit Downgrade
DAY 2 NIGHT: Creditors Agree to Wind Up Operations
DJB PLUMBING: Appoints Official Liquidator
EMPEROR MINES: Sale of Tuvatu Gold Project Not Proceeding
GA & LM SAUNDERS: Prepares to Distribute Assets

GRAPHIQUE NOMINEES: To Pay Final Dividend
HAJEX PTY: Enters Voluntary Liquidation
J D BROWN: Names Ian Thomas to Oversee Wind-Up
KARLWOOD PTY: Placed Under Voluntary Liquidation
MC SOLO: Members to Pass Winding Up Resolution

NAILSTAR PTY: Intends to Pay Dividend
PETERSON BUILDING: Wind-Up Process Completed
P.J. & J.A. HARCOURT: Liquidator to Present Wind-Up Report
PREMIER HOLIDAY: Opts to Shut Down Business
RALPH CHALMERS: To Hold Final Meeting on Feb. 6

RESTAURANT GAME: Members Resolve to Wind Up Firm
RUSSELL HASTINGS: Creditors Must Submit Proof of Claims
S. BANDIDT: Names Richard Judson to Oversee Wind-Up
SYDNEY GAS: ASIC Reveals Inquiry Results
VOLANTE GROUP: Board Says Commander Bid Ignores Strategic Value
WESTPOINT GROUP: Financial Planners Set Up Recovery Fund

* ASIC Prosecutes Company Execs for Hampering Liquidators' Role


C H I N A  &  H O N G  K O N G

ADVANCED INK: Creditors & Contributories to Meet on Feb. 1
DAPENG SECURITIES: Securities Firm Enters Bankruptcy
FINESTYLE MARITIME: Creditors Meeting Fixed On Feb. 22
FRIENDS OF MINE: Court Enters Wind-Up Order
HILLBERG LIMITED: Commences Winding Up Process

LEE & POON: To Declare Dividend
RICOBEST INDUSTRIAL: Court to Hear Wind-Up Petition on Feb. 15
STD MANUFACTURING: Court Meeting Fixed on Feb. 7
SURPLUS HOUSEHOLD: Court Issues Wind-Up Order
TCL CORPORATION: To Sell Shares to Alliance Fortune


I N D I A

ASHNOOR TEXTILE: Abandons Four Bourse Listings
BHARAT PETROLEUM: KRL Members Approve Merger
FILMCITY MEDIA: To Induct New Directors & Change Transfer Agent
GALAXY BROKING: SEBI Suspends Registration Certificate
LOK HOUSING: To Consider Convertible Warrants Issue

OK PLAY: Board Meeting Fixed on Jan. 31


I N D O N E S I A

PERTAMINA: Further Reduces Next Month's Fuel Imports
PERTAMINA: Ups LPG Price by Whopping 64%
PERUSAHAAN LISTRIK: President Sought to Answer Graft Charges


J A P A N

DAIEI INCORPORATED: Joins Uniqlo in Apparel Business
LIVEDOOR CO.: Fuji TV Mulls Sell-off
LIVEDOOR CO.: Shares Fall 18% Thursday
MITSUBISHI MOTORS: Reports Increased Production & Sales in 2005
MITSUBISHI MOTORS: Russian Car Sales Up 83%

MITSUBISHI MOTORS: Won't Invest in Malaysia's Proton
SANYO ELECTRIC: Completes Third Party Shares Allotment
SONY CORPORATION: To Quit Domestic Walkman Production by March


K O R E A

DAEWOO ENGINEERING: Shortlists Bidders to Six
DAEWOO ENGINEERING: Corporate Ethics Blocks Kumho's Bid


M A L A Y S I A

AFFIN HOLDINGS: Shares up for Listing, Quotation Today
ANTAH HOLDING: Amends 2004 Annual Report
ASIAN PAC: Court Affirms Proposals
INTAN UTILITIES: To Focus on 7-Eleven Business
LINEAR COOLING: Wind-up Hearing Fixed Next Month

MANGIUM INDUSTRIES: To Convene AGM Feb. 17
MEDIA PRIMA: Converts ICULS to Ordinary Shares
ORISOFT TECHNOLOGY: Revamps Nomination & Remuneration Committees
PACIFIC & ORIENT: 12th AGM Slated for Feb. 22
PELIKAN INTERNATIONAL: Converts Shares for Listing, Quotation

POLY GLASS: 3Q/FY05 Net Loss Hits MYR130,000
POS MALAYSIA: New Shares up for Listing, Quotation
SCOMI GROUP: Bourse Lists Unit's Shares
SCOMI MARINE: Provides Updates on Proposals
SETEGAP BERHAD: Forges SPA with Various Establishments


P H I L I P P I N E S

APEX MINING: Discloses Special Board Meeting Results
LEPANTO CONSOLIDATED: Hopes to Recover from Labor Row Losses
MANILA ELECTRIC: Dodges Tax Evasion Case
NATIONAL POWER: Korean Firm Eyes Geothermal Assets
UNITED COCONUT: PDIC Wants BSP to Share Cost of Debt Deal


S I N G A P O R E

BEAR STEARNS: Intends to Declare Dividend
KIMJU PTE: Creditors' Proofs of Claim Due Feb. 20
PANEL BUILDERS: Set to Declare Creditors' Dividend
SAPPHIRE CORPORATION: Seeks to Convert Debt Into Shares
STATS CHIPPAC: Narrows Losses in 2005

YEU HONG: Court Issues Winding Up Order


T H A I L A N D

ABICO HOLDINGS: Sale Proceeds Used to Pay Creditor and Fund Ops
BANGKOK MASS: TAMC Willing to Restructure Debt
THAI AIRWAYS: Sees Air Travel Potential in Mekhong Region
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -       

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

A.C.N. 000 205 363: To Declare Dividend
---------------------------------------
A.C.N. 000 205 363 Pty Limited will declare its first and final
dividend on January 31, 2006.

Creditors whose debts or claims have not already been admitted
are each required to submit a proof of claim by January 30,
2006. Those who fail to comply with this requirement will be
excluded from the benefit of the dividend.

P. Hillig
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


APS PTY: Members Favor Liquidation
----------------------------------
After a meeting on December 21, 2005, the members of APS (Qld.)
Pty Limited resolved to voluntarily wind up the Company's
operations.

A creditors' meeting was also held on the same day.  
Subsequently, Barry Keith Taylor was appointed as liquidator.

Barry K. Taylor
Liquidator
B. K. Taylor & Co.
8/608 St. Kilda Road,
Melbourne Vic 3004


AZTEC HAIRCIENDA: Decides to Close Business
-------------------------------------------
Members of Aztec Haircienda Pty Limited convened on December 23,
2005, to wind up the Company's operations.

In addition, P. Ngan and G. Parker were appointed as joint
liquidators to supervise Aztec's wind-up activities.  The
Company's creditors confirmed the liquidators' appointment at a
creditors' meeting held later that day.

P. Ngan
G. Parker
Liquidator
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


BURLAND INTERNATIONAL: Liquidator To Give Wind-Up Report
--------------------------------------------------------
A final meeting of the members and creditors of Burland
International Investments Pty Limited will be held for the
parties to receive the liquidator's final account on how the
Company was wound up and how its property was disposed of.

The meeting will be held on February 8, 2006, at 10:30 a.m., at
the liquidator's office.

C. M. Williamson
Liquidator
SimsPartners Chartered Accountants
Level 12, 40 St. George's Terrace
Perth WA 6000


BUSINESS AUSTRALIA: Creditor Claims Still Vague
-----------------------------------------------
Creditors of Business Australia Capital Finance and three
affiliated companies are still uncertain about how much they
will recoup from their investments, Australian News Bites
relates.

During a meeting on December 23, 2005, Business Australia's
liquidator, Andrew Wily, told creditors holding more than
AU$21 million claims that he cannot provide any estimate of a
return, or when a dividend might be paid.

Creditors resolved to appoint Jim Byrnes as debt collector.  One
major debtor is the Republic of Nauru, which is estimated to owe
BACF or its affiliates more than AU$6.5 million plus interest.  
However the debt is the subject of legal action in the Federal
and NSW Supreme Courts.

BACF was placed into voluntary administration on November 9,
2005.  Andrew Wily and David Anthony Hurst of Armstrong Wily
were appointed joint administrators.


COLORADO GROUP: CEO Quits Amid Profit Downgrade
-----------------------------------------------
Footwear and apparel retailer Colorado Group has suffered
another blow, as its Chief Executive, Rowan Webb, left in the
wake of its second profit downgrade, the Sydney Morning Herald
says.

According to the Sydney Herald, Colorado's earnings before
interest and tax (EBIT) for the year ending January 28, 2006,
are now expected to be AU$48 million.  The Company had
originally forecast a full-year EBIT result of AU$60 million
(down from its AU$62.3 million profit in 2004-05), which was
trimmed down to AU$57 million in August 2005.

The Company blames its lackluster results on disappointing
Christmas and New Year sales, particularly in men's footwear and
apparel.  In addition to the soft trading conditions in December
and January, the firm expects changes on accounting policy,
legal issues and currency rates to negatively affect its
results.

Mr. Webb, whose contract expires at the end of March 2006,
decided to leave the Company after 12 years.  Colorado's Chief
Operating Officer, Eddie McDonald, will assume Mr. Webb's role
until a replacement is found.

Colorado, whose stable of brands include Williams the Shoemen
and Diana Ferrari, cut its earnings forecast after similar
revisions from retailers Super Cheap Auto, Fantastic, Austin
Group and Pacific Brands.

CONTACT:

Colorado Group Limited
140 Melbourne St.
South Brisbane
Queensland
Web site: http://www.colorado.com.au/


DAY 2 NIGHT: Creditors Agree to Wind Up Operations
--------------------------------------------------
At a meeting of the creditors of Day 2 Night Pty Limited on
December 21, 2005, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

In addition, John Vouris was appointed as liquidator for the
winding up.

John Vouris
Liquidator
Vouris & Bell
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 9232 6800


DJB PLUMBING: Appoints Official Liquidator
------------------------------------------
DJB Plumbing & Mechanical Services Pty Limited has determined
that, due to its inability to pay its debts, a voluntary wind-up
of its business operations is appropriate and necessary.

In that regard, Robyn Erskine and Peter Goodin were appointed to
oversee the Company's liquidation activities.

Robyn Erskine
Peter Goodin
Brooke Bird & Co. Chartered Accountants
471 Riversdale Road, Hawthorn East, 3123


EMPEROR MINES: Sale of Tuvatu Gold Project Not Proceeding
---------------------------------------------------------
Emperor Mines Limited confirms that it has not granted a further
extension to Alcaston Mining NL with respect to the sale of the
Tuvatu Gold Project in Fiji.

The sale of Tuvatu Project to Alcaston Mining was initiated in
February 2005.  Emperor Mines had granted Alcaston numerous
extensions and agreed to amend certain terms within 2005 to
enable Alcaston to put in place appropriate financing to
complete the transaction and fund working capital for a
feasibility study and further exploration at Tuvatu.

Emperor's Board of Directors considers the latest revised
financing terms proposed by Alcaston deficient and the further
extension requested unacceptable in the circumstances.

CONTACT:   
  
Emperor Mines Limited  
Level 1 WBM Building  
490 Upper Edward Street  
Spring Hill QLD 4004  
e-mail: emperor@emperor.com.au  
Web site: http://www.emperor.com.au    


GA & LM SAUNDERS: Prepares to Distribute Assets
-----------------------------------------------
On December 16, 2005, the members of GA & LM Saunders Pty
Limited resolved to close the Company's business operations and
distribute the proceeds of its assets.

William John Fletcher and Katherine Elizabeth Barnet were
appointed to supervise the Company's wind-up activities.

Katherine E. Barnet
William J. Fletcher
Liquidators
Bentleys MRI Chartered Accountants
Level 26, 10 Eagle Street
Brisbane Qld 4000
Phone: 07 3222 9777


GRAPHIQUE NOMINEES: To Pay Final Dividend
-----------------------------------------
Graphique Nominees Pty Limited will declare its final dividend
on February 1, 2006.

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

Mervin J. Kitay
Liquidator
Grant Thornton
Level 6, 256 St. Georges Terrace
Perth WA 6000


HAJEX PTY: Enters Voluntary Liquidation
---------------------------------------
Members of Hajex Pty Limited held a meeting on December 19,
2005, and agreed on the Company's need to liquidate.  They named
Oren Zohar and Brian McMaster to manage the Company's wind-up.

Brian McMaster
Oren Zohar
Liquidators
KordaMentha (WA)
Level 11, 37 St. Georges Terrace
Perth WA
Phone: 08 9221 6999


J D BROWN: Names Ian Thomas to Oversee Wind-Up
----------------------------------------------
At J D Brown Pty Limited's general meeting on December 18, 2005,
members resolved that it is in the Company's best interests to
liquidate its operations.

Ian Trevor Thomas was appointed to oversee the wind-up.

Ian T. Thomas
Liquidator
Ian Thomas & Co.
13 Brighton Road, Glenelg SA 5045
Phone: 08 8294 3777


KARLWOOD PTY: Placed Under Voluntary Liquidation
------------------------------------------------
On December 21, 2005, it was resolved that Karlwood Pty Limited
will close its operations voluntarily.  R. Vile was named
liquidator to manage the wind-up of the Company.

R. Vile
Liquidator
Chartered Accountant
21st Floor, 300 Queen Street
Brisbane Qld 4000
Phone: 07 3228 4000


MC SOLO: Members to Pass Winding Up Resolution
----------------------------------------------
Members of MC Solo Pty Limited held a general meeting on
December 20, 2005, and agreed to:

  -- voluntarily wind up the Company's business operations; and

  -- appoint John Duncan Green as liquidator.

John D. Green
Liquidator
3, Woodford Street,
Longeville NSW 2066


NAILSTAR PTY: Intends to Pay Dividend
-------------------------------------
Nailstar Pty Limited will declare a first and final dividend on
February 3, 2006.

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

G. Handberg
Receiver and Manager
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000


PETERSON BUILDING: Wind-Up Process Completed
--------------------------------------------
Members of Peterson Building Services Pty Limited convened on
December 22, 2005, to commence the wind-up operations of the
Company.

Subsequently, the members named Robyn Erskine and Peter Goodin   
to administer the wind-up activities.

Robyn Erskine
Peter Goodin
Brooke Bird & Co. Chartered Accountants
471 Riversdale Road
Hawthorn East 3123
Phone: 03 9882 6666


P.J. & J.A. HARCOURT: Liquidator to Present Wind-Up Report
----------------------------------------------------------
A final meeting of P.J. & J.A. Harcourt Builders Pty Limited
will be conducted on February 7, 2006, at 10:30 a.m.

Liquidator Glenn A. Crisp will present his final account
regarding the Company's wind-up operations at that meeting.

Glenn A. Crisp
Liquidator
RSM Bird Cameron Partners
Level 8, 525 Collins Street
Melbourne Vic 3000
Phone: 03 9286 1800
Fax: 03 9286 1899


PREMIER HOLIDAY: Opts to Shut Down Business
-------------------------------------------
Premier Holiday Destinations Pty Limited's members agreed to
shut down the Company's operations.  They named Gary John
Anderson to act as liquidator for that purpose.

Gary J. Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Phone: 08 9486 7822
Fax:   08 9226 4250
e-mail: garya@iinet.net.au


RALPH CHALMERS: To Hold Final Meeting on Feb. 6
-----------------------------------------------
The members and creditors of Ralph Chalmers Design Pty Limited
will convene on February 6, 2006, at 11:00 a.m., to receive the
liquidator's account regarding the Company's completed wind-up
and disposal of property.

Geoffrey McDonald
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


RESTAURANT GAME: Members Resolve to Wind Up Firm
------------------------------------------------
On December 23, 2005, members of The Restaurant Game Pty Limited
agreed that a voluntary wind-up of the Company is necessary and
in its best interests.

As a result, David Gregory Young and Anthony Wayne Elkerton were
appointed as official liquidators.

Anthony W. Elkerton
David G. Young
Joint Liquidators
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney NSW 2000


RUSSELL HASTINGS: Creditors Must Submit Proof of Claims
-------------------------------------------------------
At a general meeting on December 22, 2005, it was resolved that
Russell Hastings Pty Limited be wound up voluntarily.

Creditors of the Company are required to submit a proof of claim
by today, January 27, 2006, in order to benefit from the
distribution of the Company's assets.

Gary F. Westbrook
Liquidator
T. H. White & Co.
1st Floor, 184 Barkly Street
St. Kilda Vic 3182


S. BANDIDT: Names Richard Judson to Oversee Wind-Up
---------------------------------------------------
At a general meeting of the members of S. Bandidt & Son Pty
Limited on December 19, 2005, a resolution to voluntarily wind
up the Company's business was passed.  Richard Herbert Judson
was nominated as liquidator for that purpose.

Richard H. Judson
Liquidator
Members Voluntarys Pty. Limited
PO Box 819, Moorabbin Vic 3189


SYDNEY GAS: ASIC Reveals Inquiry Results
----------------------------------------
The Australian Securities and Investments Commission disclosed
the outcome of its inquiries into the affairs of Sydney Gas
Limited in response to allegations that the Company had breached
the Corporations Act.

ASIC examined the limited material provided by Sydney Gas'
former legal advisers and took possession of computer hard
drives and other documents, none of which contained any evidence
of any Corporations Act violation.

It also became apparent that two of the parties who were alleged
to be associates had voted differently at Sydney Gas' November
2005 annual general meeting.

"Together with the general difficulty of proving that parties
are acting in concert, these developments led ASIC to the
conclusion that to make any further inquiries would be
tantamount to a fishing expedition.  As such, we took the view
that taking action was not warranted on the available evidence,"
Jeremy Cooper, ASIC's acting chairman, said.

Accordingly, ASIC decided not to take any further action unless
new information comes to light.

CONTACT:   
  
Sydney Gas Limited  
Level 11, 1 O'Connell Street  
Sydney NSW 2000  
Australia  
Telephone: (61 2) 9253 5555  
Fax: (61 2) 9241 5155  
e-mail: office@sydneygas.com  
Web site: http://www.sydneygas.com/     


VOLANTE GROUP: Board Says Commander Bid Ignores Strategic Value
---------------------------------------------------------------
In its Target's Statement, released on January 25, 2006, the
Board of Directors of Volante Group Limited advised shareholders
to reject the AU$1.01-cash-per-share takeover offer by Commander
Communications Limited's subsidiary -- Commander Corporation Pty
Limited.  The Board noted that the Takeover Offer fails to
recognize the strategic value of Volante's strong competitive
position in the high-end Managed IT Services sector and the
Company's improving outlook.

An independent expert's report included in the Target's
Statement, prepared by Lonergan Edwards & Associates Limited,
valued Volante's shares at between AU$1.27 and AU$1.44 each or
between 26% and 43% more than the AU$1.01 per share being
offered by Commander.  Lonergan Edwards found Commander's Offer
to be neither fair nor reasonable.

Volante Chairman, Robin Crawford, said that the implied multiple
of the bid is well below IT sector historic transaction and
forecast trading multiples and represents an unusually low
premium, negative in some cases, to pre-offer trading prices.

Mr. Crawford said the Group was forecasting significant revenue
and earnings growth in FY 2007.

"Services revenue is forecast to grow by close to 50% from
AU$103.9 million in FY2005 to AU$155.7 million in FY 2007.  
Group EBITDA is expected to grow at a compound annual growth
rate of 12.0% per annum with NPAT growing 15.6% per annum
between FY 2005 and FY 2007," Mr. Crawford explained.

Volante Group's Managing Director and Chief Executive officer,
Ian Penman, also noted that Volante is a very attractive
business, with a high degree of strategic value.  "This value,"
he said, "is not recognized in Commander's offer.  Following
substantial investment and corporate restructuring and a
significant improvement in customer satisfaction, Commander is
obviously trying to buy Volante 'on the cheap'."

Mr. Penman added that Volante's being a strong competitor in the
high-value market is most recently evidenced by last week's
announcement regarding its being selected as a preferred
tenderer on the South Australian Government's extensive server
fleet maintenance and support services contract.

The Independent Expert has concluded that almost 80% of
Volante's value relates to the services business while the
product solutions business contributes only 20%.  Five years
ago, the product solutions business accounted for the lion's
share of earnings.  Thus, the earnings and trading multiplex
reflected in Commander's offer are unrealistically low and
ignore Volante's growing and sustainable earnings profile.

CONTACT:

Volante Group Limited
Binary Centre, Level 1, 3 Richardson Place,
Riverside Corporate Park,
NORTH RYDE, NSW,
AUSTRALIA, 2113
Telephone: (02) 8870 2070
Fax: (02) 8870 2139
Web site: http://www.volante.com.au  


WESTPOINT GROUP: Financial Planners Set Up Recovery Fund
--------------------------------------------------------
A group of financial planners has set up a fund to help restore
investor confidence in Westpoint Group, The Financial Standard
reports.

According to The Standard, the Association of Independently
Owned Financial Planners established the Recovery Fund to
specifically help Westpoint's member firms and clients recover
the amounts they lost in the Company.

As earlier reported by Troubled Company Reporter - Asia Pacific,
around 4,000 people who have invested up to AU$300 million are
facing losses following the Australian Securities and
Investments Commission's move against Westpoint, which was
forced to close its finance companies, Ann Street Mezzanine and
York Street.  Several companies within the group have had
external administrators appointed or face that prospect.

The Standard relates that Westpoint directors are now blaming
financial planners for placing clients in Westpoint's mezzanine
investments and for enjoying high commissions as a result.  
Planners and advisers, on the other hand, have blamed the
Company's directors and auditor KPMG for misrepresenting its
financial health.

The Financial Planning Association released a statement saying
that planners needed to always look out for investors' best
interest, regardless of what commissions may be involved.  The
FPA also said they are yet to receive any specific complaints
about planners relating to Westpoint.

Class action lawyers Slater & Gordon have also joined the
scuffle by offering their services to investors who may want to
sue their financial planner.


* ASIC Prosecutes Company Execs for Hampering Liquidators' Role
---------------------------------------------------------------
The Australian Securities and Investments Commission
successfully prosecuted 86 company officers for 149
contraventions of the law over the last three months.  As a
result, fines and costs totaling more than AU$181,613 were
imposed.

These prosecutions follow complaints received from the general
public and business community and relate to a range of
Corporations Act violations.  ASIC has taken action on:

   -- company officers' failure to assist liquidators and
      administrators in the administration of their failed
      companies;

   -- officers' and their companies' failure to update ASIC
      registers with the addresses of their companies and
      company officers in an attempt to hide from creditors; and

   -- officers lodging documents with ASIC that contain false or
      misleading information.

The Executive Director of Consumer Protection, Greg Tanzer, said
that this was an important aspect of ASIC's work.

"The failure of small companies, and their directors, to comply
with basic requirements harms creditors and consumers and makes
it difficult for company liquidators to recover property for
creditors," Mr. Tanzer explains.

Mr. Tanzer notes that ASIC's move "clearly show that ASIC
focuses on the corporate conduct of businesses and individuals
across Australia, at various levels."

"ASIC will take action against company officers who hamper the
role of a liquidator in assessing how much the failed company
might be able to return to creditors.  Where company officers
are uncooperative and refuse to provide information on the
company's finances and history, ASIC will step in and take
whatever action is necessary," Mr. Tanzer says.

"It is important that the public continue to contact ASIC with
their complaints and concerns.  We rely heavily on information
provided by the public and are committed to acting promptly on
the complaints we receive," he adds.

A full-text list of the companies and individuals prosecuted is
available for free at:

  http://bankrupt.com/misc/tcrap_asicprosecution012606.pdf

These matters were prosecuted summarily before Local and
Magistrates Courts across Australia and is not intended as an
exhaustive list of all ASIC actions since the commencement of
the financial year.

Complaints can be lodged with ASIC via its Web site or by
writing to any of its capital city offices across Australia:

   Manager
   National Assessment & Action
   ASIC
   GPO Box 9827
   IN YOUR CAPITAL CITY


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

ADVANCED INK: Creditors & Contributories to Meet on Feb. 1
----------------------------------------------------------
The meetings of creditors and contributories of Advanced Ink &
Coatings Limited will be held on February 1, 2006, at 2:30 p.m.
and 3:30 p.m., respectively, at the Official Receiver's Office,
on the 10th Floor of Queensway Government Offices, in 66
Queensway, Hong Kong,


DAPENG SECURITIES: Securities Firm Enters Bankruptcy
----------------------------------------------------
The Shenzhen Intermediate People's Court has declared Dapeng
Securities Co. Ltd. bankrupt on January 24, 2006, The China
Daily reports.

The China Securities Regulatory Committee withdrew the Company's
trading license early this year because it had suffered a
CNY4.4 billion (US$540 million) loss.

Experts believe that poor-performing stock markets, a lack of
diversified profit models, narrow funding channels,
irregularities, legal loopholes and fierce competition
contribute to the problems faced by securities firms.

Dapeng Securities was involved in a wide range of businesses,
including stock brokerage, securities custody, proprietary
trading, securities underwriting and listing sponsorship,
investment and financial consultancy, asset management,
launching securities investment funds and establishing fund
management companies.


FINESTYLE MARITIME: Creditors Meeting Fixed On Feb. 22
------------------------------------------------------
A meeting of Finestyle Maritime Services Limited's creditors
will be held on January 22, 2006, at 10:30 a.m., for them to:

   -- receive a statement of the financial position of the
      Company;

   -- confirm the appointment of liquidators for the winding-up
      of the Company; and

   -- consider any other matters relevant to the voluntary
      wind-up of the Company.

Proxies who will vote on behalf of creditors must be lodged no
later than 4 p.m. on February 21, 2006, at the meeting location.


FRIENDS OF MINE: Court Enters Wind-Up Order
-------------------------------------------
Friends Of Mine Group Limited presented a petition to wind up
its operations on November 16, 2005.

Subsequently, on January 11, 2006, The High Court of the Hong
Kong Special Administrative Region Court of First Instance
entered its wind-up order pertaining to the Company.

CONTACT:

Friends Of Mine Group Limited
Flat F 16/F Blk 3
The Greenwood Laguna Verde
Ph 1 Ph Hunghom
Kowloon


HILLBERG LIMITED: Commences Winding Up Process
----------------------------------------------
Hillberg Limited has received a wind-up order from the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on January 11, 2006.

CONTACT:

Hillberg Limited
G/F 9-11 Fuk Wing Street
Shamshuipo, Kowloon


LEE & POON: To Declare Dividend
-------------------------------
Lee & Poon Company Limited notifies parties-in-interest of an
intended dividend to be declared at the High Court of Hong Kong.

Creditors are required to submit their proofs of claim by
February 4, 2006 to:

     ET O'Connell
     The Official Receiver
     10th Floor, Government Offices
     66 Queensway, Hong Kong


RICOBEST INDUSTRIAL: Court to Hear Wind-Up Petition on Feb. 15
--------------------------------------------------------------
Hung Hon Leung presented a petition for the winding up of
Ricobest Industrial Limited on December 21, 2005.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 15, 2006, at 9:30 a.m.

Creditors or contributories of Ricobest who wish to support or
oppose the Petition may appear in Court at the time of the
hearing.  A written notice of the creditor's or contributory's
intention must be sent not later than 6:00 p.m., on February 14,
2006, to:

     Betty Chan
     For Director of Legal Aid
     34/F, Hopewell Centre
     183 Queen's Road East
     Wanchai, Hong Kong


STD MANUFACTURING: Court Meeting Fixed on Feb. 7
------------------------------------------------
The first meetings of the creditors and contributories of STD
Manufacturing Limited will be held on February 7, 2006, at
Lecture Hall, No. 3 Lockhart Road, in Wanchai, Hong Kong.  The
Creditors will meet first, at 9:30 a.m., and will be followed by
the contributories at 11:00 a.m.

A contributory or creditor entitled to attend at the meeting may
be represented by any proxy.

Forms of proxies for both meetings must be lodged not later than
12:00 p.m., on February 6, 2006, to:

    Wong Man Chung, Francis
    Wong Wai Man, Cliff
    Joint and Several Provisional Liquidators
    19/F., No. 3 Lockhart Road
    Wanchai, Hong Kong
    Tel: 2180 4339   
    Fax: 2520 1296


SURPLUS HOUSEHOLD: Court Issues Wind-Up Order
---------------------------------------------
On December 21, 2005, Ng Yuet Ying filed a petition for the
winding up of Surplus Household Service Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 15, 2006, at 9:30 a.m.

Creditors or contributories who wish to support or oppose the
Petition may appear in Court at the time of the hearing.  A
written notice of the creditor's or contributory's intention
must be sent not later than 6:00 p.m., on February 14, 2006 to:

     Betty Chan
     For Director of Legal Aid
     34/F, Hopewell Centre
     183 Queen's Road East
     Wanchai, Hong Kong


TCL CORPORATION: To Sell Shares to Alliance Fortune
---------------------------------------------------
TCL Corporation will not sell a 3.84% stake to senior managers
as previously reported, The Associated Press says.  The Company
will instead sell the stake to investment company Alliance
Fortune International.

Alliance Fortune will pay CNY204.5 million (US$25.3 million) in
aggregate.  That figure is based on a share price of CNY1.5816
(US$0.20), based on its net asset value at the end of September
2005, the Company relates.

The move followed a government announcement over the weekend
that executives of major state companies will be allowed to buy
shares in their firms but cannot take a controlling stake.

CONTACT:

TCL Corporation Company
8F TCL Industrial Bldg.
6 Eling South Rd.
Huizhou, Guangdong 516001, China
Phone: +86-752-228-8333
Fax: +86-752-752-227-8018


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

ASHNOOR TEXTILE: Abandons Four Bourse Listings
----------------------------------------------
On January 24, 2006, the Board of Directors of Ashnoor Textile
Mills Limited decided to:

    -- delist the equity shares of the Company from The Delhi,
       Ludhiana, Jaipur and Ahmedabad Stock Exchanges;

    -- reduce Paid-up Equity Share Capital by 30%;

    -- amend Articles of Association, to add the provisions of  
       Dematerlization of Shares, passing a resolution through
       Postal Ballot and Nomination facility to the
       Shareholders;

    -- make preferential allotment of 28,50,000 equity shares to
       Suneel Gupta, being the promoter of the Company; and

   -- hold an Extraordinary General Meeting of the Company on
      February 23, 2006, and issue notices for that meeting.

Ashnoor Textile is engaged in the manufacture, distribution and
export of silk and wool carpets.

CONTACT:

Ashnoor Textile Mills Ltd.
Surya Mansion, 1 Kaushalya Park,
Hauz Khas, New Delhi 110 016, India
Phone:91 11 2686 2159
Fax: 91 11 2686 2935


BHARAT PETROLEUM: KRL Members Approve Merger
--------------------------------------------
During an extraordinary general meeting on January 21, 2006,
members of Kochi Refineries Limited approved the Company's
Scheme of Amalgamation with Bharat Petroleum Corporation
Limited.

The Troubled Company Reporter - Asia Pacific reported on
January 24, 2006, that Bharat Petroleum's Board of Directors
approved the Company's merger with KRL.

According to TCRA-AP, the crucial extraordinary general meeting
of Kochi's equity shareholders was held on January 22, 2006.

CONTACT:  

Bharat Petroleum Corp. Ltd.  
Bharat  Bhavan,  
4 & 6 Currimbhoy Road,  
Ballard Estate,  
Mumbai 400001  
Phone: 022-22713000/ 022-22714000  
Fax: 022-22713874  
e-mail: info@bharatpetroleum.com    
Web site: http://www.bharatpetroleum.com


FILMCITY MEDIA: To Induct New Directors & Change Transfer Agent
---------------------------------------------------------------
The Board of Directors of Filmcity Media Ltd will meet on
January 31, 2006, to consider:

     1. inducting new Directors to the Board; and

     2. changing the Registrar & Transfer Agent of the Company.

The Company is presently engaged in publishing two film weekly
magazines such as Filmcity and Aar Paar.  The present
circulation of these two magazines totally amount to
approximately 100,000 copies per week.

CONTACT:

Filmcity Media Ltd
307, Filmcity House, Raut Lane,  Juhu
Mumbai 400049  
Maharashtra, India  
Phone: 26713919     
Fax: 26235205   


GALAXY BROKING: SEBI Suspends Registration Certificate
------------------------------------------------------
On January 24, 2006, The Securities and Exchange Board of India
issued orders pertaining to Galaxy Broking Limited providing
that:

   1. The certificate of registration of M/s. Galaxy Broking
      Limited, Member, BSE (SEBI Registration No. INB0108827390)
      is suspended.  The Company is directed not to buy, sell or
      deal in securities, in any manner, either directly or
      indirectly.

   2. Clients of Galaxy are directed not to buy, sell or deal in
      securities of:

      * Baffin Engineering
      * Global Boards Limited
      * Shukun Construction
      * Birla Power
      * Fast Track Entertainment
      * Mega Corporation
      * Prraneta Industries
      * Millenium Cybertech
      * Karuna Cables
      * Kirti Finvest
      * Dolphin
      * Swan Mills
      * IFSL
      * IQMS
      * Robinson
      * Wellworth Overseeas
      * Gangotri
      * Intradeco
      * Landmark Leisure

   3. The Depositories will not give effect to any transfer of
      shares of the companies lying in the beneficial owner
      accounts of clients.

SEBI relates that Galaxy has played a major role in generating
artificial volumes and rise in the prices of a large number of
penny stocks.  The burgeoning volumes created through the
artifice of a web of off- market/market transfers and trading
between a common set of inter-connected clients, and the rumored
inter-locking deals intermediated by the broker strongly
indicate penny stock manipulation.

Generation of this large volume, through artificial demand and
supply has also helped in ramping up prices of companies which
otherwise had lackluster performance which did not justify the
spurt in share prices.  The promoters of these companies
offloaded their shareholding at higher prices, a fact which has
also been brought out in the order of SEBI in the cases of Mega
Corporation and Karuna Cables.  It was also seen that promoters/
directors were closely associated with some of the companies in
which Galaxy, its directors and other inter-connected clients
traded.  Most of the inter-connected clients also appeared in
the recent orders of SEBI.

The SEBI Order highlighted Galaxy's role in creating false
market in the shares of penny stocks and tricking investors to
trade in these stocks.


LOK HOUSING: To Consider Convertible Warrants Issue
---------------------------------------------------
An extraordinary general meeting of the shareholders of Lok
Housing & Constructions Ltd will be held on February 27, 2006,
to consider the allotment of convertible warrants on the basis
of Securities and Exchange Board of India guidelines for
preferential issue.

Around 11,500,000 Convertible Warrants will be issued on the
basis of SEBI guidelines to the select group of person/entity on
private placement basis upon shareholders' approval.

CONTACT:

Lok Housing & Constructions Ltd
4, Lok Bhavan, Ground Floor,
Marol Maroshi Road, Lok Bharti Complex,
Andheri E
Mumbai 400059  
Maharashtra, India
Phone: 28503542 / 28503543 / 28503544 /
       28503562 / 28503564  
Fax: 28515207  


OK PLAY: Board Meeting Fixed on Jan. 31
---------------------------------------
The Board of Directors of OK Play India Ltd will hold a meeting
on January 31, 2006, to consider:

   1. The Unaudited Quarterly Financial Results (Provisional)
      for the third quarter ended December 31, 2005; and

   2. The issue of shares, as per rehabilitation scheme
      sanctioned by the Board for Industrial & Financial
      Reconstruction, to promoters and their associates.

CONTACT:

OK Play India Ltd
Industrial Estate, Plot No. 17-18, Roz - Ka - Meo, Sohna
Gurgaon, Haryana  
India
Phone: 2362335, 2362336, 2363471   
Fax: 2362326   


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

PERTAMINA: Further Reduces Next Month's Fuel Imports
----------------------------------------------------
PT Pertamina will reduce next month's fuel imports from 7.6
million barrels to 6.4 million barrels due to abundant stock,
Dow Jones says.

The oil and gas firm had already slashed an earlier estimate to
import 8.6 million barrels because fewer people bought oil
products after the 125% price increase posed by the government
last October, according to the Jakarta Post.  Fuel demand had
fallen by 15% after last year's price hike.

Pertamina recently disclosed a statement saying that the
unusually high 27-day level of fuel reserves has forced the
Company to reduce its import of petroleum-based products for
nationwide consumption.

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: Ups LPG Price by Whopping 64%
----------------------------------------
PT Pertamina is planning to increase the price of liquefied
petroleum gas for industrial consumers by almost double its
current price, the Jakarta Post reports.

The Post relates that Pertamina decided to implement a drastic
64% increase in LPG prices for industrial users due to the
current spot market LPG price of IDR6,542 per metric ton.  The
Company produces 2,700 metric tons of LPG per day, and since LPG
demand stands at 3,500 metric tons per day, Pertamina has to
import the rest.

The current price of LPG stands at IDR4,250 per kilogram.  Next
month, this price will be raised to IDR7,000 per kilogram,
almost the same as the global market price for the product, for
industry users.

Pertamina, according to the Post, decided not to include
household users in the price hike since they comprise 70% of the
Company's LPG buyers.


PERUSAHAAN LISTRIK: President Sought to Answer Graft Charges
------------------------------------------------------------
Indonesian police are seeking for questioning PT Perusahaan
Listrik Negara's President and Director, Eddie Widiono, on graft
allegations regarding a recent project, the Jakarta Post says.

The Post recounts that the Company's primary energy director,
Ali Herman, and his deputy, Agus Darmadi, were detained earlier
on their alleged involvement in the price mark-up of three
generators purchased for use during the National Games 2004 in
Palembang, Sumatra.

Indonesia's State Audit Agency discovered irregularities in the
Company's 2004 annual report, and found out that Mr. Herman had
increased the generator prices by IDR122 billion.  It is
believed that he bought second-hand generators and jacked up the
price to that of new ones.

The Investigating Team's chief, Benny Mamoto, will interrogate
Mr. Widiono regarding his involvement in the project.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id


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

DAIEI INCORPORATED: Joins Uniqlo in Apparel Business
----------------------------------------------------
Daiei Incorporated will tie up with Fast Retailing Co., the
operator of the Uniqlo casual clothing stores, in a move to
boost its sluggish apparel operations, Japan Today reports.

The Japanese retailer has been focusing on its grocery business
in its restructuring under the control of the Industrial
Revitalization Corporation of Japan and has been actively
seeking third-party tenants to fill its store spaces.

CONTACT:

Daiei Incorporated
1-1 Minatojima-Nakamachi 4-Chome
Chuo-Ku, Kobe 650-0046, Hyogo 650-0046
Japan
Phone: +81 78 302 5001
Fax: +81 78 302 5572
Web site: http://www.daiei.co.jp


LIVEDOOR CO.: Fuji TV Mulls Sell-off
------------------------------------
Fuji Television Network Inc. plans to sell its stake in Livedoor
Co. and to seek compensation for the valuation loss on the
shareholdings, which were estimated at about JPY9.76 billion as
of Monday, Asia Media News says.

According to the Yomiuri Shimbun, Fuji TV paid JPY44 billion for
new shares floated by Livedoor under a third-party equity issue
in May.  However, since prosecutors first searched Livedoor last
week, potential losses on the shares have increased and now
stand at about JPY20.5 billion as of the close of trading on
Tuesday.  Fuji TV fears the loss could grow further.

CONTACT:

Livedoor Co., Ltd.
Roppongi Hills Mori Tower 38th Floor
6-10-1 Roppongi
Minato-ku, Tokyo
Japan
e-mail: info@livedoor.jp


LIVEDOOR CO.: Shares Fall 18% Thursday
--------------------------------------
Livedoor Co. shares fell as much as 18% after the Tokyo Stock
Exchange shortened hours for the stock a second day, Bloomberg
News relates.

The Internet Company touched a low of JPY112 midway through a
one-hour trading session that lasts until 3 p.m. on Thursday.

An investigation by Tokyo prosecutors into Livedoor, whose
shares are under review for possible delisting, triggered a
plunge in Japanese stocks last week that led the exchange to
halt trading for the second time in its history.

As of Wednesday, Livedoor stock had lost 80% of its value since
prosecutors searched the Company's headquarters.


MITSUBISHI MOTORS: Reports Increased Production & Sales in 2005
---------------------------------------------------------------
Mitsubishi Motors Corporation released its production, domestic
sales and export results for December 2005 and for the calendar
year 2005.

                      December 2005 results

Total global production was 113,334 units, an increase of 8.1%
from December 2004.  Domestically, 61,092 units were produced in
the month, 24.4% more than the same period last year.

Total sales in Japan came to 19,487 units, or a 5.3% increase on
the previous period's figure due to strong sales of the new SUV
Outlander, which sold 3,594 units in December.  This figure
surpasses by 58.6% its monthly sales target of 2,000 units.  
Domestic sales have now increased year-on-year for eight
consecutive months.  Total sales for passenger cars were 14,122
units, 113.8% of last year's volume, while commercial vehicle
sales decreased to 5,365 units, or 88.1% year-on-year.

Overseas production for the month decreased to 52,242 units, or
93.8% of the amount manufactured in December last year.  
European production was down 33.8% compared to last year's
volume, to 4,549 units, mainly due to the ceasing of production
of Space Star and Pajero Pinin.  Production in Asia totaled
38,127 units, or a 3.8% decrease from the previous year, where
increases in China and Taiwan were offset by reduced production
in the ASEAN countries.  Production in North America was down
21.5% to 5,252 units.

Exports from Japan totaled 27,858 units, an 18.9% decrease from
last year's volume.  Exports to Europe declined 21.3% over the
same period last year to 8,142 units.  Exports to Asia fell to
2,039 units, or 62.8% year-on-year, while exports to North
America also dropped to 4,021 units, or 68.4% compared to the
year before.

                    Calendar year 2005 results

Global production reached 1,362,673 units, a 3.6% reduction
compared to 2004.  Domestically, 664,900 units were produced in
the period, 3.9% more than the previous year.

Total sales in Japan came to 244,245 units, or a 4.3% decrease
from the previous period's figure.  However, domestic sales have
increased year-on-year for eight consecutive months since May
2005.  Total sales for passenger cars were 163,351 units, 94.6%
of last year's volume, while commercial vehicle sales were
80,894 units, or 98% year-on-year.

Overseas production for the year decreased to 697,773 units, or
90.2% of the amount manufactured last year.  European production
was down 27.1% compared to last year's volume, to 69,727 units,
mainly due to the ceasing of production of Space Star and Pajero
Pinin.  Production in Asia was stable at 493,539 units, or 96.1%
of the amount manufactured in the previous year.  Production in
North America was down 22.5% to 87,810 units.

Exports from Japan were stable at 352,547 units, or 97.1% of
last year's volume.  Exports to Europe increased 6.8% over the
same period last year to 120,753 units.  Exports to Asia fell to
35,815 units, or 55.5% year-on-year, while exports to North
America were stable at 42,963 units, or 97.6% compared to the
year before.

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


MITSUBISHI MOTORS: Russian Car Sales Up 83%
-------------------------------------------
Mitsubishi Motors Corporation sold 55,148 vehicles in Russia in
2005, representing an increase of 83% from a year earlier,
Analytical Information Agency reports, citing Rolf Holding.

The sales volume of Mitsubishi Lancer amounted to 39,195 cars or
71% from the total vehicles sold.

Rolf Holding is a general distributor of Mitsubishi, Audi, Ford,
Hyundai and Mazda in Russia.  It controls about 20% of retail
trade market in the Russian Federation.


MITSUBISHI MOTORS: Won't Invest in Malaysia's Proton
----------------------------------------------------
Mitsubishi Motors Corporation ruled out investing in Malaysia's
Proton Holdings Bhd., The Wall Street Journal relates.

The Japanese carmaker said it might expand existing technical-
cooperation arrangements with Proton, but will not make an
investment in the Company, which is facing increasing
competition from both domestic and foreign automakers.

Auto-industry analysts widely believe that Proton urgently needs
to find a new global partner, the Journal says.  Proton also is
facing an end to years of preferential tax treatment in Malaysia
in 2008, under terms of a regional free-trade pact agreed to by
the 10-member Association of Southeast Asian Nations.


SANYO ELECTRIC: Completes Third Party Shares Allotment
------------------------------------------------------
Sanyo Electric Co. Ltd. reported the completion of a stock
subscription agreement with Daiwa Securities SMBC Principal
Investments Co. Ltd., The Goldman Sachs Group Inc., and Sumitomo
Mitsui Banking Corporation (SMBC), based on the basic agreement
announced on December 21, 2005.  

Moreover, a resolution was passed at the Board of Directors
meeting held on January 26, 2006, on the issuance of new shares
(preferred shares) through third party allotment based on the
above agreement, the details of which are outlined below.  The
new shares would be issued on the condition of approval of all
related agenda at Sanyo's Extraordinary Shareholders Meeting
scheduled to be held on February 24, 2006.

Reasons for the issuance preferred shares:

In recent years, Sanyo has been enveloped by severe management
conditions, with a fall in profitability caused by
intensification of global competition, and damage caused by the
Niigata earthquake in October 2004 etc.  In order to overcome
the crisis, Sanyo embarked on a company-wide three-year reform
plan called "Sanyo Evolution Project" in July 2004, based on
which a Mid-Term Business Plan (FY 2005 - FY 2007).  The project
was launched in November 2004.  

In order to achieve the targets set in the Mid-Term Business
Plan and regain the foundation for continuous operation of its
businesses, strengthening the financial condition through
reinforcing stockholders' equity and reducing interest-bearing
debts is imperative.  It is estimated that to enable Sanyo to
conduct capital investment and research and development
investments that are necessary for a growth strategy centered on
its core businesses, the Company would need to make investments
to the amount of approximately JPY220 billion in FY 2006,
another JPY230 billion in FY 2007, and for the acceleration and
implementation of its structural reforms, an additional
JPY100 billion.  Taking all these into consideration, Sanyo
decided that it was indispensable to increase its share capital
by JPY300 billion through the issuance of new shares within this
fiscal year.

Focusing on the fund raising ability and certainty to underwrite
the capital in a very short period of time, the Company
completed a stock subscription agreement, based on the basic
agreement announced on December 21, 2005, with the following as
capital investors, on the basis of their high creditworthiness
combined with proven underwriting ability:

1) Daiwa Securities SMBC Group, Sanyo's lead securities
firm;

2) Oceans Holdings Co., Ltd., affiliate company of the
Goldman Sachs Group Inc., the world's top investment
bank, having a deep understanding of SANYO; and

3) its main bank, Sumitomo Mitsui Banking Corporation
SMBC).

With the issuance of these new shares, Sanyo will stabilize its
financial foundation for future growth.  From now onwards, the
firm would make optimum use of its strengths to further focus on
HVAC (Heating, Ventilating and Air Conditioning) products &
Commercial Equipment, Rechargeable Batteries, Digital cameras,
Mobile phones etc., accomplish structural reforms to make a
fresh start as a provider of cutting-edge Environment and Energy
products and services, and raise corporate value so as to meet
the expectations of all our stakeholders.

Restricted matters in relation to the conversion of the
preferred shares and the transfer of the shares after the
conversion to common shares:

(1) Series 1 Class A preferred Shares are restricted to
    covert to common shares until March 13, 2007.

(2) Series 1 Class B preferred Shares are agreed in this
stock subscription agreement, after the conversion to
the common shares, not to be transferred to a third
party without having Sanyo's prior consent.

(3) SANYO recognizes that, each Daiwa Securities SMBC

    Principal Investments Co. Ltd. and Oceans Holdings Co.,
    Ltd., except the situation that a party receives
    consent from other parties to sell its shares, agreed
    to hold their voting rights to the degree that they do
    not fall below 24.5% of the total voting rights in
    Shareholders Agreement that was concluded among Daiwa
    Securities SMBC Principal Investments Co. Ltd., Oceans
    Holdings Co., Ltd., and Sumitomo Mitsui Banking
    Corporation.

Use of proceeds by the issuance of the Preferred Shares:

Proceeds will be used to the capital expenditures, research and
development investments, and structural reform, etc.

Distribution of Profit to shareholders:

Sanyo has adopted to distribute profit, considering its
operating performance and financial situation, and has set the
increase of shareholders' profits as its standard policy. The
Company expects to realize substantial net loss in this fiscal
year succeeding the last fiscal year, and its financial
situation is still in challenging shape.  With the new increased
capital, the firm promises to make its maximum effort to further
focus onto the core businesses, to improve its financial
situation by achieving the structural reform, to increase its
corporate value, and to return profits to its shareholders
earlier.

New management structure accompanied with the issuance of the
preferred share:

For the issuance of preferred shares, accomplishment of
structural reforms based on the Mid-Term Business Plan, and
further selection and focus on Sanyo's core businesses by making
optimum use of its strengths as a provider of cutting-edge
Environment and Energy products and services, Sanyo agreed to
conduct the following plans in the stock subscription agreement.

(1) Resignation of Directors and Executive Director on the Board
of Directors:

Sanyo's Executive Director, Satoshi Iue, Directors, Satoshi
Inoue and Osamu Kajikawa are scheduled to resign as of the
holding of the Extraordinary Shareholders Meeting (scheduled on
February 24, 2006).  In addition, Outside Directors, Nobuaki
Kumagai and Louis E. Lataif, are scheduled to resign as of
January 31, 2006.  Satoshi Inoue and Osamu Kajikawa will
continue to hold office as Executive Officers after their
resignations as Directors.

(2) Change in the Number of Directors and Term of Office of
Directors

At Sanyo's Extraordinary General Meeting of Shareholders
scheduled to be held on February 24, 2006, proposed amendments
to Sanyo's Articles of Incorporation will be presented for the
purpose of changing the number of directors of Sanyo to not more
than 9 directors and changing the term of office of directors
such that the term of office of any director shall expire at the
conclusion of the ordinary general meeting of shareholders held
with respect to the final closing of accounts falling within one
year after such director's assumption of office.

(3) New Candidates for the Board of Directors:

As principal stockholders of Sanyo, Daiwa Securities SMBC Group,
the Goldman Sachs Group and SMBC will take part in the company's
management in order to raise its corporate value.  Thus, Sanyo
would accept the dispatch of board directors from each of these
companies.  Five persons would be appointed as Directors at the
close of the Extraordinary Shareholders Meeting (scheduled on
February 24, 2006).  Among the candidates for the board
directors, Koichi Maeda, Kazuhiko Suruta, and Tetsuo Naraha are
to be appointed as Director, Vice presidents.

CONTACT:

Sanyo Electric Co. Ltd.
2-5 Keihan-hondori
Moriguchi-shi, Osaka
570-8677, Japan
Phone: +81-6-6991-1181  


SONY CORPORATION: To Quit Domestic Walkman Production by March
--------------------------------------------------------------
Sony Corporation will stop the production of Sony Walkman
players in Japan by the end of March, Dow Jones Newswire
relates.

The Walkman has sold over 250 million units worldwide since its
creation in 1979.

The company aims to slash costs globally and gain ground in the
booming digital portable music player market on leader Apple
Computer's "iPod" line.

After closing the Saitama factory, Sony will make all Walkman
models at plants in Malaysia and China operated by the firm or
its partners.

CONTACT:

Sony Corporation
7-35 Kitashinagawa 6-Chome
Shinagawa-Ku 141-0001, Tokyo 141-0001
Japan
Phone: +81 3 5448 2111
Fax: +81 3 5448 2244


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

DAEWOO ENGINEERING: Shortlists Bidders to Six
---------------------------------------------
The Korea Asset Management Corp. has picked six out of the ten
preliminary bidders for a stake in Daewoo Engineering &
Construction Co. Ltd., Reuters relates.

KAMCO was mum on the identity of the short-listed bidders, but a
source said that the six include medium-size local conglomerates
such as Hanwha Group, Doosan Group and Kumho Asiana Group.

A source familiar with the situation also told Reuters that sole
foreign bidder ,CVC, was not picked.  Officials at CVC Asia
Pacific were not immediately available for comment.

Two other bidders on the shortlist were a group including
Shinhan Bank, a unit of Shinhan Financial Group, and a
consortium comprising the main banking arm of Woori Financial
Group and South Korea's National Agricultural Cooperative
Federation, the source added.

The short-listed bidders will be allowed to conduct due
diligence on Daewoo Engineering before handing out their final
bids.

The value of Daewoo Engineering's stake for sale is KRW2.1
trillion and is projected to rise 72.11 percent to KRW3
trillion, the Post says.

CONTACT:

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


DAEWOO ENGINEERING: Corporate Ethics Blocks Kumho's Bid
-------------------------------------------------------
Industry peers have expressed concern over Kumho Asiana Group's
bid for Daewoo Engineering & Construction Co., reports The Korea
Herald.  Aside from Daewoo Engineering, Kumho also placed bids
for Korea Express.  

Industry insiders question Kumho Asiana's financial capability.  
They said last year's stock market rally made the companies'
shares more costly than the group may be able to afford.

Also, Kumho has been shelling out money for the expansion of its
overseas business.

Kumho insisted it can come up with up to KRW2 trillion to close
the deals buy market consensus show that it would need more cash
than it can set aside.

However, Kumho Asiana is reportedly expected to form a financial
alliance with the Military Mutual Aid Association.  But Daewoo
union is worried over MMAA's demand for excessively high returns
on its investment.

"There is a rumor that MMAA will demand an investment return of
about 10 percent. When the deal's financial investor asks for an
inflated earning rate, the burdens are likely to be imposed on
us (Daewoo Engineering and Construction) later on," a Daewoo
union member told the Herald.

Aside from financial matters, corporate ethics is also a main
concern.

In April of 2005, Kumho Asiana was found to have neglected
disclosing nearly 98 internal financial deals it carried out
within the group to the investors, and was fined KRW1.9 billion
by the Fair Trade Commission.

These factors could break Kumho Asiana's chances for aim to
acquire Daewoo since the Company's union has been showing
opposition to its bid.  

In this regard, corporate ethics issues may turn out to be a
more challenging hurdle for Kumho Asiana to overcome than
expected.


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

AFFIN HOLDINGS: Shares up for Listing, Quotation Today
------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Affin
Holdings Berhad's additional 166,000 new ordinary shares of
MYR1.00 each issued pursuant to the Employees' Share Option
Scheme today, January 27, 2006.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057


ANTAH HOLDING: Amends 2004 Annual Report
----------------------------------------
Antah Holding Berhad (Antah) has amended its 2004 Annual Report
and sent an errata to the report it released to shareholders on
January 25, 2006.

The errata to the Annual Report 2004 is available for free at:
   
   http://bankrupt.com/misc/AntahErrataAR2004.doc

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


ASIAN PAC: Court Affirms Proposals
----------------------------------
The High Court of Malaya confirmed Asian Pac Holdings Berhad's:

   -- Proposed share capital reduction
   -- Proposed share premium cancellation; and
   -- Proposed set-off

All of the proposals form part of the Company's Proposed
Corporate Restructuring Scheme, which has been previously
approved by the Securities Commission and securities holders of
Asianpac.

CONTACT:

Asian Pac Holdings Berhad   
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152   
Fax: 03-20705195


INTAN UTILITIES: To Focus on 7-Eleven Business
----------------------------------------------
Intan Utilities Berhad proposes to divest:

   -- its 46.2% stake in Jauhari Harapan Sdn Bhd which is
      involved in the water treatment business; and

   -- its 71.1% stake in IDS Electronics Sdn Bhd, a company
      involved in the semiconductor industry.

The Proposed Non-Core Business Disposals will enable Intan Group
to refocus as a mass consumer retailer via its 7-Eleven
convenience store operations.  Intan will then be able to focus
and aggressively grow the 7-Eleven network.

Upon completion of the Proposed Non-Core Disposals, Intan
intends to change its name to "7-Eleven Malaysia Berhad" to
better reflect its sole activity of operating the 7-Eleven
convenience stores.

This proposed name change will be subject to prior approvals
being obtained from 7-Eleven Inc, U.S.A. the proprietor of the
7-Eleven trademarks and the Companies Commission of Malaysia.

CONTACT:

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


LINEAR COOLING: Wind-up Hearing Fixed Next Month
------------------------------------------------
The winding-up petition served on Linear Cooling Industries Sdn
Bhd is fixed for hearing on February 20, 2006.

The hearing is subsequent to the clarification hearing held on
January 24, 2006.

CONTACT:

Linear Cooling Towers Sdn Bhd (Linear Cooling Industries Sdn)   
20A JLN Perusahaan Kaw Perusahaan Perai 4 13600
PERAI Perai Penang 13600 Malaysia
Telephone: 04 5070809   
Fax: 04 5076272


MANGIUM INDUSTRIES: To Convene AGM Feb. 17
------------------------------------------
Mangium Industries Bhd will hold its Extraordinary General
Meeting at the Auditorium, Podium 1, Menara MAA, No. 12, Jalan
Dewan Bahasa, 50460 Kuala Lumpur on Friday, February 17, 2006,
at 2:30 p.m.

A copy of the notice of the Extraordinary General Meeting is
available for free at:
   
   http://bankrupt.com/misc/MangiumIndustiesNoticeofAGM.doc
  
CONTACT:

Mangium Industries Berhad
Suite 19.06, 19th Floor,
Menara MAA, No. 12,
Jalan Dewan Bahasa,
50460 Kuala Lumpur
Telephone: 603-2145 1880
Fax: 603-2143 1880


MEDIA PRIMA: Converts ICULS to Ordinary Shares
----------------------------------------------
Media Prima Berhad's additional 1,003,120 new ordinary shares of
MYR1.00 each arising from the conversion of 1,504,680
Irredeemable Convertible Unsecured Loan Stocks 2003/2008 (ICULS)
will be granted listing and quotation today, January 27, 2006.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


ORISOFT TECHNOLOGY: Revamps Nomination & Remuneration Committees
----------------------------------------------------------------
Orisoft Technology Berhad changed the composition of its
Nomination Committee and Remuneration Committee on January 25,
2006.

                    Nomination Committee

Name              Directorship                 Designation  

Cha Peng Koi      Independent                  Chairman   
and               Non-Executive Director
Chia Peng Koi     

Tan Chuan Hock    Non-Independent              Member
                  Non- Executive Chairman

Dr. Woo           Independent Non-Executive    Member
Cheong Lai        Director


                   Remuneration Committee

Name               Directorship                Designation

Cha Peng Koi       Independent Non-Executive   Chairman
and                Director
Chia Peng Koi      

Tan Chuan Hock     Non-Independent             Member
                   Non- Executive Chairman

Dr. Woo            Independent Non-Executive   Member
Cheong Lai         Director


PACIFIC & ORIENT: 12th AGM Slated for Feb. 22
---------------------------------------------
Pacific & Orient Berhad will hold its Twelfth Annual General
Meeting (AGM) at Anggerik Room, Hotel Equatorial Kuala Lumpur,
Jalan Sultan Ismail, 50250 Kuala Lumpur on Wednesday, February
22, 2006 at 10:00 a.m.

The AGM Notice can be viewed free of charge at:

   http://bankrupt.com/misc/Pacific&OrientAGMNotice.pdf

CONTACT:

Pacific & Orient Bhd   
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033   
Fax: 03-26944209


PELIKAN INTERNATIONAL: Converts Shares for Listing, Quotation
-------------------------------------------------------------
Pelikan International Corporation Berhad additional 217,331 new
ordinary shares of MYR1.00 will be granted listing and quotation
by Bursa Malaysia Securities Berhad today, January 27, 2006.

The additional shares were issued pursuant to the:   

   -- Conversion of MYR325,000 nominal value of three percent  
      five-year Irredeemable Convertible Unsecured Loan Stocks
      2005/2010 (ICULS) into 216,665 new ordinary shares of
      MYR1.00 each;

  -- Conversion of MYR1,000 nominal value of three five- year
     Redeemable Convertible Unsecured Loan Stocks 2005/2010
    (RCULS) into 666 new ordinary shares of MYR1.00 each;



POLY GLASS: 3Q/FY05 Net Loss Hits MYR130,000
--------------------------------------------
Poly Glass Fibre (M) Berhad has released its unaudited third
quarter financial report for the financial period ended November
30, 2006.

        Summary of Key Financial Information
        November 30, 2005

         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/11/2005    30/11/2004      30/11/2005     30/11/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue    

    7,416         7,962           23,069         26,059

(2) Profit/(loss) before tax  

    189           588             785            1,650

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

    -130          -217            45             355

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

    -130          -217            45             355

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

    -0.08         -0.14           0.03           0.22

(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 assets per share (MYR)  

       0.9018                     0.8996

Additional information to the financial statement is available
free of charge at:
   
   http://bankrupt.com/misc/PolyGlassFibre012506.xls
   http://bankrupt.com/misc/PolyGlassFibreQRNOV05ADDINFO.doc
   http://bankrupt.com/misc/PolyGlassFibreQRNOV05NOTES.doc

CONTACT:

Poly Glass Fibre (M) Bhd
2449, Lorong Perusahaan 10,
Kawasan Perusahaan Prai,
Perai Penang 10600
Malaysia
Telephone: 04-3908460   
Fax: 04-3996197


POS MALAYSIA: New Shares up for Listing, Quotation
--------------------------------------------------
On February 3, 2006, Bursa Malaysia Securities Berhad will list
and quote POS Malaysia & Services Holdings Berhad's additional
186,000 new ordinary shares of MYR1.00 each issued pursuant to
the Employees' Share Option Scheme.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323 / +60 3 2166 2266


SCOMI GROUP: Bourse Lists Unit's Shares
---------------------------------------
On January 25, 2006, Bursa Malaysia Securities Berhad approved
for the listing of Scomi Group Berhad's shares.

The bourse also approved the listing of new shares in Scomi
Engineering Berhad, a wholly owned subsidiary of the Company,
which were issued pursuant to the corporate exercise as
announced earlier.

The shares of Scomi Engineering will be listed effective January
26, 2006.

Scomi Engineering is a specialized global engineering company
with businesses comprising of machine shop services for oil and
gas industry, transportation manufacturing and fleet management
services.  

Scomi Engineering provides Oil Country Tubular Goods (OCTG)
repair, manufacture and re-certification to the oil and gas
industry.  

In addition to that, Scomi Engineering also manufactures road
transport equipment for regional market and provides fleet
management services.


SCOMI MARINE: Provides Updates on Proposals
-------------------------------------------
Scomi Marine Bhd (formerly known as Habib Corporation Berhad)
updates on the:

  (i) proposed divestment of the jewellery business of Scomi
      Marine to M.S. Habib Holdings Sdn Bhd (MSHH or purchaser)
      by Scomi Marine for a total cash consideration of
      MYR89,728,000 (which includes settlement of the amount
      owing by the jewellery business of MYR43,327,000 to Scomi   
      Marine) (Proposed Divestment);

(ii) proposed modification to the terms of the Redeemable
      Convertible Cumulative Preference Shares of MYR0.01 each
      in SCOMI MARINE (RCCPS) (Proposed Modification); and

(iii) proposed exemption to Scomi Group Bhd (Scomi) and parties
      acting in concert with Scomi (PACS) from the obligation to
      undertake a mandatory offer on all the remaining ordinary
      shares of MYR1.00 each in Scomi Marine (Scomi Marine
      Share) not already owned by Scomi and its PACS upon the
      conversion of the RCCPS held by Scomi into Scomi Marine
      shares subsequent to the proposed modification (Proposed
      Exemption)

Details of the proposals are available for free at:
   
   http://bankrupt.com/misc/ScomiMarineAnnouncement.doc
   http://bankrupt.com/misc/ScomiMarineTables.doc


SETEGAP BERHAD: Forges SPA with Various Establishments
------------------------------------------------------
Setegap Berhad (SB) proposes to dispose of:

   -- approximately 62.09% equity interests in Paving Plant and
      Processes (M) Sdn Bhd (PPP);

   -- 100% equity interests in Asphalt Industries Sdn Bhd
      (AI); and

   -- landed properties in Damansara and Serdang.

In relation to the disposals, Setegap has entered into:

   (i) a sale and purchase agreement with Alpha Positive Sdn Bhd
       for the disposal of 500,000 ordinary shares of MYR1.00
       each in Paving Plant and Processes (M) Sdn Bhd (PPP)      
       representing approximately 62.09% equity interests in PPP
       for a total cash consideration of MYR4,300,000;

  (ii) a sale and purchase agreement with Loong Chee Meng for    
       the disposal of 1,300,000 ordinary shares of MYR1.00 each
       in Asphalt Industries Sdn Bhd (AI) representing 100%
       equity interests in AI for a total cash consideration of
       MYR3,500,000; and

(iii) a sale and purchase agreement with Lee Kim Yeow and Chee
       Yen Yin for the disposal of a four-storey intermediate
       shop office erected on a piece of land which bears the
       title HS(D)2128, PT10192, Mukim of Sungai Buloh, District
       of Petaling, Selangor identified as the Damansara Land
       for a total cash consideration of MYR1,480,000.

Samaharta Sdn Bhd (Samaharta), a wholly owned subsidiary of
Setegap, had on even date entered into two sale and purchase
agreements with Sentanas Sdn Bhd for the disposal of two
contiguous parcels of leasehold and freehold industrial lands
bearing the titles Lot Nos. PT1151 and PT 5247 (respectively)
under Title Nos. H.S. (M) 4421 and H.S. (D) 10392
(respectively), Mukim of Kajang, Daerah Ulu Langat, Selangor
Darul Ehsan identified as the Serdang Land for an aggregate cash
consideration of MYR6,830,000.

The Company advised that the applications to the relevant
authorities in relation to the Proposed Disposals are expected
to be made within one month from January 31, 2006.

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


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

APEX MINING: Discloses Special Board Meeting Results
----------------------------------------------------
On January 25, 2006, the Board of Directors of Apex Mining
Company Incorporated held a Special Board Meeting at Wynsum
Corporate Plaza, Emerald Ave., Ortigas, Pasig City.

During the meeting, the Board considered and approved these
matters:

     1. Resignation of five Board members.

        The directors who have tendered their resignation   
        effective January 25, 2006 are:

            a. Luis B. Puyat  
            b. Uriel S. Balboa  
            c. Emilio A. Astom  
            d. Leonardo S. Gayao  
            e. Clarence D. Guerrero  

     2. Nomination of New Board Members namely:
            
            a. Leo Cleto A. Gamolo
            b. David Attewill
            c. Atty. Leo Contreras
            d. Rudolfo Cruz
            e. Timoteo B. Aquino

        With the six remaining directors still constituting a
        quorum, the five nominees were elected to the Board to
        serve as such for the unexpired term of the resigned    
        directors.

     3. Reorganizational Meeting

       After the election of the new members of the Board, a
       reorganizational meeting ensued.  At this
       reorganizational meeting, the these matters were taken
       up:

           A. Election of Officers and Members of Committees

              A.1.Officers
                  President - Leo Cleto A. Gamolo
                  Vice President for Operations - David Attewill
                  Corporate Secretary - David B. Puyat
                  Assistant Corporate Secretary - Genoveva Ruina
                  Treasurer - Meredith Maliwat
                  Compliance Officer
                  (for Good Governance) - Mignon L. Bragais
                  Corporate Information Officer - Mignon L.
                                                   Bragais

             A.2. Members of Committees per Manual on Good
                  Governance
                  1. Nomination Committee
                     Leo Cleto A. Gamolo
                     David Attewill
                     David B. Puyat
                     Pablo A. De Borja (Independent Director)

                  2. Remuneration Committee
                     Leo Cleto A. Gamolo
                     David B. Puyat
                     Arsenio Benjamin Santos (Independent
                                              Director)

                  3. Audit Committee
                     David B. Attewill
                     Leo Contreras
                     Pablo A. De Borja (Independent Director)

          B. Hiring of Lawyers

             The Board approved the hiring of the services of
             Puyat Jacinto & Santos Law Offices and Quisumbing
             Torres Law Offices as the lawyers of the Company.

          C. Appointment of Transfer Agents
  
             Equitable PCI Bank Corporation was reappointed by
             the Board as transfer agent of the Company for the
             year 2006.

          D. Transfer of Office

             The Board approved the transfer of office of the
             Company to Room 408-B 4th Floor, Manila Bank
             Building, 6772 Ayala Avenue, Makati City.

          E. Signatories to the Bank Accounts of the Company

             Leo Cleto A. Gamolo, David Attewill and Jon
             Petersen were designated to be the
             signatories to all bank accounts of the company,
             and all bank transactions shall bear the signatures
             of any two of the mentioned officers.

CONTACT:

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


LEPANTO CONSOLIDATED: Hopes to Recover from Labor Row Losses
------------------------------------------------------------
Lepanto Consolidated Mining Company is hoping to book a
turnaround profit this year, SunStar Daily reports.

The mining firm is working to recover from over Php400 million
losses it incurred in the past two years due to labor disputes.

In order to save on operational costs, Lepanto is now operating
on two shifts instead of the usual three.  The Company said the
reduced working shift not only resulted to better production
efficiency, it also saved the miner around Php25 million a
month.

The daily production target, which is 1,600 to 1,800 tons of
ore, is being realized even with the new working shifts, SunStar
says.  For Lepanto to recover from its deficits, the Company
needs to maintain the production of at least 6,500 ounces of
gold per month, with a rate of around Php500 U.S. dollars an
ounce.

Lepanto's management is targeting at least 6,700 ounces of gold
for the first month of this year.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com  
Web site: http://www.lepantomining.com


MANILA ELECTRIC: Dodges Tax Evasion Case
----------------------------------------
The tax bureau is unlikely to pursue a tax evasion case filed
against Manila Electric Company, The Manila Standard relates.

The Bureau of Internal Revenue said the case, filed by Danilo
Lihaylihay last week, has not been formally taken up by the
agency because of the discrepancy between the date the firm
allegedly failed to pay taxes and the date when the VAT law
actually took effect.  The BIR said Meralco in not liable for
value added taxes from 2002 to 2003.

Mr. Lihaylihay claims Meralco has tax arrears of Php85 billion.  
The amount includes Php14 billion in taxes for Meralco's
purchase of Php147.8 billion worth of electricity from National
Power Corporation, Php7.39 billion for fraud penalty, Php3.69
billion for late payment penalty and Php51.73 billion in
interest.
    
Mr. Lihaylihay was the same BIR informant who exposed the tax
deficiencies of the multilevel marketing firm Forever Living,
owned by Paranaque Rep. Roilo Golez, for failing to pay the
government Php1.2 billion in taxes.

The complainant filed the case through the BIR's Run After Tax
Evaders Scheme where ordinary citizens are encouraged to report
tax cheats to the government.

CONTACT:   

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


NATIONAL POWER: Korean Firm Eyes Geothermal Assets
--------------------------------------------------
The local subsidiary of Korea Electric Power Corp. has signified
its interest to bid for National Power Corporation's geothermal
assets, The Manila Standard reports.

Kepco Philippines Corp. is eyeing the 192-megawatt Palinpinon
geothermal plant in Negros Oriental, the 112.5-mw Tongonan
geothermal plant in Southern Leyte, 275-mw Tiwi facility in
Tiwi, Albay and the 425.3-mw Makban plant in Laguna and
Batangas.

The Standard says Kephilco is also interested in bidding for
Napocor's coal-fired and hydro power plants, but geothermal
facilities are its priority.

According to the Energy Department, the Palinpinon facility
would be sold within the first quarter of this year followed by
Tongonan in the second quarter.  Tiwi and Makban geothermal
power plants were offered to investors late last year with the
publication of an invitation to bid.  The actual bidding
process, however, has been delayed for undisclosed reasons.

Meanwhile, Kephilco has a rehabilitate-operate-maintain contract
for the 650-mw Malaya Thermal Power Plant in Pillilia, Rizal and
a build-operate-transfer contract for the 1, 200-mw Ilijan
natural gas power project in Ilijan, Batangas.  It is also
pursuing a 200-mw coal power plant in Cebu in partnership with
Salcon Power.

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

UNITED COCONUT: PDIC Wants BSP to Share Cost of Debt Deal
---------------------------------------------------------
The Philippine Deposit Insurance Co. wants the central bank, the
Bangko Sentral ng Pilipinas, to share in the cost of the Php12-
billion debt-to-equity conversion being proposed by government-
sequestered United Coconut Planters Bank, reports Asian Journal.

PDIC President Ricardo Tan said the deposit insurer was studying
UCPB's request to convert Php12 billion in outstanding cash
advances into hybrid instruments that could qualify as "tier 1"
or core capital.  Mr. Tan said PDIC would be in a position to
help, but the BSP could give liquidity assistance subject only
to first-class collaterals and only to solvent financial
institutions.

The Asian Journal says PDIC and the BSP would therefore have to
study jointly the UCPB request, noting a lot of constraints
regarding first-class collateral required by the BSP.

UCPB said it could revert to profitability in three or four
years if the PDIC would approve the debt-to-equity conversion.

PDIC has Php74.2 billion in outstanding debts to the BSP,
following large bailout programs for distressed banks.  PDIC has
said it can pay these debts.

CONTACT:  

United Coconut Planters Bank  
7907 Makati Ave., Makati City  
Telephone: (632) 811-9000  
e-mail Address: crc@ucpb.com    
Web site: http://www.ucpb.com/


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

BEAR STEARNS: Intends to Declare Dividend
-----------------------------------------
Bear Stearns Singapore Asset Holdings Pte Limited, which is
preparing to declare a dividend, has required its creditors to
submit their proofs of claim by February 20, 2006, to:

Lau Chin Huat
Liquidator
Blk 150A, #02-00 Mei Chin Road
Singapore 140150

Failure to comply with the requirement will excluded creditors
from the benefit of the distribution of the Company's dividend.


KIMJU PTE: Creditors' Proofs of Claim Due Feb. 20
-------------------------------------------------
Creditors of Kimju (Singapore) Pte Limited must submit their
proofs of claim by February 20, 2006, to:

Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

In default thereof, creditors will be excluded from benefiting
from the dividend.


PANEL BUILDERS: Set to Declare Creditors' Dividend
--------------------------------------------------
Panel Builders Industries Pte Limited will declare a dividend to
its creditors.

Creditors must submit their proofs of debt or claims by February
3, 2006, to:

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


SAPPHIRE CORPORATION: Seeks to Convert Debt Into Shares
-------------------------------------------------------
Sapphire Corporation Limited reported it entered into a debt
conversion agreement with Standard Chartered Bank on April 29,
2004.

On January 25, 2006, the asked Standard Chartered to convert
SGD150,000 out of its SGD250,000 restructured loan into six
million ordinary shares at SGD0.01 each in the Company's
capital, at a conversion price of SGD0.025 per share.

CONTACT:

Sapphire Corporation Limited (formerly known as I.R.E.
Corporation Limited)
123 Genting Lane #07-02, Yenom Industrial Building
Singapore 349574
Phone: 65 6250 3838
Fax:   65 6253 8585
e-mail: info@sapphirecorp.com.sg
Web site: http://www.sapphirecorp.com.sg/


STATS CHIPPAC: Narrows Losses in 2005
-------------------------------------
On January 26, 2006, STATS ChipPAC Limited posted its financial
results for the fourth quarter ended December 31, 2005, at the
Singapore Exchange and Securities Trading Limited.

The Company increased its fourth-quarter revenues by 34.5% to
US$357.5 million, compared to US$265.8 million in 2004.  This
represents an 18.6% sequential increase compared to the prior
quarter, and better than the previous guidance.  

Based on the Generally Accepted Accounting Principles in the
United States (U.S. GAAP) basis, STATS ChipPAC's fourth-quarer
net income stood at US$16.9 million or SGD0.08 per diluted ADS,
compared to a net loss of US$469.0 million or a loss of SGD2.41
per diluted ADS in the same quarter in 2004.  U.S. GAAP results
for the fourth quarter of 2005 include US$13.9 million in
special items and costs associated with the merger of STATS and
ChipPAC.

Excluding the special items and including certain adjustments,
non-U.S. GAAP adjusted net income in the fourth quarter was
US$30.8 million or US$0.15 per diluted ADS, compared to net
income of US$6.2 million or US$0.03 per diluted ADS in 2004.

The Company is optimistic that it will continue to improve
revenues this year, forecasting a 3% to 8% growth in revenues
for the first quarter of 2006, compared to the fourth quarter of
2005.  STATS ChipPAC was able to reduce its annual losses
significantly to US$26.31 million in the fourth quarter ended
December 31, 2005, compared to US$467.72 million for the same
period in 2004.

A complete copy of the Company's Financial Report is available
for free at:

    http://bankrupt.com/misc/tcrap_statschippac012606.pdf

CONTACT:

STATS ChipPAC Limited
10 Ang Mo Kio Street 65
#05-17/20 Techpoint
Singapore 569059
Phone: 65 6824 7777
Fax: 65 6720 7823
Web site: http://www.statschippac.com/  


YEU HONG: Court Issues Winding Up Order
---------------------------------------
On January 13, 2006, the Singapore High Court issued a wind-up
order against Yeu Hong Engineering and Construction Pte Limited.

All creditors of the Company should file their proofs of claim
with:

The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118


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

ABICO HOLDINGS: Sale Proceeds Used to Pay Creditor and Fund Ops
---------------------------------------------------------------
On April 7, 2005, to December 9, 2005, Abico Holdings Public Co.
Ltd. offered 3,000,000 common stocks to its existing
shareholders and specific shareholders at the rate of THB10
each.

The stock sale generated around THB30,000,000 in proceeds, which
were used to:

   (1) pay operational expenses operation amounting to  
       THB1,797,345.67 under the Company's rehabilitation plan;

   (2) pay THB17,675,733.71 to its creditor under the Principle
       Payment option, and

   (3) pay interest of its second installment plan amounting to
       THB2,953,715.66 to its creditor under the Company's  
       rehabilitation plan.

The proceeds were utilized from July 8, 2005, to January 3,
2006.

CONTACT:

Abico Holdings Pcl   
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani    
Telephone: 0-2992-5858 (14 Lines)   
Fax: 0-2992-5878-9   
Web site: http://www.abicogroup.com
  

BANGKOK MASS: TAMC Willing to Restructure Debt
----------------------------------------------
Thai Asset Management Corp. is ready to take on the
restructuring of Bangkok Mass Transit System's (BTS)
THB39-billion debt, the Bangkok Post says.

TAMC took interest in BTS's restructuring after Siam Commercial,
the previous lead manager for Thai creditors, sold off its BTS
loans to Asian Development Bank subsidiary ADM Capital.

TAMC, which holds around 12% of the total BTS debt, was prepared
to step in to help expedite the restructuring process.

Somjate Moosirilert, the TAMC president, downplays reports that
TAMC's involvement was related to the conflict with the
government over future expansion of the BTS system.

The government dispute over the future of the skytrain operator
has dragged out its restructuring for years.

The government had previously signaled that it wanted to take
over the BTS system to integrate the skytrain with the Bangkok
subway and new mass transit systems planned under the
government's infrastructure mega project program.

CONTACT:

The Bangkok Mass Transit System PCL
1000 Phahonyothin Road
Lad Yao, Chatuchak
Bangkok 10900
Telephone: 0 2617 7300
Fax: 0 2617 7133, 0 2617 7135
BTS Hotline: 0 2617 7141-2
BTS Tourist Information Center: 0 2617 7340


THAI AIRWAYS: Sees Air Travel Potential in Mekhong Region
---------------------------------------------------------
Thai Airways International Public Co. Ltd. plans to tap Laos,
Cambodia and Burma to establish air travel business in the
Greater Mekhong subregion, Bangkok Post reveals.

According to The Post, Thai Airways aims to form an alliance
with the three nations to establish an accord and allow airlines
involved to co-operate in many ways including joint operation
through a code-share arrangement.

The airline wants to penetrate Laotian and Cambodian passengers
especially in the U.S. and Europe, who comes home for visits or
business.

Laotians' population in the U.S. have reached around 200,000 to
300,000, which makes it a potentially good market, Vasing
Kittikul, THAI's executive vice-president for commercial told
the Post.

Thai Airways' Acting President Somchainuk Engtrakul and Mr.
Vasing met with Laotian deputy minister in charge of transport
in Udon Thani to draw up terms of the agreement.  The same
discussion will be done with Burmese and Cambodian authorities
for them to join the co-operation scheme.

Thai Airways' plan to join forces with the Mekhong subregion is
reportedly a move to repel Vietnam's plan to establish a co-
operation with the Indochina countries and Burma.

Vietnam would become the aviation hub of the subregion, should
it succeed in its aim to penetrate the region.  The move would
serve as a challenge for Thailand, which is considered as the
gateway to Indochina and Burma.

Due to its extensive international network and capabilities,
Thai Airways is said to benefit more from the alliance with the
carriers of Laos, Cambodia and Burma whose flight operations are
basically confined to home and neighboring routes.

The Post says the alliance was meant to create a "win-win"
situation whereby the partner airlines seek to complement and
supplement their operations rather than competing.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173


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

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


CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529      27.43      178.19
Guangdong Sunrise Group
Group Co. Ltd-A                000030    (-182.94)      35.98
Guangdong Sunrise
Group Co. Ltd-B                200030    (-182.94)      35.98
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Shenz China Bi-A               000017     (-206.9)      50.08
Shenz China Bi-B               200017     (-206.9)      50.08
Xinjiang Tunhe Investment      600737       47.57      476.47
Co. Ltd.

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT     (-62.86)     360.72

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Lityan Holdings Bhd              IT       (-8.43)       28.86
Panglobal Bhd                   PGL       (-50.36)     189.92
PSC Industries Bhd              PSC         51.63      639.35

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------
China Aviation Oil (Singapore)   AO       132.64  351.87
Corporation
Informatics Holdings Ltd         INFO     (-6.73)       27.59
Lindeteves-Jacoberg Limited       LG       39.61      332.07
Pacific Century Regional          PAC     (-145.53)   1289.71

THAILAND
--------
Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87



                            *********


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, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.

Copyright 2006.  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 ***