TCRAP_Public/060202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, February 2, 2006, Vol. 9, No. 024

                            Headlines

A U S T R A L I A

A.C.N. 103 894 855: Creditors OK Liquidator's Appointment
A. J. VERMAN: To Declare Dividend
AIR NEW ZEALAND: Offers San Francisco Route Daily
AIR NEW ZEALAND: To Quit Nagoya-Auckland Route Next Month
AMPERSAND GROUP: Liquidator to Present Company Report

BLUNDELL & ASSOCIATES: Brothers in Court on Fraud Charges
BRABON PTY: Decides to Shut Down Operations
C Q FABS: Members Resolve to Wind Up Firm
CARDELLA PTY: Prepares to Pay Dividend
CARTER HOLT: Warns of Another Profit Slump

CORPORATE CREWING: Inability to Pay Debts Leads to Wind-up
F & R LOGISTICS: To Hold Final Meeting on Feb. 10
JONTESS PTY: Prepares to Close Shop
J. P. AUSTRALIA: To Distribute Final Dividend
LAURA STREET: Enters Voluntary Liquidation

M L B DEVELOPMENTS: Members Agree to Close Business
MASPEN ENGINEERING: Wind-Up Process Completed
MAURICE RUSHFORD: Appoints Official Liquidator
MULTIPLEX: Share Price Rises Despite Bad Wembley Update
NATIONAL AUSTRALIA: Claims Costs Growth Contained

OGALIN INVESTMENTS: Liquidator to Explain Wind-up
PILL PTY: Members Favor Liquidation
QANTAS AIRWAYS: Gets Boost From Solid Traffic Stats
RUGS CENTRAL: Winds Up Business
SANTOS LIMITED: Opens Casino Gas Project in Victoria

SHEMAPEL PTY: Liquidator to Distribute Assets
SONS OF GWALIA: Zinifex Still Eyes Assets Despite Refloat News
SOUTH PACIFIC: Final Meeting Scheduled on Feb. 10
ST. LEONARDS HOTEL: Liquidates Operations
TELSTRA CORPORATION: Optus to Join ACCC Legal Battle

TELSTRA CORPORATION: Telstra Shares Highest Since Nov. 15
TELSTRA CORPORATION: To Release Separation Plan
TELSTRA CORPORATION: Prices Proposed For New Undertakings
TELSTRA CORPORATION: Enters Into New Maintenance Contracts
WATTYL LIMITED: Investors Convinced of Weak Forecast


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Ex-Bank Managers and Wives Charged
CATEC INDUSTRIAL: Members Vote For Liquidation  
C&F ENGINEERING: Court Issues Wind-Up Order
CURRUTHERS LIMITED: Prepares to Pay Dividend to Creditors
EVER IMPERIAL: Court Issues Wind-Up Order

EXPONENT LIMITED: Commences Winding Up Process
MAN KEE: Begins Bankruptcy Proceedings
MIRAGE LIMITED: Creditors' Proofs of Claim Due Feb. 27
RABIA & UNITED: Creditors' Proofs of Claim Due Feb. 28
SMERALDA STAR: Names Allan Yu as Liquidator

STAMBERG LIMITED: Creditors' Proofs of Claim Due Feb. 27
TAK YIP: Proofs of Claims Due Feb. 15
TAM'S DECORATION: Set to Close Business Operations
TSUN WAH: Enters Voluntary Winding-Up
ZHANGZHOU CITY: Members Agree to Liquidate


I N D I A

DUNLOP INDIA: Mulls Tie-up with Sumitomo
ENCORE SOFTWARE: Unveils Board Meeting Outcome
FANTASY SECURITIES: RBI Scraps Registration Certificate
FRONTIER INFORMATION: Board Considers Share Warrants Issue
HARVIC MANAGEMENT: SEBI Cancels Certificate of Registration

MAHARASHTRA ANTIBIOTICS: Wins INR850-lakh Government Support
OK PLAY: Names Allotment Committee Members


I N D O N E S I A

PERTAMINA: Hikes Industrial Fuel Prices by 13%


J A P A N

HITACHI LIMITED: To Sell Gas Unit to Taiyo Nippon
HUSER LIMITED: Condo Residents to Lodge Bankruptcy Petition
JAPAN AIRLINES: Submits Revised Measures to Prevent Mishaps
MEIJI YASUDA: Seeks to Regain Credibility
MITSUBISHI MOTORS: Completes 4th Series Shares Issue

PIONEER CORPORATION: Incurs Loss Despite Rising Sales
SOFTBANK CORPORATION: MarketXT Holdings Files US$300-Mln Suit


K O R E A

DOOSAN GROUP: Wants to Shift to Holding Business
SSANGYONG MOTOR: Downplays Report on Full Takeover by SAIC


M A L A Y S I A

ATLAN HOLDINGS: Repurchases Ordinary Shares
GADANG HOLDINGS: Forges Second Agreement with Heavy Industries
MTD INFRAPERDANA: Issues New Shares for Listing, Quotation
NALURI CORPORATION: Buys Back New Shares
PAN MALAYSIA: Repurchases Ordinary Shares

SCOMI ENGINEERING: Exits PN17 Status
SYARIKAT KAYU: Incorporates Three New Subsidiaries
TALAM CORPORATION: Purchases 1,000 Ordinary Shares on Buy Back
WONG ENGINEERING: Buys Back Ordinary Shares at MYR0.50 Each


P H I L I P P I N E S

ABS-CBN BROADCASTING: ATR Ups Profit Forecast
LAFAYETTE MINING: Endangered Mammal Found Dead in Spill Site
NATIONAL FOOD: Cereal Procurement Fund Benefits Farmers
PILIPINO TELEPHONE: Unveils Board Meeting Results
* Pre-need Industry Suffers 44.3% Sales Slump in 2005


S I N G A P O R E

CHON HWA: Receiving Proofs of Claim Until Feb. 23
MAGNUS ENERGY: Sells Off Equity Interest in Unit
REINSURANCE MANAGEMENT: Creditors' Claims Due Feb. 27
SUMMIT CHEMICALS: Prepares to Declare Dividend
WAYSS & FREYTAG: Court to Hear Winding Up Petition Feb. 10


T H A I L A N D

PREMIER ENGINEERING: Repays Debt from Share Sale Proceeds
THAI DURABLE: Purchaser Wants Payment Deadline Extended

     -  -  -  -  -  -  -  -

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

A.C.N. 103 894 855: Creditors OK Liquidator's Appointment
---------------------------------------------------------
Members of A.C.N. 103 894 855 Pty Limited convened on Jan. 10,
2006, to wind up the Company's operations.

In addition, Gregory J. Parker was appointed as liquidator to
supervise the Company's wind-up activities.  The Company's
creditors confirmed the liquidator's appointment at a creditors'
meeting held that same day.


A. J. VERMAN: To Declare Dividend
---------------------------------
A. J. Verman Pty Limited will declare a first and final dividend
on February 6, 2006.

Creditors whose claims have not already been admitted are
required to submit their proofs of claim by February 6, 2006, to
liquidator Deryk Andrew, of Bentleys MRI Sydney Business
Recovery & Insolvency Partnership.

Failure to comply with this requirement will exclude creditors
from the benefit of the dividend.


AIR NEW ZEALAND: Offers San Francisco Route Daily
-------------------------------------------------
The Sydney Morning Herald says that Air New Zealand plans to
increase its San Francisco route to a daily service starting
June 2006.

First introduced with a frequency of three non-stop services a
week between Auckland and San Francisco in June 2004, the
popularity of the route resulted in services being doubled to
six times weekly less than six months later, the airline said.

The services connect with Air New Zealand's Trans-Tasman
services providing convenient one-stop flight between San
Francisco and Sydney, Melbourne, Brisbane, Perth, Cairns, and
Adelaide from March 26.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.


AIR NEW ZEALAND: To Quit Nagoya-Auckland Route Next Month
---------------------------------------------------------
Air New Zealand will discontinue unprofitable flights between
Auckland and Nagoya on March 25, 2006, Japan Economic Newswire
reports.

The airline decided to stop servicing the route because of high
crude prices, a weak yen and the decreasing number of tourists
to New Zealand, the report says.

Air New Zealand started regular flight operations between
Auckland and Nagoya in 1991.  Since new Chubu Centrair
International Airport opened in February last year, it has been
operating three round-trip flights a week between the two
cities.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.


AMPERSAND GROUP: Liquidator to Present Company Report
-----------------------------------------------------
A final meeting of the members and creditors of The Ampersand
Group Pty Limited will be held for the parties to receive the
liquidator's final account showing how the Company was wound up
and how its property was disposed of.

The meeting will be held on February 10, 2006, at 10:00 a.m.

Robert Moodie, of Rodgers Reidy, is the Company's liquidator.


BLUNDELL & ASSOCIATES: Brothers in Court on Fraud Charges
---------------------------------------------------------
Paul John Blundell and Richard James Blundell have appeared in
the Downing Centre Local Court to face 19 charges brought by the
Australian Securities and Investments Commission.

The case follow an ASIC investigation into the brothers' conduct
as directors of insurance broking company, Blundell & Associates
Pty Ltd.

Blundell & Associates was wound up in March 2003, after the
insurance broking business was found to have violated Sections
19 and 21 of the Insurance (Agents and Brokers) Act of 1984.

Paul is charged with three counts of fraudulently omitting to
account for money and one count of using a false instrument with
intent.

Richard is charged with twelve counts of using a false
instrument with intent, two counts of fraudulently omitting to
account for money, and one count of making a false statement to
obtain money.

The Blundells will face committal proceedings at the Downing
Centre Local Court on February 28, 2006.

The charges are being prosecuted by the Commonwealth Director of
Public Prosecutions.


BRABON PTY: Decides to Shut Down Operations
-------------------------------------------
Creditors of Brabon Pty Limited held a meeting on January 5,
2006, and agreed to close the Company's business.

The parties agreed to appoint Terry Grant van der Velde and
David Stimpson, of SV Partners Insolvency Accountants and Risk
Managers, as joint liquidators to manage the wind-up operations.


C Q FABS: Members Resolve to Wind Up Firm
-----------------------------------------
At a general meeting of the members of C Q Fabs Pty Limited on
January 9, 2006, a resolution to voluntarily wind up the
Company's business was passed.  Robert David Long was nominated
as liquidator for that purpose.


CARDELLA PTY: Prepares to Pay Dividend
--------------------------------------
Cardella Pty Limited will declare its first and final dividend
on February 7, 2006.

Creditors who are not able to prove their claims will be
excluded from any distribution.


CARTER HOLT: Warns of Another Profit Slump
------------------------------------------
Forest products giant Carter Holt Harvey forecast a 19% drop in
its quarterly operating earnings due to a strong New Zealand
dollar and weak markets, Reuters reports.

On Friday, Carter Holt is expected to report earnings before
interest and tax of about NZ$50 million for the quarter ended
December 31, with a net profit of NZ$29 million.  This compares
with an EBIT of NZ$62 million and a net profit of NZ$26 million
in the same quarter a year ago.

For the full-year 2005, analysts expected the company to post a
net profit on average of NZ$155.7 million, down sharply from
NZ$435 million a year earlier.

In October, the Company lowered its full-year forecast by 20% to
around NZ$200 million because of a poor outlook in key markets
and the high New Zealand dollar.  It said it was reviewing the
value of all its assets.

Reuters says that analysts are focusing on the Company's future
shape and ownership rather than its current earnings.

Carter Holt, a long-time poor performer with assets ranging from
forests to pulp, paper and wood products, is now about 86% owned
by New Zealand's richest man, Graeme Hart, after he closed a
NZ$3.3 billion (US$2.3 billion) bid on January 27, 2006.

Investors continue to wait for news of what Mr. Hart has planned
for Carter Holt, although it is expected that he will transform
the business as he did with his majority-owned Australian food
group Burns Philp & Co. by rationalization and cost-cutting.

Mr. Hart failed to take the 90% of acceptances that would enable
compulsory acquisition and delisting of Carter Holt.  Under New
Zealand takeover rules, he must make a new offer to remaining
shareholders or wait a year before going back on-market.

According to Reuters, Mr. Hart's ownership has cut Carter Holt's
NZ Exchange benchmark index and has generated a downgrade from
Moody's Investor Services.

CONTACT: Carter Holt Harvey Limited
         640 Great South Road
         Manukau City, Auckland 1030
         New Zealand
         Phone: +64 9 262 6000
         Fax: +64 9 262 6099
         Web site: http://www.chh.com


CORPORATE CREWING: Inability to Pay Debts Leads to Wind-up
----------------------------------------------------------
Corporate Crewing Australia 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, Robert Moodie, of Rodgers Reidy, was appointed
to oversee the Company's liquidation activities.


F & R LOGISTICS: To Hold Final Meeting on Feb. 10
-------------------------------------------------
The final meeting of the members and creditors of F & R
Logistics Pty Limited is slated for February 10, 2006, at 3:30
p.m.  At the meeting, the parties will get an account of the
manner of the Company's wind-up and property disposal from
liquidator M. F. Cooper of Frasers Insolvency Advisory.

Members and creditors would also be able to hear the
Liquidator's explanation on the wind-up actions taken.


JONTESS PTY: Prepares to Close Shop
-----------------------------------
On January 9, 2006, members of Jontess Pty Limited convened and
agreed that:

   -- the Company be wound up voluntarily; and

   -- Ricky Diamond be appointed to supervise the wind-up
      activities.


J. P. AUSTRALIA: To Distribute Final Dividend
---------------------------------------------
J. P. Australia Leisure Products Pty Limited will declare its
first and final dividend on February 8, 2006.

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

Robyn Erskine and Peter Goodin, of Brooke Bird & Co. Insolvency
Practitioners, are the Company's joint liquidators.


LAURA STREET: Enters Voluntary Liquidation
------------------------------------------
Members and creditors of Laura Street Investments Pty Limited
held a meeting on January 4, 2006, and agreed on the Company's
need to liquidate.  They named Gideon Isaac Rathner, of Lowe
Lippmann, to manage the Company's wind-up activities.


M L B DEVELOPMENTS: Members Agree to Close Business
---------------------------------------------------
On December 23, 2005, the members of M L B Developments Pty
Limited agreed to shut down the Company's operations.

Members named Scott Cameron Turner as liquidator for the wind-
up.


MASPEN ENGINEERING: Wind-Up Process Completed
---------------------------------------------
At Maspen Engineering Pty Limited's general meeting on Dec. 29,
2005, members resolved that it is in the Company's best
interests to liquidate its operations.

P. Ngan, of Ngan & Co. Chartered Accountants, was appointed to
oversee the wind-up.


MAURICE RUSHFORD: Appoints Official Liquidator
----------------------------------------------
At an extraordinary general meeting of Maurice Rushford & Staff
Pty Limited on December 28, 2005, Craig Crosbie, of PPB
Chartered Accountants, was appointed as liquidator to take
charge of the Company's wind-up activities.


MULTIPLEX: Share Price Rises Despite Bad Wembley Update
-------------------------------------------------------
Multiplex Group's Wembley National Stadium Project has a 70%
chance of being ready for the FA Cup final in May, The Sydney
Morning Herald reports, citing the Company's British-based
managing director, Martin Tidd.

Yet, according to reports, despite the bad news on the Wembley
development, local investors pushed the share price ahead by 11
cents, or 3.48%, to AU$3.27 on turnover of 8 million securities
worth AU$26.3 million.  The Age says that the sellers were hedge
funds taking some profits, with local property securities funds
and smaller retail investors as buyers.

During a media tour at the AU$1.4 billion stadium on Monday, Mr.
Tidd said that the current situation was a "deterioration from
what we said in December."

The Sydney Herald says that "material circumstances" continue to
hinder the construction process.  In a recently released
investor update, Multiplex reported that VIP boxes, stairs,
ceilings and part of the pitch are yet to be finished.  As a
back-up venue for the final, Britain's Football Association has
booked the Millennium Stadium in Cardiff, Wales.

If Multiplex fails to complete work on and turn over Wembley by
March 31, 2006, it will incur GBP14 million (AU$25 million) in
further damages, the Age relates.  It also has outstanding legal
claims with subcontractors.

The Age recounts that Multiplex issued five profit downgrades in
2005.  On December 19 last year, the Company warned that full-
year profit, estimated at AU$215 million, was likely to be
slashed to only AU$50 million.  A later release indicated a
reduction in profit of AU$247 million, which would put Multiplex
in a loss-making position of AU$32 million for the full year.

A better indication of the worst-case scenario for the Company
was a reduction of AU$205 million, leaving only a AU$10 million
profit.

Multiplex's interim profit results are due on February 23.

                        About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- is a fully  
diversified property business that derives its revenue from
property funds management, construction, property development,
and facilities management.   The Group employs over 2,000 people
across these four divisions and has established operations and
offices throughout Australia, New Zealand, the United Kingdom
and the Middle East.

In December 2003, after 41 years as a private company, Multiplex
Limited listed on the Australian Stock Exchange as apart of the
Multiplex Group, raising a total of AU$1.2 billion.

Multiplex Group was formed by combining the various businesses
of Multiplex Limited and the newly established portfolio of
investments held by Multiplex Property Trust, which created a
truly diversified and integrated property business.


NATIONAL AUSTRALIA: Claims Costs Growth Contained
-------------------------------------------------
National Australia Bank indicated that the growth of costs will
be contained at the same level as inflation, Reuters reports.

National's chief executive officer, John Stewart, however,
admitted that the Bank is still faced with the challenges
brought by reinvestment in its core infrastructure and the cost
and complexity of compliance programs this year.

The New Zealand Herald says the Bank is investing in its
domestic business, where revenue stalled after a currency-
trading scandal in 2004.  It is upgrading computer systems and
adding compliance staff to meet new international capital
measurement standards under Basel II.

Economic growth in Australia, New Zealand, and the United
Kingdom -- where National owns Yorkshire Bank and Clydesdale
Bank -- will be "slightly lower" this year than a year earlier
with credit growth slowing.

The Bank plans to make a GBP100-million payment this year to
reduce employee pension-fund deficits in Britain as part of
efforts to cut costs, which rose 7.2% to AU$7.3 billion in
fiscal 2005.

To further slash costs, the Bank is cutting 2,248 jobs in
Australia and another 1,700 in the U.K.

It aims to spend AU$2.5 billion over three years to boost sales
performance, improve technology and property infrastructure and
meet regulatory compliance needs, The New Zealand Herald says.

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


OGALIN INVESTMENTS: Liquidator to Explain Wind-up
-------------------------------------------------
The members and creditors of Ogalin Investments Pty Limited will
convene on February 10, 2006, at 10:30 a.m., to receive the
liquidator's account regarding the Company's completed wind-up
and disposal of property.

M. F. Cooper of Frasers Insolvency Advisory will manage the
Company's liquidation of assets.


PILL PTY: Members Favor Liquidation
-----------------------------------
Members of Pill Pty Limited convened on January 5, 2006, and
agreed to liquidate the Company's business operations.

Subsequently, the members named Phillip John Nancarrow to
administer the wind-up activities.


QANTAS AIRWAYS: Gets Boost From Solid Traffic Stats
---------------------------------------------------
The Bureau of Transport Economics released solid international
traffic statistics for October 2005.  The figures indicate that
Qantas Airways enjoyed strong loads for inbound traffic in
Australia on its key European, Los Angeles and Singapore routes.

According to the Sydney Morning Herald, despite Qantas'
additional flights on the Los Angeles route during the year and
on the Kangaroo Route to London, it still managed to fill the
same 81% of its seats for inbound flights as it filled in the
previous October.  This compared to the 77.6% of seats that were
filled on all flights into Australia within the month.

The Sydney Herald notes that the national carrier's only worry
may be the slip of its share of international traffic from 30.2%
to 28.2% in the year to October 31, while Emirates had lifted
its share of the market from 5.1% to 5.7% and Singapore Airlines
held steady at 10.5%.

Due to the relatively good international traffic results,
investors are optimistic about Qantas' first-half profit result,
which still has to be released.  Optimism over the airline's
international operations comes together with signs that its
domestic arm is enjoying its best-ever trading conditions.

The Sydney Herald relates that Qantas's half-year results are
expected to include up to $80 million in restructuring and
redundancy costs.  The release of Singapore Airlines' first
quarter results this week is expected to underline optimism over
Qantas' international operations.

The paper also adds that after hitting a three-year high of
AU$4.17 earlier this week, Qantas rose 3 cents to AU$4.13.

There have been suggestions for Qantas to hold off announcing
its decision on whether to relocate the heavy maintenance of its
long-haul jets overseas until the Federal Government finishes
its aviation policy review in March.

                          About Qantas

Qantas Airways -- http://www.qantas.com.au/-- is the world's  
second oldest airline.  Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.

In addition to its transportation operations, the Qantas Group
operates a diverse portfolio of airline-related businesses,
including Engineering Technical Operations and Maintenance
Services, Airports and Catering, Qantas Freight, Qantas
Holidays, Qantas Defence Services and Qantas Consulting.

In the year ended June 30, 2005, Qantas recorded a profit
before tax of AU$1,027.2 million, up AU$62.6 million or 6.5% on
the previous year.  Net profit after tax of AU$763.6 million was
17.8% up on the prior year.  Revenue increased by 11.4% to
AU$12.6 billion.  The Directors declared a fully franked final
dividend of 10 cents per share, bringing total fully franked
dividends for the year to 20 cents per share.


RUGS CENTRAL: Winds Up Business
-------------------------------
On January 5, 2005, the members of Rugs Central Pty concurred
that a voluntary wind-up of the Company's business is
appropriate and necessary.

Members named William Bernanrd Abeyratne and Loke Ching Wong as
joint liquidators for the wind-up operations.

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


SANTOS LIMITED: Opens Casino Gas Project in Victoria
----------------------------------------------------
Santos Limited's Casino gas project, offshore Victoria, has
kicked off production with the delivery of first commissioning
gas to TRUenergy's Iona processing plant near Port Campbell.

Santos says that the AU$200 million project's operation will be
a major supplier to Australia's gas market when it is already in
full-production status later this month.

TRUenergy has signed a 12-year contract, which provides that up
to 420 petajoules of gas will be delivered by the VIC/P44 joint
venturers to TRUenergy from the Casino field and future possible
near-field developments.  The gas will be piped from offshore
into the Iona processing plant from where it will be sold and
distributed by TRUenergy to customers in South Australia and the
eastern states.

Santos, which has a 50% stake in Casino, says that the Casino
project is its second offshore resource project to start ahead
of schedule in the past nine months, following the Mutineer-
Exeter oil field.

Australian Worldwide Exploration and Mitsui each have a 25% per
cent stake in Casino.

"The Casino gas project, being commissioned just a little over
three years after discovery, represents another world-class
achievement," Santos Managing Director, John Ellice-Flint, said.

The project's gas development and transport facilities have been
specifically designed to minimize environmental and visual
impact.  The gas will be transported from the subsea well heads
through a sea-floor pipeline that comes ashore via a
directionally-drilled underground shore crossing, for processing
at the existing Iona gas plant.

The joint venture participants are currently planning for the
development of the adjacent Henry gas field, discovered in July
2005.  Accelerated exploration drilling activity in adjacent
prospects is also planned for 2006, subject to a drilling rig
being available.

                    About Santos Limited

Headquartered in Adelaide, South Australia, Santos Limited --
http://www.santos.com.au/-- is a major Australian oil and gas  
exploration and production company with interests and operations
in every major Australian petroleum province and in the United
States, Indonesia, Papua New Guinea, Kyrgyzstan and Egypt.  
Santos is one of Australia's largest gas producers, supplying
sales gas to all mainland Australian states and territories,
ethane to Sydney, and oil and liquids to domestic and
international customers.

In Australia, Santos has one of the largest exploration
portfolios by area of any company and has assembled a large,
well-situated acreage position in Indonesia and the United
States.  The company is also pursuing new venture opportunities
in North Africa, the Middle East, Central and South East Asia.

At year end 2005, Santos had a market capitalization of
approximately AU$7.5 billion, making it one of Australia's Top
50 companies.


SHEMAPEL PTY: Liquidator to Distribute Assets
---------------------------------------------
At an extraordinary general meeting of Shemapel Pty Limited,
members agreed to wind up the Company's business and distribute
its assets according to their rights and interest in the
Company.

Members also appointed I. C. Francis, of Taylor Woodings
Chartered Accountants, as liquidator.


SONS OF GWALIA: Zinifex Still Eyes Assets Despite Refloat News
--------------------------------------------------------------
Zinifex Limited's interest remains fixed on Sons of Gwalia's
tantalum assets, despite reports that the failed miner may be
refloated, The Age relates.

Media reports said that preparations for Gwalia's refloat were
underway.  Last year, The Age recounts, administrators Ferrier
Hodgson were considering to relist the miner on the Australian
Stock Exchange.

Gwalia collapsed in 2004 after its gold division ran up a
massive debt due to hedging and mining problems.  But the
company holds 75% of the world's tantalum, used in the
capacitors of mobile phones and other electronic equipment.  
These assets have attracted attention from potential buyers.

One of the most open suitors has been Zinifex, which has said
the tantalum assets would fit with its strategy of gaining a
significant position in a niche market.

A Zinifex spokesman told The Age that the company had no news of
preparations for relisting Sons of Gwalia and was still
interested in its tantalum assets.

CONTACT: Sons of Gwalia Limited
         16 Parliament Place
         West Perth, Western Australia 6005
         Australia  
         Phone: +61 8 9263 5555  
         Fax: +61 8 9481 1271  
         Web site: http://www.sog.com.au/   


SOUTH PACIFIC: Final Meeting Scheduled on Feb. 10
-------------------------------------------------
A final meeting of South Pacific Intertrade Pty Limited will be
held on February 10, 2006, at 12:00 p.m., to:

  -- consider the liquidator's final report; and

  -- consider any other business brought before the meeting.


ST. LEONARDS HOTEL: Liquidates Operations
-----------------------------------------
On December 29, 2005, the members of St. Leonards Hotel &
Conference Center Pty Limited held a meeting and concurred that
a voluntary wind-up is in the Company's best interests.

Timothy James Cuming and David Clement Pratt were appointed as
liquidators of the Company.


TELSTRA CORPORATION: Optus to Join ACCC Legal Battle
----------------------------------------------------
As previously reported in the Troubled Company Reporter - Asia
Pacific, Optus has accused Telstra Corporation of "gaming" the
Australian Competition and Consumer Commission after the telco
lodged its first appeal to the Australian Competition Tribunal
on January 11, 2006.

The Sydney Morning Herald reports that Judge Alan Goldberg has
granted leave for Optus to intervene in the case between the
competition regulator and Telstra in connection with the
Company's proposed access pricing.

The ACCC had earlier rejected Telstra's plan to charge rivals
AU$9 a month for them to access its national copper phone
network and for line-sharing services, which allows them to
offer broadband internet services to their customers.

Telstra has appealed to the Competition Tribunal against the
ACCC's decision.  Telstra claimed that the ACCC used wrong
assumptions about the underlying cost of the network and a poor
methodology for setting LSS prices.

At a directions hearing in the Tribunal on Wednesday, lawyers
representing eight of Telstra's phone and internet rivals,
including Optus, argued that they should be allowed to join in
the case.

While he allowed Optus to join in the case, Judge Goldberg had
called for more information from the other rivals, which are
represented through an industry body, the Competitive Carriers
Coalition.

The Tribunal will begin hearing evidence in the case on May 2.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: Telstra Shares Highest Since Nov. 15
---------------------------------------------------------
Telstra Corporation's shares rose to a two-and-a-half month high
amid further speculation that the Federal Government might
offload some of its stake in the Company through installment
receipts, which could reap shareholders a 14% yield, The Sydney
Morning Herald says.

Talks have circulated that if the sale of the final and third
tranche of Telstra shares (T3) goes ahead, it will include an
installment receipts issue to existing shareholders, allowing
full dividend payments on partly paid shares.

By 1347 (AEDT), Telstra shares were up 14 cents, or 3.52% to
AU$4.12 after touching a day high of AU$4.13 -- the best level
since November 15 -- on high turnover of 43.93 million shares.

The Sydney Herald relates that the sale of the Federal
Government's remaining 51.8% stake in the company is expected
late this year.  The Government has set AU$4.50 per share as a
realistic T3 target price, having downgraded an earlier AU$5.25
per share estimate.

During the same period in 2005, Telstra shares were trading at
AU$5.00, but the stock has since traded at a high of AU$5.50 in
March, before hitting a low of AU$3.77 in December.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: To Release Separation Plan
-----------------------------------------------
Telstra Corporation's draft plan for the operational separation
of its retail and wholesale divisions is expected to be released
within the week, The Australian relates.  The Separation Plan is
a pre-condition for the Company's full privatization.

According to The Australian, the Separation Plan is intended to
provide clear network access pricing and non-price terms and
conditions for Telstra's rivals.  The Plan is designed to
ascertain that Telstra does not disadvantage its rivals compared
to its own retail division.

Under the Telecommunications Act, Telstra is required to make
available a preliminary version of a draft plan on its Web site
for 30 days and invite comments from the public before handing
its plan to the Communications Minister.

The Australian says that some Telstra competitors have already
complained to the Government regarding the Company's delay in
settling the details of the operational separation.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: Prices Proposed For New Undertakings
---------------------------------------------------------
The Australian Competition and Consumer Commission has launched
a public discussion paper on Telstra Corporation's latest
pricing for its raw copper wires, known as the unbundled local
loop, The Australian reports.

The recent Telstra undertaking suggest an "averaged" rental
price of AU$30 across Australia for the wires that run between
the Company's exchanges and homes and businesses.  Previous
Telstra undertakings have proposed different prices in different
geographic regions.

According to the paper, Telstra has claimed that a single
average charge for ULLS is necessary to meet the Government's
retail price parity requirements for basic line rental products.

The new prices came after the ACCC rejected Telstra's proposed
access prices at the end of December 2005.

"The ACCC will carefully assess Telstra's new geographic
averaging proposal in considering whether to accept or reject
the undertakings," The Australian says, quoting ACCC's chairman,
Graeme Samuel.  "The ACCC also notes that Telstra has
substantially modified its network modernization provisions, and
will be examining these changes closely."

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: Enters Into New Maintenance Contracts
----------------------------------------------------------
Telstra Corporation has entered into AU$100 million worth of new
maintenance contracts with third-party providers, aiming to save
money and standardize terms, The Australian reports.

The paper recalls that last year, Telstra said it would cut
12,000 staff over the next five years as more work would be
outsourced from contract companies.  Telstra spokesman, Andrew
Maiden, however, clarified that the new contracts were not
designed to reduce permanent staff numbers and should not be
taken as such.

Mr. Maiden said that the contracts would standardize some terms
that previously varied between contractors.  Certain contracts
will standardize adherence to occupation health and safety,
environmental, quality, material selection and regulatory
requirements.

According to Mr. Maiden, the new contracts will generate some
cash savings for Telstra, and make it easier for the Company to
monitor performance against contracts.

Fast-growing local listed firm Services Stream won its third
Telstra contract, and estimates that it will earn AU$100 million
each year from the telecommunications giant.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


WATTYL LIMITED: Investors Convinced of Weak Forecast
----------------------------------------------------
The independent expert from Ernst & Young had previously
reported that Allco Equity Partner's AU$274.8 million takeover
offer was "not fair."  This after Wattyl Limited's management
released its profit forecasts last week.

Specifically, the Expert Report gave Wattyl a AU$3.59 to AU$4.21
valuation range per share, which is, at most, 30% higher than
Allco's bid.

However, the Sydney Morning Herald relates that the valuation
failed to excite some investors who were already dubious about
Wattyl's comments pertaining to slashing costs, boosting sales
and doubling its profits within the next two years.

The Company was not strong on its forecasts, the Sydney Herald
says, citing Rob Patterson, the managing director of Wattyl
shareholder Argo Investments.  Yet, Mr. Patterson said Allco
would have to raise its bid to please Wattyl's register of
retail shareholders, who could be encouraged by the Expert's
valuation.

According to the Sydney Herald, Wattyl shares rose 10 cents to
AU$3.45 amid optimism that the Company could face a counter-bid
from Barloworld, the South African owner of Taubmans Paints.

Headquartered in North Ryde, New South Wales, Wattyl Limited --
http://www.wattyl.com.au/-- is a paint and surface coatings  
company that produces a broad range of paints, varnishes,
lacquers and special purpose protective coatings.  With
operations in Australia and New Zealand, Wattyl employs over
2000 people.  The Company's origins date back to the development
of crystal veneer, which is a treatment for reviving French-
polished furniture.  Wattyl has then developed more special
products, including protective coatings with long term exterior
durability, high performance marine coating systems, UV-cured
timber finishes, specialized protective coatings that enable
easy removal of graffiti from treated surfaces, and special
effect finishes for automotive wheels and components.


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

BANK OF CHINA: Ex-Bank Managers and Wives Charged
-------------------------------------------------
A federal grand jury in Las Vegas, Nevada, has indicted two
former managers of the Bank of China and their wives, as well as
a relative of one of the couples, on charges of racketeering,
money laundering and fraud, Assistant Attorney General Alice S.
Fisher of the Criminal Division and United States Attorney
Daniel G. Bogden of the District of Nevada said on January 31,
2006.

According to U.S. Newswire, Xu Chaofan (a.k.a Hui Yat Fai), Xu
Guojun (a.k.a. Hui Kit Shun), Kuang Wan Fang (a.k.a. Wendy
Kuang), Yu Ying Yi, and Kwong Wa Po were charged in the 15-count
superseding indictment.  The charges in the indictment stem from
an elaborate scheme to defraud the Bank of China of at least
US$485 million, orchestrated by former managers Xu Chaofan and
Xu Guojun and a third former bank manager, Yu Zhendong (a.k.a.
Yu Wing Chung), who has pleaded guilty.

The first count of the indictment charges all five defendants
with engaging in conspiracy actions under the Racketeer
Influenced and Corrupt Organizations Act, which actions began in
1991 and continued until October 2004 upon the arrest of the
former bank managers and their wives.  According to the
indictment, the former bank managers created a number of shell
corporations in Hong Kong and, with the assistance of others,
funneled the bank's money into these companies as well as
numerous personal bank and investment accounts.  The indictment
charges the defendants with laundering a significant amount of
the stolen money through Las Vegas casino accounts.

The indictment states that Mr. Kwong Wa Po, the brother of Mr.
Kuang Wan Fang, a fugitive, participated in the elaborate scheme
to launder the stolen money.

Counts Two and Three of the indictment charge all five
defendants with engaging in a money laundering conspiracy and
conspiracy to transport stolen money that began in 1998, and
continued through October 2004.  These conspiracy charges focus
on the laundering of the stolen money into the United States.
The indictment makes specific reference to financial
transactions conducted by each of the five defendants, including
the deposit of $2 million in checks made payable to Mr. Kwong Wa
Po into a RIO Las Vegas Hotel and Casino account created on
April 27, 2001.

Counts Four through Nine charge the two former bank managers
with three counts each of visa fraud -- specifically, the
possession and use of a fraudulently procured non-immigrant U.S.
visa to enter and remain in Las Vegas.  Counts Ten through
Fifteen charge the two bank managers' true wives with three
counts each of passport fraud -- specifically, the use of a U.S.
passport secured through a false statement to enter or
facilitate their stay in Las Vegas.

Defendants Xu Chofan, Xu Guojun, Kuang Wan Fan and Yu Ying Yi
were charged on September 21, 2004, in an 11-count indictment
with conspiring to violate, and substantive violations of, U.S.
immigration law.  The third former bank manager, Yu Zhendong,
pleaded guilty to engaging in a racketeering enterprise on
February 18, 2004 and voluntarily returned to China, where he is
being prosecuted for embezzlement and bribery for his role in
the bank theft.  Mr. Yu Zhendong's true wife, Ms. Yu Xuhui
(a.k.a. Fion Yu), pleaded guilty to unlawfully procuring U.S.
citizenship on April 26, 2005.  She has agreed to voluntarily
relinquish her American citizenship, but will be permitted to
remain in the U.S. with the couple's children so long as she
does not commit another crime.  Mr. Yu Zhendong's fake American
wife, Ms. Shanna Yu Ma (a.k.a. Yu Shuzhan) pleaded guilty to
submitting a false statement in support of Yu Xuhui's
application for naturalization.  Like Ms. Yu Xuhui, Shanna Yu's
sentencing has been delayed as she continues cooperating in the
investigation.

The matter is being handled jointly by Trial Attorneys Marty
Woelfle and Cynthia Stone of the Organized Crime and
Racketeering Section, headed by Bruce Ohr, and Trial Attorney
Armando O. Bonilla of the Public Integrity Section, headed by
Acting Chief Andrew Lourie.  Organized Crime Strike Force Chief
Eric Johnson of the U.S. Attorney's Office for the District of
Nevada is serving as local counsel.  The case was investigated
by the Las Vegas, Nevada, Field Office of the Federal Bureau of
Investigation and U.S. Immigration and Customs Enforcement of
the Department of Homeland Security.

A full-text copy of the court filing is available for free at:

   http://bankrupt.com/misc/tcrap_bankofchina.indict0201.pdf

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


CATEC INDUSTRIAL: Members Vote For Liquidation  
----------------------------------------------
On January 17, 2006, members of Catec Industrial (Toys) Limited
convened and agreed that:

  -- the Company be wound up voluntarily; and

  -- Chan Shu Kin and Chow Chi Tong be appointed as liquidators
     to supervise the wind-up activities of the Company.


C&F ENGINEERING: Court Issues Wind-Up Order
-------------------------------------------
On January 6, 2006, Cheng Ping Sum filed a petition for the
winding up of C&F Engineering Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 1, 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 28, 2006 to:

     Betty Chan
     for Director of Legal Aid
     34/F, Hopewell Centre
     183 Queen's Road East
     Wanchai, Hong Kong
     Phone: 633-3368
     Fax: 634-3009


CURRUTHERS LIMITED: Prepares to Pay Dividend to Creditors
---------------------------------------------------------
Curruthers Limited issued a notice of dividend to the High Court
of Hong Kong indicating:

   Address of Registered Office: 8th Floor, Prince's Building,
   10 Chater Road, Central, Hong Kong

   Name of Matter: 709 of 2001

   Final Dividend: 0.877%

   When Payable: February 9, 2006

   Where Payable: Gabriel CK Tam
                  Joint and Several Liquidator
                  27th Floor, Alexandra House
                  16-20 Chater Road
                  Central, Hong Kong
                  Phone: 03-40431005
                  Fax: 03-40431058


EVER IMPERIAL: Court Issues Wind-Up Order
-----------------------------------------
Ever Imperial Limited had presented a petition to wind up its
operations.

Accordingly, on January 18, 2006, The High Court of the Hong
Kong Special Administrative Region Court of First Instance
entered a wind-up order pertaining to the Company.


EXPONENT LIMITED: Commences Winding Up Process
----------------------------------------------
A winding up petition was served on Exponent Limited on Nov. 25,
2005.

On January 18, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up the Company.


MAN KEE: Begins Bankruptcy Proceedings
--------------------------------------
A bankruptcy order against Man Kee Construction Company was
issued on January 27, 2006.  All debts due to the estate should
be paid to the official receiver, E.T. O'Connell.


MIRAGE LIMITED: Creditors' Proofs of Claim Due Feb. 27
------------------------------------------------------
Creditors of Mirage Limited are required to submit the
particulars of their debts or claims, as well as the information
regarding their solicitors, if any, by Feb. 27, 2006.  The
proofs of claims must be submitted to the Company's liquidator:

             Hui Chun Chun, Olivia
             19/F, Tien Chu Commercial Building
             173-174 Gloucester Road
             Wanchai, Hong Kong
             Phone: (852) 2802 7013
             Fax: (852) 2802 7138

If the liquidators require, the creditors must come in
personally or by their solicitors and prove their claims at the
time and place specific in the notice.

Creditors who are unable to formally prove their claims will be
excluded from any distribution.


RABIA & UNITED: Creditors' Proofs of Claim Due Feb. 28
------------------------------------------------------
Rabia & United Associates Limited has required its creditors to
submit proofs of claim by February 28, 20006, to:

             Cheng Yun Sing
             Liquidator
             Rooms 401-2, 4/F, Tung Ming Building
             40-42 Des Voeux Road Central
             Hong Kong

Creditors who fail to comply with the requirement will be
excluded from any distribution.


SMERALDA STAR: Names Allan Yu as Liquidator
-------------------------------------------
On January 12, 2006, members of Smeralda Star Limited agreed
that a voluntary liquidation of the Company is necessary and in
its best interests.  As a result, Allan Hon Wing Yu was
appointed as official liquidator.


STAMBERG LIMITED: Creditors' Proofs of Claim Due Feb. 27
--------------------------------------------------------
Creditors of Stamberg Limited are required to submit to its
liquidator the particulars of their debts or claims, as well as
information regarding their solicitors, if any, by February 27,
2006.  Specifically, proofs of claims must be addressed to:

             Hui Kwok Chu
             Liquidator
             Flat F, 20/F., Joyful Building
             16-18 Belcher's Street
             Kenndy Town, Hong Kong

If the liquidator require, the creditors must come in personally
or by their solicitors and prove their claims at the time and
place specified in the notice.

Creditors who are unable to formally prove their claims will be
excluded from any distribution.


TAK YIP: Proofs of Claims Due Feb. 15
-------------------------------------
Tak Yip Shun Trading 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 15, 2006, to:

             ET O'Connell
             The Official Receiver & Trustee
             10th Floor, Government Offices
             66 Queensway, Hong Kong
             Phone: (852) 2867 2448
             Fax: (852) 3105 1814
             e-mail: oroadmin@oro.gov.hk


TAM'S DECORATION: Set to Close Business Operations
--------------------------------------------------
On January 18, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
approving a petition to wind up Tam's Decoration Company
Limited.


TSUN WAH: Enters Voluntary Winding-Up
-------------------------------------
On January 17, 2006, the members of Tsun Wah Engineering Company
Limited agreed to commence wind-up operations for the Company.  

They also appointed Chan Cheuk Ying and Lee Cho Yiu Julia as
liquidators for that purpose.


ZHANGZHOU CITY: Members Agree to Liquidate
------------------------------------------
After their general meeting on January 17, 2006, the members of
Zhangzhou City District Association Limited resolved to
voluntarily wind up the Company's operations.

Subsequently, Kwok Kwok Yu was appointed as liquidator.


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

DUNLOP INDIA: Mulls Tie-up with Sumitomo
----------------------------------------
Dunlop India is working out a collaboration with Sumitomo
Corporation, which owns the Dunlop brand globally, for the
export of certain products under the brand to Australia, South
Africa and Bangladesh, Business Standard reports.

Sify India reports that the former promoter of Dunlop India, the
Jumbo Group, had worked out an agreement with Sumitomo through
Falcon Tyres.  However, the deal did not push through because of
the Jumbo Group's exit from the tire business.

Dunlop India has initially conducted negotiations with some
global majors for product-specific technology tie-up, Sify India
reveals.

According to Business Line, the Company was to meet a German
firm on January 28, 2006, to discuss the possibility of a tie-up
for rubber chemicals.  Germany is a dominant player in the
rubber chemicals segment, which is an important input for tire
manufacturing.

CONTACT: Dunlop India Limited
         46 B, Kings Court,
         Flat No 14 & 18, Chowringhee Road,
         Kolkata 700071
         West Bengal
         Phone: 22821607; 22821773; 22821662
         Fax: 22821551   


ENCORE SOFTWARE: Unveils Board Meeting Outcome
----------------------------------------------
On January 31, 2006, the Board of Directors of Encore Software
Limited recommended convening an Extraordinary General Meeting
to seek shareholders' approval of:

      -- the further issuance of equity shares of up to 40 lacs;

      -- the proposed Employee Stock Ownership Plan; and

      -- the consequential increase of authorized share capital
         and alteration of Memorandum and Articles of
         Association.

Headquartered in Bangalore, the Silicon Valley of India, Encore
Software Limited -- http://www.ncoretech.com/-- earlier known  
as Ncore Technology Pvt. Ltd., is a dynamic product development
company in information technology that combines core technical
expertise with a global business perspective.

Encore's products and services range from DSP-based modem and
speech coding technology to evolving key designs in embedded
systems.


FANTASY SECURITIES: RBI Scraps Registration Certificate
-------------------------------------------------------
On December 27, 2005, the Reserve Bank of India cancelled
Fantasy Securities Private Limited's certificate of registration
for carrying on the business of a non-banking financial
institution.

Following the cancellation of registration certificate, Fantasy
Securities cannot transact the business of a non-banking
financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the RBI can cancel the registration
certificate of a non-banking financial company.  The business of
a non-banking financial institution is defined in Clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

CONTACT: Reserve Bank of India
         Central Office, Post Box 406
         Mumbai 400001
         Phone: 2266 0502
         Fax: 2266 0358, 2270 3279
         e-mail: helpprd@rbi.org.in
         Web site: http://www.rbi.org.in


FRONTIER INFORMATION: Board Considers Share Warrants Issue
----------------------------------------------------------
On January 31, 2006, the Board of Directors of Frontier
Information Technologies Limited has considered the issue and
allotment of 10,00,000 Share Warrants of INR10 each on
preferential basis.

Established in 1986, Frontier Information Technologies Ltd. --
http://www.fitlindia.com-- is one of the pioneers in software  
development in India.  The company is engaged in on-site
consultancy services, offshore software development, product
development, e-commerce and Internet enabled services.  Frontier
has offices in Dallas, Texas; San Jose, California; Hartford,
Connecticut; Middlesex, United Kingdom; Frankfurt, Germany; and
Riyadh, Saudi Arabia, with its Indian offices located at
Hyderabad, India.

Due to soaring expenses and continuous operating losses, the
Company has been suffering from net losses in the previous years
up to the present.   In the April to June period of fiscal 2005-
06, Frontier Information incurred a net loss of INR7.27 million,
up from the previous quarter's INR5.98-million net loss.


HARVIC MANAGEMENT: SEBI Cancels Certificate of Registration
-----------------------------------------------------------
The certificate of registration of Harvic Management Services
Ltd. has been cancelled by the Securities and Exchange Board of
India.

Harvic Management, which is a sub-broker affiliated with B M
Gandhi Securities Pvt. Ltd, has been found guilty of violating
the provisions of the SEBI (Prohibition of Fraudulent and unfair
Trade practices Relating to Securities Market) Regulations,
1995, and code of conduct as specified in SEBI (Stock Brokers
and Sub-brokers) Regulations, 1992, while dealing in the shares
of Malvica Engineering Ltd.

The order has been passed by Shri Madhukar on January 25, 2006.
It will come into effect on February 11, 2006.

Harvic Management Services Ltd --
http://www.seekandsource.com/harvicmanagementservices-- is a  
publicly listed company incorporated in the year 1993 at Mumbai,
in Maharashtra, India.  It is engaged in financial services and
management related services.  The Company has also entered into
media and software and hardware operations in the last four
years.  It has a post production studio at Mumbai, which edits
feature films, ad films, soaps and documentaries.


MAHARASHTRA ANTIBIOTICS: Wins INR850-lakh Government Support
------------------------------------------------------------
The Government has allocated an INR850-lakh budgetary support to
Maharashtra Antibiotics and Pharmaceuticals Ltd for the payment
of entitlements to the Company's employees, The Economic Times
reports.

The funds would be provided through MAPL's promoter, Hindustan
Antibiotics Ltd.  The entire INR850 lakh will benefit former
MAPL employees who have opted for the Company's Voluntary
Separation Scheme, the report says.

Nagpur-based MAPL was a joint sector company promoted in
November 1979 by HAL, the State Industrial and Investment
Corporation of Maharashtra and the Industrial Development Bank
of India for production of drug formulations.

MAPL was declared insolvent by the Board for Industrial and
Financial Reconstruction on January 14, 1997.  The Cabinet
approved the proposal for winding up MAPL on September 18, 2001,
and introduction of Voluntary Separation Scheme on February 4,
2003.  Around INR6.94 crore was released to HAL on October 3,
2003, for disbursement of the VSS ex gratia.

MAPL is a joint-sector company promoted by Hindustan Antibiotics
Limited, the state Industrial and Investment Corporation of
Maharashtra and the Industrial Development Bank of India
Limited.


OK PLAY: Names Allotment Committee Members
------------------------------------------
The Board of Directors of OK Play India Limited appointed its
Allotment Committee on January 31, 2006.  The three-member
Committee consists of:

     * Surinder Mohan Handa;
     * Mamta Handa; and
     * Rajan Handa.

The three directors will deal with the allotment of shares as
sanctioned by the Honorable Board for Industrial and Financial
Reconstruction on December 6, 2005.

OK Play, which was established many years ago in the United
Kingdom, has been in India for over 10 years.  It continues to
develop and manufacture innovative children's molded products.  
The Company is ISO 9001 certified.  It produces products
compliant with the EN 71 Toy Standards.


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

PERTAMINA: Hikes Industrial Fuel Prices by 13%
----------------------------------------------
PT Pertamina Tbk plans to raise the price of industrial fuel
products by as much as 13% this month due to rising global oil
prices and a new distribution policy, The Jakarta Post reports.

According to the Post, Pertamina will begin implementing
different pricing policies for its unsubsidized Pertamax and
Pertamanx Plus fuels for areas outside Java.  The prices will
depend on distribution and transportation costs.

Pertamax will sell for IDR5,300 per liter in Java compared to
last month's price of IDR4,950 per liter.  Pertamax Plus, on the
other hand, would cost IDR5,400 per liter.  Makasar would have
the highest price for Pertamax at IDR5,650 per liter, while
Batam would enjoy the lowest price for Pertamax Plus at IDR5,350
per liter.

Kerosene prices would also increase by 7.9% to IDR5,740 per
liter from IDR5,320 per liter, and premium gasoline prices would
rise to IDR4,930, or 3.8%, The Post says.  However, fuel oil
prices will go down 2.9% to IDR3,380 per liter.

Citing Pertamina Fuel Division Chief Achmad Faisal, the Post
relates that the Company is looking into adjusting its prices
every two weeks in order to better reflect the price
fluctuations in the global oil market.

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


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

HITACHI LIMITED: To Sell Gas Unit to Taiyo Nippon
-------------------------------------------------
Hitachi Limited has agreed to sell its entire stake in Hitachi
Oxygen Company to Taiyo Nippon Sanso Corporation for an
undisclosed amount, Kyodo News reports.

The deal, which has been struck in line with Hitachi's
restructuring scheme, will help Taiyo Nippon strengthen its gas
production and distribution operations in Ibaraki, Tochigi and
Fukushima prefectures.

CONTACT: Hitachi Limited
         4-6, Kanda-Surugadai, Chiyoda-ku
         Tokyo 101-8010, Japan
         Phone: +81-3-3258-1111
         Fax: +81-3-3258-2375


HUSER LIMITED: Condo Residents to Lodge Bankruptcy Petition
-----------------------------------------------------------
About 300 buyers of condominiums developed by Huser Limited
filed a petition Tuesday with the Tokyo District Court to have
the Company declared bankrupt, Japan Times relates.

The plaintiffs were residents of nine Huser condo complexes in
Tokyo, Chiba and Kanagawa prefectures.

Huser is legally responsible for covering building defects,
including by rebuilding defective condos and providing
compensation, The Japan Times says.

Company officials declined to comment on the condo buyers'
lawsuit, saying they have not yet confirmed the facts.


JAPAN AIRLINES: Submits Revised Measures to Prevent Mishaps
-----------------------------------------------------------
Japan Airlines had submitted a revised set of measures to
prevent further operational blunders following a series of
mishaps since late last year, reports Japan Economic Newswire.

In the latest package, JAL has set up a group in charge of human
errors within its safety promotion department and increased the
number of employees in the department from 30 to 40.  It also
pledged to reinforce supervision of the department while
promoting information sharing between maintenance personnel.

Headquartered in Tokyo, Japan, Japan Airlines Corporation
(formerly Japan Airlines System Corporation) was created as a
result of the merger of Japan's number 1 airline, Japan
Airlines, and Japan Air Systems to boost domestic coverage.  
Combined, the airlines serve more than 170 cities in some 30
countries and operate more than 270 mostly jet aircraft.  Both
carriers continue to operate separately as Japan Airlines
International and Japan Airlines Domestic, though they are
combined in a single brand as JAL/Japan Airlines.

CONTACT: Japan Airlines  
         Phone: 81-3-5460-3109  
         Fax: 81-3-5769-6487  
         e-mail: geoffrey.tudor@jal.com   
                 stephen.pearlman@jal.com   
         Web site: http://www.jal.com/en/corporate/   


MEIJI YASUDA: Seeks to Regain Credibility
-----------------------------------------
Scandal-hit Meiji Yasuda Life Insurance Co. announced its medium
term business plan on Tuesday to regain credibility over the
next two years, relates Japan Times.

The plan, which runs until March 2008, is based on a business
improvement plan it submitted to the Financial Services Agency
on November 18, 2005.  The plan was handed to the regulator
after the insurer was found to have rejected legitimate payout
requests.

The insurer said it will increase the number of staff tasked
with internal management by 40% to 200 and lessen the number of
sales and general management staff by 10% each to 380 and 710,
respectively.

The Financial Supervisory Agency banned Meiji Yasuda in October
from selling new products for two weeks and barred it from
developing new insurance products.

CONTACT: Meiji Yasuda Life Insurance Company
         1-1, Marunouchi 2-chome, Chiyoda-ku
         Tokyo 100-0005, Japan   
         Phone: +81-3-3283-8293  
         Fax: +81-3-3215-8123


MITSUBISHI MOTORS: Completes 4th Series Shares Issue
----------------------------------------------------
Mitsubishi Motors Corporation launched on January 12, 2006, the
issuance of 4th series Class G preferred shares in a third party
allocation.  

This transaction is part of the capital raising plans that form
the basis of the success of the 3-year business plan announced
on January 28, 2005.

On January 30, 2006, the subscription of JPY30 billion for this
preferred share issuance was completed.  Through this
allocation, all non-borrowing related capital raising as laid
out in the Mitsubishi Motors Revitalization Plan has been
completed.

4th Series Class G Preferred Shares

Subscription amount: JPY30 billion

Investor and amount invested: Mitsubishi Corporation, JPY30
billion

Number of shares: 30,000 shares

Details Of The Issuance

Name of investor:  Mitsubishi Corporation

Share allocation  4th series Class G preferred shares 30,000
                                                      shares
Subscription amount 4th series Class G preferred shares JPY30
                                                  billion JPY

Details Of The Investor

Head office: 6-3, Marunouchi, 2-chome, Chiyoda-ku, Tokyo, 100-
8086, Japan

Representative: Yorihiko Kojima, President

Capital: (As of Sept. 30, 2005) JPY190.071 billion

Operations: General trading Company

Leading shareholders (As of Sept. 30, 2005):

The Master Trust Bank of Japan, Ltd. (Trust account) - 8.07%
Japan Trustee Service Bank, Ltd. (Trust account)     - 7.99%
Tokio Marine & Nichido Fire Insurance Co., Ltd.      - 5.56%
Meiji Yasuda Life Insurance Company                  - 4.75%

Headquartered in Tokyo, Japan, Mitsubishi Motors has the dubious
distinction of being the only money-losing Japanese carmaker.
Plagued by quality problems and cover-ups, the Company has hit
some serious financial potholes.  For a time it got some big-
name help when DaimlerChrysler acquired a 34% stake in the
Company; however its German counterpart grew tired of pouring
money in and getting nothing in return, and its stake dropped to
about 12%.  DaimlerChrysler sold its stake to Goldman Sachs late
in 2005 (Goldman Sachs then sold the stake to other investors).  
Part of the Mitsubishi Group of companies (Mitsubishi Heavy
Industries owns a 15% stake), Mitsubishi Motors manufactures
passenger cars including the Eclipse and the new Raider pickup.

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


PIONEER CORPORATION: Incurs Loss Despite Rising Sales
-----------------------------------------------------
Pioneer Corporation has released its consolidated third-quarter
and nine-month business results for the periods ended December
31, 2005.

Pioneer disclosed that during the nine-month period ended
December 31, 2005, operating activities provided net cash of
JPY21,891 million (US$185.5 million).  Despite the net loss of
JPY56,641 million (US$480.0 million) for the period, adjustments
for non-cash expenses such as depreciation and amortization of
JPY35,422 million (US$300.2 million), impairment losses of
JPY32,543 million (US$275.8 million) recognized for property,
plant and equipment mainly for plasma display production, and
equity in losses of affiliated companies of JPY25,132 million
(US$213.0 million) resulted in a positive net cash flow.  

Meanwhile, investing activities used net cash of JPY18,144
million (US$153.8 million).  This reflected JPY26,331 million
(US$223.1 million) for car electronics- and plasma display-
related capital expenditures and other investments, partially
offset by proceeds of JPY6,961 million (US$59.0 million) from
the sale of investment securities.  Financing activities used
net cash of JPY20,672 million (US$175.2 million), mainly for the
redemption of bonds and dividend payments.  

Consequently, cash and cash equivalents at December 31, 2005,
were JPY12,175 million (US$103.2 million) lower than at March
31, 2005.

A copy of its consolidated financial results is available for
free at
http://bankrupt.com/misc/tcrap_pioneer0202_release_3q06e.pdf


CONTACT: Pioneer Corporation
         Headquarters 1-4-1
         Meguro, Meguro-ku
         Tokyo, 153-8654 Japan
         Telephone: +81-3-3494-1111  


SOFTBANK CORPORATION: MarketXT Holdings Files US$300-Mln Suit
-------------------------------------------------------------
On November 25, 2004, MarketXT Holdings Corporation has
withdrawn its lawsuit filed on June 25, 2004, against Softbank
Corporation.

However, MarketXT trustees has filed another lawsuit with the
United States Bankruptcy Court, Southern District of New York on
December 6, 2005.  

According to Softbank, the amount of damages being sought by the
plaintiff in the new lawsuit is in excess of US$300 million and
it falls under the timely disclosure rules on a consolidated
basis.  

Softbank, therefore, claims that the lawsuit was filed as a
counterclaim against the notification of claimable assets
(equity interest) in MarketXT under Chapter 11 by Softbank AM
Corporation (SBAM) and Softbank Contents Fund.

The Company believes that the plaintiff's claim contradicts the
facts and lacks rationality, as before, and Softbank Contents
Fund has no reasonable connection to the damages claimed.   
Therefore, the Company deems neither defendant to be legally
responsible and assumes that there is no probability of
financial loss occurring to the Softbank Group from this
lawsuit.

                        Litigants

Plaintiff:

(1) Trustees in the bankruptcy of MarketXT

(2) Creditors committee of MarketXT

                          Defendant

(1) SBAM

(2) Softbank Investment Corporation as managing partner of
Softbank Contents Fund

     Details of the Lawsuit and Amount in Damages Requested

(1) Details of Lawsuit

     -- Claim for a refund of the money SBAM received as a
        repayment of loans furnished to MarketXT prior to the
        bankruptcy of MarketXT;

     -- Compensatory claim against damage caused by the alleged
        breach of fiduciary duty of loyalty on the defendants
        side that allegedly prevented the plaintiff from
        obtaining important information on E*trade Financial
        Corporation in a transaction in which MarketXT sold its
        subsidiary to E*trade; and,

     -- Compensatory claim against damage associated with the
        closedown of MarketXT, Inc. (a subsidiary of MarketXT),
        based on the allegation that the closedown is
        attributable to the defendant.

(2) Amount in Damages Requested: Excess of $300 million

CONTACT: Softbank Corporation
         1-9-1 Higashi Shinbashi, Minato-ku
         Tokyo 105-7303, Japan   
         Phone: +81-3-5642-8000  
         Fax: +81-3-5543-0431


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

DOOSAN GROUP: Wants to Shift to Holding Business
------------------------------------------------
Doosan Group plans to change into a holding company for the
purpose of owning shares of other companies, reports The Korea
Herald.

Doosan told the Herald that it will simultaneously perform the
functions of a holding company but at the same time it wants to
retain its diverse business interests.

"This is because our emergency management committee thought it
too difficult to generate profits without operating business
groups," the source said.

"However, in order for Doosan to settle in among the nation's 10
largest conglomerates, Doosan Corp. should transform into a
complete holding company and concentrate on supervising its
affiliates."

However, a Doosan official said that it would take the Company a
long time to realize its plans considering its financial burdens
and a very high debt to capital ratio.

But another Doosan official said that the shift can be achieved
sooner than expected as the Company's operating profit surpassed
KRW100 billion last year.  Another consideration is the surge in
the appraisal value of its shares in Doosan Infracore Co. and
Doosan Heavy Industries.  


SSANGYONG MOTOR: Downplays Report on Full Takeover by SAIC
----------------------------------------------------------
Ssayong Motor Company Limited brushed off reports that its
recent sacking of eight executives would boost Shanghai
Automotive Industry Corp.'s control over Ssangyong, Asia Pulse
reports.

The recent executive departures followed the firing of former
Ssangyong Chief Executive Officer So Jin-Kwan by Shanghai
Automotive in November 2005 for failing to meet the Company's
2005 sales target.  Six other executives were also made to
leave.

Ssangyong sold a total of 141,306 vehicles in 2005, way below
its 170,000 target.

In January 2005, Shanghai Automotive completed buying a 48.9-
percent stake in Ssangyong Motor for US$500 million.

Meanwhile, Ssangyong is expected to post a net loss of KRW50
billion in 2005, compared with a profit of KRW11.3 billion a
year earlier.  Ssangyong is set to announce its earnings result
in March.

CONTACT: Ssangyong Motor Company Limited
         150-3 ChilgoE-dong
         Pyeongtaek-si, Kyonggi 459-711
         Korea (South)
         Telephone: +82 31 610 1114
         Fax: +82 31 610 3739


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

ATLAN HOLDINGS: Repurchases Ordinary Shares
-------------------------------------------
Atlan Holdings Berhad reported its January 27, 2006 shares buy
back, citing these details:

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

Total number of shares purchased (units): 1,000

Minimum price paid for each share purchased (MYR): 2.160

Maximum price paid for each share purchased (MYR): 2.160

Total consideration paid (MYR): 2,160.00

Number of shares purchased retained in treasury (units): 1,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,000

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT: Atlan Holdings Berhad   
         Level 4, Wisma Atlan,
         8 Persiaran Kampung Jawa,
         Bayan Lepas Penang 11900
         Malaysia
         Telephone: 04-6461328   
         Fax: 04-6461358
   

GADANG HOLDINGS: Forges Second Agreement with Heavy Industries
--------------------------------------------------------------
On January 26, 2006, Gadang Holdings Berhad and its wholly owned
subsidiary, Gadang Engineering Sdn Berhad, entered into a Second
Supplemental Deed of Settlement with Heavy Industries Valley Sdn
Bhd to vary the terms of their Conditional Second Deed of
Settlement dated July 3, 2003.

The new agreement resulted from the change in the amount of the
redemption sum owed by Heavy Industries to Public Merchant Bank
Berhad (the Chargee) from MYR20 million to MYR6.8 million.

In relation to the Second Supplemental Deed of Settlement, GESB
and Heavy Industries agreed to revoke the sale and purchase of
six plots of industrial lands.  Accordingly, the total price of
the industrial lands shall be reduced to MYR2,378,864.

CONTACT: Gadang Holdings Berhad
         Wisma Gadang 52, Jalan Tago 2
         Off Jalan Persiaran Utama
         Sri Damansara 52200 Kuala Lumpur
         Telephone: 03-6275 6888
         Fax: 03-6275 2136


MTD INFRAPERDANA: Issues New Shares for Listing, Quotation
----------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote MTD
Infraperdana Berhad's additional 86,000 new ordinary shares of
MYR0.60 each arising from the exercise of 86,000 warrants
2002/2007 on February 3, 2006.


NALURI CORPORATION: Buys Back New Shares
----------------------------------------
Naluri Corporation Berhad held a shares buy back on January 27,
2006.
   
Description of shares purchased: Ordinary Shares of MYR1.00 each  

Total number of shares purchased (units): 4,141,200

Minimum price paid for each share purchased (MYR): 0.505

Maximum price paid for each share purchased (MYR): 0.520

Total consideration paid (MYR): 2,114,496.72

Number of shares purchased retained in treasury (units):
4,141,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 6,141,200

CONTACT: Naluri Berhad
         161B Jalan Ampang
         50450 Kuala Lumpur, 50450
         Malaysia
         Telephone: +60 3 2162 0878 / +60 3 2162 0676


PAN MALAYSIA: Repurchases Ordinary Shares
-----------------------------------------
Pan Malaysia Corporation Berhad unveiled the result of its
shares buy back on January 26, 2006.

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

Total number of shares purchased (units): 51,000

Minimum price paid for each share purchased (MYR): 0.460

Maximum price paid for each share purchased (MYR): 0.465

Total consideration paid (MYR): 23,650.06

Number of shares purchased retained in treasury (units): 51,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 56,034,500

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT: Pan Malaysia Holdings Berhad
         Jalan P Ramlee
         Kuala Lumpur, 50250
         Malaysia
         Telephone: +60 3 2031 6722
         Fax: +60 3 2031 1299


SCOMI ENGINEERING: Exits PN17 Status
------------------------------------
Bursa Malaysia Securities Berhad reported that Scomi Engineering
Bhd (formerly known as Bell & Order Berhad) has regularized its
financial condition.

Following the implementation of the Company's Restructuring
Scheme, Scomien no longer triggers any of the criteria under
paragraph 2.0 of PN17.

Bursa Securities will continue to monitor the progress of the
PN17 companies in respect of their compliance with the Listing
Requirements of the Bourse.

A full-text copy of the definition and conditions under PN17 is
available for free at:

        http://bankrupt.com/misc/tcrap_pn17020106.pdf

CONTACT: Scomi Engineering Bhd (fka Bell & Order Berhad)
         28 & 30 Jalan Pjs 11/14  
         Bandar Sunway  
         Petaling Jaya 46150  
         Malaysia  
         Phone: 03 - 56336966  
         Fax: 03 - 56345081


SYARIKAT KAYU: Incorporates Three New Subsidiaries
--------------------------------------------------
Syarikat Kayu Wangi Berhad has incorporated three new wholly
owned subsidiaries:

   * SKW Development Sdn Bhd;
   * SKW Land Sdn Bhd; and
   * SKW Property Sdn Bhd.

The incorporation of these subsidiaries is part of the Company's
rationalization process to streamline its activities in property
development and property investment.

The incorporation will not have any material effect on the
earnings per share and the net tangible assets at the group
level, issued and paid-up share capital and substantial
shareholding of the Company.

CONTACT: Syarikat Kayu Wangi Bhd   
         Wisma Ng Hoo Tee, 79,
         Jalan Muar, Parit Sulong,
         Batu Pahat Johor 83500
         Telephone: 07-4186230,07-4186236   
         Fax: 07-4187519


TALAM CORPORATION: Purchases 1,000 Ordinary Shares on Buy Back
--------------------------------------------------------------
Talam Corporation Berhad held a shares buy back on January 26,
2006.

Description of shares purchased: Ordinary

Total number of shares purchased (units): 1,000

Minimum price paid for each share purchased (MYR): 0.200

Maximum price paid for each share purchased (MYR): 0.200

Total consideration paid (MYR): 200.00

Number of shares purchased retained in treasury (units): 1,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 878,600

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT: Talam Corporation Berhad
         5th Floor, Wisma Talam
         52 Jalan Kampung Attap
         50460 Kuala Lumpur, WP
         Malaysia
         Phone: 603-2732222
         Fax: 603-2731439


WONG ENGINEERING: Buys Back Ordinary Shares at MYR0.50 Each
-----------------------------------------------------------
Wong Engineering Corporation Berhad unveiled the result of its
shares buy back on January 27, 2006.

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

Total number of shares purchased (units): 38,500

Minimum price paid for each share purchased (MYR): 0.370 Maximum
price paid for each share purchased (MYR): 0.380

Total consideration paid (MYR): 14,523.59

Number of shares purchased retained in treasury (units): 38,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,677,900

CONTACT: Wong Engineering Corporation Bhd   
         Lot 24, Jalan Hi-Tech 4, Kulim Hi-Tech Park,
         Kulim Kedah 09000 Malaysia
         Telephone: 04-4031788   
         Fax: 04-4031799


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

ABS-CBN BROADCASTING: ATR Ups Profit Forecast
---------------------------------------------
ATR-Kim Eng Securities has raised its profit forecast for ABS-
CBN Broadcasting Corp in expectation of lower losses by the
Company's cable unit, Beyond Cable, The Philippine Daily
Inquirer says.

Loss-making ABS-CBN is expected to make a profit this year of
Php385 million, 31% more than the ATR-Kim Eng's previous
estimate of Php294 million.

According to The Inquirer, ABS-CBN is likely to have made a net
profit of Php136 million last year, substantially less than the
Php758 million it made in 2004.

ATR-Kim Eng analyst Lura Dy-Liacco told the Inquirer that an
earnings recovery is underway for ABS-CBN, but its valuation is
still expensive compared to other stocks.

Ms. Dy-Liacco said this year's earnings are likely to recover
from last year's disappointing performance, although they may
still be lower than 2004's.  She expects ABS-CBN's recurring
earnings to rise 184% to Php385 million, driven mainly by a 2%
increase in airtime revenues and a 5% reduction in operating
expenses.  Excluding losses from Beyond Cable, the company's
core earnings are likely to improve 126% to Php594 million, Ms.
Dy-Liacco said.

A reduction in salaries by about Php350 million following work
force reductions last year will boost ABS-CBN's earnings by
Php228 million, she added.

CONTACT: ABS-CBN Broadcasting Corp  
         Mother Ignacia St  
         Corner Sgt  
         Quezon City 1100  
         Philippines  
         Phone:  2 924 4101  
         Fax:  2 921 5888  
         Web site: http://www.abscbn-ir.com


LAFAYETTE MINING: Endangered Mammal Found Dead in Spill Site
------------------------------------------------------------
A pregnant dugong was found dead in Rapu-Rapu, Albay Wednesday,
raising speculations that the endangered marine mammal could
have died due to the contamination of the waters by mine spills
from a facility owned by Lafayette Mining Limited, The
Philippine Daily Inquirer reports.

The anti-mining alliance groups Defend Patrimony and Kalikasan
(Nature)-People's Network for the Environment (KPNE) claim the
animal was exposed to toxic chemicals from the Lafayette mine
spillage.

However, Lafayette Corporate Secretary and Director Julito
Sarmiento defended the dugong could have died from body injuries
from a still unknown source.  He said there were indications it
was bludgeoned.

In a statement, the Lafayette said it was unlikely that the
dugong was caught off Rapu-Rapu because the island is not known
to have dugongs.

The Department of Environment and Natural Resources said initial
reports revealed that the dugong was caught by a fisherman and
brought to the island, but it was not clear whether the dugong
was captured dead or alive.

According to The Inquirer, the Protected Areas and Wildlife
Bureau said it would send a team of veterinarians to conduct an
autopsy of the dugong to determine the cause of its death.
Samples of the dugong's blood, flesh and intestine were already
brought to the Ateneo de Manila University for tests.

Lafayette said it would agree to an investigation by competent
third parties to settle the issue, urging people not to "put
blame on the wrong parties".

Lafayette's Php1.4-billion project had two mine spills in Rapu-
Rapu in October last year, spilling cyanide into nearby creeks
that go out to the Pacific Ocean, a migratory path of marine
mammals and other cetaceans.

The Inquirer says that the latest incident is unfortunate for
Australia-based Lafayette, which is still trying to clear the
issue behind the mine spillage incident so it could resume
operations as soon as possible.

The Troubled Company Reporter - Asia Pacific earlier reported
that the government has suspended the Lafayette's operations at
the Rapu-rapu mine until the miner meets conditions imposed by
the regulator after the miner allegedly released cyanide into
local waters.

CONTACT: Lafayette Mining Limited
         Suite 1, Level 5
         189 Flinders Lane
         Melbourne
         Australia VIC 3000
         Telephone: +61 (0)3 9654 6044
         Facsimile: +61 (0)3 9654 6010
         e-mail: info@lafayettemining.com   
         Web site: http://www.lafayettemining.com


NATIONAL FOOD: Cereal Procurement Fund Benefits Farmers
-------------------------------------------------------
The National Food Authority's Php3.5-million cereal procurement
fund for January  2006 has benefited the farmers in the
province, The Philippine Information Agency says.

With adequate funding, NFA was able to overshoot the January
palay procurement target of 2,000 bags to 3,260 bags of 50
kilos.  As of January 30, NFA had a balance of Php1.8 million
for the ongoing buying operations.

NFA offers a higher buying price of Php10.00 per kilo plus
delivery and drying incentives of Php0.25 per kilo or a total of
Php10.25 for individual farmers.  For farmers' organizations or
cooperatives, NFA offers an additional Php0.25 representing the
Cooperative Development Incentive Fund CDIP or a total of
Php10.50 per kilo.

The sufficient amount of funding that NFA allocates for cereal
procurement in the province is a big help to address the plight
of farmers.

The NFA's mobile procurement is another strategy to relieve the
farmers of the burden of the transport cost for instead of the
farmers bringing their produce, it is the government agency that
goes to the farmers doorstep or to their farms or wherever it is
accessible, just to provide the farmers a greater access to
market their produce at a higher price.

Meanwhile, NFA is still pushing for the transfer of its rice
importing responsibility to the private sector.  

The Troubled Company Reporter - Asia Pacific earlier reported
that the NFA was inviting the private sector to join its rice
import program and eventually take over the importation of rice.  
A private sector takeover of NFA's responsibility will allow the
state-run agency to gradually make a turnaround from its huge
loss of Php22 billion last year.

However NFA's bid was met with disapproval by rice farmers'
groups, who claim the move would only weaken the government's
control of the flow of rice imports and eventually worsen the
rice smuggling situation in the country.

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


PILIPINO TELEPHONE: Unveils Board Meeting Results
-------------------------------------------------
On January 31, 2006, the Board of Directors of Pilipino
Telephone Corporation approved these matters.
            
              Audit Committee Appointment

Enrique G. Filamor was appointed as member of the Audit
Committee effective January 31, 2006, to replace Anabelle L.
Chua.

             Amendments to the Company's By-laws

  * Article II, Section 2- The schedule of the annual meeting of
    stockholders was postponed from April 27, 2006,  to May 16,
    2006.

  * Article VII, Section 3 - the Audit Committee shall be
    responsible for:

    -- selecting and recommending the Independent Auditors to
       be appointed by the Board of Directors and shall have the
       authority to recommend the removal of the Independent
       Auditors and to select and recommend the
       replacement in case of removal or resignation of the
       Independent Auditors; and

    -- rotation once every five years of the Independent
       Auditors or lead, engagement or coordinating audit
       partner having the primary responsibility
       for the audit or reviewing the audit of the Company's
       financial accounts.

                 Annual Meeting Postponement

The annual meeting of the Company's stockholders, originally
scheduled on April 27, 2006, was postponed to May 16, 2006, to
give the firm's management a reasonably sufficient time to:

     -- prepare the Information Statement and Annual Report for
        the year ended December 31, 2005, procure the
        Commission's approval/clearance of the Information
        Statement; and

     -- print the materials and complete delivery thereof to the
        Company's more than 30,000 stockholders of which
        approximately 27,000 are holders of common shares with
        voting rights, within the period required under the
        relevant rules.

The above schedule is consistent with the amendment to Article
II, Section 2 of the By-Laws of the Company.
   
                       Record Date

The record date for the purpose of determining the stockholders
entitled to receive notice of and vote their shares at the
annual meeting of stockholders has been set on March 20, 2006.

The deadline for receiving nominations for election to the Board
of Directors at the annual meeting of stockholders is at least
60 working days before the said meeting or on February 16, 2006.

Printed notice of the annual meeting of stockholders which shall
state the time, venue and agenda of said meeting will be
furnished to the Commission, the Philippine Stock
Exchange and the stockholders within the period prescribed under
applicable rules.

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


* Pre-need Industry Suffers 44.3% Sales Slump in 2005
-----------------------------------------------------
The country's ailing pre-need industry has reported a 44.3%
decline in sales last year, as investors back off due to the
financial woes hounding pre-need leaders such as College
Assurance Plans Philippines Inc. and Pacific Plans Inc., The
Philippine Star reveals.

In 2005, total pre-need sales only amounted to Php20.55 billion,
compares with Php36.92 billion in 2004.

According to The Star, the number of plans sold also dropped
40.42% to 302,596 from 507,846.  Of the total, education plans
suffered the highest decline in sales from 129,383 to 49,439
followed by pension plans with a total of 138,451 plans sold as
against 253,842 in the previous year.

The number of life plans sold also dropped by 7.96% to 114,706
from 124,621.  As a result, the value of these plans decreased
by 10.25% to Php3.79 billion from Php4.22 billion.

In terms of the contract value, sales of education plans reached
Php5.75 billion or 56.62% lower than the Php13.26 billion
reported in 2004.  Sales of pension plans, likewise, dipped
43.37% to Php11 billion from Php19.43 billion.

The Star says that initial collections from these plans amounted
to Php2.28 billion, down 51.52% from Php4.7 billion.

The pre-need industry caters to clients who resort to pre-need
plans as saving mechanisms to answer future needs of either
themselves or their beneficiaries.


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

CHON HWA: Receiving Proofs of Claim Until Feb. 23
-------------------------------------------------
Chon Hwa Construction Pte Limited intends to pay a dividend to
creditors.

Creditors are required to submit their proofs of claim by
February 23, 2006, to:

Don M. Ho, FCPA
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Phone: 65 6532 0320 (8 lines)
Fax: 65 6532 0331


MAGNUS ENERGY: Sells Off Equity Interest in Unit
------------------------------------------------
On January 20, 2006, Magnus Energy Group Limited entered into a
sale and purchase agreement to dispose of its entire 52% equity
interest in subsidiary, Strike Construction Pte Limited, to Ng
Yek Meng for SGD560,000.

Magnus Energy sold its underperfoming subsidiary in order to
diversify with a broad-based focus on the energy and resource
sector.  

Additional information on the disposal can be viewed for free
at:

   http://bankrupt.com/misc/tcrap_magnusenergy0201061.pdf

Magnus Energy Group Limited posted a significantly higher net
loss of SGD8.8 million in 2005, compared to a SGD1.7 million net
loss the year before.  A SGD4.6 million net loss from the
Company's divestment of 21.24% equity interest in associate firm
Lantrovision (Singapore) Limited contributed to net loss
increase.

The Company also made provisions for the impairment losses
amounting to SGD3.1 million in two freehold properties, two
leasehold properties and all the fixed assets in Development
Bank of subsidiary Strike Construction Pte Limited, as compared
to SGD0.7 million from FY04.  Additional provisions of SGD0.5
million were also made for long outstanding doubtful debts
resulting from a past director's emoluments being disapproved by
shareholders.  The Company also aborted a SGD0.5-million
project, further widening its losses.

A full-text copy of the Company's 2005 financial results is
available for free at:

   http://bankrupt.com/misc/tcrap_magnusenergy020106.pdf

CONTACT: Magnus Energy Group Limited  
         22 Tagore Lane  
         Singapore 787480  
         Phone: 65 6455 3922  
         Fax:   65 6455 7322  
         Web site: http://www.magnus.com.sg/  


REINSURANCE MANAGEMENT: Creditors' Claims Due Feb. 27
-----------------------------------------------------
Creditors of Reinsurance Management Corporation of Asia Pte
Limited are required to submit a formal proofs of claim by
February 27, 2006, to:

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

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


SUMMIT CHEMICALS: Prepares to Declare Dividend
----------------------------------------------
Summit Chemicals Asia Pte Limited notifies parties-of-interest
of its upcoming dividend distribution.

The Company's creditors are, therefore, required to submit their
proofs of claim by February 21, 2006, to:

Timothy James Reid
Liquidator
50 Raffles Place #16-06
Singapore Land Tower
Singapore 048623


WAYSS & FREYTAG: Court to Hear Winding Up Petition Feb. 10
----------------------------------------------------------
On January 18, 2006, creditor Yongnam Engineering & Construction
Private Limited filed a winding up petition against Wayss &
Freytag Singapore Pte Limited with the Singapore High Court.

The Court has scheduled to hear the Petition on February 10,
2006, at 10:00 a.m.

Any Company creditor or contributory who wants to support or  
oppose the winding up order may appear at the hearing by himself  
or his counsel for that purpose.

The Petitioner's solicitors will provide, upon payment of a  
regulated charge for the same, a copy of the winding up petition  
to any Company creditor or contributory who requires a copy of  
the petition.

The Petitioner's address is 51 Tuas South Street 5, Singapore
637644.

Any person who intends to appear at the hearing of the petition  
must serve on or send by post to solicitors Messrs Bogaars & Din  
a written notice of his intention to do so.  The notice must  
state the name and address of the person, or, if a firm, the  
name and address of the firm, and must be signed by the person,  
firm or his or their solicitor (if any) and must be served, or,  
if posted, must be sent by post to reach the solicitors not  
later than 12:00 p.m. on February 9, 2006.


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

PREMIER ENGINEERING: Repays Debt from Share Sale Proceeds
---------------------------------------------------------
Premier Engineering and Technology Public Co. Ltd. has received
the proceeds from the sale of its 11,351,967 ordinary shares at
a par value of THB1 on October 31, 2005.

Of the total THB11,351,967 generated from the sale:


     -- THB10,650,000 was used to repay the Company's debt to
        Thai Military Bank in accordance to an agreement the two
        parties signed on October 31, 2005;

     -- THB701,697 was used as working capital; and

     -- the rest was used to repay debt to creditors in
        accordance with the Company's Rehabilitation Plan.

CONTACT: Premier Engineering & Technology PCL
         1/10 Moo 4, Bangchan Industrial Estate,
         Khan Na Yao Bangkok  
         Telephone: 0-2517-1276-8, 0-2517-7520-8
         Fax: 0-2518-1473


THAI DURABLE: Purchaser Wants Payment Deadline Extended
-------------------------------------------------------
Thai Durable Group Public Co. Ltd. resolved during its
Extraordinary Shareholders Meeting on November 2, 2005, to
allocate newly issued shares to specific investors.

The investors have subscribed to 130,000,000 shares for THB0.89
per share, the payment of which will be divided into two
installments.  

On November 29, 2005, the Company received the first installment
of THB58,072,500.

The second installment of THB57,627,500 scheduled for January
31, 2006 has been received on January 27, 2006.  But due to the
fluctuation of currency rates, the amount paid on January 27
fell short of the required payment.

As a result, the Hong Kong-based purchaser has requested to
extend the deadline for payment so it could pay the remaining
balance on February 10, 2006.

CONTACT: Thai Durable Group Pcl   
         33 Moo 4 Suksawadi Road,
         Tambol Bangchak, Phra Pradaeng Samut Prakarn    
         Telephone: 0-2463-0024, 0-2463-2293-6   
         Fax: 0-2463-3821





                            *********


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.

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