TCRAP_Public/060208.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

             Wednesday, February 8, 2006, Vol. 9, No. 028

                            Headlines

A U S T R A L I A

ALBDON PTY: Receiver Ceases to Act
BAE SYSTEMS: Decides to Close Business
BISLEY ASSET: Creditors' Claims Due on Feb. 15
B.P.M. NOMINEES: Winds Up Operations
BRETHERTON JEFFERIES: Enters Voluntary Liquidation

CASA AUSTRALIA: Appoints White and Newman as Liquidators
CORNELIUS PTY: Prepares to Close Shop
CORPORATE BRANDS: Falls Into Receivers' Hands
EVANS & TATE: Slashes 20 Jobs as Part of Restructuring Efforts
FANTAZ PTY: To Pay Dividend to Creditors

FLIGHT CENTRE: Shares Up 17% on Bullish Earnings Guidance
GENERAL INVESTMENT: Shuts Down Operations
HIH INSURANCE: Former Finance Director to Face Committal Hearing
IACEO ENA: Members Pass Winding Up Resolution
JH STATIONERS: Court to Hear Wind-up Petition Feb. 13

KESTREL MARKETING: Liquidators to Give Wind-up Report
KLASSIC KIWI: CIR Lodges Petition to Liquidate Firm
MONTROSE FARM: Shareholders Agree on Liquidation
NATIONAL AUSTRALIA: Former ForEx Trader Pleads Guilty of Charges
NORTONS CARTAGE: Placed Under Voluntary Liquidation

ONE.TEL LIMITED: Former PBL CEO to Answer Dishonesty Claims
OPC MANAGED: To Liquidate Assets and Distribute Proceeds
PETJILL PTY: Members Agree to Liquidate
PHILLIPS & HOUSE: Inability to Pay Debts Leads to Wind-up
QANTAS AIRWAYS: Pursues Bargaining Talks With Workers Union

RUDMA PTY: Members Agree to Liquidate Firm
SANTOS LIMITED: Student Identifies Savings After Energy Audit
STEELFIX PTY: To Distribute Final Dividend
STEPHENS PROPERTIES: To Hold Final Meeting on Feb. 10
TELSTRA CORPORATION: Expects Fall in First-Half Profit

TELSTRA CORPORATION: Labor Wants CEO to Face Senate Committee
TONITA PTY: Commences Voluntary Liquidation
TRANSOL CORPORATION: Receiver Completes Assets Sale
VEGROLLI PTY: Members & Creditors to Receive Wind-up Details
WORLD CLASS: Liquidator to Present Wind-up Report


C H I N A  &  H O N G  K O N G

BALLINGTON INTERNATIONAL: Members & Creditors to Meet on Feb. 22
BANK OF CHINA: Fraud Charges Prompt Internal Controls
BONCH INVESTMENTS: Liquidator to Present Company Report
CHINA EVERBRIGHT: To Finish Restructuring in 1H/2006
GOLDENLEO INVESTMENTS: Creditors' Claims Due March 7

GRUPPO CONCIARIO: Creditors' Proofs of Claim Due March 2
LUEN WON: Creditors' Proofs of Claim Due March 10
MARSON PROPERTIES: To Hold Final Meeting on Feb. 22
SANGUINE INTERNATIONAL: Liquidator to Meet with Creditors
SEMICONDUCTOR MANUFACTURING: Narrows 4Q/2005 Loss to $15.0 Mln

TCL COMMUNICATIONS: Unveils Outcome of Board Meeting
TCL COMMUNICATION: Speeds Handset Rollout
UNIQUE INTERNATIONAL: Liquidator to Meet Members & Creditors


I N D I A

BHARAT PETROLEUM: Revamps Retail Strategy
ESSEL PROPACK: Issues Notice of Postal Ballot
PEE JAY: Board OKs Name Change and Sale of Unit
SONI MONI: RBI Cancels Certificate of Registration
SPICE SYSTEMS: To Halt Operations and Sell Facilities at Noida


I N D O N E S I A

BANK MANDIRI: May Withdraw Planned Debt Issue
PERUSAHAAN LISTRIK: Finance Director Questioned in Mark-up Case
PERUSAHAAN LISTRIK: DPR May Allow Additional Fuel Subsidy
TOTAL INDONESIE: Appoints New General Manager


J A P A N

HITACHI LIMITED: Strengthens Global Consulting Business
HITACHI LIMITED: Develops World's Smallest IC Chip
JAPAN AIRLINES: To Halt Flights to Four International Routes
LIVEDOOR CO.: Livedoor Auto Reviews Tie-up to Protect Business
SANYO ELECTRIC: Pumps US$20 Mln into Joint Venture


K O R E A

CITIBANK KOREA: To Offload Stake in Financing Unit
INCHON OIL: To Reduce Crude Runs for March


M A L A Y S I A

AVANGARDE RESOURCES: In Talks for Additional Projects
AVANGARDE RESOURCES: All AGM Resolutions Get Directors' Nod
JIN LIN: Prepares to Implement Restructuring Scheme
KRAMAT TIN: Draws Up Necessary Documents for Approval
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation

MAXIS COMMUNICATIONS: New Shares up for Listing, Quotation
MEDIA PRIMA: Bourse to List, Quote New Shares Today
PACIFIC & ORIENT: New Shares Set for Listing, Quotation Today
PAN MALAYSIA: Buys Back Ordinary Shares
SETEGAP BERHAD: Completion of Regularization Scheme Nears

TIMES OF MALAYSIA: Ceases Business Operations


P H I L I P P I N E S

ABS-CBN BROADCASTING: Faces Class Action Over Stampede
LAFAYETTE MINING: DENR Accused of Taking Sides
LIBERTY TELECOMS: Amends Quarterly Report
LMG CHEMICALS: Temporarily Shuts Down Plant
METRO PACIFIC: To Acquire French Firm's Stake in NLEX

UNITED COCONUT: e-Banking Operations Grow 15%
* Pre-need Trust Fund 9.2% Amid Crisis


S I N G A P O R E

GURCHARAN SINGH: OCBC Files Wind-up Petition
SEALION OFFSHORE: Creditors' Claims Due Next Month
STATS CHIPPAC: Prepares Defense Against Infringement Lawsuit


T H A I L A N D

EASTERN PRINTING: Lays Out Meeting Agenda
EASTERN WIRE: Director Steps Down from Post


     -  -  -  -  -  -  -  -

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

ALBDON PTY: Receiver Ceases to Act
----------------------------------
On January 19, 2006, Jamieson Louttit retired and ceased to act
as the official receiver and manager of Albdon Pty Limited.


BAE SYSTEMS: Decides to Close Business
--------------------------------------
Members and creditors of BAE Systems Australia Properties Pty
Limited held a meeting on January 19, 2006, and agreed to close
the Company's business.

Moreover, the parties appointed Timothy Paul Burfield and
Anthony Stevens Smith, of Ernst & Young, as liquidators to
oversee the wind-up operations.


BISLEY ASSET: Creditors' Claims Due on Feb. 15
----------------------------------------------
Bisley Asset Management Pty Limited will declare a final
dividend on February 15, 2006.

Creditors whose debts or claims have not already been admitted
are required to formally prove their claims by February 14,
2006.  Failure to comply will exclude creditors from the benefit
of the dividend.


B.P.M. NOMINEES: Winds Up Operations
------------------------------------
On January 12, 2006, the members of B.P.M. Nominees Pty Limited
agreed to voluntarily wind up the Company's operations.  They
also appointed Victor Raymond Dye and Nicholas Giasoumi, of Dye
& Rennie Chartered Accountants, as liquidators.


BRETHERTON JEFFERIES: Enters Voluntary Liquidation
--------------------------------------------------
At a general meeting on January 12, 2006, the members and
creditors of Bretherton Jefferies Pty Limited concurred that the
Company needs to voluntarily commence winding up its operations.

Gregory Stuart Andrews, of G. S. Andrews & Associates, was
nominated to act as liquidator to manage the wind-up activities.


CASA AUSTRALIA: Appoints White and Newman as Liquidators
--------------------------------------------------------
At an extraordinary general meeting of Casa Australia Pty
Limited on January 12, 2006, members resolved that the Company
undergo voluntary liquidation.  Clyde Peter White and Philip
Newman, of HLB Mann Judd Chartered Accountants, were then named
to supervise the Company's wind-up activities.


CORNELIUS PTY: Prepares to Close Shop
-------------------------------------
Members of Cornelius Pty Limited convened on January 12, 2006,
to voluntarily wind up the Company's operations.

Geoffrey Niels Handberg and Brent Leigh Morgan, of D'Aloia
Handberg Chartered Accountants, were appointed as liquidators to
supervise Cornelius' wind-up activities.


CORPORATE BRANDS: Falls Into Receivers' Hands
---------------------------------------------
On January 26, 2006, John Joseph Cregten and Andrew John McKay,
chartered accountants of Auckland, were appointed joint and
several receivers and managers of the property of Corporate
Brands Limited under the powers contained in the Company's
general security agreement dated March 19, 2003.

The receivership will cover all of the company's undertaking,
property and assets.


EVANS & TATE: Slashes 20 Jobs as Part of Restructuring Efforts
--------------------------------------------------------------
Evans & Tate Limited has shed 20 jobs as part of its cost-
cutting efforts, which is expected to bring in an estimated
AU$2.5 million in annual savings.

The West Australian cites E&T's chief executive officer, Martin
Johnson, as saying that the cost-cutting is part of the first
stage of the Company's turnaround strategy, which started before
he was appointed as CEO by KordaMentha Consultancy 333
Performance Management in November 2005.

The paper relates that the job cuts, which Mr. Johnson clarified
to be generally contained to back-office functions, come as the
Company works to regain a positive cash flow.
  
The Sydney Morning Herald further reports that E&T has also
condensed its management team, which is now comprised of Mr.
Johnson, as well as a chief financial officer, executive general
manager, operations manager and company secretary.  Mr. Johnson
will personally take responsibility for the company's sales and
marketing function until 2007.

The changes in the management team, according to Asia Pulse, are
the result of a strategic review of the Company's management
structure, performed in conjunction with Consultants 333.  The
Company said that the review identified cost savings across the
business to be delivered through a management restructure, which
will improve efficiencies and productivity out of the finance
function and the other departments.

Mr. Johnson said that as soon as the Company is profitable, it
will start paying its debts.  For one, E&T's bank, ANZ, which
was owed AU$107 million by June 30, 2005, has chipped in more
than AU$20 million in working capital since July.

In 2004/05, E&T posted an annual net loss of AU$49.8 million --
largely due to a AU$30.6 million writedown of surplus wine --
compared to a AU$7.6 million profit in 2003/04.

E&T shares closed one cent lower at 21 cents on Monday before
its disclosure of the restructuring to the Australian Stock
Exchange.

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production of
a number of branded wines in Australia the marketing and
distribution of owned and agency brands in Australia, North
America and the United Kingdom, the production and distribution
of branded, exclusive labeled and unbranded wines, contract
winemaking, wine trading, viticultural services and wine tourism
through its Visitor Centers in Margaret River (Western
Australia), the Yarra Valley (Victoria), Griffith (New South
Wales) and Mildura (Victoria).


FANTAZ PTY: To Pay Dividend to Creditors
----------------------------------------
Fantaz Pty Limited will declare a first and final dividend to
its general unsecured creditors on February 14, 2006.

Creditors who are not able to submit their proofs of claim to
the liquidator, J. A. Shaw, of Ferrier Hodgson (Newcastle), will
be excluded from the benefit of the dividend.


FLIGHT CENTRE: Shares Up 17% on Bullish Earnings Guidance
---------------------------------------------------------
Shares in Flight Centre Limited climbed 17% Tuesday after the
Company released preliminary details on its second quarter
performance, ahead of its first half result announcement on
February 23, 2006.   The Company said that it expected a pre-tax
result for the three months to December 31, 2005, that was
broadly in line with the previous corresponding quarter.   

Executive chairman Graham Turner said the unaudited results
signaled that Flight Centre had "turned the corner" after a
disappointing first quarter and that the company should see a
better second half.

The company said expansion into Asia was now extending to
Singapore, Thailand, Korea, the Philippines, Malaysia and Japan,
via licensing agreements.

"The expansion of the company's FCm Travel Solutions corporate
travel management network also continues to gain momentum," Mr.
Turner added.

Flight Centre noted the company was starting to see benefits
from the investment in creating the FCm travel solutions
network.

Flight Centre Limited -- http://www.flightcentre.com-- is an  
independent travel retailer now operating more than 1,500 retail
stores in the United Kingdom, Australia, New Zealand, South
Africa, the United States, Canada, Beijing, Singapore and Hong
Kong, and employs more than 7,000 people worldwide.  The brand
is established as the market leader for the cost-conscious
traveler and specializes in the cheap flights, holiday packages,
domestic travel and ancillary sales.  The company's highly
trained consultants offer a total travel service to the
consumer, arranging airfares, accommodation, rail and coach
tours, cruises, car hire, visas and travel insurance.


GENERAL INVESTMENT: Shuts Down Operations
-----------------------------------------
Members of The General Investment Company Pty Limited convened
on January 13, 2006, to liquidate the Company's business
operations.

Subsequently, the members named R. J. May, of KPMG, to
administer the Company's wind-up activities.


HIH INSURANCE: Former Finance Director to Face Committal Hearing
----------------------------------------------------------------
HIH Insurance Limited's former finance director, Dominic Fodera,
has been directed by Chief Magistrate Derek Price to face a
committal hearing for authorizing a company prospectus that
omitted required information, The Australian reports.

The committal hearing will be held on June 1-2.

Mr. Fodera appeared briefly in Sydney's Downing Centre Local
Court yesterday, charged with seven offences under corporations
law, including failure to act honestly as a director in the
discharge of his duties and knowingly giving false and
misleading information to directors and auditors.  Accordingly,
he will next appear on the remaining six charges in the same
court on March 7, 2006.

The Australian Securities and Investments Commission alleges
that Mr. Fodera rubber stamped an HIH prospectus in 1998 seeking
AU$150 million from investors for a takeover of FAI Insurances.
ASIC also contends that the prospectus failed to disclose the
full details of previous agreements between HIH and the note
issues co-underwriter Societe Generale Australia.


IACEO ENA: Members Pass Winding Up Resolution
---------------------------------------------
At Iaceo Ena Pty Limited's extraordinary general meeting on
January 12, 2006, members resolved that it is in the Company's
best interests to liquidate its operations.

Victor Raymond Dye and Nicholas Giasoumi, of Dye & Rennie
Chartered Accountants, were appointed to oversee the wind-up.


JH STATIONERS: Court to Hear Wind-up Petition Feb. 13
-----------------------------------------------------
On December 6, 2005, the Commissioner of Inland Revenue filed an
application to wind up JH Stationers (Timaru) Limited.

The High Court at Christchurch will hear the application on
February 13, 2006 at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than February 11, 2006 to:

         Julia Dykema
         Solicitor for the Plaintiff
         Inland Revenue Department,
         Technical and Legal Support Group,
         South Island Service Centre,
         Ground Floor Reception,
         518 Colombo Street
         (P.O. Box 1782), Christchurch
         New Zealand
         Telephone: (03) 363 1809
         Facsimile: (03) 363 1889


KESTREL MARKETING: Liquidators to Give Wind-up Report
-----------------------------------------------------
A final meeting of the members of Kestrel Marketing Pty Limited
will be held on February 10, 2006, at 9:00 a.m.

At the meeting, liquidator Stephen Neville Hall will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.


KLASSIC KIWI: CIR Lodges Petition to Liquidate Firm
---------------------------------------------------
On December 15, 2005, the Commissioner of Inland Revenue filed
an application with the High Court to put Klassic Kiwi Tees New
Zealand Limited into liquidation.

The application will be heard before the High Court at
Palmerston North on February 13, 2006, at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than February 11, 2006 to:

          ELLEN-MARIE CARPENTER
          Solicitor for the Plaintiff
          Technical and Legal Support Group
          Napier Service Centre
          Level Four, Library Building
          22 Station Street
          (P.O. Box 1144), Napier
          Telephone: (06) 834 2315
          Facsimile: (06) 834 2301.


MONTROSE FARM: Shareholders Agree on Liquidation
------------------------------------------------
On January 25, 2006, the shareholders of Montrose Farm Limited
passed a special resolution to liquidate the Company's
operations.

Anthony John McCullagh and Stephen Mark Lawrence, insolvency
practitioners of Horwath Corporate (Auckland) Limited, were
appointed joint and several liquidators.

Upon appointment of the liquidators, the Company's directors
resolved to pay its debts to creditors.

The liquidators are requesting the Company's creditors to prove
their claims and to establish any priority their claims may have
by February 28, 2006.  Failure to comply with the requirement
will exclude them from the benefit of any distribution.


NATIONAL AUSTRALIA: Former ForEx Trader Pleads Guilty of Charges
----------------------------------------------------------------
National Australia Bank Ltd.'s former foreign exchange options
trader, Gianni Gray, pleaded guilty to three counts of
dishonestly using his position as an employee for personal gain,
The Age reports.

The Age says that the Australian Securities and Investments
Commission had also charged two other traders -- Vincent Ficarra
and David Bullen -- after investigations into an alleged
unauthorized foreign exchange trading, which cost NAB AU$326
million.  Messrs. Ficarra and Bullen pleaded not guilty.

The ASIC alleges that Mr. Gray, together with the other traders,
placed false information into NAB's accounting systems to
falsely inflate the profit results of the forex options desk
between September 2003 and January 2004.  The ASIC also says Mr.
Gray improperly got a performance bonus for the 2003/2004
financial year.

According to the paper, Mr. Gray's bail was extended to
March 23 for a sentencing hearing in the County Court of
Victoria.

Messrs. Ficarra and Bullen will appear for trial in the County
Court of Victoria on April 19.

The ASIC relates that the charges against Mr. Gray are similar
to those pressed against the former head of the foreign exchange
options desk, Luke Duffy.  Mr. Duffy is now serving a minimum 16
months in jail after pleading guilty in June 2005.

Headquartered at Melbourne, in Victoria, Australia, National  
Australia Bank Ltd. -- http://www.national.com.au/-- offers a   
wide range of financial services, including: personal banking,  
business banking, corporate banking, agribusiness, wealth  
management, transactional solutions, custody services asset  
finance and leasing financial planning.  The bank's Australian  
Division is focused on delivering financial solutions to help  
customers achieve their financial goals.  As at September 30,
2004, the bank in Australia had 34 integrated financial service
centers, 219 business banking centers, 108 agribusiness
locations, 787 branches and over 3,000 Australia Post Giro Post
outlets.  At that time, the Australian Division had 24,567
employees.


NORTONS CARTAGE: Placed Under Voluntary Liquidation
---------------------------------------------------
At Nortons Cartage Contractors Pty Limited's general meeting on
January 10, 2006, members resolved that it is in the Company's
best interests to liquidate its operations.

Adrian Lawrence Brown and George Georges, of Ferrier Hodgson,
were appointed to oversee the wind-up.


ONE.TEL LIMITED: Former PBL CEO to Answer Dishonesty Claims
-----------------------------------------------------------
The former chief executive officer of Publishing and
Broadcasting Ltd, Peter Yates, will be asked to defend himself
against claims that he lied to One.Tel Limited's Board of
Directors.  Mr. Yates will be brought to the witness stand on
Thursday, The Sydney Morning Herald reports.

According to The Age, David Williams, senior counsel for One.Tel
founder Jodee Rich and former finance director Mark Silberman,
told the New South Wales Supreme Court that they have evidence
to support allegations that Mr. Yates had lied to the Board.

The Australian Securities and Investments Commission is suing
Messrs. Rich and Silbermann for AU$92 million over One.Tel's
collapse.  Messrs. Rich and Silbermann are believed to have
provided misleading financial information to the Company's
Board.

PBL, together with News Corp, invested almost AU$1 billion in
One.Tel.

The Sydney Herald recounts that Mr. Yates spent five days last
year giving evidence of the events leading up to the Board's
meeting on May 29, 2001, at which directors voted to put One.Tel
into administration.  Judge Robert Austin ruled that Mr. Yates
could be recalled but ordered Mr. Williams to limit questions to
events on May 29.  The One.Tel case has been running for 17
months.


OPC MANAGED: To Liquidate Assets and Distribute Proceeds
--------------------------------------------------------
Insolvency practitioner Henry David Levin and chartered
accountant Barry Jordan were appointed joint and several
liquidators of OPC Managed Rehab Limited on January 26, 2006, by
the High Court at Auckland.

Pursuant to Section 245 of the Companies Act 1993, the
Liquidators will dispense with the meeting of creditors in order
to keep costs to a minimum and maximize returns to creditors.

The liquidators will accept creditors' proofs of claims on or
before February 16, 2006.  Creditors who have not filed a proof
of claim at the date a distribution is declared will be excluded
from the benefit of that distribution.

Any creditors claiming a security interest in respect of the
company should immediately provide details to the liquidators.

Inquiries for information relating to the initial report to
creditors, postal voting papers, proxy forms, claim forms or
meeting agenda may be made to:

          Amy Sexton
          McCallum Petterson
          Level Eleven, Forsyth Barr Tower
          55-65 Shortland Street, Auckland
          Telephone: (09) 336 0000
          Facsimile: (09) 336 0010


PETJILL PTY: Members Agree to Liquidate
---------------------------------------
On January 12, 2006, the members of Petjill Pty Limited convened
and agreed that:

   -- the Company be wound up voluntarily; and

   -- Robyn Erskine and Peter Goodin, of Brooke Bird & Co.
      Insolvency Practitioners, be appointed to supervise   
      the Company's wind-up activities.


PHILLIPS & HOUSE: Inability to Pay Debts Leads to Wind-up
---------------------------------------------------------
Phillips & House (Properties) 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, Julie Deryl House was appointed to oversee the
Company's liquidation activities.


QANTAS AIRWAYS: Pursues Bargaining Talks With Workers Union
------------------------------------------------------------
Qantas Airways resumed enterprise bargaining talks with the
Australian Manufacturing Workers Union and Australian Workers
Union yesterday.

The Age reports that Qantas is set to slash workers' overtime
pay, which move is expected to get negative reaction from around
2,100 maintenance workers.  AWU's national secretary, Bill
Shorten, recently warned that Qantas' plan could result in a 30%
pay cut for the workers.

Qantas earlier indicated that it wants overtime pay to be
accumulated by workers in a "bank" of up to 38 hours, and to be
paid when staff are laid off for up to one week (with no normal
pay) during quiet times.  The airline also wants to be able to
average out workers' 38-hour working weeks over a six-month
period, rather than the current four weeks.

This means workers could work extremely long hours with no
overtime pay during busy periods and few hours in quiet times,
the papers relate.  There are estimates that Qantas maintenance
workers could lose an average of AU$10,000 a year in overtime
from Qantas' proposal.

Unions have argued that Qantas' proposals only involve slashing
the take-home pay of workers, rather than focusing on more
efficient work practices.  Qantas, meanwhile, had explained its
need to cut costs and jobs across its heavy engineering division
to remain competitive against foreign airlines that outsource
the upkeep of their jets to facilities in Asia.

                          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.  The
Qantas Group also 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.


RUDMA PTY: Members Agree to Liquidate Firm
------------------------------------------
On January 11, 2006, members of Rudma Pty Limited agreed that a
voluntary wind-up of the Company is necessary and in its best
interests.

Accordingly, Paul Vartelas of B. K. Taylor & Co. was appointed
as official liquidator.


SANTOS LIMITED: Student Identifies Savings After Energy Audit
-------------------------------------------------------------
Santos Limited has found ways to save tens of thousands of
dollars after chemical engineering student Andrew Coward ran an
energy audit on a gas-compression station at the Company's
Moomba plant.  As a result of the audit, Mr. Coward, who works
with the Company as part of a vacation induction program,
identified savings that will be effected at similar stations.

Mr. Coward told The Advertiser that his project had been
structured around finding energy-saving opportunities out in the
field.  Moreover, Mr. Coward's project had a positive political
impact through environmental benefits of reduced emissions.

According to the paper, Mr. Coward was one of 29 students
employed at Santos for 12 weeks over the Christmas break.

                    About Santos Limited   
   
Headquartered in Adelaide, South Australia, Santos Limited --    
http://www.santos.com.au/-- is an Australian oil and gas      
exploration and production company with interests and  
operations in major Australian petroleum provinces and in
the United States, Indonesia, Papua New Guinea, Kyrgyzstan and
Egypt.  Santos supplies 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.


STEELFIX PTY: To Distribute Final Dividend
------------------------------------------
Steelfix Pty Limited will declare its first and final dividend
on February 13, 2006.

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


STEPHENS PROPERTIES: To Hold Final Meeting on Feb. 10
-----------------------------------------------------
The members of Stephens Properties Pty Limited will convene on
February 10, 2006, at 10:30 a.m., to receive the liquidators'
account regarding the Company's completed wind-up and disposal
of property.

Katherine Elizabeth Barnet and William John Fletcher, of
Bentleys MRI Chartered Accountants, are the Company's
liquidators.


TELSTRA CORPORATION: Expects Fall in First-Half Profit
------------------------------------------------------
Telstra Corporation is expected to report a fall in its first-
half profit of around 12.5% this week as the Company's fixed-
line revenue continues to slide, The Advertiser says.

The paper relates that analysts are predicting net profit before
unusual items to come in around AU$2.09 billion.  They say
results will compare with the AU$2.39 billion underlying net
profit reported in the previous corresponding half.

The analysts are still waiting for updates on a major
restructure announced by the Company in November.  

The awaited profit announcement is expected to be the second-
last from Telstra before the Federal Government sells its
remaining 51.8% stake this year.

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: Labor Wants CEO to Face Senate Committee
-------------------------------------------------------------
Labor has made a move to force Telstra Corporation's chief
executive officer, Sol Trujillo, to face a Senate committee next
week, The Australian reports.

According to the paper, senators from all parties had complained
last year that Telstra's senior officers who attended estimates
committee hearings avoided or refused to answer their queries.

Nationals senator Fiona Nash has asked Mr. Trujillo to attend
next Monday's Senate estimates hearing on communications.  
However, Mr. Trujillo refused to attend, saying he would instead
send senior executives.

The Australian says that opposition communications spokesman
Stephen Conroy will submit a motion to the Senate seeking votes
to call for Mr. Trujillo to front the committee.  Senator Conroy
said Senator Nash and her Nationals colleague, Barnaby Joyce,
were the Labor party's best chance of getting the motion through
the Senate.

Senator Conroy says its time for Mr. Trujillo to front up and
tell the Senate and the Australian public what the CEO's plans
for Telstra are.  Senator Conroy said that questions to be
answered include the timing of the switch-off of Telstra's CDMA
mobile phone network in the bush, the axing of up to 12,000
jobs, attacks on the competition watchdog over regulation and
the overseas outsourcing of services.

If the Senate passes the motion and Mr. Trujillo refuses to
attend, the Senate can then move to censure him.  A censure
motion could result in an inquiry into a contempt charge by the
privileges committee, which has the power to recommend
penalties.

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.


TONITA PTY: Commences Voluntary Liquidation
-------------------------------------------
At a meeting of Tonita Pty Limited's members on January 15,
2006, a resolution to voluntarily wind up the Company's business
was passed.  H. A. MacKinnon and K. L. Sutherland, of Bent &
Cougle Pty Limited, were nominated as liquidators for that
purpose.


TRANSOL CORPORATION: Receiver Completes Assets Sale
---------------------------------------------------
As Joint Receiver and Manager of Transol Corporation Limited,
Tony Sims, of Simspartenrs Chartered Accountants, has completed
the sale of certain Transol Group assets to Nestor Incorporated,
a listed corporation on the Nasdaq Exchange.

The sale completion has resulted in the retirement of the
Reecivers and Manager from TCL.

The Receivers and Managers have also retired from TCL's
subsidiary, Transol Holdings Pty Limited.  However, they remain
appointed to Transol Pty Limited and expect to retire in April
2006.

The Troubled Company Reporter - Asia Pacific reported last year
that Transol Corporation fell into receivership on July 14,
2005, following the appointment of voluntary administrators on
the same date.


VEGROLLI PTY: Members & Creditors to Receive Wind-up Details
------------------------------------------------------------
The final meeting of the members and creditors of Vegrolli Pty
Limited is slated for February 10, 2006, at 11:00 a.m., for them
to get an account of the manner of the Company's wind-up and
property disposal from liquidator Schon G. Condon.


WORLD CLASS: Liquidator to Present Wind-up Report
-------------------------------------------------
A final meeting of World Class Industries Pty Limited will be
conducted on February 10, 2006, at 4:00 p.m.

Liquidator M. F. Cooper, of Frasers Insolvency Agency, will
present a final account regarding the Company's wind-up
operations at that meeting.


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

BALLINGTON INTERNATIONAL: Members & Creditors to Meet on Feb. 22
----------------------------------------------------------------
The members and creditors of Ballington International Limited
will meet on February 22, 2006, at 9:00 a.m. and 2:00 p.m.,
respectively, at the 27th Floor, Alexandra House, 18 Chater
Road, in Central, Hong Kong.

The members and creditors of the Company will consider the
liquidator's final account on wind-up.


BANK OF CHINA: Fraud Charges Prompt Internal Controls
-----------------------------------------------------
Bank of China vowed to strengthen its internal controls after
the former heads of one of its local branches were charged in
the United States with a scheme to defraud the bank of US$485
million, reports Reuters.

As previously reported in the Troubled Company Reporter - Asia
Pacific, a U.S. federal grand jury charged Xu Chaofan and Xu
Guojun, former branch managers at the state bank, and their
wives with 15 counts of money laundering, racketeering and fraud
over a 13-year scheme on January 31, 2006.

The charges come as the bank has sought to clean up its
operations and revamp its image ahead of the big share sale.

The bank, planning an US$8 billion share sale in the first
quarter of this year, might delay the initial public offering
until the second half due to a debate over whether it should
also be forced to list its shares on one of China's hard-pressed
domestic exchanges.

Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.


BONCH INVESTMENTS: Liquidator to Present Company Report
-------------------------------------------------------
The meetings of the members and creditors of Bonch Investments
Limited will be held on February 22, 2006, for the parties to
receive the liquidator's final account showing how the Company
was wound up.

The meeting among members will be held at 9:15 a.m., followed by
the creditors at 2:30 p.m.


CHINA EVERBRIGHT: To Finish Restructuring in 1H/2006
----------------------------------------------------
China Everbright Bank Co. expects to complete its financial
restructuring in the first half of this year, the Beijing
Morning Post reports.

The restructuring scheme includes a capital injection from the
state-owned Central Huijin Investment Company and a sale of bad
assets to China Cinda Asset Management Corporation.

Standard Chartered PLC may take a 19% in the Chinese bank after
its reorganization.  The bank plans to concurrently list shares
abroad and domestically in the second half of this year or the
first half of 2007.

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned  
commercial bank with shares held by international financial
institutions.  For more than 11 years, the bank has focused on
growth and innovation.  By the end of 2003, China Everbright
Bank had established over 370 banking offices in 36 major cities
all over 23 provinces, autonomous regions and city provinces,
and has become a nation-wide joint-stock commercial bank with
modest influence on China's economic and social development.


GOLDENLEO INVESTMENTS: Creditors' Claims Due March 7
----------------------------------------------------
Creditors of Goldenleo Investments Limited are required to prove
their claims by March 7, 2006, to liquidator Leung Hok Lim.

Failure to comply with this requirement will exclude creditors
from the distribution of available funds.


GRUPPO CONCIARIO: Creditors' Proofs of Claim Due March 2
--------------------------------------------------------
Creditors of Gruppo Conciario Veneto (Asia) Limited are required
to submit the particulars of their debts or claims, as well as
information regarding their solicitors, if any, by March 2,
2006.  The proofs of claims must be submitted to the Company's
liquidator:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          c/o Horwath Management Services Limited
          3801 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong
          Tel: +852 2526 2191
          Fax: +852 2810 0502
          e-mails: katherine.chiu@horwathgroup.com.hk
                   alex.cho@horwathgroup.com.hk

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

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


LUEN WON: Creditors' Proofs of Claim Due March 10
-------------------------------------------------
Creditors of Luen Won Catering Enterprises Limited are required
to submit to the liquidator -- Lo Tak Kin -- the particulars of
their debts or claims, as well as information regarding their
solicitors, if any, by March 10, 2006.

If the liquidators 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.


MARSON PROPERTIES: To Hold Final Meeting on Feb. 22
---------------------------------------------------
The annual meeting of the members and creditors of Marson
Properties Limited is slated for February 22, 2006, at 9:30 a.m.
and 3:00 p.m., respectively.  At the meeting, the parties will
get an account of the manner of the Company's wind-up.

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


SANGUINE INTERNATIONAL: Liquidator to Meet with Creditors
---------------------------------------------------------
The members and creditors of Sanguine International Limited will
hold a meeting on February 22, 2006, at 9:45 a.m. and 3:30 p.m.,
respectively.

The members and creditors of the Company will consider the
liquidator's final account on wind-up, as well as any other
business brought before the meeting.


SEMICONDUCTOR MANUFACTURING: Narrows 4Q/2005 Loss to $15.0 Mln
--------------------------------------------------------------
Semiconductor Manufacturing International Corporation has
released its consolidated results of operations for the three
months ended December 31, 2005.  Sales increased 7.5% in the
fourth quarter of 2005 to $333.1 million from $310.0 million in
the prior quarter.  The Company reported an increase in capacity
to 152,219 8-inch equivalent wafers per month and a utilization
rate of 93% in the fourth quarter of 2005.  Gross margins were
12.9% in the fourth quarter of 2005 compared to 8.2% in the
third quarter of 2005.

The Company stated in a press release that its net loss
decreased to $15.0 million in the fourth quarter of 2005
compared to a net loss of $26.1 million in the third quarter of
2005.  Compared to the third quarter of 2005, wafer shipments
increased 5.8% to 376,227 8-inch wafers in the fourth quarter of
2005.

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation -- http://www.smics.com/-- is an  
international company and one of the leading semiconductor
foundries in the world, providing integrated circuit (IC)
manufacturing at 0.35um to 90nm and finer line technologies to
customers worldwide.  Established in 2000, SMIC has four 8-inch
wafer fabrication facilities in volume production in Shanghai
and Tianjin.  In the first quarter of 2005, SMIC commenced
commercial production at its 12-inch wafer fabrication facility
in Beijing, the first 12-inch fab in China.  SMIC also maintains
customer service and marketing offices in the U.S., Europe, and
Japan, and a representative office in Hong Kong.  SMIC's employs
over 2,500 semiconductor industry experts and technical staff.


TCL COMMUNICATIONS: Unveils Outcome of Board Meeting
----------------------------------------------------
At a meeting on February 6, 2006, the Board of Directors of TCL
Communication Technology Holdings Limited resolved:

  -- to approve the proposed increase in the authorized share
     capital of the Company as set out in the Ordinary
     Resolution No. 1 of the notice of the EGM on Jan. 20, 2006.

  -- to approve the Open Offer and its related transactions as
     set out in the Ordinary Resolution No. 2 of the notice of
     the EGM on January 20, 2006.

  -- to approve the refreshment of the scheme mandate limit
     under the share option scheme as set out in the Ordinary
     Resolution No. 3 of the notice of the EGM on Jan. 20, 2006.

The Company's branch share registrar in Hong Kong, Tricor
Investor Services Limited, was appointed as the scrutineer of
the vote-taking at the meeting.


TCL COMMUNICATION: Speeds Handset Rollout
-----------------------------------------
TCL Communication Technology will increase spending to 6% of
turnover this year as it accelerates the rollout of new models
to stop the decline in sales, says The Standard.

The mobile phone maker will launch 41 new handset models under
the TCL brand this year in the mainland, in addition to 16 new
models under the Alcatel brand overseas.

Research and development costs comprised about 5.8% of TCL
Communication's HK$4.02 billion turnover in the first nine
months of 2005.

In the first nine months last year, mainland sales plunged to
HK$1.75 billion from HK$4.78 billion a year earlier.

The Company aims to achieve full-year profitability this year.
In the first nine months last year, it booked a net loss of
HK$1.31 billion, versus a net profit of HK$155 million in the
same period a year earlier.

Headquartered in Kowloon, Hong Kong, TCL Communication
Technology Holdings Limited, -- http://www.tclcom.com/-- has  
two wholly owned subsidiaries with different business focus in
handset industry:

  *  TCL Mobile is engaged in the design, manufacturing
     and marketing of a wide range of mobile handsets with
     various levels of value-added features.

  *  T&A Mobile Phones Limited was established in August 2004 by
     TCL Communication and Alcatel.  Alcatel is the worldwide
     Leader in telecommunications network equipment,
     applications and services and sold handsets in
     approximately 50 countries including Europe, Asia, Latin
     America and Africa.  Alcatel also has close relationships
     with many major telecommunication operators such as Orange,
     Vodafone, Telefonica and TIM.

TCL Mobile and T&A are co-operating to develop next-generation
handset technologies through sharing engineering resources and
distribute each other's branded products through their
respective sales and distribution networks.


UNIQUE INTERNATIONAL: Liquidator to Meet Members & Creditors
------------------------------------------------------------
Unique International (Hong Kong) Limited will conduct a final
meeting on February 23, 2006, at 3:00 p.m.

The members and creditors of the Company will consider the
liquidator's final account on the wind-up, as well as any other
business brought before the meeting.

Any proxy may represent a contributory or creditor entitled to
attend at the meeting.

Forms of proxies for the meeting must be lodged not later than
February 22, 2006, at the meeting location.

Wong Ka Lam King is the Company's liquidator.


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

BHARAT PETROLEUM: Revamps Retail Strategy
-----------------------------------------
Bharat Petroleum Corporation is working to overhaul its one-stop
truckers' shop model to include mini-theaters and video
streaming centers, Business Line relates.

The OSTS revamp plan comes on the back of its third consecutive
quarter loss.  BPCL had posted a net loss of INR1024.2 crore in
the third quarter ended December 31, 2005.

According to Business Line, BPCL is likely to enter into a tie-
up with entertainment chains to set up the theaters.  

Earlier, BPCL had decided to add up a retail plaza to its nine-
acre petrol station on the Delhi-Mathura highway, the report
says.  Restructuring of more OSTSs into entertainment format is
expected to be announced soon.

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and it has around 700,000 customers enrolled in 28 cities.  
There are 4,711 retail outlets and 1,729 LPG distributors that
operate in the country.  The plants of the Group are located in
Mahul and Mallet Road in Mumbai and in Budge.


ESSEL PROPACK: Issues Notice of Postal Ballot
---------------------------------------------
Members of Essel Propack Ltd will consider approving a special
resolution, by way of postal ballot, to amend the "Object
Clause" of the Company's Memorandum of Association and
Commencement of New Businesses by the Company under Section
149(2A) of the Companies Act, 1956.

The Company has appointed B V Dholakia of M/s Shah Dholakia &
Associates as scrutinizer to conduct the postal ballot process.

A duly completed postal ballot form should reach the Scrutinizer
by March 8, 2006.  The Scrutinizer will submit his report to the
Chairman of the Company after the process is completed and the
results of the postal ballot will be announced on March 10,
2006.

Headquartered in Mumbai, India, Essel Propack --
http://www.esselpropack.com-- manufactures laminated and  
seamless tubes catering to the oral care, cosmetics, personal
care, pharmaceutical, food and industrial sectors.  The clients
include top multinational companies as well as local and
regional companies in the countries that it operates.  The firm
has state-of-the-art manufacturing facilities in 13 countries
through 20 plants, such as China, United States, United Kingdom,
Russia, Germany, Mexico, Colombia, Venezuela, Philippines,
Indonesia, Egypt, and Nepal besides India.  Essel Propack's
stock is listed on the National Stock Exchange of India and the
stock exchange of Mumbai in India.


PEE JAY: Board OKs Name Change and Sale of Unit
-----------------------------------------------
On February 4, 2006, the Board of Directors of Pee Jay
International Ltd has approved:

     -- to change the name of the Company from "Pee Jay
        International Ltd" to "Kuvam International Fashions
        Ltd";

     -- to get the equity share of the Company delisted from
        "Ludhiana Stock Exchange Association Ltd and Delhi Stock
        Exchange Association Ltd"; and

     -- to sell, lease or dispose of the worsted spinning unit
        of the Company.

The Company's Board has also decided to hold the Extraordinary
General Meeting on March 17, 2006.

Headquartered in Punjab, India, Pee Jay International
manufactures and exports ready-made garments of worsted yarns
such as high bulk dyed acrylic yarn, high bulk dyed acrylic wool
blended yarn, and 100% pure wool yarn.


SONI MONI: RBI Cancels Certificate of Registration
--------------------------------------------------
On January 17, 2006, The Reserve Bank of India cancelled Soni
Moni Credit Centre Private Limited's certificate of registration
for carrying on the business of a non-banking financial
institution.

Following cancellation of the registration certificate, Soni
Moni Credit has been barred from transacting business as a non-
banking financial institution.  The Company has also been
prohibited from accepting public deposits and from alienating
any of its assets.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial companies.  Moreover, under
Section 45MB (1), the Reserve Bank can prohibit non-banking
financial companies for accepting deposits.  Under Section 45MB
(2), it can prohibit the company from alienating its assets.  


SPICE SYSTEMS: To Halt Operations and Sell Facilities at Noida
--------------------------------------------------------------
The Board of Directors of Spice Systems Limited met on Feb. 03,
2006, and agreed:

     -- to discontinue the manufacturing business being carried
        out at its unit in Noida, Uttar Pradesh, and carry on a
        new line of business relating to the trading of office
        automation equipments; and

     -- to dispose of the Noida unit along with manufacturing
        facilities under Section 293(1)(a) of the Companies Act,
        1956, subject to the shareholders' approval through a
        postal ballot process under Section 192A of the
        Companies (Amendment) Act, 2000.

Spice Systems has been incurring losses since year 2001 up to
the present.  For the quarter ended December 2005, the Company
booked a net loss of INR1.74 million.


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

BANK MANDIRI: May Withdraw Planned Debt Issue
---------------------------------------------
PT Bank Mandiri may withdraw a planned IDR2.8 trillion debt
issue due to overliquidity, AFX News reports.

AFX News relates that according to Bank Mandiri Corporate
Secretary, they had planned the debt issue last year as part of
efforts to improve capital structure by balancing its long-term
and short-term funds.  The bank was also looking to issue the
debts, as they were due to mature soon.

However, Bank Mandiri decided to drop the debt issue, as it is
overliquid.  The bank will continue to look for options to meet
its short-term funding needs.

Bank Mandiri -- http://www.bankmandiri.co.id-- Indonesia's    
largest and best capitalized bank in terms of assets, loans and  
deposits, provides comprehensive financial services to more than  
six million corporate and individual consumers, as well as small  
and medium-sized enterprises in Indonesia.  Its total assets as  
of March 31, 2002 were IDR261.9 trillion, roughly 24% of the  
assets in the banking system, and its capital adequacy ratio of  
27% is far higher than the minimum required level of 8% by the  
Bank of International Settlements.


PERUSAHAAN LISTRIK: Finance Director Questioned in Mark-up Case
---------------------------------------------------------------
Indonesian police questioned PT Perusahaan Listrik Negara's
finance director, Parno Isworo, in a recent price mark-up case,
The Jakarta Post says.

The Post, citing National Police spokesman Brig. Gen. Anton
Bachrul Alam, reports that Mr. Isworo was questioned as a
witness in an investigation into the Company's alleged mark-up
of three generators purchased to provide additional power for
the 2004 National Games in Palembang, Indonesia.

Police began investigating into the Company when a review by the
Supreme Audit Agency revealed irregularities in the purchase of
three generators in 2004.

PLN Primary Energy Director Ali Herman Ibrahim and Deputy Agus
Darmadi have already been detained as suspects in the case, the
Post recounts.

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id-- is Indonesia's state-owned  
utility company.  The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population.  The Indonesian government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers.  The decision comes as many areas of the country are
experiencing power shortages.


PERUSAHAAN LISTRIK: DPR May Allow Additional Fuel Subsidy
---------------------------------------------------------
Indonesia's House of Representatives may approve a proposed
additional fuel subsidy for PT Perusahaan Listrik Negara this
year, Asia Pulse reports.

According to DPR Budget Committee Chairman Emir Moeis, the
additional fuel subsidy would prevent a power rate hike, which
was also proposed in order to offset PLN's losses.

Mr. Moeis added that the extra funds would come from the
remaining 2005 budget, as only 70% of the total budget was
spent.  He also suggested a review of the 2006 budget to see
which parts of the budget would not likely be used, so as to
divert the funds to the fuel subsidy for PLN, Asia Pulse says.

PLN, which is slated to post a IDR33 trillion net loss this
year, had earlier asked the Government to either increase its
fuel subsidy for its oil-powered plants or increase the
electricity tariff, so as to reduce its mounting deficit.

The Government had thought of reducing PLN's investment costs,
but such a drastic measure could lead to a power crisis by 2008,
according to House Commission XI Finance Chairman Awal Kusumah.
The best solution would be to increase the Company's fuel
subsidy, Asia Pulse reports.

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id-- is Indonesia's state-owned  
utility company.  The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population.  The Indonesian government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers.  The decision comes as many areas of the country are
experiencing power shortages.


TOTAL INDONESIE: Appoints New General Manager
---------------------------------------------
Total E&P Indonesie, the Indonesian unit of French perfume giant
Total SA, appointed a new president and manager to take charge
of the Company, The Jakarta Post relates.

As of February 1, 2006, Total E&P Senior Vice-President for the
Americas Phillipe Armand replaced Total E&P Indonesie Chief
Executive Officer Roland Festor, The Post reports, citing a
statement released by the Company.

Incorporated in 1968 in Jakarta, Total E&P Indonesie operates
the Mahakam gas block in East Kalimantan province and provides
gas for a liquefied natural gas plant in Bontang.


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

HITACHI LIMITED: Strengthens Global Consulting Business
-------------------------------------------------------
Hitachi Limited has worked out ways to strengthen its business
and IT consulting operations worldwide -- in Japan, the United
States and Europe.  With 3,000 consultants planned by fiscal
2008, these moves establish a framework for delivering seamless
consulting services around the world.

On April 3, 2006, EXSURGE Incorporated, a Hitachi Group Company
in Japan engaged in the consulting business, will be renamed
Hitachi Consulting Company Limited.  At the same time, Paul
Yonamine will be appointed Representative Director, President
and CEO.  

The consulting resources of Hitachi Limited and group companies
in Japan and Asia will be consolidated in EXSURGE. This
consolidation will further strengthen Hitachi's Japan and Asia-
based consulting business and make it easier to standardize
offerings and methodologies for seamless delivery across Asia.

Also, Hitachi Consulting Europe Limited has been established in
London, England, to oversee consulting operations in Europe as a
wholly owned subsidiary of United States-based Hitachi
Consulting Corporation.  Plans now call for the start of
operations in the United Kingdom, Spain and Portugal in March.
Offices in other key European markets will be opened in 2007 and
2008.

To provide executive guidance over all Hitachi consulting
businesses, the Hitachi Global Consulting Committee will be
created on April 3, 2006, within the Information &
Telecommunication Systems Group.  This committee will promote
the sharing of strategies, solution offerings and tools and
methodologies across Japan, the United States and Europe as well
as the reciprocal use of resources among these three regions.

Hitachi established the Institute of Advanced Business Systems
(now the Business Solution Systems Division) in February 1990 as
a consulting division to address these sorts of needs.  
Subsequently, in November 2000, Hitachi established Hitachi
Consulting Corporation to provide these services in the US.
Later, in July 2002, Exsurge Incorporated was established in
Japan to specialize in the consulting services business,
including management consulting.  In November 2005, Hitachi
formed alliances with Satyam Computer Services and Intelligroup
to establish the Hitachi Global Solutions Center in India as the
main hub for expanding Hitachi's and the Hitachi Group's global
outsourcing capabilities.

On February 3, 2006, Hitachi Consulting Corporation announced
the acquisition of Business Intelligence and Corporate
Performance Management market leader, Navigator Systems, Inc.
With this acquisition, Hitachi Consulting continues its
aggressive pursuit of the BI and CPM market and will continue to
emphasize this important market through additional acquisitions
and aggressive, organic growth.

Now, Hitachi discloses it will change the name of EXSURGE Inc.
to Hitachi Consulting Co. Limited.

Under the leadership of Paul Yonamine, Hitachi Consulting
Company Limited will draw on and pull together the consulting
resources of Hitachi's consulting business units and those of
group companies in Japan and Asia.  In parallel, the number of
consultants for management strategy and other fields will be
increased to make the Company more competitive as a consulting
services firm responsible for Japan and the rest of Asia.

To strengthen operations in Europe, meanwhile, United States-
based Hitachi Consulting Corporation established Hitachi
Consulting Europe Limited as a wholly owned subsidiary in
London, England, on December 21, 2005.  This Company will
oversee the operations at companies in the U.K., Spain and
Portugal by March this year and will target expansion to Germany
and France in the future.  To lead this expansion, Hitachi
appointed Michael Travis, formerly President and COO of Hitachi
Consulting Corporation, as the Company's new CEO on January 1,
2006.  

On April 3, 2006, Hitachi will also establish the Hitachi Global
Consulting Committee within the Information & Telecommunication
Systems Group.  Consulting services companies in Japan, the U.S.
and Europe will pursue the same strategy as members of the
Hitachi Consulting group and these companies will utilize each
other's methodologies and other expertise with the goal of
making Hitachi's consulting business consistent and seamless,
globally.

Hitachi is leveraging its knowledge, experience and capabilities
within the Hitachi group with the information and
telecommunication business concept "uVALUE" aiming at providing
its customers with strategic solutions, which only Hitachi can
offer.  Along with these moves to strengthen the consulting
services business, Hitachi aims to put in place a framework
capable of providing services in a seamless fashion to client
companies that are rapidly expanding around the world.  By also
drawing on the Hitachi Group's collective strengths, Hitachi
will deliver total solutions that contribute to management
innovations at these same companies.

Headquartered in Tokyo, Japan, Hitachi Limited
-- http://www.hitachi.com/-- is a leading global electronics  
Company with approximately 347,000 employees worldwide.  The
Company offers a wide range of systems, products and services in
market sectors including information systems, electronic
devices, power and industrial systems, consumer products,
materials and financial services.


HITACHI LIMITED: Develops World's Smallest IC Chip
--------------------------------------------------
Hitachi Limited has developed the world's smallest integrated
circuit chip, which can give consumers more information about
products and prevent counterfeits of bank notes, The Asahi
Shimbun says.

The wireless IC chip, developed by Hitachi's Central Research
Laboratory, measures 0.15 millimeter by 0.15 mm.  It is also the
world's thinnest, with a thickness of only 0.0075 mm, less than
the 0.07 mm of a newspaper page.

The Company previously developed an IC chip measuring 0.4 mm by
0.4 mm, and sold it under the name "mu-chip".  It was used in
the admission tickets for the 2005 Aichi Expo.

Wireless IC chips are used in IC tags, which are expected to
replace bar codes.  The newly developed chip can be used in a
number of other ways.  Used with the Internet, for example, it
can track the flow of products for home-delivery services.

The price for a mu-chip ranges between JPY10 and JPY19 for
orders of 1 million units.

Headquartered in Tokyo, Japan, Hitachi Limited
-- http://www.hitachi.com/-- is a leading global electronics  
Company with approximately 347,000 employees worldwide.  The
Company offers a wide range of systems, products and services in
market sectors including information systems, electronic
devices, power and industrial systems, consumer products,
materials and financial services.


JAPAN AIRLINES: To Halt Flights to Four International Routes
------------------------------------------------------------
Japan Airlines will stop flying to four international routes so
it could cope with soaring fuel costs and falling passenger
numbers, says Japan Herald.

In a statement, JAL said it plans an indefinite suspension of
flights from Tokyo to Las Vegas and Osaka to Los Angeles by
October.  It will also suspend two routes linking Seoul to two
regional cities in Japan by next month.

At the same time, the carrier will increase the number of
flights between Tokyo and Chicago, Los Angeles, Vancouver and
Taipei, while reducing flight frequency on its Tokyo-London and
Tokyo-Bangkok routes.

The airline, which has been hit hard by waning public confidence
following a series of safety lapses last year, booked losses of
$US93 million in the third quarter.

Headquartered in Tokyo, Japan, Japan Airlines Corporation  
(formerly Japan Airlines System Corporation)
-- http://www.jal.com/en/-- was created as a result of the  
merger of 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 Co. Ltd. and Japan Airlines Domestic, though they  
are combined in a single brand as JAL/Japan Airlines.


LIVEDOOR CO.: Livedoor Auto Reviews Tie-up to Protect Business
--------------------------------------------------------------
Livedoor Auto Co. intends to change its current form of
partnership with Livedoor Co. to prevent the association from
harming its business, Japan Today relates, citing Livedoor Auto
President Hiroshi Haneda.

The Troubled Company Reporter - Asia Pacific reported last month
that a Livedoor subsidiary has allegedly provided false
information in the 2004 takeover of publisher Money Life and
that Livedoor itself concealed a US$8.7 million loss for results
ending September 2004.  Livedoor Co.'s Chief Executive Officer,
Takafumi Horie, together with Chief Financial Officer Ryoji
Miyauchi, was said to have been involved in the fiasco.

Headquartered in Tokyo, Japan, Livedoor Co. Ltd.
-- http://corp.livedoor.com/en/-- is expanding into many  
sectors, including out portal site "livedoor", financial
business, corporate web solution, data center and IP telephony
business.  Livedoor's line of business encompasses everything
related to the Internet.   


SANYO ELECTRIC: Pumps US$20 Mln into Joint Venture
--------------------------------------------------
Sanyo Electric Company and India's BPL have infused US$10
million each into their joint venture, Sanyo BPL Pvt Ltd., to
grab a major share in the Indian electronic market, Silicon
India relates.

As part of its strategy, BPL will focus on affordable consumer
electronics, while Sanyo will bring in high-end products.  There
will be no co-branding.

Sanyo BPL was targeting a 16% market share in the color
television category and 18% in the fully automatic washing
machine category by 2008-2009 and hoping to break even from the
second year onwards.

Sanyo and BPL expects India to become the export hub for color
TVs to other Sanyo markets.  However, for the next few months
Sanyo BPL will focus in the domestic market before exploring the
overseas market.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.co.jp/koho/index_e.html-- carries out its  
operations through its:

     * audio-visual and information division which manufactures
       digital cameras, cellular phones, LCD projectors,
       televisions, video recorders and information systems;

     * home appliances division which manufactures washing
       machines, vacuum cleaners, microwave ovens, refrigerators
       and compressors;
   
     * machinery division which manufactures commercial air
       conditioners, vending machines, commercial kitchen
       equipment and heat pump air conditioners;

     * electronic devices division which produces electronic
       components for personal computers, cellular phones and
       semiconductors; and

     * batteries division which produces nickel metal hybrid   
       batteries for personal computers, lithium-ion batteries
       for cellular phones and nickel-cadmium batteries for
       power tools.  


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

CITIBANK KOREA: To Offload Stake in Financing Unit
--------------------------------------------------
Citibank Korea Incorporated will dispose of its controlling
stake in its lease-financing unit, Hanmi Capital, Yonhap News
relates.

According to Yonhap, Citibank is looking for potential buyers of
its 35% stake in Hanmi Capital, worth about KRW38 billion.  The
market capitalization of Hanmi Capital is estimated at KRW110
billion.

Citibank remains mum on the matter, saying it cannot comment on
acquisition deals.

Launched in November 2004, Citibank Korea is a result of a
merger between KorAm Bank and the local banking unit of United
States-based financial giant, Citigroup.

Headquartered in Seoul, Korea, Citibank Korea --
http://citibank.co.kr/english/index.html-- offers a combination  
of local knowledge and global expertise and resources to provide
its clients with unmatched products and services in terms of
variety and range.  The Company has 4,100 employees and 238
consumer branches.  The Company also offers transactional
banking, treasury and risk management instruments, loans
syndication, capital markets expertise, and credit cards and
wealth management.

  
INCHON OIL: To Reduce Crude Runs for March
------------------------------------------
Inchon Oil Refinery Co. Ltd. plans to limit crude runs next
month due to poor refining margins, Reuters said.

Inchon will cut crude runs for March to 130,000 barrels per day
(bpd), from 140,000 bpd in February.  The February crude runs
were also reduced by 25,000 bpd from January's 165,000 bpd.

The planned reduction brings about a plan to halve the firm's
March fuel oil export to 30,000 tonnes from February's 60,000
tonnes.

Gasoil exports will also be reduced to 5,000 tonnes from 40,000
tonnes in February.  The Company will not be able to export
medium-range size gasoil cargoes in March and we will only
export small-range low sulphur materials, Reuters adds.

Headquartered in Incheon, South Korea, Inchon Oil Refinery Co.
Ltd. -- http://www.inchonoil.co.kr/eng/default.html-- has two  
crude distillation units with a total capacity of 275 MBD and
two catalytic reformers with a total capacity of 34 MBD.  Inchon
Oil Refinery exports petroleum products such as Light Naphtha,
Gas-oil, Bunker-C and imports Full range/Heavy Naphtha, FCC
Mogas, Kerosene, Gas-oil, LSWR.


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

AVANGARDE RESOURCES: In Talks for Additional Projects
-----------------------------------------------------
Avangarde Resources Berhad is stepping up efforts to enhance its
financial strength by securing additional housing projects, The
Star Online said.

Avangarde's chairman and managing director, Tamunif Mokhtar,
told the Star that the Company hopes to conclude negotiations
with the Government by the second quarter to develop another
low-cost housing project.  

Avangarde's wholly owned subsidiary, Align Metro Sdn Bhd, is
developing an integrated housing and commercial project in
Kerteh, Terengganu, in partnership with Pakadiri Modal Sdn Bhd.

The Star says that around 432 houses will be developed at a cost
of MYR57 million.  An estimated gross profit of MYR8 million
will be generated from the project.

Another MYR30 million housing project in Shah Alam will also be
due for completion late next year.

Director Datuk Dr Abdul Razak told The Star that Avangarde is
currently restructuring its business and that the company's main
priority is to clear up its accounts to recover debts.  
Avangarde's debts now stand at about MYR110 million, but it has
receivables of some MYR150 million.

By appointing a professional debt collector, Avangarde is
confident it could recoup around MYR12 million to MYR15 million
debts in the next two years.

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.


AVANGARDE RESOURCES: All AGM Resolutions Get Directors' Nod
-----------------------------------------------------------
At the Sixth Annual General Meeting of Avangarde Resources
Berhad on February 6, 2006, the Board of Directors approved the
Directors' fees for the financial year ended December 31, 2002.
The Board also re-elected:

   -- Ahmad Bin Abu Bakar, who will be retiring in accordance
      with Article 83 of the Articles of Association of the
      Company;

   -- Abdul Razak Bin Abdul, who will be retiring in accordance
      with Article 90 of the Articles of Association of the
      Company; and

   -- Tamunif Bin Mokhtar, who will be retiring in accordance
      with Paragraph 7.28 of Bursa Malaysia Listing
      Requirements.

At the meeting, the Board further appointed Messrs Kreston John
& Gan as auditors for the Company for the financial years ended
Dec. 31, 2003, Dec. 31, 2004, and Dec. 31, 2005, in place of the
retiring auditors, Messrs KPMG Desa Megat & Co.  It was resolved
that Kreston John will hold office until the conclusion of the
next Annual General Meeting at a remuneration to be agreed with
the Directors.

The Board also considered the Directors issuance of shares,
subject to the Companies Act, 1965, the Articles of Association
of the Company and the approvals of the relevant government and
regulatory authorities.

The meeting was adjourned to a later date to receive the audited
financial statements of the Company for the years ended Dec. 31,
2003, Dec. 31, 2004, and Dec. 31, 2005, together with the
Reports of the Directors and Auditors thereon.

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.


JIN LIN: Prepares to Implement Restructuring Scheme
---------------------------------------------------
Jin Lin Wood Industries Berhad and its advisers are attending to
necessary measures before the implementation of the Company's
restructuring scheme as approved by the Securities Commission.

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment and investment holding.


KRAMAT TIN: Draws Up Necessary Documents for Approval
-----------------------------------------------------
Kramat Tin Dredging Berhad is preparing the documents needed to
gain the approvals of relevant parties and regulatory
authorities on its financial regularization proposal.

To date, the status of Kramat Tin Dredging Berhad's plan to
regularize its condition remains unchanged.  

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.  In July 2001, the Company wound down
its tin dredging operations.  


MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Magnum
Corporation Berhad's additional 12,000 new ordinary shares of
MYR0.50 each issued pursuant to the Employees' Share Option
Scheme today, February 8, 2006.

Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation  
Berhad -- http://www.magnum.com.my-- operates a four-digit   
number forecast betting game.  It is also engaged in property  
holding and development and letting of properties, operation of  
hotel, general investment holding and trading, printing  
activities, credit services, securities dealing and brokerage,  
and provision of computer software and other related services.   
The Group sponsors Alex Yoong, the first Malaysian Formula One  
driver, and KL Minardi Formula One Team.  Operations of the
Group are carried out in Malaysia, Hong Kong, The People's
Republic of China, Philippines and other countries.


MAXIS COMMUNICATIONS: New Shares up for Listing, Quotation
----------------------------------------------------------
Maxis Communications Berhad's additional 183,000 new ordinary
shares of MYR0.10 each, which are issued pursuant to the
Employees' Share Option Scheme, will be granted listing and
quotation by Bursa Malaysia Securities Berhad on February 10,
2006.

Headquartered in Kuala Lumpur, Malaysia, Maxis Communications
Berhad -- http://www.maxis.com.my/main.asp-- provides the means  
(complete mobile and fixed-line telecommunications services as
well as broadband and other Internet-related services) and the
media (mobile phones and other telecommunications equipment) by
which people can keep in touch.  The company was founded in 1995
and first started on the Kuala Lampur stock exchange in 2002.  
It is listed on the Fortune 1000 compilation of the world's most
lucrative companies and is the fifth-largest publicly traded
company in Malaysia.


MEDIA PRIMA: Bourse to List, Quote New Shares Today
---------------------------------------------------
On February 8, 2006, Bursa Malaysia will list and quote Media
Prima Berhad's additional:

   * 30,000 new ordinary shares of MYR1.00 each issued pursuant
     to the Employees' Share Option Scheme; and

   * 144,000 new ordinary shares of MYR1.00 each arising from
     the conversion of 216,000 nominal value of Irredeemable     
     Convertible Unsecured Loan Stocks 2003/2008.

Headquartered in Selangor Darul Ehsan, Malaysia, Media Prima
Bhd's -- http://www.mediaprima.com.my/-- principal activities  
are production of motion picture films and acquisition of ready-
made films from local producers and production houses.


PACIFIC & ORIENT: New Shares Set for Listing, Quotation Today
-------------------------------------------------------------
Pacific & Orient Berhad's additional 8,000 new ordinary shares
of MYR1.00 each issued pursuant to the Employees' Share Option
Scheme will be granted listing and quotation by Bursa Malaysia
Securities Berhad today, February 8, 2006.

Headquartered in Kuala Lumpur, Malaysia, Pacific & Orient Berhad  
-- http://www.pacific-orient.com-- is engaged in the provision   
of general insurance and management services.  The firm's other  
activities include provision of information technology services,  
sale of information technology equipment, distribution of  
consumer products, provision of sales and administrative  
services, provision of management and privilege card programmed  
services, research and development and trading activities and  
money lending and investment holding.  


PAN MALAYSIA: Buys Back Ordinary Shares
---------------------------------------
On February 6, 2006, Pan Malaysia Corporation Berhad purchased
55,000 ordinary shares of MYR0.50 each during its shares buy
back.  The Company paid a total consideration of MYR25,527.78
for the shares.

The minimum price paid for each share purchased was MYR0.455
while the maximum price is MYR0.465.

The cumulative net outstanding treasury shares to date are
56,189,500.

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding. The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.


SETEGAP BERHAD: Completion of Regularization Scheme Nears
---------------------------------------------------------
Setegap Berhad reported it is now finalizing the scheme to
regularize its financial condition.

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities are construction and maintenance of roads,
railways and building, including services rendered on quarrying.

The Company's other activities include manufacturing and selling
of road construction equipment, asphalt plants, mixing plants,
asphalt emulsions and premix.  The Group also provides
mechanical and electrical services, leases machinery and
investment holding. Operations of the Group are carried out
predominantly in Malaysia.


TIMES OF MALAYSIA: Ceases Business Operations
---------------------------------------------
The New Straits Times Press Malaysia Berhad reported that on
January 31, 2006, its dormant subsidiary company, Times of
Malaysia Limited, was dissolved pursuant to Section 652A of the
Companies Act, 1985, United Kingdom.


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

ABS-CBN BROADCASTING: Faces Class Action Over Stampede
------------------------------------------------------
Network giant ABS-CBN Broadcasting Corporation could face a
class action suit from victims of Saturday's deadly stampede
that killed 74 people, and injured 627, The Philippine Star
reports.

Anti-crime Watchdog -- Volunteers Against Crime and Corruption -
- was approached by victims' relatives and survivors, who want
to seek damages from ABS-CBN, The Star reveals.

The VACC is now studying whether the victims are qualified to
seek compensation claims and file criminal and civil charges
against the broadcasting firm.

As reported by Troubled Company Reporter - Asia Pacific, the
stampede occurred when a crowd of over 25,000 surged towards a
gate at the Philsports Arena to get into the first anniversary
celebration of ABS-CBN's popular television game show,
"Wowowee".

Meanwhile, Justice Secretary Raul M. Gonzalez told BusinessWorld
that ABS-CBN, game show host Willie Revillame, and the program's
organizers could be held liable for reckless imprudence
resulting to multiple homicide and multiple physical injuries
because they prepared the program and had control over the show.

Mr. Gonzalez said the families of the victims could reach an
amicable settlement to resolve the civil case, but not the
criminal charges.  He affirmed that the victims' families have
the option to file a class action.

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com-- is a leading  
radio and television broadcasting network and multimedia company
in the Philippines.  It was founded in 1953, and was the first
television station in the Philippines.  The network's main
broadcast facilities are located at the ABS-CBN Broadcast Center
in Mother Ignacia St., Diliman, Quezon City, Philippines.


LAFAYETTE MINING: DENR Accused of Taking Sides
----------------------------------------------
Civic groups have criticized the Department of Environment and
Natural Resources' decision to clear Lafayette Mining Company of
any responsibility for the toxic spill in Rapu-Rapu, Albay, The
Philippine Daily Inquirer relates.

The DENR has backed the mining firm' claim that it was not using
mercury in its gold mining project in the Philippines.  The
agency earlier declared that the mercury found around Rapu-Rapu
could have come from active volcanoes like Mayon Volcano, and
the natural evaporation of bodies of water.

However, Sorsogon Bishop Arturo Bastes accused DENR of
protecting Lafayette, instead of protecting the environment and
the interests of the Rapu-Rapu residents.  

Bishop Arturo was tapped by President Gloria Macapagal-Arroyo to
form an investigating body to probe into the reported
contamination of seawaters brought about by the operations of
Australia-based Lafayette, The Inquirer says.

The investigating team, according to Bishop Bastes, may
recommend the closure of the mining site if it confirms
Lafayette has already polluted the sea.

The Troubled Company Reporter - Asia Pacific earlier reported
that the Government has suspended 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.

Headquartered in Melbourne, Australia, Lafayette Mining Limited
-- http://www.lafayettemining.com/-- has been listed on the  
Australian Stock Exchange since August 1997.  Its focus is the
development of a polymetallic project involving copper, gold,
zinc and silver on the Island of Rapu Rapu in the Philippines.   
The Company is also undertaking additional exploration
activities at the Rapu Rapu site with preliminary results so far
indicating the life of mine can be extended.


LIBERTY TELECOMS: Amends Quarterly Report
-----------------------------------------
Liberty Telecoms amended its Quarterly Report, using SEC Form
17-Q, for the quarter ended September 30, 2005, in compliance
with the directive of the Securities and Exchange Commission.

The items that were amended in the said report are:

     * the heading of January to September of the concurrent
       interim period and January to September of the preceding
       year, and Statements of Income for the third quarter of
       year 2005 with comparative statement of the immediately
       preceding financial year (July to September of the
       current interim period and July to September of the
       preceding financial year);

     * the heading of the Statement of Changes in Equity
       cumulatively for the current financial year to date with
       a comparative statement for the comparable year-to-date
       period of the immediately preceding financial year; and

     * the heading of Interim Statements of Cash Flows
       cumulatively for the current financial year to date, with
       a comparative statement for the comparable year-to-date
       period of the immediately preceding year.

Headquartered in Makati City, Philippines, Liberty Telecoms
Holdings, Inc. was incorporated in January 1994 primarily to
engage in real and personal property businesses; to deal in
stocks, bonds and other securities or evidence of indebtedness
of any entity; and to acquire all or any part of the business of
any entity.  Shortly after its incorporation, the company
acquired all of the shares of stock of Liberty Broadcasting
Network, Inc, Radionet, Inc. (RI) and Tanya Development, Inc.
(TDI).  Consequently, these companies became wholly owned
subsidiaries of LIB.  On March 15, 2000, the three wholly owned
subsidiaries of the company merged, with LBNI as the surviving
company.  LIB's business strategy is to offer products and
services to meet the telecommunication needs of its various
customers.  In August 2005, the Company and its subsidiaries,
Liberty Broadcasting Network Inc. and Skyphone Logistics Inc.
filed a petition for rehabilitation and suspension of payments
with the Regional Trial Court of Makati City, Metro Manila.


LMG CHEMICALS: Temporarily Shuts Down Plant
-------------------------------------------
Industrial chemical producer LMG Chemicals Corporation said that
its sulfuric acid plant in Manila is temporarily shut down due
to excess inventory of sulfuric acid.

No further details were disclosed.

Headquartered in Makati City, Philippines, LMG Chemicals
Corporation -- http://www.chemphil.com.ph-- is the dominant  
chemical manufacturing company in the industry with a strong
industrial network - locally and globally.  It is engaged not
only in manufacturing, but also in trading and chemical bulk
storage.  Moreover, it is the only domestic producer of
detergent alkylate both branched and linear.  LMG manufactures
alkyl benzene, sulfuric acid, detergent sulfur and other
industrial chemicals. It is the only manufacturer of alkyl
benzene in the Philippines.  The Company's products are used
mainly by manufacturers of detergents, car batteries, food and
beverage and other power companies.


METRO PACIFIC: To Acquire French Firm's Stake in NLEX
-----------------------------------------------------
Metro Pacific Corporation will buy half of Groupe Egis' shares
in Manila North Tollways Corporation, the operator of the North
Luzon Expressway, The Manila Times reports.

Group Egis, which has a 13% stake in MNTC, said the purchase
deal talks are ongoing and may be completed this month, The
Manila Times says.  The French firm has confirmed its
willingness to sell half of its shares in MNTC to Metro Pacific.

Earlier, Manuel V. Pangilinan, managing director of Metro
Pacific's Hong Kong-based parent First Pacific, said Metro
Pacific is interested in purchasing a portion of Groupe Egis'
shares in MNTC so it could participate in the rehabilitation,
expansion and modernization in one of the biggest infrastructure
projects in the country, the NLEX.

However, in a recent statement to the Philippine Stock exchange,
Metro Pacific advised that it continues to explore a potential
investment with Groupe Egis but underscores that no agreement
has been reached.

Headquartered in Makati City, Philippines, Metro Pacific
Corporation -- http://www.metropacific.com-- is the flagship  
publicly listed investment and management company of the First
Pacific Group in the Philippines.  The Company, which was
formerly known as Metro Drug, Inc., has since then evolved from
a pharmaceutical and consumer products distribution company into
one of the country's leading corporations.  In 1995, Metro
Pacific Corporation led the consortium that won the bidding to
become the developer and majority partner with the Bases
Conversion Development Authority in the development of the 214-
hectare prime real estate property in Fort Bonifacio, Metro
Manila.  The MPC is now a diversified conglomerate with
interests in real estate, telecommunications, transportation,
consumer, packaging, and banking.  With the sale of the
Company's remaining telecommunication, consumer product and
packaging assets during the year, it is now established as one
of the country's leading property developers and real estate
investors.


UNITED COCONUT: e-Banking Operations Grow 15%
---------------------------------------------
United Coconut Planters Bank has seen its e-banking business
grow 15% to Php8.2 billion from last year's Php7.14 billion,
BusinessWorld reports.

UCPB's electronic banking services are comprised of telephone
banking and Internet banking for large corporate and
institutional clients, as well as for individuals and small
businesses.

UCPB data showed that the total number of users enrolled for
these services reached 63,307 in 2005, up 24% from 51,234 in
2004.

According to BusinessWorld, the value of UCPB.biz transactions
increased three times to Php1.06 billion from Php345 million as
volume of transactions increased fivefold to 339,359 from
68,793.  The number of UCPB.biz users nearly doubled to 197
corporations from 104 corporations.  The number of UCPB Connect
users increased 31% to 11,894 from 9,066.

UCPB said the steady increase in the value and volume of
electronic banking transactions bodes well for the bank as it
reflects growing customer acceptance of electronic banking
facilities, viewing them as secure, reliable and convenient
delivery channels for banking services.

UCPB has been aggressively pushing its electronic banking
services, particularly Internet banking, which has wider
transaction capabilities.

Headquartered in Makati City, Philippines, United Coconut
Planters Bank is a leading provider of financial products and
services to corporations, middle market companies, small- and
medium- sized businesses, and consumers in the Philippines.  
Established in 1963 as a commercial bank, UCPB grew to become
the first private Philippine universal bank in 1981, enabling it
to invest in non-allied businesses.  UCPB offers a full range of
expanded commercial banking services.  The bank has strong
capabilities in corporate banking, commercial credit,
international trade financing, treasury and money market
operations, trust banking and consumer financing.


* Pre-need Trust Fund 9.2% Amid Crisis
--------------------------------------
The embattled pre-need industry was able to beef up its trust
fund by 9.2% from Php69.8 billion in 2004 to Php76.2 billion in
the first nine months of 2005, despite the financial woes of
former market leaders College Assurance Plans Philippines
Incorporated and Pacific Plans Incorporated, The Philippine Star
relates.

According to The Star, a Securities and Exchange Commission data
showed the accumulated trust fund income of the country's 47
pre-need providers amounted to Php3.88 billion or almost three
times the Php1.31-bilion level in 2004.  However, only 33 of the
47 pre-need firms have a dealer's license, with the rest merely
servicing their existing planholders.

A trust fund refers to the fund set up from the planholders'
payments separate and distinct from the paid-up capital of the
company.  It is established with a trustee bank under a trust
agreement approved by the sec.  It cannot be used by a pre-need
firm for any other purpose except for servicing planholders.

Miguel Vazquez, president of the Federation of Philippine Pre-
need Plan Companies Inc., said the growth in the trust fund
indicates the industry's resilience in troubled times and
assures planholders that their investments will be returned as
they fall due.

For this year, the pre-need firms expect to post flat growth as
the industry continues to suffer from low investor confidence.  
The adoption of the International Accounting Standards (IAS) in
the preparation of financial statements for the year 2005 is
also expected to temper the industry's performance this year.

According to an earlier report by the Troubled Company Reporter
- Asia Pacific, the country's pre-need industry reported a 44.3%
drop in sales last year to Php20.55 billion as investors decided
to adopt a wait-and-see stance prior to positioning in the
market due to the cash flow problems hounding major players.


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

GURCHARAN SINGH: OCBC Files Wind-up Petition
--------------------------------------------
On January 23, 2006, Oversea-Chinese Banking Corporation Limited
filed a winding up petition against Gurcharan Singh & Co. Pte
Limited.

The Singapore High Court will hear the Petition on February 17,
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, Messrs Shook Lin & Bok, 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.

Any person who intends to appear at the hearing of the petition
must serve on or send by post to solicitors Messrs Shook Lin &
Bok a written notice of his intention.  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 16, 2006.


SEALION OFFSHORE: Creditors' Claims Due Next Month
--------------------------------------------------
Creditors of Sealion Offshore Pte Limited are required to submit
formal proofs of claim by March 3, 2006, to:

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

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


STATS CHIPPAC: Prepares Defense Against Infringement Lawsuit
------------------------------------------------------------
On February 6, 2006, Tessera Technologies Incorporated informed
STATS ChipPAC Limited that the Company was added to a pre-
existing patent infringement action suit pending in the Northern
District of California.

The action asserts claims for infringement of several Tessera
patents, and a claim for breach of an existing license
agreement.  

Reuters News reports that STATS ChipPAC will defend itself
vigorously, as the Company believes that Tessera's claims have
no merit.

STATS ChipPAC Limited -- http://www.statschippac.com/-- is a  
premier service provider of semiconductor packaging design,
assembly, test and distribution solutions.  A partner supplier
to leading semiconductor companies worldwide, STATS ChipPAC's
provides fully integrated, multi-site, end-to-end assembly and
testing solutions that bring products to market and volume
production faster.  STATS ChipPAC is a leader in mixed signal
testing and advanced packaging technology for semiconductors
used in diverse end market applications including
communications, power, digital consumer and computing.  With a
strategic manufacturing presence spanning Singapore, China,
Malaysia, Taiwan and the United States, and customer support
offices throughout the United States, Europe, and Asia, STATS
ChipPAC provides customers with total supply chain solutions
tailored to their needs.


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

EASTERN PRINTING: Lays Out Meeting Agenda
-----------------------------------------
The Board of Directors of Eastern Printing Public Company
Limited's Plan Administrator, EPCO Management Company Limited,
has approved the agenda for the Company's Extraordinary
Shareholders Meeting on February 22, 2006:

(a) Number of Directors

    The Shareholders should fix the number of directors at a
     minimum of five and maximum of 11 members.

(b) Elect Directors and Audit Committee Members

    Recommended for election to the Board of Directors are:

    * Yuth Chinsupakul (chairman)
    * Weera Louwitawat
    * Dan Chinsupakul
    * Sumalee Ongcharit
    * Siriwat Likitnuruk
    * Sumitr Karnjanampa
    * Thamnoon Ananthothai
    * Wittaya Kosiyasathit

    EPCO currently has one Director -- Khemtus Visavayothin.

    The nominees for membership in the Audit Committee are:

    * Thamnoon Ananthothai
    * Wittaya Kosiyasathit
    * Khemtus Visavayothin

    Recommended to become Executive Directors are:
   
    * Yuth Chinsupakul (chairman)
    * Weera Louwitawat
    * Sumalee Ongcharit
    * Siriwat Likitnuruk

    On December 26, 2006, the Company approved the resignations
    of EPCO directors:

    * Weera Louwitawat
    * Arporn Prachayathipsaku
    * General Wittaya Kosiyasathit
    * Voravit Jarusriboonchai
    * Uthit Sirinunnapt
    * Laddawan Suwapradub


EASTERN WIRE: Director Steps Down from Post
-------------------------------------------
Kijbodi Chinabenajapuch has tendered his resignation as director
of Eastern Wire Public Company Limited effective February 6,
2006.

Mr. Kijbodi stepped down from his post to attend to his many
other responsibilities.

Headquartered in Bangkok Thailand, Eastern Wire Public Co. Ltd.
-- http://www.ewc.co.th/index-en.asp-- is engaged in Property &  
Construction and Construction Material business.




                            *********


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

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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

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

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

                 *** End of Transmission ***