TCRAP_Public/060209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, February 9, 2006, Vol. 9, No. 029

                            Headlines

A U S T R A L I A

A.C.N. 090 706 844: Liquidates Business
AAT&T LIMITED: Court to Hear Wind-up Petition on Feb. 13
ALAN SNOWDEN: Jack Currie Lodges Petition to Liquidate Firm
AQUA GLASS: Receives Petition to Liquidate Business
BRAYTECH PTY: Prepares to Pay Dividend

CALIFORNIAN CLEARANCE: Decides to Close Operations
CBG PACKAGING: Enters Voluntary Liquidation
CHOICE PROPERTY: Inability to Pay Debts Leads to Wind-up
HOLLYWOOD HOLDINGS: To Declare Dividend on Feb. 15
HYMANS PROFESSIONAL: Creditors Agree to Shut Down Firm

JAMES HARDIE: To Conduct Briefing on Q3 Results
JANS NOMINEES: To Hold Final Meeting on Feb. 10
KILBRIDE PASTORAL: Liquidator to Give Wind-Up Report  
MACDONALD EARTHMOVING: Liquidator to Distribute Assets
MANIFEST CLOTHING: Enters Liquidation Proceedings

MARTIN HONAN: Winds Up Business
MYER LIMITED: Denies Move Against Supermarket Head
MYER LIMITED: Bidders Ready to Replace Managing Director
NEW ZEALAND THEME: CIR Files Liquidation Petition
NT LAND RESOURCE: Placed Under Voluntary Liquidation

ONE.TEL LIMITED: PBL Counsel Denies One.Tel Rights Role
PHILLIPS & HOUSE: Creditors' Claims Due on Feb. 25
RANDOS ROOFING: Appoints Official Liquidators
SANDERSONS INVESTMENTS: Unable to Pay its Debts
STOCKMANS STATION: Members Decide to Wind Up Firm

SUPERIOR RUBBER: Creditors Wind Up Operations
SYDNEY CITY: To Distribute Final Dividend
TIPDELL PTY: Roderick Sutherland Named Liquidator
TRIMEX HOLDINGS: Schedules Final Meeting for Feb. 10
WANGANUI SKINS: Court Fixes Liquidation Hearing Feb. 13

WESTPOINT GROUP: Mezzanine Wind Up Unveils AU$54 Mln Lost Funds
WESTPOINT GROUP: ASIC Heads To Face Senate Over Group's Collapse
WESTPOINT GROUP: Secured Creditors' Aide Needed to Recover Funds
* Fitch: Neg. Credit Outlook For Australian Utilities In 2006


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Targets Hong Kong IPO in May
CANARE ELECTRIC: Named Lai Kar Yan to Oversee Wind-up
CHINA SOUTHERN: Appoints Tan Wan Geng as Vice President
DICKSON CONSTRUCTION: Commences Winding Up Process
EAST CREATION: Names Official Liquidator

GEORGIA TRADING: C. Hall Ceases to Act as Liquidator
JAPAN ASIA: Members Meeting Slated for Feb. 28
JDC CORPORATION: To Pay Dividend to Creditors
KING TAT: Members Approve Unaudited Results
OMEGA TRADEMARK: Shuts Down Business

SHARELAND LIMITED: To Hold Final Meeting on March 1
STATE INTERNATIONAL: Liquidator to Present Company Report
SURELIGHT HOLDINGS: Members & Creditors to Meet on Feb. 22
V&T INVESTMENTS: Names Official Liquidators
WORLDPEX INVESTMENT: Liquidator to Present Company Report


I N D I A

DUNDEE INVESTMENT: SEBI Cancels Certificate of Registration
FILMCITY MEDIA: Appoints New Directors and Transfer Agent
ISIBARS LIMITED: Cuts Paid Equity Share Capital
* Ministries Fight Over Oil Firms' Bailout


I N D O N E S I A

PERUSAHAAN LISTRIK: Police to Investigate New Corruption Case


J A P A N

JAPAN AIRLINES: To Fly Under oneworld's Wings
JAPAN AIRLINES: Shareholder Wants President to Step Down
LIVEDOOR CO.: Admits Accounting Fraud
LIVEDOOR CO.: Likely to Dissolve Partnership With Dynacity
MITSUBISHI MOTORS: Orders for 'i' Minicar Hit 10,000

SANBISHI COMPANY: Zensho Supports Rehabilitation
TAIHEIYO CEMENT: Standard & Poor's Assigns 'BB' Rating
TOYOBO CO.: Settles Suit with Police Injured by Xylon-Made Vest


K O R E A

LG CARD: Merrill Mulls Joint Bid with Shinhan


M A L A Y S I A

ACP INDUSTRIES: Thai Unit Inks Contract with National Housing
AFFIN HOLDINGS: Forms Joint Venture with National Mutual
ANCOM BERHAD: Repurchases Ordinary Shares  
ANTAH HOLDING: To Convene EGM Feb. 23
DATUK KERAMAT: Faces Suspension Over Failure to Submit Report

GEORGE TOWN: Restructuring Scheme Delays Report Submission
MAGNUM CORPORATION: Holds Shares Buy Back
NHF MOULD: Ceases Business Operations
PACIFIC & ORIENT: Repurchases 3,500 Ordinary Shares
PILECON ENGINEERING: Unit's Default Status Remains Unchanged

SUREMAX GROUP: Books MYR834,000 Net Loss in 1Q/FY05
SYARIKAT KAYU: Net Loss Hits MYR19,150,000 in 4Q/FY05
TEXCHEM RESOURCES: Unit Begins Wind Up Process


P H I L I P P I N E S

ABS-CBN BROADCASTING: May Lose License to Operate
ABS-CBN BROADCASTING: Top Exec Cries Foul Over Report
ABS-CBN BROADCASTING: Says Stampede Won't Hurt Ad Revenues
ABS-CBN BROADCASTING: Potential Suits Weigh Down Shares
APEX MINING: Masara Project Gets New Lease on Life

NATIONAL POWER: Coast Guard Demands Speedy Oil Spill Clean-up
VICTORIAS MILLING: Posts ASM and Organizational Meeting Results
WELLEX INDUSTRIES: Asks Partner to Revive Dormant Operations
* Pre-need Industry Wants More Leeway


S I N G A P O R E

ALIPH HOLDINGS: Creditors' Claims Due March 6
CHINA AVIATION(S): Approves Restructuring Plan at AGM
DESIGN-THAI PTE: Placed Under Voluntary Liquidation
EI-NETS LIMITED: Appoints New Director and Secretary
FHTK HOLDINGS: Borrows SGD6.5-Mln from Investors

INFORMATICS HOLDINGS: Cannot Explain Increase in Shares Trading
JIANGSHAN INVESTMENT: Prepares to Declare Creditors Dividend


T H A I L A N D

EASTERN WIRE: Pays for THB84.7 Mln 35% Enersol Stake
THAI AIRWAYS: To Create Another Domestic Airline

     -  -  -  -  -  -  -  -

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

A.C.N. 090 706 844: Liquidates Business
---------------------------------------
The members of A.C.N. 090 706 844 Pty Limited convened on
January 16, 2006, and concurred that the Company should wind up
its operations voluntarily.

In addition, the members appointed Anthony Robert, of Romanis
Cant Chartered Accountants, as liquidator.


AAT&T LIMITED: Court to Hear Wind-up Petition on Feb. 13
--------------------------------------------------------
On December 5, 2005, the Commissioner of Inland Revenue filed an
application to wind up AA&T 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


ALAN SNOWDEN: Jack Currie Lodges Petition to Liquidate Firm
-----------------------------------------------------------
On December 22, 2005, John Thomas Currie (trading as Jack Currie
Electrical), filed an application with the High Court to put
Alan Snowden Builders Limited into liquidation.

The application is set for hearing before the High Court at  
Nelson today, February 9, 2006.


AQUA GLASS: Receives Petition to Liquidate Business
---------------------------------------------------
The Commissioner of Inland Revenue filed an application with the
High Court on November 21, 2005, to liquidate Aqua Glass and
Aluminum Limited.

The application will be heard before the High Court at  
Palmerston North on February 13, 2006, at 10:30 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:

          P. J. Smith
          Crown Solicitor
          Marsden Woods Inskip & Smith Solicitors
          122 Bank Street
          (P.O. Box 146)
          Whangarei


BRAYTECH PTY: Prepares to Pay Dividend
--------------------------------------
Braytech Pty Limited will declare a dividend on February 15,
2006.

Creditors who are not able to prove their claims to the
liquidator -- Paul Burness, of Worrells Solvency & Forensic
Accountants -- will be excluded from the benefit of any
distribution.


CALIFORNIAN CLEARANCE: Decides to Close Operations
--------------------------------------------------
At Californian Clearance Company Pty Limited's general meeting
on January 13, 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.


CBG PACKAGING: Enters Voluntary Liquidation
-------------------------------------------
Members of CBG Packaging Pty Limited convened on January 16,
2006, to close the Company's business.

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


CHOICE PROPERTY: Inability to Pay Debts Leads to Wind-up
--------------------------------------------------------
Choice Property Corporation 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, Barry Keith Taylor, of B. K. Taylor & Co., was
appointed to oversee the Company's liquidation activities.


HOLLYWOOD HOLDINGS: To Declare Dividend on Feb. 15
--------------------------------------------------
Hollywood Holdings (Nom) Pty Limited will declare a first and
final dividend to its creditors on February 15, 2006.

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


HYMANS PROFESSIONAL: Creditors Agree to Shut Down Firm
------------------------------------------------------
On January 16, 2006, the creditors of Hymans Professional
Services Pty Limited agreed that a voluntary wind-up of the
Company is necessary and in its best interests.

As a result, Stephen Neville Hall, of Forsyths Chartered
Accountants, was appointed as official liquidator.


JAMES HARDIE: To Conduct Briefing on Q3 Results
-----------------------------------------------
James Hardie will conduct a management briefing on its third
quarter results for Fiscal Year 2006 on February 27.

A briefing for media will be held at the Museum of Sydney,
Corner of Bridge and Phillip Street, in Sydney, commencing at
10:00 a.m.  A teleconference and video Web cast will also be
available on:

            Domestic: 03 8660 4945
            International: +61 3 8660 4945
            Web site: http://www.ir.jameshardie.com.au/

A further briefing for analysts and investors will be held on
February 28, 2006, at 11:00 a.m., at The Westin Room IV, The
Westin, 205 Collins Street, Melbourne.

James Hardie Industries Limited -- http://www.jameshardie.com/  
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.


JANS NOMINEES: To Hold Final Meeting on Feb. 10
-----------------------------------------------
The final meeting of the members of Jans Nominees Pty Limited is
slated for February 10, 2006, at 10:00 a.m., to get an account
of the manner of the Company's wind-up and property disposal
from liquidator Stephen Neville Hall, Forsyths Chartered
Accountants.


KILBRIDE PASTORAL: Liquidator to Give Wind-Up Report  
----------------------------------------------------
The members of Kilbride Pastoral Co. Pty Limited will convene on
February 10, 2006, at 10:00 a.m., to receive the liquidator's
account regarding the Company's completed wind-up and disposal
of property.


MACDONALD EARTHMOVING: Liquidator to Distribute Assets
------------------------------------------------------
After their meeting on January 13, 2006, the members of
MacDonald Earthmoving Co. Pty Limited resolved to close the
Company's business operations and distribute the proceeds of its
assets.

Subsequently, Barry J. Tognola was appointed as liquidator.


MANIFEST CLOTHING: Enters Liquidation Proceedings
-------------------------------------------------
On November 21, 2005, the Commissioner of Inland Revenue lodged
an application with the High Court to have Manifest Clothing
Company Limited liquidated.

The High Court at Whangarei will hear the application on  
February 13, 2006, at 10:45 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:

          P. J. Smith
          Crown Solicitor
          Marsden Woods Inskip & Smith Solicitors
          122 Bank Street
          (P.O. Box 146)
          Whangarei


MARTIN HONAN: Winds Up Business
-------------------------------
The members of Martin Honan Holdings Pty Limited held a meeting
on January 18, 2006, and agreed on the Company's need to
liquidate.  They named James Shaw, of Ferrier Hodgson Chartered
Accountants, to manage the Company's wind-up activities.


MYER LIMITED: Denies Move Against Supermarket Head
--------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
February 7, 2006, analysts speculate that Coles Myer Ltd. will
be forced to replace supermarket, liquor and petrol head Hani
Zayadi, due to the division's continuous losses.

However, Coles Myer denied any move against Mr. Zayadi, saying
that he is "in the chair, on the job, busy doing what he is here
to do."

Mr. Zayadi has led the supermarkets business since December
2004.  However, he is not employed on a fixed-term contract and
can be sacked with 12 months' pay, which, according to The
Australian, is currently set at AU$1.8 million a year, plus
benefits.

Analysts expect Coles Myer to report no more than 2.5% growth in
supermarket and liquor sales in the second quarter, which is
behind rival Woolworths' 4.2% increase in food and liquor sales,
as reported last month.

The paper relates that Coles Myer shares hit an eight-week low
of AU$9.96.  Coles stock has fallen more than 6% since the
Company announced that it would delist from the New York Stock
Exchange, where its American Depositary Receipts were quoted,
from February 6.

Coles Myer had said that the Australian Stock Exchange was
accessible to international investors that maintaining an
offshore listing is no longer necessary to attract investors.
One investor, however, said that without a U.S. listing for at
least one class of securities, none of Coles Myer's scrip,
including the ordinary shares, would be eligible for investment
by many large fund managers.

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operates around 2,500 stores in  
Australia and New Zealand and employs with over 165,000 staff.
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.


MYER LIMITED: Bidders Ready to Replace Managing Director
--------------------------------------------------------
The Troubled Company Reporter - Asia Pacific earlier stated that
serious bidders for Coles Myer Ltd.'s department store chain had
been reduced to three:

     * Edgars Consolidated Stores Limited;
     * CVC Asia Pacific; and
     * Newbridge Capital Inc.

The Advertiser relates that Edgars Consolidated and Newbridge
Capital already have their respective prospects for the managing
director position, to replace Coles Myer's Dawn Robertson should
their bids win.

An insider to the Myer sale negotiations told The Advertiser
that the remaining bidders had reached agreements with Coles
Myer's Board of Directors that the Company would pay Ms.
Robertson's retrenchment costs.


NEW ZEALAND THEME: CIR Files Liquidation Petition
-------------------------------------------------
On December 15, 2005, the Commissioner of Inland Revenue filed  
an application with the High Court to put New Zealand Theme Bars
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


NT LAND RESOURCE: Placed Under Voluntary Liquidation
----------------------------------------------------
The members of NT Land Resource Management Pty Limited convened
on January 13, 2006, and concurred that the Company should wind
up its operations.

In addition, the members appointed Austin Robert Meerten Taylor,
of Meertens Chartered Accountants, as liquidator to oversee the
disposition and distribution of assets.


ONE.TEL LIMITED: PBL Counsel Denies One.Tel Rights Role
-------------------------------------------------------
Publishing & Broadcasting Limited's chief counsel, Guy Jalland,
denies any involvement in instructing Minter Ellison lawyers to
investigate if PBL could get out of a AU$132 million rights
issue to One.Tel Limited, The Australian reports.

The Australian's Kevin Andrusiak relates that PBL and
Consolidated Press Holdings had engaged Minter Ellison to help
them share the legal workload over One.Tel right before its
collapse.  PBL and News Limited had agreed to underwrite the
AU$132 million rights issue at a meeting of One.Tel's board of
directors on May 17, 2005.  Mr. Andrusiak says that it was not
until the final One.Tel board meeting on May 29 that the rights
issue was dropped.

The paper says that Mr. Jelland received e-mail messages
indicating that Minter Ellison had begun work on rescission and
termination options for the rights issue a day before the final
meeting of One.Tel's board of directors.

The paper cites Mr. Jalland as stating that he had no idea who
instructed Minter Ellison to begin the work on rescission and
termination of the rights issue a day before the final meeting,
just so PBL could bail out of the deal.  The New South Wales
Supreme Court was told that Mr. Jalland had received e-mail
messages containing the details of what went on within 24 hours
before the final One.Tel board meeting.

The Australian Securities and Investments Commission has
initiated actions against One.Tel's executive officers -- Jodee
Rich and Mark Silbermann -- for allowing the Company to trade
while it is insolvent.


PHILLIPS & HOUSE: Creditors' Claims Due on Feb. 25
--------------------------------------------------
Creditors of Phillips & House (Properties) Pty Limited are
required to submit their proofs of claim by February 25, 2006,
to liquidator Julie Deryl House.  Failure to comply with this
requirement will exclude creditors from the benefit of the
Company's dividend distribution.


RANDOS ROOFING: Appoints Official Liquidators
---------------------------------------------
At an extraordinary general meeting of the members of Randos
Roofing Pty Limited on January 12, 2006, it was agreed that a
voluntary wind-up of the Company is appropriate and necessary.

Moreover, Victor Raymond Dye and Nicholas Giasoumi, of Dye &
Rennie Chartered Accountants, were appointed as liquidators.


SANDERSONS INVESTMENTS: Unable to Pay its Debts
-----------------------------------------------
Sandersons Investments 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, Anthony Maher was appointed to oversee the
Company's liquidation activities.


STOCKMANS STATION: Members Decide to Wind Up Firm
-------------------------------------------------
Members of The Stockmans Station Pty Limited held a general
meeting on January 13, 2006, and agreed to voluntarily wind up
the Company's business operations.


SUPERIOR RUBBER: Creditors Wind Up Operations
---------------------------------------------
On January 16, 2006, the creditors of Superior Rubber & Plastics
Pty Limited agreed to liquidate the Company's operations
voluntarily.

David Patrick Watson was appointed as liquidator.


SYDNEY CITY: To Distribute Final Dividend
-----------------------------------------
Sydney City Plumbing Maintenance Services Pty Limited will
declare its first and final dividend on February 14, 2006.

Creditors whose debts or claims have not already been
admitted are required to formally prove their claims before that
date, to liquidators Brian H. Allen and Peter G. Burton, of
Burton Glenn Allen Chartered Accountants.  Any failure to submit
a proof of their claims will disqualify them from any
distribution.


TIPDELL PTY: Roderick Sutherland Named Liquidator
-------------------------------------------------
At a meeting of the creditors of Tipdell Pty Limited on Jan. 17,
2006, it was agreed that the Company commence liquidation.  
Roderick Mackay Sutherland, of Jirsch Sutherland Chartered
Accountants, was appointed as liquidator to supervise the
Company's wind-up activities.


TRIMEX HOLDINGS: Schedules Final Meeting for Feb. 10
----------------------------------------------------
A final meeting of the members of Trimex Holdings Pty Limited
will be held on February 10, 2006, at 10:00 a.m.

At the meeting, liquidator David Clement Pratt, of
PricewaterhouseCoopers, 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.


WANGANUI SKINS: Court Fixes Liquidation Hearing Feb. 13
-------------------------------------------------------
On December 15, 2005, the Commissioner of Inland Revenue filed  
an application with the High Court to liquidate Wanganui Skins &
Hides 2003 Limited.

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


WESTPOINT GROUP: Mezzanine Wind Up Unveils AU$54 Mln Lost Funds
---------------------------------------------------------------
Westpoint Corporation went into voluntary administration on
January 25, 2006.  That same day, Kordamentha was appointed as
its receiver.

As previously reported in the Troubled Company Reporter - Asia
Pacific, PricewaterhouseCoopers was appointed administrator to
seven mezzanine finance companies associated with Westpoint
after a legal action by the Australian Securities and Exchange  
Commission last year.

As two of the mezzanine firms were wound up, it was found that
an additional AU$54 million worth of investors' funds had been
lost.

According to PwC, 789 creditors of Market Street Mezzanine Ltd
and 67 creditors of Market Street Mezzanine No. 2 Pty Ltd, who
funded a project at 60 Market Street, Melbourne, were owed
AU$43.2 million and AU$9.76 million, respectively.  The project
had encountered significant delays and cost overruns and there
were not enough pre-sales to return their investment.

The two companies were the fifth and sixth of Westpoint's
mezzanine firms to be wound up as a result of the Perth
developer's collapse, which is expected to bring about AU$1
billion in losses.

Westpoint estimates its liabilities to more than 400 employees
around Australia, as well as to the Australian Taxation Office,
to be over AU$21 million.  In addition, Westpoint's
administrators, Taylor Woodings, says that the Company's
greatest single liability was its guarantees to holders of
promissory notes issued by its mezzanine finance companies to
fund development projects -- which aggregate to AU$250 million.

The ASIC's application with the Federal Court of Australia,
seeking to wind up Westpoint, will be heard on Friday.


WESTPOINT GROUP: ASIC Heads To Face Senate Over Group's Collapse
----------------------------------------------------------------
Top officers of the Australian Securities & Investments
Commission will face the Federal Parliament next week in
connection with their alleged delays in taking action to protect
investors who are affected by Westpoint Group's AU$300 million-
plus collapse, The West Australian reports.

According to the paper, ASIC Chairman Jeff Lucy and his deputy
Jeremy Cooper, as well as ASIC's investigations chief, Jan
Redfern, will answer queries from the Senate Estimates Committee
in Canberra.  Opposition financial services and superannuation
spokesman, Nick Sherry, will also question them with regard to
ASIC's failure to act on the Westpoint matter sooner.

Senator Sherry said that Westpoint's investment schemes had been
distributed by ASIC-regulated financial advisers, who are
believed to have behaved irresponsibly.

The West Australian also relates Senator Sherry's plan to
examine senior officials from the Australian Taxation Office in
connection with allegations that a significant proportion of the
money ploughed into Westpoint schemes was from small, self-
managed superannuation funds, which are regulated by the tax
office.


WESTPOINT GROUP: Secured Creditors' Aide Needed to Recover Funds
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific previously reported
that a group of financial planners has set up a fund to help
restore investor confidence in Westpoint Group.

Ian Bristow, head of the Westpoint Recovery Fund, has called on
Westpoint's secured creditors to help recover their investments
in the Company before it gets too late, The Financial Standard
relates.  Mr. Bristow says that one way for the investors to get
back their money would be to allow some of Westpoint's projects
to be completed, rather than abort them immediately.

Mr. Bristow cites as an example the Mount Street property in
North Sydney, which he believes could double in value if
development plans are finalized and needed funds are provided.
The Standard cites Mr. Bristow as saying that "advisers and
creditors should exert pressure on LM Investments and MFS in
respect of Mount St and ING in respect of Emu Brewery to look
for and work with creditors on alternative strategies to the
universal approach of PwC and Ferriers to liquidate."

Mr. Bristow maintains that the unsecured creditors, such as the
financial planners and mums-and-dads, are not going to get the
best deal out of Westpoint's liquidation process.


* Fitch: Neg. Credit Outlook For Australian Utilities In 2006
-------------------------------------------------------------
Fitch Ratings said that the credit outlook for the Australian
utility sector is negative for 2006.  The negative outlook
reflects a move towards more aggressive corporate and financial
strategies.

"The agency's view is premised on an increasing prevalence of
highly-geared acquisitive strategies, shareholder-friendly
distribution policies and high asset purchase prices," said
Carolyn Martin, Regional Head of Fitch's Energy & Utilities team
in a 2006 outlook report for the Australian utility sector
published today.

"These factors call for increased investor caution towards the
Australian utility sector in 2006," warned Ms. Martin.  Fitch
suggests that M&A (mergers and acquisitions) event risk is
likely to continue in 2006, driven by increased vertical
integration and the emergence of infrastructure investment
funds.  Integrated utilities want to strengthen the quality of
their internal hedges by combining generation and retail
operations through further acquisitions.  Moreover, the
resulting combination of size, synergies and the increased
degree of vertical integration is placing pressure on
disaggregated entities such as state government-owned generators
and retailers to consider structural and ownership changes to
better manage industry risks.

Meanwhile, infrastructure investment vehicles, such as the
Diversified Utility and Energy Trusts, SP AusNet, Spark
Infrastructure, Alinta Infrastructure Holdings along with the
proposed AGL Infrastructure, have mandates to increase their
assets under management, in part to fuel yield-hungry
shareholders.  Fitch states that offshore acquisitions and
expansion in new areas such as water infrastructure will add
diversification, but also new business risks.

The agency also observes that regulated network utilities are
witnessing unprecedented growth in peak energy demand and
minimal public tolerance of electricity outages, particularly
when blamed on ageing network assets.  These dynamics are
fuelling the demands for exceptionally high levels of capital
expenditure.  Fitch's estimates of cash flow from operations
(less dividends) for 2006, indicates most Australian network
utilities will need to draw upon additional debt to meet their
high capex requirements.

The report also discusses various challenges for the Australian
generators, including operating in a low, but volatile, pool
price environment.  Upward pressure on operating and financial
costs is also starting to emerge, as the next tranche of base-
load generation will clearly need to absorb more stringent
environmental regulations.

On the regulatory side, the report notes that the newly-
established Australian Energy Regulator ("AER") will assume its
regulatory functions in phases over the 24 months to end-2007.
While there will be changes to the regulatory process in
Australia as the AER finalizes national policies for regulation,
Fitch does not expect these to be material to the
creditworthiness of the Australian utilities.

Fitch will be hosting a teleconference on Tuesday, February 14,
2006, at 9:00 a.m. (Australian EDST) to discuss the agency's
2006 outlook for Australian and New Zealand utilities.  Details
of the teleconference and a copy of the report "Australian
Utilities: What's the Mix for 2006?" can be found on the
agency's Web sites at http://www.fitchratings.com.auand the  
subscription-based http://www.fitchresearch.com

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site at
http://www.fitchratings.com


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C H I N A  &  H O N G  K O N G
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BANK OF CHINA: Targets Hong Kong IPO in May
-------------------------------------------
The Bank of China plans to launch a US$8 billion initial public
offering in Hong Kong by May 2006, as well as to list in China,
Economy News relates.

The Chinese lender has already submitted an application for the
approval of an initial public offering to the State Council and
the China Securities Regulatory Commission.

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.


CANARE ELECTRIC: Named Lai Kar Yan to Oversee Wind-up
-----------------------------------------------------
At a meeting on January 20, 2006, the members of Canare Electric
Company (Hong Kong) Limited decided to shut down the Company's
operations.  They named Lai Kar Yan (Derek) and Darach E.
Haughey to act as liquidator for that purpose.


CHINA SOUTHERN: Appoints Tan Wan Geng as Vice President
-------------------------------------------------------
China Southern Airlines Co. has appointed Tan Wan Geng as vice
president, effective as of February 5, 2006, Infocast News says.

Mr. Tan also serves as secretary of the Company's Chinese
Communist Party Committee.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the Chinese carrier incurred a net loss of CNY843
million in the first half of 2005, versus a net profit of CNY103
million in the same period a year earlier.


DICKSON CONSTRUCTION: Commences Winding Up Process
--------------------------------------------------
On January 27, 2006, Kenworth Engineering Limited filed a
petition to wind-up Dickson Construction Company Limited.

In its petition, Kenworth claims a HK$420,000 debt owed by
Dickson on account of construction works completed in January
2006.  The Company also owes Atal Engineering Limited HK$2.5
million for electrical installation projects finished in 2005.

Dickson disputes the amount and intends to contest the
proceedings.


EAST CREATION: Names Official Liquidator
----------------------------------------
At a meeting of East Creation Limited on January 18, 2006,
members agree on the Company's need to undergo voluntary
liquidation.

Sze Sau Wan was appointed as liquidator to supervise the
Company's wind-up activities.


GEORGIA TRADING: C. Hall Ceases to Act as Liquidator
----------------------------------------------------
Christopher Harvey Hall, of 99 Queen's Road in Central, Hong
Kong, had ceased to act as liquidator of Georgia Trading Limited
on January 26, 2006.


JAPAN ASIA: Members Meeting Slated for Feb. 28
----------------------------------------------
A final meeting of the members of Japan Asia Re Limited will be
held for the parties to receive the liquidator's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held on February 28, 2006, at 2:30 p.m.

Lau Siu Hung serves as the Company's liquidator.


JDC CORPORATION: To Pay Dividend to Creditors
---------------------------------------------
JDC Corporation (General Contractor) Limited will declare a
first ordinary dividend on February 16, 2006.

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


KING TAT: Members Approve Unaudited Results
-------------------------------------------
At a meeting on January 20, 2006, members of King Tat Lee
(Group) Limited have approved the unaudited final accounts
produced by the Company's liquidators.


OMEGA TRADEMARK: Shuts Down Business
------------------------------------
At a meeting of East Creation Limited on January 18, 2006,
members resolved that the Company undergo voluntary liquidation.  

Sze Sau Wan was appointed as liquidator to facilitate the
Company's wind-up process.


SHARELAND LIMITED: To Hold Final Meeting on March 1
---------------------------------------------------
A meeting of Shareland Limited's creditors will be held on
March 1, 2006, at 11:00 a.m., at:

     Room 703, Wah Ying Cheong Central Building
     158-164 Queen's Road Central
     Hong Kong

Forms of proxies for the meeting must be lodged not later than
February 28, 2006, at the meeting location.


STATE INTERNATIONAL: Liquidator to Present Company Report
---------------------------------------------------------
A final meeting of the members of State International Limited
will be held for them to receive the liquidator's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held on February 27, 2006, at 3:00 p.m.

Lam Ying Sui serves as the Company's liquidator.


SURELIGHT HOLDINGS: Members & Creditors to Meet on Feb. 22
----------------------------------------------------------
The members and creditors of Surelight Holdings will meet on
February 22, 2006, at 10:15 a.m. and 10:45 a.m., respectively.  
Both meetings will be held 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.


V&T INVESTMENTS: Names Official Liquidators
-------------------------------------------
Lo Siu Ki and Kong Chi How, Johnson, were appointed as
liquidators to manage V&T Investments Limited's wind-up
activities.

The High Court of Hong Kong Special Administrative Region issued
the appointment order on February 3, 2006.


WORLDPEX INVESTMENT: Liquidator to Present Company Report
---------------------------------------------------------
The meetings of the members and creditors of Worldpex Investment
Limited will be held for the parties to receive the liquidator's
final account showing how the Company was wound up.

The meeting among members will be held on February 22, 2006, at
10:30 a.m. at the 27th Floor, Alexandra House, 18 Chater Road,
in Central, Hong Kong.  The creditors' meeting will take place
at 4:00 p.m.


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

DUNDEE INVESTMENT: SEBI Cancels Certificate of Registration
-----------------------------------------------------------
Dundee Mutual Fund surrendered its certificate of registration
to the Securities and Exchange Board of India, who cancelled it
on February 2, 2006.  At Dundee Mutual Funds' request, SEBI also
withdrew approval of Dundee Investment Management and Research
Pvt Limited to act as its asset management company.

Dundee Mutual Fund has wound up all its schemes in accordance
with SEBI (Mutual Fund) Regulations, 1996, and has transferred
its unclaimed funds to Escorts Mutual Fund.

With immediate effect, the Dundee Mutual Fund, the Board of
Trustees of Dundee Mutual Fund and Dundee Investment Management
and Research can no longer carry out any activity as a mutual
fund, as trustees, or as asset management company as the case
may be, in accordance with the regulations.


FILMCITY MEDIA: Appoints New Directors and Transfer Agent
---------------------------------------------------------
On January 31, 2006, Filmcity Media Limited's Board of Directors
considered and approved:

   -- the immediate appointment of Bhupendrabhai Amrutlal Shah
      and Maheshbhai Chhotalal Shah as additional directors of
      the Company; and

   -- the change of the Company's register and transfer agent
      from Intime Spectrum Registry Pvt Ltd to Adroit
      Corporate Services Pvt Ltd.

Filmcity Media Limited is a multimedia company headquartered at
Mumbai, in Maharashtra, India.  Rising expenses and falling
operating profits have contributed to the firm's losses over the
past years.  In the first quarter of the fiscal 2005-06, the
Company suffered a net loss of INR0.7 million as against a net
loss of INR0.26 million in the same period last year.


ISIBARS LIMITED: Cuts Paid Equity Share Capital
-----------------------------------------------
At Isibars Limited's 18th Annual General Meeting on December 27,
2005, members approved:

   -- the adoption of the audited Profit and Loss Account for
      the year ended March 31, 2005, and the balance sheet as
      at March 31, 2005, together with the schedules and notes
      on accounts, as well as the Auditors Report and
      Directors Report;

   -- the re-appointment of S P Khosla as Director of the
      Company;

   -- the re-appointment of Messrs Thanawala & Company as
      Auditors of the Company to hold office from the
      conclusion of this meeting until the conclusion of the
      Company's  next Annual General Meeting and to examine
      and the audit the accounts of the Company for the
      accounting year April 1, 2005, to March 31, 2006; and

   -- the reduction of the Company's paid equity share capital
      INR24,27,00,000, consisting of 2,42,70,000 equity shares
      of INR10/- each fully paid up to INR12,13,50,000
      consisting of 2,42,70,000 equity shares of INR5 each
      fully paid-up by writing off INR5 per share.

The Company has incurred a net loss of INR23.27 million in the
April 1, 2005, to June 30, 2005 quarter, as against a net loss
of INR34.3 million in the same period the previous fiscal year.

Headquartered in Mumbai, India, Isibars Limited --
http://www.isibar.com/-- is engaged in the manufacture and  
export of stainless steel long products.


* Ministries Fight Over Oil Firms' Bailout
------------------------------------------
The finance and petroleum ministries are locked in a dispute
over a demand to bail out the country's loss-making oil
marketing firms, The Telegraph reports.

The finance ministry revealed that it has received a letter from
the petroleum ministry requesting the Government to either issue
a INR19,000-crore three-year zero interest bonds or issue 7%
bonds of INR15,500 crore with high interest rates.

The Telegraph says the finance department is not amenable to the
petroleum ministry's request since the huge figures would
translate to losses in the country's budget sheets and that the
high interest bonds would create its own set of problems.

In September 2005, the Union cabinet has approved the issuance
of a three-year, zero-interest oil bonds worth INR11,500.  To
date, the finance ministry has already floated bonds worth
INR5,750 crore.

The oil companies, however, feel the bonds issued by the finance
ministry are not enough to offset the hefty losses they have
incurred for subsidizing kerosene and cooking gas below market
prices.  Also, oil companies will not get the full amount as the
bonds are taxable. Instead, they will receive only INR4,300
crore from these bonds.

Oil companies Indian Oil, Bharat Petroleum, Hindustan Petroleum
and IBP Company Limited suffered under-recoveries of INR12,000
crore from selling kerosene and cooking gas at below market
price in the first half of the current fiscal year.  The
projected under-recovery or loss for the full year is estimated
to be around INR26,000 crore.

The four firms have notched up a combined loss of INR2,898 crore
during April-December this year and these losses are mounting,
The Telegraph adds.


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

PERUSAHAAN LISTRIK: Police to Investigate New Corruption Case
-------------------------------------------------------------
Indonesian police are set to investigate a new corruption case
on PT Perusahaan Listirk Negara regarding a power plant project
in Cilacap, East Java, The Jakarta Post reports.

At present however, police are focusing their efforts into the
investigation of an alleged price mark-up of three generators,
which the Company had purchased in 2004, according to National
Police spokesman Brig. Gen. Anton Bachrul Alam.

Once their probe into the generator mark-up case is concluded,
police will look into the new corruption report against PLN, The
Post says.  No details were released on the corruption report.

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.


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

JAPAN AIRLINES: To Fly Under oneworld's Wings
---------------------------------------------
Japan Airlines Corporation and oneworld have exchanged a
memorandum of understanding, completing the Asian carrier's
first step toward joining the world's leading quality global
airline alliance.

The agreement was signed just three months after JAL first
indicated its intention to seek oneworld membership.  The deal
sets out a framework for the remaining steps to be taken before
the alliance can formally invite the airline to join.  The
parties have committed to complete the process in the next few
months -- and then to bring the new recruit on board oneworld on
a fast track program.

Assuming all remaining agreements can be reached, JAL should be
flying as a full-fledged member of the alliance in about one
year.  American Airlines will be supporting JAL through these
tasks as its prime oneworld sponsor, assisted by Cathay Pacific.

oneworld brings together some of the best and biggest names in
the airline business -- American Airlines, British Airways,
Qantas, Iberia, Cathay Pacific, LAN, Finnair and Aer Lingus,
plus their 12 affiliates.  Member designates airlines' Royal
Jordanian and Hungary's Malev will start offering the alliance's
services and benefits in early 2007.

The alliance enables its member airlines to offer their
customers more services and benefits than any airline can
provide on its own, including a broader route network,
opportunities to earn and redeem frequent flyer miles and points
across the whole alliance network, and access to more airport
lounges.

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.


JAPAN AIRLINES: Shareholder Wants President to Step Down
--------------------------------------------------------
Eitaro Itoyama has called on Japan Airlines Corporation
President Toshiyuki Shinmachi to resign and answer for the
Company's poor performance, Japan Today says.

Mr. Itoyama, who has a 4.05% interest in JAL's, stressed that
the ailing carrier's ongoing restructuring plan would fail under
Mr. Shinmachi.  JAL has suffered a series of safety lapses under
Mr. Shinmachi's management.

The airline also incurred a net loss of JPY23 billion in the
April 2005 to December 2005 period.

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.: Admits Accounting Fraud
----------------------------------------
Livedoor Co. conceded to allegations that one of its
subsidiaries has tampered its financial statement, Japan
Economic Newswire reports.

The Company acknowledged in a statement that Livedoor Marketing
Co. falsely stated it had incurred pretax and net profits during
the third quarter of fiscal 2004, when in fact it booked pretax
and  net losses.

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. Chief Executive
Officer Takafumi Horie and Chief Financial Officer
Ryoji Miyauchi were allegedly 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.    


LIVEDOOR CO.: Likely to Dissolve Partnership With Dynacity
----------------------------------------------------------
Livedoor Co. will review its business alliance with condo
developer Dynacity Corporation, as it evaluates non-core
investments, relates Japan Economic Newswire.

The Company is expected to announce a business reconstruction
plan on February 24, 2006, the report says.

Dynacity is in talks with Livedoor on the premise that it will
dissolve its ties with the embattled Net firm.  Sources said
that the two companies have agreed that Livedoor will consider
selling its Dynacity shareholdings to third parties.


The Livedoor group acquired a 21.5% stake in Dynacity after the
two firms agreed on capital and business alliances in December
2005.

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.    


MITSUBISHI MOTORS: Orders for 'i' Minicar Hit 10,000
----------------------------------------------------
Mitsubishi Motors Corporation received 10,000 orders for its new
minicar "i" model in two weeks since its launch in January,
reaching twice its monthly sales target, Japan Today says.

The Company said that the new vehicle was favored by customers
for its style.  Female customers often perceive the model as
cute, while male customers tend to look at it as futuristic.

The rounded shape of the new sporty minicar was designed to
project the protective image of a silkworm cocoon as well as the
image of a nimble rabbit, the carmaker added.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The Company also operates consumer-financing services and
provides this to its customer base.  Mitsubishi's problems stem,
in part, from the scandal surrounding years of systematically
covering up defects and ill-advised auto lending policies in the
United States.


SANBISHI COMPANY: Zensho Supports Rehabilitation
------------------------------------------------
Soy Sauce maker Sanbishi Company will receive support for its
management rehabilitation efforts from Zensho Company, the
operator of the Sukiya chain of restaurants, according to Japan
Today.

The two companies agreed that a Zensho subsidiary would acquire
the operations of Sanbishi and its two units, including all
employees, effective April 1, 2006.

No further details were disclosed.


TAIHEIYO CEMENT: Standard & Poor's Assigns 'BB' Rating
------------------------------------------------------
Standard & Poor's Rating Services assigned its 'BB' long-term
corporate credit and senior unsecured debt ratings to Taiheiyo
Cement Corporation.  The outlook on the long-term corporate
credit rating on the Company is stable.  The outlook on the
long-term corporate credit rating is stable.

With 40% market share, Taiheiyo Cement is Japan's leading cement
manufacturer.  Earnings throughout the Japanese cement industry
will be under pressure over the medium-to-long term because of
diminishing demand and high distribution costs.  The industry
also has had to cope with surging material prices.  In spite of
this, Taiheiyo Cement has improved its profitability through
price hikes and costs reductions, including payroll cuts and
consolidation of manufacturing facilities.  As a result, the
Company's operating margin increased to 5.5% as of March 2005
from 3.7% as of March 2002.  Given the improvement in Taiheiyo
Cement's earnings profile, any substantial deterioration of
profitability is unlikely, even if domestic demand continues to
decline over the next few years.  

Taiheiyo Cement's financial profile is still weak, as its debt-
to-capital ratio remained high at 71.4% as of September 2005,
despite large-scale debt reductions over the past few years.
Funds from operations (FFO, before working capital adjustments)
is expected to remain weak at about 11% as of March 2006, and
the Company relies heavily on short-term debt.  However, the
outlook on the long-term corporate credit rating is stable as a
substantial decline in cash flow is unlikely, given the
increased stability of earnings.  Still, Taiheiyo Cement's
rating could be lowered if a loss associated with the investment
in its South Korean equity-method subsidiary, Ssangyong Cement
Industrial Co. Ltd. expands more than expected, or if Taiheiyo
Cement tries to acquire the management rights of Ssangyong
Cement, straining the Company's financials.

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation
-- http://www.taiheiyo-cement.co.jp/-- formed by the 1998  
merger of Chichibu Onoda Cement and Nihon Cement, is Japan's
leading cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The Company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.  


TOYOBO CO.: Settles Suit with Police Injured by Xylon-Made Vest
---------------------------------------------------------------
Toyobo Co. of Osaka Japan said it has settled a lawsuit filed in
the United States by an American police officer, who claimed he
suffered injuries because a bulletproof vest made with the
firm's material failed to protect him, Kyodo News International
reports.

According to the report, the agreement was reached between the
plaintiff and all defendants, including the vest maker Second
Chance Armor Inc.  Financial terms of the deal were not
disclosed, but Toyobo said it will only have a modest effect on
its earnings performance.

Toyobo has outstanding lawsuits filed by the U.S. government and
the Michigan-based vest producer in connection with Xylon fiber
used to make the vests.  In July, it settled a class action
filed by a coalition of United States police unions.

Toyobo used the synthetic fiber Xylon in about 2,900 bullet-
resistant vests sold to the LAPD by Second Chance Body Armor
Inc., which replaced the vests in fall 2003 with those made with
Kevlar.  Second Chance though related reported that tests were
showing that the material was degrading from sweat and heat
before reaching its supposed five-year life expectancy.

Headquartered in Osaka, Japan, Toyobo Co. Limited
-- http://www.toyobo.co.jp-- manufactures synthetic fibers,  
cottons, and wool.


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

LG CARD: Merrill Mulls Joint Bid with Shinhan
---------------------------------------------
Merrill Lynch and Shinhan Financial Group are likely to lodge a
joint bid for LG Card Co., Reuters relates.

Shinhan hinted in December on its plan to team up with a
strategic partner to help finance the possible deal.  It wants
to bid for LG Card to boost its credit card business and
overtake rival Kookmin Bank in assets by 2008.

However, Shinhan and Merrill have not discussed any concrete
steps yet.

Merrill Lynch is interested to bid for LG Card in order to tap
into growing private consumption in Korea, an informed source
told Reuters.

JP Morgan the lead manager for the sale of LG Card has been
conducting due diligence on LG Card since January, along with
its legal and accounting advisers.

Headquartered in Seoul, South Korea, LG Card Co. --   
http://www.lgcard.com-- is a leading credit card player and    
unsecured consumer lender with over 11 million card members and   
an approximate 20% share of the Korean credit card market.    

Credit card penetration, transaction volumes and credit
balances have grown dramatically in Korea since 1998 due to
government policy encouraging the use of credit cards as a means
of payment, deregulation of consumer lending and the
introduction of unsecured consumer loan products more convenient
than those provided by the banks.  

LG Card's principal products are credit card based which account
for over 80% of total risk assets.


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

ACP INDUSTRIES: Thai Unit Inks Contract with National Housing
-------------------------------------------------------------
On January 31, 2006, ACP Industries' Thai subsidiary ASCE
Construction Limited and its Thailand consortium partner SKS
Global Company Limited entered into a contract agreement with
the National Housing Authority of Thailand.

The total contract value is THB359,100,000 and will only last
for 14 months.  The collaboration between ACL and SKS will be
named ACL-SKS Consortium.  

ACL will be responsible of undertaking and completing the
building design, mechanical and electrical as well as civil and
structural construction works of the contract while SKS will
undertake and complete the development works which include the
complete surrender of the identified land to the NHA and all
other land related matters pertaining to and in connection with
the contract.

The contract agreement will not have material effect on the
earnings of ACPI Group nor will it have material impact on the
net tangible assets of ACPI Group for the financial year ending
March 31, 2006.  

However, the deal is expected to contribute positively to the
future earnings of ACPI Group.  ACL will fund the contract
through project advances, internally generated funds and bank
borrowings.

None of the directors or major shareholders of ACPI Group or
persons connected to them has any direct or indirect interest in
the contract agreement.

The Company's directors believe that the terms of the contract
are fair, reasonable and in the best interest of the Company.

Headquartered in Petaling Jaya, Malaysia, ACP Industries
Berhad's (ACPI) -- http://www.acpibhd.com-- principal  
activities are divided into three divisions namely:

-- Infrastructure which includes specializing in the heavy    
   engineering sector and dealing with traditional products.

-- Buildings consist of fast track projects throughout Malaysia
   such as hospitals, matriculation centers and schools and
   supplies and installs architectural facades for the high
   profile Government office complex project.

-- Services include water and wastewater engineering.

The Company is also engaged in manufacturing and marketing of
precast concrete, specialty, highway, safety, heavy element
precast (for viaducts, elevated highways, LRT guideways and
bridges), and metal based and timber (for building and
construction) products; investment holding; provision of
training and information technology services; steel fabrication;
construction management and contracting in the fields of
environmental systems and engineering; and property development.


AFFIN HOLDINGS: Forms Joint Venture with National Mutual
--------------------------------------------------------
Affin Holdings Berhad has entered into a conditional joint
agreement in relation to its proposed joint venture with
National Mutual International Pty. Limited, a wholly owned
subsidiary of AXA Asia Pacific Holdings Limited.

Under the proposal, a joint venture company would be
incorporated where Affin and AXA shall be the two shareholders
to undertake the life insurance business of Tahan Insurance
Malaysia Berhad.

The JV shall then assume the rights and obligations of Affin and
AXA under the business transfer agreement for the proposed
acquisition of the life insurance business of Tahan dated
November 18, 2005 (BTA).

The JV's authorized share capital will be MYR1,000,000,000
comprising 1,000,000,000 ordinary shares of MYR1.00 each.

Under the salient terms of the joint venture agreement:

    * the JV will undertake the business of promoting,
      distributing and selling life insurance products in
      Malaysia under the name of AXA Affin Life;

    * the parties will increase the initial and paid-up share
      capital of JV to such an amount as is required for JV
      to meet its payment obligations under the BTA and to
      comply with the capital and minimum solvency and other
      requirements, and Affin and AXA shall subscribe for new
      shares in JV at par value so that, following such
      subscription and allotment of such shares, Affin will hold
      51% and AXA 49% in the JV; and


    * the parties' obligations under the JVA are conditional on:  
      

       -- the approval of Bank Negara Malaysia for the scheme of
          transfer of the assets and liabilities of Tahan to
          JV (Scheme of Transfer);

       -- the confirmation of the High Court of Malaya for the
          Scheme of Transfer;

       -- the approval of the Foreign Investment Committee;

       -- the approval of each of the Minister of Finance and
          BNM in respect of the bancassurance agreement to be
          entered into by Affin Bank Berhad and the relevant
          Affin Group entities with JV; and

       -- JV having been granted a license to carry on life
          insurance business as an insurance company under the
          Insurance Act 1996.

                    Rationale for Proposed JV

The Proposed JV will enable the Affin Group to tap into the AXA
Group's vast experience in insurance business globally, in
particular, the life insurance business.  The Proposed JV will
also enable JV to leverage on AXA's brand name, which is
globally accepted.

Additionally, the Proposed JV will strengthen and complement the
existing relationship between Affin and AXA which had been
fostered through AXA Affin Assurance Berhad, a 40% owned
associate company of Affin involved in general insurance
business.

                    Approvals Required

The Proposed JV is conditional upon approvals of:

(i) FIC;

(ii) BNM (if required); and

(ii) any other authorities, if required.

The Proposed JV is not subject to the approval of the
shareholders of Affin.

                      Effects

On share capital and substantial shareholders' shareholdings
The Proposed JV will not have any effect on the issued and paid
up share capital and substantial shareholders' shareholdings of
Affin.

                    On earnings

The Proposed JV is not expected to have a material effect on the
earnings of the Affin Group for the financial year ending
December 31, 2006.

                    On net asset (NA)

The Proposed JV does not have an immediate effect on the NA of
AFFIN Group.

                   Directors' Recommendation

The Board of Directors of Affin is of the opinion that the terms
of the Proposed JV are fair and reasonable and are in the best
interest of the Affin Group.

                   Expected Completion Date

Barring unforeseen circumstances, the Proposed JV is expected to
be completed by the second quarter of 2006.

       Departure from securities commission's guidelines

To the best knowledge of the Board, the Proposed JV has not
departed from the Securities Commission's Policies and
Guidelines on Issue/ Offer of Securities.

                 Document for Inspection

The JVA dated February 7, 2006, will be made available at the
Company's registered office at 1st Floor, Bangunan LTAT, Jalan
Bukit Bintang, 55100 Kuala Lumpur from Mondays to Fridays
(except public holidays) during business hours for a period of
three months from the date of this announcement.

Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad -
- http://www.affin.com.my-- is an investment holding company  
with subsdiaries involved in commercial and merchant banking,
property management, share nominee services, trustee management
services, money-broking, stock-broking, asset management, unit
trust management, insurance broking, leasing and hire purchase
financing and factoring services, and general insurance.


ANCOM BERHAD: Repurchases Ordinary Shares  
-----------------------------------------
On February 7, 2006, Ancom Berhad conducted a shares buy back
and was able to repurchase 34,200 ordinary shares for MYR1.00
each.
  
The minimum price paid for each share purchased was MYR0.695
while the maximum price paid for each share purchased MYR0.710.

The number of shares purchased retained in treasury are 34,200
shares.  The cumulative net outstanding treasury shares as at
to-date are 9,432,603 shares.

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Ancom Berhad -- http://www.ancom.com.my-- is engaged in  
manufacturing and selling of agricultural products (timber
preservatives) and chemical products (ethanol, sealants and
adhesive). The Company is also involved in trading in petroleum-
based products and industrial chemicals; building, operating and
managing own chemical tank farm; supply of goods and services to
oil and gas industry; ship-owning, ship operating and ship
management; investment holding, property development and trading
of computer hardware and software; and the rendering of IT
related consulting service.
  

ANTAH HOLDING: To Convene EGM Feb. 23
-------------------------------------
Antah Holding Berhad will hold its Extraordinary General Meeting
on February 23, 2006, at 10:00 a.m., to consider and pass:

   * its proposed vesting arrangement;
   
   * the proposed subscription; and

   * the proposed Call Option.

The EGM will be held at Balai Tunku Abdul Rahman, Royal
Commonwealth Society, No. 4, Jalan Birah, Off Jalan Batai,
Damansara Heights, 50490 Kuala Lumpur.

A full copy of the EGM Notice is available for free at:
  
  http://bankrupt.com/misc/AntahHoldingNoticeEGM020806.doc

Headquartered in Selangor Darul Ehsan, Malaysia, Antah Holding  
Berhad -- http://www.antah.com.my/-- is engaged in   
manufacturing and trading of pharmaceutical products and fluid  
engineering and manufacturing.  The Company's other activities  
include retailing of housewares and kitchenware, property  
development, insurance broking, provision of management services  
and investment holding.  It has already discontinued its  
beverage and security services operations.  Antah Holding  
operates in Malaysia, Australia, United Kingdom and Singapore.


DATUK KERAMAT: Faces Suspension Over Failure to Submit Report
-------------------------------------------------------------
Bursa Malaysia Securities Berhad will possibly suspend or delist
Datuk Keramat Holdings Berhad if it fails to submit its:

-- Annual Audited Accounts for financial period ended
   December 31, 2004 by the due date of April 30, 2005;

-- First Quarterly Report ended March 31, 2005 by the due date
   of May 31, 2005;

-- Annual Report for financial period ended December 31, 2004 by
   the due date of June 30, 2005;

-- Second Quarterly Report ended June 30, 2005 by the due date
   of August 31, 2005; and

-- Third Quarterly Report ended September 30, 2005 by the due
   date of November 30, 2005.

The Company explained the issuance of the Company's Financial
Statements was delayed because the Company is still working on
the proposed restructuring scheme as announced earlier to Bursa
Malaysia Securities Berhad.

The expected deadline for submission of the Financial Statements
will depend on the outcome of the proposed restructuring scheme.

Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.

The Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.


GEORGE TOWN: Restructuring Scheme Delays Report Submission
----------------------------------------------------------
George Town Holdings Berhad may be suspended or delisted from
Bursa Malaysia Securities Berhad for failure to submit its:

   * Annual Audited Accounts for financial period ended
     December 31, 2004, by the due date of April 30, 2005;

   * First Quarterly Report ended March 31, 2005, by the due
     date of May 31, 2005;

   * Annual Report for financial period ended December 31, 2004,
     by the due date of June 30, 2005;

   * Second Quarterly Report ended June 30, 2005, by the due
     date of August 31, 2005; and

   * Third Quarterly Report ended September 30, 2005, by the due
     date of November 30, 2005 pursuant to Paragraph 9.22 and
     9.23 of the Bursa Securities LR.

The Company explained the issuance of the Company's Financial
Statements was delayed because the Company is still working on
the proposed restructuring scheme as announced earlier to Bursa
Malaysia Securities Berhad.

The expected deadline for submission of the Financial Statements
will depend on the outcome of the proposed restructuring scheme.

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
George Town Holdings Berhad operates supermarkets, department
stores and convenience stores.

Its other activities include property development, trading in
pharmaceutical products, media design and advertising,
management services, goldsmith and jewelers, management of car
parks, bakery, pastry and fast food centre, financial services,
hotel management and investment holding.

The Group operates in Malaysia, Continental Europe/Offshore
Islands and other countries.


MAGNUM CORPORATION: Holds Shares Buy Back
-----------------------------------------
Magnum Corporation Berhad purchased 500,000 ordinary shares at
MYR0.50 each during its shares buy back on February 7, 2006.

The minimum price paid for each share purchased is MYR1.950 and
the maximum price is MYR1.960.

The cumulative net outstanding treasury shares as at to-date is
100,044,400 units.

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.


NHF MOULD: Ceases Business Operations
-------------------------------------
NHF Mould Manufacturing Sdn Bhd has been struck off from the
Register maintained by the Companies Commission of Malaysia,
pursuant to the powers conferred by subsection 308(4) of the
Companies Act, 1965 and the subsidiary has accordingly been
dissolved.


PACIFIC & ORIENT: Repurchases 3,500 Ordinary Shares
---------------------------------------------------
On February 2, 2006, Pacific & Orient Berhad repurchased 3,500
ordinary shares of MYR1.00 each for a total consideration of
MYR6,251.87.

The minimum price paid for each share purchased was MYR1.770
while the maximum price was MYR 1.780.

The number of shares purchased retained in treasury is 3,500.
And cumulative net outstanding treasury shares as at to-date
stands at 5,591,256.

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.  


PILECON ENGINEERING: Unit's Default Status Remains Unchanged
------------------------------------------------------------
There have been no changes to the status of default of Transbay
Ventures Sdn Bhd, a subsidiary of Pilecon Engineering Berhad
since Jan. 4, 2006.

Transbay was presented with a winding up order on Jan. 27, 2006,
by the Kuala Lumpur High Court.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is involved in foundation engineering, civil engineering,
building contracting works, property development and ancillary
functions.

Its other activities include housing development; investment
holding; trading in tensar; rental of machinery and industrial
products; research and development; casting of piles; concrete
repair and corrosion protection; marine engineering; wholesale
nursery and plant production; design, manufacture, assembly and
maintenance of custom built production machine jigs and
fixtures; water treatment and supply; hi-tech electronics and
communication; welding equipment; manufacture and installation
of pre-cast concrete piles; and operation and management of
Malaysian supermarket business; related business; manufacture
and supply of high performance paints and coating, club house
and resort operations; and patent holding


SUREMAX GROUP: Books MYR834,000 Net Loss in 1Q/FY05
---------------------------------------------------
Suremax Group Berhad has released its unaudited first quarter
report for the financial period ended Nov. 30, 2005.

          Summary of Key Financial Information
                 November 30, 2005

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

(1) Revenue

    0             4,122           0              4,122

(2) Profit/(loss) before tax

    -834          -1,072          -834           -1,072

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

    -834          -1,075          -834           -1,075

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

    -834          -1,075          -834           -1,075

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

    -1.26          -1.63          -1.26           -1.63

(6) Dividend per share (sen)

    0.00            0.00          0.00            0.00

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

(7) Net assets per share (RM)

    0.4200                     0.4300

Full-text copies of the financial statement is available for
free at:

   http://bankrupt.com/misc/SuremaxGroupQuarterlyResult.xls

   http://bankrupt.com/misc/SuremaxGroupQuarterlyResults.doc


SYARIKAT KAYU: Net Loss Hits MYR19,150,000 in 4Q/FY05
-----------------------------------------------------
Syarikat Kayu Wangi Berhad has released its unaudited fourth
quarter report for the financial period ended Nov. 30, 2005.

- The net loss for the year was amended from MYR1,733,000
  and MYR5,384,000 to MYR19,150,000 and MYR23,200,000 for the
  current quarter ended Nov. 30, 2005, and 12 months cumulative
  to Nov. 30, 2005, respectively.

- The weighted average number of ordinary shares in issue
  for 12 months cumulative to Nov. 30, 2005 was amended
  from MYR24,670,000 to MYR24,699,000.

          Summary of Key Financial Information
                 November 30, 2005

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

(1) Revenue

    4,422         7,455           21,456         27,633

(2) Profit/(loss) before tax

    -19,549       -1,611          -24,017        -3,216

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

    -19,150       -1,510          -23,200        -3,044

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

    -19,150       -1,510          -23,200        -3,044

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

    -45.00         -9.28           -93.93        -18.70

(6) Dividend per share (sen)

    0.00           0.00              0.00         0.00

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

(7) Net assets per share (MYR)

    0.1400                     0.4700

Full-text copies of the financial report is available for at:

   http://bankrupt.com/misc/SyarikatWayuNotesInterim30Nov2005.doc

   http://bankrupt.com/misc/SyarikatWayuNotesInterimReport30Nov2005.doc


TEXCHEM RESOURCES: Unit Begins Wind Up Process
----------------------------------------------
The Board of Directors of Texchem Resources Bhd reported that
Texchem Consumers (East Malaysia) Sdn Bhd, a wholly owned
subsidiary of Texchem Consumers Sdn Bhd which in turn is a
wholly owned subsidiary of TRB, has commenced voluntary winding-
up proceedings in accordance with Section 254 of the Companies
Act, 1965.

Jony Raw of 41 Jalan Loh Poh Heng, Hillside, Tanjung Bungah,
11200 Penang has been appointed as liquidator of Texchem at the
Company's Extraordinary General Meeting deemed held on
February 7, 2006.

Texchem was incorporated in Malaysia on May 14, 2001.  It was
principally engaged as an agent to distribute and market a wide
range of consumer products.  Texchem had ceased operations on
January 1, 2005 and became dormant since then.

The Company has an authorized share capital of MYR500,000
comprising 500,000 ordinary shares of MYR1 each and an issued
and paid-up share capital of MYR500,000 comprising 500,000
ordinary shares of MYR1.

The Company's net book value of its remaining assets as to date
is MYR500,169.09.  Other than the winding-up expenses, there are
no losses expected to arise from the Proposed Winding-Up.

As Texchem does not have any future plans to reactivate its
operations, the Proposed Winding-Up will enable TRB and TCSB to:

    -- wind up Texchem which is currently a dormant company; and

    -- reduce TRB's and TCSB's financial exposure to further
       expected expenses.

             Effects of the proposed winding-up

-- Net Assets (NA)

   Based on the Audited Financial Statements of the TRB Group as
   at December 31, 2004 and on the assumption that the Proposed
   Winding-Up of Texchem has been effected on that date, the
   Proposed Winding-Up of Texchem is not expected to have any
   material effect on the NA of the TRB Group for the financial
   year ended December 31, 2004.

-- Earnings Per Share (EPS)

   The Proposed Winding-Up is not expected to have any material
   effect on the EPS of the TRB Group for the financial year
   ending December 31, 2006.

The Directors of Texchem are of the opinion that it is solvent
and will be able to pay its debts in full within a period of 12
months after the commencement of the winding-up.

Headquartered in Penang Malaysia, Texchem Consumers --
http://www.texchemgroup.com/-- is proud to manage in its stable  
of products, successful global brandnames and domestic brand
leaders where we represent both global MNCs and local
manufacturers.  The Company's main product categories include
insecticide, oral care, toiletries, household detergents,
beverages, confectionery and toys.


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

ABS-CBN BROADCASTING: May Lose License to Operate
-------------------------------------------------
The National Telecommunications Commission is set to review the
government fact-finding committee's report on Saturday's deadly
stampede involving ABS-CBN Broadcasting Corporation's noontime
show, "Wowowee," The Philippine Daily Inquirer reports.

The state agency, which oversees radio and television networks,
said it would possibly revoke ABS-CBN's license to operate if
the network is found guilty of neglecting its responsibilities
as the show's organizer.

The fact-finding team headed by the Undersecretary of the
Department of Interior and Local Government, Marius Corpus, said
it found that ABS-CBN failed to prepare adequate security for
the event and can be held liable for criminal negligence.

According to The Inquirer, the NTC would hold hearings to
determine if administrative sanctions are warranted.

NTC said that their rules required organizers of special
television events to make sure that they put in place sufficient
security measures and safeguards to protect the public.

The Inquirer explains that the NTC issues all types of
authorizations for the television and radio networks to operate
and these permits carry certain responsibilities and duties, as
well as rules and regulations they should comply.

Meanwhile, survivors and families of victims have asked the
Volunteers Against Crime and Corruption to help them in filing a
class action suit against the network.  The VACC's lawyers
called on those injured in the stampede, especially relatives of
those who perished, to file formal complaints.

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.


ABS-CBN BROADCASTING: Top Exec Cries Foul Over Report
-----------------------------------------------------
The stampede fact-finding team's statement that Wowowee
organizers "treated the crowd like animals" angered ABS-CBN
Broadcasting Corporation's chairman, Eugenio Lopez III, The
Philippine Daily Inquirer reveals.

Mr. Lopez said that ABS-CBN has successfully covered events over
the last 30 years, some of them with well over a hundred
thousand people.  He acknowledged that the network may have had
some shortcomings, but "a callous and malicious disregard for
the people is not one of them."

Nevertheless, Mr. Lopez vowed that the network will continue to
coordinate with government agencies in the investigation
following the release of the fact-finding panel's report on the
tragedy, the Inquirer says.

The inter-agency committee investigating the incident, led by
Department of Interior and Local Government Undersecretary
Marius Corpus, earlier said that a mad rush for limited raffle
tickets caused the stampede during the first anniversary
celebration of ABS-CBN noontime show Wowowee last Saturday.  Mr.
Corpus, however, declined to name the persons or entities
responsible for the tragedy pending the Department of Justice's
evaluation of the report.

Mr. Corpus also pointed out that ABS-CBN management apparently
failed to learn from similar incidents of a stampede in past
events.  

The committee included representatives of the DILG, National
Bureau of Investigation, Bureau of Fire Protection, the National
Disaster Coordinating Council Office of Civil Defense,
Department of Health and the local police.

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.


ABS-CBN BROADCASTING: Says Stampede Won't Hurt Ad Revenues
----------------------------------------------------------
ABS-CBN Broadcasting Corporation disclosed that the weekend
stampede at the Philsports arena will not have a negative impact
on the network's advertising revenues, BusinessWorld relates.

According to the report, ABS-CBN may have been earning Php3.6
million to Php5.4 million per day from advertisers for a
noontime show like "Wowowee."

So far, no advertiser has pulled out since Alay Kapamilya took
over the slot of the Wowowee program on Monday.  The substitute
show is geared at raising funds for the victims of the stampede,
which killed 74 people and injured 627.

Advertisers interviewed by BusinessWorld would not confirm or
deny pulling out advertising contracts, but one marketing
executive from a multinational beverage firm ruled out plans of
pulling out an advertisement.

ABS-CBN has already incurred millions in medical and funeral
expenses, but the network's management declines to provide
figures on how much it had spent for the tragedy.

BusinessWorld research showed that ABS-CBN will have to shell
out Php5.5 million in funeral expenses for the Php75,000
cheapest package of Arlington Funeral Homes, where the victims
were brought.  The estimate does not include hospital expenses
for the injured victims, who were brought to different hospitals
in Metro Manila.

As earlier reported by Troubled Company Reporter - Asia Pacific,
the tragedy 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."

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.


ABS-CBN BROADCASTING: Potential Suits Weigh Down Shares
-------------------------------------------------------
ABS-CBN Broadcasting Corporation's shares continue to dive with
news that the network's executives could be held criminally
liable after a deadly stampede involving its noontime game show,
"Wowowee," The Philippine Daily Inquirer says.

The shares decline was also a result of a report that the
network's license to operate may be suspended or revoked by the
National Telecommunications Commission, the paper relates.

On Wednesday, ABS-CBN was down Php0.75 of 6.52% at 10.75, on
volume 54,200 shares.  The firm's Philippine Deposit Receipts,
available to foreign investors, dipped 6.52% to Php0.75 at
10.75, on 175,200 shares.

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.


APEX MINING: Masara Project Gets New Lease on Life
--------------------------------------------------
Norwegian-owned Crew Mining Philippines, which bought majority
stocks of the Masara mines from Apex Mining Corporation, has
started rehabilitation and development efforts of the gold
mining sites, BusinessWorld reports.

Crew Mining has earmarked around US$21 million to rehabilitate
the project at Masara, in Maco, Compostela Valley.

However, before Crew Mining could continue operations at the
site, the Company will drill about 9,000 holes to reconfirm old
mineral data from Apex Mining.  It was earlier reported that the
1,476-hectare area contains gold ores.

The Philippine Information Agency says that the old Masara mines
was formerly a progressive mining community in the 1950s until
its shutdown in 1989 due to high costs of mining in the area and
threats from the active communist insurgency in the locality.  
In the last quarter of 2005, Crew Mining took over the estimated
3,000-hectare mineral area from Apex Mining.

Apex Mining is majority owned by Norwegian firm Crew Gold
Corporation, which is based in United Kingdom.  It owns the
Masara gold mine in Compostela Valley on the island of Mindanao.
Apex Mining is a corporation that is principally engaged in the
business of mining gold, silver, copper, lead and other precious
metals.  The company was initially involved in copper mining and
shifted to gold mining in the late 70s when copper prices
started to plummet.


NATIONAL POWER: Coast Guard Demands Speedy Oil Spill Clean-up
-------------------------------------------------------------
The Philippine Coast Guard has directed National Power
Corporation to bring in more workers to expedite the clean-up of
the oil spill at Semirara Island in Antique, The Philippine
Daily Inquirer reports.

The PCG suggested Napocor to hire 150 more workers to add to the
initial 250 in order to speed up the removal of the bunker oil,
which is quickly spreading out to the island's 236-hectare
mangrove forest, the report says.

Napocor explained that it would be difficult to hire more
workers because it has problems collecting money from its
insurance company.  But the PCG, which is more concerned on the
effect of the spill on the environment, continues to put
pressure on the power firm.

According to The Inquirer, less than 10% of the affected area
has been cleaned up.

The Troubled Company Reporter - Asia Pacific had reported that
on December 18, a Napocor barge ran aground off Semirara,
spilling between 200,000 and 350,000 liters of bunker fuel.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  Its transmission network has a line length of nearly
13,000 circuit miles.  With a generating capacity of more than   
11,500 MW, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets.  It has also separated its
transmission operations into a new subsidiary.


VICTORIAS MILLING: Posts ASM and Organizational Meeting Results
---------------------------------------------------------------
Victorias Milling Incorporated held its Annual Stockholders'
Meeting on February 7, 2006.  On the said meeting, the Company's
stockholders appointed CL Manabat as the Company's External
Auditor for Crop Year 2005-2006.

New directors were also elected to the Company's Board.

   -- Representing the existing stockholders are:

      * Abelardo E. Bugay
      * Norberto B. Capay
      * Wilson T. Young

   -- Hubert d. Tubio represents the secured creditors.

   -- Representing the creditors with debt conversion (unsecured
      creditors) are:
   
      * Alexis R. Borlaza
      * Cecilia C. Borromeo
      * Jose M. Chan, Jr.
      * Jaime C. Laya
      * Omar Byron T. Mier
      * Armando O. Samia

   -- Mariano C. Tanenglian represents the Joint Venture
      Partner.

On the same date, the Company's Board of Directors also held an
organizational meeting and elected:

   -- Omar Byron T. Mier as chairman of the Board;
   -- Jose M. Chan, Jr., as vice-chairman of the Board;
   -- Abelardo E. Bugay as president;
   -- Cecilia C. Borromeo as treasurer;
   -- Nilo A. Florcruz as vice-president for manufacturing;
   -- Teresita V. Ilagan as controller; and
   -- Eva A. Vivencio-Rodriguez as assistant corporate
      secretary and compliance information officer.

The Board also reconstituted the Board of Committees.

   Executive Committee:
    
      * Omar Byron T. Mier     -  Chairman
      * Alexis R. Borlaza      -  Member
      * Cecilia C. Borromeo    -  Member
      * Armando O. Samia       -  Member
      * Mariano C. Tanenglian  -  Member
      * Hubert D. Tubio        -  Member
      * Wilson T. Young        -  Alternative Voting Member

   Nominations and Remuneration Committee:

      * Jaime C. Laya          -  Chairman
      * Cecilia C. Borromeo    -  Member
      * Armando O. Samia       -  Member
      * Hubert D. Tubio        -  Member

   Audit Committee:

      * Alexis R. Borlaza      -  Chairman
      * Cecilia C. Borromeo    -  Member
      * Jose M. Chan, Jr.      -  Member
      * Omar Byron T. Mier     -  Member
      * Armado O. Samia        -  Member
      * Wilson T. Young        -  Member
      * Hubert D. Tubio        -  Member

   Planter Relations and Security Committee:

      * Norberto B. Capay      -  Chairman
      * Armando O. Samia       -  Member
      * Hubert D. Tubio        -  Member

   Legal, Budget and Finance Committee:

      * Wilson T. Young        -  Chairman
      * Cecilia C. Borromeo    -  Member
      * Alexis R. Borlaza      -  Member
      * Armando O. Samia       -  Member
      * Hubert D. Tubio        -  Member

Victorias Milling Company Inc. --
http://www.victoriasmilling.com/-- was organized in 1919 and is  
engaged in the business of acquiring, constructing, maintaining
and operating sugar mills, as well as other related business
activities.  Through the years, the company has expanded its
operations to include a foundry, a machine shop, a fabrication
shop, a food canning company, an organic fertilizer plant and a
piggery.  However, the company has incurred significant losses
from operations, which adversely affected its financial
condition and cash flow position.  On July 4, 1997, the company
filed an application with the Securities and Exchange Commission
for suspension of payments to creditors.  On July 8, 1997, the
SEC issued a stay order restraining all creditors of the company
or any of its subsidiaries from enforcing their claims to allow
the company or any of its subsidiaries to continue to their
normal business operations.  The SEC also ordered the formation
of a Management Committee to oversee the company's operations
and rehabilitation.


WELLEX INDUSTRIES: Asks Partner to Revive Dormant Operations
------------------------------------------------------------
Wellex Industries Incorporated is inviting investors to buy at
least 30% of its subsidiaries, as it plans to resume operations
of its dormant unit, Pacific Plastic Corporation, The Philippine
Daily Inquirer relates.

The Inquirer says that Wellex was in talks with a China-based
plastic manufacturer and a local firm engaged in consumer
products manufacturing.  The firms are reportedly interested in
acquiring 30% to 40% of Pacific Plastic.

In a statement to the Philippine Stock Exchange, Wellex
confirmed there are preliminary talks with prospective partners
but said talks are not yet definite and final.

Wellex Industries Incorporated was originally incorporated as
Republic Resources and Development Corporation, whose primary
purpose was to engage in the business of mining and oil
exploration.  But due to financial distress, the firm's business
operations have been suspended. The Company's present activity
is focused on reorganizing its operations in preparation for its
new business.

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development.  In 1997, it subsequently transformed to
a holding company for manufacturing concerns with the entry of
the Wellex Group.  In November 1999, WIN formalized the entry of
Plastic City Industrial Corporation into the Group.


* Pre-need Industry Wants More Leeway
-------------------------------------
A group of pre-need providers is seeking the support of the
Securities and Exchange Commission in order to prevent the early
collapse of the country's ailing pre-need industry, The
Philippine Star reports.

The Federation of Philippine Pre-need Plan Companies
Incorporated has urged the corporate regulator to ease some pre-
need rules to allow its members to operate under a "more
comfortable environment," The Star says.

The FPPCI said it wants to adopt the actuarial reserve liability
computation proposed by SEC Commissioner Jesus Martinez since
the existing ARL formula has caused confusion among pre-need
firms and damage to the industry.  Mr. Martinez has proposed an
ARL formula equivalent to 100% of the fully paid plans plus
termination value for active accounts and an additional 10%
buffer.  The group believes this computation will yield more
realistic figures.

According to The Star, the group also asked the SEC to allow its
members to deposit the shortfall in interest income if the firm
fails to produce the required hurdle rate.  By funding the
shortfall, a pre-need firm will be allowed to use the hurdle
rate in computing for its ARL.

Aside from this, the FPPCI asked the SEC to give trustee banks
more leeway in the investment of the trust fund, saying the
current rules and regulations are too restrictive and limit the
yields of the trust fund.

As reported by the Troubled Company Reporter - Asia Pacific, the
country's pre-need industry has been struggling to recover from
dwindling sales and falling investor confidence after the demise
of former major players College Assurance Plans Philippines
Incorporated, Pacific Plans Incorporated and Platinum Plans
Incorporated.

The pre-need industry provides employment to over 250,000 sales
associates and employees who rely on the industry for their
livelihood.  It helps the Government in the payment of taxes
worth over Php1.5 billion annually.


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

ALIPH HOLDINGS: Creditors' Claims Due March 6
---------------------------------------------
Aliph Holdings (1990) Pte Limited is preparing to declare a
dividend to its creditors.

The Company's creditors are required to prove their claims By
March 6, 2006, to liquidators John Thong How Ley and Lim Jen
Howe of 27 Cantonment Road, Singapore 089745.

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


CHINA AVIATION(S): Approves Restructuring Plan at AGM
-----------------------------------------------------
On February 3, 2006, China Aviation Oil (Singapore) Corp.
Limited held its 11th Annual General Meeting in order to seek
approval for its proposed restructuring plan.

The Company passed all resolutions at the meeting.

A full-text copy of the results of CAO's AGM is available for
free at:

http://bankrupt.com/misc/tcrap_chinaaviation020806.pdf

Incorporated in 1983, China Aviation Oil (Singapore) Corp.  
Limited -- http://www.caosco.com/-- deals primarily in jet fuel    
procurement, although it is also active in international oil  
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for  
China's civil aviation industry, and has expanded its market to  
include ASEAN countries, the Far East and the United States.  
CAO's oil-trading business has expanded beyond jet fuel to
include fuel oil, gasoline, naphtha, crude oil, and
petrochemical products.  


DESIGN-THAI PTE: Placed Under Voluntary Liquidation
---------------------------------------------------
Vantage Corporation Limited has decided to voluntarily liquidate
the operations of its subsidiary, Design-Thai (Singapore) Pte
Limited.

As a result Lim Say Wan of Messrs. Ewe, Loke & Partners was
appointed to supervise the Company's wind-up activities.


EI-NETS LIMITED: Appoints New Director and Secretary
----------------------------------------------------
On January 4, 2006, Ei-Nets Limited named Chandra Mohan K. Nair
as an independent and non-executive director of the Company, and
Lim Tiong Beng as Company Secretary effective January 26, 2006.

Furthermore, Ei-Nets Limited's disclosed changes to its Board of
Committees:

        Audit Committee

        Ang Meng Huat, Anthony (Chairman)
        Chandra Mohan K. Nair
        Ngo Gim Kang, Peter

        Remuneration Committee

        Ang Meng Huat, Anthony (Chairman)
        Chandra Mohan K. Nair
        Hans Waldemar Gutsch

        Employee Share Option Scheme

        Chandra Mohan K. Nair (Chairman)
        Ang Meng Huat, Anthony
        Hans Waldemar Gutsch
        Liau Beng Chye

        Nominating Committee
  
        Chandra Mohan K. Nair (Chairman)
        Ang Meng Huat, Anthony
        Ngo Gim Kang, Peter
        Hans Waldemar Gutsch

Ei-Nets Limited - http://www.ei-nets.com/-- was initially  
incorporated on September 3, 1999, under the name Ei-Nets.com
Pte Limited. The Company changed its name to Ei-Nets Limited on
December 12, 2000.  As of 2001, Ei-Nets Limited has an issued
and paid-up capital of SGD5.5 million, comprised of 550,000,000
shares.  Aside from its IT businesses, Ei-Nets also diversified
into the education business to generate an alternative stable
and recurrent income stream for its business operations.


FHTK HOLDINGS: Borrows SGD6.5-Mln from Investors
------------------------------------------------
On January 11, 2006, FHTK Holdings Limited entered into facility
agreements with five separate investors for loans totaling
SGD6.5 million.  The Company will use the loans to fund its
working capital and pay off its maturing debts.

The loans are repayable within six months after each drawdown
date, with a 12% annual interest.  Under each facility
agreement, FHTK Holdings can repay the loans in cash or by
issuing new ordinary shares at SGD0.005 each in its capital.

A copy of the Company's report on the matter is available for
free at:

    http://bankrupt.com/misc/tcrap_fhtkholdings0208061.pdf

FHTK Holdings Limited - http://www.fhtk.com.sg/-- distributes  
fruits and agricultural products such as apples, banana,
nectarines, pears and peaches through its own SunMoon brand.  
The Company's agricultural products division distributes fresh
garlic as well as manufactures dehydrated garlic and onion
products.  The Group currently leases and manages 18 plantations
and totalling 1,630 hectares in the Shandong province in China.


INFORMATICS HOLDINGS: Cannot Explain Increase in Shares Trading
---------------------------------------------------------------
On February 7, 2006, Informatics Holdings Limited received a
letter from the Singapore Exchange Securities Trading Limited
asking to clarify a significant increase in the Company's shares
trading volume.

In response to the SGX-ST's queries, Informatics Holdings is not
aware of any material information that might explain the
increase in the trading of its shares.

Furthermore, the Company cannot explain the sudden increase in
the trading of its shares, and is operating in compliance with
the listing rules of the SGX-ST.

Informatics Holdings Limited - http://www.informatics.edu.sg/--  
was established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled Information Technology
(IT) manpower and knowledge-based workers to build and sustain
the rapid economic development in the region.  Informatics' core
business activities are training and education, IT-related
services and franchise operations.  Today, Informatics Holdings
Limited has established itself as the global leader in providing
quality lifelong learning services for individuals and
corporations.


JIANGSHAN INVESTMENT: Prepares to Declare Creditors Dividend
------------------------------------------------------------
Jiangshan Investment Consortium Limited will declare a dividend
to its creditors.

Creditors of the Company must submit formal proofs of claim by
February 23, 2006, to:

            Chia Soo Hien
            Liquidator
            c/o 5 Shenton Way
            #07-01 UIC Building
            Singapore 068808

Failure to comply will exclude creditors from the benefit of
such dividend.


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

EASTERN WIRE: Pays for THB84.7 Mln 35% Enersol Stake
----------------------------------------------------
Eastern Wire Public Company Limited has bought a 35% stake in
Enersol for THB84.7 million, The Nation reports.

Eastern Wire will pay the 847,000 shares it purchased from
Enersol in two waves.  The first payment will be made after the
deal is signed and the rest by April 15.

The purchase will pave the way for the Company to diversify its
business and boost its long-term income, as well.

Enersol, a cogeneration power producer which expects to generate
3.6 million kilowatts of electricity and 168 million British
thermal units of heating gas per year.

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.


THAI AIRWAYS: To Create Another Domestic Airline
------------------------------------------------
Thai Airways Public Company Limited is setting up another
domestic airline this year to cater to its high-end passengers,
relates The Nation.

Euarng Luang will be Thai Airways' second domestic venture
following Nok Air.  But unlike Nok Air, Euarng Luang will be
entirely owned by Thai Air.  

Chairman Wanchai Sarathulthat told the Nation that Euarng Luang
would only cater to domestic passengers who prefer premium
service.  It is expected to start operating from Don Muang
airport after Suvarnabhumi Airport opens, possibly in the second
half of this year.

Meanwhile, Thai Airways have conducted an interview with the
four candidates for the Company's President.

The interview touches management strategies, marketing
strategies, organization administration, revenue-generating
measures and cost-reduction plans.

The candidates only have a week to hand in their proposals for
the topic.  The result will be known next month.

A source close to the recruiting committee told the Nation that
if none of the applicants qualify, Somchainuk Engtrakul would
stay on as acting president until the company can find a
permanent replacement.

Headquartered in Bangkok, Thailand, Thai Airways International
Public Company Limited -- http://www.thaiairways.com/-- is  
engaged in the operation of domestic and international air
transportation service.

This includes support services such as freight forwarding,
warehousing, on-line ticketing, hotel and restaurant operations,
fuel storage and filling for aircraft at the airport Air
catering and fuel pipeline transportation.

The Group also provides services in other type of transportation
in connection with the information technology services,
distributes computer services, flight reservation and other
travel-related services.






                            *********


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 ***