TCRAP_Public/060221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, February 21, 2006, Vol. 9, No. 037


                            Headlines

A U S T R A L I A  &  N E W  Z E A L A N D

AUSSIE PET: Prepares to Pay Dividend to Creditors
AUSTRALIAN GAS: Achieves Financial Close on PNG Equity
BENTILLI PTY: Inability to Pay Debts Leads to Wind-up
CARCREDIT LIMITED: Court Orders Liquidation
CAULIE PTY: Enters Voluntary Liquidation

CHALLENGE CHARTER: John Lindholm Named as Official Receiver
CLEAN AIR: CIR Files Liquidation Petition
COGA ENTERTAINMENT: Schedules Final Meeting on Feb. 21
CONLA PTY: Receiver Resigns
DROMANA AVENUE: Supreme Court Orders Liquidation

EMPEROR MINES: Unveils Outcome of General Meeting
ENRG FRANCHISING: David Watson Appointed to Wind Up Firm
HEDGEROW TRUSTEES: Court to Hear Liquidation Case on Feb. 27
HIGHLAND OAKS: To Declare Dividend
JONAS NOMINEES: Creditors Receive Wind-up Details

KASANA CONSTRUCTIONS: Members Agree to Close Shop
MILLETA PTY: Members Resolve to Wind Up Firm
MURAWINA MT: Court Issues Wind-up Order
NATIONAL AUSTRALIA: Offers New 5.95% Home Loan Rate
PARATON LIMITED: Liquidates Operations

QANTAS AIRWAYS: Sales Act May Hinder Outsourcing Plans
QANTAS AIRWAYS: Will Not Increase Fuel Levy
REYNOLDS REALTY: Enters Liquidation Proceedings
RR & AE OSTERFIELD: To Hold Final Meeting Today
SA MILES: Placed Under Voluntary Liquidation

SOPHISTICATED HOLDINGS: Creditors Ok Liquidator's Appointment
T.D.S. AGENCIES: Creditors Decide on Liquidation
TELSTRA CORPORATION: Gov't Disapproves Cutting of 5000 Payphones
TELSTRA CORPORATION: Shares Experience All-time Low
TITAN TRADES: To Distribute Dividend on Feb. 27

TOTAL MEASUREMENT: Taps Joint and Several Liquidators
VALERIE MAY: Liquidators Receiving Claims Until Feb. 23
VALID CONSTRUCTION: Creditors' Proofs of Claim Due March 1
WESTPOINT GROUP: ASIC Counters Delay Allegations
WHITCON PTY: Liquidator to Present Wind-up Details


C H I N A  &  H O N G  K O N G

AMERFORD DEVELOPMENT: Creditors' Proofs of Claim Due on March 23
BILLION BASE: Court Enters Wind-Up Order
CAMPELL INTERNATIONAL: Liquidator to Give Wind-up Report
EGO CHAIN: Decides to Close Operations
EVER CHAMPION: Lee Angel Appointed as Liquidator

FORWARD INDUSTRY: Court to Hear Wind-Up Petition on March 22
GERMAN KITCHEN: Gabriel Chi Kok Tam Cease to Act as Liquidator
GIGARIAN ELECTRONICS: Liquidator to Present Wind-Up Report
GUANGDONG KELON: Postpones General Meeting to Feb. 27
HERBERTS CHINA: Final General Meeting Fixed March 10

HOI FUNG: Commences Winding Up Process
KATIGA JAPANESE: Winding Up Hearing Set on Feb. 22
MANOR ELECTRONICS: Decides to Close Operations
TOP HUMAN: Creditors Agree on Liquidation
SILVERETTE LIMITED: Members Agree to Liquidate

TUNG SHING: Schedules General Meeting for March 15
WORLD KIND: Enters Voluntary Liquidation


I N D I A

ATUL FINVEST: RBI Cancels Certificate of Registration
DUNLOP INDIA: Government Comes to Firm's Rescue
DUNLOP INDIA: Workers Reject Terms of Re-opening Agreement
KOTHARI SUGARS: Hopes Pandavapura Takover will Lift Status


I N D O N E S I A

ASEAN ACEH: Shareholders Approve Liquidation Plan
BANK MANDIRI: Court Dismisses Graft Case Against Ex-Execs
GARUDA INDONESIA: Looking for Strategic Partner
GARUDA INDONESIA: Reopens Flights to Seoul, Korea
KIANI KERTAS: May Go to United Fiber Consortium


J A P A N

HUSER LIMITED: Appeals Bankruptcy Declaration
JAPAN AIRLINES: Three Executives Called to Resign
LIVEDOOR CO.: Lawyers Eye Joint Help for Investors
LIVEDOOR CO.: Probe Expands to Switzerland and Hong Kong
MITSUBISHI MOTORS: Set to Buy 20% Stake in Chinese Carmaker

SEIYU LIMITED: Widens Net Loss to JPY17.77 Bln


K O R E A

DAEWOO SHIPBUILDING: Bags KRW756.3-Bln Contract from Saudi Firm


M A L A Y S I A

AFFIN HOLDINGS: Bourse to List and Quote New Shares Today
ANTAH HOLDING: Agrees to Settle Unit's Loan with Bank Pertanian
CHASE PERDANA: Seeks to Reschedule Payment to Stockholders
MANGIUM INDUSTRIES: Unit Defaults on Unsecured Loans
MEDIA PRIMA: New Shares Set for Listing and Quotation Today

MERCURY INDUSTRIES: SC Junks Proposed Debt Settlement
METROPLEX BERHAD: Court Defers Hearing to Strike Wind-up Bid
NAIM INDAH: Converts Ordinary Shares to ICULS
OLYMPIA INDUSTRIES: Suffers MYR34,383,000 Net Loss in 2Q/FY05
PAN MALAYSIA: Repurchases Ordinary Shares

PANTAI HOLDINGS: New Shares up for Listing and Quotation Today
SOUTHERN BANK: Prepares New Shares for Listing and Quotation
SOUTHERN BANK: Holds Shares Buy-Back
TRU-TECH HOLDINGS: Misses Out on Sinking Fund Monthly Deposit
WEMBLEY INDUSTRIES: SC to Reevaluate Request


P H I L I P P I N E S

ABS-CBN BROADCASTING: Shares Rise 2.33%
LAFAYETTE MINING: Ownership Status Stuns Civic Groups
LAFAYETTE MINING: Woos Local Communities After Spill Incident
LEPANTO CONSOLIDATED: Workers' Woes Are Far from Over
MAKATI MEDICAL: Proposed Offering Gets SEC OK

NATIONAL BANK: To Hold Annual Stockholders Meeting on May 30
PHILNICO INDUSTRIAL: Chinese Group to Address Nonoc Mine Issues
SANITARY WARES: Loses Permit to Sell Securities
UNIWIDE HOLDINGS: Relocates to New Address


S I N G A P O R E

ADINC.COM PTE: Prepares to Declare Dividend
NEOCORP INTERNATIONAL: Sells Off Entire Stake in Unit
TRI-M TECHNOLOGIES: Says Overstated Sales Push Down 2005 Losses  
TRITECH MICROELECTRONICS: Creditors' Claims Due March 3


T H A I L A N D

DAIDOMON GROUP: Court Wants Rehab Plan Submitted by March 22
THAI AIRWAYS: Director Quits Post
WYNCOAST INDUSTRIAL: Clarifies 20% Rise in Net Profit

BOND PRICING: For the Week 20 February to 24 February 2006

     - - - - - - - -

==========================================
A U S T R A L I A  &  N E W  Z E A L A N D
==========================================

AUSSIE PET: Prepares to Pay Dividend to Creditors
-------------------------------------------------
Aussie Pet Care From Down Under Pty Limited will declare a first
and final dividend today, February 21, 2006, to the exclusion of
creditors who were not able to prove their claims.


AUSTRALIAN GAS: Achieves Financial Close on PNG Equity
------------------------------------------------------
The Australian Gas Light Company has achieved financial close on
the agreement with Oil Search Limited to acquire a 10% interest
in the Papua New Guinea Gas Project for an initial payment of
US$395.6 million (AU$528 million), including interests in gas
and oil reserves, production and processing infrastructure.

The balance of the acquisition price (around US$427 million or
AU$580 million) is to be paid on PNG Gas Project sanction and
financial close, which is scheduled for the second half of this
calendar year.

AGL previously indicated that it would hedge 100% of its oil
price exposure associated with its investment in the PNG Gas
Project over the first four years.  AGL completed its oil
hedging program over the period from January 13 to February 3,
2006.

AGL's earlier guidance on earnings per share accretion form its
investment is unchanged at two to three cents for the financial
year ending June 30, 2006, and seven to eight cents for the
financial year ending June 30, 2007.  AGL's guidance on all
other financial forecasts made at the time of its announcement
on January 16, 2006, and included in the AGL Demerger Scheme
Booklet, also remains unchanged.

The PNG Gas Project and associated oil interests equity
agreement will take effect starting January 1, 2006.  The
investment will be owned by the new AGL Energy business formed
as part of the proposed demerger of AGL which, if approved by
AGL Shareholders, is due to take effect in April 2006.

Headquartered in New South Wales, Australia, Australian Gas
Light -- http://www.agl.com.au/-- is a gas and electricity  
retailer to about three million customers.  It has an extensive
portfolio of wholly and partly owned investments in energy
infrastructure, infrastructure management and other energy
companies.  AGL's business involves buying and selling gas and
electricity from gas producers and electricity generators;
transporting gas and electricity to customers via gas pipelines
and power lines; owning and investing in power generation
plants, electricity and natural gas distribution networks;
providing customers with a wide range of energy products and
services; and designing, constructing, operating, maintaining
and managing energy infrastructure through its wholly owned
business, Agility.   


BENTILLI PTY: Inability to Pay Debts Leads to Wind-up
-----------------------------------------------------
Bentilli Pty Limited has initiated a voluntary wind-up of its
business operations due to its inability to pay its debts within
12 months.

Chris Chamberlain, of Nicholls & Co. Chartered Accountants, was
appointed to oversee the Company's liquidation activities.


CARCREDIT LIMITED: Court Orders Liquidation
-------------------------------------------
On January 30, 2006, the High Court of Wellington released an
order for the liquidation of CarCredit Limited.

Further, the High Court appointed Iain Bruce Shephard and
Christine Margaret Dunphy to oversee the liquidation process.


CAULIE PTY: Enters Voluntary Liquidation
----------------------------------------
The members of Caulie Pty Limited convened on January 25, 2006,
and concurred on winding up its operations.  Scott Cameron
Turner was appointed as liquidator.


CHALLENGE CHARTER: John Lindholm Named as Official Receiver
-----------------------------------------------------------
On January 23, 2006, John Lindholm, of Ferrier Hodgson, was
appointed as the receiver and manager of all the assets of
Challenge Charter Pty Limited.


CLEAN AIR: CIR Files Liquidation Petition
-----------------------------------------
On December 19, 2005, the Commission of Inland Revenue has
lodged an application to put Clean Air Solutions Limited into
liquidation.

The application will be heard before the High Court of Auckland
on April 20, 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 April 18, 2006, to:

          Timothy Chemaly
          Solicitor for the Plaintiff
          Auckland Service Centre,
          17 Putney Way (P.O. Box 76-198)
          Manukau City
          Telephone: (09) 262 9048)


COGA ENTERTAINMENT: Schedules Final Meeting on Feb. 21
------------------------------------------------------
A final meeting of the members and creditors of Coga
Entertainment Pty Limited will be held on February 21, 2006.  
The parties will receive the liquidator's final account showing
how the Company was wound up and how its property was disposed.


CONLA PTY: Receiver Resigns
---------------------------
On January 20, 2006, Michael James Humphris ceased to act as the
receiver and manager of Conla Pty Limited's properties.


DROMANA AVENUE: Supreme Court Orders Liquidation
------------------------------------------------
On January 18, 2006, the Supreme Court of Victoria ordered the
winding up of Dromana Avenue Pty Limited, and appointed John
Georgakis, of Ernst & Young Chartered Accountants, as the
Company's official liquidator.


EMPEROR MINES: Unveils Outcome of General Meeting
-------------------------------------------------
On February 20, 2006, Emperor Mines Limited held a general
meeting in accordance with the Notice of Meeting issued to all
shareholders.

During the meeting, the members of Emperor Mines considered and
passed the:

     -- acquisition of DRDGold's Papua New Guinea gold mining
        assets;

     -- ratification of the December 2005 shares placement; and

     -- appointment of Robert McDonald as a Director subject to
        the completion of the acquisition of DRDGold's Papua New
        Guinean gold mining assets.

Headquartered in Queensland, Australia, Emperor Mines Limited --
http://www.emperor.com.au-- is a gold mining company focused on  
the discovery, development, production and processing of
precious metals and minerals. The Company owns and operates the
successful long-life Emperor Gold Mine at Vatukoula, Fiji which
is Fiji's second largest private employer with over 1,800
employees


ENRG FRANCHISING: David Watson Appointed to Wind Up Firm
--------------------------------------------------------
On January 31, 2006, the Supreme Court of New South Wales
appointed David Patrick Watson, of Bentleys MRI, as the official
liquidator to supervise ENRG Franchising's wind-up activities.


HEDGEROW TRUSTEES: Court to Hear Liquidation Case on Feb. 27
------------------------------------------------------------
On February 27, 2006, the High Court of Hamilton will hear an
application for the liquidation of Hedgerow Trustees Limited.

The application was lodged by the Commissioner of Inland Revenue
on January 12, 2006.

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 23, 2006, to:

           Paul De Wet
           Solicitor for the Plaintiff
           Auckland Service Centre,
           17 Putney Way (P.O. Box 76-198)
           Manukau City
           Telephone: (09) 262 9018


HIGHLAND OAKS: To Declare Dividend
----------------------------------
Highland Oaks Pty Limited will declare its first and final
dividend on February 22, 2006.

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


JONAS NOMINEES: Creditors Receive Wind-up Details
-------------------------------------------------
The creditors of Jonas Nominees Pty Limited will convene on
February 21, 2006, to receive the liquidator's account regarding
the Company's completed wind-up and disposal of property.


KASANA CONSTRUCTIONS: Members Agree to Close Shop
-------------------------------------------------
At a general meeting on January 27, 2006, the members of Kasana
Constructions Pty Limited agreed that the Company must
voluntarily wind up of its operations.  Peter Ngan, of Ngan &
Co. Chartered Accountants, was nominated to act as liquidator to
manage the wind-up activities.


MILLETA PTY: Members Resolve to Wind Up Firm
--------------------------------------------
After their general meeting on January 27, 2006, the members of
Milleta Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.  C. R.
Campbell and R. G. Yates were appointed to oversee the Company's
wind-up activities.


MURAWINA MT: Court Issues Wind-up Order
---------------------------------------
On January 30, 2006, the Supreme Court of New South Wales
ordered the liquidation of Murawina MT Druitt Co-operative
Limited, and appointed Peter George Burton, of Burton Glenn
Allenn Chartered Accountants, as liquidator.


NATIONAL AUSTRALIA: Offers New 5.95% Home Loan Rate
---------------------------------------------------
National Australia Bank is offering a 5.95% one-year fixed
introductory home loan rate in its effort to attract more first-
time home buyers then boost new loan volumes.

The Australian Associated Press relates that the new NAB home
loan offer is the lowest fixed rate introductory on offer from
the top banks, and is available to new NAB home loan customers.

According to AAP, the key feature to the NAB home loan is the
ability to make additional repayments of up to AU$20,000 during
the fixed rate period, to redraw and a choice of weekly,
fortnightly or monthly repayments.

The NAB 5.95% one-year fixed rate switches to the standard
variable rate after the first year introductory period, which
was previously 6.14%.

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


PARATON LIMITED: Liquidates Operations
--------------------------------------
At an extraordinary general meeting of Paraton Limited on
January 31, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

Moreover, Andrew McLellan, of PPB Chartered Accountants, was
appointed as liquidator.


QANTAS AIRWAYS: Sales Act May Hinder Outsourcing Plans
------------------------------------------------------
The Australian Licensed Engineers Association says that the
Qantas Sales Act is likely to hinder Qantas Airways Ltd' plan to
shift the heavy maintenance operations of its long-haul fleet
abroad, the Sydney Morning Herald reports.

According to the Sydney Herald, the Qantas Sales Act, which was
enacted before the airline company was privatisized in 1995,
indicates that "of the facilities, taken in aggregate, which are
used by Qantas in the provision of scheduled international air
transport services, the facilities located in Australia, when
compared with those located in any other country, must represent
the principal operational center for Qantas."

The paper cites ALEA's industrial manager, Chris Ryan, as saying
that Qantas "would have to sustain an argument that they were
not in breach of the law."

Yet, Qantas argues that the heavy maintenance of long-haul jets
is only a fraction of its operations.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Qantas is expected to decide whether to send its heavy
maintenance operations outside Australia and cause at least
2,500 workers to lose their jobs.  The decision will come after
the federal cabinet finalizes its aviation policy review.

The Sydney Herald says that the review will decide whether to
scrap the part of the Qantas Sale Act that limits the airline's
foreign ownership to 49%.

Australia's relations with Singapore could also be seriously
damaged if cabinet blocks Singapore Airlines from gaining access
to the Australia-U.S. trans-Pacific route, which is dominated by
Qantas, the paper says.  Some Singaporean politicians are
believed to be angry that Qantas is still blocked from the
route, considering that Singapore has a free trade agreement
with Australia.

Qantas will resume enterprise bargaining talks with the
Australian Manufacturing Workers Union and Australian Workers
Union on Thursday.  Both unions have asked Qantas to be more
open about its decision to send maintenance work overseas, and
have threatened to launch an industrial action in the event that
the airline decides to outsource maintenance.

                          About Qantas

Qantas Airways Ltd. -- http://www.qantas.com.au/-- is the  
world's second oldest airline.  Qantas is also recognized as one
of the world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.


QANTAS AIRWAYS: Will Not Increase Fuel Levy
-------------------------------------------
Qantas Airways Ltd says that it will not increase its fuel levy
despite high fuel costs, The Sydney Morning Herald reports.

Qantas Chief Executive Officer Geoff Dixon said that he did not
think the fuel levy would rise.  He said that the Company hopes
to be able to manage at about US$60 a barrel price.

Airlines around the world, including Qantas, began implementing
fuel surcharges on airfares in May 2004 to help offset rising
costs, with Qantas since raising its fuel levy thrice.

Last week, Qantas said soaring fuel costs and redundancy payouts
had cut its first half net profit by 9.6% to AU$352.6 million,
with its annual profit now set to come in under last year's
result.

                          About Qantas

Qantas Airways Ltd. -- http://www.qantas.com.au/-- is the  
world's second oldest airline.  Qantas is also recognized as one
of the world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.


REYNOLDS REALTY: Enters Liquidation Proceedings
-----------------------------------------------
The High Court of Auckland will hear an application filed by the
Commissioner of Inland Revenue to have Reynolds Realty Limited
liquidated.

The hearing is scheduled on February 23, 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 today, February 21, 2006, to:

          D. J. Fabish
          Solicitor for the Plaintiff
          Inland Revenue Department
          1 Bryce Street, Hamilton

Further particulars may be obtained from the office of the Court
or from the plaintiff's solicitor.


RR & AE OSTERFIELD: To Hold Final Meeting Today
-----------------------------------------------
The final meeting of the members of RR & AE Osterfield Pty
Limited is scheduled today, February 21, 2006, where the
liquidator, G. M. Rambaldi, of Pitcher Partners, will present an
account of the manner of the Company's wind-up and property
disposal.


SA MILES: Placed Under Voluntary Liquidation
--------------------------------------------
On January 24, 2006, the members of SA Miles Medical Pty Limited
agreed that a voluntary wind-up of the Company is necessary and
in its best interests.

Furthermore, they appointed Peter Camenzuli, of Johnston Rorke,
as official liquidator.


SOPHISTICATED HOLDINGS: Creditors Ok Liquidator's Appointment
-------------------------------------------------------------
The members of Sophisticated Holdings Pty Limited met on
January 27, 2006, to agree on the Company's need to wind up its
operations.

Sule Arnautovic, of Jirsch Sutherland Chartered Accountants, was
then appointed as liquidator to supervise the Company's wind-up
activities.

The Company's creditors confirmed the liquidator's appointment
at a creditors' meeting held later that day.


T.D.S. AGENCIES: Creditors Decide on Liquidation
------------------------------------------------
At T.D.S. Agencies Pty Limited's general meeting on January 31,
2006, creditors agreed to liquidate its operations.  Robert M.
H. Cole, of Cole Downey & Co. Chartered Accountants, was
appointed to oversee the wind-up.


TELSTRA CORPORATION: Gov't Disapproves Cutting of 5000 Payphones
----------------------------------------------------------------
Telstra Corporation has approved plans to slash 5,000 of its
32,000 payphones in country towns and capital cities over the
next seven months.

According to the Australian Financial Review, while only 15% of
the payphones to be removed were in rural and regional areas,
country towns in at least four states face the loss of half
their public outdoor phones.  As stated in a Telstra CountryWide
briefing note obtained by the paper, the telco would mark the
phones with a sticker claiming the phone service was being
relocated.

                  Government Calls For Meeting

In this regard, Communications Minister Helen Coonan has called
a meeting with Telstra to discuss the payphone slash.  Senator
Coonan told the ABC's AM program that Telstra had not raised its
plans with the Federal Government.

Senator Coonan says that the Government regards the provision of
payphones as an essential community service.  She relates that
it was her understanding that the telco was planning to slash
about 950 payphones, and not 5,000, in areas where there was
more than one payphone.

The Australian Associated Press cites Senator Coonan as saying
that the Government wants to make sure that people are not
disadvantaged by having a payphone removed from their community.
She adds that the Government has to look at whether or not there
is any basis to remove payphones, although "the message is loud
and clear that the Government will not see people in rural and
regional areas stranded without a payphone."

                        Cost-Cutting Plan

Telstra Country Wide south-east NSW regional manager Ian Peters
claimed that he was not aware of the report, but admitted that
there was an ongoing review of payphones.  Payphones that were
underused, highly vandalized or were among a number of phones at
the same location were a high priority for removal.  Yet, in all
cases, Telstra put a large sticker on the phones advising
customers of their removal and seeking public feedback.

The Australian Review relates that the move is part of Telstra's
accelerated cost-cutting drive to offset rapidly declining
revenue from traditional businesses.  The cost-cutting drive
would form part of Telstra Chief Executive Officer Sol
Trujillo's plan to freeze AU$11 billion a year in expenses over
the next five years.  During the period, up to 11,000 people
faced the sack, Telstra's IT networks would be rationalized and
AU$25 billion would be spent on new capital investment.

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


TELSTRA CORPORATION: Shares Experience All-time Low
---------------------------------------------------
Telstra Corporation shares fell towards their all-time low
yesterday as investors sell down the telco giant over
uncertainty about its earnings, The Australian says.

According to report, Telstra shares were quoted at AU$3.82 at
11:55 AEST, down 20 cents on their previous close. The stock is
trading well short of its 52-week high of AU$5.50 and just above
its all-time low of AU$3.75.  Telstra shares have fallen in an
overall stronger stock market.

The Australian's Nicki Bourlioufas adds that Telstra shares have
also dominated trade on the Australian Stock Exchange.  By 11:02
AEST yesterday, 23.3 million share contracts had been traded for
a total value of AU$89.6 million, well above daily average
levels.

Mr. Bourlioufas says that the renewed selling began yesterday
after newspaper reports indicated that Telstra had approved
plans to slash 5,000 of its 32,000 payphones in country towns
and capital cities over the next seven months.

Telstra shares have lost favor with investors after the telco
downgraded its profit and earnings outlook last year.

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


TITAN TRADES: To Distribute Dividend on Feb. 27
-----------------------------------------------
Titan Trades Pty Limited will declare a dividend on February 27,
2006.  Creditors are required to submit their formal proofs of
claim to liquidator Susan Carter by February 27, 2006.


TOTAL MEASUREMENT: Taps Joint and Several Liquidators
-----------------------------------------------------
Total Measurement Solutions Limited was placed under liquidation
by the High Court of Wellington on January 30, 2006.

Accordingly, Iain Bruce Shephard and Christine Margaret Dunphy
were appointed as joint and several liquidators for the Company.


VALERIE MAY: Liquidators Receiving Claims Until Feb. 23
-------------------------------------------------------
On February 2, 2006, the High Court of Auckland appointed David
Levin, insolvency practitioner, and David Vance, chartered
accountant, as joint and several liquidators of Valerie May
Fashions Limited.

The Liquidators have fixed February 23, 2006, as the last day
for creditors to make their claims and establish any priority
their claims may have.

Creditors who have not made a claim at the date a distribution
is declared will be excluded from the benefit of that
distribution and those creditors may not object to that
distribution.

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


VALID CONSTRUCTION: Creditors' Proofs of Claim Due March 1
----------------------------------------------------------
The shareholders of Valid Construction Limited on January 26,
2006, resolved to liquidate the Company's operations and
appointed Nicholas John Hayes as liquidator.

The Liquidator is now requesting the Company's creditors to make
their claims and to establish any priority their claims may have
on or before March 1, 2006, to:

          The Liquidator
          P.O. Box 9323
          Hamilton 2015
          Telephone: (07) 849 0664
          Facsimile: (07) 849 0634

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before the claims are
made or, as the case may be, from objecting to the distribution.


WESTPOINT GROUP: ASIC Counters Delay Allegations
------------------------------------------------
As earlier reported in the Troubled Company Reporter - Asia
Pacific, top officers of the Australian Securities and
Investments Commission will face the Federal Parliament in
connection with their alleged delays in taking action to protect
around 4,000 investors, whose funds have been trapped in
Westpoint Group's AU$300 million-plus worth of failed mezzanine
property investment schemes.

ASIC's chairman, Jeffrey Lucy, however, told Inside Business
that the corporate regulator had consistently warned consumers
of the risks in connection with the mezzanine products that
Westpoint had been selling.

Moreover, Mr. Lucy claimed that ASIC made specific warnings to
Westpoint, to the point of causing the Company's lawyers to
accuse the regulator of harassment.

The West Australian says Mr. Lucy admitted that ASIC was aware
of problems at Westpoint since April 2004, when it took legal
action to determine whether the property developer's investment
schemes fell into its jurisdiction, which matter remains
pending.  However, it was not until late 2005 that ASIC took
action to wind up some Westpoint companies specifically to
protect investors.

ASIC confirms that it was investigating legal action against
financial planners and the directors involved in the collapse of
Westpoint Corporation.  Mr. Lucy said that ASIC would prosecute
the financial planners who had given inappropriate advice,
including cases where clients had mortgaged homes to get into
Westpoint schemes.

The West Australian cites Mr. Lucy as saying that the 10%
commissions Westpoint paid to financial planners were
"extraordinarily high," but that it was not ASIC's role to rule
on the size of commissions.  ASIC, he says, is only there to
prosecute planners who did not disclose these commissions.

As stated in a previous TCR-AP report, ASIC has succeeded in
sending Westpoint Corp. -- Westpoint's flagship company -- into
liquidation.


WHITCON PTY: Liquidator to Present Wind-up Details
--------------------------------------------------
A final meeting of Whitcon Pty Limited will be held today,
February 21, 2006, where liquidator G. J. Keith will present his
final account regarding the Company's wind-up operations.


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

AMERFORD DEVELOPMENT: Creditors' Proofs of Claim Due on March 23
----------------------------------------------------------------
Creditors of Amerford Development Limited have until March 23,
2006, to submit the particulars of their claims, as well as any
information regarding their solicitors, to the Company's
liquidator, Chan Tai Yuen.

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

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


BILLION BASE: Court Enters Wind-Up Order
----------------------------------------
Billion Base Aluminium Construction Company Limited had
presented a petition to wind up its operations.

On February 8, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to the Company.


CAMPELL INTERNATIONAL: Liquidator to Give Wind-up Report
--------------------------------------------------------
A final meeting of the members of Campell International
(Holdings) Limited will be held on March 21, 2006, at 10:30 a.m.

At the meeting, liquidator Lai Kar Yan, Derek, and Darach E.
Haughey 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.


EGO CHAIN: Decides to Close Operations
--------------------------------------
On January 27, 2006, the members of Ego Chain Limited convened
and agreed that:

   -- the Company be wound up voluntarily.

   -- Tang Tse Yee be appointed to supervise the wind-up
      activities of the Company; and

   -- the audit of the liquidator's accounts of receipts and
      payments will not be required.


EVER CHAMPION: Lee Angel Appointed as Liquidator
------------------------------------------------
Members of Ever Champion Investment Limited convened on Feb. 6,
2006, to wind up the Company's operations.  Lee Angel was
appointed to supervise the Company's wind-up activities.  


FORWARD INDUSTRY: Court to Hear Wind-Up Petition on March 22
------------------------------------------------------------
On January 25, 2006, Banca Intesa S.p.A. presented a petition to
wind up Forward Industry Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 22, 2006, at 9:30 a.m.

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  


GERMAN KITCHEN: Gabriel Chi Kok Tam Cease to Act as Liquidator
--------------------------------------------------------------
On January 26, 2006, Gabriel Chi Kok Tam ceased to act as
liquidator in German Kitchen (China) Limited's wind-up.


GIGARIAN ELECTRONICS: Liquidator to Present Wind-Up Report
----------------------------------------------------------
A final general meeting of the members of Gigarian Electronics
Limited will be held on March 17, 2006, at 10:00 a.m.

At the meeting, the parties will receive the liquidator's final
account showing how the Company was wound up and how its
property was disposed of.


GUANGDONG KELON: Postpones General Meeting to Feb. 27
-----------------------------------------------------
The extraordinary general meeting of Guangdong Kelon Electrical
Holdings Company Limited, initially scheduled on January 20,
2006, will be postponed to February 27, 2006, at 10:30 a.m.

In a disclosure to the Hong Kong Stock Exchange, the members
will appoint a new independent non-executive director at the
meeting.


HERBERTS CHINA: Final General Meeting Fixed March 10
----------------------------------------------------
A final general meeting of the members of Herberts China Limited
will be held on March 10, 2006, at 10:00 a.m., for the parties
to receive the liquidator's final account showing how the
Company was wound up and how its property was disposed of.

At the meeting, the members will propose that the books,
accounts and documents of the Company will be retained by the
liquidator and destroyed three months after the Company is
dissolved.

David John Beaves is the Company's liquidator.


HOI FUNG: Commences Winding Up Process
--------------------------------------
Hoi Fung Aluminium Engineering Company Limited has received a
wind-up order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on February 8,
2006.


KATIGA JAPANESE: Winding Up Hearing Set on Feb. 22
--------------------------------------------------
Lam Kwok Wa Danny presented a petition to wind up Katiga
Japanese Food Shop Limited on February 6, 2006.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 22, 2006, at 9:30 a.m.

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  


MANOR ELECTRONICS: Decides to Close Operations
----------------------------------------------
A winding up petition was served on Manor Electronics Company
Limited on December 14, 2005.

On February 8, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up the Company.


TOP HUMAN: Creditors Agree on Liquidation
-----------------------------------------
On February 3, 2006, the members of Top Human Investments
Limited passed a special resolution to liquidate the Company's
operations.

The members subsequently named Chow Sin Man to facilitate the
Company's wind-up activities.


SILVERETTE LIMITED: Members Agree to Liquidate
----------------------------------------------
On February 3, 2006, the members of Silverette Limited convened
and decided that:

   -- the Company be wound up voluntarily;

   -- Kiyoshi Kawamura be appointed to supervise the Company's
      wind-up activities; and

   -- the audit of the liquidator's accounts of receipts and
      payments will not be required.


TUNG SHING: Schedules General Meeting for March 15
--------------------------------------------------
A final general meeting of the members of Tung Shing Trading
Company will be held on March 15, 2006, at 11:00 a.m., for the
parties to receive the liquidator's final account showing how
the Company was wound up and how its property was disposed of.

At the meeting, the members will propose that the books,
accounts and documents of the Company will be retained by the
liquidator and destroyed three months after the dissolution of
the Company.

Ho Robert Yau Chung serves as the Company's liquidator.


WORLD KIND: Enters Voluntary Liquidation
----------------------------------------
Members of World Kind Investment Limited convened on Nov. 25,
2005, to wind up the Company's operations.

At the meeting, the members agreed that the books, accounts and
documents of the Company will be retained by the liquidator and
destroyed three months after the Company is dissolved.

Wong Kwok Tung is the Company's liquidator.


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

ATUL FINVEST: RBI Cancels Certificate of Registration
-----------------------------------------------------
On January 27, 2006, the Reserve Bank of India cancelled Atul
Finvest Limited's certificate of registration for carrying on
the business of a non-banking financial institution.

Following the cancellation of its registration certificate, Atul
Finvest can no longer transact business as a non-banking
financial institution.

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


DUNLOP INDIA: Government Comes to Firm's Rescue
-----------------------------------------------
The West Bengal Government has vowed to provide aid to sick tire
maker, Dunlop India Limited, Business Line says.

The Government has, in fact, asked Dunlop's majority owner Ruia
Group, to discuss the relief and concessions for Dunlop's
revival.  The Ruia Group recently acquired majority shares of
the Company from Jumbo Group.

According to Business Line, the Ruia Group has been further
advised to send a comprehensive revival scheme to the State
Government as well as to other parties-in-interest, including
the State Bank of India, which is the operating agency appointed
by the Appellate Authority for Industrial and Financial
Reconstruction.

Dunlop's new management has reportedly commenced talks with the
agencies prior to its submission of a fully tied-up
rehabilitation proposal to AAIFR.  The new management sought
reasonable time from the AAIFR in this regard.

A formal agreement is expected to materialize soon, Business
Line adds.

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high pressure hoses, steelcord belting and
vibration isolators.


DUNLOP INDIA: Workers Reject Terms of Re-opening Agreement
----------------------------------------------------------
The Workers' Union of Dunlop India Limited refused to accept
certain conditions that would pave the way to the Company's
reopening under its new management, New Kerala.com reports.

The Union claimed that Dunlop's management -- formed by majority
owner, Ruia Group -- was trying to enforce a no-work-no-pay
scheme even for the regularized workers.  Aside from this, the
Union also objected to signing whatever submissions the Company
made before the Board for Industrial and Financial
Reconstruction and Appellate Authority for Industrial and
Financial Reconstruction.

As previously reported, the Dunlop management and the workers
union had reached a Memorandum of Understanding on January 24,
2006, outlining a voluntary retirement scheme that covers back-
wages for the closure period of the two plants.  The MoU
increased the package to INR1.20 lakh from the earlier INR75,000  
and back-wages to a maximum of INR30,000 from INR20,000.  In
addition, the MoU provided for an agreement to be signed by Feb.
15, 2006, authorizing the re-opening of two plants at Shahgunj
in West Bengal and Ambattur in Tamil Nadu.

The Union explained that it stood by the MoU, but could not
accept other conditions, which came after the signing of the
agreement.

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high pressure hoses, steelcord belting and
vibration isolators.


KOTHARI SUGARS: Hopes Pandavapura Takover will Lift Status
----------------------------------------------------------
Kothari Sugars & Chemicals Limited is optimistic that its seven-
year, INR80-crore lease agreement with Pandavapura SSK will
boost its finances, Business Standard says.

Kothari, which is currently rehabilitating after being declared
sick in year 2000, emerged as the highest bidder for the revival
of Karnataka-based co-operative sugar mill Pandavapura.  
Pandavapura was also declared sick in 2003.

According to Business Line, Kothari is banking on Pandavura to
significantly improve its production.  The Pandavapura factory
has a capacity of crushing 6 lakh tonne of cane per year.  

Kothari has brought down its losses considerably and is expected
to post a turnaround in the near future, Business Line says.  
Post-rehabilitation, Kothari has been performing to its maximum
capacity both in its sugar and chemicals division.  
  
For the nine months ended December 2005, the company posted
profit before interest debt and tax of INR1,759 lakh, compared
with last year's INR536 lakh.  It is targeting PBIDT of INR30
crore in the current financial year as against INR17 crore last
year.


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

ASEAN ACEH: Shareholders Approve Liquidation Plan
-------------------------------------------------
At an extraordinary general meeting of PT Asean Aceh Fertilizer
on September 14, 2005, and January 14, 2006, shareholders agreed
to liquidate the Company's business operations.

As a result, Jusuf Indradewa & Partners Legal Consultant was
appointed as liquidator to supervise the wind-up activities.

Creditors of the Company are required to submit their formal
proofs of claim within 120 days of February 18, 2006.

PT Asean Aceh Fertilizer -- http://www.aaf.co.id/-- was  
officially inaugurated in 1979 as a joint venture by Indonesia,
Malaysia, Philippines, Singapore and Thailand.  AAF has produced
urea fertilizer and markets its products to countries belonging
to the Association of Southeast Asian Nations, or ASEAN, since
1984.  The Company was able to produce output of 695,826 metric
tons at highest capacity.


BANK MANDIRI: Court Dismisses Graft Case Against Ex-Execs
---------------------------------------------------------
The South Jakarta District Court dismissed charges of fraud
against three former directors of state-owned PT Bank Mandiri,
Dow Jones reports.

Presiding Judge Gatot Suhartono acquitted Bank Mandiri's former
chief operating officer, Edward C. Neloe, former risk management
director, I Wayan Pugeg, and former corporate and government
affairs director, M. Sholeh Tasripan, of fraud charges, stating
that a lack of evidence failed to prove that the three directors
committed graft, resulting in state losses.

In March 2005, a report by the State Audit Agency revealed
"irregularities" in loans extended by Bank Mandiri to firms that
had not conducted due process for such loans, which persuaded
the Attorney General's Office to conduct a formal investigation.  
The three directors had been detained since May 2005 for their
alleged knowledge and involvement in extending the loans.

Reuters News relates that it is uncertain whether the
prosecution would appeal the case.  Prosecutors had demanded a
harsh sentence of 20 years' imprisonment for each director.  In
most graft cases, courts would often hand down a ten-year
sentence for persons convicted of graft.

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


GARUDA INDONESIA: Looking for Strategic Partner
-----------------------------------------------
Indonesia's Minister of State Enterprises Sugiharto denied
previous reports that the Government is planning to sell a stake
in ailing PT Garuda Indonesia, the Jakarta Post relates.

According to Minister Sugiharto, Garuda has been in talks with
inernational airlines, but is not looking for a buyer for its
shares.  He further clarified that the Company's reported
meeting with German airline Lufthansa was conducted to seek a
strategic partner in order to expand its customer base and
attract more passengers, and not for the purpose of looking for
a strategic investor.

Previous reports had quoted Danareksa Sekuritas adviser Lin Che
Wei, financial consultant to Garuda, as saying that the Company
was negotiating on a strategic investment with Lufthansa.  
Garuda Indonesia CEO Emirsyah Satar was also quoted as saying
that he had met with Lufthansa officials to discuss a strategic
alliance, and had also met with officials of other global
airlines.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--    
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


GARUDA INDONESIA: Reopens Flights to Seoul, Korea
-------------------------------------------------
Troubled national carrier PT Garuda Indonesia is set to resume
its flights to Seoul, South Korea, in April, and expects the
number of passengers to increase within two years, Asia Pulse
reports.

Garuda Indonesia President Emirsyah Satar said that the Company
is in a strategic marketing cooperation agreement with Korea
Airlines, where Garuda would fly its Denpasar-Seoul route four
times a week, while Korea Airlines would cover the route thrice
every week.

The Company had suspended its flights to Korea in 2004, Asia
Pulse recounts.  Now, as it plans to reopen the route, it is
targeting businessmen, tourists and Indonesian migrant workers
in order to achieve maximum load factor for such flights.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--    
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


KIANI KERTAS: May Go to United Fiber Consortium
-----------------------------------------------
Troubled pulp and paper mill PT Kiani Kertas is slated to be
acquired by a consortium led by Singaporean firm United Fiber
Systems Limited, Dow Jones says.

Bisnis Indonesia says that pursuant to an agreement, the
consortium -- consisting of UFS, Deutsche Bank AG and Merrill
Lynch & Co., Inc. -- will repay up to IDR1.56 trillion if
Kiani's debt to its largest single creditor, state lender PT
Bank Mandiri.

However, the report stated that Bank Mandiri has yet to approve
the proposed takeover.  It had earlier rejected UFS' planned
acquisition of Kiani Kertas, stating that the proposal did not
meet its requirements.


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

HUSER LIMITED: Appeals Bankruptcy Declaration
---------------------------------------------
As previously reported by the Troubled Company Reporter - Asia
Pacific, the Tokyo District Court, last Thursday, decided to
commence bankruptcy procedures for condominium developer Huser
Limited.

Huser, however, filed an appeal on Friday with the Tokyo High
Court against the District Court's ruling.

Lawyer Hideo Seto, the court-appointed administrator for Huser's
bankruptcy procedures, did not reveal the reasons for the
appeal.

The Tokyo-based condominium developer has been accused of
selling a large number of condominium complexes with
insufficient quake resistance.  The court-led bankruptcy
procedures are at the request of about 300 condo buyers who want
to ensure that the Company's assets remain intact so they can
receive compensation for damages.

The District Court had declared that the firm's liabilities have
exceeded its assets.


JAPAN AIRLINES: Three Executives Called to Resign
-------------------------------------------------
The Board of Directors of Japan Airlines Corporation had asked
the JAL President Toshiyuki Shinmachi, Vice-President Katsuo
Haneda and Senior Managing Director Hidekazu Nishizuka to step
down and take responsibility for the group's poor performance,
Japan Today relates.

A Company Director said that he believes it is the "last chance"
to revive the airline group.

As previously reported in the Troubled Company Reporter - Asia  
Pacific, JAL announced that it would cut the pay of all its  
employees by an average of 10% due to poor business performance  
caused by a string of mishaps and growing oil prices.  The  
airline also set out reform policies centered on dropping  
unprofitable international routes.   

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.: Lawyers Eye Joint Help for Investors
--------------------------------------------------
Lawyers will form a group to assist individual investors who
have suffered huge losses stemming from allegations that
Livedoor Co. violated the securities law, Japan Today reports.

The lawyers will study what remedial measures should be taken,
including an option for the investors to file a class action
suit against former President Takafumi Horie and other former
executives to seek compensation for the stock losses.

Headquartered in Tokyo, Japan, Livedoor Co. Ltd.  
-- http://corp.livedoor.com/en/-- is into Internet-related    
business.  It is involved in many sectors, including out portal   
site "livedoor", financial business, corporate web solution,   
data center and IP telephony business.


LIVEDOOR CO.: Probe Expands to Switzerland and Hong Kong
--------------------------------------------------------
The Securities and Exchange Surveillance Commission of Japan has
dispatched investigators to Switzerland to search for evidence
that the Livedoor group conducted money laundering, Japan Times
reports.

The commission also plans to send officials to Hong Kong and the
British Virgin Islands, to shed light on whether Livedoor used
overseas financial institutions and companies to conduct dubious
securities transactions.


MITSUBISHI MOTORS: Set to Buy 20% Stake in Chinese Carmaker
-----------------------------------------------------------
Mitsubishi Motors Corporation is set to acquire a 20% stake in
Chinese carmaker South East Motor (Fujian) from Taiwan's China
Motor, to expand its presence in mainland China, Agence France-
Presse reports.

China Motor in Taipei confirmed that an agreement had been
reached to sell a 20% stake in the South East Motor (SouEast) to
the Japanese automaker.

The SouEast venture, established in 1995 with registered capital
of $138 million, was set up as a 50-50 joint venture between
China Motor Corporation and China's Fujian Motor Industry
Corporation.

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.


SEIYU LIMITED: Widens Net Loss to JPY17.77 Bln
----------------------------------------------
Seiyu Limited incurred a net loss of JPY17.77 billion in the
year ended December 31, 2005, versus a previous year's loss of
JPY12.32 billion, Japan Today relates.

The supermarket chain operator blamed the result on a drop in
sales and valuation losses on products.

The Company also reported a pretax loss of JPY6.16 billion, a
reversal from a profit of JYP501 million.

Headquartered in Tokyo, Japan, Seiyu Limited
-- http://www.seiyu.co.jp/-- is Japan's top retailers.  Seiyu  
runs 400-plus stores, including supermarkets and department
stores. Merchandise includes food, apparel, and household goods
(some under the Martha Stewart Everyday brand or SEIYU's own
brands).  Company flags include SEIYU, Sunny, and S.S.V.
(supermarkets) and Livin (department stores).  Some stores
anchor another main endeavor -- large shopping centers called
The Mall.  The debt-laden Company has been unloading
unprofitable operations.  Sumitomo owns 10% of Seiyu, while
retail giant Wal-Mart in 2005 increased its ownership to 50% of
the Company's voting rights.


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

DAEWOO SHIPBUILDING: Bags KRW756.3-Bln Contract from Saudi Firm
---------------------------------------------------------------
Vela International Marine, a unit of state-owned Saudi Amaco,
has awarded a KRW756.3-billion contract to Daewoo Shipbuilding
and Marine Engineering Company, Reuters reports.

Under the agreement, Daewoo Shipbuilding will build six crude
carriers, which are scheduled for delivery by the end of April
2009.

Daewoo Shipbuilding is one of five former affiliates of the
Daewoo Group that are up for sale.  The Company was separated
from the Group in 1999 when the latter went bankrupt.

According to a recent TCR-Asia Pacific report, the Korea Asset
Management Corporation hopes to start the sale process of Daewoo
Shipbuilding in the second half of this year after consulting
with creditors.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr-- has developed  
into one of the world's premium specialized shipbuilding and
offshore contractor that builds various vessels, offshore
platforms, drilling rigs, floating oil production units,
submarines, and destroyers.


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

AFFIN HOLDINGS: Bourse to List and Quote New Shares Today
---------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Affin
Holdings Berhad's additional 33,000 new ordinary shares of
MYR1.00 on February 21, 2006.

Each of the shares were issued pursuant to the Company's
Employees' Share Option Scheme.

Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad -  
- http://www.affin.com.my/-- is engaged in commercial banking,   
merchant banking, finance company business, stock broking and  
asset management business.  The Company's other activities  
include the provision of insurance services, lease and hire  
purchase financing, nominee services and investment holding.    
Operations are carried out principally in Malaysia.


ANTAH HOLDING: Agrees to Settle Unit's Loan with Bank Pertanian
---------------------------------------------------------------
Antah Holding Berhad has executed an agreement with Bank
Pertanian Malaysia to settle the loan owed by its 100%
subsidiary, Pacific Asia Fishing Sdn Bhd, to the Bank.

On August 27, 1992, Pacific Asia has obtained a MYR6.5-million
facility from Bank Pertanian, for which Antah stood as the
Corporate Guarantor.  However, Pacific Asia defaulted on the
loan, prompting Bank Pertanian to commence legal action against
Pacific Asia and Antah Holding.

        The Salient Terms of the Settlement Agreement    

    * As the Corporate Guarantor for the Facilities, Antah
      owes the Bank MYR9,674,393.45 as of December 31, 2004,
      referred to as the Owed Sum.

    * Bank Pertanian and Antah, pursuant to the mutually agreed
      settlement arrangement, agree that the repayment date for
      interest payments of the Owed Sum will coincide with that
      of Antah's other creditors, upon the successful completion
      of the Company's scheme of arrangement.  This is to ensure
      fair and proper treatment of all of Antah's creditors.

    * The parties further agreed that Antah will be granted a
      one-year moratorium upon the successful completion of its
      scheme of arrangement before the initial payment of the
      principal amount.

    * Upon the execution of the Agreement, Bank Pertanian will
      withdraw the legal suit in its entirety but without
      prejudice to the Bank's right to institute
      proceedings to enforce the terms of the Agreement in the
      event of a breach or default.

    * The Parties will execute, ratify, consent to, and use
      their best endeavors to ensure that the scheme of
      arrangement is implemented expeditiously and to that
      effect the Parties will take all steps required and do all
      things necessary, including the voting for the necessary
      resolutions, executing the necessary documents and giving
      of consents, including subsequent agreements that may be
      required to ensure the observation of any formalities
      required in the completion of the scheme of arrangement.

    * The Parties agreed to take all necessary steps to
      implement the scheme of arrangement or such other new
      scheme of arrangement.

    * Bank Pertanian will render all assistance as may be
      required by the Company and its scheme advisors from time
      to time to enable the implementation of the scheme of
      arrangement or such other new scheme of arrangement in
      an expeditious and efficient manner.

Antah is unable to meet its debt obligations and is currently in
the process of undergoing restructuring pursuant to a scheme of
arrangement under Section 176 of the Companies Act, 1965.  The
Agreement is intended to achieve an expeditious and economical
settlement whilst preserving the rights of the Company's other
creditors under the scheme of arrangement.

Antah ascertains that the Agreement will not have a material
effect on its net tangible assets and on its consolidated
earnings for the financial year ending June 30, 2006, as the
amount has already been taken into account in previous financial
year.

The documents pertaining to the Agreement may be inspected
during normal business hours from Mondays to Fridays (except
public holidays) for a period of three months from February 17,
2006, at:

          Level 7, Menara Milenium,
          Jalan Damanlela, Pusat Bandar Damansara,
          Bukit Damansara, 50490 Kuala Lumpur

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,  
Antah Holding Berhad -- http://www.antah.com.my/-- manufactures   
and trades 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.  The Group discontinued its beverage and security
services operations.  The Group operates in Malaysia, Australia,
United Kingdom and Singapore.


CHASE PERDANA: Seeks to Reschedule Payment to Stockholders
----------------------------------------------------------
Chase Perdana Berhad is in talks with Redeemable Convertible
Secured Loan Stock holders with regard to the rescheduling of
its second anniversary redemption payments to the RCSLS holders
due on July 18, 2005.

Headquartered in Kuala Lumpur, Malaysia, Chase Perdana Berhad --
http://www.chaseperdana.com.my-- is engaged in construction,  
property management, property development and investment
holding.  Its other activities include oil palm processing.
Operations are carried out in Malaysia, India and British Virgin
Islands.


MANGIUM INDUSTRIES: Unit Defaults on Unsecured Loans
----------------------------------------------------
Mangium Industries Berhad's wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, has defaulted in its repayments on facilities
granted by Standard Chartered Bank Malaysia Berhad and Southern
Bank Berhad, which are unsecured.

A full text of the details of the defaulted facilities is
available for free at:
http://bankrupt.com/misc/MangiumIndustriesTable1January2006.doc

(A) Reason for Default in Payments:

    Mangium defaulted on its loan payments due to the
    unfavorable timber market and depressed prices
    for timber and timber related products throughout Asia since
    the financial crisis in the year 1997.  Many of the
    Mangium's buyers were adversely affected and are facing
    financial difficulties leading to their inability to
    settle their outstanding balances.  As a result, the
    cashflow generated from operations was not sufficient to
    service the interest and principal obligations to the
    lenders as and when they fell due.

(B) Measures by the listed issuer to address the default in
    payments:

    Both Standard Chartered and Southern Bank have agreed to the
    Proposed Debt Settlement and Restructuring Scheme announced
    by Mangium Industries on December 22, 2003.

(C) Financial and legal implications in respect of the default
    in payments including the extent of the listed issuer's
    liability in respect of the obligations incurred under the
    agreements for the indebtedness:

    The estimated total outstanding defaulted amount as of
    January 31, 2006, is MYR14,948,952.39.

    Since Mangium Industries is the guarantor for these loans,
    it is liable for the full amount and any further interest
    and financial cost levied there or until the settlement of
    these debts.

(D) Where the default in payment constitutes an event of
    default under a different agreement for indebtedness:

    The facilities represent the borrowings of Mangium's wholly
    owned subsidiary, Mangium Sawmill, and as a result of their
    default, the remaining facilities granted by other lenders
    to Mangium Sawmill are all technically in default by virtue
    of the Cross Default clauses in the Letter of Offers.

    However, the lenders have kept in view further legal action
    other than those which have been disclosed in the Company's
    Annual Report and Announcements, since Mangium Industries is
    in active negotiations with them to normalize and regularize
    the accounts.

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad Formerly known as Serisar Industries Berhad manufactures
and trades timber and timber related products.   The Company
also provides printing services, publisher, printer consultants
and advertisers, trading of alcoholic beverages, general trading
of office furniture and investment holding. Operations of the
Group are carried out in Malaysia.


MEDIA PRIMA: New Shares Set for Listing and Quotation Today
-----------------------------------------------------------
Media Prima Berhad's additional 26,000 new ordinary shares of
MYR1.00 each issued pursuant to the Employees' Share Option
Scheme will be granted listing and quotation by Bursa Malaysia
Securities Berhad today, February 21, 2006.

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


MERCURY INDUSTRIES: SC Junks Proposed Debt Settlement
-----------------------------------------------------
The Securities Commission rejected a proposal by Mercury
Industries' subsidiary, Silverlight Prospects Sdn Bhd, to settle
its debt to Excel Goldmist (M) Sdn Bhd by issuing 12,000,000 new
Mercury ordinary shares of MYR1.00 each at an issue price of
MYR1.00 each.

The SC had stated in its Decision Letter that Mercury's Proposed
Debt Settlement was not a comprehensive proposal after learning
that:

   -- the Proposed Debt Settlement would not result in the
      complete repayment to Excel Goldmist (M) Sdn Bhd
      as the remaining balance for a total of MYR10.0 million
      (not taking into consideration the off-set amount of
      MYR2.6 million as announced on August 25, 2005) (Balance
      Outstanding Amount) will only be settled through
      internally generated funds over a period of four years
      after the issuance and allotment of Mangium Industries
      shares to Excel;

   -- the Company's results for the financial years 2002 to 2005
      do not demonstrate an encouraging cashflow growth that
      could support the repayment of the Balance Outstanding
      Amount to Excel in the future;

   -- the Proposed Debt Settlement does not address MIB's
      problems in relation to its core business, which has not
      exhibited encouraging results in the past financial years;
      and

   -- the Company's financial position is heading towards a
      "distressed listed company" position, seeing that MIB's
      paid-up capital has been reduced by more than 50% as
      represented by its shareholders' funds as at Dec. 31,
      2004.

The Company is currently considering the next course of action
in relation to the Proposed Debt Settlement and will make the
necessary announcement on any further development.  Pursuant to
paragraph 17.04 of the SC Policies and Guidelines on Issue/Offer
of Securities, the Company may make an application to the SC for
a review of the SC's decision above within 30 days upon the
receipt of the Decision Letter.

Headquartered in Kuala Lumpur, Malaysia, Mercury Industries
Berhad's principal activities are organized into three operating
divisions: Manufacturing, Retailing and Investment holding.  The
manufacturing division manufactures and sells putty, hardener,
underseal and paints.  The retailing division markets paints and
related products.  The Investment holding division provides
management services.  The Group operates principally in
Malaysia.


METROPLEX BERHAD: Court Defers Hearing to Strike Wind-up Bid
------------------------------------------------------------
The Kuala Lumpur High Court has decided that Metroplex Berhad's  
application to strike out Morgan Stanley's winding-up petition
and application for the appointment of a provisional liquidator
for Metroplex was deferred to a date to be fixed by the Court
pending the determination of the foreign law issues by
appointing a third independent expert;

The respective parties must report to the Court on the     
appointment of a third independent expert by Feb. 23, 2006.

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad is
engaged in hotel and casino operations.  The Company's other
activities include property investment, property development,
provision of administrative services, general and building
construction, leasing and financing, trading of building
materials and operation of hotel management training school.
Operations are carried out in Malaysia, Hong Kong and
Philippines.


NAIM INDAH: Converts Ordinary Shares to ICULS
---------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Naim Indah
Corporation Berhad's additional 149,100 new ordinary shares of
MYR0.20 each arising from the conversion of 149,100 nominal
value of MYR0.20 Irredeemable Convertible Unsecured Loan Stocks
2003/2006, today, February 21, 2006.

Headquartered in Kuala Lumpur, Malaysia, Naim Indah Corporation
Berhad formerly known as Arus Murni Corporation Berhad's
principal activities are the development of residential
properties, sale of round end timber logs and provision of
investment property holding services.  The Company's other
activities are financing, provision of nominee services and
investment holding.  Operations are carried out predominantly in
Malaysia.


OLYMPIA INDUSTRIES: Suffers MYR34,383,000 Net Loss in 2Q/FY05
-------------------------------------------------------------
Olympia Industries Berhad has released its unaudited Second
Quarter financial report for the financial period ended
Dec. 31, 2005.

Summary of Key Financial Information
December 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/12/2005    31/12/2004      31/12/2005     31/12/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

     56,388        50,045         104,796         96,737

(2) Profit/(loss) before tax

    -34,348       -27,341         -67,438        -55,678

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

    -34,383       -27,364         -67,480        -55,713

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

    -34,383       -27,364         -67,480        -55,713

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

    -6.48          -5.12           -12.95         -10.44

(6) Dividend per share (sen)

     0.00           0.00             0.00           0.00

(7) Net assets per share (MYR)

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

          -1.8700                      -1.7300

A full-text copy of the Company's financial report is available
free of charge at:

   http://bankrupt.com/misc/OlympiaIndustriesQuarterlyReportQ22006.xls

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organising and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organiser and
project magement, travel and tours agency, servicing of oil and
gas pipeline, asset management, money lending and stockbroking.
Operations are carried out in Malaysia, Papua New Guinea and
Singapore.    


PAN MALAYSIA: Repurchases Ordinary Shares
-----------------------------------------
During a shares buy-back on February 17, 2006, Pan Malaysia
Corporation Berhad repurchased 35,000 ordinary shares of MYR0.50
each for a total consideration of MYR15,912.24.  

Each share had a minimum price of MYR0.445 and a maximum price
of MYR0.465.  The number of shares purchased retained in
treasury is 35,000 units.

Cumulative net outstanding treasury shares to date are now at
56,459,500 units.

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


PANTAI HOLDINGS: New Shares up for Listing and Quotation Today
--------------------------------------------------------------
On February 21, 2006, Bursa Malaysia Securities Berhad will list
and quote Pantai Holdings Berhad's additional:

   -- 273,000 new ordinary shares of MYR1.00 each issued   
      pursuant to the Employees' Share Option Scheme; and

   -- 1,050,000 new ordinary shares of MYR1.00 each arising from
      the exercise of 1,050,000 warrants 2002/2007 of Warrants.

Headquartered in Kuala Lumpur, Malaysia, Pantai Holdings Berhad
-- http://www.pantai.com.my-- provides medical, surgical and   
hospital services.  The firms other activities include provision  
of cleaning and maintenance services for hospitals, cardiac  
cauterization, medical diagnostic, radiotherapy, oncology,  
nurses training courses, medical laboratory, homecare,  
rehabilitation, healthcare support, supervision of medical  
examination of foreign workers, money lending, laundry and dry  
cleaning and investment holding.  Operations are carried out in
Malaysia, Cayman Islands and the British Virgin Islands


SOUTHERN BANK: Prepares New Shares for Listing and Quotation
------------------------------------------------------------
Southern Bank Berhad's additional 120,453 new ordinary shares of
MYR1.00 each arising from the exercise of 6,253 warrants
1996/2006 (Local Warrants) into 6,253 New Local A Shares (SBank-
OA); and exercise of 114,200 warrants 1996/2006 (Foreign
Warrants) INTO 114,200 new foreign A shares (SBank-O2) will be
granted listing and quotation by Bursa Malaysia Securities
Berhad today, February 21, 2006.

As the said ordinary shares arising from the Exercise shall not
be entitled to dividends or any other distributions declared,
made or paid to shareholders in respect of the financial year
ended December 31, 2005, they will be quoted as SBank-OA and
SBank-02.

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad --  
http://www.southernbank.com.my/-- is engaged in the provision   
of commercial banking business and other related financial  
services, which include Islamic banking services.  Other   
activities are accepting deposits and advancing loans, property  
ownership and management, provision of risk capital,  
stockbroking, sale and management of unit trusts, building  
construction, property investment and investment holding.


SOUTHERN BANK: Holds Shares Buy-Back
------------------------------------
On February 6 to 15, 2006, Southern Bank Berhad held a shares
buy-back and repurchased 21,000 ordinary shares for a total cash
consideration of MYR84,243.60.

The minimum price paid for each share purchased is MYR4.000,
while the maximum price paid for each share is MYR4.000.

The number of shares purchased retained in treasury is 21,000
units.  The total number of shares retained in treasury is
55,878,100 units.

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad --  
http://www.southernbank.com.my/-- is engaged in the provision   
of commercial banking business and other related financial  
services, which include Islamic banking services.  Other   
activities are accepting deposits and advancing loans, property  
ownership and management, provision of risk capital,  
stockbroking, sale and management of unit trusts, building  
construction, property investment and investment holding.


TRU-TECH HOLDINGS: Misses Out on Sinking Fund Monthly Deposit
-------------------------------------------------------------
Tru-Tech Avenue Securities Sdn Bhd failed to make the monthly
deposit of MYR1,500,000 on February 17, 2005, into the sinking
fund account maintained for the purposes of redemption of the
Redeemable Unsecured Loan Stock.  The Fund was created due to
Tru-Tech's current tight cash flow position.

The financial and legal implications to Tru-Tech in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated October 15, 2004.

Save as disclosed, there has been no material development in
respect of the Default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at January 31, 2006 is set
out in Table 1 of the Appendix to this announcement.

A full-text copy of the list of lenders, the nature of credit
facilities and the outstanding shares, in table form, is
available for free at:

    http://bankrupt.com/misc/TruTechHoldingsTable1.xls

In addition, Tru-Tech and its subsidiaries, namely Tru-Tech
Electronics (M) Sdn Bhd and Tru-Tech Technology Sdn Bhd were
granted an extension of restraining and stay order for a period
of 60 days effective from January 19 until March 20, 2006, by
the Johor Bahru High Court on February 15, 2006.

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings  
Berhad's principal activity is the manufacturing of electronic  
components and products.  Its other activities include  
development and distribution of switch-mode power supplies and  
investment holding.  The Group operates in Malaysia, Singapore,  
The United States of America and United Kingdom.


WEMBLEY INDUSTRIES: SC to Reevaluate Request
--------------------------------------------
The Securities Commission had previously directed Wembley
Industries Holdings Berhad to resubmit its application, via its
adviser, Alliance Merchant Bank Berhad, for the extension of
time to complete the Restructuring Scheme.

Subsequently, the SC had informed the Company that its is unable
to evaluate the said application.

In that regard, the Company informs the SC that its management
is in the midst of discussion with Alliance on the next course
of action to be taken.

Headquartered in Sarawak Malaysia, Wembley Industries Holdings  
Berhad is a developer of commercial properties and investment  
holding.  Other activities are the development of the inter-  
state bus and taxi terminal, the retail podium and the budget  
hotel.  


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

ABS-CBN BROADCASTING: Shares Rise 2.33%
---------------------------------------
ABS-CBN Broadcasting Corporation shares rose 2.33% to PhP11.00
at the other day's noon close in Manila from the previous close
of PhP10.75.

In a February 08, 2006 Bloomberg report, ABS-CBN shares were at
its lowest in seven months at Php10.75, which was also it's
worst decline since November 15, 2005.  The Bloomberg report
cited ABS-CBN Vice President Mark Nepomuceno as saying that the
stock fall was due to National Telecommunications Commission
Chairman Ronald Solis' remark that the Network might lose its
authority to broadcast if it is found liable for the February 4
stampede.

As earlier reported by the 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," resulting in the death of 74 people and
leaving hundreds injured.  The Network has since been in the
spotlight after government probes found four ABS-CBN officials
responsible for the stampede.  

TCR-AP, however, reported that the Network has not been informed
by the NTC of license revocation moves after such proceedings
were reported in the local media and that the Bank of Commerce
and Frist Grade Holdings have maintained a "buy" recommnendation
for ABS-CBN stocks despite the shares' decline, and
additionally, that the stampede had no negative impact on the
network's advertising revenues.

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


LAFAYETTE MINING: Ownership Status Stuns Civic Groups
-----------------------------------------------------
A recent revelation that Lafayette Mining Incorporated is 100%
foreign owned has shocked several party list groups, Bulatlat
News relates.

Anakpawis party list representative Rafael Mariano and leaders
of Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas
(Pamalakaya) and Lakas ng mga Maliliit na Mangingisda ng Bicol
(Lambat-Bicol) could not believe that the Lafayette owners and
top government officials kept the truth about the mining firm's
ownership, which is in violation of the Philippine Constitution
and the principle of national patrimony.

The groups told Bulatlat News that Lafayette violated the 60-40
capitalization requirement in favor of Filipinos, certain
environmental laws and practices and the 1987 Constitution.

The revelation came on February 8, 2006, when Lafayette
Chairman, President and Chief Executive Officer Carlos Dominguez
admitted before the House Committee on Natural Resources that
74% of Lafayette is owned by its Australian parent and 24% is
controlled by Malaysian firm, Philco.

The House inquiry related to the October 2005 toxic spill and
the appointment of new management by its parent last month.

The finding prompted Rep. Mariano to press for the immediate
cancellation of Lafayette's mining permit, which will pave the
way for the total closure of its operations on Rapu-Rapu.  He
also recommended to the committee the filing of possible
criminal and civil charges against government officials and the
company's owners, Bulatlat says.

Lambat-Bicol secretary-general Arieto Radores backed Rep.
Mariano's statement, saying Lafayette's two-year illegal
operation was authorized by President Gloria Macapagal-Arroyo
and the Department of Natural Resources.

At the hearing, Pamalakaya presented a 5-point demand for the
resolution of Lafayette tragedy: permanent closure of Lafayette
mining, indemnification of all victims of the two mine spills,
nullification of contract between Dominguez group and Lafayette
regarding the management contract, the filing of criminal and
civil cases against Lafayette and other government officials
involved in Lafayette twin spills, and the repeal of the Mining
Act of 1995.

Pamalakaya, Lambat-Bicol and Pamalakaya-Sorsogon suggested that
Lafayette be initially slapped with a P1-billion fine to
compensate fisherfolk and residents affected by the October 11
and 31, 2005, mine spills.

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


LAFAYETTE MINING: Woos Local Communities After Spill Incident
-------------------------------------------------------------
Lafayette Mining Incorporated is stepping up efforts to win back
the confidence of local communities in Rapu-Rapu, Albay, after
last year's controversial toxic mine spill, ABS-CBN News
reports.

According to the report, Lafayette has vowed to provide a yearly
infusion of Php160 million into the local economy if allowed to
operate in Rapu-Rapu.  

Lafayette President Carlos Dominguez said the mining firm will
inject between Php75 million to Php80 million into neighboring
communities in terms of business opportunities they will
generate, while some Php70 million to Php80 million will come in
the form of salaries and wages.  Around Php10 million will also
be provided for the barangays directly around Lafayette like
Barangays Paculbon and Malibago in the form of street lighting,
free electricity and medical support for some 1,600 residents in
the area.

ABS-CBN News relates that the Company is optimistic it will re-
acquire next month its license to operate, which was revoked by
the Department of Environment and Natural Resources after its
Rapu-Rapu facility spilled mine tailings in a river on October
11 and Oct. 31, 2005.

Early this month, however, DENR cleared Lafayette of using
mercury in its gold mining project.  The firm said that since it
does not use mercury in its operations, it could not have caused
mercury contamination on the island.

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


LEPANTO CONSOLIDATED: Workers' Woes Are Far from Over
-----------------------------------------------------
Problems over the wages and entitlements of Lepanto Consolidated
Mining's employees have escalated after the workers' union
discovered that the Company did not remit the contributions of
1,683 workers despite regular deductions from their monthly
wages, Bulatlat News reveals.

The Lepanto Employees Union has asked the Social Security System
and the Home Development Mutual Fund or PAG-IBIG Fund to
investigate the matter and provide certificates to verify the
remittance or non-remittances of premiums from Lepanto
management, the report says.

According to an earlier report by the Troubled Company Reporter
- Asia Pacific, Lepanto mineworkers had gone on a three-month
strike some six months ago due to a deadlock in their collective
bargaining agreement and issued regarding the non-remittance of
SSS and PAG-IBIG contributions and loan payments.  The strike
ended after the union and the management signed a Memorandum of
Agreement, in which the management agreed to resolve the issues
regarding the workers' benefits.

However, LEU officers expressed concerns that the company has
not paid the long-overdue Php11 million-worth of back wages of
workers who went on strike, as agreed upon in the MOA, according
to Bulatlat.

The Lepanto management explained they are still looking for
funds to pay the workers.

Lepanto Consolidated Mining Company --
http://www.lepantomining.com/-- was incorporated primarily to  
be involved in exploration and mining of gold, silver, copper,
lead, zinc and all kinds of ores, metals, minerals, oil, gas and  
coal and their related by-products.  The Company was
incorporated in 1936 and until 1997 was operating an enargite
copper mine.  It shifted to gold bullion production in the same
year through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.  
Lepanto sells its gold bullion production to London's Johnson  
Matthey.

Lepanto is one of the oldest mining companies in the
Philippines.  It is one of the country's top producers of gold
and its by-products, copper and silver.  The Company also has
investments in other areas through its subsidiaries such as:
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.


MAKATI MEDICAL: Proposed Offering Gets SEC OK
---------------------------------------------
Makati Medical Center is poised to launch its Php201-million
primary shares offering after winning the approval of the
Securities and Exchange Commission, The Philippine Star reports.
The move is part of the Makati Med's efforts to implement its
financial plan for its capital expenditure and equipment
acquisition program, and ensure the hospital's continuing
operations via the implementation of its loan restructuring
program.

Of the total 201,000 shares, around 134,000 will be offered to
credentialed doctors who do not presently own any shares in
Makati Med.  The remaining 67,000 will be sold to credentialed
doctors who, through existing shareholders of the Company, need
to acquire additional shares to fully comply with the ownership
requirement.

Under the hospital's ownership requirement, each credentialed
physician is required to own the higher of 1,500 common shares
for active staff members or 750 common shares for associate
staff members and 100 common shares for every square meter of
clinic space in the hospital.

The shares, which carry a par value of Php100 per share, will be
sold at Php1,000 each.

Makati Med has been incurring losses for the past three years,
allegedly due to mismanagement.  Last July, the hospital brought
in some new board members, including telco czar Manuel
Pangilinan and banker Francisco Dizon to help it stay afloat.

The institution is currently faced with liquidity problems and
is asking creditors to restructure its Php1.2-billion debt.  
Under the loan restructuring program, Makati Med's creditors
have required an equity infusion as one of the pre-requisites
for agreeing to restructure their respective loan exposures to
the hospital.

ATR-Kim Eng has been appointed by Makati Med as its financial
adviser for its plan to restructure debts and raise new funds.

Makati Medical Center -- http://www.makatimed.ph/-- was  
established on May 31, 1969.  The hospital, which is located in
Makati City, Philippines, is considered one of the premier
hospitals in the country.


NATIONAL BANK: To Hold Annual Stockholders Meeting on May 30
------------------------------------------------------------
During its regular meeting on February 17, 2006, the Board of
Directors of the Philippine National Bank approved the holding
of the Annual Stockholders' Meeting on May 20, 2006, at 8:00
a.m. at:

           The Ballroom, Upper Lobby
           Century Park Hotel
           599 Pablo Ocampo Sr. St.
           Malate, Manila

On the meeting, the stockholders will:

          -- approve the minutes of the 2005 Annual
             Stockholders' Meeting held on May 24, 2005;

          -- hear the President's report of the Results of
             Operations for 2005;

          -- approve the Company's 2005 Annual Report;

          -- ratify all Acts, Resolutions and Proceedings of the
             Board of Directors and corporate officers since the
             2005 Annual Stockholders Meeting;

          -- elect directors;

          -- appoint external auditor; and

          -- discuss other matters.

For this purpose, only stockholders of record as of May 2, 2006,
will be entitled to vote at the said meeting.

Headquartered in Pasay City, Philippines, Philippine National
Bank -- http://www.pnb.com.ph-- is the country's first  
universal bank established on 22 July 1916.  Its primary mandate
was to provide financial services to the agricultural and
industrial sector, and support the government's economic
development efforts.  The privatization of PNB started when it
offered 30% of its stocks to the public on 21 June 1989.  The
Lucio Tan Group is the single biggest stockholder of the Bank.
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB also engages in a number of diversified
financial and related businesses such as international merchant
banking, investment banking, life/non-life insurance, leasing,
financing of small-and-medium-sized industries, and financial
advisory services.  It introduced innovations such as the bank
on wheels, computerized banking, ATM banking, mobile money
changing and domestic travelers' checks.


PHILNICO INDUSTRIAL: Chinese Group to Address Nonoc Mine Issues
---------------------------------------------------------------
A consortium of Chinese investors is set to visit the
Philippines this week to meet with the Philippine Department of
Environment and Natural Resources and discuss the development of
Philnico Industrial Corporation's Nonoc mine, BusinessWorld
reports.

Earlier media reports said that the Chinese group -- China's
Bausteel group, Jinchuan Nonferrous Metals Corp. and China
Development Bank -- could not push through with its US$1.2-
bilion investment for the rehabilitation of the Nonoc mine
because of Philnico's huge debt to the Government.

Baosteel is the top Chinese steel maker while Jinchuan is the
leading nickel producer in China.

Philnico acquired the mothballed nickel mine from the Government
10 years ago.  The Government has yet to come to terms with
Philnico on how to settle the nickel miner's US$300-million
liabilities, with Philnico paying only about US$1 million so
far.

Troubled Company Reporter - Asia Pacific earlier reported that
last year, the Arroyo administration had begun considering an
out-of-court settlement with Philnico just to expedite the court
case and finally facilitate the entry of the Chinese mining
consortium.

The Government, however, will insist on recovering its full
investment in Nonoc, one of various foreclosed assets turned
over by the Development Bank of the Philippines and the
Philippine National Bank to the Asset Privatization Trust, now
the Privatization and Management Office.

Meanwhile, the Chinese group expects to enter into a formal
agreement for the development of the Nonoc mine before the end
of the month, BusinessWorld says.

North Luzon Railways Corp. president Jose Cortez, who is helping
coordinate between the Government and the Chinese investors,
told BusinessWorld that the Chinese group will take over the
Nonoc claims.  He says that the investors want all the
transactions between the private entity and the Government to be
clean.

Since the shutdown of the Nonoc plant in 1986, the Philippine
Government has progressively taken steps via the Assets
Privatization Trust to attract foreign investment into the
rehabilitation of the Project.  In September 1989, Philnico
Mining and Industrial Corporation (now known as Philnico
Industrial Corporation), controlled by the Cabarrus Group which
owned the property before the 1984 government foreclosure,
purchased the refinery from the APT.  Rehabilitation of the
plant was initiated but was not completed.  In May 1995, Pacific
Nickel Holding Ltd (now known as Philnico Holding Ltd.) acquired
90% of the shares in PIC and the rights and interests of PIC in
the Project.


SANITARY WARES: Loses Permit to Sell Securities
-----------------------------------------------
Sanitary Wares Manufacturing Corporation's license to sell
securities to the public was revoked by the Securities and
Exchange Commission over the firm's repeated failure to comply
with reportorial requirements, The Philippine Star reports.

According to the corporate regulator, Saniwares breached Rule 17
of the Securities Regulation Code after it failed to submit all
quarterly reports for fiscal year 2005 despite repeated notices
from the SEC.

Aside from failing to submit reports, the firm's representatives
also failed to appear in a scheduled hearing on January 11,
2006, to explain why its permit to sell securities should not be
revoked.

The SEC's corporation finance department said Saniware's failure
to appear on the said hearing is considered a waiver on its part
to be heard with respect to the revocation proceedings, The Star
says.

After 43 years of operations, Saniwares shut down its
manufacturing plant in November 2004 due to ballooning losses
and rising costs that have hobbled its ability to settle
maturing debts and secure substantial funding needed to upgrade
its plant. The Company was declared insolvent by the Las Pinas
Regional Trial Court on February 2, 2005, following the petition
for insolvency filed by the tilemaker.

Headquartered in Las Pinas City, Philippines, Sanitary Wares
Manufacturing Corporation is an export producer/manufacturer of
brass fittings on a pioneer status and as an expanding export
producer of vitreous china sanitary wares with a registered
capacity of 6,000 metric tons per year.  Among the company's
products include water closets, lavatories, urinals and bidets
and bathroom accessories. Sanitary Wares also markets other
sourced items like whirlpools, bathtubs and brass fittings.


UNIWIDE HOLDINGS: Relocates to New Address
------------------------------------------
Effective March 1, 2006, Uniwide Holdings Incorporated's head
office will be at:

          2nd Floor, Uniwide Coastal Mall
          Central Business Center II
          Roxas Boulevard Coastal Road Junction
          Reclamation Area, Paranaque City
          Trunk Line Nos: 879-0001 to 09 879-0094
          Fax: 879-0087

As previously reported in the Troubled Company Reporter - Asia
Pacific, Uniwide suffered a net loss of  Php435 million in the
nine months to September last year, more than three times the
Php129.4 million net loss booked in the same period in 2004.  
The loss has led to company to sign an agreement with Suy Sing
Commercial Corp to lease out its loss-making outlets, and the
retrenchment of almost 500 employees.

Uniwide Holdings, Incorporated -- http://www.uni-wide.com--  
does not engage in retail activities itself, but provides
support services to franchisees in the areas of inventory
management, merchandising, marketing, advertising and training.  
It also engages in two kinds of real estate operations.  The
first is the acquisition, development, holding and leasing of
land and buildings used to house Warehouse Clubs, Department
Stores and Family Stores.  The second is property development
principally involving the acquisition, horizontal development
and sale of land for residential communities and commercial lots
adjacent to Warehouse Clubs, and the development of shopping
alls anchored by Warehouse Clubs.


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

ADINC.COM PTE: Prepares to Declare Dividend
-------------------------------------------
Adinc.com Pte Limited is prepaing to declare a dividend to its
creditors.

In that regard, the Company's creditors are required to submit
their formal proofs of claim to liquidators Chee Yoh Chuang and
Lim Lee Meng by March 3, 2006.


NEOCORP INTERNATIONAL: Sells Off Entire Stake in Unit
-----------------------------------------------------
On February 13, 2006, Neocorp International Limited entered into
an agreement to sell 510,000 shares, or its entire equity
interest in wholly owned sybsidiary Presscrete Engineering Pte
Limited, to Tritech International Holdings Pte Limited for
SGD600,000.

Tritech will have three weeks to conduct due diligence, and the
sale is slated to take place within 30 days of the agreement
date.

Neocorp International decided to sell off its unit as it has
been under judicial management since October 28, 2005.  It
cannot afford to repay its debts to Presscrete, and it cannot
support the unit's fiunding needs.

After reviewing the sale, Neocorp's judicial manager has deemed
the sale price as fair.  The sale price was also the highest
offer the Company received for its subsidiary.  

Proceeds from the sale would be used to cover Neocorp's
professional fees under judicial management, and would also go
to looking for a strategic investor.

NeoCorp International Limited is a contractor company for
general building construction and civil engineering.  The
Group's civil and structural engineering contractors service has
completed more than 40 projects involving structural repairs,
controlled demolition, strengthening, post tensioning and
external post tensioning work.  The Group also designs,
constructs and operates outdoor adventure-based experiential
learning activities. Aside from costruction, the Group is also
an investment holding company and provides management services.


TRI-M TECHNOLOGIES: Says Overstated Sales Push Down 2005 Losses  
---------------------------------------------------------------
Tri-M Technologies (Singapore) Limited advised that an
overstatement of sales contributed to an understatement of the
Company's losses for the six months ended September 30, 2005.

In November 2005, Company management discovered an overstatement
of certain consignment sales to its wholly owned Chinese
subsidiary, amounting to SGD590,000, from April 2005 to
September 2005.  The purchase orders for these sales were
received before September 20, 2005, but delivery and acceptance
of the goods occured only after that date.  This goes against
the Company policy to recognize sales for any given period only
when goods have been delivered and accepted by the customer not
later than two days after the end of that reporting period.

As such, TRI-M management conducted an internal review, as well
as an internal audit of its Chinese unit.  Once the review was
completed, it was discovered that the overstatement of sales
amounted to SGD795,000, for the period from January 2005 to
September 2005.  Hence, TRI-M's pre-tax loss for the financial
period ended September 30, 2005, would be SGD1.946 million,
instead of a previously reported SGD1.51 million.

TRI-M Technologies Limited confirms that the overstatement is
limited to the Company's Chinese unit from January 2005 to
September 2005, and had dismissed its employees responsible for
the overstatement in November 2005.  It had also notified its
advisor Ernst & Young of the error.  Ernst & Young is now
auditing the Company's year-end financial results.

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

   http://bankrupt.com/misc/tcrap_tri-mtechnologies022006.pdf

Tri-M Technologies (Singapore) Limited - http://www.tri-
m.com.sg/ -- is a diversified Electronics Manufacturing Services
provider with facilities in Singapore, Malaysia, Philippines and
China.  In addition, Tri-M has forged strategic alliances in SJ,
USA for prototyping and small quantity run to support U.S.-based
customers.  Tri-M provides services in product design &
development, prototyping, full turnkey manufacturing & total
supply chain management.  Its products cover computer
peripherals, telecommunications, medical, automotive,
industrial, consumer and the multimedia industries.  Tri-M's
customers depend on its flexibility, quick turnaround,
commitment to quality and its unwavering ability to meet their
complex needs and requirements.


TRITECH MICROELECTRONICS: Creditors' Claims Due March 3
-------------------------------------------------------
Tritech Microelectronics Limited, which is preparing to declare
a dividend to its creditors, is asking its creditors to submit
their formal proofs of claim to liqudator Tam Chee Chong, of
Deloitte & Touche, by March 3, 2006.

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


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

DAIDOMON GROUP: Court Wants Rehab Plan Submitted by March 22
------------------------------------------------------------
On September 30, 2005, the Central Bankruptcy Court ordered for
the business rehabilitation of Daidomon Group Public Company
Limited and appointed the Company to act as planner.

At present, the Official Receiver is in the process of examining
applications for debt repayment to creditors by which the
Company has objected.

As a result, the Central Bankruptcy Court allowed the Company as
the Planner to submit a business rehabilitation plan to the
Official Receiver by March 22, 2006.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th-- operates barbecue and  
Japanese food restaurants under the brand name of DAIDOMON.  The
Group's products include barbecue, dessert and drinks, and
bottled sauce.


THAI AIRWAYS: Director Quits Post
---------------------------------
Prasit Damrongchai, a member of the Board of Directors of Thai
Airways Public Company Limited has stepped down from his post on
February 16, 2006.

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.               


WYNCOAST INDUSTRIAL: Clarifies 20% Rise in Net Profit
-----------------------------------------------------
Wyncoast Industrial Park Public Company Limited clarified the
20% increase in its net profit for the year ended 2005.

(Unit: Million Baht)

                            2005              2004

Total Revenue              82.63            124.01

Total Cost of Sales         8.36             77.74

Gross Profit               66.69             19.16

General and
Administrative
Expense                    54.09            149.50

Earning Before
Interest and Income
Tax (EBIT)                 20.18           (103.23)

Net Profit                 18.91           (103.73)

The increase is attributable to:

(1) Total revenue for the year 2005 decreased by 33% due
    to the changes in the Company's business structure.

    The Company's core business for the year 2005 is rental of
    industrial free zone area, which has started operation in
    the first quarter of 2005.  Other revenue is obtained from
    manufacturing go-cart.  However, the Company had ceased the
    go-cart assembly business in the second quarter of 2005.

    The Company's core business during the year 2004 was
    manufacturing and exporting computer and LCD TV screen.

(2) Gross profit for the year 2005 increased by 248% compared to
    the previous year.  The increase was underpinned by lesser
    cost of goods sold from THB77.74 million in year 2004 to
    THB1.22 million in year 2005.  The huge decrease in the cost
    of good sold in year 2005 was due mainly to a halt in
    manufacture and export of computer and LCD TV screen.

(3) Earnings Before Interest and Income Tax (EBIT) for the year
    2005 increased more than 100 percent from the previous year,
    since the Company had an unpaid Fee for the Release of
    Guarantee Commitment for the amount of THB85.96 million
    which was an extraordinary expense in the year 2004.

Headquartered in Bang Pakong Chacherngsao, Thailand, Wyncoast
Industrial Public Co. Limited, formerly known as Capetronic
International (Thailand) Public Company Limited manufactures and
exports computer monitors and printed circuit board assemblies
for computer monitors under its customers' brand name (OEM
customers).

The Group is also engaged in the manufacture of liquid crystal
display devices (LCDs).  The Group's sales transactions are
generated through associated companies in Hong Kong and after
sales services are provided through associated companies in the
United States of America, Europe, and the Far East.    




BOND PRICING: For the Week 20 February to 24 February 2006
----------------------------------------------------------  
  
Issuer                               Coupon     Maturity   Price
------                               ------     --------   -----


AUSTRALIA
---------

Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     9
Fletcher Building Ltd                 8.300%    10/31/06     9
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.750%    03/15/06     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Gympie Gold Ltd                       8.500%    09/30/07     1
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    01/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Investa Property Group Ltd            6.000%    05/28/08     6
Kagara Zinc Ltd                       9.750%    05/06/07     3
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Company                   12.000%    04/01/06     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6

KOREA
-----

Korea Electric Power                  7.950%    04/01/96    55

MALAYSIA
--------

Abi Malaysia Bhd                      5.500%    05/30/06    30
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     1
Comsa Farms Bhd                       5.000%    02/27/06    50
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000     11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     4
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%    01/06/07     3
Lion Diversified Holdings Bhd         2.000%    06/01/09     2
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Orix Leasing Malaysia Bhd             4.052%    01/26/09     4
Pantai Holdings Bhd                   5.000%    07/31/07     2
Patimas Computers Bhd                 6.000%    02/19/06     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1  
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE  
---------  
  
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   6.000%    12/07/06     1
Tincel Limited                        7.400%    06/13/11     1






                            *********


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

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