/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060222.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, February 22, 2006, Vol. 9, No. 038 Headlines A U S T R A L I A & N E W Z E A L A N D ANDREWS AIRCRAFT: Court Appoints In-Charge of Wind-up AUSTRALIAN GAS: Alinta Launches AU$900 Million Bid for 10% Stake AUSTRALIAN GAS: Fitch Keeps Rating Watch Neg after Alinta Bid AUSTRALIAN GAS: Moody's Keeps Rating on Downgrade Review BETKA LIMITED: Joint and Several Liquidators Appointed BOGNOR PTY: Decides to Liquidate Business BP KAUTER: Members to Receive Wind-up Details CAMM BRICKLAYING: Inability to Pay Debts Prompts Wind-up COLAC STOCKFEEDS: Receivers Cease to Act C. W. HART: Enters Voluntary Liquidation ENTERTAINMENT MEDIA: Works to Complete Revamp and Requote on ASX EUPHRON PTY: To Distribute Final Dividend EVANS & TATE: Provides Interim Dividend Update GANDA I. T. SOLUTIONS: Prepares to Wind Up GDC PROPERTY: Falls Into Liquidation J AND JC CHRISTIE: Shareholders Choose Liquidators KINGAROY WINES: Pays Dividend Today K. M. BRAISS: Members Agree to Shut Down Operations LAMELLA INVESTMENTS: Supreme Court Orders Liquidation MILWAC PTY: Bay Joinery Files Wind-up Petition MOBY 18: Court to Hear Liquidation Application Feb. 27 MULTIPLEX: Wembley Stadium Can't Host FA Cup Finals Anymore MULTITECH SEALANTS: To Hold Final Meeting Today MYER LIMITED: CEO Says He is Confident of Management MYER LIMITED: Can Still Deliver AU$769 Mln in Full-Year Earnings NATIONAL AUSTRALIA: Sells Asian Life Insurance Biz to AXA Asia POWER WAVE: Members Agree to Close Business SAFAR INVESTMENTS: David Young Named as Liquidator STANGOLD INVESTMENTS: Schedules Final Meeting on Feb. 22 STERLING ESTATES: Appoints Official Receivers SWANSON DEVELOPMENTS: Placed in Liquidation TERRIBLE VALE: To Declare Dividend Today VICTORS PAINTING: Placed Under Voluntary Liquidation WESTPOINT GROUP: Investigation May Take Years, Liquidator Says WYKOPAL PTY: Members Opt to Liquidate C H I N A & H O N G K O N G ACCESS TREE: Creditors' Proofs of Claim Due on March 6 BANK OF CHINA: Faces Listing Delay CHINA PROFIT: Court Fixes March 6 as Claims Bar Date CRESVALE FAR: Intends to Declare Dividend GOLD MOUNTAIN: Sets Deadline for Filing Proofs of Claims HONG KONG NITECH: Liquidator to Present Wind-Up Report HOP SHING: Creditors and Contributories to Meet on Feb. 27 HUTCHISON ENTERPRISES: Decides to Close Operations KAI MEI: Court Enters Wind-Up Order PALAVIA LIMITED: Members' Final Meeting Fixed on March 10 SAS NOMINEES: To Hold Final Meeting on March 10 UNITED FAME: Decides to Shut Down Operations WAH FUNG: Polyplastics China Files Wind-up Petition WEALTHY CREATIVE: Schedules Final Meeting on March 10 WING FAT: Wind-up Hearing Slated for March 22 XIAN DAI: Schedules Final Meeting on March 14 I N D I A BHARAT OPTHALMIC: BRPSE Recommends Closure KERALA AYURVEDA: Board to Consider New Shares Certificates Issue KINETIC MOTOR: Equity Shares Allotment Hikes Paid-up Capital I N D O N E S I A PERTAMINA: To Review Non-Subsidized Fuel Price Twice a Week PERTAMINA: Gov't Says It Will Take Over Cepu Oil Block Talks PERUSAHAAN LISTRIK: Set to Build Coal-Powered Plant with Aquasis J A P A N JAPAN AIRLINES: Itoyama to Sell Stake Unless CEO Quits JAPAN AIRLINES: Plans to Slash Wages by 10% JAPAN AIRLINES: Transport Ministry Wants Internal Row Resolved LIVEDOOR CO.: May Be Delisted Upon Fresh Warrant VICTOR COMPANY: Expects JPY29.5-Bln Loss on Sluggish Sales K O R E A DAEWOO ENGINEERING: Union Blocks Due Diligence SK CORPORATION: S&P Ups Corporate Credit Rating to BBB- M A L A Y S I A ALLIANZ GENERAL: SC Sets Out Condition on Transactions CAMERLIN GROUP: Converts ICULS to Ordinary Shares KEMAYAN CORPORATION: Summary Judgment Application Dismissed LAND & GENERAL: To Consult Wind-Up Petition with Lawyers MAGNUM CORPORATION: Repurchases Ordinary Shares MOL ACCESSPORTAL: Books MYR493,000 Net Loss in 2Q/FY05 MYCOM BERHAD: Incurs MYR17,371,000 Net Loss in 2Q/FY05 PACIFIC & ORIENT: Buys Back 5,000 Ordinary Shares POLYMATE HOLDINGS: Explains Failure to Meet Listing Requirements PUBLIC BANK: Moody's Affirms Financial and Debt Ratings SELANGOR DREDGING: Unit Completes Wind-up Process SOUTHERN BANK: Needs to Meet Additional SC Requirements SUNWAY INFRASTRUCTURE: Books MYR19,184,000 Net Loss in 4Q/FY05 TRU-TECH HOLDINGS: Court Extends Restraining Order for 60 Days P H I L I P P I N E S ABS-CBN BROADCASTING: VACC Submits Stampede Evidence to DoJ AFP SAVINGS: Loses Php517 Mln Due to Bad Investments AL-AMANAH BANK: Defers Php400-Mln Idle Asset Sale LAFAYETTE MINING: Optimistic About Fish and Water Test Results LEPANTO CONSOLIDATED: Sets April 27 ASM and May 6 Record Date MANILA ELECTRIC: S&P Says Rating Unaffected by Court Order S I N G A P O R E CHINA AVIATION: Ex-Finance Head Goes to Jail for Cheating ESCOLSING PTE: Creditors' Claims Due Next Month MAGNUS ENERGY: Director Resigns ROTOL ECO: Enters Voluntary Liquidation ROTOL NANO: Winds Up Business ROTOL SINGAPORE: Posts SGD11-Mln Net Loss for 2005 T H A I L A N D DATAMAT: SET Excludes Stock from Index Calculation PICNIC CORPORATION: Director Steps Down from Post - - - - - - - - ========================================== A U S T R A L I A & N E W Z E A L A N D ========================================== ANDREWS AIRCRAFT: Court Appoints In-Charge of Wind-up ----------------------------------------------------- On January 31, 2006, the Supreme Court of New South Wales appointed David Young, of Pitcher Partners, as the official liquidator in the wind-up of Andrews Aircraft Maintenance Pty Limited. AUSTRALIAN GAS: Alinta Launches AU$900 Million Bid for 10% Stake ---------------------------------------------------------------- Alinta Ltd. has launched a AU$900 million raid, snaring a 10% stake in Australian Gas Light Company. The move, which came three months after AGL's Board of Directors rejected Alinta's initial merger proposal, has forced Australia's largest power company to engage in negotiations with the West Australian electricity and gas firm. As previously reported in the Troubled Company Reporter - Asia Pacific, AGL had last year announced its plans to demerge its energy retail and infrastructure units to create a longer term value for shareholders. In November 2005, Alinta placed an AU$11 billion merger offer, which was later dismissed by AGL. The Australian Associated Press relates that last week, AGL sent details of its demerger scheme to shareholders, including plans to pay outgoing chief executive officer Greg Martin a AU$10 million retirement package, plus salaries to new chief executives Paul Anthony of up to AU$24 million, to run the energy business, and Greg Hayes up to AU$15 million, for the infrastructure unit. AGL shareholders will vote on the demerger on March 27, 2006, thus causing Alinta's bid to cast doubt on whether the new chief executives will need to show up for work. Alinta instructed Macquarie Bank to offer institutional shareholders AU$19.45 a share -- a 6.3% premium to the other day's close of AU$18.30. Macquarie is casting the net to overseas investors in a bid to increase its 10% stake. According to reports, Alinta wants to merge with AGL to create a national energy powerhouse valued at nearly AU$12 billion, then move to demerge the energy and infrastructure assets of the larger combined group. The Australian reports that the buying spree came after Origin Energy announced plans to mop up 48.6% of New Zealand subsidiary Contact Energy in an all-share deal which will create a new AU$7.2 billion energy giant. The merged entity, be called ContactOrigin, will have 2.6 million customers and AU$5.5 billion in sales. AGL said yesterday that it has yet to receive any contact from Alinta. The Company stated that if and when a proposal is received, it will be given due consideration by the AGL Board. AGL shares rose 43 cents to AU$18.30 before news of the share raid surfaced. Alinta, meanwhile, gained 10 cents to AU$10.97. Alinta's own shares were placed in a trading halt, pending an announcement. 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. AUSTRALIAN GAS: Fitch Keeps Rating Watch Neg after Alinta Bid ------------------------------------------------------------- Fitch Ratings said it will maintain its Rating Watch Negative on The Australian Gas Light Company Limited's 'BBB+'/'F2' following Alinta Limited announcing its intention to propose a scrip-based merger with AGL. "Fitch's view on the ratings of AGL is reinforced with today's announcement by Alinta, and it is appropriate to maintain the Rating Watch Negative while the future ownership and structure of AGL is so uncertain," said Kevin Lewis, Director in Fitch's Asia-Pacific Energy & Utilities team. "The Rating Watch Negative will be resolved after shareholder and regulatory approval is attained for either Alinta's merger proposal, or failing that, AGL's de-merger proposal," Mr. Lewis added. The ratings were placed on Rating Watch Negative on October 31, 2005, after AGL announced its debt-funded acquisition of Southern Hydro Limited and its de-merger proposal, which aims to create AGL Energy and leave the remaining assets of AGL as AGL Infrastructure. AUSTRALIAN GAS: Moody's Keeps Rating on Downgrade Review -------------------------------------------------------- Moody's Investors Service said that it is continuing its review of Australian Gas Light Company's Baa1 senior unsecured debt rating for possible downgrade. "This decision follows the announcement by Alinta Ltd that it intends to discuss with AGL a merger of the two companies by a scheme of arrangement," says lead analyst Clement Chong. Alinta is now AGL's largest shareholder following its acquisition of 10% of the company's shares. Moody's will consider the following in its review of the merged group should it proceed with: -- the growth strategy of the combined group, given Alinta's acquisitive track record; -- financial policy, including leverage and future distribution policy; and -- business and financial risk profile, given Alinta's intention to separate the combined infrastructure and energy assets. That said, Alinta's merger proposal is subject to consideration by AGL's board of directors and shareholder approval. At this stage, there is no certainty of the merger proceeding. In another but related development, AGL is undergoing a de- merger proposal in respect of its Infrastructure and Energy businesses. The de-merger's scheme booklet has been distributed to AGL shareholders who will vote on the de-merger proposal on March 27, 2006. Should the de-merger proceed, Moody's expects AGL's Baa1 rating to fall by at least one notch. Australian Gas Light Company is an integrated utility based in Sydney. BETKA LIMITED: Joint and Several Liquidators Appointed ------------------------------------------------------ On January 31, 2006, Dennis Clifford Parsons and Katherine Louise Kenealy, insolvency practitioners of Hamilton, were appointed to liquidate Betka Limited's operations. Any creditor claiming a security interest in respect of any assets owned by the Company are advised to contact the Liquidators at: Indepth Forensic Limited Insolvency Practitioners P.O. Box 278, Hamilton Telephone: (07) 957 8674 Facsimile: (07) 957 8677 BOGNOR PTY: Decides to Liquidate Business ----------------------------------------- At a general meeting of the members of Bognor Pty Limited on January 30, 2006, it was agreed that a voluntary wind-up of the Company is appropriate and necessary. D. R. Vasudevan, of Pitcher Partners, was then appointed as liquidator. BP KAUTER: Members to Receive Wind-up Details --------------------------------------------- A final meeting of the members of BP Kauter & Sons Pty Limited will be held for them to receive the liquidator's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held today, February 22, 2006. CAMM BRICKLAYING: Inability to Pay Debts Prompts Wind-up -------------------------------------------------------- CAMM Bricklaying Pty Limited has determined that a voluntary wind-up of its business operations is appropriate and necessary, due to the Company's inability to pay its debts. In that regard, Robert Moodie, of Rodgers Reidy, was appointed to oversee the Company's liquidation activities. COLAC STOCKFEEDS: Receivers Cease to Act ---------------------------------------- Peter McKenzie Anderson and Colin McIntosh Nicol, of McGrath Nicol Partners, ceased to act as receivers and managers of the property of Colac Stockfeeds Pty Limited. C. W. HART: Enters Voluntary Liquidation ---------------------------------------- The members of C. W. Hart & Sons Pty Limited held a meeting on January 26, 2006, and agreed to close the Company's business. The parties appointed Richard Herbert Judson, of Members Voluntarys Pty Limited, as liquidator to facilitate the wind-up operations. ENTERTAINMENT MEDIA: Works to Complete Revamp and Requote on ASX ---------------------------------------------------------------- The Board of Entertainment Media & Telecoms Corporation Limited provided certain updates related to the restructure of the EMT group of companies. Receivership of Parent Entity EMT directors are currently working closely with the receiver of EMT in a bid to requote EMT on the Australian Stock Exchange as soon as possible. In order to achieve this, the Receiver has been focusing on resolving the debts owed to creditors of the EMT group of entities. In addition, the Directors have been working with the Receiver and secured creditor, Livonia Pty Limited, to retain the GalaVu business within the EMT group, finalizing EMT's statutory reporting obligations ( including the finalization of the 2005 Annual Report, the various quarterly cash flow statements and the half yearly report for the period to December 31, 2005), and satisfying any ASX requirements under Chapter 12 of the ASX Listing Rules. The Directors advised that the reconstruction activities are progressing well and that it is possible that EMT will be in a position to apply for requotation during the final quarter of the 2006 financial year. GalaVu Restructure As previously disclosed, EMT put into place a restructuring program that sought to quarantine and dispose of approximately AU$2 million of the legacy liabilities of GalaVu Entertainment Network Incorporated, a subsidiary of EMT's Canada-based subsidiary Entertainment Media & Telecoms Corporation (Canada) Incorporated. The Directors of EMT are pleased to advise that the process is now complete with the creditors proposal being approved by the Canadian Court in January 2006. Rentworks/Alleasing Update Currently, Alleasing Finance Australia Limited (formerly Rentworks Limited) holds a secured debt position over a number of the EMT group entities, including EMT's United States and Canadian, GalaVu and EMT Corporation Pty Limited & EMT Services Pty Ltd. Based on discussion with Livonia Pty Limited, the secured creditor of Entertainment Media & Telecoms Corporation Limited, Livonia has been negotiating with a third party in order to acquire Alleasing's secured debt over the remaining EMT entities. The Directors advised that although a final binding agreement is yet to be signed by the various parties, Livonia has indicated that a heads of agreement has been signed and that it expects to provide details of the final arrangement in the near future. In addition, the structure of the arrangement should see the GalaVu business retained in the EMT group rather than being sold off satisfy the debts of Alleasing. Should the restructure continue to proceed as planned, then Livonia Pty Ltd has indicated that it is likely to accept shares in EMT in satisfaction of its residual debt. The Troubled company Reporter - Asia Pacific previously reported that Tony Sims and Neil Singleton of specialist Australian Insolvency firm, SimsPartners, were appointed Receivers and Managers to the Australian publicly listed company, Entertainment Media & Telecoms Corporation Limited and two of its Australian subsidiaries on September 19, 2005. EUPHRON PTY: To Distribute Final Dividend ----------------------------------------- Euphron Pty Limited will declare a final dividend to its unsecured creditors on February 23, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. EVANS & TATE: Provides Interim Dividend Update ---------------------------------------------- The Board of Evans & Tate Limited has considered the interim dividend on the Company's 7.75% reset convertible preference shares, or the WInES. Under the terms of the WInES, the Board is required to declare and pay an interim dividend to WInES holders on February 28 each year, subject to the Board declaring and resolving to pay the dividend and there being funds legally available. The Board of Evans & Tate has resolved to not pay the interim dividend for the half year ended December 31, 2005, on the WInES. The Directors believe Evans & Tate will not have sufficient retained earnings to pay this dividend. Headquartered in Wembley, Western Australia, Evans & Tate Limited -- http://www.etw.com.au/-- is an Australian wine company listed on the Australian Stock Exchange. The primary businesses of the Evans & Tate Wine Group are the production of a number of branded wines in Australia the marketing and distribution of owned and agency brands in Australia, North America and the United Kingdom, the production and distribution of branded, exclusive labeled and unbranded wines, contract winemaking, wine trading, viticultural services and wine tourism through its Visitor Centers in Margaret River (Western Australia), the Yarra Valley (Victoria), Griffith (New South Wales) and Mildura (Victoria). GANDA I. T. SOLUTIONS: Prepares to Wind Up ------------------------------------------ On January 27, 2006, the members and creditors of Ganda I. T. Solutions Pty Limited agreed to wind up the Company's operations voluntarily. They appointed R. A. Sutcliffe as liquidator for that purpose. GDC PROPERTY: Falls Into Liquidation ------------------------------------- Dennis Clifford Parsons and Katherine Louise Kenealy, insolvency practitioners of Hamilton, were appointed joint and several liquidators of GDC Property Development Ltd on January 31, 2006. Any creditor claiming a security interest in respect of any assets owned by the Company are advised to contact the Liquidators at: Indepth Forensic Limited Insolvency Practitioners P.O. Box 278, Hamilton Telephone: (07) 957 8674 Facsimile: (07) 957 8677 J AND JC CHRISTIE: Shareholders Choose Liquidators -------------------------------------------------- On February 2, 2006, the shareholders of J and JC Christie Limited appointed Stephen James Scott and Joseph Craig McNeill, chartered accountants of Feilding, as joint and several liquidators of the Company. KINGAROY WINES: Pays Dividend Today ----------------------------------- Kingaroy Wines Pty Limited will declare a first and final dividend today, February 22, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. K. M. BRAISS: Members Agree to Shut Down Operations --------------------------------------------------- After their extraordinary general meeting on February 1, 2006, the members of K. M. Braiss Pty Limited decided to voluntarily wind up the Company's operations. A creditors' meeting was also held on the same day. Subsequently, Victor Raymond Dye and Nicholas Giasoumi, of Dye & Rennie Chartered Accountants, were appointed as liquidators. LAMELLA INVESTMENTS: Supreme Court Orders Liquidation ----------------------------------------------------- On January 31, 2006, the Supreme Court ordered the liquidation of Lamella Investments Pty Limited, and appointed Pino Fiorentino, of Hamiltons Chartered Accountants, as liquidator. MILWAC PTY: Bay Joinery Files Wind-up Petition ---------------------------------------------- Bay Joinery Pty Limited filed a winding up petition against Milwac Pty Limited on January 31, 2006. The Supreme Court of New South Wales will to hear the petition on March 7, 2006, at 11:00 a.m. Any person intending to appear at the hearing must file a notice of appearance and serve a copy on the plaintiff, to be received three days before the hearing, at: Dutton Lawyers, Level 5, 45 Hunter Street, Newcastle 2300. MOBY 18: Court to Hear Liquidation Application Feb. 27 ------------------------------------------------------ On December 23, 2005, the Commissioner of Inland Revenue has lodged an application to liquidate Moby 18 Limited. The petition will be heard before the High Court of Wellington on February 27, 2006, at 10:00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than February 23, 2006, to: Philip Hugh Brian Latimer Solicitor for the Plaintiff Technical and Legal Support Group Wellington Service Centre First Floor, New Zealand Post House 7-27 Waterloo Quay (P.O. Box 1462) Wellington Telephone: (04) 802 8028 Facsimile: (04) 802 8187 MULTIPLEX: Wembley Stadium Can't Host FA Cup Finals Anymore ----------------------------------------------------------- As previously reported in the Troubled Company Reporter - Asia Pacific, Multiplex Group's construction of the Wembley Stadium in London has been facing problems and the Company has been pressured to complete the project in time for the English Football Association's Cup Final on May 13, 2006. In January, a senior manager at the Company said that it only has around 70% chances of timely completing the Wembley Stadium. However, Multiplex's work on the project already ran behind schedule and plans to return the FA Cup Final to Wembley Stadium had to be set aside. The FA will instead hold the Cup Final at its reserve venue, the Millennium Dome in Cardiff, Wales, which has been hosting the FA Cup for the past five years. The Australian Associated Press cites Multiplex as stating that it continued to work towards completing its reconstruction of Wembley at the earliest possible date, and was disappointed with the FA's decision. However, Multiplex said that it understands that the FA's decision was based on its need to ascertain that the venue would be fully functional on the scheduled date. The AAP says that the FA had to decide this early because a number of test matches needed to be played at the stadium in April. The failure to timely turn the Wembley stadium over is a blow to Multiplex's reputation in Britain, where the delays and cost overruns of the project have been documented in detail in the media, AAP adds. About Multiplex Headquartered at Miller's Point, in New South Wales, Australia, Multiplex Group -- http://www.multiplex.biz/-- is a fully diversified property business that derives its revenue from property funds management, construction, property development, and facilities management. The Group employs over 2,000 people and has established operations and offices throughout Australia, New Zealand, the United Kingdom and the Middle East. In December 2003, after 41 years as a private company, Multiplex Limited listed on the Australian Stock Exchange as apart of the Multiplex Group, raising a total of AU$1.2 billion. Multiplex Group was formed by combining the various businesses of Multiplex Limited and the newly established portfolio of investments held by Multiplex Property Trust, which created a truly diversified and integrated property business. MULTITECH SEALANTS: To Hold Final Meeting Today ----------------------------------------------- The members and creditors of Multitech Sealants & Waterproofing Pty Limited will convene today, February 22, 2006, to receive the liquidator David H. Scott's account regarding the Company's completed wind-up and disposal of property. MYER LIMITED: CEO Says He is Confident of Management ---------------------------------------------------- Coles Myer Limited's chief executive officer, John Fletcher, showed his support for his management when he faced queries from analysts at a briefing, following a disappointing first half sales lift of 4.2% to AU$19.12 billion, the Australian Associated Press reports. Mr. Fletcher, according to AAP, explains that the Company is undergoing a huge transformation phase, with years 2006 and 2007 as its critical stages. Mr. Fletcher says that Coles Myer needs a management team to "balance the priorities of long-term transformation projects, which are integral to the long-term growth and future of this company, with the day-to-day realities of operations in stores." Moreover, Mr. Fletcher emphasizes that Coles Myer will not back off on the transformation and will finish the program. The CEO also told journalists that members of his team have his "full confidence and support." AAP recounts that the Company's supermarkets division had been most affected by the transformation impacting marketing and customer service in stores in several states. It recorded 3.3% sales growth for the second quarter and just 3.9% for the six months ended Jan. 29. "We have already taken steps to address these issues by putting extra resources into marketing and lifting customers service levels in selected markets," Mr. Fletcher says. Headquartered in Melbourne, Victoria, Coles Myer Ltd. -- http://www.colesmyer.com/-- operates around 2,500 stores in Australia and New Zealand and employs with over 165,000 staff. The Company is listed on the stock exchanges of Australia, London, and New Zealand. MYER LIMITED: Can Still Deliver AU$769 Mln in Full-Year Earnings ---------------------------------------------------------------- Despite disappointing second quarter sales, Coles Myer Limited ascertains that it remains on track to deliver full-year earnings of AU$769 million, the Australian Associated Press relates. Coles has reported a 4.2% growth in group sales to AU$19 billion in the first half ended January 29, 2006. Moreover, Coles Myer's chief executive officer, John Fletcher, said in a statement that the Company had delivered strong sales and earnings, with a particularly good Christmas and stocktake sale period and a first half sales increase of 2.8%. He said that the "Myer ownership review continues to make good progress, with a number of parties currently in the bidding process" and that "the board is expected to make a decision on the future of the business by the end of March." According to AAP, Coles Express also delivered a strong performance. The food and liquor division recorded sales growth of 3.9% for the half, with comparative sales up 1.5%. Elsewhere, Coles Express sales increased by 15.9% to AU$3 billion for the half, reflecting higher fuel prices. Myer sales increased by 2.8% per cent buoyed by a strong Christmas and stocktake sale and gains in categories including womenswear, menswear, cosmetics, accessories, intimate apparel, electric and the Company's youth businesses, AAP adds. Headquartered in Melbourne, Victoria, Coles Myer Ltd. -- http://www.colesmyer.com/-- operates around 2,500 stores in Australia and New Zealand and employs with over 165,000 staff. The Company is listed on the stock exchanges of Australia, London, and New Zealand. NATIONAL AUSTRALIA: Sells Asian Life Insurance Biz to AXA Asia -------------------------------------------------------------- National Australia Bank Limited has agreed to sell its MLC life insurance businesses in Hong Kong and Indonesia to AXA Asia Pacific Holdings for AU$575 million. The impact on the Group profit and loss is not expected to be material. National Australia Bank Managing Director and Group Chief Executive, John Stewart, said that the sale of the life insurance businesses in Hong Kong and Indonesia is part of the on-going business portfolio review. "These are good businesses and AXA Asia Pacific is in a strong position to develop them. The sale if therefore a sensible decision for both NAB and AXA Asia Pacific," Mr. Stewart said. Mr. Stewart relates that NAB wants to focus on areas where it has core capabilities and can create sustainable shareholder value. He says that the sale allows the bank to consolidate its banking and wealth management services in Asia. Mr. Stewart further ascertains that the sale "has no bearing on [NAB's] MLC wealth management business in Australia." The sale is subject to regulatory approvals. The proceeds will be utilized as part of NAB's total capital management program. Employees of MLC Hong Kong and MLC Indonesia will transfer with the sale. 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. POWER WAVE: Members Agree to Close Business ------------------------------------------- Members of Power Wave Australia Pty Limited held a meeting on February 2, 2006, and agreed on the Company's need to liquidate. They named Damien Hodgkinson, of Pitcher Partners, to manage the Company's wind-up activities. SAFAR INVESTMENTS: David Young Named as Liquidator -------------------------------------------------- On February 3, 2006, the Federal Court of Australia appointed David Young, of Pitcher Partners, as liquidator to supervise the wind-up activities of Safar Investments Pty Limited. STANGOLD INVESTMENTS: Schedules Final Meeting on Feb. 22 -------------------------------------------------------- The final meeting of the members and creditors of Stangold Investments Pty Limited is slated for February 22, 2006, for them to get an account of the manner of the Company's wind-up and property disposal from liquidator Mervyn J. Kitay, of Grant Thornton. STERLING ESTATES: Appoints Official Receivers --------------------------------------------- John Sheahan & Ian Russell Lock, of Sheahan Lock Partners, were appointed as receivers and managers of Sterling Estates Development Corporation Pty Limited on January 27, 2006. SWANSON DEVELOPMENTS: Placed in Liquidation ------------------------------------------- Dennis Clifford Parsons and Katherine Louise Kenealy, insolvency practitioners of Hamilton, were appointed joint and several liquidators for Swanson Developments Limited. Any creditor claiming a security interest in respect of any assets owned by the Company are advised to contact the Liquidators at: Indepth Forensic Limited Insolvency Practitioners P.O. Box 278, Hamilton Telephone: (07) 957 8674 Facsimile: (07) 957 8677 TERRIBLE VALE: To Declare Dividend Today ---------------------------------------- Terrible Vale will declare its final dividend today, Feb. 22, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. VICTORS PAINTING: Placed Under Voluntary Liquidation ---------------------------------------------------- The members and creditors of Victors Painting & Decorating Pty Limited convened on February 2, 2006, to liquidate the Company's business operations. Subsequently, the members named Geoffrey McDonald and Mitchell Ball, of Hall Chadwick, to facilitate the wind-up activities. WESTPOINT GROUP: Investigation May Take Years, Liquidator Says -------------------------------------------------------------- Accountancy firm PPB, which was appointed as liquidator of Westpoint Corporation after the Federal Court of Australia ordered its wind-up, has already started an investigation on the Company's finances, the Australian Associated Press reports. PBB, however, relates that the probe may take years to be completed because of the complexity of the companies involved in Westpoint Group. PBB also says that there are still new companies and assets being identified, in addition to the large number of books and records to be examined. The AAP recounts that several mezzanine financing companies associated with the property group were placed into administration last year after the Australian Securities and Investments Commission raised concerns about companies in the Group. ASIC is currently looking into whether to bring a legal action against Westpoint's directors and various financial planning groups that sold the mezzanine investments used to finance its property developments while allegedly pocketing undisclosed commissions of up to 10%. As previously reported in the Troubled Company Reporter - Asia Pacific, PriceWaterhouseCoopers, which acts as administrator to seven associated mezzanine financing firms associated with Westpoint, estimated that 3,000 investors had contributed about AU$300 million in the funds. WYKOPAL PTY: Members Opt to Liquidate ------------------------------------- At a general meeting on February 1, 2006, members of Wykopal Pty Limited concurred that the Company must voluntarily wind up its operations. Frank Lo Pilato, of RSM Bird Cameron Partners, was nominated to act as liquidator to manage the wind-up activities. ============================== C H I N A & H O N G K O N G ============================== ACCESS TREE: Creditors' Proofs of Claim Due on March 6 ------------------------------------------------------ Access Tree Industrial Limited intends to settle all of its outstanding debt as part of its restructuring plan. Accordingly, the creditors are required to submit the particulars of their debts or claims, as well as any information regarding their solicitors, by March 6, 2006. Gabriel CK Tam and Jacky CW Muk are the Company's provisional liquidators. The Troubled Company Reporter - Asia Pacific has earlier reported that a petition to wind up Access Tree's operations was presented on November 15, 2005, to the High Court of Hong Kong Special Administrative Region. For any queries on the Company's restructuring scheme, contact Carmen Lee at 3121 9841 or Vincent Lee at 3121 9837. BANK OF CHINA: Faces Listing Delay ---------------------------------- Bank of China's listing plans may be delayed because of the differences between Central Huijin, its largest shareholder, and the China Securities Regulatory Commission over its listing location, The Times relates. Central Huijin has insisted that the initial public offering should be launched in Hong Kong, but the securities regulator wants the bank to list in both Hong Kong and Shanghai. Moreover, the Caijing magazine relates that Bank of China may not be able to meet its target of listing in the first quarter since it is still undergoing an external audit, which is expected to be completed in a month's time. The Bank needs three to four months after submitting an application to be able to launch an initial public offering. Headquartered in Beijing, China, the Bank of China -- http://www.bank-of-china.com/-- provides corporate banking, retail banking and investment banking. Other activities include provision of corporate deposits, corporate loans, foreign exchange business, savings deposits, consumer credit and bankcards. It has 12,967 domestic branches and 559 overseas branches. CHINA PROFIT: Court Fixes March 6 as Claims Bar Date ---------------------------------------------------- The creditors of China Profit Development Limited are required to submit the particulars of their debts or claims, as well as any information regarding their solicitors, by March 6, 2006. The proofs of claims must be submitted to the Company's joint and provisional liquidators, Gabriel CK Tam and Jacky CW Muk. If the liquidator requires, the creditors must come in personally or by their solicitors and prove their claims at the time and place specified in the notice. Creditors who are unable to formally prove their claims will be excluded from any distribution. CRESVALE FAR: Intends to Declare Dividend ----------------------------------------- Cresvale Far East Limited notifies parties-of-interest of its upcoming dividend distribution. Creditors are required to submit their proofs of claim by March 6, 2006, to: Joanne Oswin Joint and Several Liquidator c/o PricewaterhouseCoopers 22/F., Prince's Building 10 Charter Road Central, Hong Kong Phone: (852) 2289 8888 Fax: (852) 2890 8345 Failure to comply with the requirement will exclude creditors from the benefit of the dividend. GOLD MOUNTAIN: Sets Deadline for Filing Proofs of Claims -------------------------------------------------------- Creditors of Gold Mountain Enterprise Limited have until March 6, 2006, to submit the particulars of their claims, as well as any information regarding their solicitors, to the Company's joint and provisional liquidators, Gabriel CK Tam and Jacky CW Muk. 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. For any queries on the Company's restructuring scheme, contact Carmen Lee at 3121 9841, or Vincent Lee at 3121 9837. HONG KONG NITECH: Liquidator to Present Wind-Up Report ------------------------------------------------------ A final meeting of the members of Hong Kong Nitech Limited will be held on March 9, 2006, at 10:30 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. HOP SHING: Creditors and Contributories to Meet on Feb. 27 ---------------------------------------------------------- The first meeting of creditors and contributories of Hop Shing Loong Lighting Limited will be held on February 27, 2006, at 9:30 a.m., at the High Court, High Court Building, in No. 38 Queensway, Hong Kong. HUTCHISON ENTERPRISES: Decides to Close Operations -------------------------------------------------- On February 2, 2006, the members of Hutchison Enterprises One Limited convened and agreed that: -- the Company be wound up voluntarily; and -- Messrs. Ying Hing Chiu and Chung Miu Yin, Diana, be appointed to supervise the wind-up activities of the Company. KAI MEI: Court Enters Wind-Up Order ----------------------------------- Kai Mei (HK) Management 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. PALAVIA LIMITED: Members' Final Meeting Fixed on March 10 --------------------------------------------------------- A final meeting of the members of Palavia Limited will be held at the 8th Floor, Gloucester Tower, The Landmark, 11 Pedder Street, in Central, Hong Kong, on March 10, 2006, at 10:00 a.m. At the meeting, liquidator Suen Pui Yee 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. SAS NOMINEES: To Hold Final Meeting on March 10 ----------------------------------------------- A final meeting of the members of SAS Nominees Limited will be held for the parties to receive the liquidator's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held on March 10, 2006, at 11:00 a.m. UNITED FAME: Decides to Shut Down Operations -------------------------------------------- A winding up petition was served on United Fame Enterprise Limited on December 19, 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. WAH FUNG: Polyplastics China Files Wind-up Petition --------------------------------------------------- On January 27, 2006, Polyplastics China Limited filed a winding up petition against Wah Fung Industries (Holdings) Limited. The High Court of Hong Kong Special Administrative Region is scheduled to hear the Petition on March 29, 2006, at 9:30 a.m. Any Company creditor or contributory who wants to support or oppose the winding up order may appear at the hearing by himself or his counsel for that purpose. A written notice of the creditor's or contributory's intention must be sent not later than 6:00 p.m., on March 28, 2006, to: Hastings & Co. Solicitors for the Petitioner 5th Floor, Gloucester Tower The Landmark No. 11 Pedder Street Central, Hong Kong Phone: 2523 9161 Fax: 2845 9266, 2868 5326 Web Page: http://www.hastings-hk.com e-mail: hastings@hastings-hk.com WEALTHY CREATIVE: Schedules Final Meeting on March 10 ----------------------------------------------------- A final meeting of the members of Wealthy Creative Health Food Distribution Limited will be held on March 10, 2006, at 10:00 a.m. The parties will receive the liquidator's final account showing how the Company was wound up and how its property was disposed. WING FAT: Wind-up Hearing Slated for March 22 --------------------------------------------- Chang Pei Yuen issued a petition to wind up Wing Fat Dyeing Factory Limited on January 26, 2006. 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. XIAN DAI: Schedules Final Meeting on March 14 --------------------------------------------- A final meeting of the members and creditors of Xian Dai Shipping Limited will be held on March 14, 2006. The parties will receive the liquidator's final account showing how the Company was wound up and how its property was disposed. They will also propose that the books, accounts and documents of the Company will be retained by the liquidator, Kwan Sau Lan, and be destroyed three months after the Company is dissolved. ========= I N D I A ========= BHARAT OPTHALMIC: BRPSE Recommends Closure ------------------------------------------ The Board for Reconstruction of Public Sector Enterprises has endorsed an earlier ruling by the Board for Industrial and Financial Reconstruction to wind up Bharat Opthalmic Glass Limited, newKerala.com reports. With the recommendation, the BRPSE offered an INR8-crore Voluntary Separation Scheme to Bharat Opthalmic's employees. Under the scheme, existing workers can avail of the package based on Department of Public Enterprises guidelines. The Troubled Company Reporter - Asia Pacific reported in September 2005 that The Department of Divestment has objected to the closure, citing a 2003 Supreme Court ruling that restricted disinvestments in public sector undertaking that were formed under an Act of the Parliament. According to the report, the cost of closure of BOGL is estimated at INR331 crore and its revival cost at about INR381 crore. Headquartered in Durgapur, India, Bharat Opthalmic Glass Limited is a public sector unit that has not been in operation for several years and it had a negative net worth of INR322 crore in 2003-04. KERALA AYURVEDA: Board to Consider New Shares Certificates Issue ---------------------------------------------------------------- Kerala Ayurveda Pharmacy Limited's Board of Directors will meet on February 24, 2006, to consider the issue of new share certificates to the Company's shareholders consequent to the Reduction of Capital. The Board will also consider the allotment of Equity Shares and Warrants to the shareholders of Katra Healthcare Pvt Ltd in terms of the Scheme of Amalgamation and Arrangement approved by the Honorable High Courts of Kerala and Karnataka. Headqaurtered in Kerala, India, Kerala Ayurveda Pharmacy Limited manufactures ayurvedic medicines. It also offers ayurvedic remedies and treatments, panchakarma therapy and natural therapies to clients. KINETIC MOTOR: Equity Shares Allotment Hikes Paid-up Capital ------------------------------------------------------------ On February 20, 2006, the Board of Directors of Kinetic Motor Company Ltd has passed resolution for the allotment of 2,065,000 equity shares of INR10 each at INR66 per share (including premium of INR56 per share) to Sanyang Industry Company Ltd's wholly owned subsidiary, Billion Ally Ltd. With this, the paid up share capital of the Company has increased from INR16.5 crore to INR18.5 crore. The Company has incurred a net loss of INR108.6 million in the April 2005 to June 2005 quarter due to high expenditures and operating costs. The recent financial result is significantly up from a net loss of INR75.8 million in the same period of the previous fiscal year. Headquartered in Pune, India, Kinetic Motor Company Limited -- http://www.kineticindia.com/-- is part of the Kinetic group of companies, a leading manufacturer of two wheelers in India. Kinetic Motor began in 1984 as a Joint Venture with Honda Motor of Japan, to manufacture and market advanced scooters in India. The company soon became renowned for having revolutionized the scooter market with its introduction of a modern scooter featuring modern styling, variomatic gearless transmission, self start and several other comfort and convenience features. In 1998, the arrangement with Honda Motor was realigned as a technical collaboration. With that, the company became the first Indian company to buy out the controlling stake from its foreigh partner. Kinetic Motor manufactures a wide range of scooters at different price and power points. All scooters come with modern styling, and comfort, convenience features like self start, variomatic transmission, high mileage, auto choke, auto fuel cock. ================= I N D O N E S I A ================= PERTAMINA: To Review Non-Subsidized Fuel Price Twice a Week ----------------------------------------------------------- Beginning next month, PT Pertamina will review the prices of its non-subsidized fuels twice weekly, in order to ensure that it reflects fluctuations in global oil prices, Antara News reports. According to Pertamia spokesman Abadi Poernomo, the review will benefit both the Company and consumers. At present, the fuel price review is conducted on a monthly basis. Pertamina's non-subsidized fuel prices are in line with the global crude oil price at Mid Oil Platts Singapore. PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No. 31/2003 has changed its legal status from a special state-owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina (Persero) implements an integrated system from upstream to downstream. Under the Ministry of State-owned Enterprises, PT Pertamina (Persero) commits to deliver high quality products and services to the stakeholders as well as increase its contribution to the nation's wealth. PT Pertamina (Persero) has 14 subsidiaries, among which include viz Pertamina Energy Trading Limited (Petra)/oil and gas trading, PT Elnusa Harapan/marketing and trading, PT Pelita Air Service/airline service and PT Perta Medika/hospital. PERTAMINA: Gov't Says It Will Take Over Cepu Oil Block Talks ------------------------------------------------------------ As previously reported, PT Pertamina insists on becoming the operator of an oil-rich block in Cepu province, which it co-owns with United States oil giant ExxonMobil Corporation and the regional government. Antara News, citing Pertamina, relates that since the Company is 100% government-owned, it should be given room for growth, which can be achieved if it were to develop the Cepu block. The report says that it would also be cheaper if Pertamina were to develop the block, rather than ExxonMobil. Aside from reduced cost, Pertamina's development of the oil block would lend credibility to the state firm. Both firms have agreed to assign their respective experts at all levels with transparent inspection, and they are finalizing the calculation of expenses and compensation. According to Antara, the Indonesian Government has threatened to take over the negotiations if both Pertamina and ExxonMobil cannot resolve the dispute by month's end. PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No. 31/2003 has changed its legal status from a special state-owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina (Persero) implements an integrated system from upstream to downstream. Under the Ministry of State-owned Enterprises, PT Pertamina (Persero) commits to deliver high quality products and services to the stakeholders as well as increase its contribution to the nation's wealth. PT Pertamina (Persero) has 14 subsidiaries, among which include viz Pertamina Energy Trading Limited (Petra)/oil and gas trading, PT Elnusa Harapan/marketing and trading, PT Pelita Air Service/airline service and PT Perta Medika/hospital. PERUSAHAAN LISTRIK: Set to Build Coal-Powered Plant with Aquasis ---------------------------------------------------------------- PT Perusahaan Listrik Negara signed a non-binding agreement with Malaysian firm Aquasis Construction Engineering Berhad to build a coal-fired power plant in Java, The Malay Mail reports. Aquasis had proposed to build and operate the 1,300-megawatt capacity power plant in Karanganyar, Central Java, at a cost of IDR9.2 trillion. PLN is slated to purchase a huge part of the plant's output. The state central government and regional authorities in Java have yet to approve the proposed project. Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- is Indonesia's state-owned utility company. The Company transmits and distributes electricity to approximately 30 million customers, or about 60% of Indonesia's population. The Indonesian government decided to end PLN's power supply monopoly to spark interest for independents to build more capacity for sale directly to consumers. The decision comes as many areas of the country are experiencing power shortages. ========= J A P A N ========= JAPAN AIRLINES: Itoyama to Sell Stake Unless CEO Quits ------------------------------------------------------ Eitaro Itoyama has threatened to sell his 4% stake in Japan Airlines Corporation unless the Company's president, Toshiyuki Shinmachi, is replaced by another executive, Bloomberg News reports. Mr. Itoyama said that he supports Executive Vice President Katsuo Haneda as a possible successor. As previously reported by the Troubled Company Reporter - Asia Pacific, Mr. Itoyama has called on Mr. Shinmachi to resign and answer for the Company's poor performance. Mr. Itoyama stressed that the ailing carrier's ongoing restructuring plan would fail under Mr. Shinmachi. JAL has suffered a series of safety lapses under Mr. Shinmachi's management, he added. Mr. Shinmachi, promoted to the top job less than a year ago, is under pressure to improve the carrier's safety record, cut costs, return the Tokyo-based company to profit and resume dividends. Japan Airlines expects a loss of JPY47 billion (US$397 million) in the year ending March 31, 2006. The carrier canceled the planned dividend for the current year and does not plan to pay one until 2008. Headquartered in Tokyo, Japan, Japan Airlines Corporation (formerly Japan Airlines System Corporation) -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Combined, the airlines serve more than 170 cities in some 30 countries and operate more than 270 mostly jet aircraft. Both carriers continue to operate separately as Japan Airlines International Co. Ltd. and Japan Airlines Domestic, though they are combined in a single brand as JAL/Japan Airlines. JAPAN AIRLINES: Plans to Slash Wages by 10% ------------------------------------------- Japan Airlines Corporation plans to cut employees' wages by an average of 10% in April, as part of its rehabilitation scheme, The Mainichi says. It remains unclear whether management can persuade the union to accept the wage cuts. JAL had initially planned to trim wages by an average of 10% in January this year. The move would have curbed its annual personnel expenses by about JPY6 billion. However, due to protests by labor unions, the Company opted to delay the implementation of the wage cuts until April this year. Headquartered in Tokyo, Japan, Japan Airlines Corporation (formerly Japan Airlines System Corporation) -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Combined, the airlines serve more than 170 cities in some 30 countries and operate more than 270 mostly jet aircraft. Both carriers continue to operate separately as Japan Airlines International Co. Ltd. and Japan Airlines Domestic, though they are combined in a single brand as JAL/Japan Airlines. JAPAN AIRLINES: Transport Ministry Wants Internal Row Resolved -------------------------------------------------------------- The Land, Infrastructure and Transport Ministry has urged Japan Airlines Corporation to end a dispute among its top officials to ensure safety operations, Japan Today relates. Four group directors visited JAL President Toshiyuki Shinmachi on February 10, 2006, to hand him a petition signed by 50 senior executives urging him and two other executives to resign to take responsibility for the airline's safety and financial difficulties. The airline incurred a net loss of more than JPY23 billion in the three quarters ended December 31, 2005, and expects a JPY47 billion net loss in the year to March 31. 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.: May Be Delisted Upon Fresh Warrant ------------------------------------------------ The Tokyo Stock Exchange may delist Livedoor Co. if its former executives are arrested again for tampering the Company's financial statements, according to Japan Today, citing TSE President Taizo Nishimuro. According to Japan Today, the violation would warrant delisting of the Company's shares under TSE rules. But Mr. Nishimuro said that the bourse might not follow that procedure in the case of Livedoor, whose share-price crash has had a big impact on the TSE. Prosecutors arrested former Livedoor President Takafumi Horie and three other former executives last month. They were indicted last week on charges of market manipulation and accounting fraud by a Livedoor subsidiary. 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. VICTOR COMPANY: Expects JPY29.5-Bln Loss on Sluggish Sales ---------------------------------------------------------- Victor Company of Japan Limited sees a group net loss of JPY29.5 billion in the year ending March 31, 2006, citing sluggish sales and weaker-than-expected performance by its recordable media and industrial divisions, according to Reuters. The Company also cut its sales forecast by 4% to JPY825 billion, Reuters adds. The Company's shares closed up 1.48% at JPY619 on Friday, versus a 2.96% rally in the Nikkei 225 share average. Headquartered in Kanagawa, Japan, Victor Company of Japan Limited -- http://www.jvc-victor.co.jp/-- manufactures audio- video equipment and products with the digital and networking products such as digital camcorders and D-VHS as the core competencies and visual software. Operations are carried out through consumers' products (TVs, Stereo, Car Audio, CD radio cassettes, DVD players), industrial products (Karaoke Systems), electronic devices (video heads, motors, display parts), soft media (compact discs, videodiscs, music and visual software), and interior furniture. ========= K O R E A ========= DAEWOO ENGINEERING: Union Blocks Due Diligence ---------------------------------------------- Prospective bidders for Daewoo Engineering & Construction Co. faced protests from unionists over creditors' unclear position on the stake sale, Yonhap News Agency reveals. Some 20 officials from creditor banks and Prime Group were blocked from conducting due diligence on Daewoo Engineering. Union leader Jeong Chang-du warned they will continue to stage protests until Daewoo creditors give them an answer to their questions. The Troubled Company Reporter - Asia Pacific reporter earlier that the union wants reassurance from creditors not to sell their entire shareholding in the Company. The union fears that the inflated price of Daewoo Engineering would drag it back to insolvency because of high interest payments. Korea Asset Management Corporation and other creditors are looking to dispose of its 50% plus one share in the builder out of their entire 74% holdings. Headquartered in Seoul, South Korea, Daewoo Engineering & Construction Co. -- http://www.daewooenc.com-- has become a world leader in civil engineering, housing construction, power and industrial plant development, architectural services, and construction of liquid natural gas facilities. In addition to large-scale domestic projects, Daewoo has more recently built gas plants in Nigeria, a hospital in Libya, and the Trump World Tower in New York, to name a few. Spun off by the now-defunct Daewoo Group in 2000, the company became a potential acquisition target in 2006. SK CORPORATION: S&P Ups Corporate Credit Rating to BBB- ------------------------------------------------------- Standard & Poor's Ratings Services has raised its long-term corporate credit rating on SK Corporation to BBB- from BB+ based on continued improvement in the SK group's financial performance, and SK Corporation's enhanced corporate governance policies, which together have lowered the risk that the Company will extend financial support to weaker units in the group. The outlook on the long-term rating is stable. "The upgrade reflects continued financial improvement at SK Networks and SK Shipping, the two formerly troubled units in the SK group, and track record of SK Corp's improved corporate governance structure," said Standard & Poor's credit analyst Eun Jin Kim. SK Networks recorded a net debt-to-EBITDA of 4.5x at September 30, 2005, from 4.9x at fiscal 2004. Similarly, SK Shipping recorded a net debt-to-EBITDA of 5.3x, down from 6.7x over the same period. SK Corp has a strong position in its core oil refining and marketing business. The company maintains a leading position in Korea's downstream petroleum market, with an extensive distribution and marketing network, and benefits from favorable operating conditions with limited competition in the domestic market. However, the rating on SK Corp is constrained by the group's still complex ownership structure, which provides a degree of management control to family owners that is disproportionate to their direct shareholdings of less than 1%. Under the enhanced corporate governance structure, the risk of extending immediate support to group companies has subsided. But, the possibility that SK Corp may provide further support in the future cannot be ruled out. Still, Standard & Poor's assumes any support will be limited to a level that will not impact the credit quality of SK Corporation. SK Corp's acquisition of Inchon Oil is expected to bring positive synergy effects and cost savings to the company, although it is slightly burdensome to its balance sheet. The acquisition will enable SK Corp to diversify its refining locations, bringing the company geographically closer to its key export market of China, along with Seoul where its service station sales are currently concentrated. The shortened transportation distances should facilitate cost savings and higher operational efficiency. Both companies will increase their crude oil purchasing bargaining power, which is expected to lead to lower crude oil costs. Inchon Oil has a healthy balance sheet following its repayment of restructured debt from a fund injection by SK Corp. In the near term, Inchon Oil's cash flow should increase following a revamp of its facilities, which should also support SK Corp's debt reduction efforts. The stable outlook reflects the expectation of ongoing financial improvement in SK Corp's consolidated financial profile. SK Networks' leverage is expected to improve under the control of its creditor banks. In contrast, SK Shipping is expected to remain somewhat leveraged due to the nature of the shipping industry. However, the company's stable--albeit low--margins and cash flow will help the company lower its debt gradually. SK Corp has cut debt over the past three years, but the company's increasing focus on shareholder returns, as evidenced by the recent KRW512 billion share repurchase, will limit the company's ability to lower debt in the near term. The rating on SK Corp could be raised if significant improvements are seen in leverage in its consolidated balance sheet, provided there are no further calls to support group companies. On the other hand, the rating could be lowered if financial support to group companies is larger than expected, or consolidated debt leverage increases substantially. Headquartered in Seoul, Korea, SK Corporation -- http://www.skcorp.com-- is Korea's largest oil refining and marketing and petrochemicals company. The company's other businesses include lubricants, exploration and production activities. =============== M A L A Y S I A =============== ALLIANZ GENERAL: SC Sets Out Condition on Transactions ------------------------------------------------------ The Securities Commission has approved Allianz General Insurance Malaysia Berhad's: -- acquisition of two subscribers' shares in a newly incorporated public company, Newco, by Allianz, representing Newco's initial issued and paid up share capital; -- transfer of Allianz's general insurance business Allianz to Newco based on the book value of the general insurance business as of the transfer date, to be satisfied entirely by the issuance of new ordinary shares of MYR1.00 each in Newco to Allianz; and -- placement by Allianz Aktiengesellschaft of approximately 24% of the equity interest in Allianz to public investors to meet the 25% public shareholding spread requirement pursuant to Paragraph 8.15 of the Listing Requirements of Bursa Malaysia Securities Berhad (Proposed Placement). The approval granted by the Securities Commission is, however, subject to certain conditions. Under the terms of the Conditions: -- Southern Investment Bank Berhad should submit to the SC the final list of placees in relation to the Proposed Placement; -- SIBB/Allianz/Allianz AG should inform the SC upon completion of the Proposed Group Reorganization; and -- SIBB, Allianz and Allianz AG should fully comply with the relevant requirements in the Policies and Guidelines on Issue/Offer of Securities pertaining to the implementation of the Proposed Group Reorganization. Further, the Securities Commission approved: -- the Proposed Group Reorganization under the Guidelines on the Acquisition of Interests, Mergers and Take-overs by Local and Foreign Interests; and -- an extension of time until September 30, 2006, for Allianz and Allianz AG to comply with the 30% Bumiputera equity condition which was imposed by the Foreign Investment Committee in its letters dated May 15, 2001 and June 18, 2001. Headquartered in Kuala Lumpur, Malaysia, Allianz General Insurance Malaysia Berhad, formerly known as Malaysia British Assurance Berhad, underwrites life and general classes of insurance. Other activities include insurance broking and nominee services. CAMERLIN GROUP: Converts ICULS to Ordinary Shares ------------------------------------------------- Bursa Malaysia Securities Berhad will list and quote Camerlin Group Berhad's additional 189,000 new ordinary shares of MYR1.00 each on February 22, 2006. The new shares arose from the conversion of MYR189,000 nominal value of 5.5% five-year Irredeemable Convertible Unsecured Loan Stocks 2002/2007. Headquartered in Kuala Lumpur, Malaysia, Camerlin Group Berhad Group's principal activity is that of an investment holding and its only investment is in the quoted share of BIL International Limited. The Group's operations are carried out in Malaysia and the British Virgin Island. KEMAYAN CORPORATION: Summary Judgment Application Dismissed ----------------------------------------------------------- The High Court of Malaya, Kuala Lumpur dismissed with costs Southern Bank Berhad's summary judgment application against Coral Land Corp. Sdn Bhd, a subsidiary of Kemayan Corp. Berhad. Meanwhile, the Troubled Company Reporter - Asia Pacific previously reported that Coral Land Corporation received on January 23, 2006 a writ of summon from Kerajaan Malaysia in respect of its outstanding taxes for Years of Assessment 1993 to 1998, which were already provided for in the Company's financial accounts. Coral Land was urged to pay MYR2,087,813.86 with an yearly interest rate of 8% per ann at the rate of 8%, plus other costs and relief as the Honorable Court may deem fit and proper. Coral Land is currently undergoing a corporate and debt restructuring scheme. Headquartered in Johor Darul Takzim, Malaysia, Kemayan Corporation Berhad -- http://www.kemayan.com/-- develops, constructs and manages properties. The firms' other activities include the operation of resorts, cultivation of palm oil, trading of office equipment and supplies and the provision of management, engineering and investment holding services. Operations of the Group are carried out in Malaysia, Asia Pacific and others. LAND & GENERAL: To Consult Wind-Up Petition with Lawyers -------------------------------------------------------- Land & General Berhad has learned from the Janaury 20, 2006 edition of the Star newspaper that Bumiputra-Commerce Bank Berhad has presented a winding up petition at the High Court on December 29, 2005, against L&G's wholly owned subsidiary Lembah Beringin Sdn Bhd. The hearing date for the said petition has been fixed for March 17, 2006. Land & General pointed out that Lembah did not receive any wind- up petition from Bumiputra-Commerce. Based on an extract of the said Petition from the High Court by the Company on February 20, 2006, the Directors informed that Bumiputra-Commerce is seeking payment of outstanding banking facilities totaling MYR24,447,048.98 together with interest accruing thereon at various interest rates ranging from one percent to 9.5% approximately per annum pursuant to a Court judgment obtained against Lembah dated April 7, 2004. On November 11, 2005, receivers & managers were appointed in respect of all the assets and undertakings of Lembah pursuant to the powers contained in the Debentures dated April 5, 1995, and October 25, 1999. As a result, the management and control of Lembah have been with the Receivers and Managers since November 11, 2005. Lembah was incorporated on July 6, 1992, and has an authorized share capital of MYR6,000,000, divided into 5,000,000 ordinary shares of MYR1.00 each and 1,000,000 Redeemable Preference shares of MYR1.00 each. Lembah's total issued and paid up share capital is MYR1,022,000 comprising 1,000,000 ordinary shares of MYR1.00 each and 22,000 Redeemable Preference shares of MYR1.00 each. Net Book Value of the total assets of Lembah Based on the audited accounts of March 31, 2005, the net book value of Lembah's total assets is approximately MYR293.8 million. Financial and Operational Impact The Directors of L&G are of the opinion that the said Petition will have no material financial impact as adequate provisions have been made by L&G and Lembah in their financial statements and the operational impact on Lembah will be minimal. Action Steps The Directors of L&G are seeking legal opinion before taking any action steps and where appropriate, these would be announced accordingly. Headquartered in Kuala Lumpur, Malaysia, Land & General Berhad's -- http://www.land-general.com-- principal activities are carried out through four divisions: Properties, Petrochemical, Timber and Investment. It operates in Malaysia, Papua New Guinea, Australia, Fuji, United States of America, Indonesia and in other countries through its Properties, Petrochemical and Timber divisions. The Group also provides management and marketing services, underground car park, commercial complex, education services, marketing and selling of vapor sensor analyzer products, rental of golf course and club house, resort center, and manufactures and trades of Polyvinyl Chloride (PVC) resins, flooring and floor sheet. MAGNUM CORPORATION: Repurchases Ordinary Shares ----------------------------------------------- During Magnum Corporation Berhad's February 20, 2006, shares buy back, the Company repurchased 516,000 ordinary shares at MYR0.50 each. Each share had a minimum price of MYR1.900 and a maximum price of MYR1.940. The number of shares purchased retained in treasury is 516,000 units. The cumulative net outstanding treasury shares to date are 107,327,900 units. Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation Berhad -- http://www.magnum.com.my-- operates a four-digit number forecast betting game. It is also engaged in property holding and development and letting of properties, operation of hotel, general investment holding and trading, printing activities, credit services, securities dealing and brokerage, and provision of computer software and other related services. The Group sponsors Alex Yoong, the first Malaysian Formula One driver, and KL Minardi Formula One Team. Operations of the Group are carried out in Malaysia, Hong Kong, The People's Republic of China, Philippines and other countries. MOL ACCESSPORTAL: Books MYR493,000 Net Loss in 2Q/FY05 ------------------------------------------------------ MOL Accessportal Berhad has released its unaudited second quarter financial statement for the financial period ended December 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 2,936 4,105 5,261 6,405 (2) Profit/(loss) before tax -493 -36 -767 -720 (3) Profit/(loss) after tax and minority interest -493 -36 -767 -720 (4) Net profit/(loss) for the period -493 -36 -767 -720 (5) Basic earnings/(loss) per shares (sen) -0.61 -0.07 -0.95 -1.50 (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 0.0676 0.1191 A full-text copy of the financial statement is available for free at: http://bankrupt.com/misc/MOLAccessportalBerhad.pdf Headquartered in Kuala Lumpur, Malaysia, MOL Accessportal Bhd provides Internet media and e-commerce services, leveraging on a network outlets via cybercafes Membership Alliance Programme that will act as physical and cash-based payment. MYCOM BERHAD: Incurs MYR17,371,000 Net Loss in 2Q/FY05 ------------------------------------------------------ Mycom Berhad unveiled its unaudited second quarter financial report for the financial period ended December 31, 2006. 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 21,351 33,751 44,800 69,858 (2) Profit/(loss) before tax -17,674 -21,213 -33,776 -38,022 (3) Profit/(loss) after tax and minority interest -17,371 -19,698 -33,160 -34,662 (4) Net profit/(loss) for the period -17,371 -19,698 -33,160 -34,662 (5) Basic earnings/(loss) per shares (sen) -4.42 -5.02 -8.44 -8.83 (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 -1.2000 -1.1100 A full-text copy of the financial statement is available for free at: http://bankrupt.com/misc/MycomQtrDec05.xls A full-text copy of the explanatory notes to the financial statement is available for free at: http://bankrupt.com/misc/MycomExplanatoryNotesDec05.doc A full-text copy of the material litigation is available at: http://bankrupt.com/misc/MATLitigation022006.doc Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged in the provisions of granite quarry services, manufactures and sells latex rubber thread, tape, plywood, laminated board and sawn timber, cultivates oil palm fruits, and develops property. The Company is also involved in hotel operation, provision of management and financial services and investment holding. Operations of the Group are carried out in Malaysia and South Africa. PACIFIC & ORIENT: Buys Back 5,000 Ordinary Shares ------------------------------------------------- Pacific & Orient Berhad has repurchased 5,000 ordinary shares of MYR1.00 each for a total cash consideration of MYR8,875.39. The minimum price paid for each share purchased is MYR1.760 while the maximum price paid for each share purchased is MYR1.770. The number of shares purchased retained in treasury is 5,000 units. The Company's cumulative net outstanding treasury shares now stand at 5,619,656 units. Headquartered in Kuala Lumpur, Malaysia, Pacific & Orient Berhad -- http://www.pacific-orient.com-- is engaged in the provision of general insurance and management services. The firm's other activities include provision of information technology services, sale of information technology equipment, distribution of consumer products, provision of sales and administrative services, provision of management and privilege card programmed services, research and development and trading activities and money lending and investment holding. POLYMATE HOLDINGS: Explains Failure to Meet Listing Requirements ---------------------------------------------------------------- Polymate Holdings Berhad explained it was unable to comply with Bursa Malaysia's Listing Requirements since most of its staff had resigned due to its unhealthy financial status. The Company said that its remaining staff are either inexperience or are relatively new, who are unable to handle the accounting of its subsidiary companies. Furthermore, there was no proper hand-over of job by the staff who have left. In addition, the Securities Commission had on January 17, 2006, raided and seized all relevant documents from the Company, the Auditors, the Company Secretary and offices of its subsidiary companies. The raid had adversely affected the continuation and completion of audit of the Company and its subsidiary companies. At the Audit Committee Meeting on January 19, 2006, the External Auditors reported to the Committee that there were outstanding and unresolved audit issues at its subsidiary companies level in particular Polymate Industries (M) Sdn Bhd and Polymate Packaging Sdn Bhd. Hence, this factor had also contributed to the delay in the completion of the Company's accounts for submission to Bursa Malaysia Securities Berhad by end of January 2006. The Company had also overlooked the requirements to make the relevant immediate announcement to Bursa Securities pursuant to Paragraph 9.26(3) of the Listing Requirements. Thus the Company informed the Bourse that, subject to the unresolved audit issues, the Annual Audited Accounts of the Company for the financial year ended September 30, 2005, is expected to be completed and submitted to Bursa Securities by March 2006. Headquartered in Selangor Malaysia, Polymate Holdings Berhad -- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in the manufacturing and marketing of lead acid batteries for the automotive and related industries. It is also engaged in the manufacturing and dealing of plastic articles and products, corrugated carton boxes and related products, manufacturing and trading of door closers and trading of building materials, investment holding and provision of corporate and financial support services. The Group operates in Malaysia, Australia, New Zealand and Europe. PUBLIC BANK: Moody's Affirms Financial and Debt Ratings ------------------------------------------------------- Moody's Investors Service has affirmed Public Bank Berhad's ratings after the announcement of the proposed acquisition of Hong Kong's Asia Commercial Bank by its subsidiary -- JCG Holdings. The transaction is subject to the approvals of the Hong Kong and Malaysian regulators as well as shareholders. The ratings affirmed include Public Bank's C bank financial strength rating, its A3/P-1 long-term/short-term deposit ratings and Baa1 subordinated debt ratings. The outlook for the bank's ratings is stable. The affirmation reflects Moody's view that Public Bank's credit fundamentals will remain in line with similarly rated entities after the small and clean, but moderately profitable balance sheet of Asia Commercial Bank is consolidated within the group. Management intends to finance the purchase via a rights issue by JCG Holdings and medium-term loan financing. While goodwill and an enlarged asset base are estimated to lower the group's core capital ratio by a sizeable two percentage points to about eight percent, the rating agency believes Public Bank's healthy earnings, good asset quality and conservatism mitigate the risks associated with the proposed acquisition. As Public Bank expands overseas to improve returns, its risk profile would likely increase. Such a situation could exert downward pressure on ratings if the bank's capital base is not enlarged sufficiently to offset the risks of offshore strategies, particularly given its strong domestic growth to date. Moody's affirmed: * bank financial strength rating of C; * ong-term deposit rating of A3; * short-term deposit rating of P-1; and * subordinated debt rating of Baa1. Headquartered in Kuala Lumpur, Public Bank is the third largest of Malaysia's 10 core bank groups. The bank reported total consolidated assets of MYR111.6 billion (US$ 29.5 billion) as at December 31, 2005. SELANGOR DREDGING: Unit Completes Wind-up Process ------------------------------------------------- Para Jaya Sendirian Berhad, a wholly owned subsidiary of Selangor Dredging Berhad, was fully wound-up on February 18, 2006. Headquarted in Kuala Lumpur, Malaysia, Selangor Dredging Berhad -- http://www.sdb.com.my-- is engaged in the distribution of hardware and building materials. Other activities include property investment and development, operation of hotel and car park and investment holding. Operations of the Group are carried out in Malaysia. SOUTHERN BANK: Needs to Meet Additional SC Requirements ------------------------------------------------------- The Securities Commission wrote a letter to Southern Bank Berhad, saying it was unable to consider the Company's application for a ruling sought by the Board. The Commission required Southern Bank to comply with the requirement to post the Notice of Conditional Voluntary Offer from Bumiputra-Commerce Holdings Berhad dated February 13, 2006 to its shareholders and warrant holders. The Board intends to seek clarification from the Securities Commission on the said letter and reserves its rights in the matter. The SC also informed the Board of Southern Bank that Bumiputra- Commerce is required to issue a supplementary notice, for which the timing for issuance has not been specified by the Securities Commission. The Board will forward such information to the Southern Bank shareholders and warrant holders. 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. SUNWAY INFRASTRUCTURE: Books MYR19,184,000 Net Loss in 4Q/FY05 -------------------------------------------------------------- Sunway Infastructure Berhad has released its unaudited fourth quarter financial statement for the 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 6,686 4,798 23,927 8,481 (2) Profit/(loss) before tax -19,180 -13,881 -75,182 -35,283 (3) Profit/(loss) after tax and minority interest -19,184 -15,935 -75,198 -35,942 (4) Net profit/(loss) for the period -19,184 -15,935 -75,198 -35,942 (5) Basic earnings/(loss) per shares (sen) -10.66 -8.85 -41.78 -20.00 (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 7.4300 7.3500 A full-text copy of the financial statement is available for free at: http://bankrupt.com/misc/SUNWAYINFRASTRUCTUREAnnouncement2005Q4.xls A full-text copy of the notes to the financial statement is available for free at: http://bankrupt.com/misc/SunwayInfrastructureNotestoAnnoucement2005.doc Headquartered in Delangor Darul Ehsan, Malaysia, Sunway Infrastructure Berhad's principal activities are the design, construction, operation and maintenance of a 37-km Highway in the South-Eastern Corridor of Klang Valley known as Kajang Traffic Dispersal Ring Road. TRU-TECH HOLDINGS: Court Extends Restraining Order for 60 Days -------------------------------------------------------------- On February 15, 2006, the Johor Bahru High Court has agreed to extend the restraining and stay order granted to Tru-Tech Holdings Berhad and its subsidiaries, Tru-Tech Electronics (M) Sdn Bhd and Tru-Tech Technology Sdn Bhd, for a period of 60 days from January 19, 2006 until March 20, 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. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: VACC Submits Stampede Evidence to DoJ ----------------------------------------------------------- The evaluating panel of the Department of Justice has received additional evidence from the Volunteers Against Crime and Corruption on the February 4 stampede involving ABS-CBN Broadcasting Incorporated's "Wowowee" game show, The Philippine Daily Inquirer relates. The submissions include a summary of victims' narrations on what had transpired during and after the tragedy at Philsports Arena, which took the lives of 71 people and injured around 600. The documents note, among others, "the steel barriers that caused injury and death, the arrogance of some program organizers, slow delivery of first aid, desecration of dead bodies, and lack of financial assistance." The Troubled Company Reporter - Asia Pacific reported earlier that the anti-crime volunteer group is preparing a class action suit against ABS-CBN and is compiling affidavits from at least 100 stampede victims. Moreover, a government fact-finding committee has earlier blamed the tragedy on the network and recommended criminal charges against four ABS-CBN officials for failing to prepare adequate security for the show. ABS-CBN Chairman Eugenio Lopez III and the network's other top executives have already accepted responsibility over the stampede but appealed for fairness to some sectors that have blamed the station. The DoJ continues to look into the incident for the filing of appropriate charges against those who will be found liable, The Inquirer says. 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. AFP SAVINGS: Loses Php517 Mln Due to Bad Investments ---------------------------------------------------- The Armed Forces and Police Savings and Loans Association has incurred losses of Php517 million in the past two years due to the mismanagement of its investments, The Daily Tribune reports. Retired Col. Condrado Tolentino, who is also an AFPSLAI member, told The Tribune that the hefty losses and the subsequent diminution of the banking group's profit margins in 2003 and 2004 are "very alarming" and require immediate attention. Col. Tolentino further claimed that AFPSLAI also posted unsustained growth and increasing non-performing loans for the same period. The Tribune says that AFPSLAI's 2004 audit report showed that the credit and pension fund for policemen and soldiers has investments in both Centennial Savings Bank -- amounting to PhP521.5 million -- and its financial arm, Centennial Financing Corporation -- amounting to Php30 million. However, at the end of 2004, AFPSLAI's account with CSB went down to Php49.6 million after losing Php471.8 million. AFPSLAI's financial interest in CFC, on the other hand, now amounts to only Php22.3 million. The Armed Force and Police Savings and Loans Association -- http://www.afpslai.com.ph/-- is a non-stock savings and loan association established by the Armed Forces of the Philippines and registered with the Securities and Exchange Commission in 1972. AFPSLAI aims to promote industry, frugality and savings among its members. This organization is supervised by the Bangko Sentral ng Pilipinas. To date, there are 21 branches nationwide with more to be established in strategic locations to serve more than 398,040 members from the Armed Forces of the Philippines, Philippine National Police, Bureau of Jail Management and Penology and Bureau of Fire Protection. AL-AMANAH BANK: Defers Php400-Mln Idle Asset Sale ------------------------------------------------- Al-Amanah Islamic Investment Bank's privatization committee has put aside the planned disposal of Php400 million worth of the state-owned bank's non-performing assets, BusinessWorld relates. Al Amanah President Ali B. Sanki told BusinessWorld that the valuation of the Bank's assets in Davao, General Santos, Zamnboanga, Cagayan de Oro, Jolo and Tawi-Tawi will continue. The data, however, will no longer be used for the assets sale, which was initially set to be within the first quarter to boost the Bank's operating capital. Instead, the information will be used for selling the Bank, which is burdened by Php7 million in bad loans and Php32 million in foreclosed assets. As previously reported by the Troubled Company Reporter - Asia Pacific, Al Amanah will be on the auction block without undergoing rehabilitation as earlier planned. The planned sale was given a seven-month timeframe, ending August 2006. The bank's privatization committee requires the buyer to acquire all of the Bank's liabilities estimated to be between Php400 million and Php500 million. Headquartered in Makati City, Philippines, Al-Amanah Islamic Investment Bank of The Philippines -- http://www.islamicbank.com.ph-- was initially launched at the Cotobato City branch on February 11,1991 corresponding to the 27th day of Rajab 1411. As of May 31,1991, total deposits increased to Php4.910 million with savings deposits comprising 311 accounts, current deposits 43 accounts and investment deposits, 3 accounts. The Bank also received 15 applications for financing. The projects involved working capital requirements for trading, real estate development and construction business. Al Amanah's operations adhere to the laws of the Koran, treating depositors and borrowers as partners who do not earn or pay interest but share in the profit of businesses where the bank's funds were used. LAFAYETTE MINING: Optimistic About Fish and Water Test Results -------------------------------------------------------------- Lafayette Mining Incorporated is confident that the results of a fish and water samples study by the Bureau of Fisheries and Aquatic Resources will eventually clear the mining firm of allegations that it discharged toxic wastes into the Sorsogon waters, The Philippine Star reveals. Lafayette expects the results of the BFAR's fourth study to be favorable since the first three tests showed that mercury content of Sorsogon waters was within the safe limit for marine life, The Star says. The results were based on the criteria set by the Department of Environment and Natural Resources through Administrative Order 34 issued in 1990. Non-government organizations had opposed BFAR's previous findings, and submitted separate fish and water samples to BFAR that were allegedly from Sorsogon fishing grounds. The NGOs, however, failed to prove the samples indeed came from areas surrounding Lafayette's mining facility. According to the Star, the outcome of BFAR's latest analysis is critical to Lafayette, which was accused by local government officials, church leaders and NGOs of poisoning Sorsogon's fishing grounds. A previous report by the Troubled Company Reporter - Asia Pacific stated that the DENR has supported Lafayette's claim that it does not use mercury in its operations. Lafayette is working to resume operations at its Rapu-Rapu plant in Albay, which was suspended by the Environmental Management Bureau after a mine spill incident in October 2005. The suspension order will remain until the completion of these requirements: -- submission of an Environmental Management System or an ISO 14001 certification; -- submission of a comprehensive pollution control program which will include specifications on the budget and the antipollution facility it will use; -- a surety bond equivalent to 25% of the total cost of the pollution control program it will undertake; -- a detailed description of the interim remedial measure to mitigate the pollution caused; and -- proof of employment of a pollution control officer accredited by the DENR. 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: Sets April 27 ASM and May 6 Record Date ------------------------------------------------------------- At a regular meeting on February 20, 2006, the Board of Directors of Lepanto Consolidated Mining Company: -- set the Annual Stockholders' Meeting on April 17, 2006, at 4:00 p.m., at the Rigodon Ballroom, The Peninsula Manila. For the purpose of this meeting, the stock and transfer book of the Company will be closed from March 6, 2006, the record date, to the close of business hours of April 17, 2006. Proxies must be filed with and received at the Company's offices not later than by the close of business on April 7, 2006; -- fixed the deadline for nominations for independent directors to March 8, 2006. The nomination must be in writing and signed by the nominee; and -- approved the promotion of Odette A. Javier to Vice President and Assistant Corporate Secretary. Lepanto Consolidated Mining Company -- http://www.lepantomining.com/-- was incorporated primarily to be involved in the 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 now 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. MANILA ELECTRIC: S&P Says Rating Unaffected by Court Order ---------------------------------------------------------- Standard & Poor's Ratings Services said its rating and outlook on Manila Electric Company (Meralco; B-/Negative/--) are unaffected by the recent Supreme Court order that nullified a July 2004 rate increase. The ruling does not result in further material deterioration in Meralco's credit profile at this stage. However, the negative outlook on the rating reflects continued pressure on Meralco's credit profile. Given its financial position, the company's ability to withstand even moderately adverse developments in its business and regulatory environment is very low. Persistent uncertainties in the operating environment, as indicated by this court decision, may eventually result in a downward revision of the rating on the company. The Philippine Court has stated that Meralco did not publish its application for increase of tariffs, resulting in the consumer's inability to file an appeal or contest against such a decision. The July 2004 increase of 13.27 centavos per kilowatt-hour had been granted by the Electricity Regulatory Commission. It was related to higher generating costs incurred by generators, which are recovered from electricity customers through the generation rate adjustment mechanism. Standard & Poor's considers that this ruling is not expected to further erode Meralco's weak financial position or its minimal liquidity by a significant level. However, it highlights the uncertain regulatory environment and the low predictability of tariffs charged by the company. While Meralco has stated that it would file an appeal against the decision, the current estimate of Meralco's potential liability is Php800 million (US$15.3 million). Meralco had estimated cash balances of Php13.8 billion for the year ended Dec. 31, 2005, which should be adequate to service the probable refund arising from this adverse court decision. It is unclear if Meralco could recover these dues from generators like National Power Corporation (Napocor; BB- /Stable/--) before potential refunds are made, or whether adjustments with the generators would be made over time. The history of tariff and refund-related disputes with customers, the regulator, and the courts adds to the complexity of the situation. Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/-- is the biggest among the electric distribution utilities in the country. The principal business of the issuer is the distribution and sale of electric energy through its distribution network facilities in its franchise area. Meralco has diversified into businesses directly related to its core business of electric distribution. The Company has investments on companies involved in engineering, construction, and consultancy with expertise in the fields of power generation, transmission and distribution, telecommunications and industrial installations. Through its other investments, it is also involved in information technology and property development. ================= S I N G A P O R E ================= CHINA AVIATION: Ex-Finance Head Goes to Jail for Cheating --------------------------------------------------------- China Aviation Oil (Singapore) Corporation Limited's former chief financial officer, Peter Lim, was sentenced to two years' imprisonment for his involvement in the Company's 2004 downfall, Reuters News reports. Mr. Lim pled guilty to charges of conspiring to cheat Deutsche Bank AG and disclosing false financial statements to cover up huge losses incurred in derivatives trading last week. Judge Liew Thiam Leng, who handed out the ruling against Mr. Lim, maintains that the case centered on the importance of honest corporate governance and the need to protect investors. Mr. Lim, who was charged with four other CAO officials, was the first executive to plead guilty, and was also the first to be sentenced. Aside from the jail term, Mr. Lim was also fined SGD150,000, which, if left unpaid, will cause him an additional 12 months in jail. Bloomberg News states that CAO's former chief executive officer, Chen Jiulin, who is facing 13 charges that each carry a seven- year maximum sentence, is due to stand trial next month. Jia Changbin, Gu Yanfei and Li Yongji are the other three non- executive directors who are also facing charges in Singapore. The five CAO officials' actions in 2004 led to the Company's near-collapse after it was found that the Company had lost up to SGD896.07 million while trading oil derivatives. China Aviation Oil avoided bankruptcy when creditors agreed to write down some of its debt in June and BP Plc, Europe's biggest oil company, agreed to take a stake in the company. CAO shares, suspended since November 2004, will resume trading by the end of March. BP's Singapore unit will assist China Aviation Oil in buying jet fuel from global markets, London-based BP said in December. Incorporated in 1983, China Aviation Oil (Singapore) Corp. Limited -- http://www.caosco.com/-- deals primarily in jet fuel procurement, although it is also active in international oil trading and oil-related investment. The firm commands a near- 100% market share of the procurement of imported jet fuel for China's civil aviation industry, and has expanded its market to include ASEAN countries, the Far East and the United States. CAO's oil-trading business has expanded beyond jet fuel to include fuel oil, gasoline, naphtha, crude oil, and petrochemical products. ESCOLSING PTE: Creditors' Claims Due Next Month ----------------------------------------------- Escolsing Pte Limited will declare a dividend to its creditors. Creditors of the Company are required to submit their formal proofs of claim to liquidators Ranasamy Subramaniam Iyer and Goh Thien Phong, of PricewaterhouseCoopers, by March 3, 2006. Failure to comply with this requirement will exclude creditors from the benefit of the dividend. MAGNUS ENERGY: Director Resigns ------------------------------- Chua Koh Ming, director of Magnus Energy Group Limited, has relinquished his executive duties on February 20, 2006, and is no longer connected with the Company. Formerly known as Strike Engineering Limited, Magnus Energy Group Limited - http://www.magnus.com.sg/-- provides mechanical and electrical engineering services and dealing in electrical products. Magnus Energy also engages in the supply, installation and consultancy services for tele-conferencing facilities and developing software and multimedia works, supplying electrical hardware and fittings, building construction and installation, providing project management services, property development, interior architecture, design and decoration services, wholesale trading including imports and exports, and banking services. The Group operates in Singapore, Malaysia, Hong Kong, China and other countries. ROTOL ECO: Enters Voluntary Liquidation --------------------------------------- Rotol Singapore Limited's subsidiary, Rotol Eco Paints Pte Limited, was placed under members' voluntary liquidation effective December 31, 2005. Company director Shiro Suzuki was appointed as liquidator to oversee the Company's wind-up activities. ROTOL NANO: Winds Up Business ----------------------------- Rotol Nano Technology Pte Limited, a subsidiary of Rotol Singapore Limited, was placed under members' voluntary liquidation effective from December 31, 2005. Rotol Singapore director Shiro Suzuki was named as liquidator to supervise the unit's wind-up. ROTOL SINGAPORE: Posts SGD11-Mln Net Loss for 2005 -------------------------------------------------- Rotol Singapore Limited reports a substantial 260.8% increase in its half-year net loss in FY05. The Company posted a SGD11.73 million net loss for the full year ended December 31, 2005, almost tripling its net loss for the same period in 2004 which stood at SGD3.25 million. A full-text copy of Rotol's full-year 2005 financial results is available for free at: http://bankrupt.com/misc/tcrap_rotolsingapore022106.pdf Headquartered in Singapore, Rotol Singapore Limited -- http://www.rotol.com.sg/-- is the pioneer in fluorocarbon coating, despite difficult domestic and foreign market conditions. Since its incorporation in 1980, Rotol has established itself as a specialist in architectural surface coating and aluminium curtain-wall cladding systems and has become the leading name in producing high quality finished panels, with one of the largest production capacity in Singapore. With the help of Japanese investment holding firm J. Bridge Corporation, Rotol will re-establish its presence in the market sector by exploring new markets and products to establish a niche in relation to its coating and fabrication operations. =============== T H A I L A N D =============== DATAMAT: SET Excludes Stock from Index Calculation -------------------------------------------------- The Stock Exchange of Thailand has excluded the stock of Datamat Public Co. Limited from the index calculation until such time the stock is permitted to resume trading. The stock of Datamat has been suspended for over a year. The Troubled Company Reporter - Asia Pacific had earlier reported that the SET suspended trading on the Company's securities after the Company's auditor had been unable to reach any conclusions on the financial statements it has sent to the SET, and that the statements failed to adequately reflect the actual position of the Company. Headquartered in Bangkok, Thailand, Datamat Public Company Limited -- http://www.datamat.co.th-- distributes computers, provides computer technology services, and the maintains computer and software system. It also provides software services using programming and Java technologies, including a distributor of software system and computer equipment of image processing. PICNIC CORPORATION: Director Steps Down from Post ------------------------------------------------- Nirun Fukanjananon has resigned from being a director of Picnic Corporation Public Company Limited, effective February 20, 2006. Headquartered in Bangkok, Thailand, Picnic Corporation Public Company Limited formerly known as Picnic Gas & Engineering Public Company Limited -- http://www.picniccorp.com-- is engaged in Liquefied Petroleum Gas Trading business under Picnic Gas trademark transferred from Union Gas and Chemicals Company Ltd. Other activity includes the operation of engineering related activities formerly engaged in the installation of air conditioning system, electricity system, sanitary system, fire prevention system, electrical power substation and telecommunication system. The Group's operates mainly in Thailand. ********* 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 ***