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
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                 *** End of Transmission ***