TCRAP_Public/060317.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

             Friday, March 17, 2006, Vol. 9, No. 055


                             Headlines

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

AIR NEW ZEALAND: Hundreds More to Lose Jobs
AIR NEW ZEALAND: Passenger Number Not Enough for New Capacity
ALVISTON PTY: Inability to Pay Debts Prompts Wind-up
BANDWIDTH UNLIMITED: To Hold Final Meeting Today
BAYVIEW PORT: Appoints Official Receivers

BEAUTIZONE CARAVANS: Decides to Shut Down Operations
BE-WITCHED LIMITED: Court to Hear Wind-up Petition on April 6
BURGESS COMMUNICATION: Receiving Proofs of Debt Until March 20
CALLANDER TRANSPORT: To Declare Final Dividend
CLAVERTON INVESTMENTS: Members Agree on Liquidation

DENVER DEVELOPMENTS: Supreme Court Issues Wind-up Order
EWERS LOGGING: CIR Lodges Liquidation Petition
GRANT CONSTRUCTION: Members Opt to Wind Up Firm
HELEN'S CAKE: Liquidator to Present Wind-up Report
INLAND PORT: Names Colin McDonald as Liquidator

JC HOLDINGS: Prepares to Shut Down Business
KARAVAN CATERING: Faces Liquidation Proceedings
KEMALEX PLASTICS: Enters Voluntary Administration
LLOYD SCOTT: Receivers Step Down
MEMORART PTY: To Hold Final Meeting Today

MSS AUTOMOTIVE: Hires Liquidator to Wind Up Business
PHOTOMATIC AUSTRALIA: Appoints Official Receivers
PRO-TECT INVESTMENTS: To Distribute Dividend Today
RUSSELL SOPPITT: Begins Wind-up Proceedings
SALCOMBE MOTORSPORT: Prepares to Liquidate Assets

SPGPL PTY: Prepares to Pay Dividend to Creditors
SPIDERS BODY WORKS: Appoints Official Liquidator
TELSTRA CORPORATION: Extends BSA and Stream Installation Deals
TELSTRA CORPORATION: ICT Unit Bags AU$3 Million Contract
TELSTRA CORPORATION: Taps Brightstar to Upgrade Retail System

TELSTRA CORPORATION: Finds Flaw in Proposed Media Changes
VICTORIA IMPORTS: Official Assignee to Liquidate Business
WESTPOINT GROUP: ASIC Freezes Bridgecorp Funding Due to Exposure
WESTPOINT GROUP: Receiver Revives Apartments
WESTPOINT GROUP: Emu Brewery Site is First to Go

WHOLOHAN PTY: Members and Creditors to Receive Wind-up Report
YANOLLEE PTY: Falls Into Liquidation
ZLR LIMITED: Picks Liquidator to Wind Up Business


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Releases Hefty Loan to Back Rural Development
ASIA ALUMINUM: Moody's Reviews Ba3 Rating for Possible Downgrade
BULGARI ASIA: To Reconvene Final Meeting on April 13
CAMBRIDGE STAR: Wong Kwai Hon Ceases to Act as Liquidator
CODEBANK LIMITED: Fong Chin Simon Lodges Liquidation Petition

COTESH COMPANY: Appoints Wilson Wing Sang Chan as Liquidator
DELTA FINANCE: Enters Voluntary Liquidation
EXPRESS BUILDERS: Names New Liquidator
EVA ASSET: To Hold Final Meeting on April 11
FORDWISE INVESTMENT: Schedules Final Meeting on April 21

FUSION DESIGN: Appoints Joint and Several Liquidators
HAPPY HOLIDAY: Winding Up Hearing Fixed on April 19
PROSPEROUS CENTURY: Members Resolve to Wind Up Firm
PROSPEROUS CENTURY: Receiving Proofs of Claim Until April 10
ROCKY LIMITED: Creditors Meeting Slated for March 22

SIMBURY COMPANY: Names Official Liquidators


I N D I A

IBP COMPANY: Sees Losses Despite Government's Oil Bonds
NATIONAL TEXTILE: Mills Sale Plan Meet Opposition
SHIVA CEMENT: Members Approve Shares Issue
* SEBI Debars 13 Entities for Rigging Share Prices


I N D O N E S I A

BANK MANDIRI: Cuts Interest Rates; Others May Follow Suit
INDOFOOD SUKSES: Moody's Review B2 Foreign Currency Rating
PERTAMINA: Signs Joint Operating Agreement for Cepu Block
PERTAMINA: Sees $3.3Bln in Revenues From Cepu Block


J A P A N

JAPAN AIRLINES: Boeing to Manage Spare Parts Inventory
KAJIMA CORPORATION: Dissolves Non-Operating Unit
KANEBO COSMETICS: Garners JPY20.2-Bln Operating Profit in 2005
LIVEDOOR COMPANY: Court Says No to CEO's Release on Bail
LIVEDOOR COMPANY: Fuji TV to Sell Entire Stake to Usen Corp


K O R E A

CHOHUNG BANK: Moody's Lifts Financial Strength Rating to D
WOORI BANK: Moody's Upgrades Rating to D+


M A L A Y S I A

APEX EQUITY: Repurchases MYR8,026 Worth of Shares
CONCRETE PRODUCTS: Liquidator Completes Wind-up
DYNAMIC LINK: To be Dissolved on March 18
KEMAYAN CORPORATION: Rehab Scheme Loses Two Supporters
KIG GLASS: Extends Negotiation Period with Permintex

MALAYSIA AIRLINES: Hopes to Generate Profits with Octopus Deal
PAN MALAYSIA: Buys Back 99,300 Shares
POHMAY HOLDINGS: Delisting Deferred Pending Appeal
PROMTO BERHAD: Bourse Postpones Delisting
SOUTHERN BANK: Formally Accepts Bumiputra's Takeover Offer

TELEKOM MALAYSIA: Court Orders Wind Up of Unit
TELEKOM MALAYSIA: Raises MobileOne Stake to 29.85%


P H I L I P P I N E S

LAFAYETTE MINING: President Forms Team to Probe Mine Spills
LEPANTO CONSOLIDATED: Amends By-Laws
NATIONAL BANK: OKs Issuance for Additional Capital
* BSP OKs Memorandum for Stricter Rules on Pre-Need Trust Funds


S I N G A P O R E

ACCORD CUSTOMER: Clarifies FY05 Financial Results
CIH LIMITED: Put Option Proceeds Hit US$56.04Mln
FHTK HOLDINGS: Debt Reaches SGD2.8Mln
QUANTEC REALTY: Creditors to Convene on March 31
SEMBAWANG MULPHA: Sets April 17 as Due Date for Proofs of Claim

UNITED FIBER: Unit Files Legal Suit Against Hok Mee and Others


T H A I L A N D

PICNIC CORPORATION: Details Procedure of Warrant Exercise
TMB BANK: DBS May Be Lone Shareholder to Exercise Rights

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

AIR NEW ZEALAND: Hundreds More to Lose Jobs
-------------------------------------------
In addition to a series of job losses recently announced by Air
New Zealand, 900 airline workers are facing redundancy.

Air New Zealand's job-related plans now include the outsourcing
of 120 cleaning positions, the axing of 110 jobs from its
aircraft engine sector, and a further shedding of 470 corporate
positions over the next year.

Air New Zealand Chief Executive Officer Rob Fyfe revealed the
470 corporate redundancies during the release of the Company's
half-year results on February 24, 2006.  He said that the
positions will be in operational and customer-facing areas of
the business, and will save the company NZ$45 million a year.

Moreover, the airline was planning to outsource more than 500
engineering positions and shift heavy aircraft maintenance
abroad as part of its efforts to save NZ$100 million within five
years.

On February 23, aircraft engineers and unions resolved a dispute
over the loss of positions in Auckland and Christchurch.  Under
a compromise plan proposed by union officials, 200 engineering
positions will be shed.

Headquartered in Christchurch, New Zealand, Air New Zealand --  
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.


AIR NEW ZEALAND: Passenger Number Not Enough for New Capacity
-------------------------------------------------------------
Air New Zealand passengers are still coming in, but the number
is not enough to fill up the extra space provided by the
airline's newly acquired aircraft, The National Business Review
says.

Air New Zealand said that its acquisition of new aircraft for
domestic routes has reduced the load factor, which is the
percentage of seats on each flight that the airline is managing
to fill, from 76.3% to 73.9%.  Load factor for the long-haul
fleet, which is currently in the midst of a product upgrade rose
slightly to 85.6%.

According to the report, Air New Zealand carried 913,919
passengers in January 2006.  This figure is a 1.4% increase
compared to the previous year.

The airline, however, faces a drop in foreign visitor numbers
along with slowing domestic demand as business travelers reduce
their spending in the face of a predicted slow-down in the
economy.

Headquartered in Christchurch, New Zealand, Air New Zealand --  
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.


ALVISTON PTY: Inability to Pay Debts Prompts Wind-up
----------------------------------------------------
After a meeting of the members of Alviston Pty Limited on
February 10, 2006, it was agreed that the Company wind up its
business voluntarily due to its inability to pay its debts.

D. B. Maitland was then appointed as the Company's liquidator.

Contact: D. B. Maitland
         Liquidator
         11 Elder Avenue, Baulkham Hills
         New South Wales 2153, Australia


BANDWIDTH UNLIMITED: To Hold Final Meeting Today
------------------------------------------------
The final meeting of the members and creditors of Bandwidth
Unlimited Pty Limited is scheduled today, March 10, 2006.

The meeting was set for members and creditors to get Liquidator
Frank Lo Pilato's account on the Company's wind-up and property
disposal.

Contact: Frank Lo Pilato
         Liquidator
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612, Australia


BAYVIEW PORT: Appoints Official Receivers
-----------------------------------------
On February 8, 2006, Mark Mentha and Craig Shepard were
appointed as joint and several receivers and managers of the
property of Bayview Port Melbourne Limited.

Contact: Mark Mentha
         Craig Shepard
         Receivers and Managers
         KordaMentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


BEAUTIZONE CARAVANS: Decides to Shut Down Operations
----------------------------------------------------
At Beautizone Caravans Pty Limited's general meeting on Feb. 14,
2006, members concurred that it is in the Company's best
interests to wind up its operations.

Barry Alfred Bentley was appointed to oversee the wind-up.

Contact: Barry A. Bentley
         Liquidator
         Bentley Brett and Vincent
         226A Harbour Drive, Coffs Harbour
         New South Wales 2450, Australia


BE-WITCHED LIMITED: Court to Hear Wind-up Petition on April 6
-------------------------------------------------------------
On January 4, 2006, Hadley Francis Limited filed a petition with
the High Court of Auckland to liquidate Be-witched Limited.

The application will be heard before the High Court on
April 6, 2006, at 10:00 a.m.

Persons interested to appear at the hearing may file an
appearance not later than April 4, 2006.

Contact: Malcolm Whitlock
         Solicitor for the Plaintiff
         Debt Recovery Group NZ Limited
         149 Ti Rakau Drive, Pakuranga, Auckland
         P.O. Box 259 059, Burswood
         New Zealand


BURGESS COMMUNICATION: Receiving Proofs of Debt Until March 20
--------------------------------------------------------------
The High Court of Wellington appointed David Stuart Vance and
Barry Phillip Jordan as joint and several liquidators for
Burgess Communication Limited.

The liquidators will be receiving proofs of debt or claims from
creditors not later than March 20, 2006.

Creditors who fail to file proofs of claims before the deadline
will be excluded from the benefit of that distribution.

Contact: Robin Crimp
         McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay
         P.O. Box 3156, Wellington
         New Zealand
         Telephone: (04) 499 7796
         Facsimile: (04) 499 7784


CALLANDER TRANSPORT: To Declare Final Dividend
----------------------------------------------
Callander Transport Company Pty Limited will declare its final
dividend to creditors.

The Company's creditors are required to submit their formal
proofs of claim, or risk being excluded from the benefit of the
dividend distribution.

Contact: Susan Carter
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia
         Telephone: (07) 5553 3404
         Fax: (07) 5570 1884
         Web site: http://www.worrells.net.au/


CLAVERTON INVESTMENTS: Members Agree on Liquidation
---------------------------------------------------
Members of Claverton Investments Pty Limited held a meeting on
February 13, 2006, and agreed on the Company's need to
liquidate.

They then appointed Douglas Mason Southwell Thomas and Peter
Alexander Lawsob Welch to oversee the Company's wind-up
activities.

Contact: Douglas M. S. Thomas
         Peter A. L. Welch
         Liquidators
         30 Park Crescent, Pymble
         New South Wales 2073, Australia


DENVER DEVELOPMENTS: Supreme Court Issues Wind-up Order
-------------------------------------------------------
On February 20, 2006, the Supreme Court of New South Wales
ordered the winding up of Denver Developments Pty Limited, and
appointed R. J. Porter as liquidator.

Contact: R. J. Porter
         Liquidator
         Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


EWERS LOGGING: CIR Lodges Liquidation Petition
----------------------------------------------
The Commissioner of Inland Revenue has filed with the High Court
of Nelson an application to liquidate Ewers Logging Limited.

The petition will be heard before the High Court on
April 6, 2006, at 10:00 a.m.

Any person interested to appear on the hearing must file an
appearance not later than April 4, 2006.

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


GRANT CONSTRUCTION: Members Opt to Wind Up Firm
-----------------------------------------------
The members of Grant Construction Services Pty Limited held a
meeting on February 15, 2006, and agreed to close the Company's
business.

Robert Keith Hunter was appointed as liquidator to oversee the
wind-up activities.

Contact: Robert K. Hunter
         Liquidator
         Ure Lynam & Company Chartered Accountants
         17th Floor, 1 York Street
         Sydney, New South Wales 2000
         Australia


HELEN'S CAKE: Liquidator to Present Wind-up Report
--------------------------------------------------
A final meeting of the members and creditors of Helen's Cake &
Bakery 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, March 17, 2006.

Contact: Adam Shepard
         Liquidator
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone: 9223 2944


INLAND PORT: Names Colin McDonald as Liquidator
-----------------------------------------------
The members of Inland Port of Bendigo Pty Limited convened on
February 15, 2006, and agreed on the voluntary wind up the
Company's operations.

Colin R. McDonald was nominated to act as the Company's
liquidator.

Contact: Colin R. McDonald
         Liquidator
         PO Box 56, Mooroolbark
         Victoria 3138, Australia


JC HOLDINGS: Prepares to Shut Down Business
-------------------------------------------
After their general meeting on February 14, 2006, the members of
JC Holdings Pty Limited decided to voluntarily wind up the
Company's operations.

Subsequently, F. W. Collins and A. L. Bottomer were appointed as
joint and several liquidators.

Contact: A. L. Bottomer
         F. W. Collins
         Liquidators
         PO Box 1596, Cairns
         Queensland 4870, Australia


KARAVAN CATERING: Faces Liquidation Proceedings
-----------------------------------------------
On January 4, 2006, the High Court of Auckland received an
application from Kowhai Meats Limited to put Karavan Catering
Limited into liquidation.

The High Court will hear the Petition on March 30, 2006, at
10:00 a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than
March 28, 2006.

Contact: Malcolm Whitlock
         Solicitor for the Plaintiff
         Debt Recovery Group NZ Limited
         149 Ti Rakau Drive, Pakuranga, Auckland
         P.O. Box 259 059, Burswood, Auckland
         New Zealand


KEMALEX PLASTICS: Enters Voluntary Administration
-------------------------------------------------
Kemalex Plastics SA has been placed into voluntary
administration after a comprehensive appraisal of the Company's
current and future trading position, the Sydney Morning Herald
reported.

At the request of a Kemalex director, KordaMentha partners,
Stephen Duncan and Peter Lanthois, have been appointed joint
administrators of the Company.

The Sydney Herald said that Kemalex will continue to trade while
a restructuring and sale of all or part of its business is
investigated.  Kemalex will also investigate the current options
of maintaining the existing business and being mindful of the
current state of client sectors, including the motor vehicle
manufacturing industry in Adelaide.

                          About Kemalex

Headquartered in Adelaide, South Australia Kemalex Plastics SA -
- http://www.kemalex.com.au/-- produces injection-moulded parts  
for the appliance, airconditioning, automotive, electronics,
irrigation, medical, and building and aquaculture sectors.  The
Company employed 80 people at its Circuit Court plant at
suburban Hendon and has annual turnover of more than AU$20
million.

On April 27, 2005, Kemalex workers began an indefinite strike
over unresolved issues in their enterprise bargaining
negotiations.  The strike, which lasted 10 weeks, stemmed from
the Company's proposal that all workers be forced to become
independent contractors, and the union's demand for a fair wage
increase and a better redundancy package.  The strike cost the
business more than AU$1.1 million in legal fees, lost
production, lost sales, plant and truck damage, excess transport
fees, sabotage resulting in poor quality product and excess
overtime during and since the strike.

The Company entered voluntary administration in February 2006.


LLOYD SCOTT: Receivers Step Down
--------------------------------
On February 24, 2006, David Lombe and Christopher Campbell
ceased to act as the receivers and managers of Lloyd Scott
Nominees Pty Limited.


MEMORART PTY: To Hold Final Meeting Today
-----------------------------------------
The final meeting of the members and creditors of Memorart Pty
Limited will be held today, March 17, 2006, for them to get an
account of the manner of the Company's wind-up and property
disposal from liquidator Ezio Marco Senatore.

Contact: Ezio M. Senatore
         Liquidator
         c/o Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra ACT 2601, Australia
         Telephone: (02) 6214 6700
         Fax: (02) 6214 6799


MSS AUTOMOTIVE: Hires Liquidator to Wind Up Business
----------------------------------------------------
A special resolution to appoint a liquidator for MSS Automotive
& Compliance Limited was passed by shareholders on
March 1, 2006.

Thus, John Albert Price and Christopher Robert Ross Horton were
hired to facilitate the liquidation of the Company's assets.

In line with the liquidation of the Company's assets, creditors
are given until April 10, 2006, to prove their debt or claims in
order to benefit from any distribution the Company will make.

Contact: J. A. Price
         Joint Liquidator
         care of Horton Price Limited
         P.O. Box 9125, Newmarket, Auckland
         New Zealand
         Telephone: (09) 366 3700
         Facsimile: (09) 366 7276


PHOTOMATIC AUSTRALIA: Appoints Official Receivers
-------------------------------------------------
On February 15, 2006, John Frederick Lord and Atle Crowe-Maxwell
were appointed as the receivers and managers of Photomatic
Australia Pty Limited.

Contact: John F. Lord
         Atle Crowe-Maxwell
         Receivers
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, Australia


PRO-TECT INVESTMENTS: To Distribute Dividend Today
--------------------------------------------------
Pro-tect Investments Holdings Pty Limited will declare a first
and final dividend today, March 17, 2006.

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

Contact: D. A. Turner
         Liquidator
         PKF Chartered Accountants
         Level 11, 485 La Trobe Street
         Melbourne, Victoria 3000
         Australia


RUSSELL SOPPITT: Begins Wind-up Proceedings
-------------------------------------------
On February 15, 2006, the members of Russell Soppitt Pty Limited
held a general meeting and agreed that it is in the Company's
best interests to close its operations.

K. L. Sutherland was appointed as liquidator.

Contact: K. L. Sutherland
         Liquidator
         Bent & Cougle Pty Limited
         332 St. Kilda Road, Melbourne
         Victoria 3004
         Australia


SALCOMBE MOTORSPORT: Prepares to Liquidate Assets
-------------------------------------------------
Joint and several liquidators have been appointed for Salcombe
Motorsport Limited.

The Company's liquidation commenced on February 28, 2006.

Creditors of the Company should prove their debt or claims to
benefit from any distribution the Company might make.

Contact: Peter R. Jollands
         Liquidator
         Jollands Callander
         Accountants and Insolvency Practitioner
         Level Four, 3-13 Shortland Street, Auckland
         P.O. Box 106-141, Auckland City
         New Zealand
         Telephone: (09) 379 0463
         Facsimile: (09) 379 0465 or
         Web site: http://www.jollandscallander.co.nz
         e-mail: peter@jollandscallander.co.nz


SPGPL PTY: Prepares to Pay Dividend to Creditors
------------------------------------------------
SPGPL Pty Limited will declare its first dividend to creditors
today, March 17, 2006.

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

Contact: G. G. Woodgate
         Liquidator
         Woodgate & Company
         Telephone: (02) 9233 6088
         Fax: (02) 9233 1616


SPIDERS BODY WORKS: Appoints Official Liquidator
------------------------------------------------
At a general meeting on February 14, 2006, the members of Spider
Body Works Pty Limited resolved to wind up the Company's
business voluntarily.

Gregory Stuart Andrews was appointed as liquidator.

Contact: Gregory S. Andrews
         G. S. Andrews & Associates
         22 Drummond Street, Carlton
         Victoria 3053, Australia
         Telephone: (03) 9662 2666
         Fax: (03) 9662 9544


TELSTRA CORPORATION: Extends BSA and Stream Installation Deals
--------------------------------------------------------------
Telstra Corporation has extended its current contract with
Service Stream for installation and maintenance services in
Sydney, Brisbane, Adelaide and Perth, IT Newswire.

Moreover, Telstra renews its contract with Broadcast Services
Australia, who will perform a portion of Telstra's installation
and maintenance services for the Sydney and Brisbane Regions.

Service Stream's extended AU$25-million-per-year contract will
run for four years, beginning July 1, 2006.

BSA, on the other hand, estimates that its new two-year contract
with Telstra will turn in around AU$65 million revenue.

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TELSTRA CORPORATION: ICT Unit Bags AU$3 Million Contract
--------------------------------------------------------
KAZ Group Limited, a Telstra Corporation subsidiary, has won a
AU$3 million managed IT services contract with St. John of God
Health Care, IT Wire says.

Pursuant to the Contract, KAZ will provide St. John, Australia's
third largest private hospital operator, with server hosting and
business service continuity for its operations in Victoria and
Western Australia.  The three-year contract also involves
hosting and managing the hospital group's facilities in
Melbourne and Perth.

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TELSTRA CORPORATION: Taps Brightstar to Upgrade Retail System
-------------------------------------------------------------
Telstra Corporation has entered into a three-year agreement with
Brightstar Logistics Pty Ltd to improve the performance of its
end-to-end retail supply chain and the overall experience for
its customers.

Brightstar, a leading wireless distribution and supply chain
solutions company, will manage operations of Telstra's handset
supply chain, including the Retail Fulfillment Operation, and
introduce a number of inventory management tools, driving costs
out of the business and giving Telstra a long-term competitive
advantage.

Telstra Group Managing Director, Product Management Holly Kramer
said that the end-to-end retail supply chain deal follows the
telco's exclusive agreement with Brightstar in October 2005 to
source and procure wireless devices from global suppliers, at
more competitive prices.

Telstra says that under the Agreement, Brightstar's key service
offerings, supported by its innovative, proprietary information
technology capabilities, will significantly elevate Telstra's
retail supply chain performance over the next year.  The
services include:

   * managing Telstra's inventory to generate cost savings;

   * continuing the strategic sourcing agreement to drive the
     best price and increase performance relative to delivery
     commitments;

   * enabling global best-in-class supply chain processes,
     distribution and logistics management by managing the
     Retail Fulfillment Operation and improving service levels
     to all of our channel partners, dealers and stores;

   * introducing new services including channel inventory
     management tools such as a web-based product-ordering
     portal and automated point of sale replenishment systems;

   * advising on product lifecycles and ranges, stock movements,
     performance measurement tools and packaging and
     customization capabilities;

   * implementing a new IT system to monitor and report real-
     time sales performance and product movement down to the
     store and products level, ensuring appropriate product
     placement and turnover; and

   * introducing web-based returns and reverse logistics tools
     to reduce Telstra's handling and asset recovery costs.

Brightstar's end-to-end solutions will focus on enhancing
collaboration between vendors and channel partners, increasing
data transparency throughout the supply chain.

Telstra's Managing Director, Telstra Procurement, Ian Wheatley
said that the performance improvements give Telstra the best
opportunity yet to capture the tremendous potential and value of
the handset supply chain.  He said that there will be
significant cost savings and a better buying experience for both
Telstra and its channel partners.

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TELSTRA CORPORATION: Finds Flaw in Proposed Media Changes
---------------------------------------------------------
On March 14, 2006, Federal Communications Minister Helen Coonan
unveiled a strategy to reform the media sector as a step towards
the digital television switch in 2012.

Senator Coonan's discussion paper proposes to lift restrictions
on multi-channeling by commercial television broadcasters by the
end of 2012, or earlier if the changeover from analog to digital
TV goes well.

The media plan includes a ban on a fourth commercial TV network
until at least 2012, the watering down of cross-media rules and
the ability for all free-to-air networks to run their own
digital HDTV multi-channel from January next year.  Under anti-
syphoning rules, subscription services such as Foxtel, cannot
show sporting events before free-to-air stations.

According to the Australian Associated Press, Telstra, which
owned half of pay TV provider Foxtel, said it was disappointed
with the plan.  Telstra believes that the new policy is heavily
tilted towards protecting free-to-air broadcasters.

Telstra spokesman Rod Bruem said that the main problem was the
way the Government protected sporting events through its anti-
siphoning list.  These sporting events included the Olympic
Games, the Commonwealth Games, the Melbourne Cup, AFL and NRL
matches, selected international soccer matches, and major golf
and tennis tournaments, among others.

Under the media plan, the list would remain in place, but free-
to-air broadcasters would need to use any rights to events that
they acquired or have the events permanently removed from the
list.  Free-to-air networks have until 12 weeks before an event
to show interest in acquiring rights before they were offered to
pay-TV.

The rationale behind the list would be reviewed in 2009.

According to AAP, Mr. Bruem argued that the new "use it or lose
it" scheme was not enough.

"We've been involved in Foxtel and it's only just looking
profitable after a decade," he said.  "The main reason is the
sport anti-siphoning rules.  The one thing in common in the
government's telecommunications policy and media policy is a
firm belief that regulation is the answer to all the problems,
rather than letting consumers decide what they want to watch or
access."

Telstra maintains that consumers should be given the power to
make choices.

Mr. Bruem noted that another flaw in the Government's media plan
was the red tape blocking one of the key platforms to delivering
new digital services -- Telstra's multi-billion dollar fibre-to-
the-node network.  The fibre cable network would deliver phone,
internet and digital TV services to homes and businesses.

Mr. Bruem said that until red tape changes were made, Telstra
would focus on its 3G wireless network.  "But in the interest of
national development and being competitive we need both high-
speed fixed and wireless networks," he said.

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


VICTORIA IMPORTS: Official Assignee to Liquidate Business
---------------------------------------------------------
The official assignee was appointed as liquidator of Victoria
Imports Limited on March 1, 2006.

Contact: Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


WESTPOINT GROUP: ASIC Freezes Bridgecorp Funding Due to Exposure
----------------------------------------------------------------
The Australian Securities and Investments Commission had issued
an interim freeze to a fundraising offer from Bridgecorp
Australia due to its involvement with Westpoint Group, The New
Zealand Herald reports.

Bridgecorp and Hanover Group, which is a New Zealand financial
services company, jointly made a NZ$2 million provision for
potential losses funding Westpoint's 18-shop, 304-unit Bayshore
project in Port Melbourne.

ASIC criticized Bridgecorp for not disclosing its full exposure
to the collapsed Westpoint.  Westpoint's AU$450 million downfall
has exposed banks, mezzanine financiers, thousands of investors
and dozens of financial planners to its failure.

The NZ Herald relates that Bridgecorp was trying to raise AU$238
million before ASIC froze the offer.  Bridgecorp had promised
not to lend any more than AU$20 million to any one borrower, but
a supplementary prospectus showed that it had AU$34 million
exposure to Westpoint's AU$140 million Port Melbourne Project.

ASIC's interim stop order related only to Bridgecorp and would
not affect New Zealand investors.

Bridgecorp says that although it might not get its interest and
fees back, it does not believe there will be a loss of capital.
Bridgecorp, as a secured creditor on the project, appointed
receiver KordaMentha, which in turn appointed a committee that
allowed work on the Port Melbourne Project to continue.

                         About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group.  ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments.  These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.

The most recent development in the Westpoint battle is the wind-
up order issued by the Federal Court in Perth against Westpoint
Corporation Pty Ltd.  ASIC applied to wind up the company on
grounds of insolvency.  ASIC believes that Westpoint Corporation
is responsible for arranging, managing and coordinating
Westpoint Group's property projects as well as holding money for
other group companies.  ASIC was concerned that Westpoint
Corporation was unable to pay its debts, including its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors.  The Westpoint Group's collapse is
considered by many as the largest of its type in recent years,
with small investors being the biggest group affected.

Investors are currently joining forces to commence a class
action against Westpoint and its advisors.


WESTPOINT GROUP: Receiver Revives Apartments
--------------------------------------------
Westpoint Group's receiver, KordaMentha, is working to finish
the failed property group's Bayshore apartments in Port
Melbourne, The Age reports.

The 306-unit residential development with 18 ground-level retail
shops on Bay Street is one of two major properties that
Westpoint had under way.  The project is 94% unsold.
KordaMentha plans to sell the remaining apartments upon
completion.

The Age relates that there were suggestions for certain radical
changes to the new apartment.  In an effort to cut costs,
changes in certain specifications were proposed, including
changes to finishings, such as replacing 40-ounce carpets with
32-ounce carpets and using thinner glazing on aluminum windows
and doors.  Project manager Adam Cole, however, said that the
suggested changes were not carried out.

KordaMentha partner Berrick Wilson said in a statement that
KordaMentha was committed to delivering purchasers with their
contracted apartments and that it will ensure the level of
fixtures and finishes complies fully with the pre-sale
contracts.

                         About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group.  ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments.  These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.

The most recent development in the Westpoint battle is the wind-
up order issued by the Federal Court in Perth against Westpoint
Corporation Pty Ltd.  ASIC applied to wind up the company on
grounds of insolvency.  ASIC believes that Westpoint Corporation
is responsible for arranging, managing and coordinating
Westpoint Group's property projects as well as holding money for
other group companies.  ASIC was concerned that Westpoint
Corporation was unable to pay its debts, including its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors.  The Westpoint Group's collapse is
considered by many as the largest of its type in recent years,
with small investors being the biggest group affected.

Investors are currently joining forces to commence a class
action against Westpoint and its advisors.


WESTPOINT GROUP: Emu Brewery Site is First to Go
------------------------------------------------
Westpoint Group's receiver and manager, KordaMentha, has taken
steps to sell a 1.8-hectare development site in Perth,
Australia, owned by the failed property developer, The
Australian reports.

KordaMentha has appointed Knight Frank to sell the former Emu
Brewery site.  The property, expected to fetch as much as AU$70
million, is the first of several Westpoint assets to be offered
within the next two weeks after the Group's collapse.

Other Westpoint assets in line for sale are:

     * Huntingdale Village Shopping Centre;
     * Units in the Warwick Entertainment Centre;
     * Warwick Health Care Centre; and
     * various completed Perth and Melbourne residential units.

Emu Brewery has about 1,000 apartments, 6,400 square meters of
commercial and retail space, and a six-level, 1,400-bay car
park.

Knight Frank agency director John Corbett said that the Emu
Brewery site has long been recognized as the key to the western
end of the central business district with its ideal location and
panoramic views of the city, river and Kings Park.

                         About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group.  ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments.  These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.

The most recent development in the Westpoint battle is the wind-
up order issued by the Federal Court in Perth against Westpoint
Corporation Pty Ltd.  ASIC applied to wind up the company on
grounds of insolvency.  ASIC believes that Westpoint Corporation
is responsible for arranging, managing and coordinating
Westpoint Group's property projects as well as holding money for
other group companies.  ASIC was concerned that Westpoint
Corporation was unable to pay its debts, including its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors.  The Westpoint Group's collapse is
considered by many as the largest of its type in recent years,
with small investors being the biggest group affected.

Investors are currently joining forces to commence a class
action against Westpoint and its advisors.


WHOLOHAN PTY: Members and Creditors to Receive Wind-up Report
-------------------------------------------------------------
The members and creditors of Wholohan Pty Limited will convene
today, March 17, 2006, to receive liquidator Ezio Marco
Senatore's account regarding the Company's completed wind-up and
disposal of property, and to consider any other matters that may
be brought before the meeting.

Contact: Ezio M. Senatore
         Liquidator
         c/o Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra ACT 2601, Australia
         Telephone: (02) 6214 6700
         Fax: (02) 6214 6799


YANOLLEE PTY: Falls Into Liquidation
------------------------------------
The members of Yanollee Pty Limited convened on February 15,
2006, and concurred that it is in the Company's best interests
to wind up its operations.

Subsequently, John Curley was appointed as liquidator.

Contact: John Curley
         Liquidator
         GFB Peacocke & Company
         1st Floor, 173 Darling Street
         Dubbo, New South Wales
         Australia


ZLR LIMITED: Picks Liquidator to Wind Up Business
-------------------------------------------------
On February 28, 2006, shareholders of ZLR Limited appointed
Karen Betty Mason and Jeffrey Philip Meltzer as liquidator to
facilitate the winding up of the Company.

Creditors are hereby required to prove their debt or claims not
later than March 24, 2006, to benefit from any distribution the
Company will make.

Contact: K. B. Mason
         Liquidator
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302
         Wellesley Street, Auckland
         New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


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

AGRICULTURAL BANK: Releases Hefty Loan to Back Rural Development
----------------------------------------------------------------
The Agricultural Bank of China has loaned a total of CNY1.82
trillion to China's rural development, or nearly a fifth of its
lending between 2001-2005, Xinhuanet reports.

Agricultural Bank said in a statement that most of the loans
were issued for agricultural projects, rural infrastructure and
township enterprises.  The Bank added that it has an exposure to
more than half of the 581 leading agro-enterprises in the
country.

In 2005, the Bank has CNY1.096 trillion worth of outstanding
agro-related loans, CNY271.1 billion more than five years
earlier.

Headquartered in Beijing China, Agricultural Bank of China
-- http://www.abchina.com/-- is the one of the "big four"  
banks in the People's Republic of China.  It was founded in
1949, and has its headquarters in Beijing and has branches
throughout mainland China, and also in Hong Kong and
Singapore.  It employs over 300,000 people.  As of 2004 it had
an annual turnover of US$13.3 billion.  By the end of 2005, the
Agricultural Bank of China became the second largest bank in
China in terms of total assets, which had hit CNY4.88 trillion
(US$605 billion), second only to the Industrial and Commercial
Bank of China.  Agricultural Bank of China is the remaining of
the Big Four state-owned banks that as not yet received a state
bailout.  The other three members of the Big Four State-owned
banks -- the Bank of China, China Construction Bank, and
Industrial and Commercial Bank of China -- have already received
a combined US$60 billion in capital injections from the Chinese
government in the past two years.  Agricultural Bank anticipates
completing its financial restructuring in 2006.  However, it
still awaits the Chinese central government's decision on
bailout funds.


ASIA ALUMINUM: Moody's Reviews Ba3 Rating for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the Ba3 corporate family
rating and senior unsecured bond rating of Asia Aluminum
Holdings Limited on review for possible downgrade.

This rating action follows Asia Aluminum's request to suspend
its shares trading on March 15, 2006, pending the release of an
announcement in relation to the proposed privatization of the
Company.

"Moody's is concerned that the controlling shareholder may
utilize AA's current cash reserve to part fund its
privatization, subject to existing bond covenant, such that the
Company's liquidity position may weaken", says lead analyst
Angela Choi.

"In this review, Moody's will evaluate how the privatization is
funded and the associated financial policy, including future
dividend distributions, business strategy, as well as its
information disclosure and corporate governance practice post-
privatization", adds Ms. Choi.

Headquartered in Kowloon, Hong Kong, Asia Aluminum Holdings
Limited -- http://www.asiaalum.com/-- is the powerhouse of  
aluminum extrusion, offering comprehensive solutions in design
and engineering, extrusion, surface finishes, fabrication and
delivery.  The Company is quoted on the Hong Kong Stock Exchange
and is one of the largest investor-owned aluminum businesses in
Asia, serving the infrastructure, transportation, industrial,
and home improvement sectors.  The Company currently operates
five production facilities in Nanhai in China's Guangdong
Province with an aggregate capacity of 150,000 metric tons, and
is building a new avant-garde platform in the neighboring city
Zhaoqing, to facilitate future progressive business rollouts.
Total sales reached HK$3.4 billion (US$437 million) for the year
ended June 30, 2005.  In February 2006, Standard & Poor's Rating
Services "BB" long-term corporate credit rating on Asia Aluminum
Holdings Limited on CreditWatch with negative implications.  At
the same time, it also placed US$450 million in senior unsecured
notes due 2011 on CreditWatch with negative implications.  The
rating actions follow an announcement that AAH chairman and
controlling shareholder, Kwong Wui Chun, with the support of
several management executives, has made a preliminary approach
to take the Company private.  The chairman and his associates
hold a 35.41% stake in the Company.


BULGARI ASIA: To Reconvene Final Meeting on April 13
----------------------------------------------------
A final meeting of the shareholders of Bulgari Asia Limited will
be reconvened and held at 12 Floor, New World Tower 2, 18
Queen's Road Central, Hong Kong on April 13, 2006, at 11:00
o'clock in the morning.

At the meeting, the members will receive the liquidator's final
account showing how the Company was wound up and how its
property was disposed.  They will also discuss on whether the
books, accounts and documents of the Company will be retained by
the liquidator, Ma Ching Nam, and be destroyed three months
after the Company is dissolved.


CAMBRIDGE STAR: Wong Kwai Hon Ceases to Act as Liquidator
---------------------------------------------------------
On March 1, 2006, Wong Kwai Hong of Flat F, Ground Floor, 57 Ma
Tau Wai Road Hunghom, Kowloon, Hong Kong, has ceased to act as
liquidator of Cambridge Star Limited.


CODEBANK LIMITED: Fong Chin Simon Lodges Liquidation Petition
-------------------------------------------------------------
On January 6, 2006, Fong China Fai Simon filed with the High
Court of Hong Kong a petition to wind up Codebank Limited.

The application will be heard before the High Court of Hong Kong
on March 15, 2006, at 9:30 a.m.

Any person wishing to appear at the hearing must file an
appearance not later than March 14, 2006.

Contact: Tai, Mak & Partners
         Solicitors for the Petitioner
         Rooms 1004-1005, 10th Floor
         Nan Fung Tower
         No. 173 Des Voeux Road Central
         Hong Kong
         Telephone: 2850-6336
         Fax: 2850-6086


COTESH COMPANY: Appoints Wilson Wing Sang Chan as Liquidator
------------------------------------------------------------
The shareholders of Cotesh Company Limited held a meeting on
February 28, 2006, and agreed on the Company's need to
liquidate.  They then named Wilson Wing Sang Chan to oversee the
Company's wind-up activities.

Contact: Wilson Wing Sang Chan
         Liquidator
         23rd Floor
         Wheelock House
         20 Pedder Street
         Hong Kong


DELTA FINANCE: Enters Voluntary Liquidation
-------------------------------------------
At a meeting of Delta Finance Limited on February 28, 2006, the
members agreed to voluntarily wind up the Company's operations.

Wilson Wing Sang Chan of 16th Floor, Ocean Centre, Harbour City,
Canton Road, Kowloon, Hong Kong, was nominated to act as
liquidator for the wind-up.


EXPRESS BUILDERS: Names New Liquidator
--------------------------------------
The creditors of Express Builders Company Limited has appointed
on February 20, 2006, Cosimo Borrelli and Stephen Briscoe as
Joint Liquidators of the Company in place of David John Kennedy.

Contact: Stephen Briscoe
         Cosimo Borrelli
         Joint Liquidators
         Alvarez and Marsal
         5th Floor Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060


EVA ASSET: To Hold Final Meeting on April 11
--------------------------------------------
A final meeting of the members of Eva Asset Management Limited
will be held on April 11, 2006.

At the meeting, the members will receive the liquidator's final
account showing how the Company was wound up and how its
property was disposed.  They will also discuss on whether the
books, accounts and documents of the Company will be retained by
the liquidator, Chan Sze Wah, Iris, and be destroyed three
months after the Company is dissolved.

Contact: Chan Sze Wah, Iris
         Liquidator
         903 Car Po Commercial Building
         18 Lyndhurst Terrace, Central
         Hong Kong


FORDWISE INVESTMENT: Schedules Final Meeting on April 21
--------------------------------------------------------
A final meeting of the members of Fordwise Investment Limited
will be held at Workdshop A, G/F., Superluck Industrial Centre,
Phase 1, 45-53 Sha Tsui Road, Tsuen Wan, New Territories on
April 21, 2006, at 10:00 a.m.

At the meeting, the members will receive the joint liquidators
Tse Chiang Kwok, Nassar and Tam Chun Wan's final account showing
how the Company was wound up and how its property was disposed.


FUSION DESIGN: Appoints Joint and Several Liquidators
-----------------------------------------------------
Fusion Design Asia Limited was placed in liquidation on February
26, 2006, by a special resolution passed by the creditors.

As a result, Lui Wan Ho and Lui Yee Lin of Room 1701, Olympia
Plaza, 255 King's Road, North Point, Hong Kong, were appointed
as joint and several liquidators.


HAPPY HOLIDAY: Winding Up Hearing Fixed on April 19
---------------------------------------------------
On February 17, 2006, Wong Shek Hing filed an application to
wind up Happy Holiday International with the High Court of
Special Administrative Region.

The Application will be heard before the High Court on April 19,
2006, at 9:30 a.m.

Contact: Betty Chan
         for Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong
         Telephone: (852) 2126 6731
         e-mail: ladinfo@lad.gov.hk


PROSPEROUS CENTURY: Members Resolve to Wind Up Firm
---------------------------------------------------
Members of Prosperous Century Limited held a meeting on March 1,
2006, and agreed that:

  -- the Company be wound up voluntarily; and

  -- Lai Kar Yan, Derek and Darach E. Haughey be appointed as
     liquidators to divide and distribute any part of the
     Company's assets.

Contact: Lai Kar Yan Derek
         Darach E. Haughey
         Joint and Several Liquidators
         Deloitte Touche Tohmatsu
         26th Floor, Wing On Centre,
         111 Connaught Road,
         Central, Hong Kong
         Telephone: + 86 (21) 6141 8888
         Fax: + 86 (21) 6335 1118


PROSPEROUS CENTURY: Receiving Proofs of Claim Until April 10
------------------------------------------------------------
Prosperous Century Limited will be receiving proofs of debt or
claim until April 10, 2006.

Creditors may send in their particulars to Darach E. Haughey and
Lai Kar Yan, Derek, the Company's joint liquidators at the 26th
Floor, Wing On Centre, 111 Connaught Road Central, Hong Kong.

Creditors who fail to comply with such requirements will be
excluded from the benefit of any distribution.


ROCKY LIMITED: Creditors Meeting Slated for March 22
----------------------------------------------------
The creditors of Rocky Limited will hold a creditors' meeting on
March 22, 2006, at 11:00 a.m., at 805 Capital Centre, 5-19
Jardine's Bazaar, in Causeway Bay, Hong Kong.

The meeting is pursuant to Sections 241, 242, 243 and 244 of the
Companies Ordinance.

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

Forms of proxies for the meeting must be lodged not later than
March 21, 2006, at the meeting location.


SIMBURY COMPANY: Names Official Liquidators
------------------------------------------
Simbury Company was placed in liquidation on February 28, 2006,
by a special resolution passed by the shareholders.

As a result, Kevin Chung Ying Hui, of 16th Floor, Ocean Centre,
Harbour City, Canton Road, Kowloon, Hong Kong, was appointed as
liquidator.


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

IBP COMPANY: Sees Losses Despite Government's Oil Bonds
-------------------------------------------------------
IBP Company Limited expects to book losses this year even after
the Government had issued INR400-crore oil bonds for the Company
to recover losses from selling fuel at subsidized prices,
Hindustan Times reports.

IBP said that the Government Oil Bonds are not enough to offset
around INR500 crore in accumulated losses as of December 2005.

The Troubled Company Reporter - Asia Pacific reported on
March 15, 2006, that newly installed Petroleum minister Murli
Deora had warned Prime Minister Manmohan Singh that state oil
companies Bharat Petroleum, Hindustan Petroleum and IBP could
collapse if they are not bailed out soon.  Specifically, Mr.
Deora asked the Government to offer a revival package to the oil
firms before they run into catastrophic losses in the next few
years.

Headquartered in West Bengal, India, IBP Company Limited
-- http://www.ibpoil.com/-- is engaged in the storage,  
distribution and marketing of petroleum, chemicals and aluminum
cryogenic containers.  The Company operates in three segments:
Petroleum, Chemicals and Engineering.  The Company has been
suffering from a string of losses since last year due to a
Government mandate to sell fuel to the public at subsidized
prices.  In September 2005, IBP warned the Government that it
would go bankrupt if it will not raise petrol, diesel, liquefied
petroleum gas and kerosene prices.  The Government then issued
INR400 crore in oil bonds for the Company to recover losses.



NATIONAL TEXTILE: Mills Sale Plan Meet Opposition
-------------------------------------------------
Mill activists are opposed to the sale of any more mills by the
National Textile Corporation, Profit.com relates.

The protesters claim that the INR2,000 crore, which the state
firm received from the sale of five mills last year, is enough
to settle their financial obligations and revive and develop
other mills.

However, National Textile insists that the funds are not enough,
as it had borrowed over INR2,000 crore to pay voluntary
retirement packages for workers of its other sick mills.  It
also said that earlier estimates for modernization needed to be
revised because of rising costs.

As reported by the Troubled Company Reporter - Asia pacific on
March 9, 2006, National Textile has unveiled plans to revive and
sell some of the mill lands it owns, after the Supreme Court
gave the green light for the development of another 90 acres of
mill lands across Mumbai.  The Company hopes to raise more than
US$1 billion from land sales.

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


SHIVA CEMENT: Members Approve Shares Issue
------------------------------------------
At an Extraordinary General Meeting on March 13, 2006, members
of Shiva Cement Limited approved:

   * the issue of up to 65,00,000 equity shares at INR2 each to
     banks and financial institutions at a premium price of
     INR1.70 per share;

   * the issue of up to 118,00,000 redeemable preference shares
     to various banks and financial institutions in terms of
     their sanction letter; and

   * issue of up to 150,00,000 warrants convertible into
     equity share with a face value of INR2 at a premium of
     INR1.70 per share to promoters and other domestic
     strategic investors.

Headquartered in Orisa, India, Shiva Cement Limited manufactures
cement for domestic and local supply.  In September 2005, the
Company secured in-principle approval for its debt-restructuring
proposal after its consortium leader IFCI Limited as well its
lenders, including ICICI Bank, Bank of India, Bank of Baroda,
Allahabad Bank have all endorsed the restructuring plan.


* SEBI Debars 13 Entities for Rigging Share Prices
--------------------------------------------------
In yet another crackdown on share price manipulation, the
Securities and Exchange Board of India has debarred Warner
Multimedia Limited along with 12 other related entities for
rigging the share prices of Warner Multimedia.

In its order dated February 1, 2006, SEBI said that the
promoters of Warner Multimedia deliberately delayed the
dematerialization of shares held by public shareholders with a
"view to create artificial scarcity and thereby manipulate the
prices of the shares."

Aside from Warner Multimedia, the 12 individuals and entities
barred by SEBI are:

     1. Jagadish Prasad Purohit;
     2. Kailash Prasad Purohit;
     3. Vaishno Trade Link Pvt Ltd;
     4. Godavari Commerce Pvt Ltd;
     5. Pragati Merchant;
     6. Success Merchant Pvt Ltd;
     7. Rolex Merchant Pvt Ltd;
     8. Govardhan Jain;
     9. Mumbadevi Finance and Investment Company Pvt Ltd;
    10. Safal Investments;
    11. Gaje Singh Chahl; and
    12. Arun Goyal.

These entities are prohibited from buying, selling and dealing
in the securities market for three years.

"The entities also failed to cooperate with the investigation
instituted by SEBI in this matter," the order said.

SEBI also warned ABS Consultants Pvt Ltd, Registrar and Share
Transfer Agent of Warner Multimedia Ltd, and asked it to be more
careful in its activities in future.


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

BANK MANDIRI: Cuts Interest Rates; Others May Follow Suit
---------------------------------------------------------
State-owned Bank Mandiri slashed its interest rate on deposits
and loans by 50 basis points, effective as of March 10, 2006.

Moreover, Deposit Guarantee Agency decided to cut its interest
rate by 25 basis points.

Bank Mandiri's and Deposit Guaranty's move are expected to force
other local banks to re-adjust their position, Asia Pulse
reports.  Analysts see other banks following suit and cutting
interest rates or else risk losing market.

For one, Bank Internasional Indonesia had already indicated that
a cut in interest rate would be made after the bank's profit
margin is recovered.  Asia Pulse adds that Bank Rakyat
Indonesia, Gayatri Rawit, is also considering an interest cut
but says it has yet to hold a meeting with its Asset Liabilities
Committee to make a decision.

Headquartered in Jakarta, Indonesia, Bank Mandiri --  
http://www.bankmandiri.co.id/-- Indonesia's largest and best  
capitalized bank in terms of assets, loans and deposits,
provides comprehensive financial services to more than six
million corporate and individual consumers, as well as small and
medium-sized enterprises in Indonesia.  Its total assets as of
March 31, 2002, were IDR261.9 trillion, roughly 24% of the
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements.  Pefindo has assigned in
March 2006, a corporate rating of "idA+" to PT Bank  Mandiri
(Persero) Tbk.  The rating reflects the continuing strong
supports from the government, the bank's superior position as
the largest bank in the country, and the bank's sound
capitalization.  However, the bank's huge problematic loans
resulted from a combination of implementation of Bank Indonesia
regulation no. 7/2/PBI/2005 regarding changes in earnings assets
classification and assets quality deterioration of several big
loans has mitigated the rating.


INDOFOOD SUKSES: Moody's Review B2 Foreign Currency Rating
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the B2 foreign currency issuer rating of Indofood Sukses
Makmur Tbk (Indofood) and the senior unsecured bond rating of
Indofood International Finance Limited.

This rating action follows Moody's decision to place the
Indonesia' B2 foreign currency sovereign ceiling under review
for possible upgrade.

At the same time, Moody's has affirmed Indofood's local currency
issuer rating of B1 with stable outlook.

PT. Indofood Sukses Makmur Tbk (Indofood) --  
http://www.indofood.co.id/-- is Indonesia's premier processed  
foods company.  It's products including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, is leading domestic market shares.  Indofood is
the currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors as well as some cooperatives, that bring the
company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 31,1999 was 42,172.

A combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
it's range in 2005.


PERTAMINA: Signs Joint Operating Agreement for Cepu Block
---------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
March 14, 2006, ExxonMobil Oil Indonesia Inc. and PT Pertamina
have concluded talks regarding the operation of the giant Cepu
oil block.

On March 15, 2006, ExxonMobil stated in a press release that,
together with its subsidiaries Mobil Cepu Limited and Ampolex
(Cepu) Pte Limited, it has signed a Joint Operating Agreement
with P.T. Pertamina EP Cepu, a subsidiary of PT Pertamina, for
the Cepu Contract Area located in East and Central Java,
Indonesia.

The signing of the Joint Operating Agreement follows the
execution of the Cepu Cooperation Contract in September 2005,
and enables the parties to begin the activities and make the
investments required to develop the discovered resources and
further explore the block during the 30-year contract period.
The agreement provides the basis for joint development of the
block, which will be managed by the parties under a Joint
Operating Committee.  Moreover, Pertamina and ExxonMobil will
each provide management oversight, technology and manpower under
the agreement.

Pertamina and ExxonMobil each hold a 50% interest in the
Contract, with the parties anticipating entry of a regional
entity at 10% level in the future.  Both parties will provide
the 10% equally.

Ampolex and Mobil Cepu Ltd. acquired their respective interests
in the Cepu Contract Area in 1997 and 2000 with the approval of
both Pertamina and the Government of Indonesia.

Affiliates of ExxonMobil Corporation have been operating in
Indonesia for more than 100 years.  Since 1968, the Company has
invested more than US$17 billion in the country and it currently
has 600 employees, more than 95% of whom are Indonesian.  During
its presence in Indonesia, ExxonMobil has been active in
developing and assisting communities around its core areas of
operations.  ExxonMobil has been a major contributor of food,
medical supplies, clothing and financial aid to tsunami relief
efforts.

In March 2001, Pertamina and ExxonMobil announced the Banyu Urip
discovery on the Cepu Contract Area.  Banyu Urip is estimated to
contain more than 250 million barrels of oil.  At peak
production, the field is expected to produce up to 165,000
barrels of oil per day.  The Area has potential for additional
exploration and development opportunities.

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 implements an integrated system
from upstream to downstream.  Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributors to Indonesia's decreased income for the
year.  Indonesia's President Susilo Bambang Yudhoyono has
promised to expedite the overhaul of state oil firm PT Pertamina
in order to increase the country's fuel output.  President
Yudhoyono said the Company's restructuring program is not
proceeding effectively, as the Company is still experiencing
many difficulties.  He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases. On
March 8, 2006, the Indonesian government has appointed Pertamina
marketing director Ari Soemarno as Pertamina's new chief.
Because of Mr. Soemarno's vast experience in managing the
Company's imports and exports of crude oil and oil products, he
was considered the best candidate to replace Pertamina's
President Widya Purnama.


PERTAMINA: Sees $3.3Bln in Revenues From Cepu Block
---------------------------------------------------
PT Pertamina and ExxonMobil Corporation expect to raise US$3.3
billion in revenue annually from sales of oil and gas from the
Cepu block, MarketWatch relates.

Under a Joint Operating Agreement signed on Wednesday, the
companies will launch a joint-operating organization -- the Cepu
Organization -- that will run massive oil and gas block under a
30-year production-sharing contract with the Indonesian
Government.

Pertamina and ExxonMobil also agreed in September 2005 that over
85% of the revenue from the block will go to the Indonesian
Government.  The two companies will jointly invest AU$2 billion
to develop the Cepu block, which is expected to start producing
by 2009.

The block is estimated to hold around 600 million barrels of
crude oil reserves and 1.7 trillion cubic feet of gas, making it
the largest oil discovery in Indonesia in the last three
decades.

The Cepu block is comprised of the Banyu Urip, Alas
Dara/Kemuning, Jambaran, Sukowati and Cendana fields.  Banyu
Urip is the field most ready for production, able to produce
around 165,000 barrels per day of crude oil.

According to Mines and Energy Minister, Purnomo Yusgiantoro, the
Cepu project will attract a huge amount of investment.  Mr.
Purnomo added that it will create jobs and will bring benefits
to the Indonesian economy.

Indonesia recorded a AU$7.3 billion oil trade deficit last year
due to faltering investment in the petroleum exploration sector.

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 implements an integrated system
from upstream to downstream.  Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributors to Indonesia's decreased income for the
year.  Indonesia's President Susilo Bambang Yudhoyono has
promised to expedite the overhaul of state oil firm PT Pertamina
in order to increase the country's fuel output.  President
Yudhoyono said the Company's restructuring program is not
proceeding effectively, as the Company is still experiencing
many difficulties.  He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases. On
March 8, 2006, the Indonesian government has appointed Pertamina
marketing director Ari Soemarno as Pertamina's new chief.
Because of Mr. Soemarno's vast experience in managing the
Company's imports and exports of crude oil and oil products, he
was considered the best candidate to replace Pertamina's
President Widya Purnama.


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

JAPAN AIRLINES: Boeing to Manage Spare Parts Inventory
------------------------------------------------------
Japan Airlines and The Boeing Company signed an agreement
wherein the aircraft manufacturer would manage the airline's
spare parts inventory, Bernama News reports.

The new deal is an expansion of an ongoing agreement between the
two firms dated 2001, which allowed Boeing to manage a limited
area of the Company's spare parts inventory.

Bernama News says that in the Integrated Material Management
Deal, Boeing is in charge of purchasing, inventory management
and logistics for JAL's spare parts.  Boeing and other suppliers
would own and keep JAL's spare parts, while the Company would
pay for the parts when the need arises, thus reducing inventory
holding costs and improving return on assets.

JAL also hopes that the agreement would simplify its inventory
management so that it can focus efforts on aircraft maintenance.

                      About Japan Airlines

Tokyo-based Japan Airlines 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.  JAL's
international passenger operations incurred losses in recent
years due to negative factors such as the severe acute
respiratory distress syndrome epidemic and terrorism fears.  Due
to a series of flight safety-related incidents, the JAL Group
was the subject of a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005.  In the fiscal year
2005-2007, the Company's Medium-Term Business Plan stated that
in order to implement the reform of the corporate structure and
the cost structure swiftly, the holding Company and operating
companies are to be integrated.  Specifically, in fiscal 2005,
the corporate planning and marketing functions will be
integrated and further steps to eliminate overlapping jobs and
streamline the organization will be taken with a view to
achieving substantial integration, the aim being to virtually
integrate the holding company and the operating company.   In
addition, the number of full-time officers was cut by 30%, and
this reform was completed on April 1, 2005.  For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, primarily because of a delay in the
recovery of demand on routes to China and Southeast Asia.
Domestic passenger demand also faltered and fell below its year-
earlier level, particularly among individual passengers, as a
result of factors such as the series of safety problems that
occurred.  Demand for international cargo services also
registered a year-on-year decline overall, owing to weak demand
on routes from Japan to East Asian countries and the United
States.  Rising aviation fuel prices compounded the situation
and meant that the environment in which the JAL Group operated
remained exceptionally harsh.


KAJIMA CORPORATION: Dissolves Non-Operating Unit
------------------------------------------------
At a meeting of the board of directors of Kajima Corporation on
March 14, 2006, the directors resolved to dissolve and liquidate
the Company's subsidiary, Fukuda Kanko Kabushiki Kaisha.

Fukuda Kanko was engaged in the real estate business in Ishikawa
Prefecture Japan, and has ceased its operations.

Fukuda's liquidation, which is expected to be completed in the
financial year ending March 31, 2007, is not expected to affect
Kajima's financial results for the current year.

                       About Kajima Corp.

Tokyo-based Kajima Corporation -- http://www.kajima.co.jp/--   
was founded in 1840 and quickly grew to become an industry
leader in the field of construction, where it has remained as
such ever since.  Kajima Corporation is a leading contractor in
the construction industry, providing a full range of services in
Japan and countries around the globe.  Kajima Corporation has
been experiencing losses due to poor operating performance of
its European construction subsidiary, and has disposed of its
loss-making units.


KANEBO COSMETICS: Garners JPY20.2-Bln Operating Profit in 2005
--------------------------------------------------------------
Kanebo Cosmetics Inc. posted JPY20.2 billion in group operating
profit for financial year 2005, which figure is 11.8% higher
than the estimate under its rehabilitation plan, TMC News says.

According to TMC News, Kanebo Cosmetics reduced the number of
brands and improved its sales performance, which led to JPY212.5
billion in sales.  This sales figure also exceeded Kanebo's
expected projection by 8.2%.  However, appraisal losses on
securities holdings forced the Company to post a JPY8.3 billion
group net loss.

The company, however, incurred a group net loss of JPY8.3
billion due to certain factors like appraisal losses on
securities holdings.

Headquartered in Tokyo, Japan, Kanebo Cosmetics Inc. --  
http://www.kanebo-cosmetics.co.jp/-- was Kanebo Limited's  
cosmetics division, which manufactures and sells
cosmetic products.  Kanebo Cosmetics was spun off by parent
Kanebo Limited in 2004, after being placed under the protection
of Japan's Industrial Revitalization Corporation.  In December
2005, a consortium led by household products firm, Kao Corp.,
initiated the acquisition process for both Kanebo Limited and
Kanebo Cosmetics.

The Troubled Company Reporter - Asia Pacific reported on
November 24, 2003, that Kanebo Limited had outlined a shake-up
of its operations, including a significant cut in its workforce,
after revealing that it had a negative net worth of JPY63
billion yen.  Kanebo Limited has been struggling to stay afloat
in a stagnant market dominated by Japanese cosmetics group
Shiseido.  Kanebo Limited intends to bring down group interest-
bearing debt to below JPY300 billion by March 2007 from JPY506
billion yen in March 2003, through asset sales and gains from
the sale of a 49% stake in its cosmetics business to Kao.


LIVEDOOR COMPANY: Court Says No to CEO's Release on Bail
--------------------------------------------------------
On March 16, 2006, the Tokyo District Court had rejected the
request of struggling Internet portal Livedoor Company Limited's
former president, Takafumi Horie, to be released on bail, TMC
News recounts.

According to an unnamed court spokesman, the District Court
rejected Mr. Horie's and Livedoor director Fumito Kumagai's bail
requests, but granted those made by former Livedoor directors
Ryoji Miyauchi, Osanari Nakamura and Fumito Okamoto.

The Troubled Company Reporter - Asia Pacific stated in a
March 13, 2006 report that Japan's Securities and Exchange
Surveillance Commission planned to file new charges against Mr.
Horie and the directors for falsifying Livedoor's accounts in
order to cover up a JPY300 million loss.  Mr. Horie and four ex-
directors were arrested on January 23, 2006, for alleged
securities law violations.  Mr. Kumagai was arrested last month
for his role in the accounting scandal.

After the scandal was made public, Livedoor share prices plunged
by almost 90%, causing huge losses to stakeholders in the past
two months.  Shareholders are now struggling to sell their stake
in the Company, which is scheduled to be delisted from the Tokyo
Stock Exchange on April 14, 2006.

                         About Livedoor

Tokyo-based Livedoor Company Limited --  
http://corp.livedoor.com/en/-- is an Internet company that  
provides out portal site "livedoor", corporate web solutions,
data center and IP telephony business.  The Company was the
focus of an accounting scandal when it was discovered that the
Company had concealed a JPY1 billion loss for the financial year
ended September 2004 by manipulating its financial statements.
Livedoor president Takafumi and other former executives were
arrested in January this year for their alleged role in the
accounting scandal.


LIVEDOOR COMPANY: Fuji TV to Sell Entire Stake to Usen Corp
-----------------------------------------------------------
Fuji Televison Network, Inc., plans to sell its entire 12.75%
stake in Livedoor Company Limited to cable broadcaster Usen
Corporation's president, Yasuhide Uno, Kyodo News reports,
citing sources close to the deal.

The share purchase will make Mr. Uno the second largest
shareholder in the Company, next to ex-Livedoor president
Takafumi Horie, who holds a 17.25% stake.  A price has yet to be
set for the shares.

Usen and Livedoor have agreed to team up in the portal business,
and Mr. Uno's acquisition of Livedoor shares would enable Usen
to avoid any potential negative effects of the team-up, the
sources said.

Fuji TV plans to file a damages suit against Livedoor to seek
compensation for losses incurred when the Company's stock price
plunged in the months after an accounting scandal broke out,
which also led to the arrest and indictment of Mr. Horie and
former directors.

Livedoor reported a JPY11.2 billion profit for the financial
year ended September 30, 2005, on sales of JPY78.4 billion.
Shareholders are selling their stake in the Company in
anticipation of its scheduled delisting from the stock exchange
next month.

Headquartered in Tokyo, Japan, Livedoor Company, Limited --  
http://corp.livedoor.com/en/-- is engaged in the Internet-  
related business.  It is involved in many sectors, including out
portal site "livedoor", financial business, corporate web
solutions, data center and IP telephony business.  Last year,
Livedoor's office was raided by prosecutors on suspicions of
accounting fraud.  Company executives were alleged to have
relayed false information on a merger, with the intent to boost
the stock price of a Company subsidiary.  Livedoor's stock price
plunged on allegations that the Company concealed a huge JPY1
billion loss for the financial year ended September 2004.


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

CHOHUNG BANK: Moody's Lifts Financial Strength Rating to D
----------------------------------------------------------
Moody's Investors Service has raised Chohung Bank's bank
financial strength rating to D from D-.  Upon its legal merger
with Shinhan Bank, scheduled on April 1, 2006, the rating agency
will withdraw all of CHB's ratings:

   * Senior/subordinated debt of Baa1/Baa2;

   * Long-term/short-term deposit of Baa1/Prime-2; and

   * Bank financial strength rating of D.

The BFSR upgrade reflects the much improved credit profile of
CHB under Shinhan Financial Group (SFG), which has been its
parent since September 2003.  In particular, the bank's economic
capital position has improved substantially, allowing it to move
into the current BFSR rating band.

Headquartered in Seoul, South Korea, Chohung Bank
-- http://www.chb.co.kr/-- was established in 1897 and is  
Korea's oldest bank.  The government took over the bank during
the Asian financial crisis, when deterioration in the quality of
its large corporate book caused the bank to become severely
under-capitalized.  Then, in September 2003, Shinhan Financial
Group acquired an 80.04% stake from the government.  It now
wholly owns CHB.  With the acquisition, SFG became the system's
second largest financial group.  SFG had agreed to maintain CHB
and its other subsidiary, Shinhan Bank, as separate legal
entities for three years but the merger date was later brought
forward to April 1, 2006.

Fitch Ratings had on May 30, 2005, upgraded the ratings on CHB
to Long-term 'BBB+' from 'BBB', Short-term 'F2' from 'F3' and
Individual 'C' from 'C/D'.  CHB's Support rating, meanwhile, was
affirmed at '2'.  Fitch's ratings on CHB's Lower and Upper Tier
II subordinated debt have also been raised by one notch to 'BBB'
and 'BBB-' (BBB minus).  The Outlook on CHB's ratings is
Positive.  At the same time, the agency also revised the rating
Outlook on Shinhan Bank to Positive from Stable.  CHB posted net
income of KRW265.2 billion resulting in 11.7% ROE in 2004, a
meaningful turnaround from losses of KRW987bn in 2003.  The
bank's NPL ratio also declined significantly to 1.94% at end-
2004 from 4.8% a year earlier.  Thanks to the bank's downsizing
and book-cleaning efforts in its credit card and unsecured loans
businesses, CHB continued to post favorable operating results in
the first quarter of 2005, registering KRW125.9 billion for an
annualized 0.80% ROA and 20.1% ROE, mainly thanks to falling
provisioning charges.


WOORI BANK: Moody's Upgrades Rating to D+
-----------------------------------------
Moody's Investors Service has raised Woori Bank's bank financial
strength rating (BFSR) to D+ from D.  The revised rating carries
a stable outlook.  All other ratings -- senior/subordinated debt
of Baa1/Baa2 and long-term/short-term deposit of Baa1/Prime-2 --  
with stable outlook are unaffected.

The rating action reflects Woori's continued progress in
strengthening its financial profile, particularly improvements
to its economic capital and recurring earnings power.  In
addition, the higher BFSR anticipates that the volatility in the
bank's operating performance seen after its founding will be
more subdued going forward.

Since its establishment in January 1999, Woori has significantly
enhanced its financial fundamentals.  Specifically,
profitability has turned around and problem loans are now at
manageable levels.  Furthermore, internal capital generation,
coupled with substantial capital injections from the government,
has propelled Woori back to a moderate level of economic
solvency.

While its franchise is substantial, Woori continues to evolve,
especially with respect to its organizational structure.
Extraordinary items and corporate restructurings in earlier
years made it difficult to decipher the bank's core operating
trend development.  However, Moody's believes Woori's continued
progress in developing its substantial infrastructure and
franchise has provided it with a sufficient robust platform from
which to generate more sustainable returns.

Being the largest member of Woori Financial Group poses the
possibility of increasing cross selling to customers, but at
times of stress, it could also pressure the bank to support
weaker affiliates, either through mergers or dividends to the
parent.

In July 2003, Woori absorbed its merchant bank affiliate and up-
streamed dividends to its parent for eventual injection into the
group's troubled credit card unit.  The bank then absorbed this
unit in March 2004. Ongoing negative influences from its parent
may impede further upward movements in its BFSR.

Headquartered in Seoul, South Korea, Woori Bank --  
http://www.wooribank.com/-- formerly known as Hanvit Bank, was  
established on December 31, 1998, as a result of a merger
between two troubled institutions, Commercial Bank of Korea and
Hanil Bank.  Since April 2, 2001, it has operated as a
subsidiary of Woori Financial Group (WFG), Korea's first
financial holding Company and third largest financial group.
Following an initial public offering in June 2002 and subsequent
sales, the Korea Deposit Insurance Corporation now holds 77.97%
of WFG.  Woori is the system's third largest bank (following the
merger of Shinhan Bank and Chohung Bank on April 1, 2006) and
accounts for about 10% of loans and deposits.  The bank operates
755 branches domestically and 17 overseas.


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

APEX EQUITY: Repurchases MYR8,026 Worth of Shares
-------------------------------------------------
Apex Equity Holdings Berhad bought back 18,000 ordinary shares
for a total cash consideration of MYR8,026.51 on March 15, 2006.

The minimum price paid for each share purchased was MYR0.440 and
the maximum was MYR0.445.

After the purchase, the cumulative outstanding treasury shares
have reached 2,773,000.

On March 14, 2006, the Company bought back 23,000 ordinary
shares for MYR10,282, according to a report by the Troubled
Company Reporter - Asia Pacific.

Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is  
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.
Operations of the Group are principally carried out in Malaysia.
The Company has suffered five consecutive years of losses
beginning 2001.  It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005.
The result is an improvement from last year's fourth quarter net
loss of MYR76,596,000.


CONCRETE PRODUCTS: Liquidator Completes Wind-up
-----------------------------------------------
The voluntary winding up of Concrete Products Marketing Sdn Bhd
has been completed on March 15, 2006, after Liquidator Ling Kam
Hoong submitted his wind-up report to the Companies Commission
of Malaysia and the Official Receiver.

The Company will be dissolved on March 18, 2006.

Concrete Products, a wholly owned subsidiary of Hume Industries
(Malaysia) Berhad, was involved in trading and marketing of
concrete and related products.  It ceased operations since
financial year 1994 and remained dormant since then.

Contact: Messrs Ling Kam Hoong & Co.
         No. 6-1, Jalan 3/64A
         Udarama Kompleks, Off Jalan Ipoh
         50350 Kuala Lumpur
         Malaysia


DYNAMIC LINK: To be Dissolved on March 18
-----------------------------------------
Liquidator Ling Kam Hoong has concluded the members' voluntary
liquidation of Dynamic Link Resources Sdn Bhd.

The Company will be dissolved on March 18, 2006, three days
after the Liquidator's Returns were lodged with the Companies
Commission of Malaysia and the Official Receiver.

On December 4, 2002, Dynamic Link -- formerly known as Hume
Roofing Industries Sdn Bhd -- was placed under members'
voluntary winding up.

Dynamic Link Resources Sdn Bhd is a wholly owned subsidiary of
Hume Industries (Malaysia) Berhad.  The Company was principally
involved in manufacture and sale of roofing tiles and
subsequently ceased its operation during the financial year
ended June 30, 1993.  Dynamic Link remained dormant since then.

Contact: Messrs Ling Kam Hoong & Co.
         No. 6-1, Jalan 3/64A
         Udarama Kompleks, Off Jalan Ipoh
         50350 Kuala Lumpur
         Malaysia


KEMAYAN CORPORATION: Rehab Scheme Loses Two Supporters
------------------------------------------------------
Two participants of the proposed restructuring scheme for
Kemayan Corporation Berhad have withdrawn their support without
citing reasons for their move.

On March 14, 2006, Sheikh Abdul Rahman Nasser Jassim Al Thani
and Syed Sarfaraz Haider Rizvi announced they've backed out from
the Scheme.  Both are shareholders and collectively hold 40%
shareholdings in Major Entrepreneur Sdn Bhd, one of the acquiree
companies in the Kemayan restructuring plan.

The latest development has prompted Kemayan to withdraw its
appeal to the Securities Commission to reconsider its decision
on further extension of time until May 31, 2006, for the Company
to fully implement the Scheme.

Further, Scheme solicitors KH Tan & Chua had withdrawn Kemayan's
petition in relation to the Proposed Debt Settlement and the
Proposed Share Exchange, which also form part of the 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.
Kemayan has incurred hefty losses in the past due to stalled
development projects and lack of cash flow.  These prompted the
company to propose a restructuring scheme on June 29, 1999.  The
Company believes that the significant interest savings arising
from the Proposed Restructuring Scheme would provide the Kemayan
Group with the financial ability to continue its operations on a
going concern basis and, in the long term, to regain profit.


KIG GLASS: Extends Negotiation Period with Permintex
----------------------------------------------------
At Permintex Holdings Sdn Bhd's suggestion, KIG Glass Industrial
Berhad agreed to extend their restructuring negotiations through
April 13, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
December 13, 2005, KIG Glass has entered into an agreement with
Permintex Holdings to negotiate exclusively with each other with
the objective of restructuring the Company.

Permintex, however, requested to stretch the negotiation period
beyond March 13 to facilitate an application for a stay of a
winding up order against KIG Glass.

The Johor Bahru High Court entered an order for the wind-up of
KIG Glass on March 6, 2006, TCR-AP reported on March 9, 2006.
The Petition was served on the Company by United Overseas Bank
(Malaysia) Berhad on December 12, 2005.  The report stated that
KIG Glass will lodge its case to the Appellate Court and will
file for a stay of the wind-up order.

Meanwhile, KIG Glass is still finalizing the terms of its
regularization plans and the definitive agreement with
Permintex.

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due to hefty
losses and inability to pay its mounting debts, the Company
ceased operation in May 2005.


MALAYSIA AIRLINES: Hopes to Generate Profits with Octopus Deal
--------------------------------------------------------------
Malaysia Airlines expects that a recent tie-up with global
online firm Octopus travel will generate revenues for the ailing
carrier, Agence France Presse reveals.

Under the partnership, the British travel agency would provide
its services through Malaysia Airlines' Web site in 14
countries.  Octopus Travel sells hotel rooms, sightseeing tours,
private transfers, car hire and travel insurance and among its
key features are to provide up to 70% off standard hotel rates.

Malaysia Airlines commercial director Abdul Rashid Khan is
confident the airline will reap around MYR20 million in ticket
sales in the first year of partnership with Octopus, AFP says.

The airline also hopes to capture its traditional leisure
industry markets such as Australia, Britain and New Zealand with
the services of Octopus Travel.

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties, and is set to report a net loss of MYR1.3 billion
for the nine month to December 31, 2005, due to high fuel and
operating costs, and unprofitable routes.  Early March 2006, it
unveiled a radical rescue plan to raise MYR4 billion in order to
stay afloat and return to profitability by next year.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging whistle-blowing and stop corporate
sponsorship.


PAN MALAYSIA: Buys Back 99,300 Shares
-------------------------------------
Pan Malaysia Corporation Berhad bought back 99,300 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR41,806.05 on March 15, 2006.

The minimum price paid for each share purchased was MYR0.410 and
the maximum was MYR0.425.

After the purchase, the cumulative outstanding treasury shares
have reached 56,803,800.

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
malaysia, Australia and the rest of Asia-Pacific.  Pan Malaysia
has suffered consecutive losses in the past.  In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.


POHMAY HOLDINGS: Delisting Deferred Pending Appeal
--------------------------------------------------
Bursa Malaysia Securities Berhad has decided to defer the
removal of Pohmay Holdings Berhad's securities from its Official
List pending decision of the Company's appeal.

As reported by the Troubled Company Reporter - Asia Pacific on
March 14, 2006, Bursa Securities has decided to delist the
Pohmay's securities from the Official List of Bursa Securities
on March 22, 2006, as the Company does not have an adequate
level of financial condition to warrant continued listing on the
Bourse.

The Company immediately lodged an appeal against the Bourse's
decision.  Thus, Bursa Securities shall defer the removal of
Pohmay's securities from the Bourse pending the decision on the
Appeal.

The deferment is a stay in respect of the delisting and it is
not to be equated to a variation or a revision of the decision
to delist.  The decision remains unless reversed on appeal.

Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture.  Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood.  Its other activities
are cultivation and harvesting of rattan and investment holding.
Pohmay is a defendant of a wind-up petition filed by AmBank (M)
Berhad.  The legal action is expected to have a significant
financial and operational impact on the Company.  The Company is
negotiating with its lenders to restructure the Group's loans
and is actively working on various schemes to alleviate the
Group from its current financial predicament.


PROMTO BERHAD: Bourse Postpones Delisting
-----------------------------------------
The removal of Promto Berhad's securities from the Official List
of Bursa Malaysia Securities Berhad was deferred pending the
decision of an appeal lodged by the Company.

As reported by the Troubled Company Reporter - Asia Pacific on
March 15, 2006, Pohmay has appealed against the Bourse's
decision to delist its securities on March 22, 2006.  The
decision came after the Company failed to submit its financial
accounts.

Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture.  Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood.  Its other activities
are cultivation and harvesting of rattan and investment holding.
Pohmay is a defendant of a wind-up petition filed by AmBank (M)
Berhad.  The legal action is expected to have a significant
financial and operational impact on the Company.  The Company is
negotiating with its lenders to restructure the Group's loans
and is actively working on various schemes to alleviate the
Group from its current financial predicament.


SOUTHERN BANK: Formally Accepts Bumiputra's Takeover Offer
----------------------------------------------------------
After five months of negotiations, Southern Bank Berhad has
finally accepted Bumiputra-Commerce Holdings Berhad's MYR6.7-
billion revised takeover offer, The Star reports.

The new cash offer of MYR4.30 per share is 15-sen higher than
Bumiputra-Commerce's original MYR6.3-billion bid, which was
rejected by Southern Bank's board and chief executive director
Tan Sri Tan Teong Hean because of its low price.

Under the final deal, Bumiputra-Commerce would buy all the
assets and liabilities of Southern Bank for MYR6.7 billion.  It
would undertake a voluntary general offer at MYR4.30 cash per
Southern Bank share or a combination of cash and redeemable
convertible unsecured loan stocks equivalent to MYR4.30 per SBB
share and MYR2.56 cash per Southern Bank warrant.

The VGO is expected to be completed by May or June, followed by
Southern Bank's delisting.  The entire integration process may
extend to next year.

Meanwhile, Southern Bank shareholders will receive a gross
dividend of five sen per share, which would not be adjusted for
the offer price.  The Bank also had set aside MYR50 million for
loyalty and severance payments to its directors and staff.

The Bank would have three board seats in the key subsidiaries of
Bumiputra-Commerce.

As reported by the Troubled Company Reporter on March 16, 2006,
Southern Bank chief executive director Tan Sri Tan Teong Hean
Tan has been offered an executive advisory role for two years at
Bumiputra-Commerce to help with the integration.

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.  The
Bank is currently working out measures to prevent the sale of
its business to Bumiputra-Commerce Holdings Berhad, which has
already submitted an unsolicited Asset Sale Proposal.  The Bank
believes Bumiputra-Commerce's bid fundamentally undervalues
Southern Bank and is materially inadequate from a financial and
business point of view.  In October 2005, Moody's Investors
Service has placed Southern Bank Berhad's D- bank financial
strength rating on review for possible upgrade.


TELEKOM MALAYSIA: Court Orders Wind Up of Unit
----------------------------------------------
The High Court of Zanzibar entered an order to wind up Telekom
Malaysia's subsidiary, TRI Telecommunication Zanzibar Limited,
on March 13, 2006.

The winding up petition against Tritel Zanzibar was filed by its
sister firm, Technology Resources Industries Berhad, on Dec. 23,
2005, on the grounds of the suspension of business for a whole
year.

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's  
telecommunications landscape, now faces growing competition.
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.


TELEKOM MALAYSIA: Raises MobileOne Stake to 29.85%
--------------------------------------------------
Telekom Malaysia Bhd's joint venture with its state-owned
parent, Khazanah Nasional, has increased its stake in
Singapore's MobileOne Ltd to 29.85% from 28.36%.  The shares
were purchased by joint venture SunShare Investments Ltd from
the open market on Tuesday.

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's  
telecommunications landscape, now faces growing competition.
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.


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

LAFAYETTE MINING: President Forms Team to Probe Mine Spills
-----------------------------------------------------------
Philippine president Gloria Macapagal Arroyo signed an
administrative order earlier this week to create a commission to
investigate the recent spills of Lafayette Mining Philippines,
Inc., Malaya News reports.

President Arroyo created the fact-finding body after meeting
with Catholic bishops to address concerns on the environmental
effects of the Mining Act.

Malaya News says that the commission, to be headed by Bishop
Arturo Bastes, will ask the Pollution Adjudication Board of the
Department of Environment and Natural Resources to retain a
cease-and-desist order on the operations of Lafayette Phils. in
Rapu-Rapu, Albay, until it concludes its investigation.

The commission, Malaya News relates, will seek the help of the
University of the Philippines-Natural Sciences Research
Institute and the Bureau of Fisheries and Acquatic Resources to
explain its findings on the water and fish from the Rapu-Rapu
island, where Lafayette's mine is located.

                        About Lafayette

Headquartered in Melbourne, Australia, Lafayette Mining, Inc. --  
http://www.lafayettemining.com/-- has been listed on the  
Australian Stock Exchange since August 1997.  It
focuses on developing a polymetallic project involving copper,
gold, zinc and silver on the Island of Rapu-Rapu in the
Philippines.

The Philippine Government suspended Lafayette's operations at
the Rapu-Rapu mine after its plant allegedly released cyanide
and mercury into local waters on October 11 and 31, 2005.  The
Company faces possible criminal and civil charges for violating
the 60-40 capitalization requirement in favor of Filipinos,
certain environmental laws and practices and the 1987
Constitution.  The allegations followed a revelation by
Lafayette President Carlos Dominguez before the House Committee
on Natural Resources that 74% of Lafayette is owned by its
Australian parent, while 24% is controlled by Malaysian firm,
Philco.


LEPANTO CONSOLIDATED: Amends By-Laws
------------------------------------
On March 15, 2006, Lepanto Consolidated Mining Company sent a
letter to the Philippine Stock Exchange informing of its amended
by-laws, which were approved by the Securities and Exchange
Commission on March 13, 2006.

The Company's by-laws were amended to include two independent
directors into its current nine-member Board, as well as the
abolition of the position of Vice-Chairman.

The Company's amended by-laws is available for free at:

   http://bankrupt.com/misc/tcrap_lepantomining031606.pdf

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.


NATIONAL BANK: OKs Issuance for Additional Capital
--------------------------------------------------
On March 15, 2006, Philippine National Bank sent a notice to the
Philippine Stock Exchange Office to inform it that the bank had
approved the issuance of at least PHP5 billion in additional
tier 2 capital.  The issuance is pending the approval of the
Bangko Sentral ng Pilipinas.

                            About PNB

Headquartered in Pasay City, Philippines, Philippine National
Bank -- http://www.pnb.com.ph/-- is the country's first  
universal bank established on July 22, 1916.  Its primary
mandate was to provide financial services to the agricultural
and industrial sector, and support the government's economic
development efforts.  The privatization of PNB began when it
offered 30% of its stocks to the public on June 21, 1989.  The
Lucio Tan Group is the single biggest stockholder of the Bank.
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  It also engages in bill
discounting, fund transfers, remittance servicing, foreign
exchange dealings, retail banking, trust services, treasury
operations and trade finance.

The Bank is undergoing a five-year rehabilitation exercise until
2007.  In line with a restructuring agreement executed in 2002,
the government and Lucio Tan agreed to jointly sell at least 67%
of the bank's equity.  Mr. Tan acquired some of the Government's
shares in PNB, in exchange for emergency aid to PNB after the
Bank suffered huge losses.  PNB is considered to be well ahead
of its rehabilitation as it booked net profits for four straight
years, due to its strong overseas remittance business and the
sale of non-performing assets.  In 2005, the Bank's net profit
rose to PHP610 million, about 73% more than the PHP353.2 million
profit it reported for 2004.


* BSP OKs Memorandum for Stricter Rules on Pre-Need Trust Funds
---------------------------------------------------------------
The Bagko Sentral ng Pilipinas Monetary Board approved on
March 15, 2006, the issuance of a memorandum that tightens the
rules and regulations of pre-need firms' trust funds, The
Philippine Star relates.

The stricter rules, which include limiting investment choices to
those that are low-risk (e.g. fully secured loans), were created
to further protect the interests of pre-need plan holders.

The Memorandum restricts not only the transactions of the
trustee with directors, officers and stockholders, but also
those of the pre-need firm trustor, in order to protect against
conflicts of interest.  Under the memorandum, banks and other
financial institutions that administer the trust funds of pre-
need firms have 12 months to comply with the new rules.


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

ACCORD CUSTOMER: Clarifies FY05 Financial Results
-------------------------------------------------
The Board of Accord Customer Care Solutions Limited issued a
clarification to its FY2005 Fourth Quarter and Full-Year
Financial Statement released in the Singapore Stock Exchange.

(1) Disclosure under Part I - Section 1(a)(iv) with regards to
    the nature of the "reversal of provision for impairment on
    retention sum payable of S$3.25 million and "reversal of
    invalid refurbishment income no longer required of S$4.568
    million" for Q4-05.

    Both provisions were created when closing the FY2004 Full
    Year financial accounts, when the Company was of the opinion
    then that:

   (a) there was significant doubt and uncertainty on the
       recovery of a sum of SGD3.25 million, being retention sum
       receivable; and

   (b) it was necessary to provide for a potential claim of
       SGD4.568 million, being receipts for sales identified by
       the Company to be invalid refurbishment income.

In reviewing provisions carried forward in the Balance Sheet as
at December 31, 2005, the Company was of the opinion that these
two provisions were no longer required and made the appropriate
reversals accordingly.

(2) Impact of reversal of the twp provisions on the results for
    FY2005 4th Quarter and FY2005 Full Year

    The provisions -- impairment of retention sum receivable
    and invalid refurbishment income -- do not affect the
    underlying operating result of the Company for the FY2005
    4th Quarter and FY2005 Full Year, as they were part of a
    series of reversals.

    Provisions made at year-end when re-assessing adequacy of
    provisions made in FY2004 relating to invalid refurbishment
    income, invalid warranty claims and related matters. These
    reversals and additional provisions were effectively netted
    off.

Accord Customer Care Solutions - http://www.accordccs.com/-- is  
the leading provider of after market services for consumer
mobile communication and digital electronic devices in Asia
Pacific.  ACCS is a spin-off from supply network solutions
provider Accord Express Holdings Pte Limited.  ACCS provides a
wide spectrum of after market services to both its trade
partners and end consumers.  ACCS provides professional,
efficient and convenient services to its end consumers by
establishing one-stop single brand or multi-brand proximity
centres that are conveniently and strategically located.

ACCS has been posting consecutive losses since the first quarter
of 2005, when it incurred a net loss of SGD3.79 million.


CIH LIMITED: Put Option Proceeds Hit US$56.04Mln
------------------------------------------------
CIH Limited advised that the completion of the exercise of the
Put Option and disposal of Clipsal Asia Holdings Limited's
shares pursuant to the Exercise of the Put Option is conditional
upon approval of the shareholders of the Company's holding
company, Gold Peak Industries (Holdings) Limited.

The Put Option constitutes the sale of CIH's 50% interest in
Clipsal comprising 59,600,000 shares of US$1.00 each in the
capital of Clipsal to Shneider Electric Industries SAS.

In this regard, shareholders of Gold Peak have, pursuant to an
ordinary resolution passed at an extraordinary general meeting
held on February 21, 2006, approved the exercise of the Put
Option and the disposal of the Clipsal Shares pursuant to the
exercise of the Put Option.

Accordingly, the Company advised that it has completed the
exercise of the Put Option at a put option exercise price of
US$58.99 million (equivalent to approximately SGD95.74 million).

The proceeds, net of a retention amount of US$2.95 million
(equivalent to approximately SGD4.79 million) from the disposal
of the CAHL Shares pursuant to the exercise of the Put Option
amount to US$56.04 million (equivalent to approximately
SGD90.95 million).

Incorporated in Singapore in 1991, CIH Limited
-- http://www.cihltd.com/-- is the holding company of CIHL  
Group and is principally engaged in the development, manufacture
and marketing of electrical installation products.  It is one of
the major suppliers of electrical installation products in Asia.


FHTK HOLDINGS: Debt Reaches SGD2.8Mln
-------------------------------------
FHTK Holdings Limited issued an update to the status of its debt
to certain trade creditors.  The Company currently owes 11
separate trade creditors in China MYR13.5 million, equivalent to
SGD2.8 million in aggregate.

The individual debts range from MYR414,000, equivalent to
SGD85,000, to MYR3.2 million, equivalent to SGD668,000, and were
incurred separately over a period of time.

The creditors have taken separate legal action against the
Company and negotiations are already underway to settle the
debts out of court.  The Company will continue to update
shareholders of the Company on any material developments.

FHTK Holdings Limited - http://www.fhtk.com.sg/-- distributes  
fruits and agricultural products such as apples, banana,
nectarines, pears and peaches through its own SunMoon brand.

The Company's agricultural products division distributes fresh
garlic as well as manufactures dehydrated garlic and onion
products.  The Group currently leases and manages 18 plantations
and totaling 1,630 hectares in the Shandong province in China.


QUANTEC REALTY: Creditors to Convene on March 31
------------------------------------------------
Quantec Realty Private Limited will hold a creditors' meeting at
the office of Ernst & Young, at 10 Collyer Quay, 6th Floor,
Ocean Building, in Singapore 049315, on March 31, 2006, at 10:30
a.m.

The creditors will:

   * receive the liquidators' report on the progress of the
     liquidation

  *  appoint a committee of inspection, if necessary

To entitle a creditor to vote at the meeting, proofs of debt
must be lodged with the liquidators' office not later than 5:00
p.m. of March 29, 2006.  Proxies to be used at the meeting must
also be lodged on the same date.

Contact: Ong Yew Huat & Seshadri Rajagopalan
         Joint and Several Liquidators
         10 Collyer Quay
         #21-01 Ocean Building
         Singapore 049315


SEMBAWANG MULPHA: Sets April 17 as Due Date for Proofs of Claim
---------------------------------------------------------------
The creditors of Sembawang Mulpha Private Limited are required
to send in particulars of their debt or claims not later than
April 17, 2006, to Chee Yoh Chuang and Lim Lee Meng at:

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

Failure to comply with the requirement will exclude the
creditors from the benefit of any distribution the Company
might undertake.


UNITED FIBER: Unit Files Legal Suit Against Hok Mee and Others
--------------------------------------------------------------
The Board of Directors of United Fiber System Limited advised
that Poh Lian Development Pte Ltd, a wholly owned subsidiary of
the Company, has initiated court proceedings with the High Court
of the Republic of Singapore against:

   -- Hok Mee Property Pte Ltd,
   -- Leong Hwa Monastery,
   -- Hok Chung Construction Co Pte Ltd, and
   -- Kek Kim Hok.

Poh Lian entered into a partnership with Hok Mee and Leong Hwa
to develop and manage a columbarium at Choa Chu Kang, Singapore
in 1999.

Poh Lian's role in the partnership was mainly to provide
financing for the construction of the columbarium.  As at
December 31, 2004, UFS Group had provided advances to the
partnership amounting to SGD15.6 million, including accumulated
interest.

In addition to the advances made to the partnership, UFS had
provided a SGD24.8 million corporate guarantee to a bank to
secure bank borrowings to the partners for the development of
the project.

As announced on December 11, 2003, PLD, together with the other
two partners, accepted an offer to sell the partnership's entire
interest in the columbarium project.

Pursuant to the completion of the Sales announced on
September 1, 2004, the corporate guarantee given by UFS had been
fully discharged.  As the entire sales proceeds from the Sales
were used to repay the amounts due to the bank, the
recoverability of the Group's total exposure became doubtful.

Therefore, full provision of allowance for doubtful receivables
and doubtful trade receivables amounting to SGD15.6 million and
SGD5.1 million, respectively, was made in the Group's 2004
accounts.

Poh Lian initiated legal proceedings to seek account of receipts
and payment from its partners as well as overpayments from Hok
Chung and/or Kek in respect of the construction of the
columbarium.  The claims by Poh Lian includes repayment of a
SGD13.3 million loan made to the partnership.

Hok Mee, Leong Hwa, Hok Chung and Kek have submitted their
defense and have made counterclaims against Poh Lian for an
aggregate of approximately SGD9 million excluding interest and
costs.

This aggregate is made up of a claim by Hok Mee for outstanding
management fee payable, a claim by Poh Lian, and a claim by the
Temple for reimbursement of marketing expenses incurred for the
columbarium.  Poh Lian is defending and disputing the said
counterclaims.

Its solicitors, Harry Elias Partnership, represent Poh Lian.
UFS has been advised by Harry Elias Partnership that Poh Lian
has strong defences for the aforesaid counterclaim which are
likely to fail on the account of lack of merits or evidence.

The Company will keep shareholders informed of any further
developments on this matter via SGXNET announcements.

Headquartered in Singapore, United Fiber System's
-- http://www.ufs.com.sg/-- principal activities are those of  
building contractors and property developer.  Other activities
include manufacturing and trading of scaffolding systems and
investment holding.  Operations of the Group are carried out in
Singapore and other Asia-Pacific countries.  In April 2002, the
shareholders of the Company approved a plan to venture into the
forestry and pulp businesses.  The restructuring exercise
involved the acquisition of the entire issued and paid-up share
capital of Anrof Singapore Ltd group of companies with a forest
concession right and extensive forest plantations in Indonesia
and with a license to build and operate a bleached hardwood
kraft pulp mill in Indonesia with an annual production capacity
of 600,000 tonnes of pulp.  The restructuring exercise has
transformed UFS from a local construction company to a group
with significant regional presence and with synergistic
operations in forestry, pulp production and construction.


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

PICNIC CORPORATION: Details Procedure of Warrant Exercise
---------------------------------------------------------
Picnic Corporation Public Company Limited provided information
on the process of warrant exercise.

(a) Submission

    Warrant holders must submit the subscription form between
    9:30 a.m. to 3:30 p.m., five days prior to the exercise date
    (for the last exercise date, the warrant holders must submit
    their forms 15 days prior to the last exercise date).

    For the month of March 2006, the submission period is
    March 24, 2006 and March 27-30, 2006.

(b) Exercise Date

    Warrant holders can exercise their warrants every last
    working day of the month, during 9:30 a.m. to 3:30 p.m.  The
    first exercise date was on March 31, 2004 and the last
    exercise date will be on November 11, 2010.  For March 2006,
    the exercise date is March 31.

(c) Exercise Price (THB2.572 per share)

    Exercise Ratio: 1 warrant for every 2.33354 ordinary shares

    Assumed number of warrants to be exercised: 100 units

    Exercise ratio: 1 warrant for 2.33354 ordinary shares

    Number of shares received from the exercise: 100 x 2.33354
                                                 = 233.354

    The net number of shares received: 233 shares

    The number of shares received will be rounded down to the
    nearest integer

    Exercise price: THB2.572 per share

    The amount of money to be paid equals (233 x 2.572 =
    THB599.28)

(d) Documents to be submitted

    * The completed subscription form

    * Warrant certificate or temporary warrant certificate (for
      holders of scripless warrants).

    * A certified true copy of the identification card for
      individual holders or a copy of the certificate of
      incorporation from The Department of Commerce for
      corporate holders.

    * Cheque, draft, or bank order collectable within the
      Bangkok Metropolis exercisable within two business days of
      each Exercise Date, and made payable to Picnic Corporation
      Plc. for shares subscription

    Contact Place: Finance and Accounting Department

    Contact Person: Saowaluck Kaochanphang
                    Picnic Corporation Plc
                    Nakara Building 20th floor
                    805 Srinakarin Road, Suanluang
                    Bangkok 10240, Thailand
                    Telephone number: (662) 721-3600
                    Facsimile number: (662) 721-3581

(e) Conditions

    * The number of warrants to be exercised will be one warrant
      to 2.33354 shares of the Company unless adjusted according
      to the adjustment policy stated in the PO prospectus
      relating to the exercise price and the exercise ratio.

    * The subscription form will be deemed valid only when all
      documents are duly completed and the payment proceeds have
      been honored within the subscription period.

Headquartered in Bangkok, Thailand, Picnic Corporation 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.
The Company became listed when it took over B Grimm Engineering
Plc, a company that had languished in the Stock Exchange of
Thailand's rehabilitation sector since the financial crisis.
At present, Picnic is undergoing business rehabilitation.  Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.


TMB BANK: DBS May Be Lone Shareholder to Exercise Rights
--------------------------------------------------------
TMB Bank Public Company Limited plans to raise its capital up to
THB20 billion with a $200 million hybrid debt securities issue
and a rights issue of 3.22 billion common shares, Bangkok Post
reports.

The Company will offer existing shareholders one new share for
every 4.75 shares held from May 15-19.  The price will be set in
April.

Only DBS Bank, which holds 16.1% stake in TMB Bank, expressed
support in the upcoming rights issue in order to increase its
overall holdings.  Major shareholders including the Finance
Ministry and the Royal Thai Army have pointed out that they
would not exercise their rights in TMB.

"In the worst case scenario, where no one exercises their rights
except DBS, their shareholdings will still be under 25%," Subhak
Siwaraksa, the TMB president told the Post.

But Mr. Siwaraksa is confident that the rights issue would be
successful considering the amount to be raised.

A meeting of shareholders will be convened to approve the
capital increase on April 27, and the share register will close
on April 7.

Headquartered in Bangkok, Thailand, TMB Bank Public Company
Limited -- formerly known as Thai Military Bank Public Company
Limited -- is engaged in the provision of commercial banking,
off-shore banking, investment banking, private trust fund
management and provident fund management, securities trading and
underwriting of debt securities and mutual fund transfer
agencies.  TMB is currently working out ways to improve its
financial position.  Fitch Rating Agency has assigned a 'D' at
TMB's individual rating and Support rating at '3'.  TMB's
ratings remain constrained by its currently low level of
reserves and capital and weak profitability and franchise,
relative to its larger peers.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------  

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
Company                        Ticker    ($MM)           ($MM)
------                         ------    ------------   ------  

CHINA & HONG KONG
-----------------  
Guangdong Meiya Group Co. Ltd. 000529        27.43      178.19
Guangdong Sunrise
   Group Co. Ltd-A             000030     (-182.94)      35.98
Guangdong Sunrise
   Group Co. Ltd-B             200030     (-182.94)      35.98
Hainan Dadong-A                000613       (-6.63)      17.81
Hainan Dadong-B                200613       (-6.63)      17.81
Heilongjiang Black Dragon
   Co. Ltd.                    600187      (-29.45)     153.92
Shenz China Bi-A               000017     (-206.90)      50.08
Shenz China Bi-B               200017     (-206.90)      50.08
Xinjiang Tunhe Investment
   Co. Ltd.                    600737        47.57      476.47

INDONESIA
---------  
Barito Pacific Timber Tbk Pt    BRPT       (-62.86)     360.72

MALAYSIA
--------  
Kemayan Corp Bhd                KOP       (-428.54)      62.72
Maycom Bhd                      MYC       (-114.64)     227.68
Lityan Holdings Bhd             IT          (-8.43)      28.86
Olympia Industries Bhd          OLYM      (-227.85)     255.84
Panglobal Bhd                   PGL        (-50.36)     189.92
PSC Industries Bhd              PSC          51.63      639.35

PHILIPPINES
-----------  
Pilipino Telephone Co.          PLTL      (-159.78)     280.22

SINGAPORE
---------  
China Aviation Oil (Singapore)
   Corporation                  AO          132.64      351.87
Informatics Holdings Ltd        INFO        (-6.73)      27.59
Lindeteves-Jacoberg Limited     LG           39.61      332.07
Pacific Century Regional        PAC       (-145.53)    1289.71

THAILAND
--------  
Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.30
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.30
Datamat PCL                     DTM         (-1.72)      17.55
Datamat PCL                     DTM/F       (-1.72)      17.55
National Fertilizer PCL         NFC          70.66      142.61
National Fertilizer PCL         NFC/F        70.66      142.61
Siam Agro-Industry Pineapple
   And Others PCL               SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
   And Others PCL               SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87



                            *********


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.  Ma.
Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica
Fernando, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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mail.  Additional e-mail subscriptions for members of the same
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                 *** End of Transmission ***