TCRAP_Public/060322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, March 22, 2006, Vol. 9, No. 058


                            Headlines

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

ABCO MEATS: Taps Receivers from Deloitte
A.C.N. 090 983 047 PTY: Distributes Final Dividend
AMTEC PTY: Members Opt to Wind Up Firm
ARISTOCRAT LEISURE: PwC Pressed to Show Audit Data
AUDIO SALES: To Hold Final Meeting Today

AUTO GROUP FINANCE: Appoints Official Receivers
AVONVIEW RETIREMENT: Prepares to Exit from NZ Register
AWB LIMITED: Key Oil-For-Food Document Missing
AWB LIMITED: PM John Howard Willing to Appear Before Inquiry
AWB LIMITED: Official Says Ministers Knew of Iraqi Kickbacks

AWB LIMITED: Iraqi Contracts Were Not Checked, FA Official Says
BATESON DAIRIES: Falls Into Receivership
BE & I TAYLOR: Court Issues Wind-up Order
CARVINDO MARKETING: Decides to Close Operations
CHAMPION CHEMTECH: Prepares to Pay Dividend to Creditors

CHAMPION FORCE: Members Agree on Liquidation
COLES MYER: CEO Fletcher Assumes Control of Supermarket Business
CORPORATE TRUSTEES: Court Set to Hear Liquidation Petition
CROESUS MINING: Kiernan Promises to Help Bankroll Revival
EDO LAKE: Members and Creditors Receive Wind-up Details

FTF EXPRESS: Enters Voluntary Liquidation
GENESIS HOLDINGS: Faces Liquidation Proceedings
GREATER HOME: Receivers and Managers Appointed
INEMPTUS PTY: Creditors' Claims Due on March 28
JAMES HARDIE: Taxation Office Slaps AU$500 Million Bill

JODEEN PTY: Liquidator to Present Wind-up Report
KAESOR PTY: Receivers Step Down
KAIWHENUA FARMS: Liquidators Want Firm Removed from Register
KONTUREST LIMITED: Names Official Receivers
LAZONA LIMITED: Court Sets Liquidation Hearing on May 4

LORETTO DISTRIBUTORS: Faces Liquidation Proceedings
M&C HANNON: Winds Up Business Operations
METAL STORM: 2005 Net Loss Drops 16.7% Due to R&D Boost
MJB PLUMBING: Supreme Court Winds Up Firm
MULTIPLEX GROUP: Workers Evacuated as Roof Slips

OUTLINE DEVELOPMENTS: Prepares for Liquidation Proceedings
PAREKURA BAY: Court to Hear Liquidation Petition on March 30
PERFECT HOMES: Liquidators Seek Removal from NZ Register
PRESTIGE LUMBER: Receivers and Managers Appointed
PRICEWAY PTY: Placed Under Voluntary Liquidation

RAZZLE COMPUTER: Creditors OK Liquidator's Appointment
RON REEVES: Liquidator Set to Distribute Assets
STRAWBERRY FIELDS: Falls Into Receivership
TACOM CORPORATION: Members and Creditors Discuss Wind-up  
TELSTRA CORPORATION: Announces Package for Cyclone Victims

TRAVELGATE TECHNOLOGY: Liquidation Hearing Fixed for April 6
VALEDEN PTY: Names David McNamara as Liquidator


C H I N A   &   H O N G  K O N G

CELOSMARINE LIMITED: Liquidator to Discuss Wind-up Report
CHEFOO MANUFACTURING: Faces Wind-up Proceedings
EASEWIN PROPERTIES: Enters Liquidation Proceedings
QUICK REACH: Creditors' First Meeting Set April 7
SELCO LIMITED: Schedules Creditors Meeting on April 13

TOP STAR: Creditors Meeting Slated for March 27
VISTAMARINE LIMITED: Creditors to Meet on April 13
WANG POWER: Receives Petition to Wind Up Operations
YEUN TAT: Court to Hear Wind-up Application


I N D I A

ANDHRA CEMENTS: Goenka to Dispose of Stake in Company
INDIA CEMENTS: To Hold General Meeting on April 13
INDIA FOILS: Vedanta's Share Sale Bid Hits Snag


I N D O N E S I A

GARUDA INDONESIA: Shortage of Pilots Looms
GARUDA INDONESIA: Activist's Widow to File Negligence Suit
MERPATI NUSANTARA: Hopes to Recover with Government's Help


J A P A N

JAPAN AIRLINES: To Retain Older Employees to Win Back Customers
SANYO ELECTRIC: S&P's BB Ratings Remain on CreditWatch
VODAFONE JAPAN: S&P Hacks Rating on Long-Term Debt to BB+


K O R E A

CITIBANK KOREA: Union to End Labor Dispute
SSANGYONG MOTOR: China Rejects Shanghai Automotive Project


M A L A Y S I A

APEX EQUITY: Repurchases MYR13,387 Worth of Shares
AYER MOLEK: Buys 30% Stake in Indonesian Firm for MYR2.4 Million
FOREMOST HOLDINGS: Gets 21-Day Mareva Injunction on Unit
FORMIS MALAYSIA: Seeks SC Approval to Buy Holiday Plaza Assets
KIWI TEXTILES: Ramatex Buys Entire Share Capital

LITYAN HOLDINGS: Unit to Sell Four Lands for MYR4,715,490
MALAYSIA AIRLINES: Routes Revamp May Save Carrier MYR303 Mln
PAN MALAYSIA: Buys Back 50,000 Shares for Over MYR 20,000
PEMBINAAN LIMBONGAN: Court Strikes Off Winding Up Petition
SUNWAY HOLDINGS: Reptolink Purchase Gets Regulator's Nod

TECHVENTURE BEHRAD: Explains Unusual Market Activity
* Class A Bumiputra Contractors Face Crisis


P H I L I P P I N E S

ABS-CBN BROADCASTING: Asks Justice Dep't to Halt Stampede Probe
ABS-CBN BROADCASTING: Shareholders Scheduled to Meet on April 27
BACNOTAN CONSOLIDATED: To Be Removed from the PSE
VICTORIAS MILLING: Workers Want Comptroller Out


S I N G A P O R E

CHINA AVIATION: Ex-CEO Gets Four-Year Jail Term
CHINA AVIATION: To Consolidate Shares on March 23
MYHOME FURNITURE: Prepares to Pay Dividend
SHARIKAT TRANS-ORIENT: Proofs of Debt Due Next Month


T H A I L A N D

TPI POLENE: Downplays DSI Claims

     - - - - - - - -

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

ABCO MEATS: Taps Receivers from Deloitte
-----------------------------------------
Murray Neil Frost and Keith Noel McArley have been appointed
receivers and managers of Abco Meats Limited on March 8, 2006.

Contact: M. N. Frost
         Joint Receiver and Manager
         Deloitte Chartered Accountants
         Level Eight, Otago House,
         481 Moray Place, Dunedin
         New Zealand


A.C.N. 090 983 047 PTY: Distributes Final Dividend
--------------------------------------------------
A.C.N. 090 983 047 Pty Limited will declare its final dividend
today, March 22, 2006.

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

Contact: R. G. Tolcher
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302
         Australia


AMTEC PTY: Members Opt to Wind Up Firm
--------------------------------------
On February 16, 2006, the members of Amtec Pty Limited held a
general meeting and agreed that it is in the Company's best
interests to close its operations.

K. L. Sutherland and H. A. MacKinnon were then appointed as
joint and several liquidators.  

Contact: H. A. MacKinnon
         K. L. Sutherland
         Joint and Several Liquidators
         Bent & Cougle Pty Limited Chartered Accountants
         332 St. Kilda Road, Melbourne
         Victoria 3004, Australia


ARISTOCRAT LEISURE: PwC Pressed to Show Audit Data
--------------------------------------------------
PricewaterhouseCoopers, Australia's top audit firm, had reported
losing documents related to Aristocrat Leisure Limited's audit
up to 2003.

The Troubled Company Reporter - Asia Pacific earlier stated that
legal firm Maurice Blackburn Cashman and litigation company IMF
Australia Limited launched a group action with the Federal Court
against Aristocrat for allegedly misleading investors over a
profit downgrade in 2003.

In line with the proceedings, Justice Margaret Stone ordered PwC
to produce the computer hard drive containing Aristocrat files
for evaluation, The Australian relates.  PwC, however, claimed
that the data had been lost cannot be recovered, and declined to
give the hard drive over to the class action lawyer.

According to The Australian, PwC was first subpoenaed in
September 2004 to produce documents relating to any report,
assessment or review prepared for Aristocrat between January
2002 and May 2003.  A month later, PwC provided some documents
to the court, which documents Morris Blackburn Cashman claimed
were incomplete.

       PwC to Provide Data on Aristocrat's U.S. Operations

Judge Stone ordered PwC to produce the hard drive for assessment
by an expert nominated by Morris Blackburn Cashman and she has
reserved orders, which are expected to be handed down this week,
relating to documents held by Aristocrat's operations in the
United States.

PwC's counsel, Mallesons Stephen Jaques, had argued on March 17,
2006, that the firm should not have to provide its U.S. audit
work as this was carried out by a separate legal entity.

               CPA Groups Wary Over PwC Behavior

CPA Australia and the Institute of Chartered Accountants in
Australia have expressed concern that a leading accounting firm
could simply lose documents relating to the audit of a top-50
company.

ICAA Technical Standards Adviser Keith Reilly told The
Australian that the failure to ensure adequate backup of audit-
related documents could constitute a breach of professional and
legal requirements.  He further said that "major firms all have
electronic filing, so if you just lost it on your hard drive,
that would be highly unusual."

                        About Aristocrat

Headquartered in New South Wales, Australia, Aristocrat Leisure
Limited -- http://www.aristocratgaming.com/-- is mainly  
involved  in the design, development, manufacture and marketing
of gaming machines, software, systems and other related
equipment and services.  The Group also provides consulting
services such as venue analysis, commercialized project
management, specialized gaming training and Aristocrat gaming
analysis.  The Group operates in Australia, North America, South
America, Japan, New Zealand, Europe, and in the Asia Pacific
region.  The Company is plagued by a group action over the
timing of a profit warning back in November 2003 launched by
legal firm Maurice Blackburn Cashman and litigation company IMF
Australia Limited.  The lawsuit alleges that the Company misled
shareholders by not keeping them fully informed before
disclosing earnings downgrades that wiped US$1.5 billion (AU$2
billion) from the Company's value in 2003.  The lawsuit claims
damages of US$86.37 million (AU$115 million) for losses when
shareholders sold their stock.


AUDIO SALES: To Hold Final Meeting Today
----------------------------------------
The final meeting of the members and creditors of Audio Sales &
Marketing Pty Limited is scheduled today, March 22, 2006.

The meeting was set for members and creditors to get an account
of the manner of the Company's wind-up and property disposal
from Liquidator Robert Elliott.

Contact: Robert Elliott  
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


AUTO GROUP FINANCE: Appoints Official Receivers
-----------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as the receivers and
managers of all of the present and future assets and
undertakings of Auto Group Finance Pty Limited.

Contact: Andre J. Love
         Mark M. Taylor
         Receivers
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia

         Peter D. McCluskey
         Receiver
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


AVONVIEW RETIREMENT: Prepares to Exit from NZ Register
------------------------------------------------------
An application for the removal of Avonview Retirement Village
Limited from the New Zealand Register has been filed after the
Company has completed its liquidation.

A written objection to the application should be filed with the
Registrar not later than April 3, 2006.  Failure to do so will
obliged the Registrar to remove the Company from the Register.

Contact: R.K.D. Rodgers
         Liquidator
         Rodgers & Company Limited
         P.O. Box 29-189, Christchurch
         New Zealand
         Telephone: (03) 343 3068
         Fax: (03) 343 3067


AWB LIMITED: Key Oil-For-Food Document Missing
----------------------------------------------
A key document is missing in Australia's investigation into the
oil-for-food scandal involving AWB Limited, United Press
International says.

According to the report, the missing document could prove that
the Australian Government knew about the AU$300 million bribe,
which AWB allegedly paid to the Iraqi Government.

UPI recounts that the Government-appointed probe, headed by
Terence Coles, had been investigating charges that the
Government knew then-Iraqi President Saddam Hussein was
circumventing United Nation sanctions through the oil-for-food
program after an earlier investigation, headed by former United
States Treasurer Paul Volcker, indicated that AWB was involved.  
AWB is accused of funneling millions to Iraq leading up to the
2003 war through a Jordanian trucking company.

UPI relates that the missing document was in the files of the
Department of Foreign Affairs and Trade in Canberra and had been
signed by the department's Middle East envoy, Charles Stott.

                           About AWB
  
AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's  
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed  
regime.

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.  
The "Cole Inquiry" is currently underway.  The scandal is
anticipated to create great political repercussions to the
Australian Government, given the country's contribution to
military action against President Hussein in the 2003 invasion
of Iraq.


AWB LIMITED: PM John Howard Willing to Appear Before Inquiry
------------------------------------------------------------
Australian Prime Minister John Howard expressed his willingness
to cooperate with the commission investigating into the alleged
Australian Wheat Board kickbacks to the Iraqi Government, the
Australian Associated Press reports.

Prime Minister Howard said that he would appear before the
Inquiry, if its head, Commissioner Terence Cole, wants him to.  
Prime Minister Howard assured that the willingness extends to
other Government ministers.

Questioned about why the Government continually states it did
not know anything about AWB Limited's involvement in paying
kickbacks to Saddam Hussein's regime until last year, Prime
Minister Howard said that the public should wait for
Commissioner Cole to complete his probe and bring down his
findings.

                           About AWB
  
AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's  
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed  
regime.

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.  
The "Cole Inquiry" is currently underway.  The scandal is
anticipated to create great political repercussions to the
Australian Government, given the country's contribution to
military action against President Hussein in the 2003 invasion
of Iraq.


AWB LIMITED: Official Says Ministers Knew of Iraqi Kickbacks
------------------------------------------------------------
A senior Foreign Affairs official said that she had prepared a
ministerial submission for Foreign Affairs Minister Alexander
Downer and Trade Minister Mark Vaile -- now Deputy Prime
Minister -- detailing that a Jordanian trucking firm hired by
AWB Limited might have funneled money to Iraqi President Saddam
Hussein's regime in breach of United Nations sanctions, the
Sydney Morning Herald says.

According to the report, Zena Armstrong told the Cole Inquiry,
which is investigating the issue, that an Australian Wheat Board
executive informed her in March 2004 that the trucking firm
might have made "payments to the Iraqis" but that if so, it was
"of their own volition."

In her 2004 submission to the ministers, Ms. Armstrong said that
the UN would be launching an investigation into the kickback
scandal.  By then, Ms. Armstrong and other Foreign Affairs
officials were aware of numerous allegations from the occupation
government in Iraq that AWB had paid kickbacks.

The Sydney Herald says that the ministerial submission was not
released yet, but the revelation will put further pressure on
Mr. Downer and Mr. Vaile to explain why they continued to accept
AWB's assurances that it had not paid kickbacks to Iraq.

                           About AWB
  
AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's  
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed  
regime.

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.  
The "Cole Inquiry" is currently underway.  The scandal is
anticipated to create great political repercussions to the
Australian Government, given the country's contribution to
military action against President Hussein in the 2003 invasion
of Iraq.


AWB LIMITED: Iraqi Contracts Were Not Checked, FA Official Says
---------------------------------------------------------------
The Cole Inquiry into kickbacks paid by AWB Limited has just
learned about a confidential diplomatic cable sent by
Australia's representative office in Baghdad to the Department
of Foreign Affairs and Trade in June 2003, the Australian
Associated Press says.

The cable warned that all companies dealing with Iraq under
then-President Saddam Hussein's regime were paying kickback
payments.  At the time, AWB was one of the biggest exporters of
humanitarian aid to Iraq under the United Nations' oil-for-food
program.

Despite the warnings from Baghdad, DFAT's Iraq Task Force did
not carry out a rigorous review of AWB's wheat export contracts
with Iraq.

Zena Armstrong, who was a member of the task force, told the
Inquiry that she had received a copy of the cable from Baghdad.
She also admitted to having previously heard allegations from
United States Wheat Associates that AWB was paying Iraqi
kickbacks.

However, Ms. Armstrong said that AWB had been telling her
throughout 2003 that the kickbacks claims were rubbish, and the
allegations were never properly assessed.

The cable, tendered to the Cole Inquiry yesterday, stated that
"[E]very contract since phase 9 (of the UN's oil-for-food
program) included a kickback to the regime from between 10 and
19 per cent."

                           About AWB
  
AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's  
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed  
regime.

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.  
The "Cole Inquiry" is currently underway.  The scandal is
anticipated to create great political  
repercussions to the Australian Government, given the country's
contribution to military action against President Hussein in the
2003 invasion of Iraq.


BATESON DAIRIES: Falls Into Receivership
----------------------------------------
On March 8, 2006, Instant Funding Limited appointed Brett
Christopher Hoddle as receiver and manager of Bateson Dairies
Limited's undertaking, property and assets.

Contact: Brett Christopher Hoddle
         Receiver and Manager
         Brett Hoddle Consultants
         Unit 43, Pueblo, 21 Armoy Drive
         Botany Downs, Auckland
         New Zealand


BE & I TAYLOR: Court Issues Wind-up Order
-----------------------------------------
The Supreme Court of New South Wales ordered the winding up of
BE & I Taylor Pty Limited on February 23, 2006, and appointed R.
J. Porter as liquidator of the Company.

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


CARVINDO MARKETING: Decides to Close Operations
-----------------------------------------------
After their extraordinary general meeting on February 15, 2006,
the members of Carvindo Marketing Pty Limited decided to
voluntarily wind up the Company's operations.

Leonard A. Milner was then appointed as liquidator to oversee
the wind-up.

Contact: Leonard A. Milner
         Liquidator
         Venn Milner & Company
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia


CHAMPION CHEMTECH: Prepares to Pay Dividend to Creditors
--------------------------------------------------------
Champion Chemtech Pty Limited will declare its first and final
dividend today, March 22, 2006, to the exclusion of its
creditors who were not able to prove their claims.

Contact: Brian McMaster
         Liquidator
         KordaMentha
         Level 11, 37 St. Georges Terrace
         Perth, Western Australia 6000
         Australia


CHAMPION FORCE: Members Agree on Liquidation
--------------------------------------------
The members of Champion Force Pty Limited held a meeting on
February 15, 2006, and agreed to wind up the Company's
operations.

Samuel Richwol was then appointed as liquidator.

Contact: Samuel Richwol
         Liquidator
         O'Keeffe Walton Richwol
         431 Burke Road, Glen Iris 3146
         Australia
         Telephone: (03) 9822 9823


COLES MYER: CEO Fletcher Assumes Control of Supermarket Business
----------------------------------------------------------------
Coles Myer Limited Chief Executive Officer John Fletcher has
taken over the day-to-day control of the group's core
supermarket and liquor business in its efforts to keep up with
rival Woolworths' soaring profit and sales growth, The Sydney
Morning Herald reports.

Mr. Fletcher's first job will be to lift the retailer's flagging
supermarket and liquor sales momentum.  Over the past 18 months,
same-store sales growth has dropped from 4.5% to 0.9%.

Accordingly, Mr. Fletcher is trying to boost earnings by
implementing a program of cost cuts designed to get best selling
items on shelves faster and save the Company AU$425 million from
annual expenses by 2008.

According to Sydney Herald, Mr. Fletcher outlined his revamping
of Coles Myer's management structure as he unveiled a better-
than-expected 10.5% increase in interim net profit to AU$484.5
million.  However, the result lagged Woolworths' profitability,
which grew at double that rate in the six months to January 1,
2006.

The unveiling of the new management structure follows the
departures of senior supermarket executives Hani Zayadi and
Gerry Masters.

The restructured reporting lines will now see Mr. Fletcher spend
at least half his working life solely on the supermarkets and
liquor business.  Kristiaan Rehder at Herschel Asset Management
believes that Mr. Fletcher needs to focus on food and liquor
because "that's where the growth engine is."

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in  
Australia and New Zealand and employs with over 165,000 staff.  
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been  
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net  
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In March 2006, after months of negotiations, Coles
Myer sold the 61-store Myer chain to Newbridge Capital and to
the former Myer store owners, the Myer family, for AU$1.4
billion.  


CORPORATE TRUSTEES: Court Set to Hear Liquidation Petition
----------------------------------------------------------
The High Court of Auckland will hear an application to liquidate
corporate Trustees Limited on May 4, 2006 at 10:00 a.m.

The Commissioner of Inland Revenue filed the Petition on
February 10, 2006.

Interested parties wishing to appear at the hearing may file an
appearance not later than May 2, 2006.

Contact: Commissioner of Inland Revenue
         Plaintiff  
         David Weaver
         Solicitor for the Plaintiff                   
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna,  
         Auckland
         New Zealand
         P.O. Box 33-150


CROESUS MINING: Kiernan Promises to Help Bankroll Revival
---------------------------------------------------------
Croesus Mining N.L. Chairman Michael Kiernan personally pledged
to help bankroll a revival of the gold producer, The West
Australian reports.

Mr. Kiernan told the paper that he was encouraged by Macquarie
Bank's initial response to Croesus' approaches about
restructuring the hedgebook to give the Company breathing space.

The Troubled Company Reporter - Asia Pacific reported on
March 21, 2006, that Croesus has called in external advisers to
review its financial position after posting a first-half loss of
AU$27 million and after experiencing difficulties meeting its
gold hedging commitments.  The TCR-AP said that Croesus was
believed to have begun talks with its main hedging counterpart,
Macquarie, to restructure its hedge book and defer near-term
commitments in a bid to get the Company back on its feet.

Mr. Kiernan confirms that Macquarie is "quite prepared to defer
or delay the delivery of [its] hedges, but [it] need[s] a good
sensible mine plan."

According to The WestBusiness, on top of its hedging agreements,
Macquarie holds a charge over Croesus' key assets as surety for
a secured AU$15 million convertible note facility provided last
year to fund the development of the St. Patrick's and O'Brien's
lodes at Norseman.

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold  
through its Davyhurst and Central Norseman exploration projects.

Falling grades and skyrocketing costs have pulled down Croesus'
production and profitability since 2005.  Croesus' problems also
stem from inadequate mine planning and development at its  
flagship Norseman operation, where it operates the Bullen and
Harlequin mines.  After selling its Davyhurst project to fellow
Western Australian gold miner Monarch Resources Ltd. in November
to focus on the Norseman site, Croesus warned of a AU$28 million
pretax loss for the six months to December 31, 2005, on lower
output and hedging losses.


EDO LAKE: Members and Creditors Receive Wind-up Details
-------------------------------------------------------
A final meeting of the members and creditors of Edo Lake Pty
Limited will convene to receive the Liquidator Richard
Albarran's final account showing how the Company was wound up
and how its property was disposed of.

The meeting will be held today, March 22, 2006.

Contact: Richard Albarran
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


FTF EXPRESS: Enters Voluntary Liquidation
-----------------------------------------
The members and creditors of FTF Express Pty Limited held a
meeting on February 17, 2006, and agreed to:

     -- voluntarily wind up the Company's business operations;
        and

     -- appoint R. A. Sutcliffe as liquidator for the wind-up.

Contact: R. A. Sutcliffe
         Liquidator
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone: (03) 9482 6277


GENESIS HOLDINGS: Faces Liquidation Proceedings
-----------------------------------------------
An application to liquidate Genesis Holdings Limited has been
filed with the High Court of Wellington on February 1, 2006, by
Bunnings Limited -- trading as Benchmark Building Supplies.

The Application will be heard before the High Court on
March 27, 2006 at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 23, 2006.

Contact: N. W. Hughes
         Solicitor for the Plaintiff
         Hughes Robertston Solicitors
         Fourth Floor, Leaders Building
         15 Brandon Street
         P.O. Box 2513, Wellington
         New Zealand


GREATER HOME: Receivers and Managers Appointed
----------------------------------------------
Receivers and managers for all the assets and undertakings of
Greater Home Solutions Limited have been appointed on March 6,
2006.

Contact: Rowan John Chapman  
         Amanda-Jane Atkins  
         Gosling Chapman Partnership
         Level Six, Gosling Chapman Tower
         51-53 Shortland Street, Auckland
         New Zealand
         Telephone: (09) 303 4586
         Facsimile: (09) 309 1198
         e-mail: rowan.chapman@goslingchapman.com


INEMPTUS PTY: Creditors' Claims Due on March 28
-----------------------------------------------
Creditors of Inemptus Pty Limited are required to submit their
formal proofs of claim to Liquidator G. L. Starkey by March 28,
2006.

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

Contact: G. L. Starkey
         Liquidator
         c/o P. A. Lucas & Co. Chartered Accountants
         Level 8, ING Building
         100 Edward Street, Brisbane
         Queensland 4000, Australia


JAMES HARDIE: Taxation Office Slaps AU$500 Million Bill
-------------------------------------------------------
The Australian Taxation Office said that it might be slapping
James Hardie Industries with a AU$500 million bill and fine, The
Advertiser reports.

The tax assessment relates to James Hardie's transfer of its
United States assets to a Dutch holding company, in its effort
to minimize tax and quarantine its asbestos liabilities.

James Hardie revealed that the ATO will demand payment of AU$178
million plus AU$44.5 million in penalties for an amended capital
gains tax assessment on Hardie's 1998-99 restructure.

The Advertiser relates that with ATO interest charges averaging
13% more than doubling that amount, the Company is anticipated
to plunge deeper into debt, in the same year that it is due to
make a AU$154 million initial payment on its AU$1.6 billion
asbestos compensation deal.

James Hardie Chief Financial Officer Russell Chenu said that the
Company would "dispute the assessment and will vigorously defend
its position."

The ATO assured Hardie that it would soon issue an amended
statement.

Mr. Chenu said Hardie expected to have adequate available cash
and existing underutilized debt facilities to pay its
obligations under the amended assessment, as well as the initial
funding payment to the planned asbestos compensation fund.

The Troubled Company Reporter - Asia Pacific had earlier
indicated that James Hardie hopes that new tax laws, which are  
backdated to apply from July 1, 2005, could help fund its AU$1.6
billion settlement payout to asbestos sufferers.  The laws could
provide Hardie millions of dollars in tax breaks for a range of
costs previously considered to be "black hole expenditures."
  
In 2005, the ATO knocked back a claim by Hardie for AU$500
million in tax deductions.

James Hardie also agreed to pay up to 35% of its yearly profits
into a fund to compensate people harmed by asbestos products.  
The deal was conditional on the firm obtaining the tax
deductions.  While James Hardie posted a AU$195.5 million net
profit in 2005, the ATO would still have to ease up on the
payout's tax deductibility.

James Hardie Industries Limited -- http://www.jameshardie.com/  
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.  
Nearly 80% of its sales are in North America.  The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may
diseases caused by exposure to the asbestos-related products
produced by James Hardie.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was then accused of topping up
the dwindling asbestos fund it established.  By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia.  Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century.  In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades.  When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.


JODEEN PTY: Liquidator to Present Wind-up Report
------------------------------------------------
The members and creditors of Jodeen Pty Limited will convene
today, March 22, 2006, to receive Liquidator Adrian Stewart
Duncan'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: G. G. Woodgate
         Liquidator
         Woodgate & Company
         Level 14, 25 Bligh Street
         Sydney, New South Wales
         Australia
         Telephone: (02) 9233 6088
         Fax: (02) 9233 1616


KAESOR PTY: Receivers Step Down
-------------------------------
Murray Cambell Smith and Anthony Gregory McGrath on February 10,
2006, ceased to act as receivers and managers of the property of
Kaesor Pty Limited.


KAIWHENUA FARMS: Liquidators Want Firm Removed from Register
------------------------------------------------------------
An application to remove Kaiwhenua Farms (HB) Limited from the
New Zealand Register was filed by Liquidators Giles A. Pearson
and James R. McIvor

Objections to the removal must be delivered to the Registrar not
later than March 24, 2006.

Contact: Giles A. Pearson
         James R. McIvor
         Liquidators
         PricewaterhouseCoopers
         corner of Raffles and Bower Streets,
         P.O. Box 645, Napier
         New Zealand


KONTUREST LIMITED: Names Official Receivers
-------------------------------------------  
On March 7, 2006, Rowan John Chapman and Amanda-Jane
Atkins were appointed as receivers and managers of all the
assets and undertakings of Konturest Limited.

Contact: Rowan John Chapman  
         Amanda-Jane Atkins  
         Gosling Chapman Partnership
         Level Six, Gosling Chapman Tower
         51-53 Shortland Street, Auckland
         New Zealand
         Telephone: (09) 303 4586
         Facsimile: (09) 309 1198
         e-mail: rowan.chapman@goslingchapman.com


LAZONA LIMITED: Court Sets Liquidation Hearing on May 4
-------------------------------------------------------
On February 10, 2006, an application to liquidate Lazona Limited
was filed with the High Court of Auckland by the Commissioner of
Inland Revenue.

The application will be heard before the High Court on May 4,
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 May 2, 2006.

Contact: David Weaver
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue
         Takapuna, Auckland
         New Zealand
         P.O. Box 33-150
         Telephone: (09) 488 8695  
         Facsimile: (09) 488 2548


LORETTO DISTRIBUTORS: Faces Liquidation Proceedings
---------------------------------------------------  
The Commissioner of Inland Revenue has filed with the High Court
Auckland an application to liquidate Loretto Distributors
Limited on January 11, 2006.

The Application will be heard before the High Court March 30,
2006, at 10:00 a.m.

An appearance must be filed not later than March 28, 2006, in
order for any person to appear at the hearing.

Contact: Jonathan Ridling
         Solicitor for the Plaintiff
         Auckland Service Centre
         17 Putney Way
         P.O. Box 76-198 Manukau City
         New Zealand


M&C HANNON: Winds Up Business Operations
----------------------------------------
At a meeting of M&C Hannon Pty Limited on February 15, 2006,
members decided that it is in the Company's best interests to
voluntarily wind up its operations.  


METAL STORM: 2005 Net Loss Drops 16.7% Due to R&D Boost
-------------------------------------------------------
Metal Storm Limited posted a net loss of AU$10.9 million for the
fiscal year ended December 31, 2005, down 16.7% from the AU$13.1
million loss in 2004.

Metal Storm Chief Executive Officer David Smith said that these
results were expected, as the Company had boosted its Research
and Development program.

The Company also reported a slight increase in its revenue, from
AU$880,544 in 2004, to AU$964,548 in 2005, reflecting higher
contract revenue, partially offset by interest revenue, which is
down because of reduced cash holdings.

With its "aggressive cost saving program" administrative
expenses have been cut to AU$1.07 million from AU$1.32 million.

Mr. Smith added that Metal Storm had sufficient financial
resources to sustain it until late July based on confirmed
contract income and expected costs, and expects 2006 to be "a
pivotal year."

Metal Storm Limited -- http://www.metalstorm.com/-- is a multi-
national defence technology company engaged in the development
of electronically initiated ballistics systems using its unique
"stacked projectile" technology.  The company is headquartered
in Brisbane, Australia, and incorporated in Australia, with an
office in Arlington, Virginia.  Metal Storm is working with
government agencies and departments, as well as industries, to
develop a variety of systems utilizing the Metal Storm non-
mechanical, electronically fired stacked ammunition system.

Metal Storm's share price has fluctuated between a high of
AU$2.65 in 2000 and low of AU$0.11 in 2005.  The Company has
never paid a dividend and has been saddled by a series of
losses.

There are currently no commercially available or mass-produced
weapons based on the Metal Storm technology.  The Company has
conducted live-firing demonstrations and tests with prototypes.


MJB PLUMBING: Supreme Court Winds Up Firm
-----------------------------------------
On February 23, 2006, the Supreme Court of New South Wales
ordered the winding up of MJB Plumbing Contractors Pty Limited,
and appointed Steven Nicols to act as liquidator.

Contact: Steven Nicols
         Liquidator
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


MULTIPLEX GROUP: Workers Evacuated as Roof Slips
-------------------------------------------------
More than 3,000 workers were evacuated from Multiplex Group's
Wembley Stadium site in London after a roof beam slipped on
March 20, 2006, The Guardian reports.

No injuries resulted from the incident, but the workers were
moved out as a safety precaution, Martin Tidd, managing director
of Multiplex Construction U.K. said.  The steel rafter, which
was held in place by a temporary connection, slipped 20 inches
while welders worked nearby.

Engineers from Multiplex and steel contractor Hollandia are
aiming to work overnight to secure the rafter so it can be
welded in place, and work on the rest of the stadium may resume
immediately, Mr. Tidd said during a conference call with
reporters.

                         About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.  Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down.  In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis, which could affect its other projects,
after posting a massive AU$474 million in total losses
attributed to Wembley.  The English Football Association has
given up plans to hold the FA Cup Final at Wembley due to the
delays.  The Group is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


OUTLINE DEVELOPMENTS: Prepares for Liquidation Proceedings
----------------------------------------------------------  
On May 18, 2006, the High Court of Auckland will hear a petition
to liquidate Outline Developments Limited.

The Commissioner of Inland Revenue filed the application on
February 13, 2006.

Interested persons are required to file an appearance not later
than May 16, 2006, to attend the hearing.

Contact: David Weaver
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland
         New Zealand
         P.O. Box 33-150
         Telephone: (09) 488 8695  
         Facsimile: (09) 488 2548


PAREKURA BAY: Court to Hear Liquidation Petition on March 30
------------------------------------------------------------
A petition to wind up Parekura Bay Vineyard Estates Limited was
presented before the High Court of Auckland on November 2, 2005,
by William Henry Hawken.

The application will be heard before the High Court on March 30,
2006, at 10:00 a.m.

Any person wishing to attend the hearing must file an appearance
not later than March 28, 2006.

Contact: Anthony R. Thomas
         Barrister & Solicitor
         Level Nine, Tower One
         Shortland Towers, Shortland Street
         Auckland
         New Zealand


PERFECT HOMES: Liquidators Seek Removal from NZ Register
--------------------------------------------------------
Liquidators David Donald Crichton and Keiran Anne Horne filed
with the Registrar an application to remove The Perfect Homes
Group Limited from the New Zealand Register.

Any objection to the removal, pursuant to section 321 of the
Companies Act 1993, must be delivered to the Registrar no later
than the 1st day of April 2006.

Contact: K. A. Horne
         Liquidator
         Crichton Horne & Associates
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand


PRESTIGE LUMBER: Receivers and Managers Appointed
-------------------------------------------------
The Glenys Udy Trust has appointed a receiver and manager for
Prestige Lumber Limited on March 9, 2006.

Contact: Kim Scott Thompson
         Receiver and Manager
         WEL Energy House
         corner of Victoria and London Streets
         Hamilton
         New Zealand


PRICEWAY PTY: Placed Under Voluntary Liquidation
------------------------------------------------
At a general meeting of the members of Priceway Pty Limited on
February 15, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

Samuel Richwol was then appointed as liquidator.

Contact: Samuel Richwol
         Liquidator
         O'Keeffe Walton Richwol
         431 Burke Road, Glen Iris 3146
         Victoria, Australia         
         Telephone: (03) 9822 9823


RAZZLE COMPUTER: Creditors OK Liquidator's Appointment
------------------------------------------------------
Members of Razzle Computer Services Pty Limited convened on
February 23, 2006, to commenced the Company's wind-up.

Roderick Mackay Sutherland was then appointed as liquidator. The
Company's creditors confirmed the liquidator's appointment at a
creditors' meeting held later that day.

Contact: Roderick M. Sutherland
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


RON REEVES: Liquidator Set to Distribute Assets
-----------------------------------------------
After a general meeting on February 23, 2006, the members of Ron
Reeves Holdings Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.

As a result, Francis William O'Connor was appointed as
liquidator.

Contact: Francis W. O'Connor
         Liquidator   
         43 Auburn Street, Moree
         New South Wales, Australia


STRAWBERRY FIELDS: Falls Into Receivership
------------------------------------------
Brett Christopher Hoddle was on March 8, 2006, appointed as
receiver and manager to handle all the undertaking, property and
assets of Strawberry Fields Limited.

Contact: Brett Christopher Hoddle
         Receiver and Manager
         Chartered Accountant
         Brett Hoddle Consultants
         Unit 43, Pueblo, 21 Armoy Drive
         Botany Downs, Auckland
         New Zealand


TACOM CORPORATION: Members and Creditors Discuss Wind-up  
--------------------------------------------------------
A final meeting of the members and creditors of Tacom
Corporation Pty Limited will be held today, March 22, 2006.

At the meeting, liquidator Wayne Benton will report the
activities that took place during the wind-up period, as well as
the manner by which the Company's property was disposed of.

Contact: Wayne Benton
         Liquidator
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


TELSTRA CORPORATION: Announces Package for Cyclone Victims
----------------------------------------------------------
Telstra Corporation says it will provide a package of free and
discounted services for families and businesses affected by
Cyclone Larry.

Customers who report a temporary loss of fixed phone service
will be given free call diversion to a fixed or mobile phone of
their choice, regardless of phone company, Telstra said.
Telstra will also charge only a fixed service rate for local and
STD calls made on Telstra mobiles, limited to one mobile per
household or business.

In addition to the free call diversion and cheaper mobile calls,
those who lost homes would receive a free new connection of a
fixed service, or a $50 mobile phone credit if they did not have
a fixed phone service.

Telstra BigPond broadband customers who lost their homes would
receive a free new connection.

Telstra Country Wide North Queensland manager Wally Donaldson
said technicians were working to restore services as quickly as
possible.   He said customers could expect some congestion on
the mobile network due to the cyclone.

"We encourage those people affected by the cyclone to call a
nominated relative or friend to keep all others informed," Mr.
Donaldson said in a statement.  "This will help to reduce
congestion on the network," he added.

Telstra has opened a cyclone assistance hotline (1300 134 239)
for customers whose homes have been destroyed.

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.


TRAVELGATE TECHNOLOGY: Liquidation Hearing Fixed for April 6
------------------------------------------------------------
The High Court of Auckland received from Telecom New Zealand
Limited on January 25, 2006, an application to liquidate
Travelgate Technology Limited.

The Application will be heard before the High Court on April 6,
2006, at 10:45 a.m.

Any person whishing to attend the meeting must file an
appearance not later than April 4, 2006.

Contact: Malcolm David Whitlock
         Solicitor for the Plaintiff
         Whitlock & Company
         care of Level Two, Baycorp House
         15 Hopetoun Street, Auckland
         New Zealand


VALEDEN PTY: Names David McNamara as Liquidator
-----------------------------------------------
On February 20, 2006, the members of Valeden Pty Limited
resolved to wind up the Company's operations.

David J. McNamara was then appointed as liquidator to manage the
Company's wind-up activities.

Contact: David J. McNamara
         Liquidator
         McNamara Chartered Accountants
         373 High Street, Maitland
         New South Wales 2300
         Australia


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

CELOSMARINE LIMITED: Liquidator to Discuss Wind-up Report
---------------------------------------------------------
Creditors of Celosmarine Limited will meet on April 13, 2006,
to:

     -- receive Liquidator David R. Hague's account of his
        acts and dealings and of the conduct of the winding up
        during the year ended January 15, 2006, and

     -- approve the Liquidator's fees and disbursements to be
        paid out of the assets of the Company.

Contact: David R Hague
         Liquidator
         20th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


CHEFOO MANUFACTURING: Faces Wind-up Proceedings
-----------------------------------------------
On March 3, 2006, the High Court of Hong Kong received an
application from China Resources Machinery Company Limited to
wind up The Chefoo Manufacturing Company Limited.

The High Court will hear the Petition on May 3, 2006, at 9:30
a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than May 2, 2006.

Contact: Chong & Partners
         Solicitors for the Petitioner
         8th Floor, BOCG Insurance Tower
         134-136 Des Voeux Road Central
         Central, Hong Kong


EASEWIN PROPERTIES: Enters Liquidation Proceedings
--------------------------------------------------
Capital Century Company on February 28, 2006, filed a winding up
petition against Easewin Properties Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative region on May 3, 2006, at 9:30 a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than May 2, 2006.

Contact: Hioe & Pun
         Solicitors for the Petitioner
         Room 704, 7th Floor, Li Po Chun Chambers
         189 Des Voeux Road Central
         Central, Hong Kong


QUICK REACH: Creditors' First Meeting Set April 7
-------------------------------------------------
The first meeting of the creditors of Quick Reach Trading And
Transportation Limited will be held at Room 207, 2nd Floor, Duke
of Windsor Social Service Building, 15 Hennessy Road, Wanchai,
Hong Kong on April 7, 2006 at 11:00 a.m.

At the meeting, the creditors will be asked to:

     -- consider an extraordinary resolution to wind up
        the Company;

     -- consider the Statement of Affairs and further matters
        relevant to the wind-up;

      -- nominate and appoint a liquidator for the purpose of
         winding up the Company's affairs and distributing its
         assets;

      -- fix the Liquidator's remuneration;

      -- determine if an audit of the accounts of the Liquidator
         is required pursuant to Section 255A of the Companies
         Ordinance;

      -- authorize the Liquidator to dispose the books and
         records of the Company;

      -- nominate and appoint a committee of inspection; and

      -- discuss any other business.


SELCO LIMITED: Schedules Creditors Meeting on April 13
------------------------------------------------------
Selco (Hong Kong) Limited's creditors will convene an annual
meeting on April 13, 2006, at:

          20th Floor, Prince's Building
          10 Chater Road, Central
          Hong Kong

At the meeting the Company's creditors will be asked to:

     -- receive Liquidator David R. Hague's account of his
        acts and dealings and of the conduct of the winding up
        during the year ended January 15, 2006, and

     -- approve the Liquidator's fees and disbursements to be
        paid out of the assets of the Company.

Contact: David R Hague
         Liquidator
         20th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


TOP STAR: Creditors Meeting Slated for March 27
-----------------------------------------------
Creditors of Top Star Garment Limited will meet on March 27,
2006, to accept the resignation of Liquidator Tony Yuen Wai Kin
and appoint a new liquidator to fill up the vacant post.

The meeting will be held at:

          Training Room B
          The Joint Professional Centre
          Unit 1, Ground Floor, The Center,
          99 Queen's Road Central,
          Hong Kong

A member or creditor entitled to attend vote at the meeting may
appoint proxy to attend and on a poll, vote instead of him.  A
proxy need not be a member or creditor of the company.  Forms of
proxies for both meetings must be lodged at Unit 1602-3, 16th
Floor, Yue Xiu Building, 160-174 Lockhart Road, Wanchai, Hong
Kong not less than 3:15 p.m. on March 26, 2006.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2006, that Standard Chartered Bank (Hong Kong) Limited
has filed a petition to wind up Top Star Garment Limited.

The Petition was heard before the High Court of Hong Kong
Special Administrative Region on March 15, 2006.

Contact: Tsang, Chan & Wong
         Solicitors for the Petitioner
         16th Floor, Wing On House
         No. 71 Des Voeux Road Central
         Central, Hong Kong
         Telephone: (852) 2524 5131          
         Fax: (852) 2845 0324
         e-mail: tcw@tcw.com.hk


VISTAMARINE LIMITED: Creditors to Meet on April 13
--------------------------------------------------
Creditors of Vistamarine Limited will hold their annual meeting
on April 13, 2006, at:

          20th Floor, Prince's Building
          10 Chater Road, Central
          Hong Kong

At the meeting the Company's creditors will be asked to:

     -- receive Liquidator David R. Hague's account of his
        acts and dealings and of the conduct of the winding up
        during the year ended January 15, 2006, and

     -- approve the Liquidator's fees and disbursements to be
        paid out of the assets of the Company.

Contact: David R. Hague
         Liquidator
         20th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


WANG POWER: Receives Petition to Wind Up Operations
---------------------------------------------------
Tsui Kai Wah on February 22, 2006, filed a petition for the
winding up of Wang Power Logistics Hong Kong Limited.

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

Any creditor or contributory wishing to support or oppose the
making of a wind-up order may appear at the time of hearing by
himself or his counsel.

Contact: Betty Chan
         For Director of Legal Aid
         34th Floor, Hopewell Centre
         183 Queen's Road East, Wanchai
         Hong Kong


YEUN TAT: Court to Hear Wind-up Application
-------------------------------------------
On April 12, 2006, at 9:30 a.m., the High Court of Hong Kong
will hear an application to wind up Yeun Tat Transportation
Limited.

The Petition was filed on February 15, 2006, by Lui Kwan Ming of
Room 615, 6/F., Fu Ming House, Wah Ming Estate, Fanling, New
Territories, Hong Kong.  

Any creditor or contributory interested to appear at the hearing
are required to inform:

          Betty Chan
          For Director of Legal Aid
          34th Floor, Hopewell Centre
          183 Queen's Road East, Wanchai
          Hong Kong


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

ANDHRA CEMENTS: Goenka to Dispose of Stake in Company
-----------------------------------------------------
Gouri Prasad Goenka is looking to sell part of its stake in
ailing Andhra Cements, as part of the Company's turnaround
program, Business Standard says.

Mr. Goenka, the Company's new promoter, said that he is in talks
with potential bidders for his stake.  He further clarified that
the dilution of stake would be less than 15% so that it does not
attract the open offer guidelines of the Securities and Exchange
Board of India.

The proceeds from the stake sale will be used to develop the
Company's cement facility, which was only partly operational.  

Mr. Goenka told The Standard that Andhra Cements is still sick
and is subject to rehabilitation.  As a first step to revival,
production costs will be brought down and long-term debt
liquidated.  The Company is also planning to hike its authorized
share capital from INR70 crore to INR115 crore, subject to
shareholders' approval.

The Company is expected to turn around by 2006-07.  

The original promoter of the company handed over the reins to
Gouri Prasad Goenka in 1994 when the company was already under
the Board for Industrial and Financial Reconstruction.  The
company has been operating under the sanctioned rehabilitation
scheme of the BIFR dated June 16, 1994.


INDIA CEMENTS: To Hold General Meeting on April 13
--------------------------------------------------
India Cements Ltd will convene an Extraordinary General Meeting
on April 13, 2006.

At the meeting, the members of the Company will consider an
increase in the Company's authorized capital from
INR325,00,00,000 to INR335,00,00,000.  They will also discuss
the consequential amendment in the Company's Memorandum and
Articles of Association.

The members will also take up the proposed acquisition of the
Company's equity shares by the Foreign Institutional Investors,
including their sub-accounts, up to an aggregate limit of 40% of
the paid-up equity share capital of the Company.

Furthermore, the members will consider the proposed allotment
and issuance by way of public issue or private placement,
offerings in Indian and international markets, of:

   * further equity shares;

   * Global Depository Shares;

   * Global Depository Receipts;

   * securities convertible into equity shares;

   * American Depository Receipts;

   * Foreign Currency Convertible Bonds representing equity
     shares;

   * Debentures or Bonds convertible into equity shares, whether
     fully or partly and whether compulsorily or at the option
     of the Company or its holders;

   * any security linked to equity shares;

   * Preference Shares whether cumulative or fully convertible;
     and

   * all or any of the securities, with or without detachable or
     non-detachable warrants.

The shares will be offered to eligible resident or foreign
investors to be subscribed in Indian or other foreign currencies
through prospectus, offering letter, circular, memorandum to the
general public and through any other mode as may be deemed
appropriate by the Board for an amount not exceeding US$75
million, including any premium and Green Shoe Option.

Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets  
cement under the brand name Coromandel cement.  The Company was
established in 1946 and the first plant was setup at Sankarnagar
in Tamilnadu in 1949.  Since then it has grown in stature to
seven plants spread over Tamilnadu and Andhra Pradesh.  In 2002,
the Company fell into a deep financial crisis, which prompted it
to undertake debt restructuring plans in 2003.  Faced with the
huge challenges, the company addressed its problems proactively.  
It reduced interest costs, improved the capacity utilization,
implemented voluntary retirement schemes and raised equity.  All
these initiatives helped the firm bring down its debt under
corporate debt restructuring program from a hefty INR1,700 crore
to INR400 crore.


INDIA FOILS: Vedanta's Share Sale Bid Hits Snag
-----------------------------------------------
Vedanta Resources' move to dispose of it interest in struggling
India Foils has hit a road block since India Foils has not
fetched the expected valuations from potential bidders, The
Economic Times says.

Merchant banking sources told The Economic Times that while
Vedanta has estimated the enterprise value at over INR275 crore
for its India Foils stake, the bidders are valuing it much
lower.

As India Foils has accumulated losses of over INR200 crore, the
acquirer will get tax benefits of INR70 crore per year, the
sources said.  This benefit is not being valued appropriately by
the bidders.

The company has now been registered with the Board for
Industrial and Financial Reconstruction following a 100% erosion
of its net worth.

Vedanta is, however, unlikely to pump in any further resources
in to the loss-making company as it has now been formally
registered with the BIFR.

Headquartered in Calcutta, India, India Foils Limited exports
aluminum foils, aluminum container sheets and light gauged
strips, aluminum tea chest lining, laminated flexible packages,
and polycoated cable wrap laminated flexible packages.  India
Foils had been referred to the Board for Industrial and
Financial Reconstruction on October 31, 2005, under Section
15(1) of the Sick Industrial Companies (Special Provisions) Act,
1985 after its net worth was completely wiped out.  Currently,
India Foils produces about 12,000 tonne of foils a year. In the
first half of the current financial year, its sales touched
INR77.4 crore, bringing in a loss of INR5.8 crore.  The
Company's Taratola and Hoera units in Bengal are no longer
operating.


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

GARUDA INDONESIA: Shortage of Pilots Looms
------------------------------------------
PT Garuda Indonesia is facing the grim prospect of acute pilot
shortage after losing many pilots to other airlines, The Jakarta
Post reports.

Garuda expects a shortfall of 242 pilots by 2010, if it proceeds
with its four-year fleet expansion.  The Company would need to
hire more pilots beginning next year even though it currently
has an excess of 68 pilots.

The Post relates that at least 120 Garuda pilots have moved to
other airlines since 2003 in search of better pay and work
conditions, while at least 20 other pilots have resigned due to
ill health or other reasons.

Meanwhile, the airline plans to lease three Boeing 737-800
aircraft this year as part of its expansion.  The aircraft might
be used to reestablish direct links to Dubai, Amsterdam,
Frankfurt and London.  The carrier expects to serve these
destinations next year.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.  The carrier has been hard-hit by
plunging arrivals on the resort island of Bali, where tourists
have been killed in bomb attacks in 2002 and 2005.  It has also
suffered from soaring global oil prices, a weakening of the  
Indonesian rupiah and rising interest rates.  At present, Garuda
is concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005.  Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by
March 2006.  The carrier posted a SGD46.5 billion net loss in
January, versus a net loss of IDR56.1 billion in the same period
last year.  As of the end of 2005, Garuda's debt totaled US$795
million.


GARUDA INDONESIA: Activist's Widow to File Negligence Suit
----------------------------------------------------------
The widow of human rights activist Munir Said Thalib will
commence a lawsuit next month against PT Garuda Indonesia for
negligence leading to her husband's death, The Jakarta Post
reveals.

Suciwati Munir, through a team of lawyers from the Action
Solidarity Committee for Munir, accuses Garuda of neglecting
passenger safety, which led to Munir's arsenic poisoning on a
Garuda flight in September 2004.

In December 2005, an Indonesian court found that a Garuda pilot,
Pollycarpus Priyanto, had poisoned the 38-year-old Munir in a
flight to the Netherlands.  Mr. Pollycarpus pled not guilty
during the trial but was sentenced to 14 years in jail by the
Court.  He is appealing the ruling.

Judges at the trial also noted that there was evidence that
National Intelligence Agency, or BIN, agents were involved in
the killing after Mr. Pollycarpus was found to have made
multiple phone calls to former agency deputy chief, Muchdi Purwo
Prandjono, days before the murder.  

Before becoming the deputy chief of BIN, Mr. Purwo Prandjono was
honorably discharged in 1998 as chief of the army's Special
Forces unit, after Munir's rights group revealed that he had
been involved in the abduction of activists.  

Suciwati's fresh lawsuit is aimed at pressuring the Government
to look into a possible conspiracy in Munir's murder.  It also
covers the distress caused by Garuda's initial claim that Munir
had suffered a heart attack on the plane.  The plaintiffs are
demanding an official apology from the airline to be published
in the media.

The head of Indonesian Human Rights Monitor, Rachlan Nashidik,
said that the lawsuit would also include scrutiny of Garuda's
administrative policy.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.  The carrier has been hard-hit by
plunging arrivals on the resort island of Bali, where tourists
have been killed in bomb attacks in 2002 and 2005.  It has also
suffered from soaring global oil prices, a weakening of the  
Indonesian rupiah and rising interest rates.  At present, Garuda
is concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005.  Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by
March 2006.  The carrier posted a SGD46.5 billion net loss in
January, versus a net loss of IDR56.1 billion in the same period
last year.  As of the end of 2005, Garuda's debt totaled US$795
million.


MERPATI NUSANTARA: Hopes to Recover with Government's Help
----------------------------------------------------------
The Government and the House of Representatives have agreed to
save ailing state carrier PT Merpati Nusantara Airlines from
bankruptcy, Asia Times relates.

Merpati, like Garuda Indonesia, has suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.  
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.  All have
combined to create a perfect storm against Merpati.

Troubled Company Reporter - Asia Pacific reported on July 24,
2004, that the Indonesian Government invited applications from
financial and legal advisers to help devise a privatization
scheme for the ailing carrier.  The Government proposed a
strategic sale of the state's 51% stake in Merpati to help fund
the carrier's struggling operations.  The state was also
considering a IDR220 billion debt-for-equity swap.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned  
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.


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

JAPAN AIRLINES: To Retain Older Employees to Win Back Customers
---------------------------------------------------------------
In an effort to gain back customer confidence, Japan Airlines
plans to retain workers who have reached the mandatory
retirement age of 60 years, Seniorscopie relates.

By keeping its older employees, JAL aims to secure operational
safety and increase its waning customer base.

Next month, the Company's employees aged 55 to 60 will be asked
to join the JAL Group Senior Center Company.  When these
employees reach the mandatory retirement age of 60, they will be
employed at the Senior Center, where they will stay on until the
age of 65.

Senior Center employees will supervise operations and
maintenance, and will pass on their skills to younger employees.  

                           About JAL

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 incidents relating to the safety of flight
operations, 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 to implement the reform of the corporate structure
and the cost structure swiftly, the holding company and
operating companies are to be integrated.  The number of full-
time officers was also cut by 30%.  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.  
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.


SANYO ELECTRIC: S&P's BB Ratings Remain on CreditWatch
------------------------------------------------------
On March 20, 2006, Standard & Poor's Ratings Services said that
its 'BB' long-term corporate credit and 'BB+' long-term senior
unsecured debt ratings on Sanyo Electric Co. Limited remain on
CreditWatch with negative implications, after the Company
disclosed its plan to form a joint venture with Taiwan's Quanta
Computer, Incorporated in the flat panel TV business.  Sanyo's
ratings were first placed on CreditWatch with negative
implications on Sept. 28, 2005, and remain on CreditWatch after
ratings went down teice in November last year.

Sanyo's TV business suffered from poor performance due to its
inefficient production and marketing system, as well as weak
brand recognition.  Although the details for the joint venture
company have yet to be announced, Standard & Poor's believes
that the path to stable earnings in Sanyo's TV business remains
uncertain.  While the joint venture focuses solely on the flat
panel business, the Company needs to make drastic improvements
to its production and marketing system, including its core
cathode-ray tube TV business, in order to turn around the
overall TV business.  It is also uncertain how the alliance with
Quanta Computer would contribute to the improvement of Sanyo's
competitiveness in terms of technology and production costs, as
Quanta Computer's core product is notebook PCs, and it lacks a
strong track record in the flat panel TV business.

Since January, Sanyo has steadily progressed in its business
restructuring, including a JPY300 billion capital increase and
plans for a joint venture with Finland's Nokia Corporation in
the mobile phone business, which has slowed the accelerated
deterioration in its credit quality.  However, Standard & Poor's
believes that detailed earnings improvement measures in the
Company's unprofitable businesses, which include semiconductors,
audio-visual equipment, and white goods are necessary for its
ratings to be removed from CreditWatch.


VODAFONE JAPAN: S&P Hacks Rating on Long-Term Debt to BB+
---------------------------------------------------------
Standard & Poor's Ratings Services had, on March 20, 2006,
lowered its long-term corporate credit and debt ratings on
Vodafone K.K. to 'BB+' from 'A+' following parent Vodafone Group
PLC's agreement to sell its Japanese subsidiary to Softbank
Corporation.  Vodafone K.K.'s ratings remain on CreditWatch with
negative implications, where they were placed on March 3, 2006.

The magnitude of the downgrade reflects the radical weakening of
Vodafone K.K.'s credit profile due to the removal of the support
from the stronger Vodafone Group, the leveraged structure of the
takeover, and the weaker credit quality of its new owner,
Softbank. The resolution of the CreditWatch placement will be
undertaken in tandem with that on Softbank after progress in the
acquisition and details of the LBO funding scheme are confirmed.

Standard & Poor's ascribed significant implied support to
Vodafone K.K. from its previous parent, Vodafone Group, given
its status as a strategic subsidiary and significant revenue
contributor.  Vodafone K.K.'s standalone credit quality is
significantly weaker, given its third-placed market position,
and weakening trend in operating performance.

At the same time, Vodafone K.K., with more than 15 million
subscribers, is seen as an attractive and potentially
complementary asset for Softbank.  On the other hand, however,
Vodafone K.K. itself continues to face challenges in the
competitive and technologically receptive Japanese market.

The acquisition structure is believed to be a leveraged buyout
using cash flows from Vodafone K.K. to support and service the
acquisition debt, which places an added burden on Vodafone
K.K.'s creditworthiness, and the Company's capital structure is
likely to deteriorate to a level similar to or even slightly
weaker than Softbank's.  It might downgrade Vodafone K.K.'s
rating by up to three notches.


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

CITIBANK KOREA: Union to End Labor Dispute
------------------------------------------
Citibank Korea's management and the workers union have reached a
temporary agreement on March 20, 2006, with regard to salaries
and other employment conditions, The Korea Times reports.

The Agreement is expected to end the parties' month-long
dispute, which they failed to settle through previous
negotiations.

As reported by the Troubled Company Reporter - Asia Pacific on
December 6, 2005, Citibank Korea was launched in November 2004
in a merger between the local banking unit of United States-
based financial giant Citigroup and KorAm.  The unionized
workers claim discrimination against former KorAm Bank employees
in terms of salaries, benefits and promotional opportunities,
and demand equal treatment among KorAm employees and Citibank
employees.  The workers have been demanding more independent
operation of Citibank Korea from its owners, saying unilateral
decision-making by the management has put the future of the bank
officials at risk.  The union, with 2,500 members, and the
management of Citibank Korea have held about 38 rounds of talks
since August 2005, but have not reached a compromise.

Unionists have slowed work, ignored directions from management
and launched work stoppages to pressure management, while
management has cut their salaries.

According to Korea Times, Citibank Korea expects to release the
details of the Agreement today, March 22.  A final agreement
will be reached when unionists vote on Friday, ending the labor-
management struggle.

                      About Citibank Korea

Headquartered in Seoul, Korea, Citibank Korea --
http://citibank.co.kr/english/index.html-- was launched in  
November 2004 in a merger between the local banking unit of
United States-based financial giant Citigroup and KorAm, then
Korea's seventh-largest lender.  Citibank Korea offers
transactional banking, treasury and risk management instruments,
loans syndication, capital markets expertise, and credit cards
and wealth management.  It has 4,100 employees and 238
consumer branches.

The TCR-AP reported on July 21, 2005, that the labor union of
Citibank Korea filed with the Seoul Districts Prosecutors office
a lawsuit against the Bank for allegedly deceiving customers, as
result of the KRW600 billion in loans offered at the end of 2002
with payments linked to floating market rates.  Despite the fall
in Korea's market rates, Citigroup's former Korean banking unit
did not lower loan rates.

The TCR-AP then reported that the Financial Supervisory Service
launched in early December 2005 an investigation into Citibank
Korea over more than KRW10 billion in derivatives trading
losses, to find out whether the trading activities were properly
managed.

The legal actions are on top of the labor dispute between
Citibank's workers and its management, which led to series of
strikes and work slow-down.


SSANGYONG MOTOR: China Rejects Shanghai Automotive Project
----------------------------------------------------------
The Chinese Government refused to approve a joint venture by
Ssangyong Motor Company Ltd and its largest shareholder,
Shanghai Automotive Industry Corp., english.chosun.com reports.

Through the proposed joint venture, Ssangyong and Shanghai
Automotive will produce and sell sports utility vehicles
tailored to Chinese tastes.

According to the report, Shanghai Automotive has recently asked
the Chinese Government's permission to build joint manufacturing
facilities in China, the core element of the proposed project.  
However the Chinese Government rejected the proposal due to
Beijing's fears of over-investment in car plants and its efforts
to stop any more car plants from being built, a Ssangyong
executive said.

Ssangyong had wanted to build the plant in China because the
country's 28% tariffs make it difficult for the Korean automaker
to compete there.

Headquartered in Kyonggi, South Korea, Ssangyong Motor Company
Ltd. -- http://www.smotor.com/-- manufactures and assembles  
motor vehicle bodies on purchased basis such as jeep style cars
under the brand names of 'Korando' and 'Musso', minibuses under
the brand name of 'Istana', special purpose cars including
cement mixers, trailers, fire-trucks as well as auto parts.  The
Company implemented a five-year debt workout program in 1999
after Ssangyong was separated from Daewoo Group which was
dissolved under huge debt.


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

APEX EQUITY: Repurchases MYR13,387 Worth of Shares
--------------------------------------------------
On March 17, 2006, Apex Equity Holdings Berhad bought back
30,000 ordinary shares for a total cash consideration of
MYR13,387.24.

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 2,810,000.

On March 16, 2006, the Company bought back 7,000 ordinary shares
for MYR3,116.67, 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,
which is an improvement from the fourth quarter 2004 net loss of  
MYR76,596,000.


AYER MOLEK: Buys 30% Stake in Indonesian Firm for MYR2.4 Million
----------------------------------------------------------------
Ayer Molek Rubber Company Bhd has agreed to acquire from Gautama
Hartato of Indonesia a 30% equity in PT Varita Majutama, on a
willing buyer-willing seller basis, for MYR2.4 million.

In a statement to Bursa Malaysia, Ayer Molek said that the
proposed acquisition was part of the company's long-term
objective to expand its oil palm operations in the region,
taking advantage of suitable agriculture land and labor
resources.

Varita Majutama is engaged in the trading business, as well as
in plantation and transportation.

Headquartered in Kuala Lumpur, Malaysia, Ayer MolekRubber
company Berhad is principally engaed in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.  Ayer Molek has incurred substantial losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.   


FOREMOST HOLDINGS: Gets 21-Day Mareva Injunction on Unit
--------------------------------------------------------
Foremost Holdings Berhad has, on March 20, 2006, received the
Mareva Injunction by Supportive Technology Sdn Bhd on Foremost's
58.75% unit, Yaku Shin (JB) Sdn Bhd.

The Mareva Injunction is effective for an interim period of 21
days on Yaku Shin's assets, during which Foremost has the right
to file an affidavit to contest and argue that there was no
judgment and that some of the assets belong to Yaku Shin.

The hearing on the Mareva Injunction has been fixed on March 31,
2006.

Mareva Injunction is a special form of injunction stopping a
party from disposing of assets or removing them from the
jurisdiction of the country.  A Mareva Injunction will only be
granted if the plaintiff can show that the assets of the
Defendant are within the jurisdiction and that there is a real
risk that the defendant will remove the assets from the
jurisdiction and that any order the plaintiff might obtain for
damages will remain unsatisfied.

On February 10, 2006, Supportive Technology sent a Judgment in
Default Notice to Foremost in relation to Foremost's failed
subsidiary Yaku Shin.  Foremost insists that the default in
payments is attributed to wrongful claim.

Yaku Shin has managed to secure a hearing on February 17, 2006,
from the High Court Johor Bahru in order to file a stay on the
Writ of Seizure and Sale obtained by Supportive Technology.  
Yaku Shin will then proceed to set aside the Judgment in
Default.

                         About Yaku Shin

On November 15, 2005, Yaku Shin had been placed under
receivership by Bumiputra-Commerce Bank Berhad for the default
of payment of principal and interest in respect of banking
facilities of MYR5,048,467 granted by BCBB.  The Company ceased
operations on January 6, 2006.

Yaku Shin had been facing tight cashflow since 2003 when it
incurred MYR25.8 million pretax loss against revenue of MYR235
million for the year ended December 31, 2003.  The following
year saw a drop in revenue to MYR137 million and further pretax
loss of MYR4.4 million for the year ended December 31, 2004.

The Foremost Group decided to wind up Yaku Shin's operations to
help reduce the group's existing liabilities.

                         About Foremost

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United  
States, other Asian countries, other European countries and
other countries.  Yaku Shin has been facing tight cash flow
since 2003 when the company incurred a loss before tax of MYR26
million.  For the year ended December 31, 2003, Yaku Shin
recorded a turnover of MYR235 million as compared to MYR193
million in the preceding year ended December 31, 2002.


FORMIS MALAYSIA: Seeks SC Approval to Buy Holiday Plaza Assets
--------------------------------------------------------------
On January 19, 2006, Formis (Malaysia) Berhad entered into a
conditional sale and purchase agreement with Holiday Plaza Sdn
Bhd and Holiday Bowl Sdn Bhd to acquire certain Holiday Plaza
properties for MYR180,000,000 in aggregate.

Accordingly, on March 20, 2006, Formis submitted to the
Securities Commission its application for the approval of the
proposed acquisition of:

   -- units representing 181,544 square feet lettable area in
      the retail podium of Holiday Plaza;

   -- units representing 96,937 square feet lettable area in
      the office tower of Holiday Plaza; and

   -- 613 basement car park bays with a total area of 187,516
      square feet.

The Properties are all contained within the Holiday Plaza
commercial complex, which is held under Master Title No. Geran
28721, Master Lot No. 16914 in the township and district of
Johor Bahru, Johor.

Currently, the beneficial owner of the Properties is Synergy
Track Berhad, a bankruptcy remote company which was set up to
undertake an asset securitization exercise that involved the
purchasing and owning of the Properties, issuing asset-backed
debt securities, entering into related transactions and doing
such other acts in connection with the securitization of the
Properties.

In view of the securitization structure of the Properties and
pursuant to the Proposed Acquisition, Holiday Plaza will agree
with Synergy and the bondholders for an amendment to the
documentation for the bonds to allow Holiday Plaza to repurchase
the Properties and to allow Synergy for the early redemption of
the bonds.  An application was made to the Securities Commission
for approval in respect of such amendments.

With the disposal of its IT business, Formis will realize a
substantial amount of cash resources for the acquisition of new
business opportunities, which are income and cash flow
generating.  The Company's Board of Directors believes that the
Proposed Acquisition fits the requirements to provide a stable
and secure stream of income and cash flows to the Company upon
its completion, with a high percentage of the property units
having been rented out and many of its tenancies having been
recently renewed.

Barring any unforeseen circumstances, the Formis Board believes
that the Proposed Acquisition is expected to raise better
average income and cash flow returns as compared to the existing
businesses of Formis.

Formis Malaysia Berhad -- http://www.formis.net/-- was  
incorporated in Malaysia under the Companies Act, 1965 on
March 23, 1992, under the name of Orlando Holdings Berhad.  The
Company was first listed on the Second Board of Bursa Malaysia
Securities Berhad on December 28, 1992, and subsequently, on
March 20, 2000, changed to its present name before being
transferred to Main Board of Bursa Securities on March 30, 2000.

Formis is principally an investment holding company and through
its subsidiaries, is involved in the provision of hardware,
software, maintenance and consultancy services in information
technology business, computer networking solutions and systems
integration as well as the wholesale and retail of full range of
"Orlando" ready-made menswear and related accessories.  Formis
is in the process of completing the disposal of its IT Business
to My-InfoTech (M) Berhad.  Furthermore, it had also entered
into a conditional sale and purchase agreement dated January 6,
2006, to dispose of Orlando Corporation Sdn Bhd.  After the
disposal of its IT Business and the proposed disposal of OCSB,
Formis will not have any business operations.


KIWI TEXTILES: Ramatex Buys Entire Share Capital
------------------------------------------------
On March 20, 2006, Ramatex Berhad acquired the entire issued and
paid-up share capital of Kiwi Textiles Sdn Bhd, comprising two
ordinary shares of MYR1.00 each fully paid-up in the capital of
Kiwi Textiles Sdn Bhd, for a total cash consideration of MYR2.00
only.

The Ramatex Board is of the opinion that the acquisition of Kiwi
Textiles is of the best interest of the Ramatex Group.

Kiwi Textiles Sdn Bhd is a private limited company incorporated
under the Companies Act, 1965 on May 14, 2004.  The authorized
share capital of the Company stands at MYR10,000,000, divided
into 10,000,000 ordinary shares of MYR1.00 each.  The Company is
currently dormant.


LITYAN HOLDINGS: Unit to Sell Four Lands for MYR4,715,490
---------------------------------------------------------
Lityan Holdings Berhad's wholly owned subsidiary, Imagebase Sdn
Bhd, entered into a conditional sale and purchase agreement with
Choong Pat Sing and Choong Fook Chan on March 20, 2006.

The Agreement relates to Imagebase's disposal of four pieces of
freehold lands, measuring 104.325 acres in aggregate, situated
in Mukim Rembia, Daerah Alor Gajah, Melaka.  The Choongs will
pay MYR4,715,490 in cash aggregate for the Imagebase lots.

The Purchased Lands, together with the 23.268-acre land
previously disposed, are presently charged to Affin Bank Berhad
as a security for a MYR4 million term loan facility granted to
Imagebase in 1996.  The amount owed to Affin Bank Berhad by
Imagebase as of February 28, 2006, is around MYR1,941,200,
including the principal and estimated interest.

The Lands were originally acquired by Imagebase in June 1996.  
The initial cost of investment and the net book value of the
Lands based on the latest audited financial statements of
Imagebase as of December 31, 2004, are MYR4,694,625 and
MYR3,799,150, respectively.

The proposed disposal of lands is necessary to finance the
Lityan Holdings group's working capital.  Furthermore, the Lands
are a non-core asset of the Group and do not generate meaningful
income for it subsequent to the disposal of lands.  Hence, the
Proposed Disposals would not have an impact on the current on-
going operations of the Company.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

The Group incurred hefty losses since the 2001, with its
liabilities exceeding its assets by MYR76 million.  It also
started defaulting on loan facilities.  In 2005, the Company
proposed a restructuring scheme.  The Company is currently
looking into other business opportunities within its core
activities and also taking steps to dispose of the Group's non-
core investments and non-operating assets to address its current
financial predicament and to generate cash flow for settlement
of defaults and redemption of loans.


MALAYSIA AIRLINES: Routes Revamp May Save Carrier MYR303 Mln
------------------------------------------------------------
Malaysia Airlines expects to save up to MYR303 million in the
current financial year from the rationalization of its
international routes under a turnaround plan that will begin
from April 1, 2006, The Star Online relates.

Under the revamp, the national carrier will withdraw from the
current unprofitable routes and reduce frequency on selected
routes.  It will also configure its network through retiming of
frequencies to increase direct connectivity between Kuala Lumpur
International Airport and international destinations.

According to The Star, reduction in losses from the route
rationalization would come via improved loads and increased
yields.  Cost savings are expected to substantially offset
revenue losses incurred by the rationalization of routes.

Malaysia Airlines said that flights between Kuala Lumpur and six
destinations -- Ahmedabad and Kolkata in India, Xian in China,
Padang in Indonesia together with Manchester and Vienna in
Europe as well as flights between Kuching and Pontianak in
Indonesia -- would be discontinued over the next three months.

Effective April 1, there will be an equipment swap between the
A330-300 Kuala Lumpur/Chengdu and A330-200 KL/Kunming twice
weekly return services to match passenger demand on these two
routes.

As reported by Troubled Company Reporter - Asia Pacific on
March 21, 2006, Malaysia Airlines will also reduce frequencies
in stages on the Kota Kinabalu/Shanghai, Penang/Singapore, Kuala
Lumpur/Sandakan, Kuala Lumpur/Nagoya, Kuala Lumpur/Frankfurt and
Kuala Lumpur/Auckland return routes.

Starting May 15, 2006, the airline will realign some of its
weekly Kuala Lumpur/Kota Kinabalu/Tokyo, Tokyo/Kota
Kinabalu/Kuala Lumpur and Kuala Lumpur/Kota Kinabalu/Osaka
services to operate direct between KLIA and the Japanese cities.

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 50,000 Shares for Over MYR 20,000
---------------------------------------------------------
Pan Malaysia Corporation Berhad bought back 50,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR20,597 on March 20, 2006.  
  
The minimum price paid for each share purchased was MYR0.405 and
the maximum was MYR0.415.  
  
After the purchase, the cumulative outstanding treasury shares
have reached 56,853,800.  
  
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.  


PEMBINAAN LIMBONGAN: Court Strikes Off Winding Up Petition
----------------------------------------------------------
The Shah Alam High Court on March 10, 2006, struck off a winding
up petition filed by Radex (M) Sdn Bhd against Pembinaan
Limbongan Setia Berhad.  The sealed Court Order is expected to
be released within a month.  

Radex filed its winding up petition with the Shah Alam Session
Court on September 26, 2005.  The Petition, which was then
served on Pembinaan Limbongan on November 17, 2005, related to
the Company's failure to pay Radex the MYR113,823 it demanded.

The Court directed Pembinaan Limbongan to pay a judgment sum of
MYR68,497, with interest at 8% per annum calculated from
April 18, 1998, until full settlement and costs of MYR6,294.  

The Company had filed an appeal against the decision in the Shah
Alam High Court.  

Furthermore, Pembingan Limbongan filed motion to strike out
Radex's Wind-Up Petition and asked the court to enter an
injunction order restraining Radex from advertising the Petition
with a certificate of urgency.  The Company's application had
been fixed for hearing on April 6, 2006 for hearing.

The Company has made an allocation of enough funds to pay the
entire sum demanded by Radex to ensure that there is no
possibility of a winding up order being granted.

In February, Radex disclosed that it will withdraw its Petition
after it had received MYR117,696,77 from Pembingan Limbongan.

Pembinaan Limbongan Setia Berhad is engaged in civil engineering
and construction works of earthwork and buildings.  Other
activities include management and operation of forest
plantations, logging, saw milling, chipping and other downstream
manufacturing and related activities, management planning
consultancy and project management services.  Operations are
carried out in Malaysia.


SUNWAY HOLDINGS: Reptolink Purchase Gets Regulator's Nod
--------------------------------------------------------
On March 17, 2006, the Foreign Investment Committee approved the
acquisition of Sunway Enterprise (1988) Sdn Bhd by Reptolink Sdn
Bhd, a wholly owned subsidiary of SunWay Holdigs Incorporated.

Reptolink has, on December 1, 2005, entered into two Sale and
Purchase of Shares Agreements with Timah Sini-Sana Sdn Bhd,
Active Builder Sdn Bhd, Aneka Lengkap Sdn Bhd, and Datuk Razman
M Hashim for the proposed acquisitions of the entire equity
interests in Sunway Enterprise and Sunway Hydraulic Industries
Sdn Bhd for a total cash consideration of MYR6.81 million and
MYR2.35 million, respectively.

The Proposed Acquisitions will complement the core business of
Sunway Holdings Group and represents a diversification into the
profitable business of heavy machinery trading as well as the
manufacturing of hose fittings and hose assemblies.  The
acquisition of Sunway Hydraulic will be an upstream expansion
for the Group as one of the existing subsidiary of Sunway
Holdings, which is the marketing arm of the Group, is already
selling Sunway Hydraulics' products manufactured.  The Proposed
Acquisitions will further create better synergies within Sunway
Holdings Group.

Headquartered in Selangor Darul Ehsan, Malaysia, Sunway
Construction Berhad -- http://www.suncon.com.my/-- is engaged  
in the construction of civil engineering and building works and
property development.  The Company also provides mechanical and
electrical works.  The Company was severely hit by the Asian
economic crisis in the late 90s.  Sunway borrowed overseas in
the 1990s only to run out of cash as the building industry
contracted 23% in the 1998 recession that followed a regional
currency crisis.  However, the Company is eventually improving
its bottom line with the good performance recorded by its
subsidiaries.


TECHVENTURE BEHRAD: Explains Unusual Market Activity
----------------------------------------------------
On March 20, 2006, Bursa Malaysia Securities Berhad requested
Techventure Berhad to explain the cause of the unusual market
activity in the Company's securities.

The Company reported earlier that it and six of its subsidiaries
had made an application to the Kuala Lumpur High Court on
February 28, 2006, for an abridgement of the restraining order
dated December 2, 2005, which was expiring on March 1, 2006, for
another 90 days or further as the Court may allow.  The Court
will hear the Application on March 23, 2006.

The Court has, on November 28, 2005, granted 90 days to restrain
further legal proceedings against the Group pending the
implementation of the proposed debt restructuring scheme, which
the Directors believe is fair and reasonable and is more
beneficial to the Company, the financial institution lenders and
the public shareholders than pursuing the process of
liquidation.

Other than this, the Board of Techven is not aware of any other
circumstances that may have caused the unusual market activity.

Should any significant corporate development take place, the
Company will make the necessary announcement at the appropriate
time.

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products such as septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

In June 2003, the Company proposed a debt-restructuring program
to its financial intuition lenders in order to avoid
liquidation. The proposed Scheme comprises composite schemes to
be carried out by eight companies within the Techven Group.  The
Scheme, when implemented, would allow the beneficiaries to
participate in the future profitability of the Group.  A
successful implementation of the Scheme would also ensure the
going concern of the Group and therefore preserve business and
employment opportunities for the Group's vendors and employees.


* Class A Bumiputra Contractors Face Crisis
-------------------------------------------
Around 80% of class A Bumiputra contractors have ceased
operations and shifted to other businesses in the last two years
due to lack of projects in the construction sector, Malaysia
Today reveals.

The Malay Contractor's Association (PKMM) Vice President Datuk
Muhammad Muhiyuddin Abdullah said the predicament faced by
around 800 class A contractors also put 50,000 Bumiputra
professionals like engineers, architects, surveyors and
experiences builders in the lurch when they too lost their jobs.

The remaining 200 contractors, which did not opt for winding up,
were forced to vie for limited number of projects.

Meanwhile, the Entrepreneur Development and Cooperatives Deputy
Minister Datuk Khamsiyah Yeop said the Government would reduce
the 33,897 Class F Bumiputera contractors by 40%.

Since January this year, licenses for new F Class contractors
were frozen and the licenses of 1,000 inactive class F
contractors revoked.  Ms. Yeop said that some of the contractors
in the group are government pensioners who were not serious in
the business.

Recently the association representing Class F contractors
claimed that Class A contractors are hijacking projects meant
for them.


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

ABS-CBN BROADCASTING: Asks Justice Dep't to Halt Stampede Probe
---------------------------------------------------------------
Lawyers of the ABS-CBN Broadcasting Corporation executives who
were indicted and held responsible for the February 4, 2006
stampede at the PhilSports Arena in Pasig asked the Department
of Justice to stop its investigation into the matter, Manila
Standard Today reports.

Regis Puno, who represents ABS-CBN Executive Vice-President for
Entertainment Charo Santos-Concio, attacked Justice Secretary
Raul Gonzalez's statement supporting President Gloria Macapagal
Arroyo's view that the TV network was responsible for the
stampede.

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2006, that 12 executives of ABS-CBN and five persons
outside the network are facing charges for a stampede that
killed up to 70 people and injured hundreds at the Philsports
Arena in Pasig City, where ABS-CBN's "Wowowee" gameshow was to
celebrate its first anniversary.  Up to 25,000 people had
gathered for days at the Arena, where the network had promised
to hand out major prizes, including houses and PHP1 million cash
to the first 300 people to enter the venue.  The stampede broke
out when a steel barrier was suddenly opened, leading to a
frantic scramble for seats.

Mr. Puno said that the DOJ was biased against the network, and
that its involvement could violate the defendants' right to due
process.  In addition, Mr. Puno was wary of the haste with which
the case proceeded, saying that he was afraid his clients would
not get fair treatment.  He said that there was no need to treat
the ABS-CBN executives as criminals, since the TV network had
already acknowledged moral and financial responsibility for the
incident.

According to Malaya News, Mr. Puno and other ABS-CBN defense
lawyers will file a motion next week, seeking to inhibit the
prosecutors from the case.

State prosecutor Peter Ong said that the preliminary
investigation was being conducted based on the findings of the
National Bureau of Investigation, which were submitted to the
DOJ on March 8, 2006.  Immediately after, the DOJ filed
subpoenas against the ABS-CBN respondents in order to give them
time to prepare their defense.

Manila Standard relates that the DOJ has given the respondents
until March 27 to submit their sworn statements.  Senior State
Prosecutor Leo Dacera, who rejected the defense counsel's
request for a separate deadline to submit a manifestation,
assured that the stampede case would be resolved on its merits.

                         About ABS-CBN

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

ABS-CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and rising costs amidst
a drop in viewer ratings, along with the restructuring of its
parent firm, Benpres Holdings.  A stampede on February 4, 2006,
that happened in time for a program anniversary, led to rumors
of license revocation for the Network, class action proceedings
initiated by the victims and other expenses, which altogether
led to a further drop in share prices.      
   

ABS-CBN BROADCASTING: Shareholders Scheduled to Meet on April 27
----------------------------------------------------------------
ABS-CBN Broadcasting Corporation will hold its annual
stockholders' meeting on April 27, 2006, at 8:00 a.m., at Studio
1, ABS-CBN Broadcast Center Complex, Sgt. Esguerra Avenue corner
Mother Ignacia Street, in Quezon City.  

The Company has provided a copy of its preliminary information
statement to the Philippine Stock Exchange, and all stockholders
of record as of February 10, 2006, are entitled to notice of and
to vote at the Company's meeting.  

A full-text copy of the Company's statement is available for
free at:

   http://bankrupt.com/misc/tcrap_abscbn032206.pdf

                         About ABS-CBN

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

ABS-CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and rising costs amidst
a drop in viewer ratings, along with the restructuring of its
parent firm, Benpres Holdings.  A stampede on February 4, 2006,
that happened in time for a program anniversary, led to rumors
of license revocation for the Network, class action proceedings
initiated by the victims and other expenses, which altogether
led to a further drop in share prices.      


BACNOTAN CONSOLIDATED: To Be Removed from the PSE
-------------------------------------------------
The Philippine Stock Exchange is planning to remove Bacnotan
Consolidated Industries, Inc., from its index due to
insufficient tradability, the Philippine Inquirer relates.

The PSE has revised the composition of its main index, now
called the PSEi, with new criteria added, in order to promote
stock market growth and enhance stock value.

TMC News reports that according to PSE president and chief
executive Francis Lim, the exclusion and inclusion of companies
were determined using five criteria that dealt on a listed
firms' free float shares, tradability, turnover and market
capitalization and volume turnover ratio.

Bacnotan Consolidated will be removed from the PSE's Holdings
Firms sector, as it failed to trade at least 75% of its shares
during a review period.  The removal will be effected on
April 3, 2006.

                           About BCI

Makati-based Bacnotan Consolidated Industries, Inc., Phinma
Group's flagship company, was founded by a group of
industrialists led by the Escaler family in 1957.  BCI is a
holding company that, through its operating subsidiaries, is
engaged primarily in the production, distribution and sale of
clinker, cement and concrete products.  It also has an interest
in the paper and packaging industry and it has also ventured
into property development and reinforced steel bars
manufacturing.

The Company's principal source of revenue is from the cement
sales of its cement subsidiary.  Historically, its cement
subsidiary has been responsible for at least 80% of its sales
revenues.  It is primarily engaged in the quarrying, production,
distribution and marketing of portland and pozzolan cement.


VICTORIAS MILLING: Workers Want Comptroller Out
----------------------------------------------
Labor union employees of Victorias Milling Company in Victorias
City, Bacolod, staged a protest rally at the Company to seek the
ouster of VMC comptroller Teresita Ilagan, Sun Star News says.

Twenty-two workers belonging to the Victorias Supervisors' Union
and the Vicmico Industrial Workers Association held the protest,
claiming that Ms. Ilagan did not apply fair labor practices and
disregarded social responsibility.  They wrote a letter to VMC
President Abelardo Bugay, demanding the immediate termination of
Ms. Ilagan as an employee of the Company.

The workers, represented by VSU president Johnson Gancita and
VIWA president Jonathan Dequina, outlined these grounds for Ms.
Ilagan's relief as comptroller:

   - outsourcing of audit department in August 2004;

   - outsourcing of Accounting Department in March 2006 (an
     alleged violation of the Collective Bargaining Agreement
     and the labor code;

   - non-implementation of health insurance;

   - failure to decide whether funds for Gas Scrubber Project
     costing PHP42.6 million, which could have solved or
     minimized the air pollution problem affecting Canetown
     subdivision and nearby areas, should already be made
     available;

   - delayed releases of monthly pension benefits to retirees;

   - corporate deception by belying VMC's financial condition as
     a distressed establishment to evade mandated wage increase
     under the CBA.

The group went to Victorias City Mayor Severo Palanca to address
their concerns.  However, Mayor Palanca turned the matter over
to the office of Governor Joseph Maranon for review.  The
workers also went to District Representative Jose Carlos
Cojuangco to seek resolution on the issue.

Sun-Star reports that Mr. Bugay said they are currently
reviewing the workers' complaints, and are trying to see if they
can comply with their financial demands.

                           About VMC

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


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

CHINA AVIATION: Ex-CEO Gets Four-Year Jail Term
-----------------------------------------------
On March 21, 2006, the former chief executive officer of China
Aviation Oil (S) Limited, Chen Jiulin, was sentenced to more
than four years in jail and made to pay SGD350,000 in fines, the
Associated Press reports.

As reported by the Troubled Company Reporter - Asia Pacific on
March 16, 2006, Mr. Chen pleaded guilty in a Singapore court to
six of the 15 charges hurled against him.  The charges include:

   -- issuing false financial statements;

   -- failing to inform the Singapore Exchange of the Company's
      losses;

   -- getting its parent company to commit insider trading; and

   -- conspiring to cheat Deutsche Bank AG, which handled the
      sale of a block of the Company's shares in 2004.

In late 2004, China Aviation sought creditor protection after
revealing $550 million in derivatives trading losses that had
been concealed from creditors.

In February 2006, Chief Financial Officer Peter Lim was
sentenced to two years imprisonment and fined SGD150,000 for his
involvement in cheating and releasing false financial statement.
Earlier this month, a Singapore court also fined three other
Chinese China Aviation executives for concealing losses at the
group, which is subject to a $130 million restructuring plan.

                      About China Aviation

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

Singapore's Commercial Affairs Department investigated China
Aviation in December 2004 after it was discovered that the
Company had lost up to SGD896.07 million in fuel derivatives
trading, which was not immediately reported to the Singapore
Exchange.  China Aviation avoided bankruptcy when creditors
agreed to write down some of its debt in June 2005, and BP Plc,
Europe's biggest oil company, agreed to take a stake in the
company.

Shareholders of the Company have recently approved a new  
restructuring plan for China Aviation.  According to a TCR-AP
report on March 7, 2006, the newly approved restructuring plan
allows creditors an option to have an upfront cash payment of 45
cents on every dollar owed, or a higher repayment rate of 58
cents a dollar spread over five years.   


CHINA AVIATION: To Consolidate Shares on March 23
-------------------------------------------------
China Aviation Oil (S) Corporation Limited said that, pursuant
to the restructuring plan, the existing shares of the Company
will be consolidated on a 5-to-1 basis effective on March 23,
2006, at 5:00 p.m.

Shareholders who propose to transfer their shares in the Company
should take note of the effective date of the Share
Consolidation.

                      About China Aviation

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

Singapore's Commercial Affairs Department investigated China
Aviation in December 2004 after it was discovered that the
Company had lost up to SGD896.07 million in fuel derivatives
trading, which was not immediately reported to the Singapore
Exchange.  China Aviation avoided bankruptcy when creditors
agreed to write down some of its debt in June 2005, and BP Plc,
Europe's biggest oil company, agreed to take a stake in the
company.

Shareholders of the Company have recently approved a new  
restructuring plan for China Aviation.  According to a TCR-AP
report on March 7, 2006, the newly approved restructuring plan
allows creditors an option to have an upfront cash payment of 45
cents on every dollar owed, or a higher repayment rate of 58
cents a dollar spread over five years.   


MYHOME FURNITURE: Prepares to Pay Dividend
------------------------------------------
Myhome Furniture & Design Private Limited will distribute a
first and final dividend.

In line with the distribution, creditors are required to prove
their debt or claims not later than April 7, 2006.

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

Contact: Timothy James Reid
         Liquidator
         c/o Ferrier Hodgson
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


SHARIKAT TRANS-ORIENT: Proofs of Debt Due Next Month
----------------------------------------------------
Creditors of Sharikat Trans-Orient Sendirian Berhad are required
to prove their debt or claims not later than April 7, 2006.

Failure to comply with the requirements will exclude the
creditors from the benefit of any distribution the company will
undertake.

Contact: Zalinah Samade
         Liquidator
         c/o IP Consultants Pte Ltd
         135 Cecil Street
         #10-04 LKN Building
         Singapore 069536


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

TPI POLENE: Downplays DSI Claims
--------------------------------
TPI Polene Public Company Limited notified the Stock Exchange of
Thailand that the Department of Special Investigation's
accusation against Prachai Leophairatana, Prateep Leophairatana,
Dr. Pramuan Leophairatana, Prayad Leophairatana, Malinee
Leophairatana and Pornchai Enterprises Company Limited is
baseless and has no effect on the operation of the Company's
business.

TPI said that the accusation will be subject to proper
investigation and several steps of legal proceedings in order to
establish the fact of the case.

TPI Polene pointed out that the relevant payments in respect of
of the lease agreements were transparent and supported by proper
documents in every step.  These were disclosed to the public and
made in compliance with the relevant laws and regulations more
than 10 years ago.

The Troubled Company Reporter-Asia Pacific reported on March 21,
2006, that the Department of Special Investigation summoned Thai
Petrochemical Industry Public Company Limited founder Prachai
Leophairatana, Pornchai Enterprise Company Limited, and Mr.
Leophairatana's associates over a complaint for the long-term
lease of TPI Tower to the Company.

TPI Polene Public Company Limited
-- http://www.tpipolene.com/-- operates in 2 major industries,  
the cement and plastic industries, and has 11 distribution
terminals in Thailand.  The Company and its subsidiaries employ
5,232 employees as of December 2005.  It was listed on the Stock
Exchange of Thailand in November 1990.  The Company has been
undertaking a US$1.1 billion debt restructuring since 2001 via a
debt-for-equity swap and debt buy-back.  It plans to sell 300
million new shares in the middle of January to raise at least
US$180 million.




                            *********


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
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                 *** End of Transmission ***