TCRAP_Public/060323.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

            Thursday, March 23, 2006, Vol. 9, No. 038


                            Headlines

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

A.C.N. 056 636 992 PTY: Members Resolve to Shut Down Business
ALDERSON DENTAL: Prepares to Exit from NZ Register
AUCKLAND LABOUR: Liquidation Petition to be Heard on March 30
AUTO GROUP MELBOURNE: Appoints Official Receivers
AWB LIMITED: Former DFAT Director Denies Blocking Full Inquiry

AWB LIMITED: PM Denies Having Knowledge of Kickbacks Before 2005
BLUE CLOSE: To Declare First and Final Dividend
BUSINESS & CORPORATE: CIR Files Liquidation Petition
CARTER HOLT: Hart's Rank Group Now Has 93.79% Stake
CHEVAP COMPANY: Winds Up Business

CLASSIC FORCE: Decides to Close Operations
CLOUGH LIMITED: Half-Year Loss Down by AU$23 Million
CONTRACT ENGINEERING: Prepares for Dissolution
CPQ LIMITED: To Hold Final Meeting Today
DELSON PTY: Creditors OK Liquidator's Appointment

D.G.T. PTY: Liquidator to Distribute Assets
FJLTSS PTY: Final Meeting Slated for Today
FOSVEST PTY: Court Winds Up Firm
GEMCO DEVELOPMENTS: Placed Under Voluntary Liquidation
HIH INSURANCE: Ex-Chair to Answer Criminal Charges in April

LOPPHAVER PTY: Members to Receive Wind-Up Details
MM INVESTMENTS: Prepares to Close Shop
MULTIPLEX GROUP: Wins AU$220 Million Melbourne Contract
NEISHA HOLDINGS: Applies for Removal from NZ Register
NEW ZEALAND HOUSE: Court Fixes Hearing Next Month

PERCHERON TRANSPORT: Receiver Steps Down
PORTSIDE LIMITED: Faces Liquidation Proceedings
QANTAS AIRWAYS: To Send Aircraft to Asia for Maintenance
R.A. PRINT: P. G. Sargison Wraps Up Liquidation
REALPROP HOLDINGS: Official Liquidator Named

RIDGID FLOORS: Enters Liquidation Proceedings
RJ KERSLAKE: Prepares to Pay Dividend
TELSTRA CORPORATION: Telstra Shares Plunge Toward Record Low
TONY CROFT TRANSPORT: Members Agree to Wind Up
VALDANA PTY: Liquidator to Explain Wind-up Report

WARREGO ABORIGINAL: Creditors' Claims Due on March 28
WBA PTY: To Distribute First Dividend
XYLOID LIMITED: Liquidators Complete Wind-up Activities


C H I N A   &   H O N G  K O N G

ARGENTA LIMITED: Liquidators to Distribute Assets
ASIAN AREA: Intends to Declare Second Dividend
COSELSALVAGE LIMITED: Liquidator to Discuss Wind-up Report
C.T. NOMINEES: Receiving Proofs of Claims Until March 31
GLOBAL MARCH: To Declare First Divided

GT SPORT: Creditors and Contributories Meeting Set March 28
HOP SHING: Joint and Several Liquidators Appointed
MARTIN OPTICAL: Creditors to Discuss Wind-up on March 24
MOULIN BUSINESS: Schedules Creditors Meeting on March 24
VISCOUNTMARINE LIMITED: Creditors Meeting Fixed on April 13


I N D I A

HYDERABAD COOPERATIVE: Reserve Bank Cancels Operation License
SOUTH INDIAN COOPERATIVE: Depositors Demand Early Restart
SOUTH INDIAN COOPERATIVE: Court Allows Executives to Post Bail  


I N D O N E S I A

BANK MANDIRI: Two Former Directors Face Probe
NEWMONT MINING: Halts Indonesian Exploration after Arson Attack
PERTAMINA: Cepu Block Deal Wins International Communities' OK


J A P A N

JAPAN AIRLINES: Union Pilots Plan Strike Over Labor Issues
SANYO ELECTRIC: CEO Visits India to Check on Joint Venture Firm


K O R E A

KOREA EXCHANGE: Kookmin Likely to Buy Lone Star's Stake
SAMSUNG GROUP: Samsung Corp. Guards Against Hostile Takeovers


M A L A Y S I A

AFFIN BANK: Transfer of Islamic Business Wins Approval
AYER MOLEK: Bourse Allows More Time to Comply with Requirements
BERJAYA CAPITAL: Books MYR80-Mln Loss in 3Q/FY05-06
DENKO INDUSTRIAL: Receives Statutory Notice from Beau Industries
MALAYSIA AIRLINES: Strikes Off Wholly Owned Unit

MALAYSIA AIRLINES: Cargo Arm Bullish on New-freighter Plan
METROPLEX BERHAD: Court Adjourns Hearing of Judgment Appeal
PATIMAS COMPUTERS: Repurchases MYR84,066 Worth of Shares
SBBS CONSORTIUM: Inks MOU for Restructuring Scheme
SOUTHERN BANK: Lists New Ordinary Shares

TIMER STEEL-FAB: Winding Up Hearing Set for March 29
TELEKOM MALAYSIA: Won't Raise MobileOne Stake Above 30%
TELEKOM MALAYSIA: TRI Appeals Sr. Assistant Registrar's Decision


P H I L I P P I N E S

ABS-CBN BROADCASTING: GMA Network to File Administrative Case
LAFAYETTE MINING: Mercury Scare a Bluff, Official Says
METROPOLITAN BANK: Fitch Assigns 'B' Rating to Tier-1 Capital
NATIONAL POWER: Asks Mirant To Refund PHP1.35-Bln Excess Payment


S I N G A P O R E

CHINA AVIATION: Ex-CEO Made to Serve Jail Term Immediately
CHINA AVIATION: Restructuring Plan Gets Court Nod
CITIRAYA INDUSTRIES: Members Request Copies of Meeting Proposals
LINDETEVES-JACOBERG: ATB Acquires 1,646,000 Shares
STALWART INTERNATIONAL: Distributes Dividends

UNITY OVERSEAS: Proofs of Claim Due End of March
UNITED FIBER: Makes Sixth Installment to Series Three Loan Note


T H A I L A N D

PICNIC CORPORATION: Shareholders OK Capital Increase Procedure
PREMIER RESORT: TRIS Affirms Debenture Rating at BB
THAI AIRWAYS: Hopes to Rake in More Tourists Via Star Campaign
THAI PETROCHEMICAL: Founder Counters DSI Claims

     - - - - - - - -

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

A.C.N. 056 636 992 PTY: Members Resolve to Shut Down Business
-------------------------------------------------------------
The members of A.C.N. 056 636 992 Pty Limited held a meeting on
February 17, 2006, and agreed to close the Company's business.

Mark Stafford Byrnes was then appointed as liquidator.

Contact: Mark S. Byrnes
         Liquidator
         Summerhill, Mitchell Highway
         Orange, New South Wales 2800
         Australia


ALDERSON DENTAL: Prepares to Exit from NZ Register
--------------------------------------------------
An application for the removal of Alderson Dental 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 6, 2006.  Failure to do so will
obliged the Registrar to remove the Company from the Register.

Contact: Peri M. Finnigan
         Liquidator
         McDonald Vague, Chartered Accountants
         80 Greys Avenue, Auckland
         Postal Address: P.O. Box 6092,
         Wellesley Street, Auckland
         New Zealand


AUCKLAND LABOUR: Liquidation Petition to be Heard on March 30
-------------------------------------------------------------
On December 15, 2005, the Commissioner of Inland Revenue filed
with the High Court of Auckland a petition to liquidate Auckland
Labour Services Limited.

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

Interested parties wishing to appear at the hearing may file an  
appearance not later than March 28, 2006.

Contact: Simon John Eisdell Moore
         Solicitor for the Plaintiff
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower,
         55-65 Shortland Street
         P.O. Box 2213 or D.X. C.P. 24-063
         Auckland, New Zealand


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

Contact: Andrew 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


AWB LIMITED: Former DFAT Director Denies Blocking Full Inquiry
--------------------------------------------------------------
A senior Australian bureaucrat has denied allegations that he
was trying to prevent a full-blown inquiry into AWB Limited's
involvement in an Iraqi kickback scandal, The Age reports.

According to the reports, Australia's ambassador to Egypt, Bob
Bowker, faced intense questioning about the adequacy of his
inquiries into kickback claims swirling around AWB while he was
a director of the Department of Foreign Affairs and Trade's  
Middle East section six years ago.

The government-appointed investigation led by Commissioner
Terence Cole has heard how DFAT was told in January 2000 that
the United Nations wanted Australia to make "high-level
inquiries" about claims by an unnamed country, now known to be
Canada, that AWB could be paying kickbacks in breach of UN
sanctions against Iraq.  Mr. Bowker said that he phoned AWB
Government Relations Manager Andrew McConville, who then denied
the allegations.

Mr. Bowker, satisfied with Mr. McConville's response, then
reassured DFAT staff at Australia's mission to the UN in New
York, who first alerted him to the UN's concerns, that it was
unlikely for AWB to knowingly be involved in kickbacks to then
Iraqi president Saddam Hussein's regime.

When asked by John Agius -- the counsel assisting in the Cole
Inquiry -- whether the reason he approached Mr. McConville was
because he did not really want a full investigation into whether
AWB was making irregular payments, Mr. Bowker replied with a
"No."

Mr. Bowker had earlier told the Cole Inquiry that he never saw
any AWB action that could affect Australia's obligations to
comply with UN sanction.  Believing that AWB would not damage
its reputation by being involved in "shady deals," Mr. Bowker
was also shocked at the UN's report detailing how AWB paid
nearly AU$300 million in 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.  AWB was one of the biggest exporters of humanitarian
aid to Iraq under the oil-for-food campaign.  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 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 Denies Having Knowledge of Kickbacks Before 2005
----------------------------------------------------------------
Australian Prime Minister John Howard has again denied that he
knew about AWB Limited's alleged kickbacks to the Iraqi
Government, the Australian Associated Press reports.

This after the Cole Inquiry probing the AU$300 million kickback
scandal heard that Prime Minister Howard and ministers Alexander
Downer and Mark Vaile were told in 2003 that all companies
exporting to Iraq were paying kickbacks.

The Troubled Company Reporter - Asia Pacific reported on
March 22, 2006, that the Cole Inquiry has learned that a
confidential diplomatic cable sent by Australia's representative
office in Baghdad to the Department of Foreign Affairs and Trade
in June 2003 referred to an alert from a senior United States
Army official who wanted governments with companies dealing with
Iraq to look for evidence of kickbacks in contracts.

TCR-AP had also reported that a member of the DFAT's Iraq task
force, Zena Armstrong, admitted that the Iraq Task Force did not
carry out a rigorous review of AWB's wheat export contracts with
Iraq despite having received the warnings.

Speaking to ABC radio, Prime Minister Howard said that any cable
would have been lost in the hundreds he receives every week,
which is not unusual.  He added that, contrary to what may be
popular belief, he does not spend all day reading the individual
cables that come from all over the world.

Prime Minister Howard again asserted that he did not learn about
the AWB kickback until early 2005 when former U.S. Federal
Reserve chief Paul Volcker -- who was investigating the oil-for-
food rorts -- complained to his office about the "co-operation
he was receiving" investigating AWB.

Prime Minister Howard pointed out that the matter should be
assessed by Commissioner Terence Cole, who heads the Inquiry,
and not the media.

                           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.  AWB was one of the biggest exporters of humanitarian
aid to Iraq under the oil-for-food campaign.  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 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.


BLUE CLOSE: To Declare First and Final Dividend
-----------------------------------------------
Blue Close Pty Limited will declare its first and final dividend
today, March 23, 2006, to the exclusion of its creditors who
were not able to prove their claims.

Contact: R. 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


BUSINESS & CORPORATE: CIR Files Liquidation Petition
----------------------------------------------------
The High Court of Christchurch has received on February 9, 2006,
an application to liquidate Business & Corporate Consultants
Limited.  

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


CARTER HOLT: Hart's Rank Group Now Has 93.79% Stake
---------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 20, 2006, that Billionaire Graeme Hart's Rank Group
Investments Limited has moved to complete its NZ$3.3 billion
takeover of forest products company Carter Holt Harvey Limited.

Rank Group, which is an investment vehicle owned by Graeme Hart,
had last week crossed the 90% threshold required to compulsorily
acquire the remaining shares.

ShareChat relates that after crossing the 90% threshold on
March 17, Mr. Hart is now in a position to compulsory acquire
minorities in Carter Holt, the fourth largest stock listed on
NZX with a market capitalization of NZ$3.58 billion.

Rank Group had yesterday issued a substantial security holder
notice stating it already had 93.79% of Carter Holt.  Its
NZ$2.75 per share bid closed yesterday.

Under the Takeovers Code, unless Rank picked up at least half of
the shares that were outstanding when it launched its NZ$2.75
offer, shareholders controlling more than 10% of the outstanding
shares could have requested an independent valuation of the
Company.

Around 5 million Carter Holt shares worth NZ$2 million changed
hands yesterday.  ShareChat says that Carter Holt makes up more
than 5% of the sharemarket's current NZ$66.6 billion market
capitaliztion.

The NZX announced yesterday that Carter Holt would be removed
from the benchmark top 50 index on Monday due to its reduced
liquidity.

                       About Carter Holt

Headquartered in Auckland, New Zealand, Carter Holt Harvey
Limited -- http://www.chh.com/-- is a forest products company  
in the Australasia region, with significant interests in wood
products, pulp, paper and packaging, supported by forests.  
Leading Carter Holt Harvey brands include Bestwood, Customwood,
Ecoply, Kopine and Pinex, and the Company's packaging can be
found in most supermarket aisles.  Carter Holt Harvey is listed
on both the NZX and ASX, and employs approximately 10,500 people
across New Zealand, Australia and Asia.  Carter Holt Harvey's
troubles began when its wood businesses started facing a
challenging environment.  In July 2005, the Company confirmed
that Plymill's financial performance was being adversely
affected by import competition, a softening Australian housing
market and increased costs.  In August, following a  
consultation process at the Tokoroa Plymill, Carter Holt
Woodproducts announced a restructure plan that will result in
around 40 redundancies.  Carter Holt immediately became
vulnerable to takeover when its controlling shareholder,
International Paper, was sold out to Graeme Hart's Rank Group.  
Almost immediately, Mr. Hart offered full control.  On March 17,
2006, Mr. Hart has crossed the 90% stake threshold for a
compulsory takeover.

Carter Holt turned a profit of NZ$130 million in the 2005
calendar year, which is a 77% decline compared to the previous
year's profit of NZ$569 million.


CHEVAP COMPANY: Winds Up Business
---------------------------------
The members of The Chevap Company Pty Limited convened on
February 17, 2006, and agreed that the Company should wind up
its operations voluntarily.

Andrew McLellan was appointed to supervise the Company's wind-up
activities.

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


CLASSIC FORCE: Decides to Close Operations
------------------------------------------
After a general meeting on February 15, 2006, the members of
Classic Force Pty Limited decided to voluntarily wind up the
Company's operations.

Samuel Richwol was named as liquidator for the wind-up.

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


CLOUGH LIMITED: Half-Year Loss Down by AU$23 Million
----------------------------------------------------
Clough Limited has declared a AU$16.7 million loss for the six
months ended December 31, 2005, down from a AU$40 million loss
for the same period in 2004.

The loss includes a AU$26 million contract loss provision on
projects in India and a AU$12.7 million profit from Clough
Services, Petrosea, and Property.

In assessing the results, Clough's chief executive officer and
managing editor, David Singleton, said that "[N]egotiation of
costs for scope changes in the two Indian contracts are
progressing and it remains [the Company's] aim to secure
improvements against the current position through that process."  
However, Mr. Singleton noted that Clough's accounting policies
"are clear and we have had to recognize the impact of higher
costs and additional work scope prior to securing any cost
recoveries."

The key challenge for the Group is to negotiate successful
outcomes in all aspects of its Indian Contracts, including
contract scope, schedule, profitability and cash flow, Mr.
Singleton stated.

                      About Clough Limited

Headquartered in Perth, Western Australia, Clough Limited --
http://www.clough.com.au/-- has built an international  
reputation as one of Australia's foremost engineering,
construction and asset management groups.

Acknowledged as the intelligent engineer and constructor, the
business has matured from a small, privately owned building
firm, to a diversified public company providing services to the
onshore and offshore oil and gas, minerals, infrastructure and
property markets.  The Group's turnkey services range from
complex front-end engineering design, construction, installation
and commissioning to long-term operations and asset maintenance.

The Company is currently halfway into its five-year plan to
transform itself, which included an organizational streamline,
and operational improvements.  However, it has been racked with
outstanding losses and problematic contracts since the later
part of 2002.


CONTRACT ENGINEERING: Prepares for Dissolution
----------------------------------------------
Denis Frank Corcoran, the director of Contract Engineering
Services (Australasia) Limited, has applied to the Registrar of
Companies for the declaration of the Company's dissolution.

Unless there were written objections lodged with the Registrar
of Companies before March 21, 2006, the Registrar may dissolve
the Company.

Contact: Denis Frank Corcoran
         Director
         Contract Engineering Services (Australasia) Limited,     
         P.O. Box 11-072, Papamoa, Tauranga
         New Zealand


CPQ LIMITED: To Hold Final Meeting Today
----------------------------------------
A final meeting of the members of CPQ Pty Limited will be held
today, March 23, 2006.

At the meeting, Liquidator Ian Carson 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: Ian Carson
         Liquidator
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


DELSON PTY: Creditors OK Liquidator's Appointment
-------------------------------------------------
After a meeting on February 20, 2006, the members of Delson Pty
Limited decided to voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day.
Subsequently, Matthew L. Joiner and Gerald Thomas Collins were
appointed as joint and several liquidators.

Contact: Gerald T. Collins
         Matthew L. Joiner
         Joint Liquidators
         Horwath BRI Brisbane Chartered Accountants
         GPO Box 272, Brisbane
         Queensland 4001, Australia


D.G.T. PTY: Liquidator to Distribute Assets
-------------------------------------------
At a general meeting on February 15, 2006, the members of
D.G.T. Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.

As a result, Lionel Roy Hendy was appointed as liquidator.

Creditors must submit their formal proofs of claim to the
Liquidator by March 31, 2006.  Otherwise, they will be excluded
from the benefit of the Company's dividend distribution.

Contact: Lionel R. Hendy
         Liquidator
         26 Gladstone Road, Highgate Hill
         Queensland 4101, Australia
         Telephone: (07) 3255 1055


FJLTSS PTY: Final Meeting Slated for Today
------------------------------------------
The final meeting of the members of FJLTSS Pty Limited will be
held today, March 23, 2006, for them to get an account of the
manner of the Company's wind-up and property disposal from
Liquidators David Michael Stimpson and Terry Grant van der
Velde.

Contact: David M. Stimpson
         Terry G. van der Velde
         Joint and Several Liquidators
         c/o SV Partners Pty Limited
         Level 15, 120 Edward Street
         Brisbane, Queensland 4000
         Australia
         Web site: http://www.svp.com.au/


FOSVEST PTY: Court Winds Up Firm
--------------------------------
On February 23, 2006, the Supreme Court of New South Wales
issued a winding up order against Fosvest Pty Limited, and
appointed Steven Nicols to act as liquidator for the wind-up.

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


GEMCO DEVELOPMENTS: Placed Under Voluntary Liquidation
------------------------------------------------------
At a general meeting of Gemco Developments Pty Limited held on
February 15, 2006, members decided to wind up the Company's
business operations and appointed Michael Haldey as liquidator.

Contact: Michael Haldey
         Liquidator
         PO Box 1749, Bondi Junction
         New South Wales 1355, Australia
         Fax: 02 9386 9569


HIH INSURANCE: Ex-Chair to Answer Criminal Charges in April
-----------------------------------------------------------
Criminal charges against HIH Insurance Limited's former
chairman, Geoffrey Cohen, will be heard in a Sydney court next
month after a judge granted his legal team an extension on
March 21, 2006, The Sydney Morning Herald reports.

The Troubled Company Reporter - Asia Reporter reported on
December 14, 2005, that two charges have been laid against Mr.
Cohen for allegedly giving out misleading information in the
Chairman's Address to Shareholders at the HIH Annual General
Meeting on December 15, 2000.  The charges were laid by the
Commonwealth Director of Public Prosecutions on behalf of the
Australian Securities and Investments Commission.

The ASIC said that Mr. Cohen, who chaired HIH in the three years
before its collapse, made misleading statements about the joint
venture between Allianz Australia Limited and HIH.  These
statements related to the effect of the joint venture on HIH's
cashflow and Allianz's payment of AU$200 million to HIH.

Mr. Cohen was represented by barrister Andre Zahra in Sydney's
Downing Centre Court on Tuesday.  Mr. Zahra requested a full
week's adjournment to reply to the large brief against Mr.
Cohen.

According to the Australian Associated Press, Chief magistrate
Judge Derek Price adjourned the matter until April 18,
indicating that it would be the final extension for Mr. Cohen's
legal team.

                      About HIH Insurance

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
failure, the HIH Group was the second largest general insurer in
Australia, and had operations in many other countries.

On March 15, 2001, the HIH Group failed.  A.G. McGrath and
A.R.M. Macintosh, then of KPMG Sydney, were appointed as
provisional liquidators of HIH Insurance Limited and many of its
subsidiaries.  Other insolvency practitioners were appointed to
various group companies incorporated in other parts of the
world.  In August 2001, the major Australian companies in the
HIH Group were placed into liquidation with Messrs McGrath and
Macintosh being appointed as Liquidators.  A year later, C.J.
Honey of McGrathNicol+Partners replaced A.R.M. Macintosh as
joint liquidator of the major Australian companies in the HIH
Group.

In November 2005, the Australian Liquidators received a court
order granting permission to convene meetings of creditors of
the eight companies that formerly held Australian insurance
licenses to consider and vote on the proposed Schemes of
Arrangement.  These meetings will be held on March 29, 2006.

On November 25, 2005, the English Provisional Liquidators
received a similar court order from the High Court in England.
The meetings of creditors for the English Schemes will be held
at the same time as the Australian Schemes.

HIH's AU$5.3 billion collapse on March 15, 2001, was the
nation's biggest corporate failure.


LOPPHAVER PTY: Members to Receive Wind-Up Details
-------------------------------------------------
A final meeting of the members of Lopphaver Pty Limited will be
held for the parties to receive the liquidator's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held today, March 23, 2006.

Contact: M. C. Smith
         Liquidator
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9338 2666


MM INVESTMENTS: Prepares to Close Shop
--------------------------------------
On February 23, 2006, the members of MM Investments Pty Limited
agreed to wind up the Company's operations voluntarily.

At a meeting of creditors held that same day, Martin John Green
was appointed as liquidator for the wind-up.

Contact: Martin J. Green
         Liquidator
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


MULTIPLEX GROUP: Wins AU$220 Million Melbourne Contract
-------------------------------------------------------
Multiplex Group has been awarded a AU$220 million mixed office
and retail development contract in the Melbourne central
business district, Dow Jones relates.

The Melbourne project will involve building a 48,000-square
meter commercial tower and was awarded by Cbus Property, the
direct property development and investment arm of Cbus, which in
turn is the superannuation fund for the construction industry.

                         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.


NEISHA HOLDINGS: Applies for Removal from NZ Register
-----------------------------------------------------
The liquidators of Neisha Holdings Limited has applied for the
removal of the Company to the New Zealand Register for it has
ceased to carry on business, has discharged in full its
liabilities to all known creditors, and has distributed its
surplus assets.

An objection to the removal from the register should be filed
with the Registrar on April 6, 2006.

Contact: R. W. Purchas
         S. A. Dunbar
         Joint Liquidators
         Polson Higgs & Company
         Clarendon Tower, 78 Worcester Street
         P.O. Box 4449, Christchurch
         New Zealand
         Telephone Number: (03) 366 5282
         Facsimile: (03) 366 4254


NEW ZEALAND HOUSE: Court Fixes Hearing Next Month
-------------------------------------------------
An application to liquidate New Zealand House Asia Limited has
been filed on February 3, 2006, with the High Court of Auckland
by Elizabeth Anne Burnell.

The High Court will hear the petition on April 6, 2006, at 10:45
a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than April 4, 2006.

Contact: V. T. M. Bruton
         Solicitor for the Plaintiff
         Brookfields, Lawyers, Eleventh Floor,
         19 Victoria Street West, Auckland 1
         New Zealand


PERCHERON TRANSPORT: Receiver Steps Down
----------------------------------------
On February 14, 2006, Alexander Robert Mackay Macintosh ceased
to act as the receiver and manager of the property of Percheron
Transport Pty Limited.


PORTSIDE LIMITED: Faces Liquidation Proceedings
-----------------------------------------------
On February 17, 2006, Spotless Services (N.Z.) Limited filed
with the High Court of Wellington an application to liquidate
Portside Limited.

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

Interested persons wishing to appear at the hearing may file an
appearance not later than March 23, 2006.

Contact: J. P. Hogan
         Solicitor for the Plaintiff
         AEL Law, Ground Floor,
         31 33 Great South Road,
         Newmarket, Auckland
         New Zealand


QANTAS AIRWAYS: To Send Aircraft to Asia for Maintenance
--------------------------------------------------------
Qantas Airways has booked one of its 747 aircraft for
maintenance repair in Singapore, while the airlines finishes
transferring its maintenance operations from Sydney to
Melbourne, ABC News says.

Qantas will send the plane to Singapore next month, despite
having promised earlier that it will keep its maintenance
operations in Australia.

Unions claim that the airline is threatening to send more work
overseas unless they accept its push to take on maintenance
workers through a labor-hire company.

The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that Qantas will consolidate its heavy
maintenance operations to Avalon, Victoria, rather than send the
operations overseas.  Pursuant to its consolidation plan, the
airline will close its Boeing 747 maintenance operations in
Sydney and cut 480 jobs.

On March 20, TCR-AP noted that unions have signified that they
will be launching industrial actions if Qantas continues with
its cost-cutting plans.  The unions' move is mirrored at the
Australian Licensed Aircraft Engineers Association, which stands
to lose 227 jobs in the airline's restructure.

ALAEA spokesman Michael O'Rance asserted that Qantas' recent
actions undermine its commitment to keep the maintenance jobs
local, and that it is not as committed to Australian workers as
it says.  Mr. O'Rance said that Qantas still has the Sydney
facility intact, which could still be utilized and which could
still accommodate the overhaul.  

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au-- is the world's second oldest airline  
and is also recognized as one of the leading long-distance
airlines, having pioneered services from Australia to North
America and Europe.  The Qantas Group employs approximately
38,000 staff across a network that spans 145 destinations in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.  
Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.  

By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year.  The
latest round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the airline's heavy maintenance works
overseas.


R.A. PRINT: P. G. Sargison Wraps Up Liquidation
-----------------------------------------------
An application to remove R.A. Print Limited from the New Zealand
Register has been filed after completion of the liquidator's
duties.

Any objection to the removal must be delivered to the Registrar
by April 3, 2006.

Contact: P. G. Sargison
         Joint Liquidator
         Gerry Rea Associates
         P.O. Box 3015, Auckland
         New Zealand
         Telephone Number: (09) 377 3099
         Facsimile: (09) 377 3098


REALPROP HOLDINGS: Official Liquidator Named
--------------------------------------------
At a general meeting of the members of Realprop Holdings Pty
Limited held on February 16, 2006, Hugh Martin was appointed as
liquidator to supervise the Company's wind-up activities.

Contact: Hugh Martin
         Liquidator
         Bernardi Martin
         Level 1, 195 Victoria Square
         Adelaide, South Australia
         Australia

                
RIDGID FLOORS: Enters Liquidation Proceedings
---------------------------------------------
On February 1, 2006, an application for putting Ridgid Floors
Limited into liquidation was filed with the High Court of
Auckland by the Commissioner of Inland Revenue.

The Application will be heard before the High Court on
March 30, 2006 at 10:45 a.m.

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

Contact: Simon John Eisdell Moore
         Solicitor for the Plaintiff
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         P.O. Box 2213 or D.X. C.P. 24-063, Auckland
         New Zealand


RJ KERSLAKE: Prepares to Pay Dividend
-------------------------------------
RJ Kerslake Pty Limited will declare its first and final
dividend on March 24, 2006.

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

Contact: R. W. Whitton
         Liquidator
         Lawler Partners
         GPO Box 5446, Sydney
         New South Wales 2000
         Australia         
         Telephone: (02) 8346 6000


TELSTRA CORPORATION: Telstra Shares Plunge Toward Record Low
------------------------------------------------------------
Telstra Corporation shares dropped to a record low of AU$3.66 on
March 21, 2006, as investors fear that the telecom may not be
able to deliver the annual 28 cents per share dividend that it
had promised months ago, The Sydney Morning Herald reports.

The Troubled Company Reporter - Asia Pacific reported on
March 20, 2006, that Telstra Chief Financial Officer John
Stanhope told an investment conference in London last week that
future dividends could be impacted by negative outcomes of
regulatory issues still to be resolved, given the billions of
dollars the Company wants to spend on capital works.

Mr. Stanhope, however, disclosed that the Company intended to
pay 28 cents per share, fully franked dividend, for the next
three years, including the current financial year, subject to
the normal board considerations.

The Sydney Herald says that the rout helped pull the Australian
Stock Exchange 200 index back below the 5,000 mark on Tuesday,
as the telecom extended its losing run to 4.6% over five trading
days.

Telstra's stock drop by 4 cents to AU$3.66 yesterday, indicated
just 26 cents above what Tier 1 investors paid in 1997, and half
of what was paid by investors in Tier 2.  The sale of the
Government's final stake in Telstra (Tier 3), slated for later
this year, may have trouble getting away even at these levels,
the report relates.

The latest slide was believed to be triggered by a report from
Citigroup last week stating that Telstra's promise to keep its
annual dividend at 28 cents per share until 2007-08 may be at
risk if it gets a "horrendous" regulatory outcome, which is
looking increasingly likely.

The share price fall, upcoming regulatory decisions and a tight
T3 deadline make for an increasingly tense stand-off between the
Government and the Company, currently led by Chief Executive
Officer Sol Trujillo.  Since Mr. Trujillo took the top post,
investors have wiped nearly AU$16.9 billion from the value of
the telecom.

According to the Sydney Herald, a decision on whether to go
ahead with the T3 sale is expected in the next two months.  The
falling share price increases the likelihood that some of the
Government's stake will be put into the Future Fund and sold
when the price recovers, but Government sources are still
expecting a significant tranche of shares will be sold in T3
later this year.

Analysts had warned last year that the promised dividend was
unsustainable since it is hard to keep paying dividends out of
the balance sheet.

                         About Telstra

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.


TONY CROFT TRANSPORT: Members Agree to Wind Up
----------------------------------------------
At a general meeting on February 17, 2006, the members of Tony
Croft Transport Pty Limited agreed that the Company must
voluntarily commence a wind-up of its operations.

Schon G. Condon and Bruce Gleeson were then appointed as joint
liquidators.

Contact: Schon G. Condon RFD
         Bruce Gleeson
         Liquidators
         Jones Condon Chartered Accountants
         Level 1, 34 Charles Street
         Parramtta, New South Wales
         Australia  
         Telephone: (02) 9893 9499


VALDANA PTY: Liquidator to Explain Wind-up Report
-------------------------------------------------
The members of Valdana Pty Limited will convene today, March 23,
2006, to receive Liquidator Kim David Holbrook'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: Kim D. Holbrook
         Liquidator
         Holbrook & Associates
         Level 2, 19 Pier Street (GPO Box M925)
         Perth, Western Australia 6001
         Australia


WARREGO ABORIGINAL: Creditors' Claims Due on March 28
-----------------------------------------------------
Creditors of Warrego Aboriginal Corporation 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 creditors
from the benefit of the dividend.

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


WBA PTY: To Distribute First Dividend
-------------------------------------
WBA (South Australia) Pty Limited will declare its first
dividend to priority creditors today, March 23, 2006.

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

Contact: B. J. Carter
         D. W. Kidman
         Liquidators
         c/o Ferrier Hodgson
         Level 6, 81 Flinders Street
         Adelaide, South Australia 5000
         Australia


XYLOID LIMITED: Liquidators Complete Wind-up Activities
-------------------------------------------------------
Xyloid Limited will be removed from the New Zealand Register
after the liquidators have completed their duties.

Any objection to the removal must be delivered to the Registrar
not later than April 4, 2006.

Contact: P. G. Sargison
         Joint Liquidator
         Gerry Rea Associates
         P.O. Box 3015, Auckland
         New Zealand
         Telephone Number: (09) 377 3099
         Facsimile: (09) 377 3098


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

ARGENTA LIMITED: Liquidators to Distribute Assets
-------------------------------------------------
Liquidators Thomas Andrew Corkhill and Iain Ferguson Bruce of
Argenta (H.K.) Limited are set to distribute the Company's
assets after completion of the Company's voluntary liquidation.

Creditors are therefore requested to submit their proofs of
claims before April 13, 2006, for them to benefit from the
distribution.

Contact: Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Liquidators
         8th Floor, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong


ASIAN AREA: Intends to Declare Second Dividend
----------------------------------------------
Asian Area Reinsurance Company Limited, which is in creditors
voluntary liquidation, intends to declare its second dividend to
creditors.

In relation to this, the Company's creditors are required to
prove their debts by April 13, 2006.

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before such debts are
proved and from objecting to such distribution.

According to a report by Troubled Company Reporter - Asia
Pacific, Asian Area declared its first dividend on October 29,
2004.

Contact: Jan G W Blaauw
         Joint and Several Liquidator
         c/o PricewaterhouseCoopers
         22/F., Prince's Building
         10 Chater Road
         Central, Hong Kong
         Telephone: (852) 2289 8888
         Fax: (852) 2890 8345


COSELSALVAGE LIMITED: Liquidator to Discuss Wind-up Report
----------------------------------------------------------
Creditors of Coselsalvage 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


C.T. NOMINEES: Receiving Proofs of Claims Until March 31
--------------------------------------------------------
C.T. Nominees Limited's creditors are required to lodge their
proofs of claims before March 31, 2006.

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution before such debts are
proved.

Contact: Nicholas Peter Etches
         Joint and Several Liquidator
         27th Floor, Alexandra House
         16-20 Chater Road, Central
         Hong Kong


GLOBAL MARCH: To Declare First Divided
--------------------------------------
In line with its first dividend declaration, Global March
Limited requires its creditors to prove their debts by April 3,
2006.

Failure to meet the requirement will exclude any creditor from
the benefit of any distribution made before such debts are
proved or from objecting to such distribution.

Contact: John J. Toohey
         Joint and Several Liquidator
         c/o PricewaterhouseCoopers
         22/F., Prince's Building
         10 Chater Road
         Central, Hong Kong
         Telephone: (852) 2289 8888
         Fax: (852) 2890 8345


GT SPORT: Creditors and Contributories Meeting Set March 28
-----------------------------------------------------------
Creditors of GT Sport Limited are to meet on March 28, 2006, at
10:00 a.m. to discuss about the Company's winding up.  

On the same date, a meeting of the Company's contributories will
also be held at 10:30 a.m.

Contact: E T O'CONNELL
         Official Receiver and Provisional Liquidator
         Official Receiver's Office
         10th Floor, Queensway Government Offices
         66 Queensway
         Hong Kong


HOP SHING: Joint and Several Liquidators Appointed
--------------------------------------------------
The High Court of the Hong Kong Special Administrative Region on
February 27, 2006, released an order to appoint Desmond Chung
Seng Chiong and Roderick John Suttonas as Joint and Several
Liquidators of Hop Shing Loong Lighting Limited.

As reported by the Troubled Company Reporter - Asia Pacific, a
petition for the winding-up of Hop Shing Loong Lighting Limited
by the High Court of Hong Kong Special Administrative Region was
on March 9, 2005, presented to the said Court by Chan Wing Kam
Dominic of House No. 1 Le Palais, 8 Pak Pat Shan Road, Tai Tam,
Hong Kong.   

Contct: Desmond Chung Seng Chiong
        Roderich John Sutton
        Joint and Several Liquidators
        Ferrier Hodgson Limited
        14th Floor, Hong Kong Club Building
        3A Chater Road, Central
        Hong Kong


MARTIN OPTICAL: Creditors to Discuss Wind-up on March 24
--------------------------------------------------------
Creditors of Martin (Far East) Optical Company Limited will meet
on March 24, 2006, at 10:30 a.m. to discuss the Company's
winding up.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged today, March 23, 2006.

Contact:  Ferrier Hodgson Limited
          14/F., Hong Kong Club Building
          3A Chater Road Central
          Hong Kong


MOULIN BUSINESS: Schedules Creditors Meeting on March 24
--------------------------------------------------------
A creditors meeting of Moulin Business Solutions Limited slated
for March 24, 2006, will take up the Company's winding up.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged today, March 23, 2006.

Contact:  Ferrier Hodgson Limited
          14/F., Hong Kong Club Building
          3A Chater Road Central
          Hong Kong


VISCOUNTMARINE LIMITED: Creditors Meeting Fixed on April 13
-----------------------------------------------------------
Creditors of Viscountmarine 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


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

HYDERABAD COOPERATIVE: Reserve Bank Cancels Operation License
-------------------------------------------------------------
In a move to protect the interest of depositors, the Reserve
Bank of India has cancelled the license of Hyderabad Cooperative
Urban Bank Ltd., Yakutpura, Hyderabad, as the bank has ceased to
be solvent.

In a press statement, the Reserve Bank said that all the efforts
to revive the Company, in consultation with the Government of
Gujarat, have failed and the depositors are inconvenienced by
continued uncertainty.

The Reserve Bank has delivered the license cancellation order
after the close of business on March 7, 2006.  The Registrar of
Co-operative Societies in Gujarat has also been requested to
issue an order for winding up the bank and to appoint a
liquidator.

Upon liquidation, every depositor is entitled to repayment of
his deposits up to a monetary ceiling of INR1,00,000 from the
Deposit Insurance and Credit Guarantee Corporation.

                          *     *     *

The Reserve Bank had, after finding the financial position of
the Hyderabad Cooperative precarious in 2003, placed the bank
under directions pursuant to Section 35A of the Banking
Regulation Act, 1949, effective on August 26, 2003, prohibiting
the bank from accepting fresh deposits.  The inspection of the
bank with reference to its position as on March 31, 2005,
revealed deterioration in its financial condition.  Its deposits
were getting eroded, as realizable value of paid-up capital and
reserves was negative.  The Reserve Bank then issued a notice to
Hyderabad on September 27, 2005, asking it to show cause as to
why the license granted to it to conduct banking business should
not be cancelled.

With the cancellation of its license and taking it into
liquidation, the process of paying the Hyderabad depositors, the
amount insured as per the DICGC Act will now be set in motion.
Consequent to the cancellation of its license, Hyderabad is
prohibited from carrying on banking business, including
acceptance and repayment of deposits.

Contact: Shri M. Chandrashekaran
         Deputy General Manager
         Urban Banks Department, Reserve Bank of India
         6-1-56, Secretariat Marg
         Saifabad, Hyderabad 500 004
         India
         Telephone: (040) 23234623
         Fax: (040) 23235891
         e-mail address: ubdhyderabad@rbi.org.in


SOUTH INDIAN COOPERATIVE: Depositors Demand Early Restart
---------------------------------------------------------   
Hundreds of depositors of defunct South Indian Cooperative Bank
has called for the Bank's early resumption of operations,
Zeenews Reports.

In a joint memorandum addressed to the Government, the South
Indian Bank investors' forum urged the Central Bank to find a
suitor for the bank.  The investors demand an immediate merger.

In addition, the forum urged the cooperative courts to be more
pragmatic and positive in their approach to settle all the
Bank's issues, including Kamal Group's dues.

Kamal Group is the Bank's largest single group of borrowers,
with loans amounting to INR47 crore.

                          *     *     *

South Indian Cooperative Bank collapsed in 2004, with a loss of
INR104.03 crore.  The Bank's woes started after its bankers were
charged with criminal breach of trust, cheating, forgery of
securities and misuse of public funds.  The Maharashtra State
Co-operative Department appointed an Administrator for the
troubled Bank following the recommendation of the Reserve Bank
of India.


SOUTH INDIAN COOPERATIVE: Court Allows Executives to Post Bail  
--------------------------------------------------------------
The Sessions Court on February 2, 2006, had allowed all the
accused in the South Indian Cooperative Bank scam to post bail,
Mumbai Newsline relates.  The Scam led to the Bank's collapse in
August 2004,

The Bank's chief executive officer, P K Sukhthankar; chairman,
Raghavan Sarathy; vice-chairman, Vallathi Udayar; as well as
Girijashankar Pandey of Kamal Group of Companies, were released
after the prosecution failed to file a satisfactory reply to
their bail application.  The Court also observed that the
accused were suffering in jail for the last three months.

The charge sheet filed against the bankers had listed eight
serious charges including criminal breach of trust, cheating,
forgery of securities and misuse of public funds.

All four were granted bail on personal bonds of INR2 lakh with
one or two sureties.  The Court asked them not to leave Mumbai
and Thane limits and to report to the Economic Offences Wing
twice a week.  They have been asked to surrender their passports
to the investigating agency and inform the Court if they are
changing residences.

The three bank executives were arrested following a complaint by
Urban Banks Department of Reserve Bank of India general manager
Aemalai Madaswamy.  Mr. Madaswamy claimed that the executives
are responsible for the loss of deposits worth INR104.03 crore.  
The bankers were accused of fraudulently disbursing loans to the
Kamal Group of Companies.  The Kamal Group's borrowings alone
caused a loss of public funds totaling INR45.71 crore.

                          *     *     *

South Indian Cooperative Bank collapsed in 2004, with a loss of
INR104.03 crore.  The Bank's woes started after its bankers were
charged with criminal breach of trust, cheating, forgery of
securities and misuse of public funds.  The Maharashtra State
Co-operative Department appointed an Administrator for the
troubled Bank following the recommendation of the Reserve Bank
of India.


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

BANK MANDIRI: Two Former Directors Face Probe
---------------------------------------------
Two former Bank Mandiri directors are being investigated in
connection with an IDR50-billion (US$5.37 million) loan that the
Bank extended to ailing PT Great River International, The
Jakarta Post reports.

Aside from Directors Wayan Pugeg and M. Sholeh Tasripan, the
Attorney General's Office will also summon former Bank Mandiri
president director ECW Neloe to witness the case.

The three have already been tried for alleged collusion in a
loan disbursed to PT Cipta Graha Nusantara.  However, they were
acquitted of all graft charges by the South Jakarta District
Court last month.

PT Great River International is one of more than 28 companies
that allegedly received loans worth a total of INR12 trillion
from Bank Mandiri without directors following proper procedures.
All the loans turned sour.

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2005, that PT Great River International received
additional capital worth IDR4 billion from PT Bank Mandiri to
increase the Company's cash flow and pay fees to audit agency
Ernst and Young.  Great River owes creditor Bank Mandiri a total
of IDR250 billion in the form IDR50-billion bonds and IDR200-
billion loans.

Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's  
largest and best capitalized bank in terms of assets, loans and
deposits, provides comprehensive financial services to more than
six million corporate and individual consumers, as well as small
and medium-sized enterprises in Indonesia.  Its total assets as
of March 31, 2002 were IDR261.9 trillion, roughly 24% of the
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements.  
   
Bank Mandiri's troubles began in December 1999, when the state
bank, which combined four other state banks, posted losses
totaling IDR6.8 trillion (US$942 million) during the first two
months of operation.  In September 2003, Bank Mandiri asked the
approval of shareholders to hold a quasi-reorganization so that
it can pay dividends to shareholders in 2004.  Before the quasi-
reorganization, there had been loss accumulation worth IDR163
trillion.  As of September 2005, Bank Mandiri's non-performing
loans comprised 24.57% of its total loans.  Accumulated
unresolved debts and higher interest rates led to the 7.49%
increase in the bank's non-performing loans.  Subsequently, Bank
Mandiri is subject to special monitoring by the central bank due
to its high level of non-performing loans, although it can still
extend credit to borrowers.  In December 2005, Bank Mandiri
reported that its third-quarter net profits plummeted 56.7% to
IDR610.7 billion (US$60.86 million) from IDR1.41 trillion in the
same period in 2004.  In February, the Bank sought the
Government's help to resolve its non-performing loan problems
and to approve its plan to set up a debt management agency
together with Bank Negara Indonesia, as a state finance law and
a finance ministry regulation prohibit state banks from writing
off debts without permission from the Finance Minister.  


NEWMONT MINING: Halts Indonesian Exploration after Arson Attack
---------------------------------------------------------------
Newmont Mining Corporation has suspended gold and copper
exploration on Indonesia's eastern island of Sumbawa after
unknown assailants burned down a camp for its workers, Bloomberg
News relates.
  
No one was injured in the Newmont Camp attack, which took place
on March 19, 2006.  The Newmont Camp is located 60 kilometers
from the Company's massive Batu Hijau gold and copper mine on
Sumbawa Island.  Newmont evacuated 130 people after the attack.

The spokesman said operations at the Batu Hijau mine on Sumbawa
would not be affected by the suspension.

The attack was the third in a week against overseas-owned mines
in Indonesia, which want to attract investment to lift economic
growth above 6% a year.  The Government said it is ready to
deploy troops to protect mines against protesters who say
overseas miners do not do enough to benefit local inhabitants.

Last month, Newmont agreed to pay the Indonesian Government
US$30 million in an out-of-court settlement over a civil case
alleging that the Company had polluted a bay near another of its
Indonesian mines.  But that settlement does not resolve the
criminal case filed against Newmont Indonesia's American head,
Richard Ness, who faces up to 10 years in prison if convicted on
the pollution charges.  Mr. Ness denies any wrongdoing.

Other foreign mining companies in Indonesia have also seen an
increase in protests and attacks against them during the last
year.  Demonstrations against Freeport in Papua's provincial
capital of Jayapura last week resulted in the death of three
policemen and one soldier and the arrest of more than 50 people.  
On Monday, demonstrations continued against Freeport outside the
United States embassy in Jakarta with protesters demanding the
closure of the mine.  

Headquartered in Denver, Colorado, U.S.A., Newmont Mining
Corporation -- http://www.newmont.com/-- is the leading gold  
producer with operations on five continents.  Newmont is also
engaged in the exploration for and acquisition of gold
properties in some of the world's best gold districts.  
Employing approximately 28,000 employees and contractors
worldwide, Newmont operates core assets in North America, South
America, Asia, Australia, and Indonesia, with new mine projects
currently being developed.  

Newmont spent 10 years exploring the volcanic islands of
Indonesia before opening its first mine, Minahasa, at the
northeastern tip of Sulawesi in 1996.  Batu Hijau, a large
copper-gold deposit on the island of Sumbawa, shipped its first
concentrate at the end of 1999.  The Company's problems in
Indonesia started when the Indonesian Government filed a civil
suit against the Company for allegedly polluting the area near
its operation.


PERTAMINA: Cepu Block Deal Wins International Communities' OK
-------------------------------------------------------------
The signing of the Joint Operation Agreement between PT
Pertamina and ExxonMobil Corporation that ended prolonged
negotiations on the development of the Cepu block has positive
values in the eyes of international communities, Antara News
reports, citing brokerage firm JP Morgan.

JP Morgan has seen the signing of the JOA pertaining to the Cepu
Oil Block as an example of a positive event that can enhance
international communities' confidence in Indonesia's investment
climate, the report says.

Furthermore, the broker believes that the JOA may even stimulate
fast inflow of foreign capital and create large-scale job
opportunities.

M. Fikron Washly Arifuddin, a researcher at the Institute of
Public policy and Economic Studies, has also hailed the signing
of the JOA.  Mr. Arifuddin encouraged Pertamina and ExxonMobile
to "accommodate the aspirations of local communities, including
improving their livelihood and educational level."

Mr. Arifuddin is also asking the operators to provide
compensation funds for the environmental recovery program as
contained in the contract for the development of the Cepu block
so as to minimize environmental damage.

However, Mr. Arifuddin did not rule out the possibility that new
problems will emerge unless the Cepu block operators pay great
attention to local aspirations, even more so with the fact that
some people and part of House members still question the
contract for the development of the oil block.
  
PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.  
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributing factors to Indonesia's decreased income for
the year.  Indonesian President Susilo Bambang Yudhoyono has
promised to expedite the overhaul of state oil firm PT Pertamina
in order to increase the country's fuel output.  President
Yudhoyono said the Company's restructuring program is not
proceeding effectively, as the Company is still experiencing
many difficulties.  He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases.


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

JAPAN AIRLINES: Union Pilots Plan Strike Over Labor Issues
----------------------------------------------------------
Four labor unions of Japan Airlines have threatened to stage a
24-hour unless the airline's management met their demands of a
uniform salary increase for its pilots, The Associated Press
reports.

According to JAL spokesman Hirokazu Inoue, the Company's Flight
Crew Union and three other unions demanded a JPY10,000 monthly
pay increase per pilot, or they would walk out for 24 hours,
canceling an estimated 21% of JAL's domestic flights and
displacing up to 14,900 passengers.  No international flights
were to be affected by the planned strike, he added.

                              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 safety-related incidents, the JAL Group was the
subject of a business improvement order and administrative
warnings relating to assurances on air transportation safety
issued by the Ministry of Land, Infrastructure and Transport in
March 2005.  In the fiscal year 2005-2007, the Company's Medium-
Term Business Plan stated that in order to implement the reform
of the corporate structure and the cost structure swiftly, the
holding Company and operating companies are to be integrated.  
Specifically, in fiscal 2005, the corporate planning and
marketing functions will be integrated and further steps to
eliminate overlapping jobs and streamline the organization will
be taken with a view to achieving substantial integration.   In
addition, the number of full-time officers was cut by 30%, and
this reform was completed on April 1, 2005.  

For the JAL Group, there was a year-on-year decline in passenger
demand on international routes, primarily because of a delay in
the recovery of demand on routes to China and Southeast Asia.  
Domestic passenger demand also faltered and fell below its year-
earlier level, particularly among individual passengers, due to
factors such as the series of safety problems that occurred.  
Demand for international cargo services also registered a year-
on-year decline overall, owing to weak demand on routes from
Japan to East Asian countries and the United
States.  Rising aviation fuel prices compounded the situation
and created an exceptionally hash environment for the Group.


SANYO ELECTRIC: CEO Visits India to Check on Joint Venture Firm
---------------------------------------------------------------
Sanyo Electric Company Limited's president, Toshimasa Iue, is
scheduled to go to India on March 27, 2006, to take stock of a
joint venture that the Company formed with BPL Group, Business
Standard says.

Sanyo BPL officials say that Mr. Iue wants to see first-hand the
operations at the joint venture firm, which targets to garner a
16% share of the Indian market.  Sanyo is looking to India to
prop up its CTV business in its efforts to conduct a worldwide
restructuring plan.

Business Standard relates that the Company's joint venture with
BPL will offer a complete range of consumer electronics, digital
imaging products and home appliances from Sanyo.

                        About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Company, Limited,
-- http://www.sanyo.com/-- is one of the world's leading makers  
of consumer electronics products.  On November 21, 2005, Moody's
Investors Service downgraded Sanyo's long-term ratings to Baa2
from Baa1, while placing these ratings on review for possible
further downgrade.

Moody's says that it is possible for Sanyo to return to profit
if its mid-term business plan is implemented.  Sanyo's business
portfolio, in the rating agency's opinion, was too diversified
for its relatively weak capital base, ranging from AV (audio
visual) products, home appliances, batteries, commercial-use
air-conditioning systems and semiconductors to the finance
business.


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

KOREA EXCHANGE: Kookmin Likely to Buy Lone Star's Stake
-------------------------------------------------------
Lone Star Funds has chosen Kookmin Bank as the preferred buyer
for Korea Exchange Bank, The Korea Times says, citing a source
close to the deal.

According to the unidentified source, the United States-based
private equity fund has picked South Korea's top lender to
purchase its 51% stake in Korea Exchange.  Kookmin's possible
takeover will result in the creation of a mega bank with KRW270
trillion in assets, which will be twice the size of the second
biggest lender, Shinhan Financial Group, whose assets amount to
KRW193 trillion as of the end of last year.

Kookmin Bank sought the deal to transform itself as a global
bank.  After the merger, the lender will be ranked one of the
world's top 60 banks, up from the current 75th in assets.

The Korea Times relates that Kookmin beat its rival bidders Hana
Financial Group and DBS Bank of Singapore.

Lone Star is expected to announce its decision to sell its
controlling stake to Kookmin anytime soon.

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.


SAMSUNG GROUP: Samsung Corp. Guards Against Hostile Takeovers
-------------------------------------------------------------
Samsung Corporation, the trading and building arm of Samsung
Group, has begun strengthening itself against possible hostile
takeover attempts by foreign capital by saying that it will
consider buying an unspecified amount of its own stock, The
Korea Times relates.

The report notes that details of the share buyback have yet to
be disclosed.

The Company currently owns some 2.02 million treasury shares, or
1.25% of outstanding shares, via seven trust funds buying
treasury stocks, The Korea Times says.  Its investment in the
funds stands at KRW42 billion.  The company plans to terminate
trust agreements with all seven stock funds and buy its own
stock via its own internal accounts.

The Times recounts that Samsung Corp., which specializes in
international trade, engineering and construction, housing
development and retailing, is reviewing a plan to directly
purchase its company shares three months after the termination
of the trust fund agreements.

The Company said that its move is aimed at improving its
shareholder value.

Samsung Corp. is an attractive target for foreign corporate
raiders due to its shareholding structure, and is 20% owned by
its affiliates and other friendly parties.

Samsung SDI is the single largest shareholder with 7.18%.  It
holds treasury stocks equivalent to 5.36% of the Company's
outstanding shares.

Foreign investors hold a combined 32% stake in Samsung Corp.  
Specifically, Australia-based Platinum Asset Management owns
6.02% and Edinburgh-based Baillie Gifford holds 5.51%.

                         *      *      *

The Troubled Company Reporter - Asia Pacific reported on
December 14, 2005, that Samsung Group is facing a lawsuit filed
by creditors of Samsung Motors, seeking KRW4.73 trillion in
damages.  Creditors including Woori Bank and the Seoul Guarantee
Insurance Corp. wanted to recoup losses stemming from the
carmaker's insolvency in 1999 as its efforts to sell its stake
in Samsung Life Insurance Inc. was unsuccessful.  The Group
contributed 3.52 million unlisted shares of Samsung Life as
collateral, but the insurer failed to list as it could not meet
regulatory rules, involving distribution of dividends to
policyholders.  The claims filed by Samsung Motors creditors
include the Company's debts worth KRW2.45 trillion and overdue
loan interest of KRW2.28 trillion, which has been accumulated
over the past few years.


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

AFFIN BANK: Transfer of Islamic Business Wins Approval
------------------------------------------------------
Affin Holdings Berhad's subsidiary, Affin Bank Berhad, has met
all pre-licensing conditions and obtained all regulatory
approvals for its wholly owned subsidiary, Affin Islamic Bank
Berhad, to carry on Islamic banking business.

A Vesting Order was obtained from the High Court of Malaya on
March 20, 2006, for the transfer and vesting of the Islamic
banking business from Affin Bank to Affin Islamic Bank.

Pursuant to the Vesting Order, the transfer and vesting will
take effect on April 1, 2006, whereupon the assets and
liabilities comprising the Islamic banking business of Affin
Bank as of the cut-off date of March 31, 2006, will be
transferred to and vested in Affin Islamic Bank.  The
consideration of the transfer is based upon the net book value
of the assets less the net book value of the liabilities being
transferred and will be settled by way of cash.

In addition, the Minister of Finance has issued to Affin Islamic
Bank an Islamic banking license under Section 3(4) of the
Islamic Banking Act 1983, with April 1, 2006, as effective date.

Affin Holdings further disclosed that Bank Negara Malaysia had
approved the appointments of Affin Islamic Bank's new directors:

    * Jen (B) Tan Sri Dato' Seri Ismail bin Haji Omar;
    * Dato' Abdul Hamidy bin Abdul Hafiz;
    * Tan Sri Dato' Lodin bin Wok Kamaruddin;
    * Encik Zulkiflee Abbas bin Abdul Hamid; and
    * Encik Kamarul Ariffin bin Mohd. Jamil.

Bank Negara also approved the appointment of Encik Kamarul
Ariffin bin Mohd. Jamil as the Islamic bank's acting Chief
Executive Officer.

The current issued and paid-up capital of Affin Islamic Bank is
MYR2.00, comprising two ordinary shares of MYR1.00 par value.  
Affin Islamic Bank proposes to increase its existing paid-up
capital of MYR2.00 to MYr160 million by way of issuance of new
ordinary shares in Affin Islamic Bank to Affin Bank for cash
consideration.

Affin Islamic Bank will commence its business operations on
April 3, 2006, being the first business day after the transfer
and vesting exercise on April 1, 2006.

Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad
-- http://www.affin.com.my/-- is engaged in commercial banking,  
merchant banking, finance company business, stock broking and
asset management business.  The Company's other activities
include the provision of insurance services, lease and hire
purchase financing, nominee services and investment holding.  
Operations are carried out principally in Malaysia.  Affin
Holdings had experienced hefty losses in the past because of
huge loan provisions and impairment of assets.  However, the
Affin Group is starting to recover as a result of the hard work
and professionalism displayed by management at all levels of the
organization.


AYER MOLEK: Bourse Allows More Time to Comply with Requirements
---------------------------------------------------------------
Bursa Malaysia Securities Berhad had extended the deadline by
which Ayer Molek Rubber Company Berhad must submit its formal
proposal to the relevant authorities in compliance with the
Bourse's Listing Requirements through September 15, 2006.

The Company had asked its merchant banker, Alliance Merchant
Bank Berhad, to finalize the comprehensive proposal for
submission to the relevant authorities.  The Proposal refers to
a planned a rights and bonus issue in compliance with the paid-
up capital rule.

Under listing rules, a main board and second board company must
have a minimum paid-up capital of MYR60 million and MYR40
million, respectively.  Ayer Molek's paid-up capital is MYR1.8
million, which will swell to MYR60.3 million after the rights
and bonus issue.

The rights issue will raise MYR23.4 million, which will be used
to expand its business.

As reported by the Troubled Company Reporter - Asia Pacific on
March 20, 2006, the proceeds from the rights issue will be
utilized for working capital and business expansion purposes,
which are currently being formulated by the Company.  The
exercises are expected to be completed by the second quarter of
next year.

They are not expected to have any immediate effects on the
earnings of Ayer Molek Group for the financial year ending
December 2006, but instead will contribute positively to its
future earnings, the report said.

Ayer Molek did not declare any dividends for 2005, and any
future dividends will depend on its profitability and cash-flow
position.

Headquartered in Kuala Lumpur, Malaysia, Ayer Molek Rubber
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.    


BERJAYA CAPITAL: Books MYR80-Mln Loss in 3Q/FY05-06
---------------------------------------------------
Berjaya Capital Berhad has fallen into the red again, posting a
net loss of MYR79,984,000 in the third quarter of the year
ending April 30, 2006.

As compared to the corresponding quarter ended January 31, 2005,
the Company registered an increase of 4.6% in revenue mainly
attributed to the strong revenue growth registered by the
general insurance business.  The Company also achieved an
increase of 5.8% in operating profit.

However, the Company incurred a pre-tax loss in the third
quarter mainly due to the one time significant impairment loss
made on its remaining holdings in the Berjaya Corporation
Berhad's irredeemable convertible unsecured loan stocks received
pursuant to the corporate exercise, impairment loss of certain
quoted investments as well as the writing off of goodwill of a
subsidiary company and the cessation of interest income from
Berjaya Group Berhad as a result of the full settlement of
inter-company balance owed by Berjaya Group during the current
quarter.

The general insurance business achieved an increase in revenue
and pre-tax profit of 21.7% and 45.8%, respectively, mainly due
to new businesses generated, and recorded higher underwriting
profit and higher investment income in the current quarter under
review.  The stockbroking business' revenue decreased by 31.4%
mainly due to the soft market conditions.  However, it
registered an increase of 141.3% in pre-tax profit mainly due to
higher investment income received from quoted investments in the
current quarter.

For the nine-month period ended January 31, 2006, the Berjaya
Capital registered an increase in revenue of 15.9% mainly due to
the strong revenue growth registered by the general insurance
business.  However, the Company incurred a pre-tax loss as
compared to a pre-tax profit in the previous corresponding
period ended January 31, 2005.  This was mainly due to the one
time significant impairment loss on the Company's remaining
holdings in Berjaya Corp.'s ICULS and lower interest income
earned from Berjaya Group in the current period under review.

The general insurance business achieved an increase in pre-tax
profit of 8.1% mainly attributed to higher underwriting profit
and higher investment income during the current period.  Despite
the soft market conditions, the stockbroking business recorded
an increase in pre-tax profit of 16.3% mainly due to higher
investment income received as well as gain on disposal of
certain quoted investments.

As compared to the preceding quarter ended October 31, 2005, the
Company registered a decrease in revenue of 13.0% and incurred a
pre-tax loss of MYR68.1 million mainly due to the one time
significant impairment loss on the BCB ICULS and the cessation
of interest income from BGB in the current quarter.

The general insurance business recorded a decrease of in revenue
of 13.5% as compared to the preceding quarter mainly due to the
decrease in new businesses generated during the quarter under
review.  However, it registered an increase in pre-tax profit of
22.4% as a result of increase in investment income received from
quoted investments.

As compared to the preceding quarter, the stockbroking business
registered a decrease in revenue of 16.8% mainly attributed to
the soft stock market conditions. However, it recorded an
increase in pre-tax profit of more than two-fold mainly due to
the higher investment income received from quoted investments
during the current quarter under review.

The Board does not recommend the payment of any dividend for the
third quarter ended January 31, 2006.    

              Summary of Key Financial Information

        Individual Period              Cumulative Period  
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-12-2006    31-12-2005      31-12-2006     31-12-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

     68,363        65,336         222,967        192,337

* Profit/(loss) before tax  

    -68,103        39,720         -20,972         91,316

* Profit/(loss) after tax and minority interest  

    -79,984        29,079         -49,183         63,859

* Net profit/(loss) for the period

    -79,984        29,079         -49,183         63,859

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

     -21.04          5.12           -9.73          11.25

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

        2.7500                      3.3100

Headquartered in Kuala Lumpur, Malaysia, Berjaya Capital Berhad
-- http://www.berjaya.com/-- is principally involved in the  
provision of general insurance and stock and futures broking and
related services.  Its other activities include hire-purchase,
lease and loan financing, property investment and management and
investment holding.  It also provides fund management and
nominee and research services.

Berjaya Capital is part of Berjaya Corporation Corporation
Berhad -- formerly the beleaguered Berjaya Group Berhad -- which
took over as new parent company upon completion of the Group
restructuring exercise that was effected in October 2005.  
Berjaya Capital has benefited from the Group restructuring but
is still struggling to break even after years of suffering
accumulated losses.


DENKO INDUSTRIAL: Receives Statutory Notice from Beau Industries
----------------------------------------------------------------
Beau Industries Sdn Bhd's solicitors Gooi & Azura served a
statutory notice on March 20, 2006, to Denko Industrial
Corporation and New Height Marketing Sdn Bhd for a claim
asserting MYR991,175.25 and an 8% annual interest due from the
date of the Writ Summons on October 19, 2005, to the date of
realization together with MYR365 in costs.

Denko had notified its Solicitor to apply for a stay of
execution on statutory notice pursuant, pending an appeal
against the decision of the Senior Assistant Registrar.

The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that Denko Industrial requested its Solicitor,
Messrs YH Teh & Quek, to file an appeal in respect of the Senior
Assistant Registrar's decision to the Judge-in-Chambers.

However, the Court has yet to fix a hearing date for the Appeal.

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products.  Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding.  The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme.  The
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
financial condition was regularized.


MALAYSIA AIRLINES: Strikes Off Wholly Owned Unit
------------------------------------------------
Tiara Malaysia Airlines Sdn Bhd, a wholly owned subsidiary of
Malaysia Airlines, has been struck off from the Register of the
Companies Commission of Malaysia under Section 308 of the
Companies Act, 1965.

As such, Tiara Malaysia Airlines ceased to be a subsidiary of
Malaysia Airlines effective January 5, 2006.

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.


MALAYSIA AIRLINES: Cargo Arm Bullish on New-freighter Plan
----------------------------------------------------------
Malaysia Airlines' profitable cargo division, MASkargo, plans to
replace its freighter fleet of six 747-200Fs with the more
efficient 747-400Fs within the next five years to further
improve its operations and bottom line, The Star Online relates.

MASkargo's senior general manager for cargo, Datuk Ong Jyh Jong,
said that given the current fuel situation, it is crucial for
MASkargo to switch to aircraft that is economical and can
generate more revenue.

Subject to the Government's approval, MASkargo is looking at
various options, including converting its 747-400 passenger
planes into freighters once the national airline takes delivery
of its new Airbus A380s.

Mr. Ong remains optimistic about the plan despite MASkargo's
current financial predicament.

MASkargo has already taken delivery of the first of two new 747-
400Fs at Boeing's Commercial Airline Delivery Center.  With the
delivery of the second 747-400F in mid-May, MASkargo will return
one of the six leased 747-200Fs to aircraft owner Air Atlanta by
next month.

In addition to increasing capacity by 20%, the new freighter
will improve MASkargo's flight rotation, enabling the company to
carry more cargo to more places.

Penerbangan Malaysia Bhd, MASkargo's parent company, is willing
to support the fleet replacement plan as long as the cargo
operator can guarantee bringing in more profit.

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.


METROPLEX BERHAD: Court Adjourns Hearing of Judgment Appeal
-----------------------------------------------------------
On February 7, 2005, the Kuala Lumpur High Court released a
judgment mandating Metroplex Berhad to pay its MYR59,315,450
debt to OCBC Bank (Malaysia) Berhad.

The debt represents Metroplex's default in payment of the
revolving credit facility and overdraft facility granted by OCBC
to the Company.

The Company has appealed against the Judgment and asked its
solicitors to file for a stay of execution of the Judgment.

The hearing date for the Appeal was postponed several times.  
Recently, the Kuala Lumpur High Court has adjourned the hearing
of Metroplex's appeal to May 4, 2006.

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.  On April
28, 2005, Morgan Stanley Emerging Markets Inc had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court.  Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up.  Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme.  In the event the winding-up
petition succeeds, the Company will be put into liquidation.


PATIMAS COMPUTERS: Repurchases MYR84,066 Worth of Shares
--------------------------------------------------------
On March 9, 2006, Patimas Computers Berhad bought back 90,000
ordinary shares for a total cash consideration of MYR84,066.07.

M & C Services Sdn Bhd lodged the shares, which were purchased
through Bursa Malaysia Securities Berhad, with the registrar of
companies on March 21, 2006.  

The minimum price paid for each share purchased was MYR0.920 and
the maximum was MYR0.930.  

After the purchase, the total number of shares retained in
treasury is 100,000 units.  

The Troubled Company Reporter - Asia Pacific had reported that
on March 3, 2006, Patimas bough back 10,000 ordinary shares for
a total cash consideration of MYR10,981.  M & C Services Sdn Bhd
lodged the shares with the registrar of companies on March 14,
2006.  

Headquartered in Kuala Lumpur, Malaysia, Patimas Computers
Berhad is principally engaged in the development and sale of
computer related products and provision of computer related
services that is predominantly carried out in Malaysia.  
Accordingly, information by business and geographical segments
on the Group's operations is not presented.  The Group has
undertaken internal restructuring and other measures to offset
substantial losses and debts it incurred in the past years.  As
a result of its revival efforts, the contingent liabilities
arising from unsecured corporate guarantees given to licensed
banks for bank credit facilities granted to the Company's
subsidiaries decreased from MYR89.9 million as of December 2004
to MYR89.4 million as at December 2005.  The Group, which
currently has a healthy revenue backlog and strong sales
pipeline, is optimistic of the prospects in the year ahead and
anticipates better financial results in 2006.


SBBS CONSORTIUM: Inks MOU for Restructuring Scheme
--------------------------------------------------
On March 20, 2006, SBBS Consortium Berhad entered into a 60-day
Memorandum of Understanding with PC Capital Sdn Bhd.  

The signing of the MOU is aimed at setting the intentions of
both parties to undertake a corporate and debt restructuring
scheme in order to revive SBBS' financial and operational
performance.

During the 60-day negotiation period, SBBS and PC Capital will
embark on exercises in order to facilitate the implementation of
the proposals under the corporate and debt restructuring scheme
of SBBS.

The parties will review and consider the feasibility of the
proposals for the corporate and debt restructuring scheme.  They
will also initiate consultation with SBBS's major creditors in
relation to a proposed debt settlement.  They will, likewise,
engage and seek consultation from appointed consultants on the
best possible structure to restructure SBBS.

The MOU is conditional upon SBBS successfully obtaining the
order from the Court for the implementation of the proposals
under the scheme of arrangement pursuant to Section 176 of the
Companies Act, 1965.

Upon finalization of the negotiation and if the parties are
agreeable to all the final terms of the proposals and the
fulfillment of the Condition Precedent and other conditions, the
parties shall enter into a definitive restructuring agreement
before the MOU expires.

In connection with this, the SBBS has filed an application for a
Restraining and Stay Order at the Kuala Lumpur High Court.  The
application is now pending affixing of a hearing date by the
High Court.

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.  Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis.  As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.   
Negotiations between the Company and its bank creditors are
nonetheless, still continuing.  The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.


SOUTHERN BANK: Lists New Ordinary Shares
----------------------------------------
Southern Bank Berhad's additional 5,831,685 new ordinary shares
of MYR1.00 each will be granted listing and quotation today,
March 23, 2006.

The shares were issued pursuant to:

   -- the exercise of 1,954,810 Warrants 1996/2006 into
      1,954,810 New Local "A" Shares; and

   -- the exercise of 3,876,875 Warrants 1996/2006 into
      3,876,875 New Foreign "A" shares.

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

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad
-- http://www.southernbank.com.my/-- is engaged in the  
provision of commercial banking business and other related
financial services, which include Islamic banking services.  
Other activities are accepting deposits and advancing loans,
property ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding. On
March 16, 2006, Bumiputra-Commerce Holdings Berhad took over the
Company's business for MYR6.7 billion after five months of
negotiation.  Under the final deal, Bumiputra-Commerce would buy
all the assets and liabilities of Southern Bank.  It would
undertake a voluntary general offer at MYR4.30 cash per Southern
Bank share or a combination of cash and redeemable convertible
unsecured loan stocks equivalent to MYR4.30 per SBB share and
MYR2.56 cash per Southern Bank warrant.  The VGO is expected to
be completed by May or June, followed by Southern Bank's
delisting.  The entire integration process may extend to next
year.

In October 2005, Moody's Investors  Service has placed Southern
Bank Berhad's D- bank financial strength rating on review for
possible upgrade.  
  

TIMER STEEL-FAB: Winding Up Hearing Set for March 29
----------------------------------------------------
The High Court of Kuala Lumpur has fixed the hearing for the
winding-up petition against Timer Steel-Fab (Malaysia) Sdn Bhd
on March 29, 2006.

Prestar Engineering Sdn Bhd filed the Wind-Up Petition before
the High Court on December 12, 2005, due to Timer Steel-Fab's
failure to pay its financial obligation to Prestar.

Prestar Engineering has on November 7, 2005, demanded Timer
Steel-Fab to pay MYR35,704 it owed to Prestar.  Timer Steel-Fab,
however, neglected to pay or satisfy at least part of the
amount.  The Company also did not make any offer to Prestar.


TELEKOM MALAYSIA: Won't Raise MobileOne Stake Above 30%
-------------------------------------------------------
Telekom Malaysia Berhad reiterated that it will not raise its
stake in Singapore's MobileOne Limited above the 30% level,
despite recent open-market share purchases via a joint venture
that brought its stake up to 29.85%, Dow Jones reveals.

As reported by the Troubled Company Reporter - Asia Pacific on
March 17, 2006, Telekom Malaysia Bhd's joint venture with state-
owned parent Khazanah Nasional -- SunShare Investments Ltd --
has increased its stake in Singapore's MobileOne Ltd to 29.85%
from 28.36% last week.

SunShare Investment has been buying shares in Singapore's
smallest mobile phone operator on the open market since it
acquired a 12.06% stake in August 2005.

The spokesperson didn't comment further on the Company's
shareholding in the MobileOne but added that Telekom Malaysia
plans to explore operating synergies with MobileOne.

This includes using the Singapore company as a "platform" for
new non-voice and data product and services.

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


TELEKOM MALAYSIA: TRI Appeals Sr. Assistant Registrar's Decision
----------------------------------------------------------------
Telekom Malaysia disclosed that its sub-subsidiary, Technology
Resources Industries Bhd, has filed an appeal with the Judge-in-
Chambers against the Senior Assistant Registrar's March 10,
2006, decision to dismiss TRI's application for summary judgment
seeking the recovery MYR11.05 million paid to its former
directors Tan Sri Tajudin Ramli, Bistaman Ramli and Datuk Lim
Kheng Yew.

TRI is a unit of Celcom (Malaysia) Bhd, which in turn is a unit
of Telekom Malaysia.

On December 24, 2002, Celcom revealed that TRI had filed an
application in the High Court of Kuala Lumpur for summary
judgment.  The judgment was part of TRI's claim seeking recovery
of MYR11.05 million paid to the defendants on June 4, 2002, as
alleged bonus and incentive payments.

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


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

ABS-CBN BROADCASTING: GMA Network to File Administrative Case
-------------------------------------------------------------
Broadcast firm GMA Network, Inc., plans to file an
administrative suit against rival network ABS-CBN Broadcasting
Corporation's cable television business, the Manila Times
reports, citing the National Telecommunications Commission.

GMA 7 had earlier requested the reassignment of its ultra-high
frequency programming, QTV, to Channel 27 of Sky Cable's channel
offering from its present slot in Channel 11 due to signal
problems.  However, Sky Cable refused GMA's request, saying it
would be unfair to subscribers who would be provided a second
feed of a program they can already view.

Manila Times notes that Sky Cable argued its analog channels are
presently occupied, except for those channels that are not
feasible for use due to noise or interference.  This means that
they would have to eliminate one channel to accept another.

According to NTC head Ronald O. Solis, the Commission called
both parties for a conference to come up with a middle ground.
Since ABS-CBN failed to appear at the conference and submit a
position paper, GMA will proceed to file an administrative case
against ABS-CBN.  Mr. Solis said he aims to resolve the case in
April.    

                          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.       


LAFAYETTE MINING: Mercury Scare a Bluff, Official Says
------------------------------------------------------
Anti-mining groups and a few personalities in Sorsogon might
have concocted a mercury scare to block Lafayette Mining
Philippines, Inc.'s Rapu-rapu project in Albay, Albay Vice
Governor James Calisin suspects.

The Philippine Daily Inquirer reports that Mr. Calisin had said
that apart from blocking Lafayette's operations, the same group
stood to earn underserved revenues.  Mr. Calisin further
believes that Philippine President Gloria Macapagal-Arroyo was
duped into releasing Php10 million to some Sorsogon towns and
into forming an independent commission for "non-existent
reasons."

In a press statement last week, Mr. Calisan recounted that five
studies by the Bureau of Fisheries and Aquatic Resources and one
by the University of the Philippines "proved beyond reasonable
doubt that the mercury contamination" in Sorsogon never existed.

The Troubled Company Reporter - Asia Pacific reported on Mar. 1,
2006, that the results of the BFAR's fifth analysis had shown
that the fish and water samples from the areas surrounding
Lafayette's Rapu-Rapu mine were safe for human consumption and
were not contaminated with mercury.

TCR-AP also noted on March 17 that President Arroyo signed an
administrative order to create a commission to further
investigate the recent spills of Lafayette Mining.

                          About LPI

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

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, closed Lafayette Philippines in 2005
when the Company's mine tailings were accidentally spilled into
the Albay Gulf last October, killing thousands of fish and
destroying the livelihood of fishermen in the area.  The Company
was also fined PHP10.7 million for violating the Clean Water Act
and its environmental compliance certificate.


METROPOLITAN BANK: Fitch Assigns 'B' Rating to Tier-1 Capital
-------------------------------------------------------------  
On March 20, 2006, Fitch Ratings assigned a 'B-' Long-term
rating to Philippine Metropolitan Bank and Trust Company's
USD125 million issue of non-cumulative hybrid Tier-1 capital
instruments - three notches lower than Metrobank's 'BB-' Long-
term Foreign Currency Issuer Default Rating rating in accordance
with Fitch's methodology for such hybrid securities.

The hybrid securities will rank junior to all deposits and other
debt obligations including the bank's subordinated debt, pari
passu with all preference shares and other hybrid Tier-1 capital
instruments of Metrobank on a consolidated basis, and senior to
ordinary share capital.  While potentially perpetual in nature,
the securities are convertible into preference shares at the
option of the bank on the 10th anniversary of their issue.  They
may also be redeemed under certain circumstances, such as
changes to Philippine tax laws or if the securities no longer
qualify as Tier 1 capital of Metrobank due to changes in
regulatory standards.  Any redemption will require the prior
written consent from the Philippines' central bank.

Interest will accrue on the securities at a fixed rate with a
step-up margin after 10 years.  At that time, the securities
will change to a floating rate basis pegged to three-month
LIBOR.  Interest on the issue can be halted on a non-cumulative
basis under certain circumstances, notably if the bank's Tier 1
capital ratio goes below the regulatory minimum, or if its
distributable reserves - from which the interest is to be paid -
becomes insufficient.  The rating for the issue reflects the
risks of non-cumulative interest deferral and its junior legal
status in the event of the bank's liquidation.

The issue will bolster Metrobank's capital base given
constraints here which will be compounded by new harsher
accounting standards requiring asset write-downs that are likely
to result in a 20% reduction in the bank's capital base (12.2%
of assets at 30 September 2005).  Fitch Ratings Agency considers
the bank's capital to be even weaker than this on the basis that
further asset write-downs will be required, particularly in the
area of foreclosed properties as discussed in Fitch's Credit
Update report on Metrobank dated 16 November 2005.


NATIONAL POWER: Asks Mirant To Refund PHP1.35-Bln Excess Payment
----------------------------------------------------------------
Struggling state utility firm National Power Corporation asked
Mirant Philippines, a local unit of United States-based power
firm Mirant Corporation, to refund up to PHP1.35 billion in
excess payments for the operation and maintenance of a coal-
fired power plant in Sual, The Philippine Star relates.

Napocor acting vice president for sales Oscar Lorico said that
the excess fees were discovered after the Company reviewed its
Energy Conversion Agreement and Power Sharing Delivery
Agreements with Mirant for the period from January 2001 to
January 2006.

Mr. Lorico added that Mirant contracted 1,200 megawatts of power
to Napocor, and the Company accordingly paid the fixed operating
fees for the operation and maintenance of the Sual plant.  He
said that the Sual power plant rarely dispatched the net
contract capacity of electricity, and yet Mirant was selling 200
megawatts of the excess power to other customers.  Thus, Mr.
Lorico asserted, it is only right that Mirant share in the
charges paid corresponding to the power generated at the Sual
plant that was sold to customers other than Napocor.  

Napocor sent a letter to Mirant's head of operations, Thomas
Sliman, saying that Mirant incurred PHP629.9 million in
overpayments for electricity sold above the net contracted
capacity of the 1,200 megawatt plant.  Mirant also incurred
PHP602.4 million in overpayments due to back-up power charges
for energy sales during the planned and unplanned outages of one
Sual unit.

The Star reports that Mr. Lorico is willing to talk with Mirant
to reconcile the accounts and settle the matter.  According to
the ECA, Napocor would pay fixed operating and service charges
to Mirant, based on the net contracted capacity of the Sual
plant.

Mirant Philippines Senior Vice-President Paul Flake said that,
as of this reporting, they have yet to receive the Napocor
report, and would issue a statement after reviewing the
Company's findings.

                          About Napocor

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated debt of PHP600 billion.  It also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.

The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of PHP18.41 billion this year from PHP5.95
billion deficit in 2005.  Napocor incurred its huge losses to
fund the operations of its power facilities.  The Government is
selling National Power's assets to help pay for the utility's
estimated PHP600 billion debt.  The annual loss at the utility,
which generates about 40% of the country's electricity,
narrowed to PHP29.9 billion pesos in 2004 from PHP117 billion in
2003 after it was allowed to increase tariffs.

Napocor's debt has junk status, according to Moody's Investors
Service and Standard & Poor's.  Moody's rates the utility's
long-term foreign-currency debt at B1, four rungs below
investment grade.  S&P's rating of the utility's debt is one
step higher than Moody's.


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

CHINA AVIATION: Ex-CEO Made to Serve Jail Term Immediately
----------------------------------------------------------
Former Chief Executive Officer Chen Jiulin of China Aviation Oil
(Singapore) Limited began his four-year jail term immediately
after prosecutors objected to a three-week deferment that had
initially been granted to him, The Associated Press reports.

District Judge Wong Keen Onn had earlier granted Mr. Chen three
weeks before imprisonment to organize his personal affairs.  A
SGD2.8 million-bail was also set.

Deputy public Daniel Koh opposed Mr. Chen's not going to jail
immediately, despite agreeing to the deferment.  Mr. Koh noted
that the defense had not given any good reason to support the
deferment or a separate application to defer payment of fines.

Other authorities also expressed fear that Mr. Chen, a Chinese
national, would leave the country.  Thus, Judge Wong withdrew
the bail, stating that "the convicted person is a foreigner with
no assets, no roots and no ties connected to our country."

Mr. Chen was sentenced to more than four years in jail and made
to pay SGD350,000 in fines in a court ruling on March 21.

                      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: Restructuring Plan Gets Court Nod
-------------------------------------------------
The High Court has given China Aviation Oil (S) Limited the
green light to proceed with its shareholders' scheme and
complete its restructuring plan, Channel News Asia reports.

The approval was confirmed by the Company's lawyer, Patrick Ang
of Rajah and Tann.

Trading in China Aviation's shares has been suspended since
November 2004, and the approval is expected to allow the
relisting of its shares by the end of March.

Oil giant BP and Temasek Holdings have agreed to join China
Aviation's parent, China Aviation Oil Holding Company, to
revitalize the Singapore-listed company.

                      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.


CITIRAYA INDUSTRIES: Members Request Copies of Meeting Proposals
----------------------------------------------------------------
To obtain a copy of the Statement of Proposals, which will be
tackled at the First Meeting of Creditors, the members of
Citiraya Industries Limited may write in to:

          The Judicial Managers of Citiraya Industries Limited
          c/o Ernst & Young,
          10 Collyer Quay #21-01, Ocean Building,
          Singapore 049315.

The First Meeting of Creditors will be held at the auditorium of
the Singapore Chinese Chamber of Commerce & Industry Building,
47 Hill Street, in Singapore, on March 27, 2006, at 2:30 p.m.,
pursuant to Section 227N of the Companies Act, Cap 50.

Headquartered in Tech Park Crescent, Singapore, Citiraya   
Industries -- http://www.citiraya.com -- is in the business of     
providing a one-stop recycling and processing service for the   
electronics industry.  It has also commenced the provision of   
treatment processing services for toxic chemical waste which   
contain precious metals.  Citiraya has been placed in judicial   
management on November 25, 2005.


LINDETEVES-JACOBERG: ATB Acquires 1,646,000 Shares
--------------------------------------------------
Lindeteves-Jacoberg Limited disclosed that on March 20, 2006,
ATB Austria Antriebstechnik AG acquired 1,646,000 shares in the
Company, at SGD0.165 per share.

The approximate percentage of the enlarged issued and paid up
share capital of the Company is 0.33%.

The number of shares owned, controlled and agreed to be acquired
by ATB as at March 15, 2006, the date of the Offer Announcement,
was 223,869,831, which constitutes 45.12% of the enlarged issued
share capital of Lindeteves.

The shares acquired by ATB from March 15, 2006, to March 20,
total 1,865,000, constituting 0.38% of the enlarged issued share
capital of Lindeteves.

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.  
The Company is undergoing a debt restructuring exercise by way
of a Scheme of Arrangement with its creditors.


STALWART INTERNATIONAL: Distributes Dividends
---------------------------------------------
On March 11, 2006, Stalwart International Trading Private
Limited paid a first and final dividend to its creditors.

Contact: The Official Receiver
         Sunari Bin Kateni
         Assistant Official Receiver  
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


UNITY OVERSEAS: Proofs of Claim Due End of March
------------------------------------------------
Creditors of Unity Overseas Private Limited are given until
March 31, 2006, to send in their proofs of debt or claim to the
liquidator at:

          The Official Receiver
          Beverly Wee Ying Ling
          Assistant Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


UNITED FIBER: Makes Sixth Installment to Series Three Loan Note
---------------------------------------------------------------
United Fiber System Limited has, on March 15, 2006, issued an
Advance Notice for SGD2,000,000 to Cornell Capital Partners
Offshore LP pursuant to the Expanded Equity Line as sixth
partial repayment of the SGD50,000,000 Series Three Loan Note.

Following the three-day pricing period, the exercise price for
the Advance has been determined to be SGD0.2850, which is not
lower than 94% of the volume weighted average price of the
Company's shares traded on March 14, 2006.

To expedite the settlement of shares under the Advance, the
Company will borrow 7,017,543 shares from its controlling
shareholder, Tektronix Industries Limited, to deliver to
Cornell.  The shares delivered will comprise 0.35% of the
Company's enlarged issued and paid-up share capital after the
issue of 21,006,098 new shares to return to Tektronix.

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


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

PICNIC CORPORATION: Shareholders OK Capital Increase Procedure
--------------------------------------------------------------
On March 21, 2006, shareholders of Picnic Corporation approved
the Company's plan to increase its registered capital to THB4.45
billion from THB2.97 billion, Bangkok Post relates.

The Company will be offering 1.477 billion new common shares in
the rights issue priced at THB1.00 each.  The Company is looking
to raise THB1.477 billion in proceeds from the capital increase.

About THB500 million of the funds raised will be used to repay
debt and another THB500 million will be invested in listed and
non-listed energy and engineering firms.

The remaining THB477 million will be used as working capital,
managing director Nattachai Aramrasmewanich told the Post.

The exercise ratio for the capital increase will be one new
share for every two existing shares the holders have at present.

In the event that the rights issue is undersubscribed, the
Company will offer the remaining shares to institutional
investors or specific investors through private placements.

Another consideration is also the allotment of shares to
creditors in the debt-for-equity conversion program.  As such,
the company will comply with the relevant laws and regulations.  
However, the Company still has to go through a long process
before it can go ahead with the program, Mr. Nattachai said.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.
The Company became listed when it took over B Grimm Engineering
Plc, a company that had languished in the Stock Exchange of
Thailand's rehabilitation sector since the financial crisis.
At present, Picnic is undergoing business rehabilitation.  Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.


PREMIER RESORT: TRIS Affirms Debenture Rating at BB
---------------------------------------------------
TRIS Rating Co., Ltd., has affirmed the rating of THB850 million
senior secured debentures of Premier Resort Krabi Company
Limited at BB+ and has changed the rating outlook to stable from
negative.

The rating continues to reflect Premier's non-diversified source
of cash flow and weak financial profile.  The rating also takes
into consideration the seasonal nature of the hotel industry,
which is also highly sensitive to external factors.

However, the rating is supported by the Company's high quality
resort property.  Moreover, the issue rating is enhanced by
secured collateral and provisions that protect the company's
cash flow for the debenture holders.

The stable outlook is based on the expectation that Premier
Resort will restore its operating performance back to normal and
will be able to maintain its competitiveness.  If the Company
aggressively invests in other new businesses or assets that
further weaken its financial profile, the rating or outlook may
be revised.

Premier Resort Krabi Company Limited was founded in 1990 and has
operated a 104-room high-end resort hotel, Rayavadee, in Krabi
since 1993.  The company's current shareholders are the
Phongsathorn and Osathanugrah families (50.9%), Premier Fission
Capital Co., Ltd. (22.8%), and Sea Harrier Co., Ltd. (26.3%).

In May 2005, Premier increased its capital from THB262 million
to THB329 million by issuing 6.67 million preferred shares to
the Tsunami Recovery Fund.  Rayavadee is in a unique and
remarkable area on Pra Nang peninsula in Krabi, and is
surrounded by towering limestone cliffs and beaches of three
national parks.

The hotel is managed by Premier's in-house management team,
including new top managers who joined the hotel at the end of
2004 and have extensive experience in operating hotels in
international markets.

In 2005, Rayavadee's performance was weak due mainly to the
impact of the December 2004 tsunami.  Revenue per available room
(RevPar) dropped to THB2,248 per night in 2005 from the range of
THB4,700 to THB5,800 per night during the previous five years
due mainly to a significant drop in occupancy rate (OR).

The hotel's OR decreased to 15.9% in 2005 from 31.1% in 2004,
while its average room rate (ARR) declined to THB14,118 per
night in 2005 from THB18,371 per night in 2004.

To diversify its sources of income, in April 2005, Raya Heritage
Co., Ltd., 99.4% owned by PRK, bought Tamarind Village, a 40-
room boutique hotel in Chiang Mai.  The company plans to upgrade
the hotel to be a luxury hotel.  Though Tamarind Village is
expected to make a full-year contribution in 2006, the
contribution will be insignificant.

As Rayavadee contributes most of Premier's cash flow, the sharp
decline in occupancy rate significantly impairs the company's
financial profile.  In 2005, the company's hotel business
generated sales of only THB157 million, a 52% decline from 2004.
Profitability ratios turned negative in 2005.

The investment in Tamarind Village provides only slight
diversification benefits to Premier's hotel portfolio; however,
the investment resulted in higher debt.  At the end of December
2005, Premier Hotel's leverage slightly decreased to 50.05% from
50.31% at the end of December 2004.  The ratio is not expected
to improve significantly during the next few years, said TRIS
Rating.


THAI AIRWAYS: Hopes to Rake in More Tourists Via Star Campaign
--------------------------------------------------------------
Thai Airways International and the Tourism Authority of Thailand
are hopeful to boost tourist influx particularly from Japan,
Germany and South Korea via the THB15 million-Star Alliance
Visit Thailand campaign, The Nation said.

The campaign was inspired by Japan's successful promotions
called Yokoso Japan - Visit Japan, that boosted visitors'
numbers to six million.

"The alliance is expected to attract seven million passengers,
or a 20% increase from last year," The Nation quotes acting THAI
president Somchainuk Engtrakul as saying.

Included in the campaign is a special domestic air-pass offering
a round trip for US$149 or THB5,800, Mr. Somchainuk told the
Nation.  Aside from that, Thai Airways will launch a Home Coming
Day campaign to encourage Thais in the United States, United
Kingdom and Australia to visit their homeland.

Also, Visa International is offering a "Visa Passport" with
special offers until the end of the year.

The campaign seemed to have a positive result, as advance
booking for April have reached 76% an increase of 72% from April
last year.

Thailand's tourism industry had dwindled following the recent
tsunami that hit the country and other unexpected incidents.

Headquartered in Bangkok, Thailand, Thai Airways International
Public Company Limited -- http://www.thaiairways.com/-- is
engaged in the operation of domestic and international air
transportation service.  This includes support services such as
freight forwarding, warehousing, on-line ticketing, hotel and
restaurant operations, fuel storage and filling for aircraft at
the airport Air catering and fuel pipeline transportation.  The
Group also provides services in other type of transportation in
connection with the information technology services, distributes
computer services, flight reservation and other travel-related
services.  The company underwent a major business restructuring
last year after it plunged to a loss of THB4.78 billion in the
April-June period, canceling or reducing flights to unprofitable
routes, and adding more high-yield routes.  It also implemented
a more proactive marketing strategy with a focus on corporate
customers, in a bid to improve its passenger yield.


THAI PETROCHEMICAL: Founder Counters DSI Claims
-----------------------------------------------
The founder of Thai Petrochemical Industry Public Company
Limited will file a counter-suit against the Department of
Special Investigation for accusing him and his family of
channeling off money from the Company, says Bangkok Post.

The investigators claimed that Prachai Leophairatana and his
family siphoned off Thai Petrochem money through their three
companies:

   -- Pornchai Enterprise, a property developer;

   -- TPI Holdings, an investment arm; and

   -- TPI EOEG, a manufacturer of industrial chemicals.

Subsequently, the investigators find the 90-year lease contract
for TPI Tower signed between Pornchai Enterprise, wholly owned
by the Leophairatana family and TPI, irregular, as both parties
were controlled by the same executives.

Mr. Prachai regarded the investigation as a move to rob him of
control over Thai Petrochemical.  He said the planners intended
to file a false complaint to the Securities and Exchange
Commission in a bid to take absolute control of the Company,
before a majority shareholding in the Company is transferred to
PTT and state investor allies.

The lawsuit will be directed to TPI's administrators, led by
Gen. Mongkol Ampornphisit, Pakorn Malakul Na Ayudhya, Thanong
Bidaya, Pala Sukhavej and Aree Wongaraya.  All members of the
investigation department will also be included in the suit.  

The Department is chaired by caretaker Prime Minister Thaksin
Shinawatra, on grounds that the agency acted beyond its legal
scope.

The Department of Special Investigation had publicly accused Mr.
Prachai last week before sending mail to him last Sunday.  He
was summoned to appear before the department by March 29.

The allegation states that, the owner of the THB2.5 billion-TPI
Tower, Pornchai Enterprise, raised more than THB1 billion from
Bank of Ayudhaya to construct the tower and earned nearly THB1
billion from Thai Petrochemical payments for 90 years of
rentals.

Throughout the 90 years, rental will stand at THB37 per square
meter per month, far below the THB300 proposed for the CAT
Telecom building, the new office for TPI proposed by the
planners.

"We can prove that the transactions were legal," Mr. Prachai
said.  "You can see the same transactions in other companies, it
is a normal practice for business operations."

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
(TPI) -- http://www.tpigroup.co.th/-- is the leading integrated
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.  The bankrupt
company, which had defaulted on $2.7 billion in loans, was being
reorganized by the Thai Government until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005.
In December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical.  The money
was used to pay for a bulk of the Company's defaulted loans.
The Company has since been trying to get out of restructuring.






                            *********


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
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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.

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