TCRAP_Public/060412.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Wednesday, April 12, 2006, Vol. 9, No. 073  


                            Headlines



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

353 WAVERLEY: Members Resolve to Wind-up Firm
A.C.N. 010 928 168: Members Opt for Voluntary Liquidation
ALLENS BAYSIDE: Liquidator to Present Wind-up Report
ALLENS NUNAWADING: Members and Creditors Meeting Set April 12
ALL IN ONE HOSPITALITY: Members, Creditors to Meet on April 12

AWB LIMITED: Company Secretaries Resign
BEAVER COMPUTING: Members Opt for Voluntary Liquidation
BEAVER CONSTRUCTION: Proofs of Claim Due April 24
BOOST JUICE NZ: Hires Liquidators from Gerry Rea Associates
C & L NSW: Set to Hold Final Meeting on April 12

CCL BARBER: Names Roderick Thomas Mckenzie as Receiver
DZMF PTY: Members Agree to Liquidate Firm
EFTPOS SPECIALISTS: Court Commences Liquidation Proceedings
FRESHFIELDS CRANFORD: CIR Files Application to Liquidate Firm
HDS HOLDINGS: Court Orders Winding Up

HERCULES IRON: Receivers and Managers Step Aside
INDEPENDENT STORAGE: To Declare Dividend on April 12
IPN OPERATIONS: Court Orders Winding Up
JAMES HARDIE: Seeks to Settle Dispute with ACCC
KALTOWN PTY: Intends to Declare First and Final Dividend

LEE'S BUILDING: Liquidation Petition Hearing Slated for April 28
MCCUTCHEON BUSINESS: Appoints Official Liquidator
N & B TROLLEY: Liquidator to Present Wind-up Report at Meeting
NAMIB TRANSPORT: Placed in Receivership
OPTIMUM ROOFING: Creditors' Proofs of Claim Due April 12

PEPPER TREE: Members Agree on Liquidation
QANTAS AIRWAYS: To Let Go of Australian and Embrace Jetstar
SEAMART PROCESSING: Taps BDO Spicers as Receivers and Managers
SOUTHERN PORO: Liquidator to Discuss Wind-up Report
SOUTHERN TANK: Faces Liquidation Proceedings

STRATHBURY PTY: Members Opt for Voluntary Liquidation
TELSTRA CORPORATION: Minchin Postpones T3 Sales Junket
TELSTRA CORPORATION: Fails Pricing Tests
TELSTRA CORPORATION: ACCC Rejects LSS Charges
TRANZAM RACING: Names Michael Gerard Schimanski as Liquidator

YAMASA AUSTRALIA: Placed in Voluntary Liquidation


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Picks Nortel to Boost Operational Efficiency
ALPEG INTERNATIONAL: Final Members Meeting Set on May 8
AMERFORD DEVELOPMENT: Members Fixed Final Meeting on May 3
APT SATELLITE: Net Loss Narrows to HK$136 Mln
ART VISION: Creditors to Submit Proof of Debts on May 2

BANK OF CHINA: Detects 46 Fraud Cases in 2005
BEST ASSET: Members Voluntarily Winds Up Firm
CHAMPION LEADER: Appoints Official Liquidator
CEF ENTERPRISE: Liquidator to Give Account on Winding-up Process
CEF (CHINA) LIMITED: Final Meeting Set on May 2

CHINA STRATEGIC: 2005 Net Loss Down to HK$95 Mln
DAVNET DIGITEL: Creditors' Final Meeting Set on May 3
E-COMMERCE CHINA: Leung and Li Cease to Act as Liquidators
ELITE CARE: Court Set to Hear Wind-up Petition on May 10
HUTCHISON CHINA: Creditors to Submit Proof of Debts on April 21

JAQUE ENTERPRISE: Members Pass Winding Up Resolution
KENNEDY TOWN: Appoints Official Liquidator
KOWLOON COPPERHILL: Appoints Official Liquidator
HOPE KARE: Joint and Several Liquidators Named
LAI SUN: Swings to HK$231 Mln Profit

LAM'S UNITED: Creditors First Meeting Fixed on April 18
MAXSPRING DEVELOPMENT: Fails to Meet Quorum on March 31 Meeting
NEW CHINA DEVELOPMENT: Creditors and Members to Meet on April 21
NEW CHINA ENTERPRISES: Liquidator to Present Wind-up Report
NEW CHINA:(Estate) Creditors and Members Meeting Set on April 21

NEW CHINA INDUSTRIAL: Creditors and Members to Meet on April 21
NEW CHINA TRADING: Liquidator Set to Discuss Winding Up
PRIMETIME HOLDINGS: Members Opt for Voluntary Liquidation
SCANPLY INTERNATIONAL: Members Set Final Meeting on May 3
SHANGHAI REAL ESTATE: Moody's Affirms Ba3 Ratings

TUNG TAK ASSOCIATION: Final Members Meeting Set on May 3
UNITED MATCH: Liquidator to Discuss Wind-up with Members


I N D I A

COAL INDIA: e-auction Drive Hits Snag
GENERAL MOTORS INDIA: S&P Holds Credit Rating on Watch Negative


I N D O N E S I A

BANK MANDIRI: Targets 20% Loan Growth This Year
KALTIM PRIMA: S&P Affirms BB- Rating


J A P A N

DAIEI INCORPORATED: Sees JPY23-Bln Net Profit in FY/2005
MITSUBISHI MOTORS: Sales Up 28.5% for North American Arm
OSAKA CITY: Orix To Acquire Baseball Stadium
PIONEER CORPORATION: Unveils Organizational Change
SANYO ELECTRIC: Enters Alliance With Zoran Corporation


K O R E A

HYUNDAI MOTOR: Union Demands 9.1% Wage Hike
KOREA EXCHANGE: KEB Forges Alliance With Czech Bank
KOREA EXCHANGE: Ex-CEO Admits Error Before Sale to Lone Star
KUKJE CORPORATION: E1 Named Preferred Bidder
LG CARD: Templeton Asset Raises Stake to 5.19%


M A L A Y S I A

JIN LIN: Names Subsidiaries Granted with Restraining Order
KEMAYAN CORPORATION: Court Favors Southern Bank's Application
KRAMAT TIN: To Hold 77th AGM on May 10
MALAYSIA AIRLINES: Labor Unions In Talks to Save Jobs
OLYMPIA INDUSTRIES: Seeks SC's OK on Deadline Extension Request

PROTON HOLDINGS: Aims to Cut Vehicle Defect Rates
PROTON HOLDINGS: Mahathir Wants Tie-up to Benefit Local Industry
SBBS CONSORTIUM: Court to Hear Contributor's Bid on April 13
SELANGOR DREDGING: Sub-subsidiary Enters Into Three SPAs
SUGAR BUN: Disposes of Vanilla Foods Stake


P H I L I P P I N E S

COLLEGE ASSURANCE: SC's Decision Gives Hope to Plan Holders
INTERPHIL LABORATORIES: Names Board of Directors Nominees
JG SUMMIT: S&P Places B+ Credit Rating
MANILA ELECTRIC: AGM Slated for May 30
NATIONAL BANK: Eyes Better Results in FY2006


S I N G A P O R E

ACCORD CUSTOMER: SGX-ST Extends AGM Date
OVERSEAS STAR: Court to Hear Wind-Up Petition on April 21
PENYU PIPIH: Liquidators Ask Creditors to Prove Debt by May 8
SEATOWN CORPORATION: Releases Update on Various Transactions
SPECTRUM INFOCOM: Court Decides to Wind Up Firm

VIKNESH JEWELLERS: Prepares to Pay Dividend to Creditors


T H A I L A N D

SAHAMITR PRESSURE: Profit Plunges 39.89% to THB12.40 Mln
THAI AIRWAYS: Reenters South Africa via Johannesburg Route
THAI DURABLE: 2005 Net Loss Widens Slightly to THB353 Million
THAI PETROCHEMICAL: Unveils Progress of Reorganization Plan


     - - - - - - - -

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

353 WAVERLEY: Members Resolve to Wind-up Firm
---------------------------------------------
Members of 353 Waverley Road Pty Limited on March 1, 2006,
decided that it is in the Company's best interests to wind up
its operations.

They then appointed Peter Vince of Vince & Associates to
liquidate the Company's assets.

Contact: Peter Vince
         Liquidator
         Vince & Associates
         51 Robinson Street, Dandenong
         Victoria 3175
         Australia


A.C.N. 010 928 168: Members Opt for Voluntary Liquidation
---------------------------------------------------------
A.C.N. 010 928 168 Pty Limited will undergo voluntary
liquidation after the Company's members on February 28, 2006,
resolved to wind up the firm.

The members appointed Richard Herbet Judson as liquidator for
the wind-up.

Contact: Richard Judson
         Members Voluntarys Pty Limited
         P.O. Box 819, Moorabbin
         Victoria 3189
         Australia


ALLENS BAYSIDE: Liquidator to Present Wind-up Report
----------------------------------------------------
The members and creditors of Allens Bayside Pty Limited will
hold a final meeting on April 12, 2006, to receive an account of
Liquidator B. A. Secatore's acts and dealings and of the conduct
of the wind-up.

Contact: B. A. Secatore
         Liquidator
         Bentleys MRI
         114 William Street, Melbourne
         Victoria 3000
         Australia


ALLENS NUNAWADING: Members and Creditors Meeting Set April 12
-------------------------------------------------------------
A final meeting of the members and creditors of Allens
Nunawading Pty Limited will be held on April 12, 2006, at 10:45
a.m.

At the meeting, Liquidator B. A. Secatore 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: B. A. Secatore
         Liquidator
         Bentleys MRI
         114 William Street, Melbourne
         Victoria 3000
         Australia


ALL IN ONE HOSPITALITY: Members, Creditors to Meet on April 12
--------------------------------------------------------------
The members and creditors of All In One Hospitality Services
Pty. Ltd.will hold a final meeting on April 12, 2006, at 11:00
a.m., for them to get an account of the manner of the Company's
wind-up and property disposal from Liquidator B. A. Secatore.

Contact: B. A. Secatore
         Liquidator
         Bentleys MRI
         114 William Street, Melbourne
         Victoria 3000
         Australia


AWB LIMITED: Company Secretaries Resign
---------------------------------------
Australia's monopoly wheat exporter AWB Limited on Tuesday
revealed that its two company secretaries, Richard Fuller and
Jim Cooper, have resigned.

The resignations takes effect today, April 12, 2006.

The appointment of a new company secretary will be announced
shortly.

Mr. Fuller and Jim Cooper did not provide reasons for their
decision.  Sources, however, speculate that their move has
something to do with their involvement in an investigation on
the alleged bribery at AWB.

As reported by Troubled Company Reporter - Asia Pacific on March
24, 2006, AWB Limited's former managing director, Andrew
Lindberg, and eight other executives were recalled before the
Cole Inquiry to again give statements regarding the Iraqi
kickback scandal.

In addition, eight AWB employees will be called for the first
time to testify regarding AWB's alleged payment of almost AU$300
million worth of kickbacks to former Iraqi dictator Saddam
Hussein's regime.

                           About AWB

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

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

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


BEAVER COMPUTING: Members Opt for Voluntary Liquidation
-------------------------------------------------------
At a meeting of Beaver Computing Pty Limited on March 8, 2006,
members concurred that it is in the Company's best interests to
voluntarily liquidate its operations.

Schon Condon and Bruce Gleeson were then appointed as
liquidators for the wind-up.

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


BEAVER CONSTRUCTION: Proofs of Claim Due April 24
-------------------------------------------------
Bryan Edward Williams was appointed to facilitate the
liquidation of Beaver Construction Limited's assets.

The Liquidator hereby asks the Company's creditors to submit
their proofs of claim on or before April 24, 2006.

Contact: Bryan Williams
         Liquidator
         Bryan Williams & Associates
         Insolvency Practitioners
         131 Taupaki Road, Taupaki, Auckland 1232
         New Zealand
         Telephone: (09) 412 9762
         Facsimile: (09) 412 9763


BOOST JUICE NZ: Hires Liquidators from Gerry Rea Associates
-----------------------------------------------------------
Shareholders of Boost Juice NZ Limited have appointed Paul
Graham Sargison and Gerald Stanley Rea as the Company's
liquidators.

Subsequently, the Liquidators have fixed May 10, 2006, as the
last day for creditors to prove their debt or claims in order to
benefit from any distribution the Company will make.

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


C & L NSW: Set to Hold Final Meeting on April 12
------------------------------------------------
A final meeting of the members and creditors C & L NSW Pty
Limited will be held on April 12, 2006, at 10:30 a.m.

At the meeting, Liquidator Peter Ngan 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: P. Ngan
         Ngan & Co.
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


CCL BARBER: Names Roderick Thomas Mckenzie as Receiver
------------------------------------------------------
Under the powers contained in the general security agreement on
April 5, 2005, Roderick Thomas McKenzie was appointed receiver
and Manager of CCL (Barber) Limited.

Mr. McKenzie will look after the Company's entire property.

Contact: Roderick Thomas Mckenzie
         Receiver
         McKenzie & Partners Limited
         Level One, 484 Main Street
         P.O. Box 12-014, Palmerston North
         New Zealand
         Telephone: (06) 354 9639
         Facsimile: (06) 356 2028


DZMF PTY: Members Agree to Liquidate Firm
-----------------------------------------
At DZMF Pty Limited's general meeting on March 3, 2006, members
concurred that it is in the Company's best interests to
liquidate its operations.

Barry Keith Taylor was then appointed as liquidator at a
creditors meeting held later that day.

Contact: Barry Keith Taylor
         Liquidator
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia


EFTPOS SPECIALISTS: Court Commences Liquidation Proceedings
-----------------------------------------------------------
On March 10, 2006, an application to liquidate Eftpos
Specialists (Canterbury) Limited was filed with the High Court
of Christchurch.

The Application will be heard before the Court on May 21, 2006
at 10:00 a.m.

Any person wishing to appear at the hearing must file an
appearance not later than May 18, 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) 968 0809
         Facsimile: (03) 977 9853


FRESHFIELDS CRANFORD: CIR Files Application to Liquidate Firm
-------------------------------------------------------------
The High Court of Christchurch has received on March 14, 2006,
an application to liquidate Freshfields Cranford Limited.

The Court will hear the application on May 1, 2006, at 10:00
a.m.

Any person wishing to appear at the hearing must file an
appearance not later than April 27, 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) 968 0809
         Facsimile: (03) 977 9853


HDS HOLDINGS: Court Orders Winding Up
-------------------------------------
The Supreme Court of New South Wales, Equity Division, on March
10, 2006, made an order to wind up HDS Holdings Australia Pty
Limited.

Subsequently, R. J. Porter was appointed as liquidator.

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


HERCULES IRON: Receivers and Managers Step Aside
------------------------------------------------
On March 10, 2006, Bruno A. Secatore and Daniel P. Juratowitch
ceased to act as the receivers and managers of the property of
Hercules Iron Pty Limited.

Contact: B. A. SECATORE
         Liquidator
         Bentleys MRI
         114 William Street
         Melbourne 3000
         Australia


INDEPENDENT STORAGE: To Declare Dividend on April 12
----------------------------------------------------
Independent Storage Systems Pty Limited will declare a first and
final dividend on April 12, 2006.

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

Contact: P. R. VINCE
         Official Liquidator
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


IPN OPERATIONS: Court Orders Winding Up
---------------------------------------
The Federal Court of Australia on March 2, 2006, ordered the
winding up of IPN Operations Pty Ltd.

George Georges was then appointed as liquidator.

Contact: George Georges
         Liquidator
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


JAMES HARDIE: Seeks to Settle Dispute with ACCC
-----------------------------------------------
The Australian Competition and Consumer Commission has accused
James Hardie Industries of stifling competition in the building
products industry, the Sydney Morning Herald reports.

Last year, James Hardie alerted the competition watchdog of its
plan to ask distributors to sign exclusive supply agreements for
fiber cement products and other items, including weatherboard
and flooring.

The ACCC, however, said that the new distribution policy
substantially lessens competition in the market and does not
benefit the public.

The distribution policy relates to James Hardie's "new
technology differentiated products":

     * Linea Weatherboard;
     * Trim Products;
     * Aqua Tech Wet Area Flooring;
     * Eclipsa Eaves Lining; and
     * Ezi Grid Tile Underlay.

The Company also proposes to restrict the re-supply of its fibre
cement products to rival manufacturers and associated
distributors, including hardware stores and suppliers to the
building industry.

The policy could not be implemented unless the ACCC gives its
approval.  James Hardie will therefore meet with the ACCC before
the end of May to further discuss the issue.

                       About James Hardie

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


KALTOWN PTY: Intends to Declare First and Final Dividend
--------------------------------------------------------
Kaltown Pty Limited intends to distribute its final dividend
today, April 12, 2006.

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

Contact: C. M. Williamson
         Liquidator
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, West Australia 6000
         Australia


LEE'S BUILDING: Liquidation Petition Hearing Slated for April 28
----------------------------------------------------------------
On February 20, 2006, the High Court of Auckland received an
application from Te Rakau Drive Limited -- formerly Debt
Recovery Company NZ Limited -- to liquidate Lee's Building
Construction Limited.

The Court will hear the application on April 28, 2006, at 10:00
a.m.

Any person wishing to appear on the hearing of the application
must file an appearance not later than April 26, 2006.

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


MCCUTCHEON BUSINESS: Appoints Official Liquidator
--------------------------------------------------
On February 28, 2006, members of Mccutcheon Business Associates
Pty Ltd resolved that the Company be wound up voluntarily.

Christopher Wykes of Lawler Partners, Chartered Accountants, was
appointed as liquidator at a creditors meeting held later that
day.

Contact: C. WYKES
         Liquidator
         Lawler Partners, Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


N & B TROLLEY: Liquidator to Present Wind-up Report at Meeting
--------------------------------------------------------------
A final meeting of the members and creditors of N & B Trolley
Services Pty Limited will be held on April 12, 2006, at 10:00
a.m.

At the meeting, Liquidator Murray Godfrey 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: Murray Godfrey
         Liquidator
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9231 0889


NAMIB TRANSPORT: Placed in Receivership
---------------------------------------
On March 30, 2006, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as receivers and managers for Namib
Transport Limited.

Mr. Shephard and Ms. Dunphy will receive all assets and
undertakings of the Company pursuant to a general security
agreement on October 28, 2003.

Contact: Iain Bruce Shephard
         Christine Margaret Dunphy
         Receivers and Managers
         Level Two, Zephyr House, 82 Willis Street
         P.O. Box 11 793, Wellington


OPTIMUM ROOFING: Creditors' Proofs of Claim Due April 12
--------------------------------------------------------
Optimum Roofing Pty Ltd intends to declare its first and final
dividend on April 12, 2006.

Creditors whose debts or claims have not already been admitted
are required on or before March 28, 2006, to formally prove
their debts or claims.  Failure to do so will exclude any
creditor from the benefit of the dividend distribution.

Contact: Nicholas Crouch
         Liquidator
         Crouch Insolvency
         Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


PEPPER TREE: Members Agree on Liquidation
-----------------------------------------
Members of Pepper Tree Pty Limited held a meeting on
March 8, 2006, and agreed on the Company's need to liquidate.

At the meeting, the members appointed Gregory Stuart Andrews of
G. S. Andrews & Associates to manage the Company's wind-up
activities.

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


QANTAS AIRWAYS: To Let Go of Australian and Embrace Jetstar
-----------------------------------------------------------
Qantas Airways is looking to quit operations of its leisure
brand, Australian Airlines, and launch its international
services through its low-cost unit, Jetstar, Agence France
Presse relates.

Jetstar will take over Australian Airlines' routes from July,
which include regular flights to four Japanese cities --
Sapporo, Osaka, Tokyo and Nagoya.

Launched in October 2002, the all-economy Australian Airlines
was designed to operate on routes considered too marginal for
Qantas to fly profitably.

Qantas chief executive officer Geoff Dixon says the change is
part of a strategy to focus on the strong Jetstar and Qantas
brands.

"Australian Airlines has done an outstanding job over the past
few years, but we are creating two distinct and viable flying
businesses in what remains a very difficult operating
environment of continuing record high fuel prices," Mr. Dixon
said in a statement.

Mr. Dixon also announced the establishment of new Japan routes,
with Jetstar flying daily between Sydney and Osaka from
November.

According to AFP, Jetstar was originally set up to compete in
the domestic market with budget airline Virgin Blue.

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.


SEAMART PROCESSING: Taps BDO Spicers as Receivers and Managers
--------------------------------------------------------------
On March 31, 2006, Brian Mayo-Smith was appointed as receivers
and managers for Seamart Processing Limited.

The appointment was under the terms of a general security
agreement giving the secured party a secured interest over all
the present and after acquired property of the Company.

Contact: Brian Mayo-Smith
         Joint Receiver and Manager
         BDO Spicers
         Level Eight, 120 Albert Street
         Auckland
         P.O. Box 2219, Auckland
         New Zealand


SOUTHERN PORO: Liquidator to Discuss Wind-up Report
---------------------------------------------------
The members and creditors of Southern Poro Communications Pty
Limited will hold a final meeting today, April 12, 2006, for
them to get an account of the manner of the Company's wind-up
and property disposal from Liquidator Peter Ngan.

Contact: P. NGAN
         Liquidator
         Ngan & Company
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


SOUTHERN TANK: Faces Liquidation Proceedings
--------------------------------------------
The Commissioner of Inland Revenue has filed with the High Court
of Christchurch an application to liquidate Southern Tank
Limited.

The Application will be heard before the High Court May 1, 2006
at 10:00 a.m.

Any person wishing to appear at the hearing of the application
must file an appearance not later than April 28, 2006.

Contact: Julia Dykema
         Solicitor for the Plaintiff
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception, 518 Colombo Street
         P.O. Box 1782, Christchurch
         New Zealand
         Telephone: (03) 968 0809
         Facsimile: (03) 977 9853


STRATHBURY PTY: Members Opt for Voluntary Liquidation
-----------------------------------------------------
At a general meeting of Strathbury Pty Ltd on March 9, 2006,
members resolved to close the Company's business operations and
distribute the proceeds of its assets.

Phil Donnelly was appointed as liquidator to supervise the
Company's wind-up.

Contact: Phil Donnelly
         Liquidator
         WHK Greenwoods Pty Ltd
         Level 15, 309 Kent Street
         Sydney, New South Wales 2000
         Australia


TELSTRA CORPORATION: Minchin Postpones T3 Sales Junket
------------------------------------------------------
Finance Minister Nick Minchin has postponed a highly publicized
overseas trip to attract investment in Telstra Corporation,
Bloomberg reports.
   
Senator Nick Minchin was scheduled to travel to Japan and Europe
later this month to gauge interest in the proposed AU$26.4-
billion T3 sale of the Government's remaining share in Telstra.

However, the planned trip will be delayed while the ongoing
regulatory wrangling surrounding the T3 sale is sorted out.

Investors have said the government should postpone the sale,
planned for October or November, unless there are regulatory
decisions on the access and prices Telstra has to provide to its
rivals who resell its services.

As reported by the Troubled Company Reporter - Asia Pacific,
Telstra's 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 if regulatory decision were "unreasonable".

Chief Financial Officer John Stanhope last month said that if
the competition regulator's proposed monthly charge of AU$13 for
each copper line in city areas is adopted it will be a
"horrendous outcome" and could wipe AU$6.1 billion off the
company's value over the next decade.

Advisers believe that the Government will have to postpone the
sale if it doesn't clear up the uncertainty.

"You don't want to be trying to sell half the company when
management is out there talking about worse-case scenarios and
doom and gloom," said Craig Young, who helps manage the
equivalent of AU$1.9 billion in equities, including Telstra
stock, at Tyndall Investment Management in Sydney.

Meanwhile, senior ministers will make a decision on whether to
go ahead with the sale this year by May.

                          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.


TELSTRA CORPORATION: Fails Pricing Tests
----------------------------------------
The Australian Competition and Consumer Commission has issued
its tenth imputation testing and non-price terms and conditions
report under the enhanced accounting separation regime for
Telstra Corporation.  The report presents data for the quarter
ending December 31, 2005.

The report presents key performance indicators that compare
Telstra's customer service performance in meeting certain non-
price terms and conditions for its wholesale and retail
customers.  Key performance indicators for fixed-line telephony
and ADSL services are reported.  The report does not reveal any
systematic discrimination by Telstra against its wholesale
customers.

The report also presents an imputation analysis that compares
Telstra's retail prices to the prices of three core
telecommunications access services.

The three core access services are the local carriage service,
the PSTN originating and terminating access service and the
unconditioned local loop service. The ULLS allows a competitor
to lease the use of the customer's line to supply any
combination of access, voice, ADSL or other data services.

The analysis is designed to give an indication whether there is
likely to be sufficient margins between Telstra's retail prices
and the prices it charges other service providers to use the
core services (plus related costs) to allow efficient firms to
compete at the retail level. The analysis is not intended to
detect all forms of potentially anti-competitive conduct.

The results for fixed-line voice services have been mixed, with
increasing margins for fixed-to-mobile calls and declining
margins for local services, international long distance and the
overall bundle of fixed-line voice services.

The negative margins for residential local services (line rental
and local calls) increased in the December quarter due to an
increase in the access price of Telstra's wholesale residential
local services product, Home Access.

The results for services supplied over the unconditioned local
loop core service deteriorated, with imputed margins remaining
negative except when the ULLS is used to supply a bundle of ADSL
and voice services to business customers.

                           Background

The accounting separation regime was introduced to address
competition concerns arising from the level of vertical
integration between Telstra's wholesale and retail services and
also to improve the provision of price and cost information to
the ACCC, competing telecommunications providers and the public.

On 19 June 2003, the Minister for Communications, Information
Technology and the Arts directed the ACCC to issue record-
keeping rules to Telstra, requiring Telstra to report on:

     -- current costs in addition to historical costs under the
        Telecommunications Industry Regulatory Accounting
        Framework -- CCA reports;

     -- imputation analysis comparing Telstra's retail prices
        and the costs faced by access seekers in purchasing
        certain core telecommunications services from Telstra
        -- imputation reports; and

      -- key performance indicators on non-price terms and
         conditions that compare Telstra's customer service
         performance between specified retail and wholesale
         supplied services -- NPTC reports.

The direction requires that the ACCC make the reports publicly
available and comment on the reports that are submitted. In
accordance with the direction, the ACCC first issued record-
keeping rules to Telstra in June 2003. The ACCC issued revised
rules in September 2004.

                          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.


TELSTRA CORPORATION: ACCC Rejects LSS Charges
---------------------------------------------
The Australian Competition and Consumer Commission on April 4,
2006, issued its final decision on Telstra's Line Sharing
Service connection and disconnection charges undertaking.

The LSS provides access to part of the basic copper wire of
Telstra's customer access copper network, allowing competing
carriers to provide their own broadband services to end-users
while Telstra continues to provide voice services.

It is an important element in the development of infrastructure-
based competition in Australian telecommunications.

"The ACCC's final decision is to reject Telstra's connection and
disconnection undertaking for the LSS", ACCC Chairman, Mr Graeme
Samuel,said.

"The ACCC is of the view that Telstra's proposed connection and
disconnection charges are not reasonable".

The ACCC has concluded that Telstra's proposed LSS connection
and disconnection charges are well above the appropriate costs
for this service.  The ACCC is also of the view that it is not
appropriate for a separate disconnection charge to be levied in
all cases as proposed by Telstra.

The ACCC also retains some concerns that the undertaking does
not provide sufficient certainty to access seekers that charges
for larger scale "managed network migrations" would not be
covered by the undertaking.  While Telstra has provided
assurances that it would not seek to apply the undertaking
charges indiscriminately to all connections, the ACCC is still
of the view that it would be preferable if this was made clear
in the terms of the undertaking itself.

                           Background

On December 13, 2004, Telstra submitted access undertakings for
ULLS monthly charges, ULLS connection charges, LSS monthly
charges and LSS connection and disconnection charges. All four
undertakings provided pricing for the 2004-05 and 2005-06
financial years.

The ACCC released final decisions on the two monthly charge
undertakings and draft decisions on the connection/
disconnection charge undertakings in December 2005. Following
that draft decision, Telstra withdrew its ULLS connection charge
undertaking.

Telstra's LSS connection and disconnection charge undertaking
proposed an LSS connection charge of AU$90 and disconnection
charge of AU$90.


TRANZAM RACING: Names Michael Gerard Schimanski as Liquidator
-------------------------------------------------------------
Tranzam Racing Group Limited has commenced liquidation of its
assets on March 27, 2006.  

In this regard, Michael Gerard Schimanski was appointed to
facilitate the liquidation.

Contact: Michael Gerard Schimanski
         Liquidator
         119 Blenheim Road
         P.O. Box 8621, Christchurch
         New Zealand
         Telephone: (03) 343 4448
         Facsimile: (03) 348 2262


YAMASA AUSTRALIA: Placed in Voluntary Liquidation
-------------------------------------------------
At a general meeting of Yamasa Australia Pty Ltd on March 1,
2006, members resolved to close the Company's business
operations and distribute the proceeds of its assets.

R. B. Mckern and Colin McIntosh Nicol were appointed as joint
and several liquidators to supervise the Company's wind-up.

Contact: McGrathNicol+Partners
         Level 1, 161 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9038 3100,
         Web site: http://www.mcgrathnicol.com.au/


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

AGRICULTURAL BANK: Picks Nortel to Boost Operational Efficiency
---------------------------------------------------------------
The Agricultural Bank of China has chosen Nortel solutions to
power communications and enhance operational efficiency at its
new, national Information Data Center in Shanghai.

In a press statement, the Nortel network is designed to simplify
communications and heighten employee productivity through
anywhere, anytime access to communication services and virtual
interactive collaborative meetings that involve audio and video
conferencing, web collaboration and instant messaging.  The
network includes Nortel's Wireless Mesh solution to provide
outdoor access anywhere on the IDC's 120 acre wide campus.

The Shanghai IDC supports millions of daily transactions from
over 30,000 urban and rural branches nationwide and the
converged Nortel network will provide a platform for simpler,
more secure and cost effective business communications with
carrier grade reliability.

"The ABC IDC campus infrastructure will be a powerful, real-
world showcase for demonstrating how our converged networking
technologies make business simple for financial institutions,"
said Stephen Tsui, chief operating officer, Greater China,
Nortel.

"ABC selected Nortel because of our in-depth understanding of
how advanced communications capabilities, both wired and
wireless, can support its ongoing business evolution in China
and in global financial markets."

Nortel's Communication Server 1000 IP PBX will provide advanced
IP telephony services, with the Multimedia Communication Server
5100 enabling greater collaboration, employee mobility, and
development of personalized applications.  Nortel's CallPilot
will provide unified messaging services, and a Nortel VPN Router
will enable secure remote access to internal IDC network
services.

For anytime, anywhere communications, ABC is deploying Nortel's
LAN 2300 solution to provide in-building wireless coverage.
Nortel's Wireless Mesh solution will deliver secure, seamless
roaming as well as broadband network and Internet access across
outdoor campus areas.

Optical transport technology will also play a key role in ABC's
network.  Nortel's DWDM Optical Metro 5200 multi-service
platform will provide reliable, flexible and scalable converged
high bandwidth transport solution for all 32 wavelengths of
mission critical data. Additionally, Nortel's LAN technology
will support enhanced employee productivity through high-speed,
high-bandwidth network access.

Nortel has a long standing relationship with Agricultural Bank
of China, previously supplying a high performance network
linking all provincial branches in Shanxi, Sichuan, Gansu and
Hunan provinces, as well as DWDM metro optical solutions to ABC
headquarters in Beijing.  Nortel has also supplied advanced
networking solutions to banks both in China and abroad,
including the Industrial and Commercial Bank of China, the
People's Bank of China, the Beijing branch of the Construction
Bank of China, HSBC, China Minsheng Banking Corp. Ltd. and St.
George Bank in Australia. Nortel technology also supports the
world's largest and most important stock exchanges, enabling
billions of daily trading transactions in New York, Sydney, Sao
Paulo, Buenos Aires, Shanghai, Bombay, Hong Kong and Seoul.

About Nortel

Nortel is a recognized leader in delivering communications
capabilities that enhance the human experience, ignite and power
global commerce, and secure and protect the world's most
critical information. Our next-generation technologies, for both
service providers and enterprises, span access and core
networks, support multimedia and business-critical applications,
and help eliminate today's barriers to efficiency, speed and
performance by simplifying networks and connecting people with
information. Nortel does business in more than 150 countries.

About Agricultural Bank of China

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


ALPEG INTERNATIONAL: Final Members Meeting Set on May 8
-------------------------------------------------------
Members of the Alpeg International Ltd will met for a final
general meeting on May 8, 2006.

At the meeting, Liquidator Heng Poi Cher will present an account
of the Company's liquidation process.

The members will also decide whether the books, accounts, and
documents of the Company will be retained by the Liquidator and
be disposed of after the Company is dissolved.


AMERFORD DEVELOPMENT: Members Fixed Final Meeting on May 3
----------------------------------------------------------
Members of Amerford Development Ltd will convene for a final
meeting at Room A, 12th floor Tower 1, Tern Centre 237 Queen's
Road Central Hong Kong at 10:00 a.m. on May 3, 2006.

At the meeting, Liquidator Chan Tai Yuen will give a full
account of the Company's liquidation process.

Members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed off after the Company is dissolved.


APT SATELLITE: Net Loss Narrows to HK$136 Mln
---------------------------------------------
APT Satellite Holdings Limited posted a net loss of HK$135.564
million in 2005, versus a net loss of HK$59.957 million for the
prior year, Infocast News relates.  

Loss per share was HK$0.328.  No final dividend was declared

The Troubled Company Reporter - Asia Pacific reported on
September 14, 2005, that APT Satellite Holdings incurred a net
loss of HK$10.390 million in the first half of 2005, versus a
net loss of HK$50.992 million in the same period a year earlier.

Headquartered in New Territories, Hong Kong, APT Satellite
Holdings Limited -- http://www.apstar.com-- is engaged in the  
maintenance, operation and leasing of satellite
telecommunication systems.


ART VISION: Creditors to Submit Proof of Debts on May 2
-------------------------------------------------------
Art Vision (H.K.) Company Ltd will be receiving creditors' proof
of debts or claims on or before May 2, 2006.

Creditors are hereby requested to send in their particulars to
the solicitors and liquidators of the Company.

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution the Company will make.

Contact: Darach E. Haughey
         Lai Kar Yan, Derek
         Joint and Several Liquidators
         26th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


BANK OF CHINA: Detects 46 Fraud Cases in 2005
---------------------------------------------
The Bank of China has detected 46 cases of fraud at its 11,300
branches and sub-branches in 2005, with six more discovered by
external agencies, AFX News relates.  The state-owned bank gave
no details on the losses incurred or the type of fraud
uncovered.

The Chinese lender said that fraud cases highlighted weaknesses
in the bank's management and saying it would improve its
internal control system.  The report added that those involved
in the fraud cases had been punished, without elaborating.

As reported by the Troubled Company Reporter - Asia Pacific on
March 8, 2006, that The Bank of China has discovered that
several managers of one local branch had been in cahoots with a
local businessman in an embezzlement of 96 acceptance bills that
brought in CNY432.5 million of losses for the bank.  
Investigators found that the head of a BOC sub-branch in
Shuangyashan, Heilongjiang -- Hu Weidong -- together with other
BOC staff, had helped Zhu Dequan obtain the 96 bankers'
acceptance bills since March 2003.  The bills hold a total value
of CNY914.6 million (US$113.8 million).   Fifty-six of those
bills were repaid within the required six-month period, while
the rest were cashed and incurred a CNY432.5 million (US$53.8
million) loss for the bank.  The bills are genuine and bear the
official BOC seal.

About The Bank of China

Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.


BEST ASSET: Members Voluntarily Winds Up Firm
---------------------------------------------
Members of the Best Asset Holdings Ltd passed a special
resolution on March 24, 2006 to voluntarily wind up the Company.


CHAMPION LEADER: Appoints Official Liquidator
---------------------------------------------
Through a special resolution passed by members of Champion
Leader International Ltd, Leung Fung Yee was appointed as
official liquidator.

Contact: Leung Fung Yee
         5/F Jardin House
         1 Connaught Place
         Hong Kong


CEF ENTERPRISE: Liquidator to Give Account on Winding-up Process
----------------------------------------------------------------
Lau Wai Ming, the official liquidator of CEF Enterprise Capital
Ltd, will on May 2, 2006, present an account showing the manner
in which the Company's winding-up has been conducted and the
property of the Company has been disposed of.

Members will also decide in which manner the books, accounts and
documents of the Company will be destroyed.


CEF (CHINA) LIMITED: Final Meeting Set on May 2
------------------------------------------------
CEF (China) Limited's liquidator Lau Wai Ming will on May 2,
2006, present an account showing the manner in which the
Company's winding-up has been conducted and the property of the
Company has been disposed of.

Members will also decide in which manner the books, accounts and
documents of the Company will be destroyed.


CHINA STRATEGIC: 2005 Net Loss Down to HK$95 Mln
------------------------------------------------
China Strategic Holdings Limited incurred a net loss of HK$95.2
million for 2005, against a net loss of HK$179.244 million a
year earlier, Infocast News reports.  Loss per share was
HK$0.11.  No final dividend was declared.  

As reported by the Troubled Company Reporter - Asia Pacific on
April 28, 2005, China Strategic Holdings booked a net loss of
HK$176.052 million in the fiscal year 2004, against a net loss
of HK$189.528 million in 2003.

Headquartered in Kowloon, Hong Kong, China Strategic Holdings
Limited is engaged in the manufacture of tires, cement, property
investment, development & strategic investment, infrastructure &
manufacturing operations.


DAVNET DIGITEL: Creditors' Final Meeting Set on May 3
-----------------------------------------------------
Creditors and contributories of Davnet Digitel (H.K.) Ltd will
meet at the office at 10:00 am on May 3, 2006.

At the meeting, Liquidator Desmond Chiong will give full account
of the Company's liquidation process.

Contact: Desmond Chiong
         Liquidator
         Ferrier Hodgson Ltd
         14/F Hong Kong Club Building
         3A Chater Road Central
         Hong Kong


E-COMMERCE CHINA: Leung and Li Cease to Act as Liquidators
----------------------------------------------------------
Effective March 16, 2006, Liquidators Leung Hok Lim and Li Pak
Ki had ceased to act as Joint and Several Liquidators of E-
Commerce China Forum Ltd.


ELITE CARE: Court Set to Hear Wind-up Petition on May 10
--------------------------------------------------------
On March 3, 2006, Ng Lai Yin filed a winding up petition against
Elite Care Services Ltd with the Court of First Instance of Hong
Kong.

The Petition will be heard before the Court at 9:30 a.m. on
May 10, 2006.

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

Contact: Betty Chan
         34th Floor, Hopewell Centre
         183 Queen's Road East, Wanchai
         Hong Kong


HUTCHISON CHINA: Creditors to Submit Proof of Debts on April 21
----------------------------------------------------------------
Hutchison China Infrastructure Management Company Ltd will be
receiving creditors' proof of debts or claims on or before April
21, 2006.

Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.

Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution the Company will
make.

Contact: Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


JAQUE ENTERPRISE: Members Pass Winding Up Resolution
----------------------------------------------------
On March 22, 2006, members of Jaque Enterprise Ltd passed a
resolution to voluntarily wind up the Company and appoint Yiu
Kwong Man as official liquidator.  

The members also passed a resolution to distribute the assets of
the Company to the members.  

They also authorized the Liquidator to dispose of the Company's
books, accounts and documents after the Company has been
dissolved.

Contact: Yui Kwong Man
         Room 1501-03
         Far East Consortium Building
         121 Des Vouex Road Central,
         Hong Kong


KENNEDY TOWN: Appoints Official Liquidator
------------------------------------------
Chi Wai Tam was appointed as official liquidator of Kennedy Town
Service Company Ltd by virtue of a Special Resolution passed at
the Company's Extraordinary General Meeting held on March 21,
2006.

Contact: Chi Wai Tam
         16/F., Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


KOWLOON COPPERHILL: Appoints Official Liquidator
------------------------------------------------
The shareholders of Kowloon Copperhill Ltd passed special
resolutions primarily putting the Company into Members'
Voluntary Liquidation.

Chi Wai Tam was the appointed official liquidator of the Company
by virtue of a Special Resolution passed at an Extraordinary
General Meeting held on March 21, 2006.

Contact: Chi Wai Tam
         16/F., Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


HOPE KARE: Joint and Several Liquidators Named
----------------------------------------------
Members of Hope Care Trading Limited on March 23, 2006, passed a
Special Resolution to appoint Selwyn Mar and Wong Yue Ting as
Joint and Several Liquidators.

Contact: Selwyn Mar
         Wong Yue Ting
         11/F., Fortis Bank Tower
         77-79 Gloucester Road
         Hong Kong


LAI SUN: Swings to HK$231 Mln Profit
------------------------------------
Lai Sun Development Company Limited booked a net profit of
HK$231.297 million in the year ended in January 31, 2006,
compared with a net loss of HK$1.171 billion a year earlier,
Infocast News reports.  Earnings per share were HK$0.02.  No
interim dividend was declared.

The Troubled Company Reporter - Asia Pacific reported on
November 23, 2005, that the Company booked a net loss of
HK$705.96 million for the year ended July 31, versus a net
profit of HK$381.43 million a year earlier.

Headquartered in Kowloon, Hong Kong, Lai Sun Development Company
Limited -- http://www.laisun.com.hk-- is engaged in the  
property development and investment, investment in and operation
of hotels and restaurants.


LAM'S UNITED: Creditors First Meeting Fixed on April 18
-------------------------------------------------------
Creditors of Lam's United Company Ltd will meet on April 18,
2006, at 3:00 p.m. to appoint an official liquidator and to
consider further matters relevant to the Company's winding-up.

Creditors may vote either in person or by proxy.  Proxies must
be lodged not later than April 17, 2006, at:

     Room 802, 8F., Ginza Square
     565-567 Nathan Road
     Yaumatei, Kowloon


MAXSPRING DEVELOPMENT: Fails to Meet Quorum on March 31 Meeting
---------------------------------------------------------------
Chan King Hang, the Joint and Several Liquidator of Maxspring
Development Ltd, informed the Registrar of Companies that quorum
of members of the Company was not met on the final meeting
scheduled on March 31, 2006.

Mr. Chan, thereby, reschedules the meeting on May 2, 2006, at
2:30 p.m.

At the meeting, the Liquidator will present the account showing
how the winding up of the Company has been conducted the manner
to which the property has been disposed off.

Contact: Chan King Hang
    Room 802 8th Floor Ginza Square
         565-567, Nathan Road
         Yaumatei, Kowloon


NEW CHINA DEVELOPMENT: Creditors and Members to Meet on April 21
----------------------------------------------------------------
Creditors and members of The New China Development (H.K.) Ltd
will hold its Annual General meeting on April 21, 2006, at Room
1601-02, 16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong
at exactly 5:30 p.m.  A creditors meeting will then follow at
6:00 p.m.

At the meeting, Liquidator James Wardell will present his acts
and dealings and the conduct of the Company's winding up.


NEW CHINA ENTERPRISES: Liquidator to Present Wind-up Report
-----------------------------------------------------------
Creditors and members of The New China Enterprises (H.K.) Ltd
will hold its Annual General meeting on April 21, 2006, at Room
1601-02, 16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong
at exactly 4:30 p.m.  A creditors meeting will then follow at
5:00 p.m.

At the meeting, Liquidator James Wardell will present his acts
and dealings and the conduct of the Company's winding up.


NEW CHINA:(Estate) Creditors and Members Meeting Set on April 21
----------------------------------------------------------------
Creditors and members of The New China Estate (H.K.) Ltd will
hold its Annual General meeting on April 21, 2006, at Room 1601-
02, 16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong at
exactly 3:30 p.m.  A creditors meeting will then follow at 4:00
p.m.

At the meeting, Liquidator James Wardell will present his acts
and dealings and the conduct of the Company's winding up.


NEW CHINA INDUSTRIAL: Creditors and Members to Meet on April 21
---------------------------------------------------------------
The New China Industrial (H.K.) Ltd members and creditors will
hold its Annual General meeting on April 21, 2006 at Room 1601-
02, 16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong at
exactly 2:30 pm to be followed by the Creditors at 3:00 pm.

James Wardell, the Liquidator of the Company will present on the
meeting its acts and dealings and the conduct of winding up of
the Company.


NEW CHINA TRADING: Liquidator Set to Discuss Winding Up
-------------------------------------------------------
Creditors and members of The New China Trading (H.K.) Ltd will
hold its Annual General meeting on April 21, 2006, at Room 1601-
02, 16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong at
exactly 1:30 p.m.  This will be followed by a creditors meeting
at 2:00 p.m.

James Wardell, the Liquidator of the Company will present on the
meeting its acts and dealings and the conduct of winding up of
the Company.


PRIMETIME HOLDINGS: Members Opt for Voluntary Liquidation
---------------------------------------------------------
On March 24, 2006, members of the Primetime Holdings Ltd passed
a special resolution to voluntarily wind up the Company.


SCANPLY INTERNATIONAL: Members Set Final Meeting on May 3
---------------------------------------------------------
Members of the Scanply International Wood Products Ltd will
convene for a final general meeting on May 3, 2006.

At the meeting, Joint and Several Liquidators James T. Fulton
and Cordelia Lang will present an account of the Company's
liquidation process.

The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed of after the Company is dissolved.


SHANGHAI REAL ESTATE: Moody's Affirms Ba3 Ratings
-------------------------------------------------
Moody's Investors Service has affirmed Shanghai Real Estate
Limited's (P) Ba3 local currency corporate family rating and
foreign currency senior unsecured bond rating.  The ratings
outlook is stable.

The affirmation follows the Company's decision to increase the
size of its bond issuance to US$200 million from US$150 million.

"Although the increased debt will slightly raise SRE's projected
leverage and weaken its corresponding debt service coverage
metrics, it will help improve somewhat its debt maturity
profile," says lead analyst Kaven Tsang.

Moody's expects to remove the provisional designations for both
ratings once the bond issuance has been successfully completed.

Shanghai Real Estate Limited (SRE), established in 1993 and
listed on the Hong Kong Stock Exchange in 1999, is a property
developer focusing on mid-to-high-end residential development in
Shanghai.  As of end-2005, it possessed a land bank of about 1.4
million square meters, sufficient for 5 years of development.


TUNG TAK ASSOCIATION: Final Members Meeting Set on May 3
--------------------------------------------------------
Liquidator Cheung Shu Chiu will meet with the members of Tung
Tak Association Ltd on May 3, 2006.

At the meeting, members will receive full account of the
Company's liquidation process from Mr. Cheung.

Members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed of after the Company is dissolved.


UNITED MATCH: Liquidator to Discuss Wind-up with Members
--------------------------------------------------------
Members of United Match Printing Company Ltd will convene for
final meeting at Room 1406, China Insurance Group Building, 141
Des Voeux Road Central, Hong Kong at 10:00 a.m. on May 2, 2006.

At the meeting, Liquidator Ho Siu Kau will give a full account
of the Company's liquidation process.

Members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed off after the Company is dissolved.


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

COAL INDIA: e-auction Drive Hits Snag
-------------------------------------
Coal India's plan to boost coal sale through e-auction has hit a
roadblock after the Coal Ministry raised objections to the
Company's plan, The Financial Express reports.

Sources told the Financial Express that the Coal Ministry is not
amenable to Coal India's proposal because it would impact
availability of coal to linked power sector consumers.

As reported by Troubled Company Reporter - Asia Pacific Coal
India proposed to almost double the sale of coal through e-
auction from the present 20 million tonnes (mt) to 36 mt in
2006-07.  This would mean that out of incremental production of
20 mt targeted by Coal India for current fiscal, 16 mt would go
for e-auction.

The Coal Ministry feels that this would leave only four mt of
additional coal under the linkage system for the power sector,
the report says.

Sources said that Coal India may be asked to lower its e-auction
coal sale plan or come with concrete plans to increase coal
production during the year.

The Ministry rejects Coal India's plan for higher amount of e-
auction sale of coal, it would be a big setback for the Company.  
In fact, Coal India achieved a gross profit of INR8,388 crore
during the last fiscal year largely on account of additional
revenue of INR922 from sale of coal through the electronic
route.  The price realization was also 48% higher than notified
prices.

If Coal India is unable to meet the demand for incremental coal
production immediately, the government's target of increasing e-
auction coal to 10% of total production this year, and
additionally to 20% in next two to three years would remain a
pipe dream.

Headquartered in Kolkota India, Coal India Limited
-- http://www.coalindia.nic.in/-- is engaged in the mining of  
coal, coal based products and mining consultancy.  The Group was
incorporated under the Companies Act, 1956 and is wholly owned
by the Government of India.  It recently turned around from
substantial losses in the past due to its e-auction revenues.
However, it is still saddled with labor problems involving its
senior staff.


GENERAL MOTORS INDIA: S&P Holds Credit Rating on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp., including its 'B' long-term and 'B-3'
short-term corporate credit ratings, on CreditWatch with
negative implications after the company's announcement that it
has entered into an agreement to sell a 51% ownership stake in
General Motors Acceptance Corp. (GMAC; BB/Watch Dev/B-1) to a
consortium headed by unrated Cerberus Capital Management L.P.
      
"Our preliminary assessment is that if the GMAC transaction is
completed as proposed, GMAC's long-term rating would be raised
to 'BB+'," said Standard & Poor's credit analyst Robert Schulz.  
Standard & Poor's will finalize its assessment (including
determining GMAC's outlook) near the time of the transaction's
closing, which GM expects to be in late 2006.
     
Estimated cash proceeds to GM at closing are expected to be
about $10 billion, which will bolster GM's liquidity
significantly, but GM's claim on GMAC's future cash flow and
earnings will be diminished.  Over the next three years, GM
expects to receive a total of $14 billion, including the
proceeds received at closing. Standard & Poor's does not expect
GM to distribute a meaningful portion of the sale proceeds to
shareholders, and GM's ratings would be jeopardized if this were
to occur.
     
GM should benefit from near-term stability of funding support
for its automotive business if, as is expected, GMAC's funding
costs improve from the capital market's perception of GMAC and
from severing the absolute linkage in the ratings between the
two companies.  Still, in the long term, GM could face the risk
that GMAC's new owners would seek to reduce funding support for
GM's automotive business.  The potential for future divisiveness
among GMAC's owners for economic or business reasons also poses
risks, and potential further GMAC ownership changes and their
effects over the long term are unknown.
     
Standard & Poor's now believes it could lower GM's ratings at
any time because of evolving events at former unit Delphi Corp.;
an interim downgrade is possible prior to resolution of the
CreditWatch.  Although Standard & Poor's initially placed GM's
ratings on CreditWatch because of a likely incremental reduction
in liquidity stemming from suspect access to its committed bank
facility, and the potential acceleration of certain lease
agreements, the rating agency have become even more concerned
about how developments at Delphi are unfolding.

If Delphi is successful in rejecting its high-cost labor
contracts and a large portion of its auto parts supply contracts
with GM, this could prove extremely costly to GM, particularly
if a significant work stoppage at Delphi occurs in resolving
these issues.  Court hearings on these Delphi matters are
scheduled for early May.

                         *     *     *

General Motors India -- http://www.gm.co.in/-- was formed in  
1994 as a 50:50 joint venture between General Motors Corporation
and the C.K. Birla Group of Companies.  Its manufacturing plant
is located at Halol in Gujarat.  The Halol plant has received
ISO 9002 certification in 1998, ISO 14001 in environment
management systems in 1999, ISO -9000 2000 in January 2002.  In
1999, GM bought out its partner's shareholding and GM India
became a fully owned subsidiary of GM Corporation. GM India
currently has a total workforce of 1,200 personnel excluding
contract workers.  GM India offers products under the Chevrolet
and Opel brands in the country.  The Company has been affected
by issues of its United States-based parent, which is suffering
from massive product recalls, hefty losses, and low credit
ratings, among others.  General Motors made losses of around
US$7.6 billion in its North American automotive operations in
2005.  This included the costs of decision to close down as many
as 12 North American plants and cut 30,000 jobs by the end of
2008.  The losses were also due to charges related to factory
job losses, its finance arm GMAC and the bankruptcy of former
subsidiary Delphi Corp.  GM had to make these big restructuring
announcements to cut costs and return to profitability as soon
as possible.


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

BANK MANDIRI: Targets 20% Loan Growth This Year
-----------------------------------------------
PT Bank Mandiri is targeting between 15% and 20% growth in its
consumer loans in 2006, Dow Jones relates, citing Bank Mandiri's
group head of consumer loan department, Sarastri Baskoro.

The consumer loans of Indonesia's largest lender grew 36.6% on
year in 2005.

                         About Bank Mandiri

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.


KALTIM PRIMA: S&P Affirms BB- Rating
------------------------------------
Standard & Poor's Ratings Services has on April 11, 2006,
affirmed its BB- corporate credit rating on Indonesia's PT
Kaltim Prima Coal and revised its outlook to negative from
stable.

"The negative outlook reflects concern that KPC's financial risk
profile could weaken if the company significantly increases its
debt level to help finance the acquisition of KPC's shares by a
consortium led by PT Borneo Lumbung Energi," said Standard &
Poor's credit analyst Nancy Koh.  Borneo Lumbung is an affiliate
of Indonesian investment bank Renaissance Capital.

This follows the recent announcement by PT Bumi Resources Tbk.
(Bumi) to sell its entire 95% stake in KPC and the wholly owned
PT Arutmin Indonesia to the consortium for more than US$3
billion.  Considering the sizeable acquisition amount involved,
it is possible for IndoCoal Resources (a special purpose vehicle
for Bumi) to consider refinancing the US$600 million securitized
notes issue (due 2012), which contains a covenant limiting KPC's
ability to incur additional debt.  If this materializes, the new
parent may increase KPC's borrowing to help finance its
acquisitions and KPC's financial risk profile could deteriorate.

Standard & Poor's has yet to receive details of the transaction
as well as information on future strategic and financing plan
for KPC.

"We will assess KPC's credit rating as the process gathers
momentum and as details of the business and financial risk
profiles of the company under the new shareholder become more
apparent," added Ms. Koh.

Standard & Poor's believes that KPC's operations should continue
to function as normal.  The company has benefited in the past
year from firm product prices of coal, and demand growth should
continue, given a growing preference by various Asian countries
in using coal for power generation and its relatively low cost,
compared with oil and natural gas.

About PT Kaltim Prima

Headquartered in Jakarta Indonesia, PT Kaltim Prima Coal
-- http://www.kaltimprimacoal.co.id/-- is a world class coal  
mine in the Kalimantan Timur region of Indonesia.  KPC provides
community development support to areas such as small business
development, health programs, infrastructure programs, education
and scholarships, and agricultural training.  On December 6,
2005, Standard & Poor's Ratings Services raised the corporate
credit rating on PT Kaltim Prima Coal (KPC) to 'BB-' from 'B+',
with a stable outlook.  Standard & Poor's credit analyst Nancy
Koh said, "The upgrade reflects KPC's gradually improving
financial profile on the expectation that it will be fairly
insulated from volatility in coal prices, because at least 80%
of its coal sales will go to IndoCoal Resources at a fixed price
of US$34.30 per ton."


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

DAIEI INCORPORATED: Sees JPY23-Bln Net Profit in FY/2005
--------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on March
8, 2006, that Daiei Incorporated expects a parent-only net loss
of JPY3 billion for the financial year ended February 28, 2006.  
The Company had initially forecast a JPY2-billion recurring
profit.

In an update on April 12, 2006, The Mainichi Daily News relates
that Daiei is expecting a net profit of JPY23 in the same period
against the previous year's loss of JPY511 billion.  Debt relief
provided by creditor banks has paved the way for the turnaround.

However, the retail chain operator has revised downward its net
profit estimate of JPY5 billion to a loss of JPY3 billion, as
the core supermarket business failed to meet sales targets under
a business rehabilitation scheme.

Headquartered in Hyogo, Tokyo, Daiei Incorporated
-- http://www.daiei.co.jp/-- operates about 3,000 stores        
through its subsidiaries and franchisees.  Its retail businesses
include supermarkets, discount stores, department stores, and
specialty shops.  Other businesses include restaurants, hotels,
and real estate services.  Domestic sales make up more than 90%
of its revenues.  Daiei diversified haphazardly during the 1980s     
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with support from Industrial    
Rehabilitation Corporation of Japan, has decided to close 54
stores nationwide, including subsidiaries, as part of its new
business reconstruction plan.  Of the 54 Daiei stores that have
been closed, only six were to be reopened by other tenants at
the end of January.


MITSUBISHI MOTORS: Sales Up 28.5% for North American Arm
--------------------------------------------------------
Mitsubishi Motors North America Incorporated chalked up March
sales of 10,250 units, an increase of 28.5% compared to February
sales of 7,976.

"March was a very strong month, particularly in the retail
sector (up 41% from February), which is critical for the success
of our dealers and our company," said President & CEO Hiroshi
Harunari.  

"This consistent, month-over-month growth sets us up for
dramatic sales increases in our new business year, which begins
in April."

Galant was the volume leader at 2,521, up 32.8% from last
month's volume.

Eclipse closed at 2,486 and was up 44.1% from last month's
volume and up 71.2% from last March 2005's volume. This was the
second best sales month for Eclipse in the past 30 months.  
Endeavor closed at 1,290 and was up 51.9% from last month's
volume.  

"Our aggressive national leasing program on Galant ($199/month)
and Endeavor ($299/month) continues in April," added Harunari.

"We expect a tremendous month, because our exciting all-new
Eclipse Spyder convertible has arrived in showrooms just in time
for Spring."

According to the Troubled Company Reporter - Asia Pacific,
Mitsubishi Motors North America, Inc., reported sales of 7,976
units in February, a 6.8% increase compared to January sales of
7,469.

About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.   
The Company also operates consumer-financing services and
provides this to its customer base.
  
Mitsubishi Motors North America, Inc.
-- http://www.mitsubishicars.com/-- oversees all North American  
operations of the Mitsubishi Motors Corporation, including
sales, manufacturing, finance, and research and development
functions.  The Company manufactures and sells Mitsubishi brand
cars and sport utility vehicles through a network of almost 700
dealers in the United States, Canada, Mexico, and the Caribbean.   
The Wall Street Journal reported early in 2005 that deeply
troubled Mitsubishi Motors was seeking a buyer for its North  
American operations.  Mitsubishi was quick to deny the report.   
Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up defects and ill-
advised auto lending policies in the United States.


OSAKA CITY: Orix To Acquire Baseball Stadium
--------------------------------------------
Orix Corporation, the owner of the Orix Buffaloes professional
baseball club, is expected to strike a deal this month to
acquire the Osaka Dome baseball stadium, Crisscross News
relates.

Orix is expected to reach a purchase agreement with Kazuhide
Urata, the administrator of the assets of Osaka City Dome Co.

About Osaka City Dome

Osaka City Dome Co. is the operator of the Osaka Dome baseball
stadium located in Osaka in Japan.  Beginning in 1997, the
stadium was the home field of the Kintetsu Buffaloes.  In 2005,
the stadium became one of the homes of the Orix Buffaloes as a
result of the merger of the Orix Blue Wave and Kintetsu
Buffaloes.

The Troubled Company Reporter - Asia Pacific reported on October
11, 2005, that Osaka City Dome Co., the operator of the Osaka
Dome baseball stadium, has filed for court protection with the
Osaka District Court, giving up its court-supervised special
arbitration proceedings it sought in November 2005.


PIONEER CORPORATION: Unveils Organizational Change
--------------------------------------------------
Pioneer Corporation unveiled the reorganization of its
headquarters function, which took effect on April 1, 2006.  The
Company will implement this structural change aiming to mainly
further strengthen the group's consolidated management.

The revamp includes these changes:

(1) External Relations Division is dismantled and its whole
    function is transferred to Corporate Branding and
    Communications Division.

(2) Production Management and Coordination Division is
    reorganized as two newly established units, Engineering &
    Production Management Division and Quality Control Division.

(3) Environmental Preservation Group is dismantled, and its
    Environmental Preservation Division and Eco products
    Division are transferred to General Administration Division
    and Quality Control Division, respectively.

(4) Secretariat is transferred to General Administration
    Division.

(5) International Business Group is reorganized as International
    Business Division. The new division functions as the
    regional headquarters for Asia Pacific and other general
    areas than North America and Europe, and newly establishes
    Product Planning Department. The functions of sales
    Management, product strategy, business planning, and
    administration for the North American and European markets
    are transferred to Home Entertainment Business Group and
    Mobile Entertainment Business Group, respectively.

(6) At each of Home Entertainment Business Group and Mobile
    Entertainment Business Group, Overseas Sales Division is
    newly established.

At the same time, Pioneer announced the changes in management
effective April 1, 2006

-- Mr. Tadahiro Yamaguchi, currently Managing Director; and in
    charge of Production Management and Coordination Division,
    and quality control in general, will become Managing
    Director; and in charge of Engineering & Production
    Management Division.

-- Mr. Satoshi Matsumoto, currently Managing Director, General
    Manager of Environment Preservation Group, and General
    Manager of Environmental Preservation Division, will become
    Managing Director; and in charge of Quality Control
    Division.

-- Mr. Kazunori Yamamoto, currently Senior Managing Executive
    Officer and General Manager of International Business Group,
    will become Senior Managing Executive Officer; and in charge
    of International Business Division.

-- Mr. Seiichiro Kurihara, currently Senior Executive Officer
    and General Manager of Intellectual Property Division, will
    become Senior Executive Officer; and in charge of
    Intellectual Property Division.

-- Mr. Sumitaka Matsumura, currently Executive Officer and
    Deputy General Manager of Research & Development Group; and
    in charge of Optical Disk & Systems Development Center, will
    become Executive Officer, Deputy General Manager of Research
    & Development Group, and General Manager of Optical Disk &
    Systems Development Center.

-- Mr. Chojuro Yamamitsu, currently Executive Officer and
    Deputy General Manager of Environmental Preservation Group
    (in charge of Eco Products) will become Executive Officer;
    and in charge of Quality Control Division (Eco Products).

-- Mr. Kazumi Kuriyama, currently Executive Officer and Deputy
    General Manager of Corporate Research & Development
    Laboratories of Research & Development Group, will become
    Executive Officer and General Manager of Intellectual
    Property Division.

-- Mr. Seiichiro Matsuki, currently General Manager of Business
    Reform and Advanced Development of Production Management and
    Coordination Division, will become General Manager of
    Engineering & Production Management Division and General
    Manager of Engineering Management Center.

-- Mr. Takayo Kato, currently General Manager of Production
    Management and Coordination Division, will become General
    Manager of Quality Control Division.

-- Mr. Katsuhisa Tezuka will become General Manager of Audit
    Division.

About Pioneer Corporation

Headquartered in Tokyo, Japan, Pioneer Corporation
-- http://www.pioneer.co.jp/-- manufactures consumer and  
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers.  Pioneer also makes video equipment and audio
products.  Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.
Pioneer has more than 30 manufacturing facilities worldwide.

In February 2005, Standard & Poor's Ratings Services lowered its
long-term issuer credit and senior unsecured debt ratings on
Pioneer to 'BBB' from 'BBB+' reflecting substantial
deterioration in earnings in the Company's home electronic
business and weak prospects for early recovery in performance.
The rating action reflected the subsequent deterioration in cash
flow protection.  By November 2005, S&P placed its 'BBB' ratings
on Pioneer on CreditWatch with negative implications following
the Company's yet weaker profit forecast for fiscal 2005 (ending
March 31, 2006).  In December 2005, Pioneer announced business
restructuring plans that involve improving management efficiency
through organizational restructuring.  The Company dismantled
its current "internal Company" system as of Jan. 1, 2006, and
reorganized into a two-department set-up featuring the Home
Entertainment Business Group and the Mobile Entertainment
Business Group.  All operations related to plasma displays, DVD
products and home audio products will be integrated into the  
Home Entertainment Business Group.  The Home Entertainment
Business Group staff, currently working at three locations, will
be consolidated at one location in Japan by 2007.  As part of  
Pioneer's efforts to reduce fixed costs for the entire group, it
is also consolidating its worldwide production sites from 40 to
about 30, and in this regard, cutting about 2,000 employees,
mostly at overseas production sites.


SANYO ELECTRIC: Enters Alliance With Zoran Corporation
------------------------------------------------------
Zoran Corporation disclosed that its SupraHD 660 integrated DTV
processor and Cascade 2 high performance demodulator products
are powering Sanyo Electric's newest high definition television
products for the United States.

In a press statement, the Zoran said that the new Sanyo model
number HT30746 is a 30-inch high definition CRT television with
FCC-mandated compliant ATSC reception capability built into the
set.

"We are pleased to deliver our new high definition television
products using Zoran's SupraHD 660 processor and the Cascade 2
demodulator.  Our close cooperation during new product
development has resulted in compelling new products we are
offering to the U.S. consumer," said M. Matsudaira, vice
president of Sanyo Manufacturing Corporation.

"We are pleased to have been selected to work with Sanyo to
jointly develop new high quality products for the high
definition television market in the U.S. Our cooperation has
delivered some exciting new products that met their production
timeline for this growing market," said Ram Ofir, senior vice
president and general manager at Zoran's home entertainment
division.

The SupraHD 660 integrates all the necessary components required
to replace existing multichip TV solutions.  The SupraHD 660
supports full ATSC and NTSC functionality required for digital
and analog televisions as well as high quality video scalar
capabilities that features:

  -- Production proven MPEG -2 video and audio decoder
  -- HDMI receiver with HDCP copy protection
  -- Dual channel LVDS transmitters for direct connection to
     flat panel displays
  -- Integrated video decoder with 3D comb filter as well as
     video encoder
  -- 10-bit video processing for enhanced picture quality
  -- HDXtreme-based motion adaptive deinterlacer
  -- Motion adaptive temporal, spatial and impulse noise
     reduction
  -- Advanced picture quality improvement engine

Zoran's Cascade 2 demodulator products offer BTSC demodulation,
8VSB demodulation with the widest equalizer range of over 110us,
excellent field proven indoor reception against severe
multiphase conditions, as well as class-leading QAM demodulation
with superior phase noise rejection mechanism proven in a real-
world field environments.

About Zoran Corporation

Zoran Corporation, based in Sunnyvale, California, is a leading
provider of digital solutions for applications in the growing
digital entertainment and digital imaging consumer electronics
markets. With two decades of expertise developing and delivering
digital signal processing technologies, Zoran has pioneered
high-performance digital audio and video, imaging applications,
and Connect and Share technologies for the digital home. Zoran's
proficiency in integration delivers major benefits for OEM
customers, including greater capabilities within each product
generation, reduced system costs, and shorter time to market.
Zoran-based DVD, digital camera, DTV, multimedia mobile phone,
and multifunction printer products have received recognition for
excellence and are now in hundreds of millions of homes
worldwide. With headquarters in the U.S. and operations in
Canada, China, England, Germany, India, Israel, Japan, Korea,
and Taiwan.

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
profitability 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
=========

HYUNDAI MOTOR: Union Demands 9.1% Wage Hike
-------------------------------------------
Labor unions at Hyundai Motor Company have demanded a 9.1% wage
increase, casting a dark shadow over wage talks this spring for
the automaker, Yonhap News relates.

The 42,000-strong union will call for Hyundai Motor to raise
their annual base salary by about KRW1.5 million (US$1,570) this
year, compared with about 6% increase in 2005.

About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  South Korea's number 1 carmaker,
Hyundai produces 14 models of cars and minivans, as well as
trucks, buses, and other commercial vehicles.  The Company
reestablished itself as Korea's leading carmaker in 1998 by
acquiring a 51% stake in Kia Motors (since reduced to about
45%).  Hyundai's exports include the Accent and Sonata, while
its Korean models include the Atos subcompact.  The Company also
manufactures machine tools for factory automation and material-
handling equipment.

In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker.  Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the Company.  Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans.  These include a recently announced Kia factory in the
U.S. and, of more concern, the W5 trillion-W7 trillion blast
furnaces planned by group Company INI Steel Co.  The CreditWatch
listings will be reassessed within the following two months. If
purchase terms for Mando are solidified during that time, the
CreditWatch placement will be resolved.  However if the
negotiations are prolonged, Standard & Poor's will affirm the
current 'BB+' ratings until further information is available.


KOREA EXCHANGE: KEB Forges Alliance With Czech Bank
---------------------------------------------------
Korea Exchange Bank has entered into an agreement with
Ceskoslovenska Obchodni Banka AS to assist South Korean
companies operating in Europe, reports the Korea Times.

The two lenders will cooperate in their overall financial
services and related administration.  

Ceskoslovenska Obchodni has 286 sales branches throughout the
republic, with sister banks in Poland, Hungary and Slovenia.

Korea Exchange plans to set up help desks within CSOB branches
to provide finance consulting for South Korean nationals in the
country.  

The South Korean lender also plans to forge similar deals with
other Eastern European partners, including banks in Hungary and
Poland, to assist their clients in the region.

                       About Korea Exchange  

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.  

In March 2006, Standard & Poor's Ratings Services placed its
'BBB/A-2' counterparty credit ratings on Korea Exchange Bank,
and its rating on the bank's lower tier II subordinated bonds,
on CreditWatch with positive implications.  The CreditWatch
placement is due to the increased likelihood that KEB will be
purchased by the stronger Kookmin Bank (A-/Stable/A-2).

U.S.-based Lone Star Funds designated Kookmin as the preferable
partner for its planned sale of its 50.53% stake in KEB.
Finalizing the Transaction may take a few months and there have
been several cases where negotiations with designated partners
collapsed.  However, Standard & Poor's believes that the
likelihood that Kookmin will purchase KEB is relatively high,
given the strong intention by the bank's management and the
motivation of Lone Star Fund to complete the transaction soon.


KOREA EXCHANGE: Ex-CEO Admits Error Before Sale to Lone Star
------------------------------------------------------------
As reported by The Troubled Company Reporter - Asia Pacific on
March 7, 2006, that the Korean Board of Audit and Inspection
will investigate if Lone Star Funds' US$1.2 billion purchase of
a stake in the Korea Exchange Bank in 2003 was appropriate.  

In an update on April 10, 2006, The Board of Audit and
Inspection unveiled that the Korea Exchange Bank's former
President Lee Kang-won has admitted that there was a mistake in
calculating its capital adequacy ratio before the bank was sold
to Lone Star in 2003, citing the Board of Audit and Inspection
(BAI).

According to The Korea Times, the state inspection agency quoted
Mr. Lee as admitting that the Bank for International Settlements
(BIS) capital adequacy ratio of Korea Exchange Bank was lowered
to 6.16%, below the minimum requirements of 8% for a sound bank.

However, Mr. Lee denied that the financial data was fabricated,
but the BAI is seeking to check whether the data was manipulated
for the benefit of Lone Star.

If prosecutors will find solid evidence that the data was cooked
up, it might lead to the nullification of the Korea Exchange
sale to Lone Star and the arrest of regulators, policymakers and
former Korea Exchange executives.

About Korea Exchange

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.   


KUKJE CORPORATION: E1 Named Preferred Bidder
--------------------------------------------
LS Group's energy unit E1 was selected as the preferred bidder
to acquire 40 million shares in Kukje Corporation, a leading
sportswear and shoe maker that went bankrupt in 1998, The Korea
Times says.  

According to the report, El is set to purchase 50% of total
shares in the struggling firm by June this year.  

About Kuje Corporation

Headquartered in Kimhae-si, South Korea, Kukje Corporation
-- http://www.kukje.co.kr/-- is mainly engaged in the  
manufacture of sports shoes and other sports-related products.
The Company offers a wide range of sports shoes, including
basketball shoes, climbing shoes, running shoes, soccer shoes,
sneakers, tennis shoes, sandals, sports shoes for children and
others.  The Company's other product groups are sportswear,
including running wear, windbreakers, T-shirts, swimwear,
sportswear for juniors, sweaters, training wear and other
related products; accessories, comprised of sunglasses, casual
bags, sports bags, waist bags, socks, sports socks, swimming
caps, sports gloves, backpacks and allied products; climbing
goods, including climbing caps, belt bags, rucksacks, sleeping
bags and tents, and Taekwondo clothing.  The Company's products
are available at 350 franchise shops and department stores
across Korea.  In addition, it exports its products to over 100
countries worldwide.  Currently, clothing maker Eland holds
51.8% of shares in Kukje as it has planned to merge the firm
into its own sports apparel division.


LG CARD: Templeton Asset Raises Stake to 5.19%
----------------------------------------------
United States investment firm Templeton Asset Management Ltd.
has increased its shareholding in LG Card Co. to 5.19% from
0.47%, according to Reuters.

The investment comes as domestic creditors are selling a stake
worth up to $5 billion in LG Card, a prize asset in the
consolidating financial industry.

The Troubled Company Reporter - Asia Pacific reported last month
that the stake up for sale would be between 51% and 72%, and is
expected to cost around KRW3.4 trillion and KRW4.8 trillion at
current market prices.  LG Card has a market value of KRW6.64
trillion at current share prices.

Shinhan Financial Group, Woori Finance Holdings, Citigroup Inc.,
Hana Financial Group Inc. and Merrill Lynch have so far
expressed interest in taking over LG Card.  

The TCR-AP added that on March 28, 2006, that interested bidders
for LG Card must submit their preliminary proposals within April
12 to 19, 2006.  LG Card's creditors are aiming to wrap up the
sale before the end of the year.

About LG Card

Headquartered in Seoul Korea, LG Card Co.
--  http://www.lgcard.com/-- provides installment finance  
services  and credit card, as well as leasing services to credit
worthy companies while acquiring valuable assets from merchant
banks and leasing firms.  LG Card also finances families wishing
to purchase big ticket items such as automobiles, appliances and
computers.  At the end of October 2003, LG Card had KRW3.24
trillion more debt than assets and had faced threats of
liquidity crisis and court receivership.  LG Card has been in
the hands of creditors since it was rescued from bankruptcy
through a KRW5 trillion (US$4.78 billion) debt-for-equity swap
and a further KRW1 trillion bailout in late 2004.


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

JIN LIN: Names Subsidiaries Granted with Restraining Order
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific on April 11, 2006,
reported that the Kuala Lumpur High Court has granted a 150-day
restraining order to Jin Lin Wood Industries Berhad and its
subsidiaries.

In an update, Jin Lin disclosed that the Restraining Order was
granted to:

     * Jin Lin Wood Industries Berhad;
     * Syarikat Mustapha & Ngu Timber Sdn Bhd;
     * Jin Lin Trading Sdn Bhd;
     * Akitiasa Sdn Bhd; and
     * Jin Lin Bio-Coal Sdn Bhd.

As reported by TCRAP, the Restraining Order is effective from
April 7, 2006, through September 4, 2006.

The Restraining Order was first entered in the Company's favor
on March 3, 2004, to facilitate its proposed restructuring
scheme, which was announced on February 9 that year.

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment and investment holding.  Jin Lin
was listed in 2000, at the tail end of the timber price rally.  
It went bust two years later, when demand for wood products and
their prices were at their cyclical lows.  The Company's
management blamed the failure to "bad timing" as the company
came in when the market was going down.  The Company hopes that
its proposed a restructuring scheme, which involves the change
of its core business from timber-based to the manufacturing of
granite and marble products, will be completed as early as this
year.  The restructuring also involves schemes of arrangement
with shareholders and creditors, disposal of Jin Lin and shares
placement.  The Proposed Restructuring Scheme is currently in
the implementation stage and awaits shareholders' approval.  The
shareholders are expected to convene and discuss the
restructuring scheme in the second quarter of 2006.


KEMAYAN CORPORATION: Court Favors Southern Bank's Application
-------------------------------------------------------------
The High Court of Malaya, Kuala Lumpur on April 7, 2006, allowed
Southern Bank Berha'd application for summery judgment against
Coral Land Corporation Sdn Bhd, a subsidiary of Kemayan
Corporation Berhad.

Under the petition, Southern Bank is claiming for a total sum of
MYR2,667,632.90 with interest and cost due to defaulted payment
in respect of overdraft facilities of MYR3 million and MYR1
million granted by the Bank to Coral Land.

                           Background

The Malaysian Exchange and Coral Land Corporation Sdn Bhd had on
February 10, 2004, received a Writ of Summons from Southern Bank
Berhad for these claims against Coral Land:

     * the total sum of MYR2,667,632.90 as of January 20, 2003;

     * interest at the rate of 2% per annum plus 6.4% (being
       base lending rate) on the amount of MYR1 million and
       thereafter interest charges thereon at the rate of 3.5%
       plus 6.4% (being base lending rate) per annum on the
       amount of MYR1,667,632.90 from January 21, 2003, until
       the date of full payment;

      * cost; and
      
      * such other relief as the Honorable Court may deem fit
        and proper.

The claim is in respect of Overdraft Facilities of MYR3 million
and MYR1 million granted by Southern Bank to Coral Land on April
1, 1991 and April 20, 1994, respectively.   Southern Bank has
claimed that Coral Land has defaulted in payment amounting to
MYR2,667,632.90 as of January 20, 2003.

The financial and operation impact on the Group is not expected
to be significant, as provision has been made in the Coral
Land's account.  Hence, no further material expected loss to the
Group is anticipated.

Coral Land together with its holding company are currently
undergoing a corporate and debt restructuring scheme.

Headquartered in Johor Darul Takzim, Malaysia, Kemayan
Corporation Berhad -- http://www.kemayan.com/-- develops,  
constructs and manages properties.  The firms' other activities
include the operation of resorts, cultivation of palm oil,
trading of office equipment and supplies and the provision of
management, engineering and investment holding services. Kemayan
has incurred hefty losses in the past due to stalled development
projects and lack of cash flow.  These prompted the Company to
propose a restructuring scheme on June 29, 1999.  The Company
believes that the significant interest savings arising from the
Proposed Restructuring Scheme would provide the Kemayan Group
with the financial ability to continue its operations on a going
concern basis and, in the long term, to regain profit.  On March
29, 2006, the Company was delisted from the Official List of
Bursa Malaysia Securities for failing to regularize its
financial condition within the prescribed time frame stipulated
by Bursa Securities.


KRAMAT TIN: To Hold 77th AGM on May 10
--------------------------------------
The members of Kramat Tin Dredging Berhad will convene at the
Company's Seventy-Seventh Annual General Meeting on May 10,
2006, to:

     -- receive and adopt the Director's Report and Financial
        Statements for the financial year ended December 31,
        2005, and the Auditors' Report;

     -- re-elect as Directors of the Company:
      
          * Encik Ahmad Kamal bin Abdullah Al-Yafii
          * Datuk Bhupatrai M. Premji
          * Encik Feizal Ali

     -- approve the Directors' fees for the year ended
        December 31, 2005, amounting to MYR42,942.46;

     -- re-appoint PricewaterhouseCoopers as the Company's
        auditors for the period until the conclusion of the next
        Annual General Meeting; and

     -- transact any other business of which due notice shall
        have been given in accordance with the Companies Act,
        1965.

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.  In July 2001, the Company wound down
its tin dredging operations.   


MALAYSIA AIRLINES: Labor Unions In Talks to Save Jobs
-----------------------------------------------------
Representatives of Malaysia Airlines' labor unions last week
begun talks with the carrier's management in a bid to avoid
retrenchments under the carrier's revamp program, Associated
Press reports.

As reported by Troubled Company Reporter - Asia Pacific on March
29, 2006, that MAS will fire 6,500 employees from its current
staff of 23,000 because it needs to close dozens of unprofitable
domestic routes by August.

Malaysia Airline System Employees Union, which represents 9,000
staff and is one of several unions involved in the talks, said
it intends to spare MAS workers from involuntary retrenchments.

The unions expect the discussions, which also involve
compensation levels for workers who voluntarily leave MAS, to be
completed in at least a month.  The workers plan to stage
peaceful demonstrations and wear black armbands if the talks
reach an unsatisfactory conclusion, the Associated Press says.

TCRAP reported that under a restructuring of Malaysia's aviation
sector unveiled by the Government last week, MAS will give up
its near-monopoly in the market and hand over 99 domestic routes
to budget carrier AirAsia for exclusive flights.

The airline will be left with 19 domestic routes that it will
operate as a full-service carrier in competition with AirAsia.

Officials from both companies have said some Malaysia Airlines
staff would be absorbed by AirAsia, but they have refused to
give details.

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.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month to December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 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.


OLYMPIA INDUSTRIES: Seeks SC's OK on Deadline Extension Request
---------------------------------------------------------------
Olympia Industries Berhad, through its solicitor Alliance
Merchant Bank Berhad, submitted an application to seek the
Securities Commission's approval for:

     -- the extension of time up to August 31, 2006, for the
        Company to complete its restructuring scheme; and

     -- the extension of time up to November 30, 2006, for
        Jupiter Securities Sdn Bhd, a subsidiary of the Company,  
        to merge with at least one other stockbroking company.

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organiser and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.  The Company has unveiled a proposed
restructuring scheme in July 2001, which include capital
reductions, disposals, debt novation and debt restructuring.


PROTON HOLDINGS: Aims to Cut Vehicle Defect Rates
-------------------------------------------------
Proton Holdings Berhad is looking to drastically reduce the rate
of defect per unit, or DPU, of its cars so it could compete with
its overseas rivals, Business Times reveals.

Proton Managing Director Syed Zainal Abidin Syed Mohamed Tahir
disclosed that the average DPU for Proton vehicles now stands
between six to seven, while its foreign counterpart, Toyota, has
a DPU of only 0.15.

The Malaysian carmaker is now working to reduce the DPU rate to
2 this year, in order to restore the public's perception towards
the Company.

The Proton management is now making sure that every employee
gives priority to quality.  The Company is thinking about
drastic changes, which include changes in attitude by all Proton
employees.

"We have created a 'crisis' in Proton, where every worker
realizes that product quality at the moment is at a critical
level and requires immediate changes," Mr. Tahir said.

Slashing the DPU is just one of several measure the Company
undertakes to gain competitive advantage in the automotive
sector.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.  Proton has recently suffered
plunging profits due to dwindling car sales and cutthroat
competition.  Proton has been under increasing pressure, with
its share of domestic sales falling to 44% from 75% over the
past decade.  


PROTON HOLDINGS: Mahathir Wants Tie-up to Benefit Local Industry
----------------------------------------------------------------
Proton Holdings' adviser, Tun Dr Mahathir Mohamad, urged the
Company to ensure that any strategic alliance with foreign
partners promises sound financial returns and benefits the local
automotive industry, Business Times reports.

According to Dr. Mahithir, Proton can form foreign alliances but
it must be cautious in the selection of its partners.  He said
the Company must seek one that "really knows about car
manufacturing".

When asked about Proton's plan to team up with a still unnamed
foreign carmaker, Dr. Mahathir replied that while Proton is free
to sell its stakes to whomever it wants, it must always secure
its interest as a local company.

Proton shares are traded in the stock market anyway. However, it
is crucial that its hold must be within the grasp of the
nation," he added.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.  Proton has recently suffered
plunging profits due to dwindling car sales and cutthroat
competition.  Proton has been under increasing pressure, with
its share of domestic sales falling to 44% from 75% over the
past decade.


SBBS CONSORTIUM: Court to Hear Contributor's Bid on April 13
------------------------------------------------------------
The application made by Kain Ann @ Chua Kien Lam, a contributory
of SBBS Consortium Berhad, for a stay of the winding up order
made by the Kuala Lumpur High Court is fixed for hearing on
April 13, 2006.

The Troubled Company Reporter - Asia Pacific reported on April
10, 2006, that Mr. Chua on April 5, 2006, filed the winding up
order issued by the Court on March 29, 2006.

The wind-up petition was filed by Southern Bank Berhad last year
after SBBS defaulted on a loan facility extended by the Bank.

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 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.    


SELANGOR DREDGING: Sub-subsidiary Enters Into Three SPAs
--------------------------------------------------------
Vision Map (M) Sdn Bhd), a wholly owned subsidiary of Selangor
Dredging Berhad's unit SDB Properties Sdn Bhd, on April 3, 2006,
entered into three separate conditional Sale and Purchase
Agreements to acquire lands for a total consideration of
MYR35,000,000.00 from:

     * West Oasis Sdn Bhd;
     * Jadelane Development Sdn Bhd; and
     * Andaman Utama Sdn Bhd.

The total purchase consideration of RM35,000,000.00 was arrived
at based on "a willing-buyer willing-seller" basis with each of
the Vendors.

The purchase consideration will be funded by a combination of
internally generated funds and bank borrowings.

The Lands have development potential and is part of Selangor
Dredging Berhad group's ongoing identification of suitable lands
to add to the Group's land bank.

The Lands are located in the established neighborhood of
Petaling Jaya, approximately seven kilometers southwest of Kuala
Lumpur city center.  The immediate vicinity of the Lands mainly
consist of terrace houses, condominiums and shop houses and are
located within minutes to established residential and commercial
areas of Section 14, Jalan Universiti, Kelana Jaya, Damansara
Jaya and Damansara Utama, with all amenities including
hypermarket, banks, LRT stations, schools - local and
international, and universities - private and government.
Meanwhile, the NKVE, Sprint and LDP highways provide quick and
easy access to virtually every arterial route connecting the
entire Klang Valley including Klang, Shah Alam, Subang, Puchong
and Kuala Lumpur city centre.  The Lands are generally flat and
sloping towards Jalan Harapan.

Like all other businesses, overall economic and governmental
policies of the country may materially affect the financial and
business prospect of the Lands.  As development projects are
subject to various regulatory approvals and the commencement of
a development project on time is dependent on obtaining the
necessary approvals as scheduled, there could be possibilities
that these factors will lead to delay in commencement of or
changes to the proposed developments.  Property development is
also subject to certain risks inherent in the property
development industry including competition, availability of
financing and changes in governmental legislation and
priorities.

Selangor Dredging said it will seek to limit these risks by
undertaking various studies and measures and implementing
prudent business strategies, continuous review of its
operations, marketing strategies and to improve efficiency.  
However, the Company gave no assurance that any change to the
said factors will not have a material adverse effect on the
business and financial conditions.

Headquartered in Kuala Lumpur, Malaysia, Selangor Dredging
Berhad -- http://www.sdb.com.my/-- is engaged in the  
distribution of hardware and building materials.  Other
activities include property investment and development,
operation of hotel and car park and investment holding.  After
the 1997 Asian financial crisis, the Company began to implement
exercises to curb losses and improve its bottom line.  The
Company became involved in many businesses, some unprofitable
and others, such as its tin-mining concern with the high cost of
extraction and low commodity price, sunset industries with no
future.  The Company began restructuring its business and
decided its core business should be property development.  The
other businesses and subsidiaries were sold or wound down.


SUGAR BUN: Disposes of Vanilla Foods Stake
------------------------------------------
Sugar Bun Corporation Berhad has entered into a Share Agreement
with Davas Sdn Bhd for the disposal of its entire Shareholding
in Vanilla Foods Centre Sdn Bhd of 500,000 ordinary shares of
MYR1.00 each.

Vanilla Foods has a fully paid up share capital of MYR500,000.  
Presently it has a deficit shareholders' funds of MYR61,181 and
an accumulated loss of MYR561,181 based on its management
accounts as of January 31, 2006.

The sale consideration for the said shares of MYR5,000.00 was
arrived at based on a "willing buyer willing seller" basis and
after taking into consideration Vanilla Food's poor financial
position.

The disposal enables Sugar Bun to reorganize its group structure
and assets, as Vanilla Food's continued existence will only
contribute more losses and liabilities to the Group.

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is  
engaged in the operation and franchising of restaurants,
bakeries and confectioneries. Other activities include general
trading of machinery, spare parts and phone cards, investment
holding and provision of administrative, management and
marketing services. Operations of the Group are carried out
mainly in Malaysia.  The Company is currently reorganizing the
Group's overall structure in a bid to curb losses it accumulated
in the past.  The Company is employing various policies
formulated to streamline the Group's operations including cost
cutting measures.  With the corporate exercises in place, Sugar
Bun Corporation is expected to recover this year.


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

COLLEGE ASSURANCE: SC's Decision Gives Hope to Plan Holders
-----------------------------------------------------------
A group of 336 College Assurance Plan Philippines Incorporated
plan holders has seen a spark of hope in the Supreme Court's
recent decision to allow the petition the Group lodged against
the pre-need firm, INQ7.Net reveals.

The group filed with the Supreme Court a petition against a
suspension of tuition payments that CAP had asked for and the
Regional Tia Court granted.

The Supreme Court did not suspend the plan holders' petition,
and ordered the Trial Court Judge and CAP officials to submit
their respective comments on the petition.

"After deliberating on the petition for review --the Court,
without giving due course, resolves to require the respondents
to file comment thereon, not a motion to dismiss, within ten
days from notice," the Supreme Court's Second Division said in a
resolution dated March 20.

According to CAP legal counsel Gilbert Reyes, the Company had
expected the Supreme Court resolution.

"The respondent is told not to file a motion to dismiss," Mr.
Reyes told the Inquirer.

"This does not mean that CAP may not seek the outright dismissal
of the petition in its comment."

Mr. Reyes also said that the Supreme Court's decision did not
affect the rehabilitation plan CAP had submitted.

"More importantly, the Supreme Court petition does not stay the
rehabilitation case proceedings, which will simply proceed as if
no petition is pending with the Supreme Court," the Inquirer
quotes Mr. Reyes as saying.

In addition, the plan holders also seek for the cancellation of
the approval of the Trial Court over the Company's
rehabilitation.   

                     About CAP

College Assurance Plans Philippines, Incorporated
-- http://www.cap.com.ph/-- began in 1980 with the birth of its  
mother company - College Assurance Plan. CAP has since expanded
its business to the areas of Pre-need Pension, Distance
Learning, Health Maintenance, Life Insurance, Information
Technology, Financing, Communications and General Insurance.

As of end-2003, CAP's trust fund deficiency amounted to PHP17.2
billion.  According to the Securities and Exchange Commission,
the pre-need firm's trust fund assets, managed by trustee banks,
had not grown sufficiently to match its total actuarial reserve
liabilities (ARL), or its net liability to plan holders worth  
PHP25.6 billion.  CAP recorded a PHP2.8 billion loss in 2003, up
from PHP403.3 million in 2002.

As stated in a September 5, 2005 report by Troubled Company  
Reporter - Asia Pacific, CAP blamed its financial difficulties
on the Securities and Exchange Commission's imposition of the  
Pre-need Uniform Chart of Accounts (PNUCA) in 2002, claiming
that the PNUCA resulted in CAP's "bloated yet theoretical" trust
fund deficiency.  The SEC suspended the Company's license in
2004 due to its alleged trust fund deficiency from the
application of the PNUCA.  CAP filed a rehabilitation petition
with the Makati Regional Trial Court last year.


INTERPHIL LABORATORIES: Names Board of Directors Nominees
---------------------------------------------------------
Interphil Laboratories Incorporated informed the Securities and
Exchange Commission that the Nominating Committee in its meeting
held on April 6, 2006, nominated these stockholders as directors
of the Company for fiscal year 2007.

     * Michael Becker;

     * Francisco R. Billano;

     * Santiago A. Garcia;

     * Kasigod V. Jamias;

     * Jose O. Juliano;

     * Paul Kleiner;

     * Michael Leo T. Luna;

     * Renato B. Magadla; and

     * Ricardo J. Romulo.

Jose O. Juliano and Renato B. Magadla are independent
directorsof Interphil Laboratories Incorporated.

The Company advised that the Board of Directors in its regular
meeting held on April 6, 2006, unanimously agreed not to hold
the Annual Stockholders' Meeting of the Corporation on May 1,
2006, which is the first Monday of May, as stated in Article V,
of the By-Laws, and instead set the said meeting to June 14,
2006, at 3:00 p.m.  The Board has, for the purpose of
determining the stockholders entitled to notice and to vote
during the Company's Annual Stockholders' Meeting, set the
record date to May 2, 2006.

                  About Interphil Laboratories

Interphil Laboratories, Incorporated manufactures, processes and
packs drugs, chemicals, pharmaceuticals, and veterinary
products.  The Company also produces confectionery, balms and
pomade products.  The Group product lines cover dry products,
liquid products, cream and ointments, sterile products and beta
lactams.  The Group products includes plain tablets, sugar or
film-coated tablets, powder and pellet-filled capsules, syrups,
solutions, suspensions, emulsions, suppositories, creams,
pastes, ointments, lotions, gels, injectables, eye drops, nasal
drops and sprays dental anaesthetics sterile ointments, capsules
and powder oral suspension.  The Group also produces
confectionery, balms and pomade products.  The Group products
are exported to Taiwan, China, Hong Kong, Malaysia, Singapore,
Thailand, Australia and New Zealand.

The Company has incurred consecutive losses since 2005.


JG SUMMIT: S&P Places B+ Credit Rating
--------------------------------------
Standard & Poor's Ratings Services assigned its B+ corporate
credit rating to JG Summit Holdings Incorporated, one of the
largest and diversified conglomerates in the Philippines.  The
outlook is stable.

At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.

The notes rank pari passu in right with all other unsecured,
unsubordinated debt, and represent direct, unconditional, and
unsubordinated general obligations of JG Summit.  Proceeds from
the issue were used to refinance maturing debt, and the balance
for general corporate purposes.

"The rating on JG Summit reflects the heightened financial risk
associated with a considerable expansion program by its
subsidiaries in the telecommunications and air transportation
sectors, and cash flow volatility in the petrochemicals,
telecommunications, and air transportation sectors," said
Standard & Poor's credit analyst Nancy Koh.

"In addition, the high level of transactions between related
companies, volatile raw material costs and supply, and adverse
foreign exchange movements also constrain the rating on JG
Summit."

"These weaknesses are, however, offset by the company's
established domestic market position in various core businesses,
business diversification through key subsidiaries and
affiliates, and a favorable cost structure," she said.

Through its subsidiaries and affiliates, JG Summit has
substantial interests in various sectors such as branded
consumer foods, agro-industrial and commodity food products,
property development, hotel management, telecommunications,
petrochemicals, air transportation, international capital, and
financial services.

The company has other business interests in sectors such as
textiles, power generation, printing, and insurance. Most of the
group's operations are in the Philippines, and about two-thirds
of its revenue is in local currency with the balance denominated
in U.S. dollars.
     
"The stable outlook is based on the expectation that the group's
core subsidiaries will continue to command established market
positions in their respective industry segments," said Ms. Koh.
"The outlook also reflects the expectation that the group's
liquidity position will be sustained, and that it will maintain
continued discipline in its investment portfolio."

                    About JG Summit Holdings

JG Summit Holdings Incorporated is engaged in manufacturing and
distributing food and agro-industrial products and commodities;
development, leasing and management of real estate and hotels;
manufacturing and exporting textiles; provision of voice and
data telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.


MANILA ELECTRIC: AGM Slated for May 30
--------------------------------------
The Annual General Meeting of Manila Electric Company will be
held at the Meralco Theater, Lopez Building, Ortigas Avenue,
Pasig City, on May 30, 2006, at 9:00 a.m.

   The agenda of the meeting are:
   
   -- Certification of Notice and Quorum

   -- Approval of the Minutes of the Annual General Meeting of   
      Stockholders held on June 28, 2005

   -- Report of the Chairman and the Chief Executive Officer

   -- Approval of the 2005 Audited Financial Statements

   -- Appointment of Independent Auditors

   -- Election of Directors for the ensuing year

   -- Other business that may be properly brought before the
      meeting

   -- Adjournment

Minutes of the 2005 Annual Meeting of Stockholders will be
available for examination during office hours at the Office of
the Corporate's Secretary.

The Board has fixed the close of business on February 28, 2006,
as the record date for the determination of stockholders
entitled to notice of, and to vote at, the meeting.  The stock
and transfer books of the Company will not be closed.

In accordance with Article I, Section 3 of the Company's By-
Laws, any instrument authorizing a proxy to act shall be
submitted to and received at the principal office of the
Corporation on or before May 20, 2006, 5:00 p.m., addressed to
the attention of the Corporate Secretary.

                       About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric  
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.   
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

The TCR-AP reported on March 31, 2006, that the Company posted a
79.7% decrease in its 2005 net losses to PHP411 million from
PHP2.03 billion in 2004, due to provisions for probable losses
while awaiting a Supreme Court final decision on a pending
unbundling rate case, and the adoption of new accounting
standards.


NATIONAL BANK: Eyes Better Results in FY2006
--------------------------------------------
Philippine National Bank advised that it continued to register
strong financial performance in 2005, ending the year with a net
income of PHP627.5 million, 75% higher than previous year's
level.

The substantial hike in the bank's net income was fueled by the
62% growth in the net interest margin, which stood at PHP5.2
billion at year's end.  Interest income rose by 21% to PHP11.1
billion, boosted by PNB management's aggressive efforts in
restructuring bad loans to performing status, combined with
improving yields and mix in the bank's investment securities.

On the other hand, interest expense was reduced by three percent
to PHP5.8 billion, largely due to the significant growth in
PNB's low-cost deposits amid a generally low-interest-rate
environment.

Meanwhile, PNB's remittance business, focused drive to monetize
its foreclosed properties, and continued rationalization of fees
and charges on bank services resulted in the non-interest income
contributing a hefty PHP6.4 billion to the bank's revenues.

While initiatives to increase PNB's revenue streams were
pursued, operating expenses were also prudently managed, rising
only by eight percent to PHP8.6 billion.

During the year, PNB's total resources increased to P223.1
billion, funded mostly by the PHP6.8 billion growth in deposits.
Reflecting improved asset quality, the bank's nonperforming
loans declined substantially, resulting in an NPL ratio of 23
percent, better than the previous year's ratio of 40%.

Despite the adoption of various new Philippine accounting
standards, PNB's capital adequacy ratio remained high at 17.2%,
well above the 10 percent prescribed by the BSP.

With a strong finish in 2005, PNB is poised to achieve better
financial results this year with a minimum targeted 25% increase
in net income.

                        About PNB

Headquartered in Pasay City, Philippines, Philippine National  
Bank -- http://www.pnb.com.ph/-- is the country's first  
universal bank established on July 22, 1916.  Its primary
mandate was to provide financial services to the agricultural
and industrial sector, and support the government's economic
development efforts.  The privatization of PNB began when it
offered 30% of its stocks to the public on June 21, 1989.  The  
Lucio Tan Group is the single biggest stockholder of the Bank.  
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  It also engages in bill
discounting, fund transfers, remittance servicing, foreign
exchange dealings, retail banking, trust services, treasury
operations and trade finance.   
   
The Bank is undergoing a five-year rehabilitation exercise until  
2007.  In line with a restructuring agreement executed in 2002,
the government and Lucio Tan agreed to jointly sell at least 67%
of the bank's equity.  Mr. Tan acquired some of the Government's
shares in PNB, in exchange for emergency aid to PNB after the
Bank suffered huge losses.  PNB is considered to be well ahead
of its rehabilitation as it booked net profits for four straight
years, due to its strong overseas remittance business and the
sale of non-performing assets.  In 2005, the Bank's net profit
rose to PHP610 million, about 73% more than the PHP353.2 million
profit it reported for 2004.   


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

ACCORD CUSTOMER: SGX-ST Extends AGM Date
----------------------------------------
The Singapore Exchange Securities Trading Limited has granted
Accord Customer Care Solutions Limited and its subsidiaries an
extension of time to hold its Annual General Meeting for the
financial year-end December 31, 2005, up to May 31, 2006,
subject to the Company:

    -- confirming via an SGXNET announcement that there are no
       material differences between the unaudited full-year
       financial statements of the Group for FY2005 announced
       via the SGXNET on March 1, 2006 and the audited full-year
       financial statements of the Group for FY2005;

    -- making an SGXNET announcement on the granting of an
       extension of time by the SGX-ST for the holding of its
       AGM, stating the conditions attached to such extension
       and the reasons for the delay in the holding of its AGM;
       and

    -- obtaining approval from the Accounting and Corporate
       Regulatory Authority for an extension of time for
       the holding of its AGM up to May 31, 2006.

In relation to the condition in (a), the Company confirms that
nothing has come to its attention as at the date of this
announcement that would cause the Unaudited FY2005 Financial
Statements to be inaccurate in any material respect.  
Appropriate announcements will be made by the Company (if
necessary) when the auditors' report of the full-year financial
statements of the Group for FY2005 is completed.

In relation to the condition in (b), the extension of time for
the holding of the AGM is to enable the Company to hold its
Extraordinary General Meeting (relating to inter alia the
proposed renounceable non-underwritten rights issue) on the same
day as the AGM for cost-savings, as well as to accommodate the
delay in the finalization of the audited full-year financial
statements of the Group as nine of its subsidiaries are in the
process of finalizing their financial statements and have not
been able to submit a copy of their accounts (cleared by the
relevant local auditors) to the Company.

These companies are incorporated in the Philippines, Thailand,
Hong Kong, British Virgin Islands and in China.  These
subsidiaries contributed approximately 3.2% in aggregate to the
Group's revenue in FY2005 (based on the unaudited full-year
financial statements of the Group for FY2005) and have a
significant impact on the Group's earnings in FY2005.

Further, accounting staff changes in the Philippines and changes
in personnel responsible for both submission and clearance of
accounts in Hong Kong also contributed to the delay in the audit
progress for these countries.  New personnel needed more time to
familiarize themselves with the accounts, the details of the
FY2004 adjustments and to prepare the necessary schedules and
documents for audit and clearance purposes.

In relation to the condition in (c), the Company will apply to
ACRA for an extension of time for the holding of its AGM up to
May 31, 2006, and will make the relevant SGXNET announcement
when approval is obtained from ACRA.

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

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


OVERSEAS STAR: Court to Hear Wind-Up Petition on April 21
---------------------------------------------------------
A petition to wind up Overseas Star Enterprise Private Limited
was presented to the Singapore High Court on March 30, 2006.

The High Court will hear the petition on April 21, 2006, at
10:00 a.m.

Any creditor of contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the hearing.  A written intention to appear at the hearing must
file a notice to the solicitors not later than April 20, 2006.

Contact: JCDECAUX Singapore Private Limited
         Petitioner
         28 Temasek Boulevard #33-02
         Suntec City Tower 3
         Singapore 038988

         Choo Hin & Partners
         Solicitors for the Petitioners
         10 Anson Road #13-09
         International Plaza
         Singapore 079903


PENYU PIPIH: Liquidators Ask Creditors to Prove Debt by May 8
-------------------------------------------------------------
Liquidators of Penyu Pipih Shipping Private Limited will be
receiving proofs of claim or debt from creditors not later than
May 8, 2006.

Failure to do so will exclude creditors to benefit from any
distribution the Company will make.

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


SEATOWN CORPORATION: Releases Update on Various Transactions
------------------------------------------------------------
Seatown Corporation Limited provided updates to the:

(1) Banking facilities which are in default resulting in the
    outstanding amounts repayable on demand.

Other than matters previously announced by the Company, there
have been no further developments since the date of the earlier
announcement.

(2) Annual Report for the year ended 30.9.05

Paragraph 4(v) of the auditors' report states that the ability
of the Company and the Group to continue as going concerns and
meet their financial obligations as and when they fall due are
dependent, on these factors:

(a) the successful restructuring of the Company's and Group's
    outstanding debts with lenders as at September 30, 2005;

(b) the Group not incurring significant losses in the future and
    being able to secure additional new profitable contracts;

(c) the successful completion of the Investment Agreement with
    King Premier Holdings Limited or any other investment
    agreement with an investor; and

(d) the successful outcome of negotiations between the Group and
    lenders to the Group concerning the preservation of existing
    banking facilities available to the Group including those
    where covenants have been breached not being withdrawn or
    materially reduced by the banks and the indemnities provided
    by the Company to third parties such as financial
    institutions in respect of performance bonds and guarantees
    issued by such third parties on account of its subsidiaries
    not being called upon by such third parties.

Other than matters previously announced by the Company, there
have been no further developments since the date of the earlier
announcements.

(3) Resumption of trading proposal

There have been no further developments since the date of the
last announcement on November 7, 2005, regarding the resumption
of trading proposal to the Singapore Exchange Securities Trading
Limited.

(4) Schemes of arrangement for Seatown Construction Pte Ltd and
    Fermold Pte Ltd

There have been no further developments since the date of the
earlier announcement.

Headquartered in Maxwell House, Singapore, Seatown Corporation  
Limited's group is engaged in construction and commercial
property leasing.  The construction division offers piling,
foundation, civil and building contractors.  It is also engaged
in designing, fabricating and installing pre-cast building
materials.  Commercial property's leasing division handles
rental of commercial properties.  Other activities are
developing properties and investment holding.

The Company was placed under judicial management on September 3,  
1999. The judicial managers were retired on December 19, 2000,
following its acquisition of Seatown Construction group, a Group
restructuring and its shares requoted for trading on SGX-ST.
   

SPECTRUM INFOCOM: Court Decides to Wind Up Firm
-----------------------------------------------
The Singapore High Court has issued an order to wind up Spectrum
Infocom International Private Limited on March 31, 2006.

All creditors of the Company should file their proof of debt
with the Liquidator who will be administering all affairs of the
Company.

Contact: Zahabar Ali
         Liquidator
         Parkinsons LLC
         7500A Beach Road
         #12-313 The Plaza
         Singapore 199591

         Wong Thomas & Leong
         Solicitors for the Petitioner


VIKNESH JEWELLERS: Prepares to Pay Dividend to Creditors
--------------------------------------------------------
The liquidator of Viknesh Jewellers Private Limited will be
receiving proofs of debt or claim from creditors not later than
May 8, 2006.

Non-compliance to the requirement will exclude creditors from
the benefit of any distribution the Company will make.

Contact: Tam Chee Chong
         Liquidator
         c/o 6 Shenton Way
         #32-00, DBS Building Tower Two
         Singapore 068809


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

SAHAMITR PRESSURE: Profit Plunges 39.89% to THB12.40 Mln
--------------------------------------------------------
Sahamitr Pressure Container Public Company Limited has posted a
net profit of THB12.40 million in the year ending December 31,
2005, down 39.89 per cent from the THB20.63 million net profit
it posted in 2004, the Troubled Company Reporter -- Asia Pacific
learns from its financials.

The Company's recorded revenues also decreased 10.05 per cent
from THB2.04 billion in 2004 to this year's THB1.83 billion.

The Company, in a subsequent release to Thailand's Stock
Exchange, blamed the decrease on lower sales and higher raw
material prices.


     Sahamitr Pressure Container Public Company Limited
    Financial Highlights, For the year Ending December 31
                      In Millions of THB

                              2005               2004
                           ----------         ----------
      Assets                   851.84             940.73
      Liabilities            2,005.43           2,106.71
      Equity                -1,153.59          -1,165.99
      Paid-up Capital          240.00             240.00
      Revenue                1,833.03           2,037.92
      Net Profit                12.40              20.63
      EPS(Baht)                  0.52               0.86

Sahamitr Pressure Container Public Company Limited
-- http://www.smpcplc.com-- produces pressure containers for  
liquefied petroleum gas for local and overseas markets under its
SMPC brandname.  The Company's capital deficit started in 2003
registered at THB1.19 billion, the trend continued downward to
2005's THB1.15 billion deficit.  Also in 2003, the Company
posted a THB1.29 billion net loss, which it was able to turn
around with a THB20.63 million profit in 2004.

During the years 1998 to 2000, the creditors of a related
company filed court cases demanding for loan repayments totaling
approximately THB1.80 billion.  The Company, being a guarantor
to the liabilities, was named as a joint defendant in the
lawsuit with a liability of THB1.35 billion.

The related company entered into a debt restructuring agreement
with creditor banks rescheduling the repayments of loans, from
2002 to 2011. The Company, as a loan guarantor, is obliged to
provide a cash advance to the related company for loan
repayments should the related company not have enough cash, with
a balance of obligation of THB1.29 billion as of December 31,
2005, that the Office of the Securities and Exchange Commission
(SEC) ordered the Company, in letter dated April 23, 2004, to
take up the possible damage (including the possible loss on non-
collection of advances to directors who jointly guarantee the
related company's loans) for such obligation in the accounts.

The Company, therefore, took up such obligation by adjusting its
financial statements for the year ended December 31, 2003. As a
result of this transaction, as at December 31, 2005 and 2004,
the Company has deficit of THB1.44 billion and THB1.46 billion,
respectively, with capital deficiency of THB1.15 billion and
THB1.17 billion, respectively.

                     Going Concern Doubt

Eventhough the Company and its related company were successful
in the debt restructuring negotiations, the Company's going
concern is still substantially in doubt and is subject to:

   1. the ability of the related company to operate successfully
      in the future, to change its capital structure and to find
      new strategic partners, including its ability to comply
      with the conditions throughout the terms of its debt
      restructuring agreement to relieve the Company's
      guarantee obligation, and;

   2. the Company's ability to operate successfully in the
      future and to comply with the conditions throughout the
      terms of the debt restructuring agreement.


THAI AIRWAYS: Reenters South Africa via Johannesburg Route
----------------------------------------------------------
The Bangkok-Johannesburg route of Thai Airways International
Public Company Limited is now set to take off in November,
Bangkok Post relates.  The route was put off in December due to
a shortage in aircraft.  

The gradual entry of new aircraft into the airline's fleet,
which has already reached around 90, had enabled the South
African service to go ahead.

Vasing Kittikul, Thai Airway's executive vice-president for
commercial affairs told the Post that Johannesburg offered
significant opportunities for the carrier, which would co-
operate with South African Airways (SAA) under a code-sharing
agreement to be signed this week.

Thai Airways will fly non-stop thrice a week to Johannesburg via
its long-range Airbus A340-600 jets, capable of carrying 260
people.  The flight will take about 10 hours.

The Johannesburg service would resume the direct aviation link
between Thailand and South Africa, since the suspension of the
SAA flights some years ago, which were also code-shared with
Thai Airways but used SAA planes.

Aside from that, the route would also help bolster the role of
Bangkok as an Asian hub for contacts with Africa.

Mr. Vasing is hopeful that the flight would attract a mixture of
leisure and business travelers and, the airline hoped, result in
high occupancies after a short time.

The expected occupancy for the service at its early stage is
75%, with about 65% of the seats being point-to-point traffic.

Aside from Johannesburg, the code-sharing with SAA will extend
to international South African destinations such as Durban and
Cape Town, and to Southern African countries including Botswana,
Namibia and Zimbabwe.

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 DURABLE: 2005 Net Loss Widens Slightly to THB353 Million
-------------------------------------------------------------
Thai Durable Group Public Company Limited posted a THB352.73
million net loss for the year ending December 31, 2005, a slight
4.84 per cent increase from the previous corresponding period's
THB336.46 million net loss.

The Troubled Company Reporter -- Asia Pacific also learns from
the Company's financials that the revenue for 2005 was pegged at
THB558.15 million, a 41.10 per cent decrease from last year's.

A reduction in sales price, more intense competition, the high
price of raw materials altogether caused the decline in
revenues.

This was further exacerbated by the Company's lack of capital to
purchase sufficient raw materials and spare parts resulting in
low production, and a further rise in production costs.

                Spinning Mill to Stop Spinning

Another significant even within the year cost the Company,
almost THB16 million. Since December 2005, the Company has
temporarily stopped production of a spinning mill and will stop
the remaining spinning mills and weaving mills until March 31,
2006.  The closure caused the lay off of  211 employees at the
cost of THB15.7 million, which was presented as a separate item
in the statement of income for the year ended December 31, 2005.


          Thai Durable Group Public Company Limited
    Financial Highlights, For the year Ending December 31
                      In Millions of THB

                              2005               2004
                           ----------         ----------
      Assets                 1,204.96           1,460.51
      Liabilities              820.74             781.69
      Equity                   384.21             678.82
      Paid-up Capital        3,293.37           2,830.10
      Revenue                  558.15             947.67
      Net Profit              -352.73            -336.46
      EPS(Baht)                 -0.87              -0.88

                    No Dividend Payout

In a subsequent release to the Stock Exchange of Thailand, the
Company has announced that its Board of Directors passed a
resolution in its BOD Meeting held on March 28, 2006 not to
allocate net profit as legal reserve in the amount of 5% of the
net profit of the Company  and  not pay the dividend from the
2005 operating income.

The Thai Durable Group Public Company Limited
-- http://www.tdt.co.th-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

The Company is under the REHABCO, or Companies under
Rehabilitation sector, of Thailand's Stock Exchange.

                 Going Concern of the Company

The Company had sustained significant accumulated losses and has
suffered recurring loss from operations. The Company has deficit
as at December 31, 2005 amounting to THB2.0 billion. The Company
incurred negative cash flows from operating activities for the
year ended December 31, 2005 amounting to THB73.3 million. The
Company's current liabilities exceeded its current assets as of
December 31, 2005 by THB644.4 million. Moreover, the Company
could not repay short-term loans and long-term loans from two
local banks which were due and on January 27, 2006, the Company
as sued by a local bank to repay all short-term loans and long-
term loans totalling Baht 273.8 million (including principal and
accrued interest). In addition, the management is in the process
of negotiating for the postponement of loans from another local
bank. The ultimate outcome of these matters cannot presently be
determined. Presently, the Company is performing a feasibility
study to change its current business.

As a result, the continuing operation of the Company in the
future substantially depends on a) results of the negotiation
with the financial institution creditors relating to the
postponement of such loans, and on b) the new business plan of
the Company and its ability to operate successfully in the
future and has adequate cash flows from operations. These
matters indicate the existence of a material uncertainty about
the Company's ability to continue its operation as a going
concern.  The accompanying financial statements for the year
ended December 31, 2005 have been prepared assuming that the
Company will continue its operations as a going concern.
Accordingly, they do not include any adjustments relating to the
recoverability of the carrying value and classification of
assets or the amount and classification of liabilities that
might be necessary should the Company be unable to continue its
operation as a going concern.


THAI PETROCHEMICAL: Unveils Progress of Reorganization Plan
-----------------------------------------------------------
Thai Petrochemical Industry Public Company Limited provided an
update to its reorganization plan for the October 1, 2005 to
March 31, 2006 period.          
                      
   * Capital Restructuring
     
     -- According to the Ministry of Finance's stock allotment
        scheme for strategic investors, scheme creditors and
        existing shareholders totaling 17,548,453,660 shares  
        of common stock at THB3.30 per share, all stock
        subscribers made the payment on December 13, 2005
        amounting to THB57,909 million.

     -- Regarding the 975,000,000 shares of common stock
        which were registered for the Employee Stock Option
        Program (ESOP), the Securities Exchange Committee of
        Thailand (SEC) on January 25, 2006 notified that it did
        not approve the filing for ESOP because Prachai  
        Leopairatana, an executive, is under the SEC's
        accusation for misconduct in securities trading.  Thus,
        in accordance with SEC's Notification, the company with
        a misconduct executive is not eligible for any security
        issuance which is subject to SEC's approval.
          
   * Seeking Permission to Exit the Reorganization Plan
     
     -- The Plan Administrator on December 29, 2005 submitted a
        petition to the Central Bankruptcy Court seeking
        permission to exit debt rehabilitation plan because all
        terms and conditions stipulated in the company's
        rehabilitation plan has been accomplished.  However, the
        Court postponed the hearing from February 1 to April 26,
        2006.
        
   * Operating Performance
   
                           Finance
       
     -- The sale of TPIPL Shares
     
        On September 22, the Plan Administrator had arranged the
        second round of sale of TPI Polene shares. There were
        two bidders who participated in the auction.  Only one
        bidder offered the highest price of THB17 per share
        which would make the total receipt from sale lower than
        US$250 million.  According to the Business
        Reorganization plan, such the bid price is subject to   
        "Right of First Refusal from creditors."

        Therefore, the Planner submitted the result of the bid
        to the Committee of Creditor for consideration if they
        wish to exercise the Right of First Refusal.  
        
        Eventually, the COC notified on October 21, 2005, that
        they would buy up all 249,007,294 of TPIPL shares at
        THB41.18 per share.  Thus, the proceeds from sale of all
        TPIPL shares amounted to US$250 million was applied to
        repay the Scheme Creditors and all the accrued interest
        were forgiven intact.
        
     -- The debt repayment
         
        Besides the repayment to the Scheme Creditors from
        the sale proceeds of TPIPL shares of US$250 million, the
        Planner made the second repayment on December 29, 2005,
        out of the proceeds from the company's new stock
        issuance amounted to THB57,000 million.  Thus, as at
        March 31, 2006 total debt outstanding was equivalent to
        approximately THB37,895 million.
         
     -- Production
      
        The average crude run for the period of six months ended
        March 31, 2006 was 178,000 barrels per day.  There
        will be a turn around of 3 refinery plants during the
        second half of year 2006, so crude run for the year
        ended 2006 will be somewhat below 178,000 barrels per
        day.
      
        The Company has renewed long term purchasing contracts
        with the crude suppliers in the region and the middle
        east to ensure the consistent supply for the refinery.
         
     -- Outstanding Litigation
      
        Outstanding litigation under the current Plan
        Administrator between October 1, 2005 to
        March 31, 2006 are:
         
        (1) Cases related to the rehabilitation of TPI and
            its subsidiaries could be divided into:

            (a) 31 cases and petitions related to the company
                rehabilitation plan that are on trial by  
                either the Central Bankruptcy Court or Supreme
                Court.
              
            (b) 19 cases related to the rehabilitation of TPI
                and its subsidiaries existing during the term
                of current Planner's administration are in
                jurisdiction of other courts.
                
        (2) 70 ordinary course of business cases, including
            commercial contract default cases, trade agreement
            cases, check cases and labor cases.
             
            The Plan Administrator on December 29, 2005, filed
            a petition to the Central Bankruptcy Court
            requesting the court to order the termination of
            the business rehabilitation of the Company and its
            subsidiaries since not only all terms and
            conditions stipulated in the Business
            Reorganization Plan had been accomplished but what
            the Planner is doing now is far beyond the target
            set forth.  The Central Bankruptcy Court scheduled
            the hearing on April 26, 2006.
          
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.



                            *********

  
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