TCRAP_Public/060417.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  

            Monday, April 17, 2006, Vol. 9, No. 075


                            Headlines



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

ACLA CONSTRUCTIONS: To Pay Second Dividend on April 18
AUSWIDE COURIER: Court Orders Winding Up
AVIEMORE PTY: Macintosh Ceases to Act as Receiver
AWB LIMITED: Prime Minister Testifies at Iraq Wheat Inquiry
BCS SCAFFOLDING: Members, Creditors Agree to Wind Up Operations

CHIVELLE J: Members Opt for Voluntary Liquidation
COLOMBO PROPERTIES: Creditors Should Prove Claims by April 21
D BRADFORD: Appoints Official Liquidators
DICKSON GROUP: Shareholders Opt to Wind Up Operations
DJ CUSTOM: Liquidator to Present Wind-up Report

GAP IN THE MARKET: Liquidation Hearing Slated for April 24
HADOLIGHT PTY: Members Meet to Discuss Winding Up
HAVEN GARAGES: CIR Files Petition to Liquidate Firm
H.D. ROONEY: Enters Voluntary Liquidation
MANILLA MOTORS: Faces Liquidation Proceedings

MEGAYARD PTY: Inability to Pay Debt Prompts Wind Up
MORIBUND HOLDINGS: Picks T. C. W. Bastion as Liquidator
NEON ADVERTISING: Members and Creditors Final Meeting Set Today
NEW IMAGE MEDICAL: Placed in Voluntary Liquidation
NORTHSHORE TAVERNS: Court to Hear Liquidation Petition on May 4

SAMP LIMITED: Prepares to Liquidate Assets
TELSTRA CORPORATION: T3 Sale Decision Likely in May
TELSTRA CORPORATION: In Talks with ACCC to Resolve FTTN Deadlock
TELSTRA CORPORATION: Watchdog Slaps Competition Notice
WATTYL LIMITED: Board Endorses Baroloworld Offer

WESTPOINT GROUP: Directors' Assets Freeze Orders Continue


C H I N A   &   H O N G   K O N G

ACCESS TREE: Creditors Must Prove Debt or Claims by May 11
BANK OF CHINA: Sacks 75 Officials Ahead of IPO
CHINA LIONS: Creditors to Prove Debts on May 8
CHINA PROFIT: Sets Deadline for Filing Proofs of Claims
CONFORD HOLDINGS: Creditors' Proof of Debts Due on May 11

GLORY WORLDWIDE: Creditors Must File Proofs of Claim by May 11
GOLD MOUNTAIN: Creditors to Prove Debts on May 11
LG.PHILIPS LCD: Swings to CNY48 Bln Profit in 1Q/2006
WEIYUEN FOODSTUFF: Liquidator Accepting Claims Until May 11
YEAR FORTUNE: Court to Hear Wind-up Petition on May 3

YUEN TAI: Receiving Proofs of Claims Until May 11
SHENZHEN WAHSHUN: Creditors' Proofs of Claims Due May 11


I N D I A

BHARAT PETROLEUM: Provenco to Supply Forecourt Technology
TRANSFORMERS AND ELECTRICALS: Hopes to Come Out of BIFR in 2006


I N D O N E S I A

PERTAMINA: Unit to Sign Deal With Iranian Oil Firm


J A P A N

KANEBO LIMITED: Former Officials Get Jail Terms
LIVEDOOR CO.: Usen Takes Full Control of Liquidation
MITSUBISHI MOTORS: 2007 Outlander Makes North American Debut
MITSUBISHI MOTORS: To Invest in China Motor Corporation
TAIHEIYO CEMENT: Lifts Rating to Baa3 From Ba2


K O R E A

HYUNDAI MOTOR: Prosecutors Raid Accountants as Probe Widens
KOREA EXCHANGE: BAI Says Bank Overstated Bad Assets


M A L A Y S I A

ASIAN PAC: Wins More Time to Comply with Equity Condition
AVANGARDE RESOURCES: Bad Debts Drive Shareholders' Deficit
BIMB HOLDINGS: Foreign Interest Stays Within Legal Limit
LITYAN HOLDINGS: Gets 180-day Restraining Order Extension
PANGLOBAL BERHAD: Court Extends Restraining Order for 180 Days

PATIMAS COMPUTERS: Withdraws Stake Purchase Plan
POLYMATE HOLDINGS: Works Out Final Regularization Plan
PROTON HOLDINGS: Urges Vendors to Consolidate
TELEKOM MALAYSIA: Court Bans Involvement in Asset Deals


P H I L I P P I N E S

MIRANT CORPORATION: Incurs US$1.3 Billion Net Loss in 2005
MIRANT CORPORATION: Philippine Assets Sale Still Uncretain
NATIONAL FOOD: Secures Rice Supply to South Cotabato
RB MAGALANG: To Finalize Liquidation Proceedings
RB STA. MARIA: Finality of Liquidation Proceedings Set on May 26


S I N G A P O R E

AVANZI ENTERPRISE: Creditors Have Until April 21 to Prove Debt
CHEMPET ENGINEERING: Intends to Pay Preferential Dividend
RICHMALL HOLDINGS: Pays Dividend to Creditors
PTS ENGINEERING: Court to Hear Wind-Up Petition on April 21
RHOMBIC PRIVATE: Creditors Receive Dividend Payment

SANIPAK TRADING: Creditors Should Prove Debt Next Month
VIE SHIPPING: Creditors' Proofs of Claims Due April 21


T H A I L A N D

THAI-DENMARK SWINE: Unveils Progress of Restructuring Exercise
THAI HEAT: Implements Reorganization Plan
THAI NAM: Exits Companies Under Rehabilitation Sector of SET


     - - - - - - - -

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

ACLA CONSTRUCTIONS: To Pay Second Dividend on April 18
------------------------------------------------------
ACLA Constructions Pty Ltd will distribute its second and final
dividend on April 18, 2006.

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

Contact: M. E. Slaven
         Liquidator
         Unit 12, Level 3 Engineering House, 11 National
         Circuit, Barton, Australian Central Territory 2600
         Australia


AUSWIDE COURIER: Court Orders Winding Up
----------------------------------------
The Supreme Court of New South Wales, Equity Division, on
March 10, 2006, issued an order to wind up Auswide Courier
Services Pty Limited.

The Court also directed the appointment R. J. Porter of Moore
Stephens as official liquidator.

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


AVIEMORE PTY: Macintosh Ceases to Act as Receiver
-------------------------------------------------
Alexander Robert Mackay Macintosh, Aviemore Pty Limited's former
receiver appointed under the powers contained in a Court Order
dated March 1, 1989, has ceased to act as such on February 14,
2006.

Contact: Alexander Robert Mackay Macintosh
         former Court Appointed Receiver
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Web site: www.mcgrathnicol.com.au


AWB LIMITED: Prime Minister Testifies at Iraq Wheat Inquiry
-----------------------------------------------------------
Prime Minister John Howard on April 13, 2006, testified at a
judicial inquiry into alleged illicit payments made by
Australia's wheat exporter to Saddam Hussein's Iraq, Reuters
reports.

Mr. Howard was called as a witness after providing a sworn
statement to the Cole Royal Commission of Inquiry Wednesday last
week.

The inquiry relates to an allegation that AWB paid some AU$$360
million to the former Iraqi leader's government during the
operation of the oil-for-food scheme.

During the hour-long questioning, Howard denied he saw
diplomatic cables warning up to six years ago that the former
Iraqi government was breaching United Nations sanctions.

The Prime Minister echoed earlier testimony from his foreign and
trade ministers, saying he had not seen 21 diplomatic cables
between 2000 and 2004 warning of possible AWB kickbacks.

The Troubled Company Reporter - Asia Pacific reported on
April 3, 2006, that the Cole Inquiry had directed Mr. Downer and
Trade Minister Mark Vaile to provide evidence and written
statements of their knowledge regarding the kickback payments
made by AWB to Iraq.

The Associated Press relates that Mr. Vaile appeared before the
Cole Inquiry on April 10, 2006.  Foreign Affairs Minister
Alexander Downer then testified the day after.

As reported by the TCR-AP, a senior Foreign Affairs official
revealed that eight years ago, she had prepared a ministerial
submission for Ministers Downer and Mr. Vaile detailing that a
Jordanian trucking firm hired by AWB might have funneled money
to Saddam Hussein's regime in breach of UN sanctions.  

Moreover, the TCR-AP also reported that the Cole Commission had
found out that cables were sent to the ministers two years ago
warning them that every contract under the UN's oil-for-food
program contained bribes.  Yet, despite the warning, the
Department of Foreign Affairs and Trade did not carry out any
rigorous review.  

Mr. Howard is the first Australian leader to face such an
investigation first in over 23 years.

Bloomberg says that the last Australian prime minister to appear
before an independent inquiry was Bob Hawke, who gave evidence
relating to a Russian spy scandal in 1983.

                           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.   


BCS SCAFFOLDING: Members, Creditors Agree to Wind Up Operations
---------------------------------------------------------------
At an extraordinary general meeting of members and creditors of
BCS Scaffolding Pty Ltd, it was decided that the Company be
wound up voluntarily.

Brent Kijurina was then appointed to oversee the Company's
liquidation.

Contact: Brent Kijurina
         Liquidator
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


CHIVELLE J: Members Opt for Voluntary Liquidation
-------------------------------------------------
Members of Chivelle J Pty Ltd on March 1, 2006, passed a
resolution to voluntarily wind up the Company's operations.

Subsequently, A. Thomas Fernandez and Gregory Stuart Andrews
were named Joint Liquidators.

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


COLOMBO PROPERTIES: Creditors Should Prove Claims by April 21
-------------------------------------------------------------
Creditors of Colombo Properties Limited are required to prove
their debt or claims not later than April 21, 2006.

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

Contact: T. C. W. Bastion
         Liquidator    
         Terry Bastion, KBC House
         272 Karori Road, Karori
         Wellington
         New Zealand
         P.O. Box 17-344, Karori
         Wellington
         Telephone: (04) 476 5775
         Facsimile: (04) 476 5778


D BRADFORD: Appoints Official Liquidators
-----------------------------------------
At D Bradford Pty Limited's general meeting on March 3, 2006,
members apponted P. J. Fitzgerald to oversee the Company's
liquidation.

Contact: P. J. Fitzgerald
         Liquidator
         c/- KPMG
         Level 3, 63 Market Street
         Wollongong, New South Wales 2500
         Australia


DICKSON GROUP: Shareholders Opt to Wind Up Operations
----------------------------------------------------
Shareholders of Dickson Group Limited resolved on March 29,
2006, that the Company be wound up voluntarily.

Subsequently, Jeffrey Philip Meltzer and Rachel Mason were
appointed as liquidators.

The Liquidators required the Company's creditors to prove their
debt or claims not later than June 3, 2006.  Failure to do so
will exclude creditors to benefit from any distribution the
Company will make.

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


DJ CUSTOM: Liquidator to Present Wind-up Report
-----------------------------------------------
A joint meeting of the members and creditors of DJ Custom Design
Pty Ltd will be held for the parties to receive Liquidator R. W.
Whitton's final account showing how the Company was wound up and
how its property was disposed of.

The meeting will be held on April 17, 2006, at 10:30 a.m.

Contact: R. W. Whitton
         Liquidator
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000


GAP IN THE MARKET: Liquidation Hearing Slated for April 24
----------------------------------------------------------
On January 26, 2006, an application to liquidate Gap in the
Market Limited was filed before the High Court of Wellington.

The Application will be heard before the Court at Wellington on
April 24, 2006, at 10:00 a.m.

An appearance must be filed not later than April 20, 2006, to
enable any person to attend the hearing.

Contact: Commissioner of Inland Revenue
         Plaintiff        
         Andrew Hamer Instone
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay
         P.O. Box 1462, Wellington
         New Zealand
         Telephone: (04) 802 8133
         Facsimile: (04) 802 8187


HADOLIGHT PTY: Members Meet to Discuss Winding Up
-------------------------------------------------
A final meeting of the members and creditors of Hadolight Pty
Limited was held on April 13, 2006.

At the meeting, Liquidator Timothy John Ryan discussed 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: G. G. Woodgate
         Liquidator
         c/- Woodgate & Co
         Telephone: (02) 9233 6088


HAVEN GARAGES: CIR Files Petition to Liquidate Firm
---------------------------------------------------
The Commissioner of Inland Revenue has filed with the High Court
of Christchurch an application to liquidate Haven Garages CHCH
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 28, 2006.

Contact: P. J. Shamy
         Solicitor for the Plaintiff
         Raymond Donnelly & Company
         Barristers and Solicitors
         Level Five, Amuri Courts
         293 Durham Street
         P.O. Box 533, Christchurch
         Telephone: (03) 366 0264
         Facsimile: (03) 366 7474


H.D. ROONEY: Enters Voluntary Liquidation
-----------------------------------------
On March 6, 2006, members of H.D. Rooney & Son Pty Ltd resolved
that the Company be wound up voluntarily.

Priit Ari Taylor was then appointed to liquidate and distribute
the Company's assets.

Contact: Priit Ari Taylor
         Chartered Accountant
         48 Greenhill Road
         Wayville, South Australia 5034
         Australia


MANILLA MOTORS: Faces Liquidation Proceedings
---------------------------------------------
The High Court of Auckland received an application to liquidate
Manilla Motors Limited on January 24, 2006.

The Court will hear the Application on April 21, 2006, at 10:45
a.m.

Any person wishing to appear at the hearing is required to file
an appearance not later than April 19, 2006.

Contact: Commissioner of Inland Revenue
         Plaintiff
         Simon John Eisdell Moore
         Crown Solicitor   
         Solicitor for the Plaintiff  
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         P.O. Box 2213 or D.X. C.P. 24-063
         Auckland
         New Zealand
         Telephone: (09) 336 7556


MEGAYARD PTY: Inability to Pay Debt Prompts Wind Up
---------------------------------------------------
Megayard Pty Ltd has determined that, due to its inability to
pay its debts, a voluntary wind-up of its business operations is
appropriate and necessary.

Subsequently, the Company appointed Peter Anthony Lucas as
Liquidator for the wind-up.

Contact: Peter Anthony Lucas
         P. A. Lucas & Co, Chartered Accountants
         Level 8, 100 Edward Street
         Brisbane, Queensland
         Australia
         Telephone: (07) 3232 5200
         Facsimile: (07) 3003 0334


MORIBUND HOLDINGS: Picks T. C. W. Bastion as Liquidator
-------------------------------------------------------
On March 30, 2006, Terence Charles Webb Bastion was appointed as
liquidator to facilitate the liquidation of Moribund Holdings
Limited's assets.

Mr. Bastion requires the Company's creditors to prove their debt
or claims not later than April 21, 2006.

Contact: T. C. W. Bastion
         Liquidator    
         Terry Bastion, KBC House
         272 Karori Road, Karori
         Wellington
         New Zealand
         P.O. Box 17-344, Karori
         Wellington
         Telephone: (04) 476 5775
         Facsimile: (04) 476 5778


NEON ADVERTISING: Members and Creditors Final Meeting Set Today
---------------------------------------------------------------
A joint meeting of the members and creditors of Neon Advertising
Pty Ltd will be held for the parties to receive Liquidator R. W.
Whitton's final account showing how the Company was wound up and
how its property was disposed of.

The meeting will be held on April 17, 2006, at 10:30 a.m.

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


NEW IMAGE MEDICAL: Placed in Voluntary Liquidation
--------------------------------------------------
On March 8, 2006, members of New Image Medical (Aust) Pty Ltd
resolved that the Company be wound up voluntarily.

Subsequently, Kimberley Andrew Strickland and Christopher
Michael Williamsonwas were appointed as liquidator at a
creditors meeting held later that day.

Contact: K. A. Strickland
         Liquidator
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, West Australia 6000
         Australia


NORTHSHORE TAVERNS: Court to Hear Liquidation Petition on May 4
---------------------------------------------------------------
The High Court of Auckland received on March 15, 2006, an
application to liquidate Northshore Taverns Limited.

The Court will hear the Petition on May 4, 2006, at 10:45 a.m.

Any person wishing to appear at the hearing is required to file
an appearance not later than May 2, 2006.

Contact: Raewyn Leigh Fahey
         Cleaver & Company Trustees Limited
         as trustees of the Michael Leigh Trust   
         Butelaw, Solicitors
         John Rust
         Solicitor for the Plaintiffs
         P.O. Box 35-563, Browns Bay
         Auckland
         New Zealand


SAMP LIMITED: Prepares to Liquidate Assets
------------------------------------------
On March 1, 2006, SAMP Limited was placed into voluntary
liquidation.

The Company's creditors are therefore given until April 21,
2006, to prove their debt or claims to benefit from any
distribution the Company will make.

Contact: T. C. W. Bastion
         Liquidator    
         Terry Bastion, KBC House
         272 Karori Road, Karori
         Wellington
         New Zealand
         P.O. Box 17-344, Karori
         Wellington
         Telephone: (04) 476 5775
         Facsimile: (04) 476 5778


TELSTRA CORPORATION: T3 Sale Decision Likely in May
---------------------------------------------------
Finance Minister Nick Minchin is expected to put a final
proposal on the sale of the Government's remaining stake in
Telstra Corporation Limited in May this year, Dow Jones
Newswires.

A decision about the sale would have to be made in May to meet a
target for the AU$26 billion privatization Minchin has
previously slated for October of November.

The Australian Financial Review reports that Minchin will put a
final T3 sale proposal to cabinet on May 8, a day before
Treasurer Peter Costello brings down his fiscal 2006-07 budget.

Prime Minister John Howard previously said the government isn't
a distressed seller and won't sell its Telstra stake just to get
it off Canberra's books.

Meanwhile, AFR says that Telstra and the Australian Competition
and Consumer Commission have made a significant breakthrough
over the telecommunications group's plans to upgrade its network
by building a 3.1 billion aud fiber-to-node network.

Telstra had put on hold plans to build the high-speed network
until it got greater certainty on rules governing rival's access
to the proposed network.

Forbes relates that the issue of wholesale prices Telstra
charges its rivals to access its copper network is likely to be
resolved before the government hands down its annual budget on
May 9.

                         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: In Talks with ACCC to Resolve FTTN Deadlock
----------------------------------------------------------------
The Australian Competition and Consumer Commission has reassured
the telecommunications industry and the public that decisions
about access to any fiber-to-the-node network would only be made
after public scrutiny and due process.

The ACCC and Telstra have recently been discussing a possible
investment by Telstra in a FTTN network upgrade.

At this preliminary stage, Telstra has been explaining its needs
for regulatory certainty as to access arrangements before making
an investment decision.  It also wishes to ensure that it can
recover the costs of investment in new infrastructure before it
proceeds with any investment.

In turn, the ACCC has signaled its longstanding view that
regulatory arrangements should provide incentives in the long
term for both facilities-based competition and competition in
downstream services.

"The discussions have been constructive", ACCC Chairman,
Mr. Graeme Samuel, said.  "However, no decisions have been made,
nor any agreement reached".

Rather the discussions should put Telstra in a position to
develop a comprehensive undertaking, which can be submitted to
full public consultation.

The ACCC would then be able to receive and fully consider the
views of the industry and the public before making any decision
on access arrangements, including whether and how the existing
ULL declaration should continue to apply either where FTTN has
been rolled out or elsewhere.

Ultimately any regulatory outcome should take into account the
incentives for investment in a FTTN network upgrade, the
desirability of promoting competition and the interests of all
stakeholders - including those carriers who have already made
broadband investments based on the existing unbundled local loop
declaration.

It is anticipated that public consultation on a proposal will be
sought as early as May 2006.

Telstra's FTTN proposal is for an upgrade to the fixed
telecommunications network that brings fibre closer to the home
for four million businesses and homes, who are currently too far
from an exchange to receive advanced broadband speeds of 12 Mb
per second or more. Telstra estimates the capital costs of
construction at AU$3 billion.

                         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: Watchdog Slaps Competition Notice
------------------------------------------------------
Telstra Corporation has received a competition notice issued by
the Australian Competition and Consumer Commission after the
telco increased the price of its Home Access product.

The price hike resulted in Telstra's retail prices for the for
the line rental component of the majority of its fixed voice
products being below its wholesale price for line rental.

The ACCC said that the price increase would likely deter
Telstra's wholesale customers from competing for certain types
of retial customers, would reduce the incentives of Telstra's
retail competitors to compete for new or existing customers and
would reduce the ability of Telstra's retail competitors to
expand product offerings and invest in infrastructure.

The competition notice allows third parties to take action to
seek to recover loss or damage for certain anti-competitive
conduct that occurs while the notice is in force.  It also
provides various options for the resolution of the ACCC's
competition concerns. Further action by the ACCC will depend on
a number of factors, including the outcome of the continuing
investigation as well as any action taken by Telstra in response
to the notice.

IT Wire relates that the Competitive Carriers Coalition has
commended the ACCC for resisting Telstra's anti-competitive
behavior.

Telstra last November moved to increase the price for line
rental for any customer that chose another telecommunications
provider, and has since acted to increase prices for phone calls
and broadband.

According to the CCC executive director, David Forma: "This is a
clear pattern of attack by Telstra designed to use its enormous
market power to force consumers to buy all their services from
it and no-one else. It is crucial that the ACCC now act quickly
to follow up today's move by taking court action to have Telstra
fined for its behavior."

                         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.


WATTYL LIMITED: Board Endorses Baroloworld Offer
------------------------------------------------
Wattyl Limited's board has finally recommended Barloworld
Limited's takeover offer in the absence of a superior bid, Dow
Jones Newswires relates.

The Board now advises Wattyl shareholders to accept Barloworld's
AU$3.80-per-share offer, which is within an independent expert's
valuation range of AU$3.59-AU$4.21 a share.

As reported by the Troubled Company Reporter - Asia Pacific in
February 2006, Barloworld's AU$3.80-per-share offer for Wattyl
knocked off Allco's hostile takeover bid of AU$3.25 per share.  
The South African group subsequently won the support of Wattyl's
board of directors.  The offer closes on May 19.

The TCR-AP also reported earlier that Barloworld is currently in
discussions with the Australian Competition and Consumer
Commission to address the regulator's concerns that a Barloworld
takeover, which would merge the number two and number three
paintmakers, would substantially reduce competition.  
Barloworld, on the other hand, is firm on its belief that a
merger with Wattyl would be beneficial to the industry and the
consumers.

The Australian Competition and Consumer Commission has said it
will make its final view known on May 4.

                      About Wattyl Limited

Headquartered in New South Wales, Australia, Wattyl Limited
-- http://www.wattyl.com.au/-- is engaged in the manufacture  
and marketing of paints, resins and related products.  In June
2005, Wattyl commenced its business and finance restructuring
program, which includes the re-allocation of its marketing
budget and increased expenditure on strengthening Wattyl's
brands and positioning the business or future growth.  In
December 2005, Allco Equity Partners made an AU$285-million
hostile takeover bid for Wattyl.  South Africa's Baroloworld,
however, made a friendly counter-offer of AU$321 million, which
won the support of Wattyl's Board.


WESTPOINT GROUP: Directors' Assets Freeze Orders Continue
---------------------------------------------------------
Interim court orders obtained by the Australian Securities and
Investments Commission, freezing the assets of four former
Westpoint directors and four companies associated with Norman
Phillip Carey, have been continued until April 20, 2006.

The interim orders were extended yesterday following a hearing
in the Federal Court in Perth. The extension has been made so
that the Court may consider its decision on ASI''s application.

The orders affect Mr. Carey, Graeme John Rundle, John Norman
Dixon and Cedric Richard Palmer Beck, as well as Richstar
Enterprises Pty Ltd, Westpoint Realty Pty Ltd, Bowesco Pty Ltd
and Redchime Pty Ltd.

In summary, the Court has extended the orders so that:

     -- each defendant, by themselves, their servants, agents
        and employees is restrained until 2:15 p.m. on April 20,
        2006, from disposing of any of their assets whether held
        legally or beneficially by them; and

     -- Messrs Carey, Beck, Rundle and Dixon are restrained
        until 2:15 p.m. on April 20, 2006, from leaving
        Australia and from coming within 100 meters of an
        Australian point of overseas departure.

The Court's orders still permit the defendants to pay ordinary
operating and living expenses, as well as costs incurred in
these proceedings.

ASIC is seeking the appointment of receivers to the assets of
the four directors and three of the four companies.  Receivers
have already been appointed by a secured creditor over Bowesco
Pty Ltd.

The matter returns to the Federal Court on April 20, 2006.  

                         About Westpoint

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

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

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


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

ACCESS TREE: Creditors Must Prove Debt or Claims by May 11
----------------------------------------------------------
Access Tree Industrial Limited intends to settle all of the
Company's outstanding debts as part of its restructuring plan.

Accordingly, liquidators fixed May 11, 2006, as the last day for
creditors to make their claims and establish any priority their
claims may have.

Creditors who have not made a claim at the date a distribution
is declared will be excluded from the benefit of that
distribution and those creditors may not object to that
distribution.

For any queries on the Company's restructuring scheme, contact
Carmen Lee at 3121 9841 or Vincent Lee at 3121 9837.

Contact: Gabriel CK Tam
         Jakcy CW Muk
         Joint and Several Provisional Liquidators
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong.


BANK OF CHINA: Sacks 75 Officials Ahead of IPO
----------------------------------------------
The Bank of China has dismissed 75 executives for corruption
ahead of a planned initial public offering later this year,
MarketWatch relates.

The 21st Century Business Herald states that 11 provincial-level
branch managers and deputy managers were sacked.  Another 41
branch managers at subordinate levels were fired or resigned.  

As reported by Troubled Company Reporter - Asia Pacific on March  
28, 2006, The Bank of China is looking to raise HK$6 billion in
an initial public offering in Hong Kong on June 8, 2006.

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.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.


CHINA LIONS: Creditors to Prove Debts on May 8
-------------------------------------------------
China Lions Development Limited will be receiving creditors'
proof of debts or claims on or before May 11, 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: Gabriel CK Tam
         Jakcy CW Muk
         Joint and Several Provisional Liquidators
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


CHINA PROFIT: Sets Deadline for Filing Proofs of Claims
-------------------------------------------------------
Creditors of China Profit Development Limited have until
May 11, 2006, to submit the particulars of their claims, as well
as any information regarding their solicitors, to the
Company's joint and provisional liquidators, Gabriel CK Tam and
Jacky CW Muk.

Creditors who are unable to formally prove their claims will be
excluded from any distribution.

For any queries on the Company's restructuring scheme, contact
Carmen Lee at 3121 9841, or Vincent Lee at 3121 9837.

The joint liquidators can be accessed at:

         Gabriel CK Tam
         Jacky CW Muk
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


CONFORD HOLDINGS: Creditors' Proof of Debts Due on May 11
---------------------------------------------------------
Conford Holdings Limited will be receiving proofs of claims and
debts from the creditors on or before May 11, 2006.

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

Failure to present claims would mean exclusion from the benefit
of any distribution that the company will make.

Contact: Gabriel CK Tam
         Jakcy CW Muk
         Joint and Several Provisional Liquidators
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


GLORY WORLDWIDE: Creditors Must File Proofs of Claim by May 11
--------------------------------------------------------------
Creditors of Glory Worldwide Services Limited are required to
present proofs of claim on or before May 11, 2006, to the
Company's joint liquidators Gabriel CK Tam and Jacky CW Muk.

Creditors are required to present proofs of claim personally or
through their solicitors at the time and place that the
liquidator specified.  Failure to present claims would mean
exclusion from the benefit of any distribution that the company
will make.

The joint liquidators can be reached at:

          Gabriel CK Tam
          Jakcy CW Muk
          Joint and Several Provisional Liquidators
          27th Floor, Alexandra House
          18 Chater Road, Central
          Hong Kong.


GOLD MOUNTAIN: Creditors to Prove Debts on May 11
-------------------------------------------------
Gold Mountain Enterprise Limited will be receiving creditors'
proof of debts or claims on or before May 11, 2006.

Creditors are thereby 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.

For any queries on the Company's restructuring scheme, contact
Carmen Lee at 3121 9841, or Vincent Lee at 3121 9837.

Contact: Gabriel CK Tam
         Jakcy CW Muk
         Joint and Several Provisional Liquidators
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong.


LG.PHILIPS LCD: Swings to CNY48 Bln Profit in 1Q/2006
-----------------------------------------------------
LG.Philips LCD Co. has incurred a net profit of KRW48 billion
(HK$387.7 Mln) for the first quarter, versus a net loss of KRW79
billion (HK$638.2 Mln) in 2005.  Analysts had expected a net
profit of KRW52.3 billion (HK$422.5 Mln), Infocast News relates.

The earnings were due to better demand for flat screens used in
televisions.  Revenue rose 20% to KRW2.47 trillion.

About LG.Philips Displays

Headquartered in Hong Kong, LG.Philips Displays
-- http://www.lgphilips-displays.com/-- manufactures cathode  
ray tubes for use in televisions and computer monitors.  The
company produces one in every four television and computer
monitor tubes sold.  Making use of its global manufacturing
infrastructure, it provides Regional supplies to top TV and
monitor brands worldwide.  LG.Philips Displays continues to be
committed to the CRT industry and will maintain a strong profile
based on its competitive operations and innovative, high-quality
products.


WEIYUEN FOODSTUFF: Liquidator Accepting Claims Until May 11
-----------------------------------------------------------
Gabriel CK Tam and Jacky CW Muk -- the joint liquidators of
Weiyuen Foodstuff & Drinks (Shenzen) Company Limited -- will
stop accepting claims from the company's creditors by May 11,
2006.  

Creditors with unconfirmed claims will be excluded from
receiving the benefit of any distribution that the company will
make.

Contact: Gabriel CK Tam
         Jakcy CW Muk
         Joint and Several Provisional Liquidators
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


YEAR FORTUNE: Court to Hear Wind-up Petition on May 3
-----------------------------------------------------
Chung Wai Ching presented to the High Court of Hong Kong a
winding-up petition against Year Fortune Limited on
March 6, 2006.  

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

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

Contact: Betty Chan
         Director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


YUEN TAI: Receiving Proofs of Claims Until May 11
---------------------------------------------------
Yuen Tai Food Dealers Limited will be receiving creditors proofs
of debts and claims until May 11, 2006.

Creditors are thereby 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: Gabriel CK Tam
         Jakcy CW Muk
         Joint and Several Provisional Liquidators
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


SHENZHEN WAHSHUN: Creditors' Proofs of Claims Due May 11
--------------------------------------------------------
Creditors of Shenzhen Wahshun Packing Material Limited have
until May 11, 2006, to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors to appointed Joint Liquidators
Gabriel CK Tam and Jacky CW Muk.

Contact: Gabriel CK Tam
         Jakcy CW Muk
         Joint and Several Provisional Liquidators
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


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

BHARAT PETROLEUM: Provenco to Supply Forecourt Technology
---------------------------------------------------------
New Zealand payment systems company Provenco -- formerly
Advantage -- will supply forecourt technology to a chain of
Indian petrol stations run by Bharat Petroleum Corporation,
Business Standard relates.

The technology will be applied across 77 Bharat Petroleum petrol
stations in the northern and western regions of India over nine
months.

Larsen & Toubro, contracted to install the pumps, told the
Bombay Stock Exchange that Provenco would help it supply retail
forecourt technology to BPCL petrol stations including point-of-
sale, back office system, category management and electronic
payment systems.

Provenco will also integrate forecourt devices like dispensers,
tank guaging system, Radio Frequency Identification device tag
readers used for identifying the attendant who delivers the fuel
and Electronic Data Capture machines used as indoor payment
terminal for night transactions.

Provenco chief executive David Ritchie said earlier this year
the company had signed deals in recent years to distribute
electronic payment systems to retailers in Malaysia, India and
China.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.  

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.  On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd.  In
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss.  By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005.  Even with its aggressive expansion moves,Bharat
Petroleum has decided to put aside a US$1.4 million dollar
expansion project due to losses brought about by oil subsidies,
as the Company -- and the entire industry -- suffered huge
losses and has difficulty implementing expansion activities due
to the Government's refusal to allow oil companies to raise fuel
prices despite global crude oil price crossing US$70 a barrel.  
On February 20, 2006, the Petroleum Ministry, however, has
proposed an increase of INR3 per liter each in petrol and diesel
prices and INR20 per cylinder increase in liquefied petroleum
gas price to save the oil companies from going bankrupt.  


TRANSFORMERS AND ELECTRICALS: Hopes to Come Out of BIFR in 2006
---------------------------------------------------------------
Transformers and Electricals Kerala Limited expects to exit a
restructuring program under the Board for Industrial And
Financial Reconstruction this year after posting four
consecutive years of profit, The Hindu reports.

The public sector firm has registered a record turnover of
INR108.8 crore last fiscal year.  It forecasts a profit of more
than INR3 crore for the current financial year.

The healthy financial results were mainly attributed to higher
exports this year worth INR28 crore and against the previous
year's INR6 crore.

But despite its better performance, the Company is still
concerned about the shortage of working capital which is
hindering its progress.  It also admitted that the ban on new
appointments since the Company was under BIFR was also making
the running difficult.

Transformers and Electricals Kerala Limited was referred to the
Board for Industrial and Financial Reconstruction in 1995 after
making continuous losses and suffering huge erosion in net
worth. The company was declared sick in 1997.

The same year, BIFR had approved a rehabilitation package with a
Government commitment of INR17.14 crore.  However, the Company
continued to incur loss and further erosion in net worth.  Later
BIFR directed that the Government should evolve a revival
package by April 15, 2003, after obtaining the recommendation of
Expenditure Reforms Commission.  ERC, in its recommendation, had
pointed out that in order to enable for the Company to play a
significant role in the power industry, there was need for
bringing in a strategic partner through a transparent process.


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

PERTAMINA: Unit to Sign Deal With Iranian Oil Firm
--------------------------------------------------
PT Pertamina's unit PT Elnusa has signed a joint operation
agreement with National Iranian Oil Company to build a US$3-
billion oil refinery in Tuban in East Java, AFX News relates,
citing PT Elnusa President Rudi Radjab.

The signing of the contract will be on May 10, 2006, with
further agreement expected to be signed in Iran on May 22, 2006.

According to the agreement, National Iranian will supply crude
for the Indonesian refinery.  The Iranian company said it will
invest about US$1 billion in PT Elnusa, which will have a
capacity of 300,000 barrels of oil per day.

Mr. Radjab said PT Elnusa is seeking for local investors to team
up and has approached the Barito Pacific, Mulia and Salim
business groups to help fund the project.

About Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributors to Indonesia's decreased income for the
year.  Indonesia's President Susilo Bambang Yudhoyono has
promised to expedite the overhaul of state oil firm PT Pertamina
in order to increase the country's fuel output.  President
Yudhoyono said the Company's restructuring program is not
proceeding effectively, as the Company is still experiencing
many difficulties.  He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases. On
March 8, 2006, the Indonesian government has appointed Pertamina
marketing director Ari Soemarno as Pertamina's new chief.
Because of Mr. Soemarno's vast experience in managing the
Company's imports and exports of crude oil and oil products, he
was considered the best candidate to replace Pertamina's
President Widya Purnama  


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

KANEBO LIMITED: Former Officials Get Jail Terms
-----------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on August
22, 2005, that Tokyo prosecutors has indicted Kanebo Ltd's
former president, Takashi Hoashi, and former vice-president,
Takashi Miyahara, for issuing falsified financials in violation
of the Securities and Exchange Law.

In an update on April 11, 2006, Kyodo News relates that the
Tokyo District Court on March 27 sentenced Mr. Takashi Hoashi to
two years in prison, suspended for three years, and Takashi
Miyahara, to 18 months in prison, also suspended for three
years.

The TCR-AP recounts that the two former directors, who were
arrested in July 2005, were charged with covering up a JPY81.9
billion capital deficits in fiscal year 2001, and a JPY80.6
billion deficit in 2002 on a consolidated basis, as they issued
fake reports showing excessive assets.


LIVEDOOR CO.: Usen Takes Full Control of Liquidation
----------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific,
Livedoor Company linked its Web portal with local cable
broadcaster Usen Corporation on March 28, 2006, signifying the
alliance between both firms.  Usen bought a 12.74% stake in
Livedoor from Fuji Television Network for JPY9.5 billion in
order to rescue the Company from bankruptcy.

In an update on April 13, 2006, the Jiji Press reports that Usen
Corporation will take full control of Livedoor Co. through an
equity swap.  Usen will liquidate the firm after taking over its
business operations.

The two companies are expected to approve the plan at board
meetings as early as next month.

                         About Livedoor

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


MITSUBISHI MOTORS: 2007 Outlander Makes North American Debut
------------------------------------------------------------
Mitsubishi Motors North America (MMNA) unveils the United States
version of its next-generation Outlander compact sport-utility
vehicle at the 2006 New York International Auto Show.  The all-
new, larger Outlander, which will reach Mitsubishi dealerships
in November, offers a compelling blend of driven-to-thrill
dynamics, bold styling, five- or seven-passenger versatility,
plus numerous user-technology firsts for the compact SUV
segment.

The 2007 Outlander is based on a new performance-engineered
global platform that will also form the foundation of the next-
generation Mitsubishi Lancer and Lancer Evolution models.  All
Outlander models for 2007 will be powered exclusively by a new
220 hp aluminum MIVEC V-6 engine teamed to a six-speed
Sportronic(R) automatic transmission with available magnesium
Sportronic steering wheel paddle shifters - a segment first.  In
another segment first, the California-emissions V-6 will be the
first in the compact SUV segment to be P-ZEV certified.

Two trim lines available for 2007, the well equipped Outlander
LS and sport/luxury XLS, each will be available with standard
front-wheel drive or an optional electronically controlled 4WD
system -- All-Wheel Control (AWC).  Mitsubishi's All-Wheel
Control philosophy for Outlander combines electronically
controlled 4-wheel drive with Active Skid and Traction Control
and a tuned suspension, plus an aluminum roof that lowers the
center of gravity for better handling response.  Eighteen-inch
alloy wheels are standard on XLS models.  The result is an SUV
that delivers handling dynamics, stability and a level of driver
engagement uncommon in the class.

The 2007 Outlander's safety package is one of the most
comprehensive in the segment and includes an advanced dual front
air bag supplemental restraint system (SRS) with occupant
sensors, standard front seat-mounted side-impact air bags and
side curtain air bags (front and second row), plus energy-
absorbing head protection interior pillars.  All models include
as standard an anti-lock braking system (ABS) with electronic
brake-force distribution (EBD), as well as a tire pressure
monitor system.

"The 2007 Outlander brings Mitsubishi's 'Driven to Thrill'
performance and design to the compact SUV segment, where we
believe its combination of style, performance, versatility and
value will make it a standout choice," said Hiroshi Harunari,
president and CEO, Mitsubishi Motors North America.

"The Outlander also previews new design language for Mitsubishi
and strongly hints at the performance potential of this new
platform."

A Driver's SUV

The 2007 Outlander debuts an all-new aluminum 3.0-liter SOHC V-6
engine that produces 220 hp at 6,250 rpm and 204 lb-ft. of peak
torque at 4,000 rpm.  The Mitsubishi Innovative Valve Timing
Electronic Control system (MIVEC) helps optimize power and
engine efficiency across a broad engine speed range.

The new V-6 is teamed exclusively with a 6-speed Sportronic
automatic transmission that allows manual shifting.  Outlander
XLS models present a sporty element seen in high-performance
cars -- magnesium Sportronic steering wheel paddle shifters.

Outlander's highly rigid unibody body structure, which makes
extensive use of high-strength steel, allows for sport-oriented
suspension tuning while also providing a smooth, compliant ride.
Its front suspension employs strut tower bars to enhance lateral
rigidity for precise steering response.

The rear multilink suspension system provides an excellent
balance of handling performance and ride comfort.

Outlander LS models feature standard 16-in. steel wheels with
215/70 R16 tires, with alloy wheels available as an option. On
Outlander XLS models, standard 18-in. aluminum-alloy wheels with
225/55 R18 all-season tires enhance handling and style.

The Bold New Look of Mitsubishi

The 2007 Outlander debuts a new Mitsubishi design language that
captures the performance-oriented essence of the brand. Clean,
sharp lines, featuring a "diamond cut" front end and boldly
sculpted fender flares, evoke the athleticism of a sport sedan
and the sophistication of a premium SUV.  The LED tail lamp
clusters give the rear of the vehicle a distinctive appearance.

On XLS models, privacy tinted rear glass, roof rails, dual
tailpipe outlets and silver-painted door handles and bumper
extensions emphasize the upscale appearance.  Available xenon
HID head lamps enhance road illumination and accentuate the
high-tech styling.

Mitsubishi likewise designed the 2007 Outlander interior to look
and feel more like a sport sedan's than a typical compact SUV's.
Smooth forms and sculpted door panels are set off by silver-
accent trim, and the deeply contoured front bucket seats and
motorcycle-style instrument panel gauges suggest sports car more
than sport-utility.  Underscoring the 2007 Outlander's attention
to utility and usability, all models feature as standard a
unique odor-defeating head liner.

Interior Flexibility

Outlander offers ample room for five -- or seven with an
underfloor-stowable compact third row seat that folds flat into
the floor when not needed (XLS models).  The second-row seat
features 60/40 split fold-and-tumble seats.  The second-row seat
backs fold forward and then the seats can be tumbled forward to
expand cargo capacity.  Five-seat models feature an under-floor
compartment that's out-of-sight.

The load floor is eight inches lower than on the original
Outlander, and loading bikes (with wheels on) or large packages
is made easier by the segment's first flap-fold tailgate.  When
lowered, the tailgate can also serve as a seat for outdoor
activities, with a capacity of 440 lbs.  Ample storage spaces
include useful bins and compartments, a movable front center
console and door-panel bottle carriers.  The 2007 Outlander can
tow a trailer up to 2,000 lbs. as standard or up to 3,500 lbs.
with the optional towing package.

In-Car Electronics

The 2007 Outlander offers many user technologies typically
available on premium SUVs, some of which are firsts for the
segment: an available satellite navigation system that features
hard drive map data storage and music file capability; an
available hands-free Bluetooth(R) cellular phone interface
system with voice recognition; an available rear-seat DVD
entertainment system that includes wireless headphones and
remote control, and the available FAST-Key entry system allows
vehicle unlocking and starting simply by carrying the key.

The available Rockford-Fosgate(R) audio system with PUNCH(R)
control plays through nine speakers with up to total 650 watts
(max.) output, and the package also includes SIRIUS(TM)
Satellite Radio with six months' free subscription, plus a power
glass sunroof.

Standout Value

Standard equipment in Outlander LS includes air conditioning;
ambient lighting; cruise control; engine immobilizer and anti-
theft alarm system; keyless entry; power windows, locks and
mirrors, and a powerful audio system with AM/FM/CD/MP3 playback
capability and six speakers.

Outlander XLS models add the underfloor-stowable compact third
row seat; automatic climate control system; steering wheel audio
remote control switches, and hands-free Bluetooth cellular phone
interface system with voice recognition.

The available XLS Luxury Package augments interior comfort with
leather seating surfaces (front and second rows), heated front
seats and a power-adjustable driver's seat.

Premium Warranty

Mitsubishi cars and light trucks are backed by a comprehensive
new-vehicle limited warranty that covers the vehicle from bumper
to bumper for five years/60,000 miles.  In addition, the
powertrain is covered by a 10-year/100,000 mile limited
warranty, while body panels have a seven-year/100,000 mile anti-
corrosion/perforation limited warranty.

The program also includes 24-hour emergency roadside assistance
with free towing to the nearest authorized Mitsubishi retailer
for warranty-related repairs for five years/unlimited miles.

Technical data, features, options and other equipment listed in
this release are based on the latest information available at
the time of printing and are subject to change without notice.

*     *     *

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.


MITSUBISHI MOTORS: To Invest in China Motor Corporation
--------------------------------------------------------
Mitsubishi Motors Corporation has signed a memorandum of
understanding on December 28 2004, with China Motor Corporation1
in connection with expanding the business operations of CMC
subsidiary South East (Fujian) Motor Co., Ltd.2.  

In a press statement, Mitsubishi Motors will make a direct
investment in South East Motor and enter a joint-venture
agreement with Fujian Motor Industrial Corporation and China
Motor.  With this agreement, Mitsubishi Motor's China
operations, including local sales and production of Mitsubishi
brand vehicles, are being strengthened.

The investment is the company's fourth equity investment in
mainland China, the others being engine manufacturers Shenyang
Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd. and
Harbin Dongan Automotive Engine Manufacturing Co., Ltd., along
with automobile manufacturer Hunan Changfeng Motor Co., Ltd.

With the expansion seen in vehicle ownership in recent years,
China is regarded as a promising growth market. By making SEM a
keystone production and sales unit for its vehicles, MMC is
working to reinforce its operations and to further expand its
sales in Mainland China. Going forward, models suited to the
Chinese market will be launched, and the lineup of Mitsubishi
brand vehicles will be solidified.

Established in 1969 in Yang Mei, Taiwan, CMC entered a
technological collaboration agreement with MMC in 1970 covering
the manufacture of automobiles. MMC currently owns a 13.97%
stake in the company.  CMC is the second largest auto company in
Taiwan with sales of about 76,600 vehicles in calendar 2005.
Major models in its lineup include the Lancer, Savrin (Chariot
Grandis in Japan), Space Gear, Freeca and Delica. The CMC head
office is located in Taipei.

Established in Fujian Province in November 1995 as a 50/50 joint
venture between Fujian Motor Industrial Corporation and CMC.  
SEM posted sales of around 60,000 vehicles in calendar 2005.
Major models in its lineup include the Lioncel (Lancer in
Japan), Soveran (Chariot Grandis), Freeca and Delica.

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'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.  

TCR-AP reported on March 31, 2006, that Moody's Investors  
Service changed the outlook of Mitsubishi's Ba3 long-term debt
rating to stable from negative, which reflects Moody's
expectation that the Company's credit profile may continue
improving profitability recovering due to improved cost
structures and an increased market position due to global
introductions of new models.


TAIHEIYO CEMENT: Lifts Rating to Baa3 From Ba2
----------------------------------------------
Moody's Investors Service has upgraded Taiheiyo Cement
Corporation''s (Taiheiyo) senior unsecured long-term debt rating
to Baa3 from Ba2.  The rating outlook is stable.  This rating
action reflects Moody's expectation that Taiheiyo will continue
to stabilize its operating profit margins and further improve
its capital structure in the intermediate term.  This concludes
the review initiated on March 6, 2006.

Taiheiyo holds the largest share of Japan's shrinking but
oligopolistic cement market, and this, combined with its ongoing
cost reductions and continued efforts to increase product prices
for customers, has allowed the company stable cash flow -- which
it has used to improve its capital structure.

During the period covered by its last three-year mid-term
business plan, ending March 2005, Taiheiyo focused on debt
reduction, lowering the total to JPY664 billion at end-September
2005 from JPY901 billion at end-March 2002.  This helped improve
its total debt to total capitalization ratio to 70% from 77%.

It is estimated that, for the first time since FYE 3/2000,
overall domestic cement demand expanded in FYE 3/2006.  With
this market increase, Moody's expects Taiheiyo's capital
structure to show further improvement at end-March 2006.

However, Moody's also expects the domestic cement market to
return to a declining trend in FYE 3/2007, albeit at a slower
pace than before.  The primary cause of the FYE 3/2006 increase
was one-time demand for reconstruction civil works cause by
natural disasters in the previous year, and the rating agency
believes the generally declining trend in public-sector capital
expenditures will likely continue, although it will be partly
offset by an increase in private-sector demand accompanying
domestic economic recovery.

In light of this easing, Moody's views that domestic cement
demand for the three years to March 2008 will be higher than
formerly estimated.  The rating agency anticipates that this,
combined with Taiheiyo's ongoing cost reductions and continued
efforts to increase product prices for customers, will enable it
to achieve higher-than-expected operating results for its
current business plan period to March 2008, in turn allowing it
to generate favorable aggregate cash flow for the period, even
considering its scheduled aggressive mid-term capital
expenditure.

Furthermore, Moody's views that, by using the increased free
cash flow resulting from its favorable operating performance,
Taiheiyo will be able to accelerate its debt reduction,
sustaining its cash flow to debt coverage.

About Taiheiyo Cement

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation
-- http://www.taiheiyo-cement.co.jp/-- formed by the 1998  
merger of Chichibu Onoda Cement and Nihon Cement, is Japan's
leading cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The Company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.   


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

HYUNDAI MOTOR: Prosecutors Raid Accountants as Probe Widens
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on March  
31, 2006, that prosecutors raided the headquarters of Hyundai  
Motor Co., and three of its subsidiaries -- Glovis Co., Kia
Motors Corporation and Hyundai Autonet Co. -- on March 26, 2006,
as part of their investigation into the Hyundai Motor Group's
alleged involvement in a slush fund scandal and in illegal
political lobbying.  

In an update on Thursday, Digital Chosun relates that
prosecutors has raided PricewaterhouseCoopers as part of its
probe into the Hyundai Automotive Group, which is suspected of
creating slush funds in its attempt to transfer the group's
leadership to the group chairman's son Chung Eui-sun.

The accounting firm has evaluated the stock prices of Hyundai
Autonet, a Hyundai affiliate, and Bontec, an auto parts
manufacturer, when Hyundai Autonet acquired Bontec in February.
Prosecutors are examining the data used for that assessment at
that time and the computers they seized during the raid.

Prosecutors have looked into accusations that Hyundai Chairman
Chung Mong-koo and his son, Kia Motors Chairman Chung Eui-sun,
made hundreds of billions of won in profit from selling Bontec,
formerly owned by Hyundai-affiliated Glovis, to Hyundai Autonet,
because the share prices were over-inflated in appraisals.  The
Chungs held a controlling stake in Bontec prior to the sale.

Suspecting that some of those profits were used to create slush
funds for the Chungs, prosecutors are now probing to determine
the exact size of the slush funds.

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: BAI Says Bank Overstated Bad Assets
---------------------------------------------------
The Troubled Company Reporter- Asia Pacific has reported on
April 12, 2006, that that The Board of Audit and Inspection has
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.  

The state inspection agency quoted Mr. Lee Kang-won 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.  

In an update on April 13, 2006, Dong-A Ilbo relates that the
audit committee has discovered that Korea Exchange Bank has
duplicated more than KRW300 billion when it calculated its for
the Bank for International Settlements (BIS) capital adequacy
ratio at the time of the bank's sale in 2003.  

On April 11, 2006, the BAI has secured testimony from Lee Dal-
yong, former deputy governor of the bank, that former governor
Lee Dal-yong was the one who decided to select two companies,
Morgan Stanley and Eliot Holdings, as the advisory bodies for
the takeover.

The BAI has conducted a probe on working-level officials
including Deputy Governor Lee and Jeong Seong-sun, the former
director of bank supervision department of the Financial
Supervisory Service, to find out whether they were involved or
if figures were manipulated when the BIS ratio was calculated.

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.


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

ASIAN PAC: Wins More Time to Comply with Equity Condition
---------------------------------------------------------
The Foreign Investment Committee had on March 16, 2006, approved
the extension of time up to June 30, 200, for Asian Pac to
comply with the 30% Bumiputra equity condition.

Headquartered in Kuala Lumpur, Malaysia, Asian Pac Holdings
Berhad -- http://www.asianpac.com.my/-- is principally engaged  
in the underwriting of general insurance.  Its other activities
include provision of stockbroking and nominee services,
investment and development of properties and investment holding.  
Despite its healthier profits, Asian Pac's balance sheet has
remained burdened by its hefty accumulated losses, which
amounted to MYR506.48 million as of March 1, 2005.  To address
this, Asian Pac is currently undertaking a corporate-
restructuring exercise, which includes several proposed land
acquisitions to improve its high gearing level and to address
the accumulated losses.


AVANGARDE RESOURCES: Bad Debts Drive Shareholders' Deficit
----------------------------------------------------------
Based on the audited consolidated results for the Company for
the financial year ended December 31, 2003, and December 31,
2004, as submitted to the Bursa Securities on March 31, 2006,
Avangarde Resources Berhad has a deficit in the adjusted
shareholders equity on a consolidated basis amounting to
MYR104.206 million and MYR119.153 million, respectively.  
The deficit in the adjusted shareholders equity is mainly due
to:

     -- bad debts written off and provision for bad and doubtful
        debts of MYR120.7 million;

     -- writing off of amount due from contract customers of
        MYR31.5 million; and

     -- impairment loss and written off of property, plant and
        equipment of MYR4.4 million.

The Company said it is now preparing the Proposed Scheme of
Arrangement pursuant to the Section 176 of the Companies Act to
regularize its condition. The Company will unveil its Proposed
Scheme once it is finalized.

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It is
also facing the possibility of being delisted for failing to
meet with the requirements of Bursa Malaysia.  


BIMB HOLDINGS: Foreign Interest Stays Within Legal Limit
--------------------------------------------------------
BIMB Holdings reported that as of March 31, 2006, a total of
3,080,369 ordinary shares representing 0.55% of the issued and
paid-up capital of the Company are held by foreigners.

As the said percentage is well within 30% maximum allowed to be
held by foreigners under the Company's Articles of Association,
all the foreign shareholder are for the purpose of the
Securities Industry (Central Depository) (Foreign Ownership)
Regulation 1996, classified as entitled foreigners.

Headquartered in Kuala Lumpur, Malaysia, BIMB Holdings Berhad
-- http://www.bankislam.com.my/-- is an investment holding  
company, which operates along Islamic principles.  The Company
was incorporated in Malaysia on March 20, 1997, and was listed
on the Main Board of the Kuala Lumpur Stock Exchange on
September 16 in the same year.  Core subsidiaries of the Group
are involved in various Islamic financial service activities
including banking, stock-broking, leasing and other related
services.  The Bank has incurred substantial losses since 2000
due to huge financing costs and high provisions for loss-making
offshore units.


LITYAN HOLDINGS: Gets 180-day Restraining Order Extension
---------------------------------------------------------
The High Court of Malaya has granted a 180-day extension of its
restraining order from April 12, 2006 thorugh October 10, 2006,
to Lityan Holdings Berhad and its subsidiaries:

     * Digital Transmission Systems Sdn Bhd;
     * Hi Pro Edar (M) Sdn Bhd;
     * Imagebase Sdn Bhd;
     * Imageword (M) Sdn Bhd;
     * Impianas Sdn Bhd;
     * Integrated Telecommunication Technology Sdn Bhd;
     * Konsortium Jaya Sdn Bhd;
     * Lityan Foreign Equities Sdn Bhd;
     * Lityan Management Sdn Bhd;
     * Lityan Marketing Sdn Bhd;
     * Lityan Overseas Sdn Bhd;
     * Lityan Systems Sdn Bhd;
     * Sistem Komunikasi Gelombang Sdn Bhd;
     * Slam Atomised Metal Sdn Bhd;
     * Kirium Solutions Sdn Bhd;
     * KJ Mobidata Sdn Bhd;
     * KJ Telecommunications Sdn Bhd;
     * Advanced Business Solutions (M) Sdn Bhd;
     * Teem Business Solutions Sdn Bhd; and
     * Lityan Applications Sdn Bhd.

The sealed Restraining Order dated April 10, 2006, is pending
extraction from the Court.

The Order was obtained in order to facilitate the Company's
Proposed Restructuring Scheme, which involves:

     -- the proposed acquisition of Guanhong Group which is
        currently undergoing a restructuring exercise;

     -- the proposed scheme of arrangement with shareholders;

     -- the proposed scheme of arrangement with creditors;

     -- the proposed issuance of 50,000,000 new NewCo shares to
        the existing shareholders of Lityan and identified
        investors and the public at a minimum issue price of
        MYR1.00 per share;

     -- the proposed offer for sale of up to 70,000,000 NewCo
        Shares to the existing shareholders of Lityan and
        eligible investors to be identified in order to meet the
        public spread requirement as stipulated under the
        Listing Requirements of Bursa Securities;

     -- the proposed transfer of listing status of Lityan to the
        NewCo; and

     -- proposed disposal of the entire issued and paid-up share
        capital of Lityan comprising 5,140,300 Lityan Shares to
        the Lityan Group Purchaser at a fair value to be
        determined by an independent valuer and auditor.

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

The Group incurred hefty losses since the 2001, with its
liabilities exceeding its assets by MYR76 million.  It also
started defaulting on loan facilities.  In 2005, the Company
proposed a restructuring scheme.

Lityan Holdings is currently insolvent.  However, the Company
has submitted its Proposed Restructuring Scheme to the
Securities Commission, Foreign Investment Committee and Bank  
Negara Malaysia for their approval on January 20, 2006.  It had
also commenced discussion and currently is in negotiations with
the lenders on the Creditors Scheme of Arrangement.  

The Company is looking into other business opportunities within
its core activities and also taking steps to dispose of the
Group's non-core investments and non-operating assets to address
its current financial predicament and to generate cash flow for
settlement of defaults and redemption of loans.


PANGLOBAL BERHAD: Court Extends Restraining Order for 180 Days
--------------------------------------------------------------
The High Court of Malaya on April 6, 2006, allowed an extension
of the Restraining Order granted to PanGlobal Berhad on January
5, 2006, for a period of 180 days from April 6, 2006.

On January 5, 2006, the Company had obtained a sealed order from
the High Court of Malaya specifying that:

     -- PanGlobal is given the liberty to convene separate
        meetings of its classes of creditors for the purpose of
        considering and, if thought fit, approving with or
        without modifications, the Company's Proposed Debt
        Settlement Scheme;

     -- the Court-Convened Meetings shall be held within 12
        months from the date of the Order; and

     -- all further proceedings in any pending action or
        proceedings or the institution or commencement of any
        proceedings against the Company in any legal action
        including winding-up, attachment, repossession,
        execution, foreclosure and arbitration proceedings
        against the Company be restrained and/or stayed for a
        period of 90 days from the date of the Order except by
        leave of the Court.

The Company said it does not expect the Restraining Order to
have any material effect on the financial and operational
matters of the PanGlobal group.

Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad
-- http://home.panglobal.com.my/-- is engaged in underwriting  
all classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.  PanGlobal is a Practice
Note 4/2001 company.  The Bursa Malaysia Securities has required
the Company to regularize its financial condition, curb huge
losses and settle debts in order to continue operating.  The
Company has already submitted a Proposed Restructuring Scheme to
the Securities Commission on September 9, 2005.  It is now
awaiting required approvals to implement the corporate
rehabilitation program.


PATIMAS COMPUTERS: Withdraws Stake Purchase Plan
------------------------------------------------
On February 28, 2006, Patimas Computer Berhad disclosed its
extension to acquire the remaining shares not held by the
Company in its subsidiary, OED Technology Sdn Bhd.

However, both parties have not been able to agree on certain
terms of the proposal and therefore, after due consideration,
the Comany has decided to abot the propoased OEd stake purchase.

The Troubled Company Reporter - Asia Pacific reported on January
20, 20060, that the shareholders of Patimas Computers had
approved the resolution on the proposed purchase by the Company
of its own shares during its Extraordinary General Meeting on
January 17, 2006.

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


POLYMATE HOLDINGS: Works Out Final Regularization Plan
------------------------------------------------------
Polymate Holdings Berhad advised that it is still in the process
of working out the possible plans to regularize its condition.

The Company added that it will announce the Plan to Bursa
Securities upon finalization.

There were no further developments since the announcement made
on 1 March 2006 on this matter.

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.  
Operations in its ailing subsidiaries will be revived when a
workable restructuring scheme is formalized with its lenders and
when fresh working capital can be injected into the operations.    


PROTON HOLDINGS: Urges Vendors to Consolidate
---------------------------------------------
Proton Holdings has encouraged its parts vendors to consolidate
in order to effectively handle growing competition from other
car manufacturers, The Star reports.

Proton Holdings Bhd executive director for engineering and
manufacturing division Datuk Kisai Rahmat said market forces
would decide the number of vendors who should remain from the
current 260.

"We certainly do not want to displace anyone but definitely,
some of our vendors are too small to be competitive in terms of
cost and quality," Mr. Rahmat said.

He said the consolidation among vendors could reduce wastage and
ensure better utilization of investment.

Proton managing director Syed Zainal Abidin Syed Mohd Tahir said
in a quality campaign recently that the company would be forced
to terminate its contract with some vendors if the quality of
their products consistently failed to comply with standards.

                       About Proton Holdings

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.   


TELEKOM MALAYSIA: Court Bans Involvement in Asset Deals
-------------------------------------------------------
The High Court has issued an order barring Telekom Malaysia Bhd
and its subsidiary Mobikom Sdn Bhd from entering into any
agreement relating to their assets, especially the 8MHz of a
Spectrum Licence issued to Mobikom exclusively by the Malaysian
Commission for Multimedia Communication.

Justice T. Selventhiranathan ordered the terms to be observed
pending the disposal of a winding-up petition by service
provider Inmiss Communication Sdn Bhd against Mobikom over a
RM27.4mil debt.

Appended to the order are the names of four directors and
officers of Mobikom and 16 from Telekom.

Inmiss Communication had filed the winding-up petition in August
after Mobikom failed to pay the debt which was a sum awarded by
an arbitrator on March 31, 2004.

Inmiss Communication has applied to appoint a provisional
liquidator to manage Mobikom while the latter is trying to stay
the winding-up proceedings.

Both applications and the petition have been stalled pending
disputes over issues relating to Mobikom's assets.

Mobikom, which is wholly owned by Telekom, had undertaken late
last year, not to transfer, surrender or deal in any manner the
Spectrum Licence pending the disposal of the winding up
petition.

The parties will meet in the same court on July 31, 2006, for
mention of the two applications and the petition.  

                     About Telekom Malaysia

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


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

MIRANT CORPORATION: Incurs US$1.3 Billion Net Loss in 2005
----------------------------------------------------------
Mirant Corporation reported a US$1.3 billion net loss for the
year ended December 31, 2005.  This loss reflects the
recognition in 2005 of US$1.4 billion of interest expense on
liabilities subject to compromise for the period from the
company's bankruptcy filing on July 14, 2003 through December
31, 2005.  The loss also includes other significant impacts of
the Company's Plan of Reorganization, which was confirmed by the
United States Bankruptcy Court on December 9, 2005.  Mirant
emerged from bankruptcy on January 3, 2006.

Adjusted EBITDA for the period was US$779 million.  Adjusted
EBITDA excludes non-recurring charges, such as bankruptcy
restructuring charges and unrealized gains and losses associated
with the company's hedging activities.

Cash from operations for 2005 was US$33 million, reflecting
strong results from business operations.  These results were
offset by significant uses of cash for collateral postings of
US$305 million and payments of US$171 million for professional
fees and other expenses related to bankruptcy.

As of March 3, 2006, the company's total liquidity (defined as
unrestricted cash and cash equivalents plus credit facility
availability) was approximately US$2.1 billion, an increase of
US$597 million since December 31, 2005.  The Company's total
debt balance is currently US$4.2 billion, net of term loan cash
collateral account of US$200 million.

"Mirant emerged from bankruptcy with one of the strongest
balance sheets and liquidity positions in its sector," said
Edward R. Muller, Mirant's chairman and chief executive officer.  

"The company's strong financial position, strategic assets in
certain markets and its execution capabilities, coupled with the
recently completed strategic hedge transaction, position us
well."

A full-text copy of Mirant Corp. and its affiliates' Annual
Report on Form 10-K filed with the Securities and Exchange
Commission is available for free at:

   http://ResearchArchives.com/t/s?699   

                    About Mirant Corporation

Headquartered in Atlanta, Georgia, Mirant Corporation
-- http://www.mirant.com/-- is a competitive energy company  
that produces and sells electricity in North America, the
Caribbean, and the Philippines.  Mirant owns or leases more than
18,000 megawatts of electric generating capacity globally.  
Mirant Corporation filed for chapter 11 protection on July 14,
2003 (Bankr. N.D. Tex. 03-46590), and emerged under the terms of
a confirmed Second Amended Plan on January 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed $20,574,000,000 in
assets and $11,401,000,000 in debts.  (Mirant Bankruptcy News,
Issue No. 94; Bankruptcy Creditors' Service, Inc., 215/945-7000)

As reported in the Troubled Company Reporter on Dec. 8, 2005,
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to power generator and developer Mirant Corp. and
said the outlook is stable.  That rating reflected the credit
profile of Mirant, based on the structure the company expects to
have on emergence from bankruptcy at or around year-end 2005,
S&P said.


MIRANT CORPORATION: Philippine Assets Sale Still Uncretain
----------------------------------------------------------
United States power firm Mirant Corporation has not yet firmed
up plans on whether or not it will dispose of its core
Philippine assets, Reuters reports.

The Atlanta-based Company clarified that it is not yet keen on
the sale as it is still focusing on refinancing the Philippine
unit.

Sources told Reuters earlier that Mirant plans to raise around
US$1.2 billion in a refinancing deal for the multi-billion
dollar generating assets.

The source said the US$1.2 billion represents around half of the
estimated value of the two assets, a 1,200 megawatt plant in
Sual, northern Philippines, and a 735 MW plant in Pagbilao in
the east of the country.

According to analysts, Mirant may need more time to come out
with the decision on a possible sell-off, a move long desired by
some of the region's power investors, partly because of the
country's political uncertainty.

Market observers, however, speculate the refinancing is part of
preparation for a sale because a power asset with lower equity
financing would likely attract more bidders

                    About Mirant Corporation

Headquartered in Atlanta, Georgia, Mirant Corporation
-- http://www.mirant.com/-- is a competitive energy company  
that produces and sells electricity in North America, the
Caribbean, and the Philippines.  Mirant owns or leases more than
18,000 megawatts of electric generating capacity globally.  
Mirant Corporation filed for chapter 11 protection on July 14,
2003 (Bankr. N.D. Tex. 03-46590), and emerged under the terms of
a confirmed Second Amended Plan on January 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed $20,574,000,000 in
assets and $11,401,000,000 in debts.  (Mirant Bankruptcy News,
Issue No. 94; Bankruptcy Creditors' Service, Inc., 215/945-7000)

As reported in the Troubled Company Reporter on Dec. 8, 2005,
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to power generator and developer Mirant Corp. and
said the outlook is stable.  That rating reflected the credit
profile of Mirant, based on the structure the company expects to
have on emergence from bankruptcy at or around year-end 2005,
S&P said.


NATIONAL FOOD: Secures Rice Supply to South Cotabato
----------------------------------------------------
The National Food Authority has ensured sufficient supply of
rice to South Cotabato and neighboring areas over the next five
months, Asia Pulse reports.

The NFA had allocated at least 170,000 bags of imported rice.  
The rice augmentation is based on NFA's projections on the
availability of commercial rice supplies starting this month
until August.

"These additional rice stocks would be utilized to augment our
ongoing market injection activities in areas that have started
to feel the impact of the dwindling commercial rice stocks,"
NFA-South Cotabato manager, Rey Salvatierra said at a media
forum hosted by the Philippine Information Agency.

The NFA previously increased the distribution of rice in the
local markets due to the declining stocks of commercial rice.    

According to NFA provincial information officer Luisito
Mangayayam, the shortage was due to lack of enough palay
harvests in the area.  The shortage pulled up the prices of
well-milled commercial rice to at least PHP22.50 per kilo from
the previous PHP19 to PHP20.

To make up for the high prices in rice, the NFA had to
distribute NFA rice retailers in the area a month ago to enable
local consumers avail of cheaper quality rice and help offset
another possible price increase.

NFA rice are presently priced at PHP16 per kilo and the well-
milled rice at PHP18 per kilo.  The NFA's milled rice stocks
were mostly imported from Vietnam.

Three outlets of Bigasan ni Gloria sa Palengke were opened to
augment the 137 individual accredited retailers at various
public markets in the province.

A Palengke Watch Team was installed to intensify the enforcement
of its regulations regarding the selling of NFA rice that
includes making sure that they are sold at the prescribed
prices.

Mr. Salvatierra said their office already received a portion of
their allocation, which was included in the imported rice
shipment for Regions 11 (southern Mindanao) and 12 (central
Mindanao) and the Autonomous Region in Muslim Mindanao (ARMM)
that arrived at the Makar port here.

About two million bags of imported rice have been distributed to
secure the area's food requirements during the lean months.

"We have already programmed the distribution of the rice
augmentation based on the needs of our commercial and household
sectors. So we should not worry about any food shortage in the
coming months because stocks are stable," Asia Pulse quotes Mr.
Salvatierra as saying.

Also provincial warehouse in Koronadal City has a current
inventory of around 20,000 bags of palay that they purchased
from local farmers through the Palay Marketing Assistance for
Legislators and Local Government Units (PALLGU) program.

The memorandum of agreement between the provincial government of
South Cotabato and NFA for the implementation of the PALLGU
scheme, released some PHP1.5 million as buying price subsidy for
palay purchased from the province's 10 towns and lone city.

            About National Food Authority

Headquartered in Quezon City, Philippines, National Food  
Authority -- http://www.nfa.gov.ph/-- is a government  
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals.  NFA is among the state-owned firms, which
push up the country's outstanding public sector debt.    

In 2005, the agency incurred an additional PHP6-billion debt to
bankroll cost of rice and corn importation, as well as payment
of import duties.  The Company is seeking a private sector
takeover of its importation role so it could gradually make a
turnaround from its PHP22-billion loss in 2005.

On March 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company is slated to post a loss of PHP8
billion in 2006.


RB MAGALANG: To Finalize Liquidation Proceedings
------------------------------------------------
The Motion for Approval of Final Project of distribution of the
assets and termination of the liquidation proceedings of
RB Magalang (Pampanga) will be submitted for approval to the
Liquidation Court, Regional Trial Court Branch 56, Angeles City
on May 12, 2006, at 8:30 a.m.


RB STA. MARIA: Finality of Liquidation Proceedings Set on May 26
----------------------------------------------------------------
The Motion for Approval of Final Project of distribution of the
assets and termination of the liquidation proceedings of RB Sta.
Maria (Laguna) will be submitted for approval to the Liquidation
Court, Regional Trial Court, Siniloan, Laguna, on May 26, 2006,
at 8:30 a.m.


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S I N G A P O R E
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AVANZI ENTERPRISE: Creditors Have Until April 21 to Prove Debt
--------------------------------------------------------------
Avanzi Enterprise Private Limited is set to pay an intended
dividend.

Subsequently, creditors are given until April 21, 2006 to prove
their debt or claims.

Contact: The Official Receiver
         Liquidator
         Chan Wang Ho
         Assistant Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CHEMPET ENGINEERING: Intends to Pay Preferential Dividend
---------------------------------------------------------
Chempet Engineering Private Limited will soon distribute an
intended preferential dividend.

Prior to the distribution, creditors are required to prove their
debt or claims not later than April 21, 2006, to benefit from
the dividend.

Contact: The Official Receiver
         Liquidator
         Chan Wang Ho
         Assistant Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


RICHMALL HOLDINGS: Pays Dividend to Creditors
---------------------------------------------
Richmall Holdings Private Limited has distributed a first and
final dividend on March 28, 2006.

Contact: The Official Receiver
         Liquidator      
         Moey Weng Foo
         Assistant Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PTS ENGINEERING: Court to Hear Wind-Up Petition on April 21
-----------------------------------------------------------
A wind-up petition was presented to the Singapore High Court on
March 30, 2006, against PTS Engineering Private Limited.

The Petition will be heard before the court on April 21, 2006,
at 10:00 a.m.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the hearing.

Contact: Chong Chia & Lim LLC
         Solicitors for the Petitioner
         No. 20 Maxwell Road #03-01E/F
         Maxwell House, Singapore 069113


RHOMBIC PRIVATE: Creditors Receive Dividend Payment
---------------------------------------------------
Rhombic Private Limited has distributed a first and final
dividend to its preferential creditors on April 11, 2006.

Contact: Foong Daw Ching
         John Teo Cheng Lok
         Liquidators
         c/o 15 Beach Road #03-10, Beach Centre
         Singapore 189677
         Telephone: 6336 2828
         Fax:       6339 0438


SANIPAK TRADING: Creditors Should Prove Debt Next Month
-------------------------------------------------------
Creditors of Sanipak Trading Private Limited are required to
prove their debt or claims not later than May 8, 2006, to
benefit from any distribution the Company will make.

Contact: Naohito Itagaki
         Liquidator
         c/o 360 Orchard Road #11-05/06
         International Building
         Singapore 238869


VIE SHIPPING: Creditors' Proofs of Claims Due April 21
------------------------------------------------------
The Liquidator of Vie Shipping Private Limited will be receiving
proofs of debt or claim from creditors not later than April 21,
2006, in preparation of the intended preferential dividend the
Company will soon distribute.

Contact: The Official Receiver
         Liquidator
         Karen Loh
         Assistant Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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T H A I L A N D
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THAI-DENMARK SWINE: Unveils Progress of Restructuring Exercise
--------------------------------------------------------------
Thai-Denmark Swine Breeder Public Company Limited issued a
progress report to its restructuring as well as its subsidiary.

   * Srithai Feedmill Company Limited
      
     The Central Bankruptcy Court decided to postpone the date    
     to decide on the reorganization plan of the Srithai
     Feedmill due to conflict between two creditors.

   * Thai-Denmark Swine Breeder PCL

     The creditors' meeting held on April 11, 2006 approved   
     business reorganization plan of the Company.  The
     Bankruptcy Court will decide on the plan on June 07, 2006.

Headquartered in Bangkok, Thai-Denmark Swine Breeder Public
Company Limited is a producer and breeder of swine and piglets.
The Company imports all of its parent stocks from Denmark.
  
The Company and its subsidiary, Srithai Feedmill Company  
Limited, have been troubled with a bludgeoning net loss and
capital deficits, which raised significant on its continuing
operations as a going concern.

On June 2, 2005, the Company filed a petition with the Central
Bankruptcy Court to rehabilitate its business.  On July 26,  
2005, the Court gave the go signal for the Company to
rehabilitate and appointed the Company as the Plan  
Administrator.  The first creditor meeting was held on March 2,  
2006.  However, plan amendments and some other issues had forced
its resolution to be postponed to April 11, 2006.  At present,
the rehabilitation plan is on the process.  
  
Earlier on April 4, 2005, the Company's subsidiary Srithai
Feedmill Company Limited filed a petition with Thailand's  
Central Bankruptcy Court to rehabilitate its business.  On
April 11, 2005, the Court ordered the Company to rehabilitate
its business and appointed Srithai Feedmill Company Limited as
the Plan Administrator.  The creditors meeting, held on Feb. 10,
2006, approved Srithai Feedmill's reorganization plan and
selected five creditors to be its creditors' committee.  At
present, the rehabilitation plan is under the Court's
consideration.


THAI HEAT: Implements Reorganization Plan  
-----------------------------------------
Thai Heat Revival Company Limited as the plan administrator of
Thai Heat Exchange Public Company Limited advised that the
Company has implemented its court-approve reorganization plan.

On April 11, 2006, the steering committee passed the
implementation of the reorganization plan.

Details of the implementation are represented as:

   * The paid-up capital of THB513,000,000 which consisting of
     513,000,000 shares at the offering price THB1 per share
     will be registered through the Department of Business
     Development of Ministry of Commerce within April 20, 2006.

   * It is expected that on April 27, 2006, the Company will
     repay all debts, release collaterals and all related
     contracts pursuant to the Business Rehabilitation Plan.
     This duration shall rely on the creditors.

   * The Company is going to file a petition in order to
     terminate the business reorganization when it has repaid
     all debts to financial institute creditors on time.

   * The Company has increased its directors from eight to
     eleven and set up the new directors in lieu of the resigned     
     and retired directors.  Also, it has changed the authority
     of directors.

    Details of the composition of the Company's directors

    -- Surapon Lisahapanya

    -- Olan Charujinda

    -- Surin Wanpensakul

    -- Yupin Chaivikrai

    -- Sopin Chaivikrai

    -- Chamni Janchai

    -- Visoot Kajchamaporn

    -- Thirawat Nuangnong

    -- Ramet Opatumphun

       Independent Directors and Audit Committee

       -- Jate Mongkolhutthi

       -- Suwat Sitthimongkol  
  
However, since the Company is still processing the Business
Reorganization Plan, the power and duties in managing the
business and asset of the Company and all legal right of
shareholders, except the right to receive dividend, are still
vested in the Plan Administrator.

Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Company Limited -- http://www.thaiheat.com/-- has been  
manufacturing quality condenser coils, evaporator coils for
automobile and room air-conditioners and other application such
as slab coils, cooler coils, heater coils, refrigeration coils,
box air-conditioners, and cater to the various sectors of its
large clientele.  Thai Heat is currently undergoing business
rehabilitation.  Its securities are placed under the Rehabco
Sector of the Stock Exchange of Thailand.


THAI NAM: Exits Companies Under Rehabilitation Sector of SET
------------------------------------------------------------
The Executive Vice President of the Stock Exchange of Thailand
plans transfer the securities of Thai Nam Plastic Public Company
Limited to its regular sector this year, which is the Automotive
Sector.

The SET has posted a C (Compliance) sign on the Company's
securities since June 1, 2005.  Thai Nam fulfilled the SET's
criteria for exclusion from being delisted.  Therefore, the SET
considered to transfer its securities to Automotive sector and
lifted a C sign from its securities effective April 27, 2006,
onwards.

Thai Nam is the fifth firm whose securities are returned to its
regular sector this year, following Thai Wire Products Public
Company Limited.

Mr. Suthichai said that "Thai Nam requested the approval to
transfer its securities to regular sector.  The company has been
earning net operating profit from its core business in the year
2005 amounting THB80 million and showed a positive shareholder's
equity as at December 31, 2005 of THB131 million.

The company is in the process of paying debt following the
revised rehabilitation plan which was approved during the
Company's shareholders meeting on January 17, 2006.

Thai Nam's liquidity has been able to settle debt repayment on
time.  In addition, the Company has shown a continuous positive
cash flow from operations which was THB73 million as of
December 31, 2005.

                    About Thai Nam Plastic

Thai Nam Plastic Public Company Limited manufactures and sells
Plastic product and PVC and Non- PVC leather for Automotive
Interior Parts.

Total sales cater approximately 88% of domestic customers and
the rest goes to foreign customers.  

The Company's management has experience in this business for
more than 30 years now.  The management comprises the strategic
shareholders holding a total of 17% of its paid up capital.

Headquartered in Samutsakorn Province, Thailand, Thai Nam
Plastics Public Company Limited -- http://www.thainam.com/--  
manufactures and distributes plastic coated products in
Thailand.  Products include PVC flexible film/sheet with
printing and embossing, PVC flexible film/sheet for pool lining,
artificial and sponge leather, floor covering mats and car mats.
The Company is currently rehabilitating it s business and is
listed under the Rehabco Sector of the Stock Exchange of
Thailand.


                            *********

  
S U B S C R I P T I O N   I N F O R M A T I O N  
  
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland, USA.  Ma. Cristina Pernites-Lao, Faith Marie Bacatan,
Reiza Dejito, Erica Fernando, Freya Natasha Fernandez, Francis
Chicano and Peter A. Chapman, Editors.  
  
Copyright 2006.  All rights reserved.  ISSN: 1520-9482.  
  
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                 *** End of Transmission ***