TCRAP_Public/060503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Wednesday, May 3, 2006, Vol. 9, No. 087


                            Headlines

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

AOM HOLDINGS: Creditors' Proofs of Claims Due on May 18
ARISTOCRAT LEISURE: S&P Ups Credit Rating From "BB+" to "BBB-"
AUSSIE FIRE: Court Orders Winding Up
BELLAVISTA FARMS: Prepares to Distribute Assets
BUILDING WAIHEKE: Creditors' Proofs of Debts Due on May 15

BYRNE & DAVIDSON: Members Agree on Liquidation
CHATHAMS DIRECT: Court to Hear Liquidation Petition on May 15
COASTAL BOAT: Appoints Official Liquidators
CORNDALE QUARRIES: To Hold Final Meeting Today
CROESUS MINING: May Resume Shares Trading After Mending Hedges

CURRAGUNDI PTY: Discontinues Operations
DEY STREET: Faces Liquidation Proceedings
FREMANTLE LIVESTOCK: Intends to Pay Dividend to Creditors
GUMNUT SYSTEMS: Members and Creditors to Review Wind-up Report
HARRIS ENTERPRISES: To Declare Dividend Today

HUTT GLASS: Liquidation Petition Hearing Slated for May 8
K.C.A. TRADING: Supreme Court Orders Wind-up
L.M. ROBERTSON: Decides to Wind Up Business
METALWELL AUSTRALASIA: Names Christopher Wykes as Receiver
MIB SYSTEMS: Final Meeting Fixed on May 4

MIRANDA ROOF TILING: Enters Voluntary Liquidation
ON TOP ROOFING: Court Assigned Liquidators for the Company
ORACLE TILING: Court to Hear Liquidation Proceedings on May 11
PACE ACCOUNTING: Liquidator to Present Wind-up Report
PAN LABORATORIES: Declares Final Dividend

PANEL TECH: Receivers Step Aside
PRESTIGE LUMBER: Court Hears CIR's Liquidation Bid
SHOWGIRLS PTY: Liquidator to Present Wind-up Report
SOLORA SOUTH: Placed Under Voluntary Liquidation
TELSTRA CORPORATION: Seeks Court Intervention in ACCC Dispute

TFG ROOFING: Creditors Confirm Liquidator's Appointment


C H I N A   &   H O N G  K O N G

ACUMEN MARKETING: Schedules Wind-Up Hearing on May 17
BROOKSIDE INTERNATIONAL: Appoints Official Liquidator
BROOKSIDE INTERNATIONAL: Receives Proofs of Claims Until May 29
BROWNHILL TRADING: Creditors' Proofs of Claims Due on June 1
CALLA PLATFORM: Members Agree to Wind Up Firm

CHINAPACK GROUP: Winding Up Hearing Slated for June 14
CHING SHIN RUBBER: Final Members Meeting Set on May 30
CROWN PORT: Names Official Liquidator
DOMINION ENGINEERING: Wind-up Process Initiated
HAMON CHINA: Appoints Joint Liquidators

HING ZHAO: Company's Final Meeting Fixed on May 29
KENNEX ELECTRONICS: Shareholders Pass Wind-up Resolution
KUOK OILS: Sung Mi Yin Ceases to Act as Liquidator
PANCO INDUSTRIAL: Winding Up Hearing Slated for June 14
TARGET LAND: Winding Up Hearing Set on June 21

TRAWLNET LIMITED: Creditors' Proofs of Claims Due on June 20
TECH STAR: Liquidator to Present Wind-up Report
ROHLIG CHINA: Members' Final Meeting Fixed on May 29
WELLEAD CONSTRUCTION: Winding Up Hearing Slated for May 17
WINDFULL INDUSTRIES: Enters Wind-up Proceedings

WAI HUNG ENGINEERING: Members and Creditors Meetings Set June 1


I N D I A

DUNLOP INDIA: KMC May Waive Tax as Revival Aid
IBP COMPANY: Sells Shares To Avert Losses
NATIONAL TEXTILE: High Court Demands Compensation for Ex-workers


I N D O N E S I A

EXCELCOMINDO PRATAMA: Returns to Profit in First Quarter


J A P A N

ALL NIPPON AIRWAYS: S&P Gives BB- Rating a Positive Outlook
HANKYU HOLDINGS: S&P Places Credit Ratings on CreditWatch


K O R E A

HYUNDAI MOTOR: Shares Down 3.4% After Chairman's Arrest
HYUNDAI MOTOR: Tries to Minimize Fallout From Chairman's Arrest


M A L A Y S I A

COMSA FARMS: Keen on Comprehensive Restructuring Exercise
KEMAYAN CORPORATION: Bourse to Delist Securities on May 11
LANKHORST BERHAD: Shareholders Pass 9th AGM Resolutions
PAN MALAYSIA: Buys Back 125,000 Shares
POLYMATE HOLDINGS: Fined For Breach of Listing Requirements

PSC INDUSTRIES: Provides Default Status Updates
SUREMAX GROUP: Books MYR1.32-Million Pre-tax Loss in Q2/FY05-06
SYARIKAT KAYU: Pre-tax Loss Jumps on Lower Turnover
TELEKOM MALAYSIA: Celcom Sues Ex-directors to Recoup MYR880 Mln
TELEKOM MALAYSIA: Members to Consider Employees Share Option

TELEKOM MALAYSIA: Sells Wisma TM for MYR70 Million
TENAGA NASIONAL: FMM Backs Government Review of IPP Tie-ups


P H I L I P P I N E S

LAFAYETTE MINING: Government Blamed for Mine Spills
NATIONAL POWER: Warns of Luzon Power Shortage in 2011
PHILIPPINE AIRLINES: Hikes Up Insurance Fees to Cover Costs
SAN MIGUEL CORP: Postpones Hybrid Securities Sale


S I N G A P O R E

ASIA AGROMAS: Court Issues Wind-Up Order
HITACHI ELECTRONICS: Creditors' Proofs of Debts Due on May 29
LOGIC INTERNATIONAL: Court to Hear Wind-up Petition on May 5
MISHA TRADING: Falls Into Liquidation
TRI-M TECHNOLOGIES: Clarifies 2005 Annual Report Info


T H A I L A N D

THAI PETROCHEMICAL: PTT-Led Board Names Yimprasert as President
TOT PLC: Auditors Office Dumps 05 Financials Due to System Flaws

     - - - - - - - -

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

AOM HOLDINGS: Creditors' Proofs of Claims Due on May 18
-------------------------------------------------------
The Joint and Several Liquidators of AOM Holdings Ltd requires
the Company's creditors to submit their proofs of claims on or
before May 18, 2006.

Failure to comply with the requirement will exclude any from
sharing in any distribution the Company has made.

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


ARISTOCRAT LEISURE: S&P Ups Credit Rating From "BB+" to "BBB-"
--------------------------------------------------------------
Standard & Poor's Rating Services said it had raised its
corporate credit rating on Aristocrat Leisure Ltd. to 'BBB-'
from 'BB+' and removed it from CreditWatch with positive
implications, where it was placed on March 27, 2006.  A stable
outlook has been assigned to the rating.

The rating on the company's US$130 million convertible
subordinated bonds has also been raised to 'BBB-' from 'BB+'.

The rating upgrade reflects Aristocrat's sound business and
financial profile, which is now more sustainable than in the
past, and underpins management's capability to maintain
conservative financial policies into the future.

"Although the video gaming sector is susceptible to regulatory
and product innovation risk, Aristocrat has established a level
of global diversity across key gaming markets.  This gives it
greater capacity to absorb cyclical or competitive weaknesses in
any single market without compromising its ability to maintain
strong cash flow-protection measures," Standard & Poor's credit
analyst Peter Sikora said today.

"A strong track record in game development is also supportive of
the company's growth prospects in developing gaming markets such
as Macau.  Management's ability to maintain a conservative
financial profile is enhanced by the low level of debt on the
company's balance sheet and the modest debt requirements of its
businesses.  Although currently modest relative to the company's
installed base of gaming machines, Aristocrat's strategic focus
to grow its participation gaming machines product should also
help reduce its exposure to replacement cycle trends over time,"
added Mr. Sikora.

Aristocrat's financial metrics are expected to be maintained
above those typical for a 'BBB-'-rated company.  However,
further upward rating movement is not anticipated until the
company establishes a longer track record through the
replacement cycle in its key markets, and greater clarity is
gained about Aristocrat's competitive and growth prospects in
the key North American market, where competitive pressures are
likely to intensify as it becomes a larger player relative to
clear market leader International Game Technology.  Conversely,
any material weakening of the company's underlying operating
performance or a significant weakening of cash flow-protection
measures may put downward pressure on the rating.

The 'BBB-' rating on Aristocrat's US$130 million convertible
subordinated bonds, which are subject to litigation proceedings
in relation to their redemption or conversion, will be withdrawn
on the scheduled maturity date of May 31, 2006.  The 'BBB-'
corporate credit rating has taken into account the potential
contingent liabilities that may arise from all outstanding
litigation cases.


AUSSIE FIRE: Court Orders Winding Up
------------------------------------
The Federal Court of Australia, on March 17, 2006, ordered the
winding up of Aussie Fire Protection Pty Limited, and nominated
Steven Nicols to act as liquidator.

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


BELLAVISTA FARMS: Prepares to Distribute Assets
-----------------------------------------------
After their general meeting on March 17, 2006, the members of
Bellavista Farms Pty Limited decided to voluntarily wind up the
Company's operations and distribute its assets.

Angela Ann Gaffney was subsequently appointed as liquidator.

Contact: H. W. Griffiths
         Director
         c/o RSM Bird Cameron
         1st Floor, 8 St. Georges Terrace
         Perth, Western Australia 6000
         Australia


BUILDING WAIHEKE: Creditors' Proofs of Debts Due on May 15
----------------------------------------------------------
Joint and Several Liquidators Paul Graham Sargison and Gerald
Stanley Rea will be receiving proofs of claims from creditors of
Building Waiheke Ltd until May 15, 2006.

Failure to prove debts on the due date will exclude a creditor
from sharing in any distribution the Company will make.

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


BYRNE & DAVIDSON: Members Agree on Liquidation
----------------------------------------------
At Byrne & Davidson Doors (Queensland) Pty Limited's general
meeting on March 15, 2006, members concurred that it is in the
Company's best interests to liquidate its operations.

Ian Richard Hall was appointed as liquidator for the wind-up.

Contact: Ian R. Hall
         Liquidator
         Waterfront Place, 1 Eagle Street
         Brisbane, Queensland 4001
         Australia


CHATHAMS DIRECT: Court to Hear Liquidation Petition on May 15
-------------------------------------------------------------
The High Court of Christchurch, on March 27, 2006, received an
application from the Chief Executive of the Ministry of
Fisheries to liquidate Chathams Direct Ltd.

The application will be heard before the Court on May 15, 2006,
at 10:00 a.m.

Parties wishing to appear on the hearing are required to file an
appearance on May 11, 2006.

Contact: Dianne S. Lester
         Solicitor for the Plaintiff
         Credit Consultants Debt Services NZ Ltd
         Level 3, 3-9 Church Street
         Wellington, New Zealand
         Telephone: (04) 470 5972
         

COASTAL BOAT: Appoints Official Liquidators
-------------------------------------------
The members of Coastal Boat Building Pty Limited appointed Jason
Bettles and Susan Carter as the Company's liquidators at a
general meeting held on March 17, 2006.

Contact: Jason Bettles
         Susan Carter
         Liquidators
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia
         Web site: http://www.worrells.net.au/


CORNDALE QUARRIES: To Hold Final Meeting Today
----------------------------------------------
A final meeting of the members and creditors of Corndale
Quarries Pty Limited will be held today, May 3, 2006.

At the meeting, Liquidator A. R. Nicholls will report the
activities that took place during the wind-up exercise as well
as the manner by which the Company's property was disposed of.

Contact: A. R. Nicholls
         Liquidator
         Nicholls & Co. Chartered Accountants
         Suite 6, 459 Peel Street
         Tamworth, New South Wales 2340
         Australia


CROESUS MINING: May Resume Shares Trading After Mending Hedges
--------------------------------------------------------------
Shares in Croesus Mining N.L. could resume trading as early as
next week after the Company has reached an in-principle
agreement with its two key hedging banks -- Macquarie Bank and
Mitsui Precious Metals -- The West Australian reports.

The Agreement provides for a long-term restructure of Croesus'
onerous hedging commitments, ensuring the miner's survival.

According to The Age, Macquarie and Mitsui last month gave
Croesus until April 28, 2006, to thrash out a restructure and
revival plan, after major production shortfalls and cost blow-
outs at its Norseman mines.

Croesus Chairman Michael Kiernan said that the matter had gone
"to the wire" before the banks agreed to roll-out contracts
covering 240,000 ounces of gold on Friday.  He said that there
was a last minute breakthrough in the parties' discussions and
they were able to agree on the reconstruction of the hedge
recovery schedule.

As reported in the Troubled Company Reporter - Asia Pacific on
April 10, 2006, Croesus, backed by its main creditor Macquarie,
will implement a short-term revival plan to return its Norseman
gold business to profitability.  The TCR-AP report had said that
a longer-term production forecast would be prepared in due
course to provide the basis for longer-term financial planning.

The turnaround plan was formulated after Croesus conducted a
detailed evaluation of all financial and operational aspects of
the business, an independent solvency review and consultation
and liaison with major stakeholders including creditors,
directors, senior management, employees, consultants and
suppliers.

Mr. Kiernan had said that the review concluded that poor
decisions over several years had left the company in a difficult
financial and operational position, with the key issue being
insufficient ore sources to maintain its processing plant at
full capacity, and high costs.

The West cited Mr. Kiernan as saying that the details of the
Agreement are expected be finalized over the next two weeks, and
Croesus' hedging commitments were likely to be extended over two
years.  Once the details were agreed, the stock -- which was
suspended at AU$0.275 on March 16, 2006 -- should be able to
resume trading soon after.

Mr. Kiernan said that Croesus workers had already responded well
to the Company's problems, resulting in a major lift in
productivity that had cut operating costs at Norseman.  However,
he said that there was still some way to go before the Company
hit the production and cost targets laid out in its restructure
plan, devised in partnership with turnaround advisers Pitcher
Partners.

Croesus is also contemplating a potential AU$15 million to AU$25
million capital raising later this year.

                          *     *     *

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

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

Now nursing the AU$25 million mark-to-market loss on its hedge-
book, Croesus was pushed to the brink of collapse by a surge in
costs above AU$800 an ounce -- roughly AU$200/oz above the
delivery price of its hedging contracts.  It was also producing
only about 7,000oz a month, well below the 10,000oz needed to
meet its gold hedging commitments.


CURRAGUNDI PTY: Discontinues Operations
---------------------------------------
The members of Curragundi Pty Limited convened on March 21,
2006, to commence a wind-up of the Company's operations.

R. A. Ferguson was consequently appointed as liquidator.

Contact: R. A. Ferguson
         Liquidator
         c/o Fergusons Chartered Accountants
         Level 8, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia


DEY STREET: Faces Liquidation Proceedings
-----------------------------------------
Sharp Kitchens Ltd, on March 1, 2006, filed before the High
Court of Auckland an application to liquidate Dey Street
Investments Ltd.

The Court will hear the application on May 11, 2006, at 10:45
a.m.

Parties wishing to attend the hearing must file an appearance on
May 9, 2006.

Contact: Malcolm David Whitlock
         Solicitor for the Plaintiff
         Whitlock & Co, Level 2
         Baycorp House, 15 Hopetoun St
         Auckland, New Zealand


FREMANTLE LIVESTOCK: Intends to Pay Dividend to Creditors
---------------------------------------------------------
Fremantle Livestock Services Pty Limited will declare its first
and final dividend on May 5, 2006, to the exclusion of its
creditors who were not able to prove their claims.

Contact: Simon Read
         Liquidator
         PPB Chartered Accountants
         PO Box 7635, Cloisters Square
         Perth, Western Australia 6850
         Australia


GUMNUT SYSTEMS: Members and Creditors to Review Wind-up Report
--------------------------------------------------------------
Members and creditors of Gumnut Systems Pty Limited will hold a
final meeting on May 4, 2006, at 10:00 a.m. for them to get an
account of the manner of the Company's wind-up and property
disposal from Liquidator J. P. Cronin.

Contact: J. P. Cronin
         Liquidator
         McGrathNicol+Partners
         Level 32, Central Plaza One
         345 Queen Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3333 9836
         Web site: http://www.mcgrathnicol.com.au/


HARRIS ENTERPRISES: To Declare Dividend Today
---------------------------------------------
Harris Enterprises (Northern Territory) Pty Limited will declare
its first and final dividend today, May 3, 2006.

The Company's creditors who were unable to prove their claims
will be excluded from sharing in the dividend distribution.

Contact: Peter J. Lanthois
         Liquidator
         KordaMentha
         Level 4, 70 Pirie Street
         Adelaide, South Australia 5000
         Australia


HUTT GLASS: Liquidation Petition Hearing Slated for May 8
---------------------------------------------------------
A liquidation petition against Hutt Glass Ltd was received by
the High Court of on March 30, 2006, from the Commissioner of
Inland Revenue

The Court will hear the application on May 8, 2006, at 10:00
a.m.

Contact: Andrew Hamer Instone
         Solicitor for the Plaintiff
         1/F., New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 1133
         Facsimile: (04) 890 0009


K.C.A. TRADING: Supreme Court Orders Wind-up
--------------------------------------------
The Supreme Court of New South Wales issued a wind-up order
against K.C.A. Trading Company Pty Limited on March 24, 2006.

The Court also named R. J. Porter as liquidator for the Company.

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


L.M. ROBERTSON: Decides to Wind Up Business
-------------------------------------------
The members of L.M. Robertson Pty Limited held a meeting on
March 13, 2006, and agreed to shut down the Company's
operations.

Stephen John Bray was named as liquidator to oversee the wind-up
exercise.

Contact: Stephen J. Bray
         Liquidator
         MGI Caulfields
         212 Greenhill Road, Eastwood
         South Australia 5063, Australia


METALWELL AUSTRALASIA: Names Christopher Wykes as Receiver
----------------------------------------------------------
Christopher Wykes was, on February 24, 2006, appointed as
receiver and manager of all the assets and undertakings of
Metalwell Australasia Ptuy Limited.

Contact: Christopher Wykes
         Receiver and Manager
         Lawler Partners Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


MIB SYSTEMS: Final Meeting Fixed on May 4
-----------------------------------------
A final meeting of the members and creditors of MIB Systems Pty
Limited will be held on May 4, 2006, at 11:00 a.m. for parties
to receive the liquidator's final account showing how the
Company was wound up and how its property was disposed of.

Contact: Joseph Loebenstein
         Liquidator
         Loebenstein Insolvency Services Pty Limited
         203 Balaclava Road, North Caulfield
         Victoria 3161, Australia


MIRANDA ROOF TILING: Enters Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting on March 17, 2006, the
members and creditors of Miranda Rood Tiling Pty Limited agreed
that the Company must voluntarily commence a wind-up of its
operations.

R. A. Sutcliffe was consequently appointed as liquidator.

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


ON TOP ROOFING: Court Assigned Liquidators for the Company
-----------------------------------------------------------
On April 6, 2006, the High Court of Auckland appointed John
Trevor Whittfield and Peri Micaela Finnigan as Joint and Several
Liquidators of On Top Roofing Ltd.

The Liquidators will start receiving proofs of debts from the
Company's creditors on or before May 31, 2006.

Failure of creditors to prove debt on the due date will exclude
them from sharing in any distribution the Company will make.

Contact: John T. Whittfield
         Joint Liquidator
         McDonald Vague, PO Box 6092
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: www.mvp.co.nz


ORACLE TILING: Court to Hear Liquidation Proceedings on May 11
---------------------------------------------------------------
The High Court of Auckland will hear an application to liquidate
Oracle Tiling Co Ltd on May 11, 2006.

The wind-up petition was filed before the Court by Tileco Ltd on
February 14, 2006.

Parties, other than the defendant Company, wishing to appear on
the hearing are required to file an appearance on May 9, 2006.

Contact: Simon Charles Blackwell
         Solicitor for the Plaintiff
         Blackwells Solicitors office
         Level 5, 235 Broadway, New Market
         Auckland, New Zealand


PACE ACCOUNTING: Liquidator to Present Wind-up Report
-----------------------------------------------------
The members of Pace Accounting Pty Limited will convene today,
May 3, 2006, to receive Liquidator I. D. Jessup's account
regarding the Company's completed wind-up and disposal of the
Company's property.

Contact: I. D. Jessup
         Liquidator
         Jessup & Partners
         1st Floor, 488 Mulgrave Road
         PO Box 936, Earlville
         Queensland 4870, Australia
         Telephone: (07) 4033 1349
         Fax: (07) 4033 1649


PAN LABORATORIES: Declares Final Dividend
-----------------------------------------
PAN Laboratories (Australia) Pty Limited will declare its first
and final dividend today, May 3, 2006.

Creditors who were unable to prove their claims will be excluded
from sharing in any distribution the Company will make.

Contact: A. G. McGrath
         Liquidator
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9338 2649
         Web site: http://www.mcgrathnicol.com.au/


PANEL TECH: Receivers Step Aside
--------------------------------
Alan Hayes and Neil Geoffrey Singleton ceased to act as
receivers and managers of the property of Panel Tech Industries
(Queensland) Pty Limited on March 17, 2006.

Contact: Alan Hayes
         Neil G. Singleton
         Receivers
         SimsPartners Chartered Accountants
         Level 24, Australia Square
         264 George Street, Sydney
         New South Wales 2000, Australia
         Telephone: 9241 3422


PRESTIGE LUMBER: Court Hears CIR's Liquidation Bid
--------------------------------------------------
An application to put Prestige Lumber Ltd into liquidation was
received by the High Court of Hamilton from the Commissioner of
Inland Revenue on March 28, 2006.

The Court heard the application on May 1, 2006, at 10:45 a.m.


SHOWGIRLS PTY: Liquidator to Present Wind-up Report
---------------------------------------------------
The final meeting of Showgirls (Oz) Pty Limited will be held
today, May 3, 2006, for its members and creditors to get an
account of the manner of the Company's wind-up and property
disposal from Liquidator I. A. Currie.

Contact: I. A. Currie
         Liquidator
         Currie Biazos Insolvency Accountants
         Level 3, 320 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone: (07) 3220 0994


SOLORA SOUTH: Placed Under Voluntary Liquidation
------------------------------------------------
The members of Solora South Proprietary Limited held a general
meeting on March 18, 2006, and agreed to:

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

  -- appoint S. W. Vine as liquidator.

Contact: S. W. Vine
         Liquidator
         200 East Terrance, Adelaide
         South Australia 5000
         Australia


TELSTRA CORPORATION: Seeks Court Intervention in ACCC Dispute
-------------------------------------------------------------
Telstra Corporation initiated legal proceedings on May 1, 2006,
with the Federal Court against the Australian Competition and
Consumer Commission, The Age reports.  Telstra wants the Court
to intervene in its battle with the competition watchdog over
its increase in wholesale line rental price.

The Age recounts that the line rental dispute began in December
2005 when Telstra increased its wholesale fixed-line access
price by AU$3.41 to AU$30.36 a month.

The Troubled Company Reporter - Asia Pacific reported on
April 17, 2006, that Telstra's price hike resulted in the
telecom's retail prices for the line rental component of the
majority of its fixed voice products being below its wholesale
price for line rental.

Telstra's legal move came after the ACCC issued a competition
notice last month exposing the telecom to up to AU$3 million-a-
day fine if its price hike is found unlawful and then not
reversed.

In the Competition Notice, the ACCC said that the price increase
would likely deter Telstra's wholesale customers from competing
for certain types of retail 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.

Through its legal action, Telstra is hoping to have the
Competition Notice withdrawn on a technicality under the
Administrative Decisions (Judicial Review) Act 1977, arguing
that the alleged breaches detailed by the ACCC in its
consultation notice -- issued to Telstra in December 2005 -- did
not match the breaches detailed in the subsequent Competition
Notice.

Citing Telstra's head of regulatory affairs, Tony Warren, the
Sydney Morning Herald relates that the Competition Notice raised
different arguments, making the ACCC's conduct both "unfair and
unauthorized by law."

Telstra also argues that the Competition Notice "does not, or
does not sufficiently, describe the kind of anti-competitive
conduct in which it is alleged the applicant has engaged".

ACCC chairman Graeme Samuel told The Age that Telstra's action
would not delay the regulator's decision on whether to go to
court to seek the million-dollar fines against Telstra over the
increase.  Mr. Samuel confirmed that the ACCC's investigation
into Telstra's line rental price rise would continue.

As the TCR-AP had stated, the Competition Notice also 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.

As a result, the TCR-AP reported on April 20, 2006, Telstra's
rival, Optus, launched a legal action against the telecom on
April 18 challenging Telstra's December 2005 rental price
increase.

Moreover, amid the ACCC battle, Australian Finance Minister Nick
Minchin further delayed a decision on whether the sale of the
Government's 50% stake in Telstra will go ahead this year, the
Sydney Herald says.  Senator Minchin said that the Government's
advisers were working on the basis that the shares would be sold
in October or November, but that a final decision had yet to be
made.

Senator Minchin also noted that the biggest issue surrounding
the sale was the bedding down of regulations that will govern
the carrier.

The Government's decision had been expected before next week's
federal budget.  The Government is also expected to decide next
week on whether it should intervene in the Telstra-ACCC tussle.

                         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.


TFG ROOFING: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
After their extraordinary general meeting on March 20, 2006, the
members of TFG Roofing Pty Limited decided to voluntarily wind
up the Company's operations.

Robert M. H. Cole was appointed as liquidator at a creditors'
meeting held on the same day.

Contact: Robert M. H. Cole
         Liquidator
         Cole Downey & Co. Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia


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

ACUMEN MARKETING: Schedules Wind-Up Hearing on May 17
-----------------------------------------------------
The Hong Kong Department of Justice has, on February 20, 2006,
filed a petition to wind-up Acumen Marketing Communications
Limited.

The petition is fixed for hearing before the High Court of Hong
Kong on May 17, 2006, at 9:30 a.m.

Any person interested to attend the hearing must file an
appearance not later than May 16, 2006.

Contact: Ho Chi Sum
         Senior Government Counsel
         Counsel for the Petitioner
         Department of Justice
         2nd Floor, High Block
         Queensway Government Offices
         66 Queensway, Hong Kong


BROOKSIDE INTERNATIONAL: Appoints Official Liquidator
-----------------------------------------------------
Luk Siu Lan was appointed official liquidator of Brookside
International Ltd by virtue of a special resolution passed by
members on April 19, 2006.

Contact: Luk Siu Lan
         14/F., CNAC Group Bldg
         10 Queen's Road Central
         Hong Kong


BROOKSIDE INTERNATIONAL: Receives Proofs of Claims Until May 29
---------------------------------------------------------------
Creditors of Brookside International Ltd are required to send
their proofs of claims to the Company's liquidator on or before
May 29, 2006.

Failure to prove debts on the due date will exclude any creditor
from sharing in any distribution of assets the Company will
make.

Contact: Luk Siu Lan
         14/F., CNAC Group Bldg
         10 Queen's Road Central
         Hong Kong


BROWNHILL TRADING: Creditors' Proofs of Claims Due on June 1
------------------------------------------------------------
Brownhill Trading Company Limited will be receiving proofs of
claims from its creditors until June 1, 2006.

Failure to establish proofs by the deadline will exclude any
creditor from sharing in any distribution the Company will make.

Contact: David J. Lawrence
         Liquidator
         7th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


CALLA PLATFORM: Members Agree to Wind Up Firm
---------------------------------------------
The members of Calla Platform Systems Limited held a general
meeting on April 12, 2006, and agreed to:

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

  -- appoint James Wardell and Chan Wai Dune as Joint
     Liquidators following the resignation of Ting Koon Hung.

Contact: James Wardell
         Chan Wai Dune
         Joint and Several Provisional Liquidators         
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay
         Hong Kong


CHINAPACK GROUP: Winding Up Hearing Slated for June 14
------------------------------------------------------
On April 11, 2006, the High Court of Hong Kong received an
application from Bank of China (Hong Kong) Limited to wind up
Chinapack Group (H.K.) Limited.

The High Court will hear the Petition on June 14, 2006, at
9:30 a.m.   

Any person who wishes to appear on the hearing of the
application must file an appearance not later than June 13,
2006.   

Contact: K. W. Ng & Co.
         Solicitors for the Petitioner
         11/F., Wings Building
         110 Queen's Road Central
         Hong Kong


CHING SHIN RUBBER: Final Members Meeting Set on May 30
------------------------------------------------------
A final general meeting of members of Cheng Shin Rubber (H.K.)
Ltd will be held at 215, Meei-Kong Road, Huang-Ts'O Village, Ta-
Suen, Chang-Hwa, Taiwan on May 30, 2006, at 10:00 a.m.

At the meeting, Liquidator Yiu Kwong Man will present an account
showing the manner in which the winding-up has been conducted.

Members will also be asked:

     -- to approve and adopt the Liquidator's Accounts; and

     -- to decide whether the Company's books, accounts and
        documents be retained by the Liquidator and be destroyed
        three months after the dissolution of the Company.


CROWN PORT: Names Official Liquidator
--------------------------------------
Lau Yuen Yee has been appointed official liquidator of Crown
Port Co Ltd by a special resolution passed by members on April
21, 2006.

Contact: Lau Yuen Yee
         Room 1702, 17/F.,
         Tung Hip Commercial Bldg
         248 Des Voeux Road Central,
         Hong Kong


DOMINION ENGINEERING: Wind-up Process Initiated
-----------------------------------------------
The members of Dominion Engineering Limited, on April 12, 2006,
agreed to wind-up the Company's operations.

James Wardell and Chan Wai Dune were subsequently appointed as
Joint and Several Provisional Liquidators.

Contact: James Wardell
         Chan Wai Dune
         Joint and Several Provisional Liquidators         
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay
         Hong Kong


HAMON CHINA: Appoints Joint Liquidators
---------------------------------------
Edward Middleton and Jacky Chung Wing Muk, of KPMG, were
appointed as joint and several liquidators of Hamon China Fund
Management Limited on April 20, 2006.   

Contact: Edward Middleton
         Jacky Chung Wing Muk
         Joint and Several Liquidators
         KPMG
         8th Floor, Prince's Building,
         10 Chater Road, Central, Hong Kong


HING ZHAO: Company's Final Meeting Fixed on May 29
--------------------------------------------------
The final general meeting of Hing Zhao Ltd will be held at
21/F., Fee Tat Commercial Centre, No. 613 Nathan Road, Kowloon,
Hong Kong on May 29, 2006, at 10:00 a.m.

At the meeting, the Company's liquidator will report on how the
winding up has been conducted and its property disposed of.

Members will also decide whether the Company's books, accounts
and documents be retained by the Liquidator to be destroyed
three months after the dissolution of the Company.


KENNEX ELECTRONICS: Shareholders Pass Wind-up Resolution
--------------------------------------------------------
A special resolution to wind up Kennex Electronics Ltd was
passed by the Company's shareholders during an Extraordinary
General Meeting on April 19, 2006.

Leung Chi Wing was also appointed as official liquidator at the
meeting.

Contact: Leung Chi Wing
         Room 1101, 11/F., Shiu Lam Bldg
         23 Luard Road, Wan Chai
         Hong Kong


KUOK OILS: Sung Mi Yin Ceases to Act as Liquidator
--------------------------------------------------
Sung Mi Yin of Suite No. A, 11th Floor, Ritz Plaza, 122 Austin
Road, Tsimshatsui, Kowloon, Hong Kong, has ceased to act as
liquidator of Kuok Oils & Grains (Hong Kong) Limited on
April 28, 2006.


PANCO INDUSTRIAL: Winding Up Hearing Slated for June 14
-------------------------------------------------------
Ding Peng and Zheng Lie Lie have filed with the High Court of
Hong Kong an application to wind-up Panco Industrial (Holdings)
Limited.  
  
The Petition will be heard before the High Court on
June 14, 2006, at 9:30 a.m.  
  
Any person interested to appear on the hearing must file an
appearance not later than June 13, 2006.

Contact: Wong Poon Chan Law & Co.
         Solicitors for the Petitioner
         17th Floor, Hong Kong Trade Centre
         161-167, Des Voeux Road, Central
         Hong Kong


TARGET LAND: Winding Up Hearing Set on June 21
----------------------------------------------
The Bank of China (Hong Kong) Limited presented a petition to
wind up Target Land Estate Limited on April 4, 2006.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on June 21, 2006, at 9:30 a.m.

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.   

Contact: Chow, Griffiths & Chan
         Solicitors for the Petitioner
         Rooms 1902-4, 19th Floor
         Hang Seng Building
         77 Des Voeux Road Central
         Hong Kong


TRAWLNET LIMITED: Creditors' Proofs of Claims Due on June 20
------------------------------------------------------------
Creditors of Trawlnet Limited are requested to send full
particulars of their claims against the Company on or before
June 20, 2006.

Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.

Contact: Fan Kai Ming
         Fan Wong Wing Sehung
         Room 1213 Viking Villas
         70 Tin Hau Temple Road
         Hong Kong


TECH STAR: Liquidator to Present Wind-up Report
-----------------------------------------------
Liquidator Chan Yiu Ho will present accounts of Tech Star
Electronics Ltd's winding-up exercise to the Company's members
on May 29, 2006, at 10:00 a.m.

At the meeting, members will be asked:

     -- to approve and adopt the Liquidator's Accounts; and

     -- to decide whether the Company's books, accounts and
        documents be retained by the Liquidator and be destroyed
        three months after the dissolution of the Company.


ROHLIG CHINA: Members' Final Meeting Fixed on May 29
----------------------------------------------------
Members of the Rohlig China Ltd will meet at 31/F., The Centre ,
99 Queen's Road Central, Hong Kong on May 29, 2006, at 10:00
a.m.   

At the meeting, Liquidator Kan Tim Hei will present an account
showing how the winding-up has been conducted.


WELLEAD CONSTRUCTION: Winding Up Hearing Slated for May 17
----------------------------------------------------------
The High Court of Hong Kong Special Administrative Region fixed
the hearing for the winding-up petition against Wellead
Construction and Engineering Company Limited on May 17, 2006.

The Hong Kong Department of Justice filed the Wind-Up Petition
before the Court on February 20, 2006.

Contact: Ho Chi Sum
         Senior Government Counsel
         Counsel for the Petitioner
         Department of Justice
         2nd Floor, High Block
         Queensway Government Offices
         66 Queensway, Hong Kong


WINDFULL INDUSTRIES: Enters Wind-up Proceedings
-----------------------------------------------
On April 19, 2006, The Bank of China (Hong Kong) Limited filed
an application to wind up Windfull Industries Limited.
  
The Application will be heard before the High Court of Hong Kong
Special Administrative Region on June 21, 2006 at 9:30 a.m.

Contact: Chow, Griffiths & Chan
         Solicitors for the Petitioner
         Rooms 1902-4, 19th Floor
         Hang Seng Building
         77 Des Voeux Road Central
         Hong Kong


WAI HUNG ENGINEERING: Members and Creditors Meetings Set June 1
---------------------------------------------------------------
The final meeting of members and creditors of Wai Hung
Engineering Transportation Co Ltd will be held at Room 1803,
Sunbeam Commercial Building, 496-471 Nathan Road, Kowloon, Hong
Kong on June 1, 2006, at 10:00 a.m. and 10:15 a.m.,
respectively.

At the meeting, the Company's liquidator report on how the
winding up has been conducted and the property of the Company
was disposed of.







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

DUNLOP INDIA: KMC May Waive Tax as Revival Aid
----------------------------------------------
The Kolkata Municipal Corporation is likely to waive half of the
property tax and other tax dues of Dunlop India Limited as part
of its gesture to help revive the Company, The Times of India
reports.

This matter came up at the March 24 monthly meeting of the civic
body in its agenda, but was deferred to the next meeting on
Saturday, May 6, 2006, as the ruling Left Front board thought it
will be improper now to table the draft resolution at a time
when State Assembly election is on.

Prior to this, the Industrial Reconstruction and Public
Enterprises Department had written to the KMC urging it to write
off half of Dunlop's INR18.73-lakh dues.

The Statesman relates that the civic body will give financial
concession of more than INR9.36 lakh to Dunlop, which is half of
its tax dues of nearly INR18.74 lakh accrued as property tax,
water and drainage fees.  

However, KMC's act may be deemed a gross violation of the
Election Commission's model code of conduct.

Former mayor Subrata Mukherjee threatened to will file a
complaint with the EC should the proposal come up on Saturday's
meeting.  He pointed out that the special provisions of the KMC
Act applies to giving relief to religious institutions or
charitable trusts, but not to any commercial establishment like
as Dunlop India.

                       About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahaganj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to re-open its plants in
within this year.


IBP COMPANY: Sells Shares To Avert Losses
-----------------------------------------
IBP Company Limited has sold shares of ICICI Bank and HDFC Bank
to mitigate the losses it incurred during the financial year
2005-06, The Economic Times reports, citing the Company's
managing director, N G Kannan.

According to IBP, the sale of ICICI and HDFC shares result to a
cash flow of INR970 million, which amount would help the Company
reduce its losses, and may also revise the Company's previous
guidance, which anticipated losses during 2005-06.

The Troubled Company Reporter - Asia Pacific reported on
March 17, 2006, that IBP had expected to book losses even after
the Government had issued INR400 crore in oil bonds for the
Company to recover losses from selling fuel at subsidized
prices.  IBP had said that the Government Oil Bonds are not
enough to offset around INR500 crore in accumulated losses as of
December 2005.  

The Company posted accumulated losses of INR5 billion during the
first nine months of the last fiscal year largely due to under-
recovery in petrol and diesel, newKerala.com recounts.  The last
quarter of the year 2005-2006 was also not any better compared
to the full year itself.

                   About IBP Company Limited

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


NATIONAL TEXTILE: High Court Demands Compensation for Ex-workers
----------------------------------------------------------------
The Bombay High Court has ordered National Textile Corporation
to compensate retired workers of India United Mills, Mumbai
NewsLine reveals.

Justice S U Kamdar ruled that National Textile engaged in unfair
labor practice by seeking to reduce the age of supperannuation
contrary to a signed agreement with the National Union of
Commercial Employees.  As such, the Company will pay those who
were supperannuated before 60 years monetary benefits as
determined by the Court within 12 weeks.

The High Court Mandate came after it quashed an earlier
industrial court order that had dismissed a plea filed by the
mill workers regarding the superannuation of their term.

The Newsline relates that National Textile has taken over India
United Mills in 1975 under the Sick Textiles Undertakings
(Nationalization) Act.  Before the takeover, the retirement age
for employees had been fixed at 60 years.  However, National
Textile later forged an agreement with the workers' union,
offering a number of benefits and guaranteed that the retirement
age would not be changed.

In October 2000, the Central Government issued a circular
rolling back retirement age for government employees from 60 to
58 years.  When National Textile moved to implement the new
rule, the employees protested and lodged a complaint with the
industrial court, where the plea was dismissed.  The case was
immediately lodged before the High Court.

               About National Textile Corporation

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


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

EXCELCOMINDO PRATAMA: Returns to Profit in First Quarter
--------------------------------------------------------
Mobile phone company PT Excelcomindo Pratama Tbk posted a net
profit of IDR345.6 billion -- US$39.41 million -- in the first
quarter of 2006, against a net loss of IDR3.3 billion in the
corresponding period a year earlier, The Star Online reports.

According to the report, a foreign exchange gain of around
IDR356 billion in the period pushed the Company back into the
black.  

In the first quarter, the Company's net revenue increased 39% to
IDR71 billion due an increase in the number subscribers to 8.2
million from 7 million in 2005.  Its operating profit surged 35%
to IDR234.3 billion in the same period.

                          *     *     *

PT Excelcomindo Pratama Tbk - http://www.xl.co.id/-- is the  
third-largest cellular operator in Indonesia, with a market
share of about 12% as of September 30, 2005.  It obtained the
Global system for Mobile Communications (GSM) 900 spectrum
allocation license from Indonesian authority in September 1995,
while its commercial operation started in October 1996,
providing GSM cellular network and services in the country.  XL
was the first private company to provide mobile telephone
service in Indonesia.  The Company's cash woes started in 2004,
when it garnered a net loss of IDR84.75 million for the six
months ended June 30, 2004.


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

ALL NIPPON AIRWAYS: S&P Gives BB- Rating a Positive Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services had, on May 2, 2006, revised
its outlook on the 'BB-' long-term corporate credit rating on
All Nippon Airways Company Limited to positive from stable,
reflecting the Company's improved earnings and expectations for
stable profitability, thanks to cost reductions efforts as well
as a stronger competitive position.

Standard & Poor's also affirmed its long-term corporate credit
and senior unsecured debt ratings on the Company.

The improvement in All Nippon's earnings shows its steady
progress in streamlining its operations by cutting costs,
increasing fleet efficiency, and improving yield management.  
The Company has also addressed such issues as the negative
impact from higher fuel prices on its earnings by maintaining a
high hedge ratio for fuel costs.

Although All Nippon continues to face risks from unpredictable
external factors typical for the airline industry, those risks
are mitigated by stable earnings from its oligopoly of the
domestic flights market with Japan Airlines Corporation, and an
improved profit structure in the international flights market
thanks to ANA's expanded flight schedule for its China route and
use of the global "Star Alliance" network.

The Company's cost competitiveness over the medium-to-long term
should be bolstered further by equity financing of about JPY100
billion, implemented in March 2006.  This financing is expected
to boost the company's capitalization and accelerate the
upgrading of its aircraft fleet.  Moreover, equity financing has
improved All Nippon's debt-to-capital ratio, while the ratio of
funds from operations to net debt is also on the rise.  An
upgrade may be possible if the Company strengthens its
profitability and cash flows, and further improves its debt-to-
capital structure.
    
Headquartered in Tokyo, Japan, All Nippon Airways Company,
Limited -- http://www.ana.co.jp/eng/-- was established on  
December 27, 1952.  Formerly Japan's largest domestic carrier,
it is now the country's second-largest domestic and
international carrier, after its current main competitor Japan
Airlines.  With a paid-up capital of JPY160 trillion, the
Company employs 12,523 employees and has offices in New York,
Los Angeles, Paris, London, Frankfurt, Hong Kong, Beijing and
Singapore, among others.


HANKYU HOLDINGS: S&P Places Credit Ratings on CreditWatch
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit and 'BB+' senior unsecured debt ratings on
Hankyu Holdings, Incorporated, on CreditWatch with negative
implications, on May 1, 2006, after the Company announced on
April 28, 2006, that it planned to merge with Hanshin Electric
Railway Company, Limited.

If Hankyu acquires shares in Hanshin from M&A Consulting,
Incorporated, widely known as the Murakami Fund, the Company's
financial profile may deteriorate from the acquisition cost.  
The management integration of Hankyu and Hanshin Electric
depends on Hankyu's acquisition of 45% of the Murakami Fund's
stake in Hanshin.
     
According to Standard & Poor's credit analyst Eiro Taniguchi,
the key factor will be whether the acquisition cost will be
manageable relative to Hanshin's free cash flow, as well as the
integration effects expected from the merger, since a heavy
financial burden, indicating that Hankyu's management policy has
changed, could negatively affect Hankyu's ratings.

Standard & Poor's is skeptical about positive integration
effects between Hankyu and Hanshin.  Except for economies of
scale in equipment purchases, both firms could expect only a
limited complementary effect in the railroad business as their
key train lines run parallel in the same regions.  In the real
estate development business, the two companies would not see any
material effects in projects other than the cooperative
redevelopment of the area surrounding their two separate Umeda
train stations.  In addition, it is uncertain that Hankyu will
be able to attain sufficient benefits in the retailing business
through a business tie-up with Hanshin Department Store, since
the Company will only have a small percentage of shares in the
stores themselves.

If Hankyu's plan to acquire shares of Hanshin from the Murakami
Fund does not push through, Standard & Poor's will affirm and
remove the Company's ratings from CreditWatch.  If Hankyu's
acquisition of Hanshin shares reaches a formal settlement,
Standard & Poor's will remove its ratings on Hankyu from
CreditWatch after scrutinizing the impact of the transaction on
the Company's overall earnings and financial profile.  S&P will
consider the details of Hankyu's share acquisition, including
the acquisition cost and financing method to be used, and its
financial profile and cash flow generation following
integration.


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

HYUNDAI MOTOR: Shares Down 3.4% After Chairman's Arrest
-------------------------------------------------------
Shares in Hyundai Motor Co. fell 3.4% on May 2, 2006, after its
chairman, Chung Mong-koo, was arrested last week on charges of
misusing company funds, Reuters reports.

Reuters relates that the drop has wiped out close to US$1
billion off Hyundai's market value.

The Troubled Company Reporter - Asia Pacific has reported in
April that prosecutors suspected Chairman Chung of embezzling
about US$106 million since 2002 to create the slush fund, as
well as of incurring about US$320 million in damages to the
Company.

The TCR-AP also reported that Hyundai Automotive Group has
suspended all overseas expansion plans indefinitely while
judicial proceedings against the Chairman is in progress.

Hyundai Motor has delayed reporting its first-quarter earnings,
due out last week, further adding to uncertainty regarding the
stock.

According to Reuters, a fund manager at a foreign asset
management company, who declined to be named, said that even if
Mr. Chung was found guilty, the repercussions could be limited
and he was unlikely to spend a long time in jail.

Other affiliates of the Hyundai Motor Group also continued their
recent slide, with Kia Motors Corporation, South Korea's second-
biggest auto maker down 3.87% to KRW18,650 and auto parts maker
Hyundai Mobis falling 4.2% to KRW79,800.

                       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.  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%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
worth of Hyundai's bad debts written off.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  Other affiliates are also feeling
the pinch.  Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000.  The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.


HYUNDAI MOTOR: Tries to Minimize Fallout From Chairman's Arrest
---------------------------------------------------------------
The Hyundai Automotive Group -- which includes Hyundai Motor
Co., Kia Motors Corporation and Hyundai Mobis Co. -- is
tightening control over its production and sales system to
prevent a sales decline after last week's arrest of its
Chairman, Chung Mong-koo, The Korea Herald reports.

In a meeting held during the weekend, some 20 top executives at
the automaker agreed to run each subsidiary independently.
The presidents of each subsidiary also agreed that they should
work with one accord to maintain normal business operations.

Hyundai Motor's vice chairman, Kim Dong-jin, disclosed that
automobile production and sales must meet targets although
overseas factory projects that require the chairman's decision
may suffer a setback.

An unnamed Hyundai Motor official also told The Herald that
sales volume can drop easily, but that it costs a tremendous
amount of money and time to recover market share.  He said,
however, that the group is well aware that sales should not be
hindered no matter what.

The Herald notes that as for Kia Motor Corporation's United
States production plant in Georgia, schedules are still
unresolved but the automaker is considering starting the
construction next month before an official groundbreaking
ceremony.

In addition, the launching of the new Avante sedan, previously
slated for production and sales this month, is likely to be
delayed as Hyundai and its unionized workers are at odds on
personnel control at its assembly lines.

                       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.  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%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
worth of Hyundai's bad debts written off.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  Other affiliates are also feeling
the pinch.  Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000.  The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.


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

COMSA FARMS: Keen on Comprehensive Restructuring Exercise
---------------------------------------------------------
Comsa Farms Berhad has proposed to undertake a comprehensive
restructuring scheme, which will include, among others:

     * a funds raising exercise; and

     * a debt restructuring involving the secured and unsecured
       financial creditors of the Comsa Group.

Comsa Farms says that details of its Proposed Restructuring
Scheme will be released in due course upon finalization of the
relevant terms and conditions of the Scheme Creditors.

                    About Comsa Farms Berhad

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feedmilling, poultry feeding, hatchery operations, and
layer farming.  The Company is currently embroiled in crisis due
to its inability to meet its sinking fund payment, weak
operational cash flow vis-a-vis its debt level and poor showing
in terms of returns on investment since the commencement of the
modernization and expansion of its farms in 2000.  Furthermore,
the poultry industry is presently confronted by the outbreak of
the avian influenza and rising raw material prices, which could
hurt Comsa's earnings and cash flow in the immediate term.  On
April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to its deficits in shareholders
equity totaling MYR89,412,000.  As an affected listed issuer,
Comsa Farms is required to submit a plan to regularize its
financial condition.


KEMAYAN CORPORATION: Bourse to Delist Securities on May 11
----------------------------------------------------------
Bursa Malaysia Securities Berhad will delist Kemayan Corporation
Berhad from the Official List on May 11, 2006, as the Company
does not have an adequate level of financial condition to
warrant continued listing on the Bourse.

The Company's securities will continue to remain deposited with
Bursa Depository notwithstanding the de-listing of the
securities of the Company from the Official List of Bursa
Securities.  It is not mandatory for the securities of the
Company to be withdrawn from Bursa Depository.

Kemayan Shareholders who intend to hold their securities in the
form of physical certificate can withdraw these securities from
their Central Depository System accounts with Bursa Depository,
at anytime after the securities of the Company are de-listed
from the Official List of Bursa Securities by submitting the
application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.

According to the Troubled Company Reporter - Asia Pacific, Bursa
Malaysia had, on March 29, 2006, commenced delisting procedures
against Kemayan, which is a Practice Note No. 4/2001 company.  
The Bourse has decided to remove the Company's securities from
the official list since Kemayan failed to regularize its
financial condition within the prescribed time frame stipulated
by Bursa Securities.

                  About Kemayan Corporation

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


LANKHORST BERHAD: Shareholders Pass 9th AGM Resolutions
-------------------------------------------------------
Lankhorst Berhad held its Ninth Annual General Meeting at Balai
TAR, Royal Commonwealth Society, No. 4, Jalan Birah, in
Damansara Heights, Kuala Lumpur, on April 28, 2006.

At the meeting, shareholders passed as ordinary business:

   -- the adoption of the Company's Audited Financial
      Statements for the financial year ended December 31,
      2004, and the Reports of the Directors and Auditors;

   -- the re-election of retiring directors

      * Mohd Hamizan Abd Hamid;

      * Rashidi Aly Abd Rais;

      * Rosthman Ibrahim; and

      * Abd Rahim Abu Bakar;

   -- the approval of payment of Directors' fees for the
      financial year ended December 31, 2004; and

   -- the appointment of Messrs. PKF as Auditors.

As special business, the shareholders resolved to authorize the
Company's directors to allot and issue shares at an aggregate
number not exceeding 10% of the Company's issued capital and
that such authority shall continue to be in force until the
conclusion of the Company's next Annual General Meeting.

                     About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  It also defaulted
on several loan facilities.  On April 18, 2006, Bursa Malaysia
Securities Berhad decided that it will not proceed with the
delisting procedures commenced against Lankhorst Berhad on
January 3, 2006.  

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category.  In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst.  Lankhorst's Board is currently in the process of
preparing the Regularization Plan.  Once completed, the
requisite announcement outlining the Regularization Plan shall
be made to Bursa Securities accordingly.


PAN MALAYSIA: Buys Back 125,000 Shares
--------------------------------------
On April 28, 2006, Pan Malaysia Corporation Berhad bought back
125,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR52,092.95.

The minimum price paid for each share purchased was MYR0.405 and
the maximum was MYR0.420.

After the purchase, the cumulative outstanding treasury shares
have reached 58,666,400.   

Pan Malaysia Corporation Berhad, on April 27, 2006, bought back
100,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR40,501.31, the Troubled Company Reporter -
Asia Pacific reported.   

                 About Pan Malaysia Corporation

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


POLYMATE HOLDINGS: Fined For Breach of Listing Requirements
-----------------------------------------------------------
Bursa Malaysia Securities Berhad has, on April 28, 2006,
publicly reprimanded and imposed a total fine of MYR84,000 on
Polymate Holdings Berhad for breach of the Bourse's Listing
Requirements.

Polymate was found to be in breach of Paragraph 9.23(b) of the
Listing Requirements when it failed to submit its Annual Audited
Accounts for the financial year ended September 30, 2005, to
Bursa Securities within four months after the financial year
ended January 31, 2006.  The Company's Account was submitted to
Bursa Securities on April 25, 2006, after a delay of 56 market
days.

The public reprimand and fine were imposed after taking into
consideration all the circumstances of the case including that
the Company had previously breached the listing rule.

As reported by the Troubled Company Reporter - Asia Pacific,
Polymate Holdings, on November 11, 2005, received a public
reprimand and was fined MYR15,000 for failing to timely submit
its quarterly report for the third financial quarter ended
June 30, 2005, to the Bourse.

Bursa Securities views the Company's contravention seriously and
cautions it on its responsibility to maintain appropriate
standards of corporate responsibility and accountability in
order to achieve greater disclosure and transparency to its
shareholders and the investing public.

                  About Polymate Holdings Berhad

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.


PSC INDUSTRIES: Provides Default Status Updates
-----------------------------------------------
PSC Industries Berhad is currently evaluating various issues in
formulating a regularization plan for the Group pursuant to
Practice Note 17/2006.  The Company is closely monitoring its
financial and operating performance to improve its financial
solvency.

On the other hand, the Company provided updates in relation to
its default in loan payments:

   * OCBC Bank (M) Bhd

     On April 14, 2006, the Company announced that the Deputy
     Registrar of Kuala Lumpur High Court had allowed OCBC
     Bank's application for summary judgment with costs against
     PSC and Penang Shipbuilding & Construction Sdn Bhd.  Notice
     of Appeal to the Judge in Chambers has been filed against
     the decision.

   * Alliance Bank Malaysia Bhd

     The Company had, on March 24, 2006, announced that further
     to the announcements dated November 8, 2005, and
     November 21, 2005, the Company received the Writ of Summons
     and Statements of Claim served by Alliance Bank Malaysia
     Bhd who asserts claims against PSC-Naval Dockyard Sdn Bhd,
     PSC and Tan Sri Dato' Amin Shah Bin Haji Omar Shah in
     respect of a judgment sum of MYR274,854,797 as of Nov. 30,
     2005, plus interests and costs.  The Company and PSCND had
     filed Statement of Defense in respect of the suit.

   * Danaharta Managers Sdn Bhd

     As announced on December 13, 2005, Danaharta Managers Sdn
     Bhd had, on December 9, 2005, obtained summary judgment
     against the Company in respect of a judgment sum of
     MYR39,802,687, as at January 31, 2004, plus interest
     and costs.  The Company has filed notice of appeal
     against the summary judgment, which will be heard by the
     judge in Chambers and hearing date is on May 2, 2006.

   * OCBC Bank (Malaysia) Bhd

     On November 15, 2005, OCBC Bank had obtained summary
     judgment against the Company and its wholly owned
     subsidiaries, Penang Shipbuilding and PSC Asset Holdings
     Sdn Bhd in respect of a judgment sum of MYR40,662,933, plus
     interest and costs.  The Company, Penang Shipbuilding and
     PSCA had filed notice of appeal against the summary
     judgment, which was heard by the judge in Chambers and was
     dismissed.  The Company, Penang Shipbuilding and PSCA have
     filed notice of appeal to the Court of Appeals.

   * Affin Bank Berhad

     On October 24, 2005, Affin Bank obtained summary judgments
     against the Company and Penang Shipbuilding in respect of
     judgment sums of MYR262,366,610.  The Company and Penang
     Shipbuilding have filed a notice of appeal against the
     summary judgment of MYR262,366,610 which was heard by the
     judge in Chambers and was dismissed.

                      About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.  The Company is
currently evaluating various issues in formulating a
regularization plan for the Group pursuant to Practice Note
17/2005.  The Company is monitoring its financial and operating
performance closely to improve its financial solvency.


SUREMAX GROUP: Books MYR1.32-Million Pre-tax Loss in Q2/FY05-06
---------------------------------------------------------------
Suremax Group's turnover for the second quarter of the financial
year ended August 31, 2006, has increased from RM NIL in the
last quarter to MYR1.82 million for the current quarter, and the
loss before taxation has increased from MYR0.83 million in the
preceding quarter to MYR1.32 million in this quarter.

For the current quarter, the property development division and
management services contributed a turnover of MYR1.79 million
and MYR0.02 million, respectively. The improved turnover is
attributed to the progress billings being made on the existing
housing projects in Mambau, Seremban.   

The Board of Directors does not recommend any payment of
dividend for the current financial quarter ended February 28,
2006.

Apart from the recent Government's announcement of the proposal
to implement projects worth about MYR2 billion, no other major
economic signals, which would indicate the robust turnaround of
the construction sector, is likely to be observed until the next
quarter.

With the injection of the projects and other short-tem policy
measures by the Government to overcome the sluggishness, it is
hoped that the construction industry, and consequently our
construction division, will experience a slight upturn in term
of order value.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    28-02-2006    28-02-2005      28-02-2006     28-02-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue

      1,820         4,612           1,820          8,734

* Profit/(loss) before tax

       -487          -445          -1,321         -1,517

* Profit/(loss) after tax and minority interest

       -487          -447          -1,321         -1,522

* Net profit/(loss) for the period

       -487          -447          -1,321         -1,522

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

      -0.73         -0.68           -2.00          -2.31

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

       0.4100                       0.4300

The Company's Quarterly Report and the financial notes are
available for free at:
  
   http://bankrupt.com/misc/tcrap_suremaxgroupreport050206.pdf

   http://bankrupt.com/misc/tcrap_suremaxgroupnotes050206.pdf

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.  Suremax
Group has suffered substantial losses since 2004.  The Company
is also trying to avert a series of winding up actions against
its subsidiaries.


SYARIKAT KAYU: Pre-tax Loss Jumps on Lower Turnover
---------------------------------------------------
Syarikat Kayu Wangi Berhad recorded a lower turnover of MYR4.0
million for the first quarter of the fiscal year ended November
30, 2006, as compared to MYR6.2 million for the corresponding
quarter of the previous financial year.  

The Group's lower turnover was due to the slow down in
construction and property development as well as slow down in
sawn timber production due to lack of funds.

The Group recorded a higher loss before tax as of MYR0.9 million
for the quarter under review as against a pre-tax loss of MYR0.8
million for the corresponding quarter of the previous year.  
This was primarily due to the Group's lower turnover.

The Group posted a lower loss before taxation of MYR0.9 million
for the current quarter reported as compared to a loss before
taxation of MYR19.5 million in the immediate preceding quarter
under review.

This was because there were no impairment loss on assets and
goodwill written off for the current quarter as compared to the
immediate preceding quarter.  In the immediate preceding
quarter, the Group recorded an impairment loss of MYR17.8
million on writing down of the value on land held for future
development in accordance with MASB 23 on Impairment of Assets
and a goodwill on consolidation written off amounted to
MYR912,000.

Meanwhile, the Board of Directors has not recommended any
interim dividend for the current quarter.

Syarikat Kayu believed that the present economic conditions with
sustainable growth, recovery in the property market, strong
demand for timber based products in the overseas market will
bring some impetus to the Group in the form of improved
financial results for the forthcoming financial year.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    28-02-2006    28-02-2005      28-02-2006     28-02-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

      4,013         6,230           4,013          6,230

* Profit/(loss) before tax

       -921          -801            -921           -801

* Profit/(loss) after tax and minority interest

       -921          -768            -921           -768

* Net profit/(loss) for the period

       -921          -768            -921           -768

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

      -2.16         -4.72           -2.16          -4.72

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

       0.1500                       0.1700

The Company's Quarterly Report and the financial notes are
available for free at:

   http://bankrupt.com/misc/tcrap_syarikatkayu050206.pdf

   http://bankrupt.com/misc/tcrap_syarikatkayunotes050206.doc

                About Syarikat Kayu Wangi Berhad

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.


TELEKOM MALAYSIA: Celcom Sues Ex-directors to Recoup MYR880 Mln
---------------------------------------------------------------
Telekom Malaysia Berhad's mobile arm, Celcom (Malaysia) Berhad
is suing nine former directors to recover some MYR880 million
that it lost in a protracted legal battle, the Company says in a
statement to Bursa Malaysia Securities Berhad.

Early this year, Celcom had to pay that amount to DeTeAsia
Holdings GmbH, a unit of Deutsche Telekom, after a slew of
overseas legal suits by the German phone firm forced Celcom's
hands.

Celcom had resisted making the payment although it lost an
international arbitration process for a breach of contract case.  
The payment pushed its parent firm Telekom into a fourth quarter
loss of MYR701.3 million last year.

Celcom commenced proceedings in the High Court of Malaya against
the former directors for breaching their fiduciary duties.

The nine directors named in the suit are:

     1. Tan Sri Dato' Tajudin bin Ramli;
     2. Dato' Bistamam bin Ramli;
     3. Dato' Lim Kheng Yew;
     4. Dieter Sieber;
     5. Frank-Reinhard Bartsch;
     6. Joachim Gronau;
     7. Joerg Andreas Boy;
     8. Axel Hass; and
     9. Oliver Tim Axmann.

Celcom has also filed an application to issue and serve the suit
against the former directors who are in Germany and Singapore.

In addition, Celcom is also seeking to get MYR446 million from
Mr. Tajudin, alleging that the money was "unauthorized profits."

On top of the two fresh legal claims, Celcom wants an account of
all the money received by the nine directors due to the
breaches.  It also wants an unspecified amount of loss and
damages.

                   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.


TELEKOM MALAYSIA: Members to Consider Employees Share Option
------------------------------------------------------------
The Extraordinary General Meeting of Telekom Malaysia Berhad
will be held at Hall 4, Ground Floor, Kuala Lumpur Convention
Centre, in Kuala Lumpur, Malaysia, on May 16, 2006, at 11:00
a.m.

At the meeting, members will consider the establishment of the
employees share option scheme for eligible directors and
employees of Telekom Malaysia's subsidiary, Dialog Telekom
Limited, and its eligible subsidiaries under which options will
be granted to eligible Directors and employees of the Dialog
Group to subscribe for ordinary shares of MYR1 each in Dialog.

Members will also discuss whether or not to authorize the Board
to approve any modifications and amendments to Scheme from time
to time provided that such modifications are effected in
accordance with the provisions of the Bye-Laws of the Scheme.

                   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.


TELEKOM MALAYSIA: Sells Wisma TM for MYR70 Million
--------------------------------------------------
Telekom Malaysia has signed an agreement with the University of
Malaya to sell its 25-storey office building known as Wisma TM
in Jalan Pantai Baharu in Kuala Lumpur for MYR70 million.

The proceeds from the disposal of Wisma TM will be used to
partly pay for Telekom Malaysia's purchase consideration for
Tower 2 Plaza Cygal, the telco said in a statement to Bursa
Malaysia on April 28.

It said that the disposal is in line with its strategic
direction to rationalize and streamline all its business
activities from Wisma TM and other locations to Tower 1 and
Tower 2 of Plaza Cygal, which are located adjacent to Menara TM,
TM's Headquarters.

The estimated net floor area of the office tower of Wisma TM is
223,211 square feet -- excluding usable area of 29,495 square
feet at podium -- and 241 parking bays.

                   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.


TENAGA NASIONAL: FMM Backs Government Review of IPP Tie-ups
-----------------------------------------------------------
The Federation of Malaysia Manufacturers supports the
Government's plan to review Tenaga Nasional Berhad's tie-ups
with independent power producers before considering a power
tariff rate hike, The Edge reports.

The Government decided to look into the Tenaga-IPPs tie-ups
because they have resulted to relatively high electricity rates.

FMM President Datuk Yong Pho Kon told Bernama News that the
power rates resulting from the tie-ups are already comparable
with most countries so there is no reason for the Government to
increase them.

"The increase in power rates would affect the industry sector
cost.  For example, if the electricity tariff were to increase
by 1 sen, the steel industry would pay about MYR4 million extra
a year," Mr. Yong Pho Kon said.

As reported by the Troubled Company reporter - Asia Pacific on
March 30, 2006, Tenaga Nasional is seeking a much-needed tariff
increase so it could stay afloat.  According to the report, the
Company's profits cannot offset annual capital expenditure of
around MYR6 billion.  The Company would not still be able to
continue operations even if it collected a total of MYR29.9-
bilion debt owed to the power firm.  

The Government has frozen electricity charges since May 1997 to
stem inflation.  Tenaga warned last July that blackouts may
occur if it does not get an increase in prices within four years
because the Company lacks funds to upgrade and maintain its
power lines.  The Company is spending as much as MYR5 billion on
power lines, generators and electricity distribution equipment
for the year ending August 2006.

The Malay Mail reports that Tenaga has made a proposal to the
Government for a 10% hike in power tariff.  The Company assured
the public that the proposed power rate increase will not
severely affect the lower income group.  

Tenaga told The Malay Mail that 40% of consumers in the country
will be unaffected if the Government approves the proposal to
retain the tariff for those who consume MYR30 or less of
electricity in a month.

                      About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  The Company is currently undertaking liability
management exercises, which are expected to extend the Company's
debt maturity profile and reduce refinancing risk.  Moody's gave
the Company a 'Ba' rating due to the Company's relatively high
financial leverage and significant PPA obligations, accounting
for approximately 42% of total operating costs in FY2004.


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

LAFAYETTE MINING: Government Blamed for Mine Spills
---------------------------------------------------
The Rapu-Rapu Fact Finding Commission, created by Philippine
President Gloria Macapagal-Arroyo to investigate two mine
tailing spill incidents in Lafayette Philippines Inc.,
discovered that the spills were caused by government
inefficiency, Malaya News reports.

According to the Fact Finding Commission's vice-chairman and
spokesperson, Charles Avila, the two mine spills that occurred
in 2005 could have been avoided if the Department of Environment
and Natural Resources had strictly monitored Lafayette's
operations.  The Commission adds that the Government did not
require Lafayette to analyze and measure toxic metals in ores
that may have contained mercury, which had leaked out into the
nearby Buyat Bay, in Rapu-Rapu Island.

Malaya News reveals that the Commission inspected Lafayette's
mine site and interviewed fishermen and residents of Rapu-Rapu
Island, as well residents of nearby areas.  The Commission also
summoned Lafayette officials and employees, as well as local and
national government officials to its public hearings, in the
course of its investigation.

In its report, the Commission states that Lafayette had violated
17 out of 29 conditional requirements in the Environmental
Compliance Certificate issued to the Company, which would have
been enough to revoke its operations license.

Mr. Avila said that the fact-finding team is still considering
possible recommendations to include in its final report.  He
said that the Commission wants to address the Government's
ability to monitor and regulate private firms, which in this
case, has not been vigilant.

The Commission, headed by Sorsogon bishop Arturo Bastes, will
submit its investigative report containing its recommendations
to President Arroyo.

                  About Lafayette Philippines

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/--, which has been listed on the  
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu
Rapu in the Philippines.

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

The Troubled Company Reporter - Asia Pacific reported on
April 27, 2006, that a fact-finding body created by President
Gloria Macapagal-Arroyo in March 2006 to investigate the mining
spills at Lafayette Philippines discovered government lapses in
enforcing laws intended to protect the interest of the people,
in relation to Lafayette's mining operations in Rapu-Rapu.


NATIONAL POWER: Warns of Luzon Power Shortage in 2011
-----------------------------------------------------
State-owned National Power Corporation said that the Luzon power
grid must increase its power generation capacity and reserve
system by 2010 in order to avoid potential electricity shortage,
ABS-CBN News says.

Napocor President Cyril del Callar stated in a report to the
American Chamber of Commerce that the Luzon power grid will
enjoy sufficient power until 2009, since its independent and
non-Company independent power producers generate enough power to
meet peak demand.  However, Mr. del Callar said that power
supply may decline in 2010, as available power capacities are
not expected to keep up with the growing power reserve
requirement, slated to reach 10.3%.

The Manila Times reveals that the Luzon power grid had 2,393
megawatts of reserve power as of 2005, but it is expected to
fall to 684 megawatts by 2010.  The report said that this could
lead to a power crisis in 2011.

                       About National Power

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

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a PHP16
million profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
an improved fuel mix and better fuel prices.


PHILIPPINE AIRLINES: Hikes Up Insurance Fees to Cover Costs
-----------------------------------------------------------
Philippine Airlines Corporation plans to impose an insurance
surcharge on its domestic and international passengers due to
current terrorist threats that have forced the Company to seek
insurance coverage, BusinessWorld reveals.

In an interview, PAL President Jaime Bautista said that the
Company's annual insurance payments have skyrocketed to PHP1.55
billion, from PHP257.98 million in 2003.  The Company has
decided to pass on the insurance surcharges to its passengers so
as to avoid an increase in fares and improve profits and volume.

At present, Philippine Airlines charges a PHP300 insurance fee
for Luzon flights, PHP400 for Visayas flights, PHP600 for
Minandao flights, and around US$6 for international flights.

According to BusinessWorld, Negros Oriental Representative
Herminio G. Teves asked whether the insurance surcharge
collection was legal.  The Civil Aeronautics Board replied that
the insurance surcharge is a "universal fee" that airlines can
collect from passengers if premium payments contribute to
losses.

The Aeronautics Board's acting executive director, Carmelo L.
Arcilla, said that they have allowed Philippine Airlines to
impose insurance surcharges on passengers so as to lessen the
burden of rising insurance costs.

                    About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

As of April 2006, Philippine Airlines has paid PHP51.63 billion
of its total PHP113 billion debt to American and European
creditors.  PAL president Jaime J. Bautista said that they
expect to post a profit for the year ended March 31, 2006.  The
Troubled Company Reporter - Asia Pacific reported on May 1,
2006, that Philippine Airlines is seeking to graduate early from
its 10-year rehabilitation plan pending approval of its
creditors.


SAN MIGUEL CORP: Postpones Hybrid Securities Sale
-------------------------------------------------
San Miguel Corporation delayed a hybrid securities issue after
it received an anonymous letter indicating that one of its units
-- Philippine Beverage Partners, Inc. -- reported "overstated
sales," Reuters News relates.

The Company planned to raise up to US$300 million from the U.S.
dollar-denominated bond issue, in order to repay its debts.  An
unnamed market source said that the hybrid securities issue had
attracted over US$750 million of orders.

In a statement furnished to the Philippine Stock Exchange, the
Company announced that it was postponing its preferred shares
sale until it completed its investigation into PhilBev's alleged
inflated its sales.

San Miguel stated that the total sales of its PhilBev unit
accounted for 2.1% of its groupwide sales, pegged at PHP227
billion.


San Miguel Corporation -- http://www.sanmiguel.com.ph/-- is  
Southeast Asia's largest publicly listed food, beverage, and
packaging company.  Founded in 1890 as a brewery, the Company
has over 100 facilities in the Philippines, Southeast Asia,
China, and Australia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
April 20, 2006, Moody's Investors Service put a (P)Ba3 foreign
currency rating on the proposed preferred stock issuance  
of San Miguel Corporation subsidiary San Miguel Capital Funding
Limited.  Moody's also placed a Ba1 local currency corporate
family and indicative foreign currency senior unsecured rating
to San Miguel Corp.; the first-time rating is stable.  Moody's
has not assigned this rating to any specific debt issuance.

The TCR-AP then stated on April 26, 2006, that Standard & Poor's
Ratings Services affirmed its 'BB' foreign currency corporate
credit rating on the company, with a stable outlook.  The rating
agency also assigned its 'B' rating to the proposed five-year
benchmark non-callable, non-cumulative, non-voting, perpetual
preferred shares to be issued by San Miguel Capital Funding.  
San Miguel Corporation will not guarantee the dividends or any
other payments relating to the proposed preferred shares.


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

ASIA AGROMAS: Court Issues Wind-Up Order
----------------------------------------
The High Court of the Republic of Singapore, on April 21, 2006,
released an order for the wind-up of Asia Agromas Pte Limited.

Mohan Das Naidu & Partners filed the wind-up petition before the
High Court on March 28, 2006.

Contact: Mohan Das Naidu & Partners
         Solicitors for the Petitioner
         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118     


HITACHI ELECTRONICS: Creditors' Proofs of Debts Due on May 29
-------------------------------------------------------------
Creditors of Hitachi Electronics Engineering (Asia) Pte Limited
are required to prove their claims against the Company on or
before May 29, 2006.

Failure to comply with the requirement will exclude a creditor
from sharing in any distribution made before such debts are
proved.

Contact: Kosei Yanai
         Liquidator
         c/o Killiney Road #07-05/09
         Winsland House 1
         Singapore 239519


LOGIC INTERNATIONAL: Court to Hear Wind-up Petition on May 5
------------------------------------------------------------
On May 5, 2006, at 10:00 a.m., the Hon. Justice Lee Seiu Kin of
the High Court of the Republic of Singapore will hear a wind-up
petition against Logic International Holding Pte Limited.

The wind-up petition, which was filed by Lim Swee Cheang, was
initially heard before the High Court on April 21, 2006.

Contact: Tan Kok Quan Partnership
         Solicitors for the Petitioner
         No. 5 Shenton Way
         Level 29
         UIC Building
         Singapore 068808


MISHA TRADING: Falls Into Liquidation
-------------------------------------
A petition to wind up Misha Trading (S) Private Limited was
presented by Epson Singapore Private Limited to the High Court
of Singapore on March 27, 2006, the Troubled Company Reporter -
Asia Pacific reported on April 4, 2006.

Subsequently, on April 21, the High Court issued an order to
wind up Misha Trading's operations.

All creditors of he Company are required to file their proofs of
debts with Liquidator Tam Chee Chond, who will be administering
the wind-up exercise.

Contact: Tam Chee Chong
         Deloitte & Touche Financial Advisory Services
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


TRI-M TECHNOLOGIES: Clarifies 2005 Annual Report Info
-----------------------------------------------------
Tri-M Technologies (S) Limited has clarified to the Singapore
Exchange Securities Trading Limited certain information in
relation to the Company's 2005 Annual Report dispatched to
shareholders on April 11, 2006.

The Company's Board of Directors clarified that in September
2005, the aggregate interest payable on the loans from Habacus
and Surreyville calculated on an annual basis had exceeded the
3% Threshold (as defined in the Announcement).  Furthermore, in
December 2005, the aggregate interest payable on the Loans from
Habacus and Surreyville calculated on an annual basis had
exceeded the 5% Threshold.

The Audit Committee believes that the Loans from Habacus and
Surreyville were obtained on normal commercial terms and were
not prejudicial to the interests of the Company and its minority
shareholders.

The current total of the interest payable by the Company to
Habacus and Surreyville on the Loans, being the current total of
all interested person transactions with Habacus for the same
financial year, is available at:

   http://bankrupt.com/misc/tcrap_triInterestonLoan050206.pdf  

With reference to the error in Note 13 of the Notes to the
Financial Statements on page 53 of the Annual Report 2005, the
Board apologizes for the error due to an oversight during the
final review of the draft Annual Report.

A full-text copy of Tri-M Technologies' 2005 financial results
is available for free at:   

   http://bankrupt.com/misc/tcrap_tri-mtechnologies030206.pdf  

          About Tri-M Technologies (Singapore) Limited

Tri-M Technologies (Singapore) Limited --
http://www.tri-m.com.sg/-- is a diversified Electronics  
Manufacturing Services provider with facilities in Singapore,
Malaysia, Philippines and China.  In addition, Tri-M has forged
strategic alliances in SJ, United States for prototyping and
small quantity run to support United States-based customers.  
Tri-M provides services in product design & development,
prototyping, full turnkey manufacturing & total supply chain
management.

TRI-M has been posting financial losses since 2004, when
reported a SGD931,000 net loss for the six months ended
September 30, 2004.  The Company earlier reported that it had
overstated its losses for the first-half of 2005, overstating an
amount of SGD795,000 in sales from January to September 2005.  
Tri-M's internal auditors are currently conducting a review of
its financial statements.


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

THAI PETROCHEMICAL: PTT-Led Board Names Yimprasert as President
---------------------------------------------------------------
Piti Yimprasert was named Thai Petrochemical Industry Plc's new
president by the shareholders' board of directors, TMCnet
reports.

Mr. Yimprasert's appointment came amidst a dispute over who is
authorized to run Thai Petrochemical.

As reported in the Troubled Company Reporter - Asia Pacific on
May 1, 2006, the legal battle over the control of Thai Petrochem
escalated after the Central Bankruptcy Court of Thailand
approved the Company's exit from rehabilitation.

The TCR-AP said that Thai Petrochem's founder, Prachai
Leophairatana, was able to call a board meeting immediately
after the Court issued its ruling.  The meeting appointed 10 new
directors, including Mr. Leophairatana as company chairman.

However, using an endorsement from the Bankruptcy Court, Thai
Petrochem's former plan administrators also called a
shareholders meeting and approved appointments of 15 new
directors, including former plan administrator Yimprasert.

The new boards drawn up by Mr. Leophairatana and by the new
major shareholders of the Company -- led by PTT Plc with a 31.5%
stake -- now claim legal control over Thai Petrochem.  Both
parties are seeking certification for the boards from the
Business Development Department of Commerce Ministry.

The Bangkok Post says that aside from naming Mr. Yimprasert --
who is the former president of Thai Oil Plc -- as president of
Thai Petrochem, the PTT faction also appointed Gen. Mongkol
Ampornphisit as chairman of the Company, while PTT president
Prasert Bunsumpun and another plan administrator, Pakorn Malakul
Na Ayudhaya, were both named vice-chairman.

                          *     *     *

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

Troubled Company Reporter-Asia Pacific reported on April
28,2006, that the Central Bankruptcy Court of Thailand approved
Thai Petrochemical's exit from business rehabilitation.  The
Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.


TOT PLC: Auditors Office Dumps 05 Financials Due to System Flaws
----------------------------------------------------------------
Problems in TOT Plc's -- formerly known as The Telephone
Organisation of Thailand -- billing system led the Auditor-
General's Office to reject the telecom's 2005 financial
statements pending a review, Bangkok Post reports.

According to the report, TOT's billing system, which was
developed by Telemetics for THB1.2 billion under a five-year
contract, has been plagued with problems resulting to delays and
complaints from customers and staff of the Company.

Citing TOT executives, The Post says that the year-old system
failed to track seven million calls from more than 70,000
numbers for which call data records have gone missing.  Most of
the numbers were held by large corporate customers.

One TOT executive told The Post that other problems with the
system include duplicate bill collections, mobile-phone related
services, long-distance and international call services and
problems with tracking audiotext services.

The Post relates that with the current billing system, TOT could
end up with billions in losses and opportunity costs.

A Singaporean software developer is being considered by TOT to
review the system after Telemetics disclosed that it was facing
cash flow problems that had hindered its ability to address
system weaknesses.

TOT fined Telemetics THB149 million for the system failures.

However, The Post adds, despite the flaw of the billing system,
TOT decided no to terminate the Telemetics Contract as it would
result in the collapse of the Company's entire billing system.

                          *     *     *

The Telephone Organisation of Thailand Plc was established on
July 31, 2002.  Providing telecommunications and other related
services through sole operations and joint-ventures with other
entities.  In addition, operating businesses by being a
shareholder in other companies.  

The Company has been renamed to "TOT Public Company Limited" as
of July 1, 2005, with an initial registered capital of THB6
billion.  The Ministry of Finance wholly and solely owns the
Company equity of 600 million common stocks at a par value of
THB10 per share.





                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
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