TCRAP_Public/060529.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Monday, May 29, 2006, Vol. 9, No. 105


                            Headlines

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

ADVENTURE EDUCATION: Appoints Official Liquidators
ALL NECTARINE: Members Resolve to Wind Up Firm
BROOKMAN FOUR: Final Meeting Fixed for Today
CANARD INVESTMENTS: Names Damien Clarke as Liquidator
CONSOLIDATED GROUP: Court to Hear Liquidation Petition on June 1

DAVID HERAUD FURNITURE: Set to Halt Operations
DURA PAINTS: Court Orders Firms' Closure
EARLMIST PTY: Receivers and Managers Appointed
FORMSCAFF LIMITED: Liquidation Bid Hearing Set on June 8
GOLDSPEAR AUSTRALIA: Liquidator Presents Wind-up Report

GREEN VALLEY: Creditors' Proofs of Claim Due Today
HAMILTON CONTRACTORS: CIR Files Liquidation Petition
IDOROOM PTY: Creditors Opt to Wind Up Firm
LOCHFORD PTY: Decides to Close Operations
MINEB PTY: To Distribute Final Dividend on May 30

MONSTORY PTY: Receiver Ceases to Act for Company
MORGANMAN HOLDINGS: Directors Resolve to Liquidate Business
NICKEL ENTERPRISES: Placed Under Voluntary Liquidation
NORTHRIDGE CONSTRUCTION: Liquidation Bid Hearing Set on June 15
OLYMPUS SCAFFOLDING: Initiates Wind-up Proceedings

PUREFECT PTY: Members and Creditors to Receive Wind-up Report
SEAPAD HOLDINGS: Faces Liquidation Proceedings
SKYWORLD DEVELOPMENT: Supreme Court Issues Wind-up Order
SOUTHERN CROSS FORKLIFTS: Prepares to Pay Dividend to Creditors
STEVE-WATT CONSTRUCTIONS: Shuts Down Business Operations

SUPA DIAMOND: Creditors Must Prove Debts by June 15
TELSTRA CORPORATION: Cuts Capital Expenditure by AU$700 Million
TRANSWORLD MEDIA: Members & Creditors to Get Liquidator's Report
VOLTRADE PTY: Members Opt for Voluntary Liquidation
W.A. TOCKER: Bailey Named Official Liquidator

WESTPOINT GROUP: Keypoint Unit Joins Receivership Proceedings


C H I N A   &   H O N G  K O N G

AGAPE UNITED: Court to Hear Wind-up Petition on June 7
BA FINANCE: Final Meetings Slated for June 23
BASIC BREAD: Creditors' Meeting Set on June 9
BOBCO TECHNOLOGY: Court to Hear Winding-up Bid on June 21
CIBA INDUSTRIAL: Faces Wind-up Proceedings

CORRATE COMPANY: Liquidator to Present Wind-up Report
FIRST CHINA TRADING: Court to Hear Winding-up Petition on July 5
GAIN BUTTON: Bank of China Files Wind-up Petition
LEADER MAX: Creditors to Meet on June 9
MARSON PROPERTIES: Liquidator Muk to Present Wind-up Report

NAN FONG: Joint and Several Liquidators Step Aside
NARDU COMPANY: Appoints Joint and Several Liquidators
OCEAN ENVIRONMENTAL: Creditors' Meeting Set on June 5
QUICK PROFIT: Liquidator Ceases to Act for Company
SAM LOONG: Prepares to Declare Dividend

SANGUINE INTERNATIONAL: Final General Meeting Set June 20
WORLDPEX INVESTMENT: Joint Liquidators to Present Wind-up Report


I N D I A

NARMADA CEMENT: BIFR Okays Amalgamation with Ultratech
INDIAN OIL: Government Oil Bonds Rescue First Quarter Operations
INDIAN OIL: Completes Merger with Indian Oil Blending
INDIAN CEMENTS: Allots Equity Shares to ADRC


I N D O N E S I A

GARUDA INDONESIA: To Open New Route


J A P A N

DAIEI INC: Shareholders Okay Reappointment of Board Members
KUBOTA CORP: Official Arrested for Bid-Rigging
LIVEDOOR COMPANY: Ex-CFO Says Horie Involved in Accounting Scam
SOMPO INSURANCE: FSA Suspends Operations Over Illegal Sales


K O R E A

DAEWOO CORP: Files for Bankruptcy
DAEWOO ENGINEERING: Kumho, Eugene and Prime Race for Acquisition


M A L A Y S I A

DATUK KERAMAT: Fails to Submit Financial Reports on Time
FUTUTECH BERHAD: Releases First Quarter Results
KRAMAT TIN: Restructuring Won't be Completed Until Next Year
MALAYSIA AIRLINES: Taps Boeing for Enhanced Flight System
MBF HOLDINGS: Clocks MYR7.7-Million Net Profit in First Quarter

OLYMPIA INDUSTRIES: Inks More Restructuring Deals with Creditors
SELANGOR DREDGING: Results Bounce Back to Black
SETEGAP BERHAD: Government Files Suit Against Unit
SETEGAP BERHAD: Board Notes Variance in FY05 Results
SETRON MALAYSIA: Books MYR0.45-Million First Quarter Net Loss

SUREMAX GROUP: Subsidiary Faces TT Dotcom Claims


P H I L I P P I N E S

EXPORT & INDUSTRY BANK: Strengthens Capital Base After Injection
LAFAYETTE MINING: Local Government Urges Mine Test Run
MAYNILAD WATER: Posts PHP685-Mln Income in Jan-July 2005 Period
SWIFT FOODS: Turns Around with PHP29-Mln Profit in First Quarter
* Moody's Lifts Philippine Bond Rating to Ba3


S I N G A P O R E

B.K.B. ENGINEERING: Creditors' Meeting Slated for June 2
FHTK HOLDINGS: Undertakes Renounceable Rights Issue
L&M GROUP: High Court Orders Wind-up of Unit
PDC CORPORATION: Inks Shares Placement Deals
RICHFIELDS INNOVATIONS: To Declare Third & Final Dividend June 5


T H A I L A N D

TONGKAH HARBOUR: SET Posts "SP" Sign on Firm's Securities
THAI DURABLE: SET Suspends Securities due to Delay of 1Q FS

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ADVENTURE EDUCATION: Appoints Official Liquidators
--------------------------------------------------
Members of Adventure Education Mana Ltd appointed Iain Bruce
Shephard and Christine Margaret Dunphy as joint and several
liquidators on May 5, 2006.

Contact: C. M. Dunphy
         Shephard Dunphy Limited
         Level 2, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone: (04) 473 6747
         Facsimile: (04) 473 6748


ALL NECTARINE: Members Resolve to Wind Up Firm
----------------------------------------------
At a meeting of All Nectarine Pty Limited held on April 4, 2006,
members agreed to voluntarily wind up the Company's operations.

John Vouris of Vouris & Bell was appointed liquidator.

Contact: John Vouris
    Liquidator
         Vouris & Bell Chartered Accountants
         Level 9, 4 O'Connell Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9232 6800


BROOKMAN FOUR: Final Meeting Fixed for Today
--------------------------------------------
Members of Brookman Four Pty Limited will hold a final meeting
today, May 29, 2006.

Liquidator Ronald John Dean-Willcocks will present an account on
the manner in which the Company was wound up and its property
was disposed of.

Contact: Ronald John Dean-Willcocks
         Liquidator
    Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales
         Australia
         Telephone: (02) 9233 2944
         Fax: (02) 9223 1211


CANARD INVESTMENTS: Names Damien Clarke as Liquidator
-----------------------------------------------------
At a meeting of Canard Investments Pty Limited on April 4, 2006,
Damien John Clarke was appointed as liquidator to wind up the
Company's business operations.

Contact: Damien J. Clarke
    Liquidator
         McCullough Robertson
         Level 11, Central Plaza Two
         66 Eagle Street, Brisbane
         Queensland 4000, Australia


CONSOLIDATED GROUP: Court to Hear Liquidation Petition on June 1
----------------------------------------------------------------
An application to put Consolidated Group N.Z. Ltd into
liquidation will be heard before the High Court of Auckland on
June 1, 2006, at 10:00 a.m.

The trustees of Hanuman Trust filed the application with the
High Court on March 16, 2006.

Contact: Stephen Charles Munro
         Galbraiths, Solicitors
         Unit 1, Fencible Chambers
         Corner of Fencible Drive and Moore Street
         Howick, Auckland
         New Zealand
         Telephone: (09) 535 274


DAVID HERAUD FURNITURE: Set to Halt Operations
----------------------------------------------
At an extraordinary general meeting of David Heraud Furniture
Agencies Pty Limited on April 6, 2006, members decided that a
wind-up of the Company's operations is in its best interests.

Creditors subsequently named Richard Herbert Judson of Judson &
Co. as liquidator.

Contact: Richard H. Judson
         Liquidator
    Judson & Co. Chartered Accountants
         Suite 4, Level 1, 10 Park Road
         Cheltenham, Victoria 3192
         Australia
         Telephone: 9585 4155


DURA PAINTS: Court Orders Firms' Closure
----------------------------------------
The Supreme Court of New South Wales on April 6, 2006, ordered
the winding up of Dura Paints Pty Limited and nominated R. J.
Porter as liquidator.

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


EARLMIST PTY: Receivers and Managers Appointed
----------------------------------------------
St. George Bank Limited appointed Mark A. Korda, David J.
Winterbottom, and Oren Zohar as joint and several receivers and
managers of the property of Earlmist Pty Limited on March 29,
2006.

Contact: Phillips Fox
         Solicitor for St George Bank Limited
         Level 19, 1 William Street
         Perth, West Australia 6000
         Australia
         Telephone: (08) 9288 6000
         Fax: (08) 9288 6001


FORMSCAFF LIMITED: Liquidation Bid Hearing Set on June 8
--------------------------------------------------------
An application to put Formscaff New Zealand Ltd into liquidation
will be heard before the High Court of Auckland on June 8, 2006,
at 10:45 a.m.

The High Court received the application from Accident
Compensation Corporation on April 19, 2006.

Contact: Dianne S. Lester
         Maude & Miller, 2/F.,
         McDonalds Building
         Cobham Court, Porirua City
         New Zealand


GOLDSPEAR AUSTRALIA: Liquidator Presents Wind-up Report
-------------------------------------------------------
A meeting of the members and creditors of Goldspear Australia
Pty Limited will be held today, May 29, 2006, where Liquidator
R.W. Whitton of Lawler Partners will present an account on the
way in which the Company was wound up and its property was
disposed of.

Contact: R. W. Whitton
         Liquidator
         c/o Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 8346 6000


GREEN VALLEY: Creditors' Proofs of Claim Due Today
--------------------------------------------------
Green Valley Shopping Center Pty Limited will declare a first
and final dividend to ordinary creditors on May 30, 2006.

Creditors are required to submit their proofs of claim today,
May 29, 2006, in order to participate in the Company's dividend
distribution.

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


HAMILTON CONTRACTORS: CIR Files Liquidation Petition
----------------------------------------------------
An application to put Hamilton Contractors 2000 Ltd into
liquidation will be heard before the High Court of Wellington on
May 29, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the application before
the Court on April 6, 2006.

Contact: Philip Hugh Brian Latimer
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1028
         Facsimile: (04) 890 0009


IDOROOM PTY: Creditors Opt to Wind Up Firm
------------------------------------------
At a meeting of Idoroom Pty Limited held on April 7, 2006,
creditors decided to wind up the Company's business operations,
and appoint Kim David Holbrook as liquidator.

Contact: Kim David Holbrook
         Liquidator
         Holbrook & Associates Chartered Accountants
         Level 2, 19 Pier Street
         (GPO Box M925)
         Perth, West Australia 6001
         Australia


LOCHFORD PTY: Decides to Close Operations
-----------------------------------------
The creditors of Lochford Pty Limited convened on April 10,
2006, and agreed that a voluntary wind-up of the Company's
operations is appropriate and necessary.

In that regard, Robert Molesworth Hobill Cole of Cole Downey &
Co was appointed liquidator.

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


MINEB PTY: To Distribute Final Dividend on May 30
-------------------------------------------------
Mineb Pty Limited will distribute its first and final dividend
on May 30, 2006.

Creditors are required to submit their proofs of claim by today,
May 29, 2006, for them to share in the dividend distribution.

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


MONSTORY PTY: Receiver Ceases to Act for Company
------------------------------------------------
John David Adams ceased to act as the receiver and manager of
the assets and undertaking of Monstory Pty Limited on March 30,
2006.


MORGANMAN HOLDINGS: Directors Resolve to Liquidate Business
-----------------------------------------------------------
Directors of Morganman Holdings Ltd, on May 3, 2006, resolved to
liquidate the Company and appoint Brian Andrew McCrorie as
liquidator.

Contact: B.A. McCrorie
         119 Blenheim Road
         Christchurch, New Zealand
         Telephone: (03) 343 4448
         Facsimile: (03) 348 2262


NICKEL ENTERPRISES: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting of Nickel Enterprises Pty
Limited on April 7, 2006, members decided to place the Company
under liquidation.

On the same day, creditors appointed Richard Herbert Judson of
Hudson & Co. as liquidator.

Contact: Richard H. Judson
         Liquidator
         Judson & Co. Chartered Accountants
         Suite 4, Level 1, 10 Park Road
         Cheltenham, Victoria 3192
         Australia


NORTHRIDGE CONSTRUCTION: Liquidation Bid Hearing Set on June 15
---------------------------------------------------------------
An application to put Northridge Construction Ltd into
liquidation will be heard before the High Court of Auckland on
June 15, 2006, at 10:00 a.m.   

The High Court received the application from G D Hilton Ltd on
March 29, 2006.

Contact: Malcolm Whitlock
         Debt Recovery Group NZ Ltd
         149 Ti Rakau Drive, Pakuranga
         Auckland, New Zealand


OLYMPUS SCAFFOLDING: Initiates Wind-up Proceedings
--------------------------------------------------
Members of Olympus Scaffolding Solutions Pty Limited met on
April 6, 2006, and agreed to wind up of the Company's
operations.

Subsequently, Matthew Cambell Muldoon and Kenneth Stewart
Sellars were appointed as joint and several liquidators.

Contact: Matthew C. Muldoon
         Kenneth S. Sellars
         Liquidators
         SimsPartners
         Level 2, 446 Collins Street
         Melbourne, Victoria 3000
         Australia


PUREFECT PTY: Members and Creditors to Receive Wind-up Report
-------------------------------------------------------------
The members and creditors of Purefect Pty Limited will hold a
final meeting today, May 29, 2006.

During the meeting, Liquidator J. Sleiman will present the
manner of the Company's wind-up and property disposal.

Contact: J. Sleiman
         Liquidator
         Sleiman & Co. Certified Practicing Accountants
         Level 8, 65 York Street
         Sydney, New South Wales 2000
         Australia


SEAPAD HOLDINGS: Faces Liquidation Proceedings
----------------------------------------------
An application to put Seapad Holdings Ltd into liquidation will
be heard before the High Court of Gisborne on June 2, 2006, at
9:00 a.m.   

The High Court received the application from Accident
Compensation Commission on April 20, 2006.

Contact: Dianne S. Lester
         Maude & Miller, 2/F.,
         McDonalds Building
         Cobham Court, Porirua City
         New Zealand


SKYWORLD DEVELOPMENT: Supreme Court Issues Wind-up Order
--------------------------------------------------------
The Supreme Court of New South Wales issued a winding-up order
against Skyworld Development Pty Limited on April 13, 2006, and
named R. J. Porter as Official Liquidator.

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


SOUTHERN CROSS FORKLIFTS: Prepares to Pay Dividend to Creditors
---------------------------------------------------------------
Southern Cross Forklifts Pty Limited will declare its first and
final dividend on May 30, 2006, to the exclusion of creditors
who were not able to prove their claims.

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


STEVE-WATT CONSTRUCTIONS: Shuts Down Business Operations
--------------------------------------------------------
The members of Steve-Watt Constructions (Queensland) Pty Limited
convened on April 7, 2006, and decided to shut down the
Company's business operations.

The members also agreed to nominate Susan Joy Prestney as
liquidator.

Contact: Susan J. Prestney
         Liquidator
         Level 10, 600 St. Kilda Road
         Melbourne, Victoria 3004
         Australia
         Telephone: 9521 3000
         Fax: 9521 3242


SUPA DIAMOND: Creditors Must Prove Debts by June 15
---------------------------------------------------
Liquidator Mark Van Rossem is receiving proofs of debt from the
creditors of Supa Diamond Products Ltd until June 15, 2006.

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

Contact: Mark Van Rossem
         Taylor Van Rossem & Associates
         Symonds Street, Auckland
         New Zealand
         Telephone: (09) 373 4634
         Facsimile: (09) 368 1600


TELSTRA CORPORATION: Cuts Capital Expenditure by AU$700 Million
---------------------------------------------------------------
Telstra Corporation revealed that its forecast for cash capital
expenditure for the fiscal year ending June 30, 2006, was now
between AU$4.1 billion and AU$4.4 billion, down 14% or AU$700
million from the previous AU$4.8 billion and AU$5.1 billion
forecasts, The Advertiser says.

According to the Sydney Morning Herald, while AU$200 million of
the reduction amount has been deferred until 2006/07, Telstra
said that the remainder was a permanent reduction based on
procurement savings, improved productivity and the abandonment
of projects not aligned with the telco's transformation program.

The Australian relates that the guidelines change casts a cloud
over Telstra Chief Executive Officer Sol Trujillo's 2009-2010
timeline for the transformation program, which is aimed at
lifting the Company's profit margins.

"While the capex reduction is encouraging, we are concerned that
the transformation program is encountering delays," The
Australian quotes Citigroup analyst Tim Smeallie as saying.  
"This could affect the timetable for a turnaround in business
performance."

In a statement to the Australian Stock Exchange, Telstra's chief
financial officer, John Stanhope, admitted that the
transformation of the Company's core fixed-line network was at
least a month behind plan.

However, The Australian notes, the biggest delays have been in
Telstra's critical billing and customer service software
overhaul, which is up to 2-1/2 months behind.  Telstra has yet
to sign a contract with billing software supplier Comverse, who
was named, along with customer relationship management supplier
Siebel and systems integrator Accenture, as vendor for the
AU$300 million billing service project.

Mr. Stanhope assured though that all other aspects of the
transformation strategy remain on track.

Mr. Stanhope also outlined the range of savings that the Company
has made, contributing to the capital spending shortfall.  These
savings include lower cost for property, plant and equipment,
stopping additional discretionary projects that were not aligned
to the transformation strategy, and efficiencies obtained from
merging some transformation projects.

According to the Sydney Herald, Telstra states that the rest of
its guidance for 2005/06, which forecasted a 21% to 26% fall in
earnings before interest and tax, remains unchanged.

Telstra's capital spending guidance did not include any for the
planned AU$3.4 billion fibre broadband network, which is now the
subject of deliberations between the telco and the Australian
Competition and Consumer Commission.

                         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.


TRANSWORLD MEDIA: Members & Creditors to Get Liquidator's Report
----------------------------------------------------------------
A final meeting of the members and creditors of Transworld Media
Pty Limited will be held for them to receive Liquidator Daniel
Civil's final account showing how the Company was wound up and
how its property was disposed of.

The meeting will be held today, May 29, 2006.

Contact: Daniel Civil
         Liquidator
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


VOLTRADE PTY: Members Opt for Voluntary Liquidation
---------------------------------------------------
At a general meeting on April 10, 2006, members of Voltrade Pty
Limited concurred that the Company must voluntarily commence a
wind-up of its operations.

R. Vile was appointed as liquidator to manage the wind-up
activities.

Contact: R. Vile
         Liquidator
         21st Floor, 300 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone: (07) 3228 4000


W.A. TOCKER: Bailey Named Official Liquidator
---------------------------------------------
Members of W.A. Tocker & Company Ltd on March 31, 2006,
appointed David Bailey as official liquidator.

Contact: David Bailey
         Bailey Ingham Limited
         18 Maniapoto Street,
         Otorohanga, New Zealand
         Telephone: (07) 873 7325
         Facsimile: (07) 873 8461


WESTPOINT GROUP: Keypoint Unit Joins Receivership Proceedings
-------------------------------------------------------------
On May 10, 2006, the Federal Court of Australia ordered that
another Westpoint Group company, Keypoint Developments Pty Ltd,
be joined to the proceedings commenced by the Australian
Securities and Investments Commission against former Westpoint
directors Norman Phillip Carey, Graeme John Rundle, Cedric
Richard Palmer Beck, and John Dixon, and four other Westpoint
units.

Justice Robert French appointed KordaMentha as receiver for
Keypoint, saying that the move was necessary to protect
creditors' interests.

According to the Sydney Morning Herald, Justice French said that
a number of recent transactions involving Keypoint highlighted
Mr. Carey's misuse of the companies in the Westpoint Group "with
the intention of placing assets, which might otherwise be
available to aggrieved persons, beyond their reach."

Justice French directed Keypoint to immediately transfer back
AU$875,000 to Richstar Enterprises Pty Ltd, which is the fifth
defendant in ASIC's proceedings and whose property is subject to
the receivership orders entered by the Court on April 20, 2006.

The ASIC relates that Mr. Carey transferred AU$875,000 from
Richstar to Keypoint shortly after March 2006 when the Court
froze Richstar's assets.  Mr. Carey's sister is a director of
Keypoint.

Moreover, on January 10, 2006, Westpoint Corporation assigned an
almost AU$430,000 debt owed to it by Keypoint to another
company, Lanepoint Enterprises.  The Sydney Herald notes that
Mr. Carey's brother, Alan Carey, is the sole director of
Lanepoint.

Assigning the debt to Lanepoint made the money unavailable to
Westpoint creditors, ASIC said.

The application for Keypoint's receivership was filed by the
receivers of the defendants' property who were appointed by the
Court on April 20.  The Application was supported by ASIC.
The Court also gave directions for the defendants to file and
serve any variations they may seek to the receivership orders
earlier issued by the Court.

                     About Westpoint Group

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

In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd.  ASIC had
applied to wind up the company on grounds of insolvency.  ASIC
believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors.  The Westpoint
Group's collapse is considered by many as the largest of its
type in recent years, with small investors being the biggest
group affected.  Investors are currently joining forces to
commence a class action against Westpoint and its advisors.


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

AGAPE UNITED: Court to Hear Wind-up Petition on June 7
------------------------------------------------------
A petition to wind up Agape United International Ltd will be
heard before the High Court of Hong Kong on June 7, 2006, at
9:30 a.m.

Mok Wai Kwong & Company filed the petition with the High Court
on April 8, 2006.


BA FINANCE: Final Meetings Slated for June 23
---------------------------------------------
Members and creditors of BA Finance (H.K.) Ltd will convene for
their final meeting on June 23, 2006, at 10:00 a.m. and 10:30
a.m. respectively.

The meetings will be held at 5/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong.


BASIC BREAD: Creditors' Meeting Set on June 9
---------------------------------------------
Creditors of Basic Bread Ltd will convene on June 9, 2006, at
11:30 a.m. to discuss the Company's winding up.

The meeting will be held at Office B, 4/F., Kiu Fu Commercial
Building, 300 Lockhart Road, Wan Chai, Hong Kong.


BOBCO TECHNOLOGY: Court to Hear Winding-up Bid on June 21
---------------------------------------------------------
The High Court of Hong Kong will hear an application to wind up
Bobco Technology Limited on June 21, 2006, at 9:30 a.m.

Lam Wai Ming, a creditor of the Company, filed the petition with
the High Court on April 24, 2006.


CIBA INDUSTRIAL: Faces Wind-up Proceedings
------------------------------------------
A petition to wind up CIBA Industrial Company Ltd will be heard
before the High Court of Hong Kong on June 21, 2006, at 9:30
a.m.

Syn Mou Investment Company Ltd filed the petition with the High
Court on April 21, 2006.


CORRATE COMPANY: Liquidator to Present Wind-up Report
-----------------------------------------------------
A final general meeting of Corrate Company Limited will be
conducted on June 19, 2006, at 11:00 o'clock in the morning.

During the meeting, Liquidator Leung Fung Yee will present
accounts regarding the Company's wind-up operations.


FIRST CHINA TRADING: Court to Hear Winding-up Petition on July 5
----------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up
First China Trading Limited on July 5, 2006, at 9:30 a.m.

Bank of China filed the petition with the High Court on May 9,
2006.


GAIN BUTTON: Bank of China Files Wind-up Petition
-------------------------------------------------
Bank of China, on April 25, 2006, filed with the High Court of
Hong Kong an application to wind up Gain Button Development.

The petition will be heard before the High Court on June 21,
2006, at 9:30 a.m.


LEADER MAX: Creditors to Meet on June 9
---------------------------------------
Creditors of Leader Max Ltd will convene at Office B, 4/F., Kiu
Fu Commercial Building, 300 Lockhart Road, Wan Chai, Hong Kong
on June 9, 2006, at 10:30 a.m.


MARSON PROPERTIES: Liquidator Muk to Present Wind-up Report
-----------------------------------------------------------
Liquidator Jacky C. W. Muk will present to the members and
creditors of Marson Properties Limited final accounts on the
Company's wind-up operations.

The presentation will be made at the Company's final general
meeting on June 20, 2006.

Contact: Jacky C. W. Muk
         27/F., Alexandra House
         18 Chater Road Central
         Hong Kong


NAN FONG: Joint and Several Liquidators Step Aside
--------------------------------------------------
Stephen Liu Yiu Keung and Yeo Boon Ann on May 11, 2006, ceased
to act as joint and several liquidators of Nan Fong
International Investment Ltd.


NARDU COMPANY: Appoints Joint and Several Liquidators
-----------------------------------------------------
Members of Nardu Company Limited appointed Alan Chung Wah and
Alison Wong Lee Fung Ying as joint and several liquidators to on
February 15, 2006.

Contact: Alan Chung Wah
         13/F., Gloucester Tower
         The Landmark
         Hong Kong


OCEAN ENVIRONMENTAL: Creditors' Meeting Set on June 5
-----------------------------------------------------
Creditors of Ocean Environmental Service Company Ltd will
convene at Unit 1602-3, 16th Floor, Yue Xiu Building, 160-174
Lockhart Road, Wanchai, Hong Kong on June 5, 2006, at 10:30 a.m.
to discuss about wind-up matters.


QUICK PROFIT: Liquidator Ceases to Act for Company
--------------------------------------------------
Zeng Xianggao ceased to act liquidator of Quick Profit
Enterprises Limited on May 4, 2006.


SAM LOONG: Prepares to Declare Dividend
---------------------------------------
Sam Loong International notifies parties-in-interest of its
intention to declare dividend.

In this regard, the Company's creditors are required to prove
their debts by June 3, 2006.


SANGUINE INTERNATIONAL: Final General Meeting Set June 20
---------------------------------------------------------
Members and creditors of Sanguine International Limited will
convene for their final meeting at 27/F., Alexandra House, 18
Chater Road, Central Hong Kong on June 20, 2006, at 10:40 a.m
and 11:00 a.m. respectively.

At the meeting Liquidator Jacky C. W. Muk will present final
accounts regarding the Company's wind-up operations.


WORLDPEX INVESTMENT: Joint Liquidators to Present Wind-up Report
----------------------------------------------------------------
A final general meeting of members and creditors of Worldpex
Investment Limited will be conducted at 27/F., Alexandra House,
18 Chater Road, Central Hong Kong on June 20, 2006, at 11: a.m.
and 11:40 a.m. respectively.

At the meetings, Liquidator Jacky C. W. Muk will present final
accounts regarding the Company's wind-up operations.


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

NARMADA CEMENT: BIFR Okays Amalgamation with Ultratech
------------------------------------------------------
The Board for Industrial and Financial Reconstruction has
recently approved the scheme of amalgamation between Ultratech
Cement and its subsidiary, Narmada Cement Company Limited, My
Iris relates.

Narmada Cement, currently an unlisted company, has turned sick
and was referred to the Board for Industrial and Financial
Reconstruction.   Subsequently, Ultratech offered to acquire the
Company through a scheme of amalgamation, the merger ratio being
one equity share of UltraTech Cement for every 18 equity shares
of Narmada Cement.

Ultratech's finance committee, at its meeting held on May 25,
2006, has taken note of the BIFR Order and has fixed June 7,
2006, as the Record Date for the purpose of determining the
eligibility of Narmada Cement's shareholders for receiving
shares of the Company.

Sify News says that UltraTech will be looking at increasing
Narmada's capacity utilization and reduce cost inefficiencies.  
There is also a possibility that the nearby Ultratech plant
could supply power to Narmada.

              About Narmada Cement Company Limited

Narmada Cement was referred to the Board for Industrial and
Financial Reconstruction in August 2000 after its accumulated
losses of INR39.55 crore at the end of 1999-00 eroded over 50%
of its peak net worth.  The Company blamed the demand-supply
mismatch for its lackluster performance in the past years.


INDIAN OIL: Government Oil Bonds Rescue First Quarter Operations
----------------------------------------------------------------
The special oil bonds issued by the Indian Government saved
Indian Oil Corporation from posting a huge operating loss in the
quarter ended March 2006, Business Standard reports.  

The Government had decided to compensate oil marketing companies
last year for the losses they were making by selling petroleum
products at rates that were lower than the cost of production
and procurement, the Troubled Company Reporter - Asia Pacific
recounts.

According to Business Standard, the INR6,571-crore worth of oil
bonds received in March 2006 has helped Indian Oil Corporation
post a net profit of INR4,031 crore in the fourth quarter of
fiscal year 2005-06, a rise of 351% over the net profit of
INR892.92 crore recorded in the same quarter of the previous
fiscal year.

Earnings per share was INR42.1 against INR41.9 last year.  It
has declared a dividend of INR 12.5 per share, against INR14.5
per share last year.

The Company recorded net sales of INR1,67,237 crore in the
current period against INR1,38,304 crore last year.  Sales
volume, meanwhile, was 49.6 metric tonnes, down from 50.8 metric
tonnes last year.  The fall in volume was largely due to loss of
diesel sales to Reliance Oil.  Margins on major retail products
like diesel and petrol were negative during the year and
refining division also saw reduction in gross margins, The
Standard reveals.

The Economic Times says that Indian Oil has done comparatively
better than peers because of profits of its pipeline division.  
The negative margins resulted in a negative cash flow, forcing
the company to take up additional debt to cover working capital
needs.

However, despite the profits, Indian Oil is still losing nearly
INR100 crore per day for selling petroleum products below cost
price, DH News Service reports, citing Indian Oil chairman
Sarthak Behuria.

Mr. Behuria said that the state refiner is losing INR10.55 per
liter on sale of petrol and INR9.88 per liter on diesel due to a
freeze on increasing fuel prices.  It is also losing INR160 per
cylinder of cooking gas and INR16.78 per liter in kerosene.

As reported by the TCR-AP, the Government has not allowed oil
marketing firms to hike prices since September 2005, although
international crude prices have shot up to more than USD70 a
barrel.

                  About Indian Oil Corporation

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.  

In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite skyrocketing global prices.  For
years, Indian Oil has been selling fuel at subsidized prices,
which is way below the costs it pays for importing fuel from
overseas markets.  The Company has not been able to pass on the
high prices leading to large under-recoveries and losses.   

Early this year, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt.  Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices.  The move was expected to
improve their balance sheets.


INDIAN OIL: Completes Merger with Indian Oil Blending
-----------------------------------------------------
The Scheme of Amalgamation for Indian Oil Blending Ltd's merger
with Indian Oil Corporation Ltd has been approved by the
Ministry of Company Affairs on May 9, 2006.  After completion of
statutory formalities, Indian Oil Blending has ceased to exist
effective May 12, 2006.

Furthermore, Indian Oil's board of directors has accorded 'in-
principle' approval for amalgamation of its Bongaigaon Refinery
& Petrochemicals Ltd with the Company and the process for
amalgamation has been initiated.

                  About Indian Oil Corporation

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.  

In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite skyrocketing global prices.  For
years, Indian Oil has been selling fuel at subsidized prices,
which is way below the costs it pays for importing fuel from
overseas markets.  The Company has not been able to pass on the
high prices leading to large under-recoveries and losses.   

Early this year, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt.  Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices.  The move was expected to
improve their balance sheets.


INDIAN CEMENTS: Allots Equity Shares to ADRC
--------------------------------------------
India Cements Ltd's Committee of Board of Directors, at a
meeting held on May 26, 2006, allotted 1,58,57,443 Equity Shares
of INR10 each fully paid up in favor of ADRC Ltd.

Consequently, the Equity Share capital of the Company has gone
up from INR1,907.70 million to INR2,066.30 million.

                      About India Cements

Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets  
cement under the brand name Coromandel cement.  The Company was
established in 1946 and the first plant was set up at
Sankarnagar in Tamilnadu in 1949.  Since then, it has grown in
stature to seven plants spread over Tamilnadu and Andhra
Pradesh.  The Company was prompted to undertake debt
restructuring plans in 2003.  The Company reduced interest
costs, improved capacity utilization, implemented voluntary
retirement schemes and raised equity.  All these initiatives
helped the firm bring down its debt under the corporate debt
restructuring program from INR1,700 crore to the current INR400
crore.


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

GARUDA INDONESIA: To Open New Route
-----------------------------------
Indonesia's state-owned airline, PT Garuda Indonesia, will open
a new route from Manado to Balikpapan and then to Jakarta
starting this June, Antara News reports.

The Garuda office in Manado has been planning to open routes
along Manado-Balikpapan-Jakarta, Manado-Gorontalo-Jakarta, and
Ternate-Manado-Jakarta but only got the approval of the first
route from the head office this year, The Jakarta Post relates.

Garuda hopes that the opening of these routes would encourage
foreign and local visitors in seeing more of what Indonesia can
offer.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The carrier has been hard-hit by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its debts with foreign creditors under the European
Credit Agency, which were due last December 31, 2005.  Garuda
management hopes to receive IDR520.4 billion in funds, promised
by the Indonesian government, by March 2006.

In March 2006, The Indonesian Government proposed to infuse
US$250 million for PT Garuda Indonesia's debt restructuring, or
set up a "special-purpose vehicle" in a bid to pay the airline's
debts totaling US$644 million.  Sugiharto, the state-owned
enterprises minister, said that if the second option was agreed,
the special-purpose vehicle would repay debt principal and
interest of US$80 million annually within a 10- year period.
Mr. Sugiharto added that the financial sources would be from the
airline's leasing revenues of US$30 million a year and
Government's fund of US$50 million a year.  The carrier posted a
SGD46.5 billion net loss in January, versus a net loss of
IDR56.1 billion in the same period last year.  As of the end of
2005, Garuda's debt totaled US$795 million.


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

DAIEI INC: Shareholders Okay Reappointment of Board Members
-----------------------------------------------------------
At Daiei Inc.'s annual stockholders' meeting on May 25, 2006,
shareholders approved the reappointment of the Company's board
members and a change in its corporate charter, Crisscross News
reports.

Daiei Chairman Fumiko Hayashi, former president of BMW Tokyo
Corp., assumed his post with the Company last year, along with
the ex-chief executive officer of Hewlett-Packard Japan Limited
Yasuyuki Higuchi, who is now Daiei's president.

The Japan Times states that the Company posted a consolidated
net profit of JPY413.16 billion in the fiscal year ended
February 2006, a significant turnaround against a JPY511.2
billion loss last year, despite an unconsolidated JPY2.96-
billion pre-tax loss on a 10.1% slump in sales.  Since last
year, Daiei has changed its logo, reviewed its businesses and
disposed of non-profit businesses and supermarket outlets.  
  
Headquartered in Hyogo, Tokyo, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through  
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.  Of the 54 Daiei stores
that have been closed, only six were to be reopened by other
tenants at the end of January.  


KUBOTA CORP: Official Arrested for Bid-Rigging
----------------------------------------------
Japan's Fair Trade Commission filed a criminal complaint against
engineering firm Kubota Corp. on May 23, 2006, on alleged bid-
rigging for the construction of sewage plants ordered by local
governments, BusinessWeek reveals.

The Company is suspected of choosing in advance the winning and
losing bids for eight sewage and sludge disposal plant projects
in Osaka, Shizuoka, Mie, Yamaguchi, Fukuoka, Nagasaki and
Kumamoto prefectures between February and July 2005, totaling
some JPY23 billion.  It also allegedly fixed bidding prices for
the contracts along with 10 other firms.  Data disclosed by the
local governments indicated that the winning bid for seven of
the eight contracts were within 10% of the maximum allowable
bid, the Japan Times relates.

Citing Kyodo News, Bloomberg News recounts that, in the past,
the plant engineering industry was engaged in bid rigging
according to certain rules, which were thought as customary.  
Investigative sources discovered that major plant engineering
firms involved in bid-rigging had created internal bid-rigging
manuals that were passed down among executives involved in
similar projects.  The Osaka District Prosecutors Office
believes that the manuals are evidence of how plant makers have
repeatedly engaged in the practice for projects.

Osaka prosecutors arrested Kubota recycling plant sales head
Kenichi Terakawa and six other officials of engineering firms
involved in the bid-rigging on May 23, 2006, for violating the
Antimonopoly Law.  If convicted, Mr. Terakawa could serve a
three-year jail sentence or a JPY5 million fine.  BusinessWeek
says the Company will fully cooperate with the ongoing
investigation into the bid-rigging case.

                          *     *     *

Osaka-based Kubota Corp. --
http://www.kubota.co.jp/english/index.html-- which dates to  
1890, is Japan's top maker of tractors and farm equipment such
as rice transplanters and combine harvesters. It also leads the
nation in the production of iron ductile pipe used in water-
supply systems.  Kubota, a diversified enterprise, makes
industrial castings (ductile tunnel segments), PVC pipe,
building materials (siding, cement roofing, and prefabricated
houses), waste-recycling plants, and agricultural and industrial
engines.  In addition, the company builds water- and sewage-
treatment plants, and it makes vending machines for cigarettes
and beverages.

The Troubled Company Reporter - Asia Pacific reported on May 26,
2006, that Kubota is slated to pay an aggregate of JPY3.2
billion in compensation to asbestos victims near its Kanzaki
Plant in Amagasaki, Hyogo Prefecture.


LIVEDOOR COMPANY: Ex-CFO Says Horie Involved in Accounting Scam
---------------------------------------------------------------
Livedoor Co. Ltd's ex-chief financial officer, Ryoji Miyauchi,
provided investigators with information showing that former
Livedoor president and founder Takafumi Horie was very much
involved in a scheme to inflate the Company's earnings,
Crisscross News relates.

Yomiuri Shimbun cites unnamed sources as stating that, according
to Mr. Miyauchi, Mr. Horie was "delighted" when he was informed
of ways to boost company earnings.

Mr. Miyauchi was indicted on allegations that he had violated
the Securities and Exchange Law together with Mr. Horie.  Mr.
Horie's defense lawyers claim that Mr. Miyauchi ordered the
manipulation of Livedoor's accounts, and that Mr. Horie was not
directly involved in the act.

Mr. Miyauchi countered that Mr. Horie approved of the methods
used to state a profit, such as recycling the surplus of profit
gained by selling Livedoor's own shares -- Livedoor would lend
Mr. Horie's shares to an investment fund, which was to resell
them at a higher price, and add the JPY1-billion profit to the
sales of Livedoor group.  This was to cover up a JPY310-million
pre-tax loss in September 2004.  As a result, the Company's
accounts showed an inflated pre-tax profit of JPY5.03 billion.

At a business strategy meeting in September 2004, when it was
reported that Livedoor affiliate Livedoor Marketing Co. was
slated to post a loss for the nine months ended September that
year, Mr. Horie insisted on making the loss into a profit by
transferring the savings of a firm the Company was about to
acquire to make it look like Livedoor Marketing had garnered a
profit for the period, Mr. Miyauchi said.

The trial against Mr. Horie is slated to begin in July 2006.

Headquartered in Tokyo, Japan, Livedoor Company Limited --
http://corp.livedoor.com/en/-- is involved in out portal site     
"livedoor", financial business, corporate web solutions, data  
center and IP telephony business.


SOMPO INSURANCE: FSA Suspends Operations Over Illegal Sales
-----------------------------------------------------------
Japan's Financial Services Agency ordered the partial suspension
of Sompo Japan Insurance, Inc.'s businesses on May 25, 2006, as
punishment for unlawful sales practices, Crisscross News
relates.

The FSA had earlier ordered the Company to adjust its operations
after it failed to pay legitimate insurance claims, first in
August 2002, then in November last year.  This time, the agency
ordered Sompo to halt most of its operations nationwide for two
weeks beginning June 12, 2006, according to the Japan Times.

During the two-week suspension, Sompo is banned from selling and
advertising its non-life insurance policies, as well as life
insurance products offered through its partner firms.  For one
month from June 12, 2006, the Company will not be able to sell
life insurance products, and for three months from May 26, 2006,
the Japanese Government will not issue licenses for Sompo to
sell new insurance products, and will prohibit the Company from
putting up new offices outside Japan.  

In its investigations, the FSA discovered that Sompo Japan did
not distribute legitimate payouts in 1,128 cases totaling JPY120
million.  The Company admitted it had rejected 27,273 claims
amounting to JPY900 million.

According to the FSA, Sompo staff had to reach an "excessive
sales target."  In order to achieve the target, Company sales
staff pretended to sell non-life insurance policies by paying
the premiums on the policies themselves.  Sales staff at a
Yamaguchi Prefecture branch had also used seals with the same
name as existing customers in order to renew insurance
contracts, without the customers' consent, or used the seals for
new insurance contracts.  

The Times reveals that Sompo Japan President Hiroshi Hirano
announced his resignation as Company president on May 24, 2006,
and would stay on with the Company as chairman, pending
shareholder approval at an upcoming meeting next month.  Mr.
Hirano would be replaced by Sompo managing director Masatoshi
Sato.

                          *     *     *

Sompo Japan Insurance, Inc. --
http://www.sompo-japan.co.jp/english/-- was formed by the  
merger of The Yasuda Fire and Marine Insurance Company with
Nissan Fire & Marine Insurance Co. Limited, in July 2002.  The
Company provides non-life insurances including voluntary
automobile insurance, fire insurance, marine insurance, personal
accident insurance and compulsory automobile liability
insurance, as well as life insurance through its stake in former
CIGNA subsidiary Sompo Japan Himawari Life.  It also provides
reinsurance, asset management, and venture capital.


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

DAEWOO CORP: Files for Bankruptcy
---------------------------------
On May 25, 2006, Daewoo Corp. filed for bankruptcy with the
Seoul Central District Court, the Seoul Economic Daily reports,
citing creditor officials at Woori Bank and Korea Asset
Management Corp.

Bloomberg News relates that, according to the Seoul Economic
report, the bankruptcy filing will lead the way to the planned
sale of the other companies in the Daewoo Group: Daewoo
Engineering & Construction Co., Daewoo International Corp.,
Daewoo Shipbuilding & Marine Engineering Co., Daewoo Electronics
Corp., and Daewoo Precision Industries Co.

Daewoo Electronics Corp. is also said to be filing for
bankruptcy within this year, Bloomberg notes.

The Troubled Company Reporter - Asia Pacific reported on
February 20, 2006, that the Daewoo Group collapsed after the
1997 Asian financial crisis with a debt of around US$80 billion
as of July 1999.  As stated in that TCR-AP report, five former
affiliates of Daewoo Group, which individually went bankrupt and
were separated from the group in 1999, had been up for sale.

KBS Global recounts that after its 1999 collapse, Daewoo Group
was divided into Daewoo Corp., Daewoo Engineering and
Construction, and Daewoo International.


DAEWOO ENGINEERING: Kumho, Eugene and Prime Race for Acquisition
----------------------------------------------------------------
Three bidders are rushing to secure ownership of Daewoo
Engineering & Construction Co. by steering to establish tie-ups
with financial investors less than three weeks ahead of the
deadline for a formal tender, Yonhap News reports.

The Troubled Company Reporter - Asia Pacific reported on
May 23, 2006, that the expected top bidders for Daewoo
Engineering are Doosan Group, Kumho Asiana Group, Eugene Group,
Prime Group, and Samwhan Group.

Yonhap cites analysts as saying that, among these five bidding
consortiums, Kumho Asiana Group, Eugene Group, and Prime Group
top the list of potential buyers for the builder.  Kumho Asiana
Group is said to be the choice among the creditors because of
its financial strength with businesses including airline,
chemicals, and tires.

Each bidder is required to submit detailed plans including the
amount of stock buyout, where to raise funds, and management
plan to Korea Asset Management Corp., the lead manager of the
sale.

The Troubled Company Reporter - Asia Pacific reported on
February 15, 2006, that KAMC and other creditors are looking to
dispose of their 50% plus one share in the builder out of their
entire 74% holdings.  The value of Daewoo Engineering's stake
for sale is KRW2.1 trillion and is projected to rise 72.11%
to KRW3 trillion.

A KAMCO spokesman is quoted to have said that the sale will be
complete by August 2006, The Korea Times says.

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a  
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.  Daewoo Engineering is one of
several Daewoo units that initially survived the 1999 collapse
of the conglomerate Daewoo Group under US$80 billion of debts in
South Korea's largest corporate bankruptcy.  In early 2004,
Daewoo Engineering's largest shareholder, the Korea Asset
Management Company, announced a proposed auction of the
construction firm.  Daewoo Engineering is the latest part of the
bankrupt Daewoo business empire to be sold.  KAMCO's 46% stake
in the Company had been estimated to fetch about KRW800 billion
(US$677 million).  The Company has since become a potential
acquisition target in 2006.


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

DATUK KERAMAT: Fails to Submit Financial Reports on Time
--------------------------------------------------------
Datuk Keramat Holdings Berhad has failed to submit its quarterly
report for the period December 31, 2005, to Bursa Malaysia
Securities Berhad for public release.  The report was due on
February 28, 2006.

Pursuant to the listing requirements, if a listed issuer fails
to issue the outstanding financial statements within three
months from the expiry of the given timeframe, the Bursa
Securities will suspend trading in the securities of the listed
issuer in addition to any enforcement action that the Bursa
Securities may take.  

The Company's securities have already been suspended since
August 1, 2005, due to the fact that the Company has not issued
the Annual Audited Accounts and Annual Report for the 15-month
period ended December 31, 2004, Quarterly Reports for the
periods ended March 31, 2005, June 30, 2005, and September 30,
2005, by the given due dates.

                  About Datuk Keramat Holdings
  
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  The Group faced numerous
suits filed by financiers and trade creditors who have alleged
that outstanding debts are owed to them.  On January 24, 2005,
the Company was served with a wind-up petition by Affin Bank
Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002,
in respect of revolving credit facilities granted to the
Company.  The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia.  In an effort to settle the debts and
come to an agreement with the creditors, the Companies had
prepared an initial scheme for the purposes of a debt
restructuring scheme under Section 176(10) of the Companies Act,
1965.


FUTUTECH BERHAD: Releases First Quarter Results
-----------------------------------------------
Fututech Berhad, on May 24, 2006, filed its financial report for
the first quarter ended March 31, 2006, to Bursa Malaysia
Securities Berhad.

According to the report, the Company's revenue for the current
quarter is about the same as that of the last corresponding
quarter, which amounted to MYR11.7 million.  
        
The Group is still operating under its capacity.  As a result,
it recorded a loss before tax of MYR3 million, a small
improvement from the loss before tax of MYR3.7 million in the
same quarter in 2005.  
      
Revenue dropped to MYR11.7 million from the preceding quarter of
MYR19.6 million, mainly related to much lower sales.  Loss
before tax reduced from preceding quarter of MYR5.9 million to a
loss before tax of MYR3 million.       
          
For the preceding quarter, the loss amount included a one-off
provision made by a subsidiary for an impairment loss on the
intangible assets amounting to about MYR4.7 million.  

Basic loss per share for the quarter ended March 31, 2006, is
5.56 sen.  There was no interim dividend declared for the
quarter under review.       

               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

    11,718         11,745          11,718         11,745

* Profit/(loss) before tax  

    -3,014         -3,721          -3,014         -3,721

* Profit/(loss) after tax and minority interest  

    -3,266         -3,654          -3,266         -3,654

* Net profit/(loss) for the period

    -3,200         -3,741          -3,200         -3,741

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

     -5.56          -6.31           -5.56          -6.31

* Dividend per share (sen)

      0.00           0.00            0.00           0.00

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

     1.2000                      1.4700

The Company's First Quarter Report and the accompanying notes
are available for free at:

   http://bankrupt.com/misc/tcrap_fututechbhd052606.pdf

   http://bankrupt.com/misc/tcrap_fututechbhdnotes052606.pdf

                  About Fututech Berhad

Headquartered in Kuala Lumpur, Malaysia, Fututech Berhad
-- http://www.fututech.com.my/nutshell.htm-- was formerly  
listed under the name of Ulbon Berhad on the Kuala Lumpur Stock
Exchange (KLSE), Malaysia since 1996.  Its main business then
was the production of steel rods.  Later in 2000, the Group
shifted its business emphasis to the design and manufacturing of
innovative products for the local and global markets.  In line
with its change of business direction, the name Fututech Berhad,
which was inspired by abbreviating the actual words of "future
technology", was chosen to replace Ulbon Berhad in 2000.  The
Group has suffered losses in the past fiscal years due to high
operating expenses and other factors.  In the quarter ended
March 31, 2005, the Group suffered a pre-tax loss of MYR3
million.


KRAMAT TIN: Restructuring Won't be Completed Until Next Year
------------------------------------------------------------
Kramat Tin Dredging Berhad's restructuring scheme is expected to
face delays and will be completed early next year instead of the
original mid-2006 target, The Star Online reports.

As reported by the Troubled Company Reporter - Asia Pacific on
May 4, 2006, the restructuring agreement between Kramat Tin and
its creditors is currently awaiting necessary regulatory
approvals.

The completion of the restructuring exercise would see MMC
Corporation Berhad's stake in Kramat Tin trimmed to less than
20%, Kramat chairman, Datuk Hilmi Mohd Noor, told The Star.  MMC
currently has a 52.9% stake in the defunct mining operator.

Mr. Hilmi disclosed that Kramat Tin has maintained its focus on
the restructure that is expected to regularize the Company's
financial position and transform the Company into a full-pledged
property development firm.

                 About Kramat Tin Dredging Berhad

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.   The Company ceased its mining
operations in 1988.  In 2001, Bursa Malaysia Securities Berhad
classified Kramat Tin as a Practice Note 10 company, given its
inadequate level of operations.  To avoid being de-listed,
Kramat Tin, in 2004, entered into an arrangement to restructure
its operational and financial position.  Currently, Kramat Tin
is seeking the approval of the regulatory authorities for its
Proposed Restructuring Scheme.  For the financial year ended
December 31, 2005, with the scheme still pending completion,
Kramat Tin registered a smaller loss of MYR524,000 compared with
MYR1.3 million previously.


MALAYSIA AIRLINES: Taps Boeing for Enhanced Flight System
---------------------------------------------------------
Malaysia Airlines is keen on implementing a revised flight-
operating pattern effective August 1, 2006, using Boeing's
Schedule Optimization & Airline Revenue System, Bernama reports.

SOARS is a system of Boeing-developed tools and models that
assess network opportunities, evaluates profitable fleet mix and
utilization.  It also evaluates frequency and capacity
opportunities and develops schedule-based optimized fleet plans,
Bernama says.

Through the revised operating pattern, Malaysia Airlines would
enhance its connectivity and interlining at KL International
Airport for international, regional and domestic operations.  
The exercise would also result in improved aircraft utilization
and market competitiveness, MAS general manager for network
revenue management, Bernard Francis, said.

Boeing's regional director for marketing airline analysis, John
S. Schubert said the analysis of the new Malaysia Airlines
schedule shows significant improvements that would help drive
profitability.

Malaysia Airlines is the first airline in South-east Asia to
partner with Boeing using the SOARS tool, Bernama says.

The project is in line with the "Flying to Win Customers" thrust
of Malaysia Airlines' business turnaround and domestic
rationalization exercise, the report adds.

                  About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.


MBF HOLDINGS: Clocks MYR7.7-Million Net Profit in First Quarter
---------------------------------------------------------------
Bursa Malaysia Securities Berhad, on May 24, 2006, received MBf
Holdings Berhad's financial report for the first quarter ended
March 31, 2006.

For the quarter under review, the Group recorded a revenue of
MYR339.10 million compared to MYR298.34 million in the previous
corresponding quarter.  This represents an increase of MYR40.76
million or 13.66%.  The Card and Payment Services Division and
Trading and Manufacturing Division in Fiji and Papua New Guinea
mainly contributed the improvement in revenue.  

The Group recorded a profit after tax of MYR7.66 million for the
current financial quarter as compared to a loss MYR2.69 million
in the same quarter last year.  The current quarter's result
improved due to higher revenue and lower minority interest as a
result of the completion of acquisition of the remaining
minority interest in MBF Cards (M'sia) Sdn Bhd on June 27, 2005.

For the quarter ended March 31, 2006, the Group recorded a pre-
tax profit of MYR16.74 million as compared to the previous
quarter's MYR23.62 million, a reduction of MYR6.88 million or
29.13%.  The results for the quarter ended December 31, 2005,
was mainly attributed by the gain of MYR22.57 million on
deconsolidation of subsidiaries in liquidation eroded by the
provision for diminution in value of investment properties and
fixed assets of MYR14.86 million.

The Group recorded an increase in revenue of MYR40.76 million or
13.66% for the quarter under review and the trend of growth is
expected to be maintained for the rest of 2006.  The Group will
continue to focus on its core businesses, namely, Card and
Payment Services Division and Trading and Manufacturing Division
in Fiji and Papua New Guinea.

There were no dividends paid, proposed or declared during period
under review.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

    339,098       298,336         339,098        298,336

* Profit/(loss) before tax  

     16,742         5,680          16,742          5,680

* Profit/(loss) after tax and minority interest

      7,661        -2,693           7,661         -2,693

* Net profit/(loss) for the period

      7,661        -2,693           7,661         -2,693

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

       1.34         -0.47            1.34          -0.47

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.3306                      0.3325

The Company's First Quarter Financial Report and its
accompanying notes are available for free at:

   http://bankrupt.com/misc/tcrap_mbfholdings041806.pdf

   http://bankrupt.com/misc/tcrap_MBfHoldingsnotes052606.doc

                       About MBf Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group.  Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965.  MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action.  The Scheme was
completed on June 30, 2003.  Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies.  The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business.  However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.


OLYMPIA INDUSTRIES: Inks More Restructuring Deals with Creditors
----------------------------------------------------------------
Olympia Industries Berhad, on May 24, 2006, entered into several
agreements with creditors.  The deals are in respect of the
remaining debts to be restructured under the Company's
Restructuring Scheme.

The details of the 12 debt novation agreements entered into by
the Company with its creditors is available for free at:

   http://bankrupt.com/misc/tcrap_olympiaindustries052606.pdf  

The Company expects to progressively enter into further
agreements for the balance of the outstanding debts with its
lenders.

                 About Olympia Industries Berhad

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


SELANGOR DREDGING: Results Bounce Back to Black
-----------------------------------------------
Selangor Dredging Bhd posted a net profit of MYR16.4 million for
the financial year ended March 31, 2006, up 12% from the MYR14.6
million a year ago due to lower tax provision.

The earnings were higher due to lower tax provision resulting
from the reversal of deferred tax provision and liquidation of
manufacturing operations and operating losses by the Company's
hotel operations.

Revenue rose 92.2% to MYR137.76 million from MYR71.67 million in
2005.  Earnings per share was 3.84 sen from the previous year's
3.43 sen.

Elaborating on the financial results, the Company said that
property development accounted for MYR117.1 million to group
revenue, MYR16.28 million to property investments and MYR4.86
million hotel operations.

Pre-tax profit was MYR25.54 million, up 28.1% compared with
MYR19.93 million a year ago.

The pre-tax profit would have shown a bigger percentage increase
if not for the non-recurring profit of MYR9.46 million arising
from the disposal of Oriental Metal Industries (M) Sdn Bhd in
the same period last year.

The Company declared a dividend of 1.08 sen for the period under
review.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

     29,596        28,828         137,759         71,674

* Profit/(loss) before tax

      5,690         4,312          25,544         19,934

* Profit/(loss) after tax and minority interest

      3,447         3,004          16,352         14,629

* Net profit/(loss) for the period

      3,447         3,004          16,352         14,629

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

       0.81          0.70            3.84           3.43

* Dividend per share (sen)  

       1.08          1.08            1.08           1.08

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

     0.8508                      0.8825

The Company's Financial Report and its accompanying notes are
available for free at:

  http://bankrupt.com/misc/tcrap_selangordredging052606.pdf

  http://bankrupt.com/misc/tcrap_selangordredgingnotes052606.pdf

                About Selangor Dredging Berhad

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


SETEGAP BERHAD: Government Files Suit Against Unit
--------------------------------------------------
The Government of Malaysia, through the Inland Revenue
Department, filed with the Shah Alam High Court a suit against a
Setegap Berhad's subsidiary, Paving Plant & Processes (M) Sdn
Bhd.

The Government is claiming MYR625,192 as payment for tax
arrears, plus 8% annual interest from the date of judgment until
full settlement.

The claim comprises outstanding income tax of MYR473,732 for
1998 and 2000, and the MYR151,461 interest imposed by the Inland
Revenue Department.

The writ of summon dated December 30, 2005, was extracted on
February 6, 2006, and served on Paving Plant & Processes on
May 22.

Setegap Berhad is currently in talks with the Inland Revenue
Department to resolve the outstanding amount and is engaging the
Company's solicitors to attend to the matter.

                      About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.  

Setegap's cash flow and profitability were adversely affected by
the Asian financial crisis in 1997/98. In August 1999, Setegap
had sought the assistance of the Corporate Debt Restructuring
Committee on the restructuring of its MYR95.29-million debt.  
The Company had, in October 2000, entered into a debt
restructuring agreement with its creditors.  But because of the
Company's unsuccessful attempts to raise funds to regularize its
debt problems, the October 2000 debt restructuring agreement was
technically in default in 2003.  

Setegap and its subsidiaries suffered losses for the past four
consecutive financial years since the financial year ended
December 31, 2002, which had led to a negative unaudited
shareholders' fund of MYR98.25 million as of Dec. 31, 2005.  

On November 11, 2005, Bursa Securities had served the Company
with a notice to show cause on the delisting of the securities
of the Company.  Without a scheme to regularize its financial
position, Setegap will risk being delisted.


SETEGAP BERHAD: Board Notes Variance in FY05 Results
----------------------------------------------------
Setegap Berhad's board of directors has noted a variance in the
loss as per audited consolidated results for the financial year
ended December 31, 2005, and that stated in the fourth quarter
results released on February 28, 2006.

As disclosed in its unaudited consolidated results for the
financial year ended December 31, 2005, the loss after tax and
minority interest was MYR42.631 million.  However, upon the
recommendation of the Company's auditors, additional provision
of MYR0.9 million was included as well as a reversal of losses
attributable to minority interest of MYR2.619 million.

              Details of the Variance

   Loss (Year-to-date)                            MYR'000
  
   As per the Announcement                        (42,631)
  
   Additional provision of taxation                  (900)

   Reversal of over-allocation of losses to
     minority interest                              2,619

   Others                                          (6,513)

   Loss after adjustment (a)                      (47,425)

   Loss as per audited financial statement (b)    (47,425)

   Variance - MYR'000 (c) = (b) - (a)                   0

   - % (c)/(a)                                        0.0%

The Company's Financial Reports for the year and quarter ended
December 31, 2006, are available for free at:

   http://bankrupt.com/misc/SetegapBerhad31Dec2005.xls

   http://bankrupt.com/misc/SetegapBerhadQtrRptDec2005.doc

                     About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.  

Setegap's cash flow and profitability were adversely affected by
the Asian financial crisis in 1997/98. In August 1999, Setegap
had sought the assistance of the Corporate Debt Restructuring
Committee on the restructuring of its MYR95.29-million debt.  
The Company had, in October 2000, entered into a debt
restructuring agreement with its creditors.  But because of the
Company's unsuccessful attempts to raise funds to regularize its
debt problems, the October 2000 debt restructuring agreement was
technically in default in 2003.  

Setegap and its subsidiaries suffered losses for the past four
consecutive financial years since the financial year ended
December 31, 2002, which had led to a negative unaudited
shareholders' fund of MYR98.25 million as of Dec. 31, 2005.  

On November 11, 2005, Bursa Securities had served the Company
with a notice to show cause on the delisting of the securities
of the Company.  Without a scheme to regularize its financial
position, Setegap will risk being delisted.


SETRON MALAYSIA: Books MYR0.45-Million First Quarter Net Loss
-------------------------------------------------------------
Setron Malaysia Berhad has, on May 24, 2006, filed with the
Bursa Malaysia Securities Berhad its financial report for the
first quarter ended March 31, 2006.

According to the report, the Company's turnover for the quarter
under review of MYR3 million represented improvements of 81.8%
when compared to MYR1.65 million in the same quarter in fiscal
2005.

The first quarter's MYR0.45 million pre-tax loss was 40.6%
higher than the corresponding quarter's pre-tax loss of MYR0.32
million.

Pre-tax loss of MYR0.45 million for the quarter ended March 31,
2006, was 19.6% lower than the MYR0.56 million for the quarter
ended December 31, 2005.

For the quarter under review, the Company registered a net loss
of MYR0.45 million as against a net loss of MYR0.32 million in
the same quarter last year.

There was no dividend declared for the period under review.

Meanwhile, the Company's balance sheet as of March 31, 2006,
showed strained liquidity with its current liabilities of
MYR9,199,000 exceeding current assets of MYR1,323,000.  The
Company has a net current deficit of MYR7,876,000.

               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

      3,001         1,646           3,001          1,646

* Profit/(loss) before tax  

       -450          -318            -450           -318

* Profit/(loss) after tax and minority interest  

       -450          -318            -450           -318

* Net profit/(loss) for the period

       -450          -318            -450           -318

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

      -0.72         -0.51           -0.72          -0.51

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

     0.1270                      0.1341

The Company's First Quarter Report and its accompanying notes
are available for free at:

   http://bankrupt.com/misc/tcrap_setronmalaysianotes052606.pdf

   http://bankrupt.com/misc/tcrap_setronmalaysiareport052606.xls

                 About Setron (Malaysia) Berhad

Headquartered in Kuala Lumpur, Malaysia, Setron (Malaysia)
Berhad is principally involved on the assembly and sale of
television receivers, video and audio products, the distribution
of household electrical appliances and the provision of
investment holding in Malaysia. Setron (Malaysia) Berhad has
become an affected listed issuer pursuant to the Amended
Practice Note 17/2005 of the Bursa Malaysia Securities Berhad
Listing Requirements, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
share capital and that shareholders' equity is less than the
minimum issued and paid up share capital as required under the
Listing Requirements.  As an affected listed issuer, the Company
is required to regularize its financial condition and submit a
restructuring plan to the Securities Commission and other
relevant authorities for approval.


SUREMAX GROUP: Subsidiary Faces TT Dotcom Claims
------------------------------------------------
Suremax Group Berhad's subsidiary, Suremax Land Sdn Bhd, has
been served with a Summons and Statement of Claim from TT Dotcom
Sdn Bhd on May 24, 2006.  

TT Dotcom is claiming payment of MYR3,001, due as of Nov. 12,
2005, plus an annual interest of 8% calculated from Nov. 13
until the date of full settlement.  In addition, TT Dotcom is
also claiming for other costs and further relief as the Kuala
Lumpur Magistrate Court deems fair and just.

The Summons has been fixed for mention before the Magistrates
Court on June 13, 2006.

Suremax Group said it will seek legal advice from its solicitors
on the next course of action.

                    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 losses since 2004 due to sluggish market
demand.  For the second quarter of the financial year ended
August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million.  The Company is also trying to avert a series of
winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


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

EXPORT & INDUSTRY BANK: Strengthens Capital Base After Injection
----------------------------------------------------------------
Export & Industry Bank plans to continue strengthening its
capital base after local and foreign investors injected PHP3
billion capital into the Bank, the Manila Bulletin relates.

According to EIB President Benjamin Castillo, the Bank's risk-
based capital adequacy ratio stood at an average of 21%, after
its annual meeting on April 28, 2006.  Shareholders also
approved the appointment of Punongbayan & Araullo as the Bank's
external auditor, in accordance with a Bangko Sentral ng
Pilipinas ruling to change external auditors every five years.  

Mr. Castillo said that the Bank has adopted stringent risk-asset
management measures, in order to keep its capital adequacy ratio
at the current 21% level.  EIB aims to bring its funding profile
to PHP20 billion, comprised of a PHP8-billion loan portfolio and
PHP12 billion for treasury operations.

                        About ExportBank

Headquartered in Makati City, Manila, Export and Industry Bank -
- http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.  The
Bank is saddled with the PHP10-billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.  
Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend a yearly financial aid of
PHP600 million to ExportBank.


LAFAYETTE MINING: Local Government Urges Mine Test Run
------------------------------------------------------
The provincial government of Albay and Sorsogon encouraged the
test-run of Lafayette Philippines Inc.'s polymetallic project
mine in Rapu-Rapu, as the Company completed all the
environmental conditions necessary for its reopening, Manila
Standard Today says.

The Troubled Company Reporter - Asia Pacific reported on
November 14, 2005, that Lafayette Philippines had suspended
operations in October 2005 due to two cyanide spills from its
gold, copper and zinc mine, which polluted a nearby river.  The
Department of Environment and Natural Resources issued a cease-
and-desist order on the Company, prohibiting it from discharging
wastewater into the environment.  The Government then created a
fact-finding commission in March 2006, to investigate the spills
and "evaluate all the facts and circumstances surrounding the
alleged threat to people's health and environmental safety" and
to submit a report before the mine could resume operations.

A subsequent TCR-AP report on May 23, 2006, stated that the
Rapu-Rapu Fact Finding Commission had asked the Government to
cancel Lafayette's environmental compliance certificate and for
a moratorium on mining on Rapu-Rapu since the mine had violated
11 of the 29 conditions of its certificate.  

According to Albay Governor Fernando Gonzales and Sorsogon
Governor Raul Lee, Lafayette Philippines is entitled to test its
mine operations after it complied with the required remedial
measures set by the Pollution Adjudication Board of the
Department of Environment & Natural Resources.  The Company has
spent PHP400 million to set up the environmental safety measures
to prevent further spills.  The governors added that the issue
is not anymore the spill incidents, but whether Lafayette's new
management kept its promise to fully comply with the conditions
necessary for its Rapu-Rapu mine to reopen.

The TCR-AP had said that Lafayette's foreign creditors have
given a May 19, 2006, deadline for the Company to resume
operations, amid concerns that they had provided loans without
seeing a return on investment since its shutdown in October
2005.  The Company was slated to reopen its Rapu-Rapu mine in
March, but was delayed due to the RRFFC's delay in submitting
its report.

Lafayette's debt was estimated at around PHP9.85 billion,
including PHP1.82 billion in debt placements, PHP5.56 billion
hedged bonds market-to-market exposure, and PHP2.38 billion in
metal forward sale contracts.

                          *     *     *

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, ordered the closing of 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.


MAYNILAD WATER: Posts PHP685-Mln Income in Jan-July 2005 Period
---------------------------------------------------------------
Maynilad Water Services, Inc., posted a net income of PHP685
million for the period from January to July 20, 2005, the
Troubled Company Reporter - Asia Pacific learns from the
financial results of Maynilad's parent company, Benpres Holdings
Corp.

As of July 20, 2005, Maynilad Water had current assets totaling
PHP6.53 billion and current liabilities equal to PHP22.3
billion.  Its net capital deficiency was at PHP2.1 billion.

Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

On February 21, 1997, Maynilad Water entered into a Concession
Agreement with government-owned Metropolitan Waterworks &
Sewerage System, with respect to the MWSS West Service Area. The
Concession Agreement sets forth the rights and obligations of
Maynilad Water throughout the concession period.  Under the
agreement, MWSS grants Maynilad Water, as contractor to perform
certain functions and as agent for the exercise of certain
rights and powers under the Charter, the sole right to manage,
operate, repair, decommission and refurbish all fixed and
movable assets required to provide water and sewerage services
in the West Service Area for 25 years from August 1, 1997, to
May 6, 2022, or the Early Termination Date as the case may be.  
Maynilad Water officially took over the operations of the West
Service Area on August 1, 1997.

According to a report by the TCR-AP on Nov. 19, 2003, the
Company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with MWSS.

On Aug. 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendible 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS and
the DOF set out their intents in a Memorandum of Understanding
relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various   
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

The parties also set out in the MOU their intended mechanics by
which MWSS will acquire from certain creditors a transitional
equity interest in Maynilad Water based on these interdependent
key elements:

   * implementation of full draw on the US$120 million
     Performance Bond of Maynilad Water;

   * limitation of debt-to-equity conversions by MWSS;

   * avoidance of an early termination amount liability for
     the government;

   * resumption of full payment to MWSS of concession fees;

   * preservation of the national privatization policy;

   * assurance that there will be no disruption of essential
     water services in the West Service Area;

   * providing a transitional government take-over from
     certain creditors;

   * a viable repayment plan for all creditors;

   * deficit reduction and write-off of shareholders'
     receivables from Maynilad Water; and

   * the corresponding implementation of tariff increase as
     already approved by MWSS on October 2002, with no new
     application for additional tariff increases.

As a result of the MOU, Maynilad Water submitted a revised
rehabilitation plan to the Rehabilitation Court, at the same
time withdrawing all previous rehabilitation plans that it had
submitted.  On September 29, 2004, the Rehabilitation Court
ruled that there is merit to the Petition for Rehabilitation and
referred the Petition, Annexes and the September 2004
Rehabilitation Receiver for evaluation and directed the receiver
to submit a report.

On January 31, 2005, the Rehabilitation Court held a hearing on
the Rehabilitation Receiver's Report and Recommendation.  
Maynilad Water was ordered to submit a "Modified Rehabilitation
Plan" on Feb. 28, 2005, but failed to do so, and was given a
non-extendable deadline until April 29, 2005, to submit its
Modified Rehabilitation Plan to the Court.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.

The capital restructuring provisions mainly involve write-off of
shareholder advances, conversion of advances into equity and
dilution of the shares of Parent Company Benpres Holdings
Corp.'s equity interest in Maynilad Water, representing 59% of
the equity interest in Maynilad Water.  Under Section 24 of the
DCRA, MWSS has the right, subject to prior approval of Maynilad
Water's bank lenders and the Suez Group, to assign its right and
obligation to subscribe to 83.97% of the shares of Maynilad
Water or to assign any portion or all of the said shares -- in
the event the subscription has been exercised -- provided that
the assignee of the MWSS shall assume all the obligations and
undertakings of MWSS under the DCRA in connection with,
relating to, or arising from, such right.  On September 8, 2005,
the MWSS Board of Trustees resolved that MWSS assign its right
and obligation to subscribe to shares in Maynilad Water
by way of public bidding.  At present, Maynilad Water, its
shareholders, its creditors and MWSS are establishing and
determining the method for the public bidding.  Since MWSS did
not exercise its right to subscribe to the shares of Maynilad
Water and instead opted to assign said right, the capital
restructuring provisions in the DCRA cannot be fully implemented
until the assignee subscribes to the shares of Maynilad Water
in substitution of MWSS.

The creditors of Maynilad Water released the Parent Company from
all its obligations as guarantor of the US$120-million Standby
Letter of Credit Facility and the US$100-million term loan
facility of Maynilad Water on April 29, 2005.

Based on the stock and transfer book of Maynilad Water, the
Parent Company is still the registered owner of the BHC Shares;
but the said stock certificates covering the BHC Shares have
already been endorsed and delivered to the Rehabilitation
Receiver pursuant to the DCRA.  The Parent Company also
delivered to the Rehabilitation Receiver, an irrevocable proxy
dated July 21, 2005, appointing MWSS or any of MWSS' authorized
representatives as its proxy to attend, in the Parent Company's
name, place and stead, all meetings of Maynilad Water, and to
vote all of the BHC Shares, specifically for the purpose of
carrying out, or ensuring the completion of the capital
restructuring of Maynilad Water as set out in the DCRA.  The
terms of the Proxy state that it is coupled with an interest and
may not be revoked until such time as the capital restructuring
of Maynilad Water is completed.

On January 9, 2006, MWSS called a special meeting of the
stockholders of Maynilad Water, where MWSS exercised the Proxy
and elected its representative directors to the Board of
Directors of Maynilad Water in replacement of the Parent
Company's directors.  Maynilad Water's new Board of Directors of
Maynilad Water subsequently held an organizational meeting on
Jan. 12, 2006 to elect the Company's new officers.

The Company currently has two pending cases relating to its
corporate rehabilitation proceedings, as follows:

   1. The first case is a Petition for Certiorari and Mandamus
      instituted by certain alleged public interest groups,
      three members of congress identified with these groups and
      some individuals who claim to be Maynilad Water consumers
      in the West Service Area, seeking to nullify a resolution
      issued by the Rehabilitation Court barring them from
      further participating in the rehabilitation proceedings
      and refusing to declare them as interested parties, and
      praying for the issuance of an order allowing them to take
      part in the case.

   2. The second case is a Petition for Certiorari under Rule 65
      of the Rules of Court filed by the same petitioners
      against the same respondents, now including Benpres
      Holdings Corp., the Metropolitan Waterworks & Sewerage
      System MWSS, Suez SA, Suez Environment, Lyonnaise Asia
      Water (Holdings) Pte. Limited, Ondeo Services
      (Philippines) Inc., and certain lenders and creditor banks
      who are signatories to the DCRA, questioning the approval
      of Maynilad Water's 2005 Rehabilitation Plan and the DCRA
      by the Rehabilitation Court, on the ground that they are
      allegedly "void, unlawful and contrary to public policy".
      The petitioners reiterate their position that the
      implementation of the Rehabilitation Plan and the DCRA
      allows Maynilad Water to avoid its obligations under the
      Concession Agreement, to the detriment of the government
      and the consuming public.  They also claim that the
      implementation will result in the dissipation of public
      funds.  On Oct. 17, 2005, Maynilad Water filed its
      Comment to this petition.  As of April 28, 2006, the
      Supreme Court has yet to issue a resolution in respect of
      the two cases.

               Condensed Financial Information
                      (in PHP Millions)

                                    07/20/2005    12/31/2004
                                    ----------    ----------
      Current assets                     6,526         4,350
      Noncurrent assets                 17,176        15,756
      Current liabilities              (22,273)      (19,409)
      Noncurrent liabilities            (3,527)       (3,479)
      Net capital deficiency            (2,098)       (2,782)

                                     January to
                                    July 20, 2005     2004
                                    -------------     ----
      Revenues                           4,301       3,905
      Costs and expenses                (3,616)     (6,203)
      Net income (loss)                    685      (2,298)

A full-text copy of Maynilad's financial results can be viewed
for free at:

   http://bankrupt.com/misc/Benpres_Audited_Financials_2005.pdf


SWIFT FOODS: Turns Around with PHP29-Mln Profit in First Quarter
----------------------------------------------------------------
Swift Foods, Inc., registered a net income of PHP29 million for
the first quarter ended March 31, 2006, a turnaround from the
PHP76 million net loss posted for the first quarter in 2005, the
Troubled Company Reporter - Asia Pacific learns from the
Company's financials filed with the Philippine Stock Exchange.

The result comes from a PHP107 million decrease in cost of goods
and operating expenses, despite the continuous increases in oil
prices.  The 13% decrease from PHP836 million to PHP729 million
was brought about by better prices of poultry products and the
Company's cost reduction measures.

The Company's revenue fell slightly -- 0.3% -- from PHP768
million in the three months ended March 31, 2005, to the current
quarter's PHP766 million.

The Company continues to work with a capital deficiency of
PHP561 million for the period, down 29% from the PHP590 million
recorded as of December 31, 2005.

The Company's balance sheet reflects these figures:

                                  (in PHP Millions)

                               03/31/2006      12/31/2005
                               ----------      ----------
         Current Assets             839           1,126
         Total Assets             1,044           1,342
         Current Liabilities      1,435           1,755
         Total Liabilities        1,605           1,932
         Capital Deficiency         561             590

Swift Foods' financial report for the quarter ended March 31,
2006, is available for free at:

   http://bankrupt.com/misc/Swift_First_Quarter_Report_2006.pdf

                        About Swift Foods

Swift Foods, Inc. -- http://swiftfoods.com.ph/-- was  
incorporated to assume RFM Corp.'s business of manufacturing,
marketing, and distributing processed and canned meat products,
poultry products, and commercial feeds.  It is organized into
two major divisions -- agribusiness, and meat processing and
sales distribution.  Its agribusiness division produces broiler
chickens and feeds while the latter manufactures processed meat,
canned goods and customized meat products for fast-food chains.

               Significant Doubt on Going Concern

Swift has been experiencing a series of losses these past years.
In 2002, the Company posted a PHP1.6 billion loss, followed by a
PHP926 million and PHP567 million net loss in 2003 and 2004.

After auditing the Company's 2004 Annual Report, Teresita M.
Baes, of Sycip Gorres Velayo and Co., expressed a significant
doubt on the Company's ability to continue operating in the
normal course of business, citing the Company's significant net
losses, and the fact that the Company's total assets falls short
of its current liabilities.  As of Dec. 31, 2004, the Company's
total current liabilities exceeded its total assets by PHP256.95
million.


* Moody's Lifts Philippine Bond Rating to Ba3
---------------------------------------------
Moody's Investors Service raised its speculative rating on the
Philippines' long-term foreign currency bond to Ba3 from B1,
after it integrated a new credit evaluation methodology, the
Manila Bulletin reports.

According to Moody's Sovereign Risk Unit managing director
Vincent Truglia, the new methodology indicates that the rating
agency longer assumes that a foreign-currency government bond
default would be accompanied by a foreign currency payment
moratorium, adding that it favors flexibility in the application
of country ceilings in order to develop international capital
markets.

Moody's assesses the extent to which the local economy is
incorporated into the world economy in evaluating the
probability of a moratorium in external foreign currency
payments, as well the possibility of a government socializing
the cost of a crisis, the Bulletin adds.


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

B.K.B. ENGINEERING: Creditors' Meeting Slated for June 2
--------------------------------------------------------
Creditors of B.K.B. Engineering Constructions Pte Limited will
meet on June 2, 2006, at 10:00 a.m.  The meeting will be held at
the judicial managers' office.

During the meeting, the creditors will gety an update on the
Company's claim against related parties from the Company's
judicial managers.

Contact: Lee Hui Hsien
         Chee Kum Tin
         The Judicial Managers
         c/o Ernst & Young
         10 Collyer Quay #21-01
         Ocean Building
         Singapore 049315
         Telephone: 6428 6107; 6428 6872


FHTK HOLDINGS: Undertakes Renounceable Rights Issue
---------------------------------------------------
FHTK Holdings has undertaken a renounceable non-underwritten
rights issue of up to 4,923,852,668 new ordinary shares in the
Company's capital.

The Rights Shares will be issued at a price of SGD0.005 for each
Rights Share on the basis of four Rights Shares for very one
existing ordinary share in the Company's capital held by
entitled shareholders as of a book closure date, which is still
to be determined.

The net proceeds of the Rights Issue will be used to repay the
Loans, certain bank loans and for the Group's working capital.

The Loans are repayable within six months after each drawdown
date.  The Loans have been fully disbursed on January 13, 2006.

The Group is currently negotiating with its principal banker in
China to repay secured bank loans amounting to approximately
SGD32.5 million in monthly installments over a period of five to
10 years.  The Group is also in talks with another Chinese
banker for a rollover of a secured bank loan of approximately
SGD2.7 million.

As and when the net proceeds are materially deployed, the
Company will make the necessary announcements and subsequently
provide a status report on the use of such proceeds in its
annual report.  Pending the deployment of the net proceeds, the
proceeds may be deposited with banks and/or financial
institutions, invested in short-term money markets and/or
marketable securities, and/or used for any other purposes on a
short-term basis, as the Directors may, in their absolute
discretion, deem fit.

More details on the Renounceable Rights Issue is available for
free at:

   http://bankrupt.com/misc/tcrap_fhtkholdings052606.pdf  

                  About FHTK Holdings Limited

FHTK Holdings Limited - http://www.fhtk.com.sg/-- distributes  
fruits and agricultural products such as apples, banana,
nectarines, pears and peaches through its own SunMoon brand.  
The Company's agricultural products division distributes fresh
garlic as well as manufactures dehydrated garlic and onion
products.  The Group currently leases and manages 18 plantations
and totaling 1,630 hectares in the Shandong province in China.

The Company currently owes 11 separate trade creditors in China
a total of SGD2.8 million.  The individual debts range from
SGD85,000 to SGD668,000, and were incurred separately over a
period of time.  The creditors have taken separate legal actions
against the Company.


L&M GROUP: High Court Orders Wind-up of Unit
--------------------------------------------
The High court of the Republic of Singapore has, on May 24,
2006, made a wnding up order against L&M Prestressing Pte Ltd, a
subsidiary of L&M Group Investments Limited.

The wind-up petition against L&M Prestressing was filed by
Benaim (Singapore) Pte Ltd on February 9, 2006.

According to Bob Low Siew Sie, the judicial manager of the L&M
Group, the wind-up order is deemed to have taken effect from the
date the petition was filed.

               About L&M Group Investments Limited

Founded in 1971 and listed on the Stock Exchange of Singapore
since 1984, L&M Group Investments Ltd delivers its specialized
engineering and construction services through two divisions --
Geotechnic and Structural Systems.  Geotechnic Division
undertakes the design and construction of geotechnical
engineering and heavy foundation works, the sale of building
products and rental of engineering equipment.  Structural
Systems Division undertakes the design and construction of
structural and civil engineering works. In December 2005, the
Company sought to appoint a judicial manager to revive the
Company's operations.  The High Court of Singapore placed the
Company under judicial management on January 11, 2006, under Bob
Low Sie of Messrs Bob Low Sie & Company.  The Judicial
Management Order will remain in force until January 9, 2007.


PDC CORPORATION: Inks Shares Placement Deals
--------------------------------------------
PDC Corporation Limited has entered into conditional placement
agreements with several placees pursuant to the Company's
Placement Exercise to subscribe for an aggregate of 600,000,000
new ordinary shares in the Company's capital at a price of
SGD0.01 for each Placement Share.

The placees include:

     * Hsu Hung-Chun;
     * Wong Wen-Young;
     * Teo Kee Bock;
     * Hong Kong Li;
     * Ong Lee Yap;
     * Ng Elk Hwa;
     * Chua Kok Keong; and
     * Tay Chin Hwang.

The Placement Shares will be issued pursuant to the Special
Share Issue Mandate, approval for which will be sought from the
Company's shareholders at the forthcoming extraordinary general
meeting.

Completion of the Placement Agreement is conditional upon:

   -- in-principle approval for the listing and quotation of
      the Placement Shares on the Singapore Exchange
      Securities Trading Limited;

   -- the approval of the Directors and Shareholders of the
      Company being obtained in respect of the transaction and
      acquisition contemplated by the Placement Agreement;

   -- the approval of SGX-ST being obtained in respect of the
      transactions contemplated by the Placement Agreement;

   -- the subscription, issue and allotment, and offering of
      the Placement Shares in compliance with the Securities
      and Futures Act Chapter 289 of Singapore; and

   -- the completion of the Debt Conversion and the Bank Loan
      Conversion and the concurrent issuance and allotment of
      the Debt Conversion Shares, the Bank Loan Conversion
      Shares and the Minimum Placement Shares.

The Company will be making an application to the SGX-ST for the
listing and quotation of the Placement Shares.

The proceeds from the Placement Exercise will be used to raise
funds to repay loan settlements and other outstanding
liabilities for working capital and for funding future business
opportunities of the Company and its subsidiaries.

                 About PDC Corporation Limited

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.  

The Group's balance sheet as of December 31, 2005, revealed that
the Group has 1,154,000 in total current assets available to pay
total current liabilities of 21,254,000 within 12 months.  The
deficit in total shareholders' equity for fiscal 2005 has hit
SGD20,134,000.


RICHFIELDS INNOVATIONS: To Declare Third & Final Dividend June 5
----------------------------------------------------------------
Richfields Innovations Pte Limited notifies parties-in-interest
of its intention to declare its third and final dividend on
June 5, 2006.

The dividend will be at 1.45 cents to a dollar, pursuant to an
order by the High Court of Singapore.

Contact: The Liquidator's Office
         c/o Bob Low & Co.
         83A Kampong Road
         Singapore 169379.


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

TONGKAH HARBOUR: SET Posts "SP" Sign on Firm's Securities
---------------------------------------------------------
The Stock Exchange of Thailand posted a suspension sign on the
securities of Tongkah Harbour Public Company Ltd effective from
the first trading session on May 16, 2006, due to the Company's
failure to submit its financial statements for the three-month
period ending March 31, 2006, by the deadline specified by the
SET.

Tongkah Harbour, through its directors, J. Peter Mills and Udom
Chirapanathorn, had requested for an extension of the deadline
for submission of its financial report, explaining that the
delay was due to the changing of the Company's auditors from BDO
Richfield to A.M.T. & Associates.

The Company further explained that in addition to regular
business and related accounting transactions, the change has
necessitated a temporary added staff work load relating to the
intricacies for audits and confirmation of opening balances that
were already reviewed and audited by the former auditors.  The
added workload requires extensive training period for the staff.

                          *     *     *

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/ -- is  
primarily engaged in mining operations.  The Company is engaged
in offshore tin mining, gold exploration and mining, igneous
rock quarrying, as well as property development and management.  
The Company is placed under the Rehabco Sector of the Stock
Exchange of Thailand and is currently rehabilitating its
business.


THAI DURABLE: SET Suspends Securities due to Delay of 1Q FS
------------------------------------------------------------
Securities of Thai Durable Group Public Company Ltd., on May 16,
2006, were suspended by the Stock Exchange of Thailand due to
the Company's failure to submit its financial statements for the
three months ending March 31, 2006, by the deadline specified by
the SET.

Chavalit Thonglim, Director of Thai Durable, explained to the
SET that the Company has been experiencing difficulty finding
auditors to audit its financial statement.  

                          *     *     *

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

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

The Troubled Company Reporter - Asia Pacific stated on April 12,  
2006, that the Company's Board of Directors passed a resolution
not to allocate net profit as legal reserve in the amount of 5%
of the net profit of the Company and not pay the dividend from
its 2005 operating income.   

                 Going Concern of the Company   

The Company had sustained significant accumulated losses and has
suffered recurring loss from operations.  As at December 31,
2005, Thai Durable has a THB2 billion equity deficit.  The
Company incurred negative cash flows from operating activities
for the year ended December 31, 2005,amounting to THB73.3
million.  The Company's current liabilities exceeded its current
assets as of December 31, 2005, by THB644.4 million.  Moreover,
the Company could not repay short-term loans and long-term loans
from two local banks which were due and on January 27, 2006, the
Company was sued by a local bank to repay all short-term loans
and long-term loans totaling THB273.8 million, including
principal and accrued interest.  In addition, the management is
in the process of negotiating for the postponement of loans from
another local bank.  The ultimate outcome of these matters
cannot be determined yet.  Presently, the Company is performing
a feasibility study to change its current business.  

The continuing operation of the Company in the future
substantially depends on (i) results of the negotiation with the
financial institution creditors relating to the postponement of
loans, and (ii) the new business plan of the Company and its
ability to operate successfully in the future and has adequate
cash flows from operations.  These matters indicate the
existence of a material uncertainty about the Company's ability
to continue its operation as a going concern.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                            Total
                                         Shareholders   Total
                                            Equity     Assets
Company                        Ticker       ($MM)       ($MM)
------                         ------    ------------  ------


AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd  AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        17.14      -3.67
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       132.81     -45.03
Tooth & Company Limited           TTH       170.09     -72.91
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.29     -71.23
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        57.73    -151.52
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Fujian Changyuan Investment
   Holdings Limited               592        61.49     -17.80
Gold-Face Holdings Limited        396       193.41     -28.41
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd                   557        62.19    -115.50
Hainan Dadonghai Tourism          613        17.81      -6.63
Hainan Dadongh-B               200613        17.81      -6.63
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd     832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech                 620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       153.92     -29.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Genuine New Material        156        94.17     -65.04
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd  600385        19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenz China Bi-A                   17        50.08    -206.09
Shenz China Bi-B               200017        50.08    -206.09
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.54     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34       123.68     -21.06
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd    600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        55.29     -46.27
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        64.54      -2.31
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Surya Dumai Industri Tbk         SUDI       105.06     -30.49

JAPAN

Hanaten Co Ltd                   9870       167.79      -1.63
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd     5756       106.49     -12.55

MALAYSIA

CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        57.63     -61.56
Consolidated Farms Berhad       CFARM        38.50     -11.55
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Mentiga Corporation Berhad       MENT        21.59     -13.41
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        28.86      -8.43
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        14.45     -12.26
PSC Industries Bhd                PSC        62.80    -116.18
Setegap Berhad                    STG        34.44     -12.54
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       118.32    -176.02

PHILIPPINES

APC Group Inc.                    APC        87.34    -124.26
Atlas Consolidated Mining and
   Development Corp.               AT        32.94     -35.77
East Asia Power Resources Corp.   PWR       128.99     -19.44
Fil-Estate Corporation             FC        59.32      -6.12
Filsyn Corporation                FYN        21.9       -2.91
Filsyn Corporation               FYNB        21.9       -2.91
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        14.44      -7.05
Gotesco Land, Inc.                GOB        14.44      -7.05
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI       105.76     -83.47
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings       UNI        22.71      -2.38
Company Inc.
United Paragon Mining Corp.       UPM        18.19     -12.04
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        18.68      -6.50
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        69.38     -10.18
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.8      -27.74
Informatics Holdings Ltd         INFO        27.59      -6.73
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.7      -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC        11.63      -7.88
Pacific Century Regional          PAC      1381.26    -107.11

SOUTH KOREA

Cenicone Co. Ltd.               56060        36.82      -1.46
C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
Inno Metal Inc.                 70080        28.56      -0.33
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
Tong Yang Major                  1520      2332.81     -86.95

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        20.37     -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F        20.37     -64.80
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        56.71    -311.47
Hantex PCl                        HTX        12.36      -1.83
Hantex PCl                      HTX/F        12.36      -1.83
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI        18.29     -43.37
Sri Thai Food -F                SRI/F        18.29     -43.37
Tanayong PCL                    TYONG      1439.26    -694.22
Tanayong PCL -F               TYONG/F      1439.26    -694.22
Thai-Denmark PCL                DMARK        21.37     -18.88
Thai-Denmark -F               DMARK/F        21.37     -18.88
Thai-Wah PCL                      TWC        91.56     -41.24
Thai-Wah PCL -F                 TWC/F        91.56     -41.24




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie Udtuhan, Erickson Torrevillas, Francis
Chicano, Ma. Cristina Pernites-Lao, Erica Fernando, Reiza
Dejito, Freya Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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