TCRAP_Public/060530.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  

              Tuesday, May 30, 2006, Vol. 9, No. 106


                            Headlines

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

ACEDAM PTY: Creditor Appoints Official Receivers
ADVANCE INTERIORS: Inability to Pay Debts Prompts Wind-up
ALASKA TRUSTEE: Court Hears Wind-up Petition
ARTER PTY: Members Opt for Voluntary Liquidation
ASCOT CLOTHING: Liquidator to Present Report

BUSHCALL PTY: To Declare Dividend on May 31
CADSTEEL LIMITED: Creditors Must Prove Debts by June 8
CENTRAL EQUIPMENT: Liquidation Hearing Set for June 6
DEUGRO (NORTHERN TERRITORY): Members Opt to Wind Up Firm
DR VAN NGUYEN: Receivers Step Aside

EURO SHOPFITTERS: Supreme Court Orders Wind-up
FLYWAYS TRAVEL: Court to Hear CIR Liquidation Petition on June 8
HENRY WALKER: Administrators Declare No Return to Shareholders
HOUSE REVIVAL TEAM: Faces Liquidation Proceedings
JE BROOKSBANK: Stockowner Shuts Down Operations

KEA INVESTMENTS: Insolvency & Trustee Service Named Liquidator
KP TRAILL: Creditor Files Liquidation Petition
LAKESIDE CARAVAN: Members Agree on Liquidation
LUMINOUS LIMITED: Faces Liquidation Proceedings
MACAU MOTORS: Appoints Joint and Several Liquidators

M&M CONSTRUCTIONS: Appoints Official Liquidator
MORGAN LEVON: Enters Voluntary Liquidation
MULTIPLEX GROUP: Maurice Blackburn to Commence Class Action
NATIONAL AUSTRALIA: Commences AU$500-Million Damages Action
NATIONAL AUSTRALIA: Two Ex-NAB Traders Get Guilty Verdict

NSW PRE-STRESSING: Creditors Decide to Wind Up Firm
OSIRIS HOLDINGS: Members and Creditors to Receive Wind-up Report
PLASTIC METHODS: Creditors' Proofs of Debt Due on June 14
PRISM DISTRIBUTION: Creditors Must Prove Debts by June 15
PRISM FREIGHTERS: Creditors' Proofs of Claim Due on June 12

RAINGER HOLDINGS: Ronald Starr Named Liquidator
REVITT CABINETS: Liquidator to Recap Wind-up Results
RUCK 'N' PUNT: Nellies and Jenkins Named as Joint Liquidators
RUSTEM PTY: Prepares to Pay Dividend to Creditors
SIDRAS PTY: Placed Under Voluntary Liquidation

TECHBASE AUSTRALASIA: Faces Liquidation Petition by CIR
T.H.E.O. PTY: To Distribute Dividend on May 31
TINKERBELL STEEL: Liquidator to Detail Wind-up Process
WAOKU FARM: Shareholders Opt for Voluntary Liquidation
WATERSIDE HOLDINGS: Firm Faces Fourth Wind-Up Petition


C H I N A   &   H O N G  K O N G

ATTEMPT FIT: Leung to Present Wind-up Report
BIOSINO BIO-TECH: Court to Hear Wind-up Bid on July 5
CHARTERED CAPITAL: Members' Final Meeting Set on June 19
ELEPHANT TALK: Auditor Raises Going Concern Doubt
FULL INFO: Winding-up Petition Hearing Set on June 21

FULLY INDUSTRIAL: Faces Winding up Proceedings
H.K. GAME TRADING: To Issue First and Final Dividend on June 12
INSTANT GREEN: Court to Hear Winding-up Petition on June 21
ITK EDUCATION: Final Meeting Slated for June 23
KARLFORD INDUSTRIAL: Wind-up Hearing Fixed on July 5

KWONG WING: Court to Hear Winding-up Petition on June 14
KWONG YUEN: Intends to Declare Dividend
LEX LOCI: Members Resolve to Wind Up Operations
LOGON ENGINEERING: Final Meetings Slated for June 9
MANHATTAN CARD: Liquidator to Present Wind-up Report

ORIENTAL WAY: Wind-up Application Hearing Set on June 21
SMART FAME: Faces Winding-up Proceedings
SUN KWONG: Court to Hear Winding-up Bid on June 21
TECHWAYSON HOLDINGS: Receives CNY1.5-Billion Worth of Claims
TIGER TRADING: Members' Final Meeting Set on June 20


I N D I A

LML LIMITED: Strike Persists Until Union's Demands are Met
MYSORE CEMENTS: Board Works on Restructuring Schemes
* Heavy Losses Erode 88 PSU's Net Worth, CAG Says


J A P A N

ALL NIPPON: Moody's Lifts Unsecured Debt Rating to Ba1
LIVEDOOR COMPANY: Ex-Directors Plead Guilty to Fraud Charges
LIVEDOOR COMPANY: Finalizes Deal to Sell Unit's Shares


K O R E A

DAEWOO ENGINEERING: KAMCO Bans Sale of Controlling Stake
HYUNDAI MOTOR: Chairman Chung Wants to be Released on Bail


M A L A Y S I A

FURQAN BUSINESS: Discover Orient Purchase Deal Nears Completion
JIN LIN: Books MYR2-Million Pre-tax Loss in Third Quarter
KIA LIM: Incurs Higher Pre-tax Loss in First Quarter
MECHMAR CORPORATION: Exits Amended PN17 List
METROPLEX BERHAD: Court Adjourns Wind-up Hearing to August 29

MULPHA LAND: Releases First Quarter Results
MULTI VEST: Third Quarter Loss Jumps to MYR1 Million
PILECON ENGINEERING: Updates on Material Litigation
POLYMATE HOLDINGS: Faces Another Public Reprimand
PRIME UTILITIES: Continues to Restructure Loan Facilities

SINORA INDUSTRIES: Posts 1Q MYR0.433-Million Loss; No Revenue
SYARIKAT KAYU: Shareholders Pass All EGM Resolutions


P H I L I P P I N E S

EXPORT & INDUSTRY BANK: Appoints Directors and Officers at ASM
MANILA MINING: Loss Down 23%; Temporary Shut Down Continues
MANILA MINING: Permit Renewal Still Under Review


S I N G A P O R E

CITIRAYA INDUSTRIES: Court Extends Judicial Management Order
FHTK HOLDINGS: Sends Information Statement to Shareholders
HITACHI HIGH-TECH: Creditors' Proofs of Claim Due on June 26
LEAP HONG: Intends to Declare Dividend
MAE ENGINEERING: Extraordinary General Meeting Set on June 12

TOPMANN INTERIOR: Court Issues Bankruptcy Order


T H A I L A N D

BANGKOK RUBBER: 1Q F/S Fails To Reflect Company's Position

* BOND PRICING: For the Week 29 May to 2 June 2006

     - - - - - - - -

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

ACEDAM PTY: Creditor Appoints Official Receivers
------------------------------------------------
An unnamed secured creditor of Acedam Pty Limited, on March 30,
2006, appointed Joseph David Hayes and John Patrick Croninof
McGrathNicol+Partners, as receivers and managers of the
Company's assets.

Contact: John P. Cronin
         Joseph D. Hayes
         Receivers
         McGrathNicol+Partners
         Level 32, Central Plaza One
         345 Queen Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3333 9820
         Web site: http://www.mcgrathnicol.com.au/


ADVANCE INTERIORS: Inability to Pay Debts Prompts Wind-up
---------------------------------------------------------
The members of Advance Interiors Pty Limited, on
April 20, 2006, decided to wind up the Company's operations, as
it is unable to pay its debts when they fall due.

Daniel Civil was consequently appointed as liquidator.

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


ALASKA TRUSTEE: Court Hears Wind-up Petition
--------------------------------------------
An application to put Alaska Trustee Company Ltd., into
liquidation will be heard by the High Court of Auckland on June
8, 2006, at 10:45 a.m.

The Liquidation Petition was filed by North Harbour Law Trustees
Limited with the High Court on April 12, 2006.

Any party who wishes to appear at the hearing must file an
appearance not later than June 6, 2006.

Contact: North Harbour Law Trustees Limited
         North Harbour Law,
         20 Florence Avenue, P.O. Box 68,
         Orewa, New Zealand
         Fax: (09) 426 6494

         Warren James Kay
         Solicitor for North Harbour Law Trustees Limited


ARTER PTY: Members Opt for Voluntary Liquidation
------------------------------------------------
The members of Arter Pty Limited resolved on April 10, 2006, to
wind up the Company's operations voluntarily.

Creditors, meanwhile, named Paul Vartelas of B. K. Taylor & Co.
as liquidator.

Contact: Paul Vartelas
    Liquidator
    B. K. Taylor & Co.
         8th Floor, 608 St Kilda Road
         Melbourne, Australia


ASCOT CLOTHING: Liquidator to Present Report
--------------------------------------------
A final meeting of members and creditors of Ascot Clothing Pty
Limited will be held today, May 30, 2006.

Liquidator Geoff Ridgeway will present the manner in which the
Company's wind-up was conducted and its property disposed of.

Contact: Geoff Ridgeway
    Liquidator
         Jenkins Peake & Co. Chartered Accountants
         PO Box 1570, Geelong 3220
         Australia
         Telephone: (03) 5223 1000
         Fax: (03) 5221 4938


BUSHCALL PTY: To Declare Dividend on May 31
-------------------------------------------
Bushcall Pty Ltd will declare a final dividend on May 31, 2006.

Creditors who were not able to prove their claims will be
excluded from sharing in any distribution the Company may make.

Contact: William B. Abeyratne
         Liquidator
         Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
      Telephone: (03) 9696 2885


CADSTEEL LIMITED: Creditors Must Prove Debts by June 8
------------------------------------------------------
Liquidator John Gilbert requires the creditors of Cadsteel
Limited to submit their proofs of debt on or before June 8,
2006.

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

Contact: J.M. Gilbert
         C/O C&C Strategic Limited
         Private Bag 47-927
         Ponsonby, Auckland
         New Zealand
         Telephone: (09) 376 7506
         Facsimile: (09) 376 6441


CENTRAL EQUIPMENT: Liquidation Hearing Set for June 6
-----------------------------------------------------
A petition filed by the Commissioner of Inland Revenue to
liquidate Central Equipment Co. Ltd. -- formerly known as John
F. Walton Limited -- will be heard by the High Court of Hamilton
on June 6, 2006, at 10:45 a.m.

The CIR filed its liquidation petition on November 14, 2003,
with the High Court of Tauranga.

Contact: Inland Revenue Department
         1 Bryce Street, Hamilton,
         New Zealand
         Telephone: (07) 959 0415

         Malcolm J. Hardie
         Solicitor for the Commissioner of Inland Revenue


DEUGRO (NORTHERN TERRITORY): Members Opt to Wind Up Firm
---------------------------------------------------------
At a meeting held on April 7, 2006, members of Deugro (Northern
Territory) Pty Limited agreed to wind up the Company's business
operations.

James Patrick Downey of Cole Downey & Co was named liquidator.

Contact: J. P. Downey
         Liquidator
         Cole Downey & Co. Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


DR VAN NGUYEN: Receivers Step Aside
-----------------------------------
Robert Hutson and John Park ceased to act as the receivers and
managers of the property of DR Van Nguyen Pty Ltd on April 3,
2006.


EURO SHOPFITTERS: Supreme Court Orders Wind-up
----------------------------------------------
The Supreme Court of New South Wales,on April 20, 2006, ordered
the winding up of Euro Shopfitters Australia Pty Limited and
appointment of Steven Nicols as liquidator.

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


FLYWAYS TRAVEL: Court to Hear CIR Liquidation Petition on June 8
----------------------------------------------------------------
The Commissioner of Inland Revenue filed an application with the
High Court of Auckland on April 10, 2006, for the liquidation of
Flyways Travel Limited.

The High Court will conduct a hearing on CIR's application on
June 8, 2006, at 10:45 a.m.

Any person who wishes to be present on the hearing must file an
appearance not later than June 6, 2006.

Contact: Commissioner of Inland Revenue
         Auckland Service Centre
         Solicitor for the Commissioner of Inland Revenue
         17 Putney Way
         P.O. Box 76-198, Manukau City
         New Zealand
         Telephone: (09) 984 2002

         Geraldine Ann Ryan
         Solicitor for the Commissioner of Inland Revenue


HENRY WALKER: Administrators Declare No Return to Shareholders
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 6, 2006, that the administrators of Henry Walker Eltin
Group Limited believe there is no likelihood that the Company's
shareholders will receive any distribution in respect of the
shares they hold in the Company.

In an update, the administrators have made a declaration that
there will be no return to shareholders, and with the passage of
new legislation, this means that shareholders can choose to make
a capital loss in the tax year 2005/06.

The administrators, moreover, have indicated that they do not
anticipate being in a position to sell the corporate entity for
recapitalization purposes.

On February 1, 2005, Henry Walker called in John Gibbons, Jack
Crumlin and Keiran Hutchison of Ernst & Young as voluntary
administrators after Glencore Finance AG withdrew an AU$100
million recapitalization plan.  The Administrators, however,
resigned a day after their appointment without giving the reason
for the move.  They were immediately replaced by Anthony
McGrath, Scott Kershaw, Joseph Hayes and Shaun Fraser of
McGrathNicol+Partners, who serve as the Company's Administrators
up to the present.

                       About Henry Walker

Headquartered in North Ryde, New South Wales, Henry Walker Eltin
Group Limited -- http://www.hwe.com.au/-- is principally  
engaged in the contracting of operations in surface and
underground mining; minerals processing and handling; civil,
electrical, mechanical and process engineering; maintenance
services; waste and wastewater treatment infrastructure; waste
management; site remediation and rehabilitation; motor vehicle
retailing; and land development.  The contracting operations are
conducted in Australia and New Zealand, South East Asia, the  
Americas and Africa.  The motor vehicle retailing and service
activities are conducted in Australia and South East Asia.  The
other activities are conducted exclusively in Australia.  

The Company ended 2004 mulling over a capital restructure.  In
February 2005, Henry Walker entered into administration after a
funding scheme failed and due to difficulties experienced by the
Company in securing long-term funding agreements.  During the
same month, the administrators had pointed to the firm's mining
operations in Indonesia as the culprit to its problems, and puts
the mining unit up for sale.  A series of sales and closures
followed, so that by the end of 2005, the Company has sold its
Indonesian arm, divested its Toyota dealership in Bridge Autos,
and sold part of its Western Australian civil construction
business.

In February 2006, Henry Walkers's mining unit was purchased by
Leighton Contractors Pty Limited for AU$211 million.

Contact: J. D. Hayes and S. B. Kershaw  
         Joint Administrators  
         McGrathNicol+Partners  
         Level 9, 10 Shelley Street  
         Sydney, New South Wales 2000  
         Australia   
         GPO Box 9986, Sydney NSW 2001  
         Telephone: +61 2 9338 2600   
         Facsimile: +61 2 9338 2699   
         Web site: http://www.mcgrathnicol.com.au/


HOUSE REVIVAL TEAM: Faces Liquidation Proceedings
-------------------------------------------------
An application to liquidate House Revival Team Limited was filed
on April 21, 2006, with the High Court of Wellington by the
Commissioner of Inland Revenue.

The Liquidation Petition was heard by the High Court on May
29,2006.

Contact: Commissioner of Inland Revenue
         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 4673.
         Fax: (04) 890 0009.

         John Fredrick Parnell
         Solicitor for the Commissioner of Inland Revenue


JE BROOKSBANK: Stockowner Shuts Down Operations
-----------------------------------------------
The sole shareholder of JE Brooksbank & Associates Pty Limited
decided to wind up the Company's operations on April 5, 2006.

Gideon Isaac Rathner and David John Coyne of Lowe Lippmann were
subsequently appointed as joint and several liquidators.

Contact: David J. Coyne
         Gideon I. Rathner
         Joint and Several Liquidators
    Lowe Lippmann
         5 St. Kilda Road, St Kilda
         Victoria 3182, Australia


KEA INVESTMENTS: Insolvency & Trustee Service Named Liquidator
--------------------------------------------------------------
An official assignee from the Insolvency and Trustee Service was
appointed as liquidator for Kea Investments Limited on May 2,
2006.

The Troubled Company Reporter - Asia Pacific recounts that Kea
Investments was the subject of a liquidation petition filed by
Brookfields Lawyers December 23, 2005, with the High Court of
Wellington.

Contact: Insolvency and Trustee Service
         Private Bag 4714, Christchurch,
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz/


KP TRAILL: Creditor Files Liquidation Petition
----------------------------------------------
An application to liquidate KP Traill Developments Limited was
filed by Valley Drainlaying Limited on March 31, 2006, with the
High Court of Auckland.

The High Court will hear the Application on June 8, 2006, at
10:45 a.m.

Contact: Valley Drainlaying Limited
         Rice Craig, Barristers & Solicitors,
         10 Queen Street
         P.O. Box 72-440 or D.X. E.P. 76-506,
         Papakura, Auckland,
         New Zealand
         Telephone: (09) 299 6900  
         Fax: (09) 299 6107

         P. L. Norton
         Solicitor for Valley Drainlaying


LAKESIDE CARAVAN: Members Agree on Liquidation
----------------------------------------------
At an extraordinary general meeting of Lakeside Caravan Park
Bonnie Doon Pty Ltd, members decided to liquidate the Company's
operations, and appoint Ross Melville as liquidator.

Contact: Ross Melville
         Liquidator
         Noel Melville & Associates
         37 Sunhill Road, Mount Waverley
         Victoria 3149, Australia


LUMINOUS LIMITED: Faces Liquidation Proceedings
-----------------------------------------------
An application to liquidate Luminous Limited will be heard
before the High Court of Auckland on June 8, 2006, at 10:45 a.m.

The Application was filed by the Commissioner of Inland Revenue
on April 7, 2006.

Any person who intends to appear at the hearing must serve a
written notice of his intention before June 6, 2006.

Contact: Commissioner of Inland Revenue
         Auckland Service Centre
         Solicitor for the Commissioner of Inland Revenue
         17 Putney Way
         P.O. Box 76-198, Manukau City
         New Zealand
         Telephone: (09) 984 2002

         Geraldine Ann Ryan
         Solicitor for the Commissioner of Inland Revenue


MACAU MOTORS: Appoints Joint and Several Liquidators
----------------------------------------------------
John Trevor Whitfield and Boris van Delden were appointed joint
and several liquidators of Macau Motors Ltd on May 15, 2006.

Contact: John Whittfield
         McDonald Vague
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz/

   
M&M CONSTRUCTIONS: Appoints Official Liquidator
-----------------------------------------------
At an extraordinary general meeting of M&M Constructions
(Victoria) Pty Limited held on April 7, 2006, members agreed
that it is in the Company's best interests to wind up its
operations.

In this regard, Andrew McLellan of PPB Chartered Accountants was
appointed as liquidator.

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


MORGAN LEVON: Enters Voluntary Liquidation
------------------------------------------
At a meeting of Morgan Levon Pty Limited held on April 7, 2006,
members agreed that a voluntary wind-up of the Company's
operations is appropriate and necessary.

Anthony Robert Cant of Romanis Cant was appointed liquidator.

Contact: Anthony R. Cant
         Romanis Cant Chartered Accountants
         106 Hardware Street, Melbourne
         Australia


MULTIPLEX GROUP: Maurice Blackburn to Commence Class Action
-----------------------------------------------------------
Maurice Blackburn Cashman will commence a class action against
Multiplex Limited on behalf of security holders who acquired an
interest in Multiplex securities between November 7, 2003, and
May 30, 2005.

The firm, according to Delisted.com, says that for a lengthy
period prior to May 30, 2005, Multiplex had not properly
disclosed to shareholders and potential shareholders the full
story regarding huge cost increases and delays, or the real risk
of huge costs and delays, in the construction of the Wembley
National Stadium in London.  As a result, Multiplex shareholders
have suffered losses due to the fall in share price.

On March 2, 2006, MBC confirmed that its investigations are
sufficiently advanced to enable it to issue proceedings to
recover securityholder losses.

                        About Multiplex   

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.  Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down.  In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


NATIONAL AUSTRALIA: Commences AU$500-Million Damages Action
-----------------------------------------------------------
National Australia Bank has launched a legal action against
global brokers BGC International and ICAP, seeking a AU$539-
million compensation on account of their alleged role in a
foreign exchange scandal that cost the bank more than AU$300
million, News.com.au reports, citing the Herald Sun.

NAB asserts that BGC and ICAP had helped the currency options
traders engage in fictitious trades that allowed NAB's currency
options desk to report a AU$37 million profit in October 2003
when its real position was a AU$5 million loss.

Aside from NAB's hundreds of millions of dollars in losses, the
forex scandal also contributed to a shake-up of the bank's
senior management that led to the resignation the bank's chief
executive officer, Frank Cicutto, and its chairman, Charles
Allen.

                        *     *     *  

National Australia Bank is undertaking a three-year revival
program after a foreign exchange trading scandal in 2004, which
cost it AU$326 million, and several profit downgrades in 2005
that hammered its share price.  As of February 2006, NAB said
that it was moving ahead and that planning for its post-recovery
phase was under way.


NATIONAL AUSTRALIA: Two Ex-NAB Traders Get Guilty Verdict
---------------------------------------------------------
The Victorian County Court found former National Australia Bank
traders David Bullen and Vincent Ficarra guilty for their role
in NAB's AU$360 million foreign exchange scandal, the Sydney
Morning Herald reports.

Judge Geoff Chettle remanded Mr. Bullen and Mr. Ficarra in
custody until their sentencing on June 26.

As reported in the Troubled Company Reporter - Asia Pacific on
March 24, 2006, Mr. Bullen, Mr. Ficarra and former London trader
Gianni Gray were charged by the Australian Securities and
Investment Commission after investigations into the forex
trading scandal.  While Mr. Gray pleaded guilty, Messrs. Ficarra
and Bullen pleaded not guilty to allegations that they placed
false information into NAB's accounting systems to falsely
inflate the profit results of the forex options desk between
September 2003 and January 2004.

The Age cites ASIC chairman Jeff Lucy as saying that the Court's
finding showed that the corporate regulator and the community
would not tolerate dishonest conduct.

"This result shows that senior employees who breach their duties
as officers of a company can cause significant damage to the
company's interests and shareholder value," Mr. Lucy said in a
statement.

The Age recounts that in June 2005, head forex trader Luke Duffy
was sentenced to 29 months in jail with a minimum of 16 months
after pleading guilty to related offences.  Mr. Gray, on the
other hand, is serving 16 months in prison with a minimum of
eight after being sentenced in March 2006.

In the recent Court ruling, Mr. Bullen was found guilty of 17
out of 19 charges, including dishonestly entering trades and
using his position to gain personal advantage.  The Sydney
Herald notes that Mr. Bullen was the most high-profile of the
four traders after writing a book about the scandal and
representing himself.

Mr. Ficarra, meanwhile, was found guilty of all 12 charges
against him, including one of dishonestly gaining a bonus.

According to the Sydney Herald, the Court's decision, handed
down on May 27, 2006, paves the way for NAB to pursue its AU$539
million compensation claim against two global money brokers,
ICAP and Cantor Fitzgerald, for allegedly helping the traders to
hide their losses.

All four traders participated in fictitious trades that allowed
NAB's currency options desk to falsely report a AU$37 million
profit in October 2003 when its real position was a AU$5 million
loss.  As a result, Mr. Bullen and Mr. Ficarra received
AU$83,044 and AU$46,350 in performance bonus, The Age says.

                        *     *     *  

National Australia Bank is undertaking a three-year revival
program after a foreign exchange trading scandal in 2004, which
cost it AU$326 million, and several profit downgrades in 2005
that hammered its share price.  As of February 2006, NAB said
that it was moving ahead and that planning for its post-recovery
phase was under way.


NSW PRE-STRESSING: Creditors Decide to Wind Up Firm
---------------------------------------------------
The members and creditors of New South Wales Pre-Stressing Pty
Limited convened on April 10, 2006, and decided to cease the
Company's business operations.

Roderick Mackay Sutherland of Jirsch Sutherland Chartered
Accountants was subsequently appointed as liquidator.

Contact: Roderick M. Sutherland
    Liquidator
    Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


OSIRIS HOLDINGS: Members and Creditors to Receive Wind-up Report
----------------------------------------------------------------
A final meeting of members and creditors of Osiris Holdings Pty
Ltd will be held today, May 30, 2006.

During the meeting, Liquidator Murray Godfrey will present an
account on the manner of the Company's winding up and property
disposal.

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


PLASTIC METHODS: Creditors' Proofs of Debt Due on June 14
---------------------------------------------------------
Liquidator John Gilbert requires the creditors of Plastic
Methods Ltd to submit their proofs of debt on or before
June 14, 2006.

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

Contact: J.M. Gilbert
         C/O C&C Strategic Limited
         Private Bag 47-927
         Ponsonby, Auckland
         New Zealand
         Telephone: (09) 376 7506
         Facsimile: (09) 376 6441


PRISM DISTRIBUTION: Creditors Must Prove Debts by June 15
---------------------------------------------------------
Liquidators Boris van Delden and Graeme George McDonald require
the creditors of Prism Distribution Ltd to submit their proofs
of claim on or before June 15, 2006.

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

Contact: Boris van Delden
         McDonald Vague
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz/


PRISM FREIGHTERS: Creditors' Proofs of Claim Due on June 12
-----------------------------------------------------------
Creditors of Prism Freighters Ltd are required to submit their
proofs of claim on or before June 12, 2006, to Liquidators Boris
van Delden and Graeme George McDonald.

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

Contact: Boris van Delden
         McDonald Vague
         Wellesley Street Post Office
         Auckland
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz/


RAINGER HOLDINGS: Ronald Starr Named Liquidator
-----------------------------------------------
At a general meeting of Rainger Holdings Pty Limited, members
concurred to voluntarily wind up the Company's business, and
appoint Ronald Philip Starr as liquidator.

Contact: Ronald P. Starr
         Liquidator
         Jones, Cracknell & Starr
         97-101 Faulkner Street, Armidale
         New South Wales 2350, Australia


REVITT CABINETS: Liquidator to Recap Wind-up Results
----------------------------------------------------
The members and creditors of Revitt Cabinets Pty Limited will
hold a final meeting today, May 30, 2006, where Liquidator John
Morgan will present a report on the Company's wind-up and
property disposal.

Contact: John Morgan
    Liquidator
    PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9251 4100
         Fax:(02) 9240 9821


RUCK 'N' PUNT: Nellies and Jenkins Named as Joint Liquidators
-------------------------------------------------------------
Pursuant to Section 241 (2)(c) of the Companies Act 1993, the
High Court of Dunedin, on May 5, 2006, ordered Ruck 'N' Punt
Ltd's liquidation.  Iain Andrew Nellies and Paul William Gerrard
Jenkins were appointed as joint and several liquidators for the
Company.

Contact: Iain Andrew Nellies,
         Paul William Gerrard Jenkins
         Liquidators for Ruck N' Punt Limited
         Insolvency Management Limited
         Level Six, Burns House,
         10 George Street, P.O Box 1058,
         Dunedin, New Zealand


RUSTEM PTY: Prepares to Pay Dividend to Creditors
-------------------------------------------------
Rustem Pty Limited will declare a first and final dividend on
May 31, 2006, to the exclusion of creditors who were unable to
prove their claims.

Contact: John Park
         Liquidator
         KordaMentha(Queensland)
         22 Market Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3225 4000


SIDRAS PTY: Placed Under Voluntary Liquidation
----------------------------------------------
The members of Sidras Pty Limited convened on April 5, 2006, and
agreed to shut down the Company's operations.

They also resolved to appoint John Morgan of PKF Chartered
Accountants as liquidator to manage the wind-up activities.

Contact: John Morgan
         Liquidator
         PKF Chartered Accountants & Business Advisers
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


TECHBASE AUSTRALASIA: Faces Liquidation Petition by CIR
-------------------------------------------------------
The Commissioner of Inland Revenue, on April 6, 2006, filed a
petition to liquidate Techbase Australasia Pty Ltd. with the
High Court of Wellington.

The CIR's Petition was heard yesterday, May 29, 2006.

Contact: Commissioner of Inland Revenue
         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
         Fax: (04) 890 0009        

         Philip Hugh Brian Latimer
         Solicitor for the CIR


T.H.E.O. PTY: To Distribute Dividend on May 31
----------------------------------------------
T.H.E.O. Pty Limited will declare a final dividend on May 31,
2006.

Creditors who were unable to prove their claims are excluded
from sharing in the dividend distribution.

Contact: Nick Malanos
         Liquidator
         Star Dean-Willcocks
         GPO Box 3969, Sydney
         New South Wales 2000, Australia
         Telephone: (02) 9223 2944


TINKERBELL STEEL: Liquidator to Detail Wind-up Process
------------------------------------------------------
The members and creditors of Tinkerbell Steel Pty Limited will
hold a final meeting on June 2, 2006, to hear Liquidator J.
Sleiman's report on the manner of the Company's winding up and
property disposal.

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


WAOKU FARM: Shareholders Opt for Voluntary Liquidation
------------------------------------------------------
Shareholders of Waoku Farm, on May 17, 2006, passed a resolution
to voluntarily liquidate the Company.

Subsequently, Dennis John Portch was appointed liquidator to
oversee the liquidation process.

Contact: Dennis John Portch
         Level 2, United Building
         86-87 The Square
         Palmerston North, New Zealand
         Telephone: (06) 355 5584
         Facsimile: (06) 355 3168


WATERSIDE HOLDINGS: Firm Faces Fourth Wind-Up Petition
------------------------------------------------------
On March 30, 2006, a petition to liquidate Waterside Holdings
Ltd was filed by the Commissioner of Inland Revenue with the
High Court of Auckland.

As reported in the Troubled Company Reporter - Asia Pacific,
Waterside Holdings has been the subject of separate liquidation
applications filed by:

   -- BOC Limited on November 2, 2005;
   -- Times Media Group Limited on November 23, 2005; and
   -- Tasman Liquor Company Limited on February 9, 2006.

CIR's Petition will be heard by the High Court on June 1, 2006,
at 10:45 a.m.

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

         Simon John Eisdell Moore
         Solicitor for the Commissioner of Inland Revenue


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

ATTEMPT FIT: Leung to Present Wind-up Report
--------------------------------------------
Liquidator Leung Fung Yee will present to the members of Attempt
Fit Enterprises Ltd final accounts regarding the Company's wind-
up operations.

The presentation will be made on June 19, 2006, at 10:00 in the
morning.

Contact: Leung Fung Yee
         5/F., Jardine House
         1 Connaught Place
         Central, Hong Kong


BIOSINO BIO-TECH: Court to Hear Wind-up Bid on July 5
-----------------------------------------------------
The High Court of Hong Kong will, on July 5, 2006, hear a
petition to wind up Biosino Bio-Technology and Science
Incorporation.

Lily Fenn & Partners filed the petition with the High Court on
May 6, 2006.

Contact: Lily Fenn & Partners
         Room D, 32/F., Lippo Centre
         Tower 1, 89 Queensway
         Hong Kong


CHARTERED CAPITAL: Members' Final Meeting Set on June 19
--------------------------------------------------------
A final general meeting of members of Chartered Capital
Corporation Ltd will be conducted at 8/F., Gloucester Tower, the
Landmark, 11 Pedder Street, Central, Hong Kong on June 19, 2006,
at 10:30 in the morning.

During the meeting, Liquidator Suen Pui Yee will present final
accounts regarding the Company's wind-up operations.

Contact: Suen Pui Yee
         8/F., Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


ELEPHANT TALK: Auditor Raises Going Concern Doubt
-------------------------------------------------
Hong Kong's Jimmy C. H. Cheung & Co. raised substantial doubt
about Elephant Talk Communications Inc.'s ability to continue as
a going concern after auditing the Company's consolidated
financial statements for the year ended December 31, 2005.  The
auditor pointed to the Company's loss, negative working capital,
as well as stockholders' and accumulated deficiencies.

The Company reported a US$1,213,549 net loss on US$282,417 of
revenues for the year ended December 31, 2005.

The Company's balance sheet as of December 31, 2006, showed
US$9,704,151 in total assets, US$7,991,311 in total liabilities,
US$41,638 in minority interest, and $1,671,202 in total
stockholders' equity.

The recent balance sheet also showed strained liquidity with
US$2,048,094 in total current assets available to pay
US$5,421,011 in total current liabilities coming due within the
next 12 months.

A full-text copy of the Company's 2005 Annual Report is
available for free at:

          http://ResearchArchives.com/t/s?a06

                          *     *     *
Elephant Talk Communications Inc. -- www.elephanttalk.com/ -- is
a voice-over-Internet-protocol telecommunications and mobile
short message service and other value added telecom services
provider in China.  With its completion of acquisition of
Beijing China Wind, the Company provides its mobile value added
services to over 1 million customers in China.  Its services
include short message service, ring tone/wall-paper downloads
and mobile e-commerce services.  Its international call services
are provided through an integrated network infrastructure
comprising both the packet-switched system and circuit switched
system focusing on the Asia Pacific region and the U.S.


FULL INFO: Winding-up Petition Hearing Set on June 21
-----------------------------------------------------
A petition to wind up Full Info Ltd will be heard before the
High Court of Hong Kong on June 14, 2006, at 9:30 a.m.

Lau Wing Chu filed the petition with the High Court on April 19,
2006.

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


FULLY INDUSTRIAL: Faces Winding up Proceedings
----------------------------------------------
An application to wind up Fully Industrial Company Ltd will be
heard before the High Court of Hong Kong on June 7, 2006, at
9:30 a.m.

The Court received the application from Sung Man on March 8,
2006.

Contact: Chan & Associates
         Solicitors for the Petitioner
         Room 601-2, Hong Kong Trade Centre
         161-7 Des Voeux Road Central
         Hong Kong


H.K. GAME TRADING: To Issue First and Final Dividend on June 12
---------------------------------------------------------------
Hong Kong Game Trading Company Ltd will issue its first and
final dividend to certain preferential creditors on June 12,
2006.

Contact: Liquidator,
         C/O Baker Tilly Hong Kong
         12/F., China Merchants Tower
         Shun Tak Centre, 168-200
         Connaught Road, Central,
         Hong Kong


INSTANT GREEN: Court to Hear Winding-up Petition on June 21
-----------------------------------------------------------
The High Court of Hong Kong will on June 21, 2006, at 9:30 a.m.,
hear a petition to wind up Instant Green Landscaping Limited

Kam Kwok Fai filed the petition with the High Court on May 9,
2006.

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


ITK EDUCATION: Final Meeting Slated for June 23
-----------------------------------------------
Members and creditors of ITK Education Management Ltd BA will
convene for their final meeting on June 23, 2006, Liquidator
Kwok Kam Piu's office.

During the meeting, the Liquidator will present final accounts
of the Company's wind-up operations.

Contact: Kwok Kam Piu
         Unit 2007, Emperor Group Centre
         228 Hennessy Road
         Wanchai, Hong Kong


KARLFORD INDUSTRIAL: Wind-up Hearing Fixed on July 5
----------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up
Karlford Industrial Ltd Bobco on July 5, 2006, at 9:30 a.m.

Man Kam Siu of Northcot, New Zealand filed the petition with the
High Court on May 8, 2006.


KWONG WING: Court to Hear Winding-up Petition on June 14
--------------------------------------------------------
The High Court of Hong Kong will, on June 14, 2006, hear a
petition to wind up Kwong Wing Hong Ltd.

Chan Lai Kuen filed the petition with the High Court on April
12, 2006.


KWONG YUEN: Intends to Declare Dividend
---------------------------------------
Kwong Yuen Construction Company Ltd requires its creditors to
prove their debts by June 9, 2006, in preparation for its
dividend declaration.

Contact: Fan Wai Kuen
         5/F., Allied Kajima Bldg
         138 Gloucester Road,
         Wanchai, Hong Kong


LEX LOCI: Members Resolve to Wind Up Operations
-----------------------------------------------
Members of Lex Loci Ltd, at an extra ordinary general meeting on
May 4, 2006, passed a resolution to voluntarily wind up the
Company and appoint Vincent Liang as liquidator.

Contact: Vincent Liang
         Flat G1, Unicorn Gardens
         11 Shouson Hill Road East
         Hong Kong


LOGON ENGINEERING: Final Meetings Slated for June 9
---------------------------------------------------
Contributories and creditors of Logon Engineering Ltd ITK will
convene for their first meeting at Unit 1203-13, 12/F., China
Merchants Tower, Shun Tak Centre, 168-200 Connaught Road
Central, on June 23, 2006 at 2:30 and 3:00 in the afternoon
respectively.


MANHATTAN CARD: Liquidator to Present Wind-up Report
----------------------------------------------------
A final general meeting of Manhattan Card Company Ltd will be
conducted at 8/F., Gloucester Tower, the Landmark, 11 Pedder
Street, Central, Hong Kong on June 19, 2006, at 11:30 in the
morning.

During the meeting, Liquidator Suen Pui Yee will present final
accounts of the Company's wind-up operations.


ORIENTAL WAY: Wind-up Application Hearing Set on June 21
--------------------------------------------------------
A petition to wind up Oriental Way Enterprises Ltd Agape will be
heard before the High Court of Hong Kong on June 21, 2006, at
9:30 a.m.

Hung Cheung Fat filed the petition with the High Court on
April 8, 2006.


SMART FAME: Faces Winding-up Proceedings
----------------------------------------
A petition to wind up Smart Frame Asia Ltd will be heard before
the High Court of Hong Kong on June 21, 2006, at 9:30 a.m.

The Court received the application from Tsang Chiu Ching on
April 24, 2006.

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


SUN KWONG: Court to Hear Winding-up Bid on June 21
--------------------------------------------------
The High Court of Hong Kong will on June 21, 2006, hear a
petition to wind up Sun Kwong Engineering Company Ltd.

Cheung Wan Wah filed the petition with the High Court on
April 26, 2006.

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


TECHWAYSON HOLDINGS: Receives CNY1.5-Billion Worth of Claims
------------------------------------------------------------
Techwayson Holdings Limited's wholly owned subsidiaries,
Techwayson Industrial Limited and Hiwayson Technology Limited,
have been served with Writs of Summons from Tongling
Intermediate People's Court and Shenzhen Intermediate People's
Court on May 26, 2006, Infocast News reports.

The Petitioners claim that Techwayson Industrial Limited and
Hiwayson Technology Limited are liable, as guarantors, for the
amounts in the writs of summons totaling CNY1.547 billion.

Infocast adds that of the aggregate amount, Techwayson
Industrial is liable for the full amount while Hiwayson
Technology is liable for CNY21.599 million.  

Infocast News reports that the guarantees and the repayment
agreement have allegedly been given by the subsidiaries without
the knowledge of the Company.   Techwayson Holdings said they
now had the reason to believe that a former member of the board
may have executed, or may have been involved in executing, some
of such guarantees.  An internal auditor was recently hired by
the Company to undertake a review of its internal control
measures.

Techwayson Industrial's and Hiwayson Technology's financial
positions are expected to be adversely affected by the claims.

The plaintiffs of the writs are CCB Tongling Branch, BOC
Tongling Branch, Tongling Group and BOC Shenzhen Branch.  Among
the above five writs, four are for Goldwiz Tongling, as first
defendant.  Qi Hai Company is first defendant in another writ.

It was learned that Techwayson holds an 18.52% interest in
Goldwiz Tongling while Goldwiz has held the remaining 81.48%
interest in Goldwiz Tongling.  Goldwiz Tongling's operations
have since been suspended on December 2005 due to liquidity
problems.

Hearings for all the writs of summons related to Goldwiz
Tongling were held last April.  Techwayson's PRC legal counsel
and Goldwiz Tongling are in negotiations for an amicable
settlement as well as to allow Goldwiz Tongling to resume its
operation.  

As a result, the next hearing date for the writs of summons has
been further deferred to June.  Hearing date for the BOC
Shenzhen writ is scheduled on June 30, 2006.

Techwayson Holdings Limited's -- http://www.techwayson.com.hk/-
- principal activities are the design, supply and integration of
automation and control systems.  Its other activities include
the provision of management services and investment holding.
Operations are carried out in Hong Kong, the British Virgin
Islands and the People's Republic of China.


TIGER TRADING: Members' Final Meeting Set on June 20
----------------------------------------------------
A final general meeting of Tiger Trading (H.K.) Co. Ltd will be
held on June 20, 2006, at 11:00 in the morning.

During the meeting, Liquidator Lam Wing Cheong will present his
final accounts regarding the Company's wind-up operations.

Contact: Lam Wing Cheong  
         Unit 301-02, 3/F  
         New East Ocean Centre  
         No. 9 science Museum Road  
         Tsimshatsui, Kowloon  


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

LML LIMITED: Strike Persists Until Union's Demands are Met
----------------------------------------------------------
LML Limited employees continue their strike to get the Company's
management to give in to their demands, Hindustan Times relates.

According to the report, the workers, who sat on an indefinite
hunger strike, were demanding the registration of a newly
constituted union called LML Limited Mazdoor Sangh.  The workers
insisted that there was no reason why the Union's registration
and recognition was being delayed when it has the full support
of all the employees and it had participated in several
tripartite meetings.

Union leaders insist that until the new union was not
acknowledged, the workers' hunger strike would continue, The
Times reveals.

Furthermore, the Group lambasted the LML management for
declaring a lockout on March 7, 2006.  They are calling for the
state government to intervene and declare the lockout as illegal
for the benefit of thousands of LML employees.  They also want
the management to pay all due to workers without delay.

As reported by the Troubled Company Reporter - Asia Pacific, the
LML management had declared lockout on the pretext of labor
unrest, when it was not able to pay salary to its staff on
February 27, 2006.  The TCR-AP said stated that the workers
resorted to an industrial action after calls to managing
director Deepak Singhania and factory administrative head RK
Shrivastava went unanswered.

Hindustan Times reveals that the newly constituted union JP
Pandey accused the LML management of committing atrocities on
employees.  The employees union of Allahabad had also extended
its support to the LML employees.  The joint secretary of the
Allahabad Municipal Corporation employees union Munna Lal
demanded immediate end of the lockout and clearance of all
pending dues of the employees.

                       About LML Limited

Headquartered in Uttar Pradesh, India, LML Limited manufactures
two wheeler vehicles particularly scooters and spares and
accessories.  The Group's products include geared scooters,
gearless scooters, motorcycles and mopeds.  The Company has been
incurring consecutive losses since 2004. As on March 31, 2005
LML had capacity to manufacture 0.45 million scooters and 0.18
million motorcycles per annum.  During the 18 month period ended
March 2005, LML reported turnover of INR5.97 billion and a net
loss of INR956.06 million.  The Company is currently in a
restructuring mode -- for the second time in less than a year --
and is struggling to overcome working capital problems.  Labor
unrest and a lack of working capital have practically stopped
production and dispatches at its sole Kanpur plant in the past
few weeks.


MYSORE CEMENTS: Board Works on Restructuring Schemes
----------------------------------------------------
The board of directors of Mysore Cements has authorized its
Committee of Directors to work on a restructuring proposal from
IFCI Limited, the Company disclosed in a statement to Bombay
Stock Exchange.  The proposal includes the conversion of the
Company's equity shares and preference shares.

The Board also instructed the Committee to seek approvals from
participating lenders for the implementation of the Company's
debt restructuring package under the Corporate Debt
Restructuring mechanism.

The Board wanted the company's restructuring programs commenced
as soon as all necessary approvals are obtained.

                 About Mysore Cements Limited

Mysore Cements Limited, an S K Birla group company, was
incorporated in technical and financial collaboration with
Kaisers of the United States.  Mysore Cements mostly
manufactures ordinary and pozzolona varieties of portland
cement.  The company has plants in Karnataka and Madhya Pradesh
and a grinding unit in Uttar Pradesh.  The Company continues to
be a sick industrial firm due to the continued complete erosion
of its net worth.


* Heavy Losses Erode 88 PSU's Net Worth, CAG Says
-------------------------------------------------
As many as 88 public sector undertakings have suffered negative
net worth due to mounting losses since March 2005, PTI reports,
citing a report by the Comptroller and Auditor General of India.

In its report, CAG disclosed that the total accumulated losses
of the 88 firms hit INR82,001 crore against an investment of
INR14,469 crore on March 2005.

The PSUs now have an aggregate negative net worth of INR65,800
crore and CAG has expressed doubt over the recovery of loans
amounting INR34,295 crore, given by the Central Government to 58
companies.

The total losses of the 125 PSUs rose by INR3,571 crore to
INR85,357 crore as of fiscal 2004-05, as most of the companies
were unable to face competition of a liberalized environment,
CAG said in its report.

While some PSUs are learning to survive by adapting to the
changing environment, a large number of them are beset with
serious problems like slow growth, inefficient management, low
productivity, inadequate research and development, lack of
marketing and shortage of working capital.

Out of the 88 companies, 52 have been referred to the Board for
Industrial Financing and Reconstruction, which has recommended
closure or sale of 19 PSUs and approved 14 companies for revival
package, while 19 cases are under various stages of processing.

The PSUs whose equity capital has eroded include:

     * Eastern Coalfields;
     * Bharat Coking Coal;
     * Konkan Railway Corporation;
     * Fertiliser Corporation of India;
     * Hindustan Fertilisers Corporation; and
     * Indian Airlines.


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

ALL NIPPON: Moody's Lifts Unsecured Debt Rating to Ba1
------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba3 the
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
The rating action concludes the review initiated on March 3,
2006.  The upgrade reflects Moody's view that the stability of
ANA's profitability and its solid financial structure will
continue to improve over the medium term, due to the company's
streamlined operation and continuing cost reduction efforts.  
The rating outlook is stable.

ANA increased its operating profit to JPY89 billion in fiscal
2005 -- the period to March 2006 -- from JPY78 billion in fiscal
2004 due to rationalized aircraft fleet management, increased
unit prices and reduced operational costs.  The company's
operating margin of 6.5% was its highest in at least 10 fiscal
years.  Its achievements come despite slow recovery in airline
passenger flight demand, which bottomed in fiscal 2003, and the
ongoing high prices for aircraft fuel that have been a
substantial obstacle to airlines' profitability.

ANA's recently improved cash flows from operation, along with
its well-balanced financial policy -- evidenced by the new
capital issuance of approximately JPY97 billion in March 2006 --
have significantly improved its financial strength.  Its total
debt to total capitalization ratio improved to 70.4% at the end
of March 2006 from 80.6% a year earlier.

In February 2006, ANA disclosed its new mid-term business
strategy, which calls for continued growth in revenue and
operating profit.  Revenue is to expand to JPY1,550 billion in
fiscal 2009 from JPY1,293 billion in fiscal 2004, and operating
profit to JPY100 billion from JPY78 billion over the same
period.  The growth is planned to be achieved not only in the
domestic and international passenger business segment, but also
in the international air cargo and mail business.

The strategy also includes a plan for capital expenditure on
aircraft fleet restructuring, targeting a cost-effective fleet
composed mainly of small and mid-sized aircraft by fiscal 2009,
in order to cope with the planned re-expansion of landing slot
capacity at Tokyo International Airport in that year, which
Moody's expects will be a considerable business opportunity for
airline companies.

Although the intensive investment plan may slow the company's
pace of improvement, Moody's believes the sustainable cash flow
generated by rationalized operations will continue to improve
ANA's capital structure going forward.

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline  
company in terms of revenue.  The Company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.


LIVEDOOR COMPANY: Ex-Directors Plead Guilty to Fraud Charges
------------------------------------------------------------
Four ex-directors of Livedoor Company Ltd, two external
accountants, and both the Company and its unit, Livedoor
Marketing Co., pled guilty to charges of accounting fraud and
violating the Securities Exchange Law at their trial's first
hearing on May 26, 2006, Crisscross News says.

According to the Asahi Shimbun, former Livedoor Co. chief
financial officer Ryoji Miyauchi, ex-Livedoor representative
director Fumito Kumagai, ex-Livedoor marketing president Fumito
Okamoto and ex-Livedoor Finance Co. president Osanari Nakamura
were charged with manipulating the Company's financial
statements to show a profit in order to hide a JPY310-million
loss, and with spreading false information about Livedoor
Marketing's planned takeover of a publishing firm to investors
in order to boost stock prices, when in fact it already
controlled the publishing firm.  Livedoor Co. and Livedoor
Marketing are being tried for violating the Securities and
Exchange Law, and pled guilty to the charges.

Mr. Miyauchi told the court that he deeply regretted what he had
done, adding that he was not aware he did anything wrong but
could not exclude himself from taking responsibility for his
actions.

Meanwhile, former Livedoor president and founder Takafumi Horie
has denied the charges against him, saying that he did not know
everything his colleagues were doing, the Japan Times reveals,
citing the Associated Press.  Mr. Horie will be tried separately
from his colleagues in July, but a date has yet to be set.  If
convicted, he could face a maximum five-year jail sentence and
up to JPY5 million in fines.

                         About Livedoor

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.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor ex-president and founder Takafumi Horie
and other Livedoor directors were found to have conspired to
cover up the Company's JPY310 million pre-tax loss for the
business year ended September 2004, by doctoring financial
accounts to show an inflated pre-tax profit of JPY5.03 billion
instead.  Moreover, Mr. Horie and the Company executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of a Company subsidiary.  Mr. Horie was
detained on January 23, 2006, for his involvement in the
accounting scandal, and was released on a JPY300-million bail in
April.  Following the accounting scandal in January, Livedoor's
stock price lunged to JPY94 per share from over JPY300 per
share, and was later delisted from the Tokyo Stock Exchange on
April 14, 2006.


LIVEDOOR COMPANY: Finalizes Deal to Sell Unit's Shares
------------------------------------------------------
Japanese Internet firm Livedoor Company Ltd is closing an
agreement to sell its 51% stake in its subsidiary, Livedoor Auto
Co., to an investment fund for JPY15 billion to JPY20 billion,
the Yomiuri Shimbun reports.

Aside from Livedoor Auto, the Company also plans to sell its
shares in real estate unit Dynacity Corp. next month, and has
chosen potential buyers for the shares, Shimbun says.

Livedoor plans to reconstruct its finances within the month of
June through the sale of its shares in the two affiliates.

As reported in the Troubled Company Reporter - Asia Pacific, the
Company violated the Securities and Exchange Law when Livedoor
executives allegedly relayed false information on a merger, with
the intent to boost the stock price of a Company subsidiary.  
Moreover, the TCR-AP reported that in January 2006, Livedoor
directors were found to have conspired to cover up the Company's
JPY310 million pre-tax loss for the business year ended
September 2004, by doctoring financial accounts to show an
inflated pre-tax profit of JPY5.03 billion instead.  

If Livedoor is found guilty, state law prohibits the Company
from owning a 20% stake or more in its online brokerage unit,
Livedoor Securities Co.  Cable broadcaster USEN Corp. and an
investment fund are looking to buy the Company's stake in
Livedoor Financial Holdings Co., which manages Livedoor
Securities Firm, and other financial firms by the group.

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.


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

DAEWOO ENGINEERING: KAMCO Bans Sale of Controlling Stake
--------------------------------------------------------
The Korea Asset Management Corp. -- Daewoo Engineering &
Construction Company's main creditor -- said on May 28, 2006,
that the winning bidder for the builder will be banned for two
years from selling the Company's controlling stake and from
merging it with other companies, JoongAng Daily reports.

KAMCO clarifies that the ban will help prevent an excessively
leveraged buyout.  The winning bidder who violates the ban will
have to pay a penalty to the creditors equal to 10% of the price
for Daewoo Engineering, JoongAng Daily adds.

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

The TCR-AP said 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.

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.


HYUNDAI MOTOR: Chairman Chung Wants to be Released on Bail
----------------------------------------------------------
Hyundai Motor Co. Chairman Chung Mong-koo's lawyers have
submitted an application for bail to the Seoul District Court on
May 26, 2005, Dow Jones reports.

As reported in the Troubled Company Reporter - Asia Pacific on
May 17, 2006, Chairman Chung was arrested and indicted on
charges of embezzlement and breach of trust.  He was suspected
to have embezzled about US$106 million since 2002 to create a
slush fund, as well as of incurring about US$320 million in
damages to Hyundai.

Dow Jones adds that South Korea's automobile industry has
expressed concerns since May 22, 2006, that the Chairman's
prolonged absence could hurt its business.  Members of the
industry have started a petition to ask for leniency and the
temporary release of Chairman Chung.

                       About Hyundai Motor

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

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

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

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


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

FURQAN BUSINESS: Discover Orient Purchase Deal Nears Completion
---------------------------------------------------------------
Furqan Business Organization Berhad, on March 3, 2006, entered
into a Share Sale Agreement with directors Wong Ah Choy and Chin
Kim Lan to acquire 200,000 ordinary shares of MYR1.00 each in
Discover Orient Holidays Sdn Bhd for a total cash consideration
of MYR7,500,000, the Troubled Company Reporter - Asia Pacific
recounts.

In an update, the Bursa Malaysia Securities Berhad disclosed
that Mr. Wong and Mr. Chin have consented to extend the
completion of the Share Sale Agreement together with the payment
of the balance purchase price to July 3, 2006, without any late
payment interest.

As reported by TCR-AP on May 13, 2006, the Furqan's board of
directors believes that the prospects of the business are
encouraging.  The Board also believes that Discover Orient's
strong position in the market, which caters to the higher end
tourists, will further enhance the leisure and hospitality
business unit of the FBO Group.  This is due to the fact that
Discover Orient is long established in the industry since 1992.  
Barring any natural calamities like SARS and the bird flu, the
profitability of Discover Orient should be maintainable in light
of the established networking.   Nevertheless, the Company is
covered by the three-year profit guarantee provided.

Furqan Business will use internal funds to finance the
acquisition, which is expected to enhance the hospitality,
travel and leisure business of the Group, TCR-AP said.

           About Furqan Business Organization Berhad

Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services.  Other activities
include contractor, leasing and hire purchase financing
facilities.  The Group's operations are substantially carried
out in Malaysia.   The Company's weak business prospects have
taken their toll on Furqan Business' financial position as its
operating cash flow has persistently remained in negative since
December 31, 2002.  Rating Agency Malaysia has downgraded the
rating of the Company's MYR37.66 million Redeemable Convertible
Loan Stocks, from BB3 to B1, with a negative outlook.  At the
same time, the rating agency is maintaining the Rating Watch on
the Company, pending further clarification on its recent
corporate exercise to acquire a 7%-stake in the Cepatwawasan
Group.  The downgrade is premised on the deterioration in
Furqan's business profile, especially in its leasing business,
which is currently the main revenue contributor to the Group.


JIN LIN: Books MYR2-Million Pre-tax Loss in Third Quarter
---------------------------------------------------------
Jin Lin Wood Industries Berhad, on May 25, 2006, filed with the
Bursa Malaysia Securities Berhad its financial report for the
third quarter ended March 31, 2006.

For the quarter under review, the Group recorded a loss before
taxation of MYR2,1787 million, compared to a pre-tax loss of
MYR2,246 million in the same quarter last year.  The Group's
turnover increased by 0.07% to MYR1,608 million from the
MYR1,500 million recorded in the same quarter last year.

During the financial year ended June 30, 2005, there was a
further provision of doubtful debts amounting to MYR0.047
million.

For the quarter under review, the Group recorded a turnover of
MYR5,217 million.  The low turnover resulted in a loss before
taxation of MYR6,951 million for the financial period-to-date.  
The losses for the period consist of depreciation and finance
cost amounted to MYR5.709 million and MYR1.395 million
respectively.

The Company's balance sheet as of March 31, 2006, revealed
strained liquidity with current liabilities of MYR98.9 million
exceeding current assets of MYR3.8 million.  The Company has a
current deficit of MYR95.1 million.

No dividend has been declared for the quarter ended March 31,
2006.

              Summary of Key Financial Information

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

* Revenue

      1,608         2,335           5,217         5,329

* Profit/(loss) before tax

     -2,178        -2,056          -6,951        -6,917

* Profit/(loss) after tax and minority interest

     -2,178        -2,056          -6,951        -6,917

* Net profit/(loss) for the period

     -2,178        -2,056          -6,951        -6,917

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

      -4.95         -4.67          -15.80        -15.72

* Dividend per share (sen)

       0.00          0.00            0.00          0.00


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

     -0.7100                      -0.3100

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

   http://bankrupt.com/misc/tcrap_jinlin052906.pdf

   http://bankrupt.com/misc/tcrap_jinlinnotes052906.pdf

                  About Jin Lin Wood Industries

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


KIA LIM: Incurs Higher Pre-tax Loss in First Quarter
----------------------------------------------------
Kia Lim Berhad, on May 25, 2006, filed with the Bursa Malaysia
Securities Berhad its financial report for the quarter ended
March 31, 2006.

Despite recording a higher turnover of MYR11.6 million for the
quarter under review as compared to MYR10.2 million for same
quarter last fiscal year, the Group registered a higher loss
before taxation of MYR681,000 for the quarter ended March 31,
2006, as compared to a loss before taxation of MYR566,000 for
the quarter ended March 31, 2005.  This was primarily due to
higher fuel oil and diesel prices as well as the lower other
operating income for the current quarter under review.

The Group recorded a lower loss before taxation of MYR681,000
for the first quarter compared to loss before taxation of MYR5.0
million for the quarter ended December 31, 2005.  This was
primarily due to higher sales and better selling prices as well
as the roofing tiles plant has resumed its production since the
end of immediate preceding quarter.

In addition, the higher loss before taxation for the immediate
preceding quarter was also due to stock written off and
provision for diminution in value for investments.

Meanwhile, the Company's balance sheet as of March 31, 2006,
revealed strained liquidity with MYR31 million total current
assets available to pay MYR71.5 million of total current
liabilities within a 12-month period.  Thus, the Company has
incurred a net current deficit of MYR40.5 million.

The Company's board of directors has not recommended any interim
dividend for the period ended March 31, 2006.

The outlook for the global and Malaysian economies continue to
be overshadowed by the twin effects of soaring oil prices and
rising interest rates driven by strong inflationary pressure.  
On a more positive note, however, the longer term prospect of
the Malaysian economy and, in particular the construction sector
was given a boost by the Government's recent launch of the Ninth
Malaysia Plan.

As there is no indication of any significant improvement in the
construction sector in the immediate future, the Board of
Directors anticipates that competition will remain fierce.
Nonetheless, the Group said it would strive to explore new
potential markets as well as to reduce costs through continuous
improvement in internal efficiency and productivity at all
juncture.

In the longer term, however, the completion and implementation
of the Company's debt restructuring scheme, will further enhance
the Group's earning capabilities.  

               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

   11,643          10,228          11,643         10,228

* Profit/(loss) before tax

     -681            -566            -681           -566

* Profit/(loss) after tax and minority interest  

     -681            -566            -681           -566

* Net profit/(loss) for the period

     -681            -566            -681           -566

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

    -1.28            -1.27          -1.28          -1.27

* Dividend per share (sen)  

     0.00             0.00           0.00           0.00

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

     0.4220                      0.2122

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

   http://bankrupt.com/misc/tcrap_kialimreport052906.pdf

   http://bankrupt.com/misc/tcrap_kialimnotes052906.pdf

                     About Kia Lim Berhad

Headquartered in Johor Darul Takzim, Malaysia, Kia Lim Berhad
-- http://www.roof-tiles.com/index.html-- manufactures and  
exports roofing tiles, bricks and pavers.  Its subsidiary
companies are principally involved in the manufacturing of clay
common bricks, facing bricks, block bricks, M211 bricks, brick
tiles, chamfered paving bricks, and H-shape pavers, as well as
roofing tiles.  

The Company proposed a debt restructuring scheme involving the
settlement of outstanding principal as of Dec. 31,
2002, and outstanding interest as of December 31, 2003, with a
combined total of MYR44,667,924 owed by Kia Lim's subsidiaries
to participating bankers.  However, the Securities Commission
rejected the Company's initial proposal on September 10, 2004,
because it was not comprehensive and was unable to solve the
Company's financial problem considering.  The Proposed DRS
involves essentially an extension of the repayment period and
exchange of debt to Redeemable Convertible Secured Loan Stocks
with a tenure of ten years, while its equity remains unchanged.  
Hence, the SC believed that the Company will continue to bear an
interest burden on the restructured debt and on the RCSLS.  Its
existing business activities are not likely to able to support
the enlarged share capital -- upon the conversion of RCSLS to
equity and the exercise of warrants -- in the future.  But the
SC eventually approved the Company's debt restructuring
exercises, which the Company completed on April 28, 2006.  
However, Kia Lim is ordered to formulate another scheme to
regularize its financial condition as it triggered two criteria
of the Bursa Malaysia Securities Berhad Amended Practice Note 17
category.


MECHMAR CORPORATION: Exits Amended PN17 List
--------------------------------------------
Bursa Malaysia Securities Berhad, on May 25, 2006, decided to
remove Mechmar Corporation from the list of Amended Practice
Note 17 companies.

On May 16, 2006, the Company applied to Bursa Malaysia
Securities Berhad to be removed from the list of amended-PN 17
companies, saying it has been operating profitably for the past
four years although the auditors have expressed this same
modified opinion for the past five financial years.

The Company also explained that in fiscal 2004, the Company's
shareholders funds had amounted to 58.6% of the Company's issued
and paid up capital.  For the last financial year 2005, the
Company's subsidiary in the United Kingdom had adopted the FRS
17 accounting policy on the provision for pension funds.

Without the adoption of this FRS 17, the Company's shareholders
funds will stand at 60.7% of the paid up and issued share
capital. However, with the adoption of this FRS 17 provision for
pension funds, the Company's shareholders funds have been
affected under the amended PN 17.  The Company has plans to
restructure our subsidiary in the United Kingdom. Upon
completion of the proposed restructuring plans, the Company's
shareholder funds will increase to be above 50% of its issued
and paid up share capital.

Upon careful deliberation, the Bourse has approved the Company's
application to exit the PN 17 category.

                    About Mechmar Corporation

Headquartered in Shah Alam Selangor, Malaysia, Mechmar
Corporation (Malaysia) Berhad is involved in power distribution
via the operations of an independent power plant and the
manufacture, installation and services of industrial boilers and
related products.  Its other activities include retail of
insulation materials, valves, solar heaters and ice machines;
property development; investment holding and leasing and hire-
purchase and share financing activities.  The Group operates in
Malaysia, Tanzania, Great Britain and other Asian countries.  
MechMar had encountered problems in its major investment of a
power plant in Tanzania for many years, but that plant is
playing an even more vital role in that country now.  MechMar
had to restructure its banks debts in earlier years but it
managed to reduce some of the debts, and reported a net profit
of MYR11 million or earnings per share of 7 sen in 2005.


METROPLEX BERHAD: Court Adjourns Wind-up Hearing to August 29
-------------------------------------------------------------
The Kuala Lumpur High Court has on May 24, 2006, adjourned the
hearing on Hong Leong Bank Berhad's wind-up petition against
Metroplex Berhad's subsidiary, Peninsular Park Sdn Bhd, to
August 29, 2006, to enable Peninsular's legal counsel to file
reply to the plaintiff's affidavit served on May 18, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, a
wind-up petition has been served on Metroplex Berhad's 75%
wholly owned subsidiary, Peninsular Park Sdn Bhd, on Feb. 24,
2006, by solicitors of Hong Leong Bank Berhad.  The winding-up
petition was presented at the Shah Alam High Court on January
26, 2006.  The hearing date for the Petition was fixed for May
24, 2006.

Hong Leong Bank had claimed for a sum of MYR4,990,744 as of
September 16, 2005, under a judgment dated December 15, 2000.  

The TCR-AP recounts that Peninsular Park had entered into a
contract with Nikmat Unik Sdn Bhd for earthworks or for the
building of roads and drainage in respect of a project in Batang
Kali.  On September 23, 1996, Nikmat entered into a Factoring
Agreement with Hong Leong Leasing Berhad whereby Nikmat assigned
all proceeds from the said contract to Hong Leong Leasing.
Nikmat and Hong Leong Leasing had informed Peninsular Park that
all outstanding debts payable by the Company to Nikmat be paid
directly to Hong Leong Leasing.

On October 14, 2005, the Petitioner, through its solicitors, had
demanded from Peninsular Park to pay the Debt.  Peninsular Park,
however, was unable to pay the Debt.

                   About Metroplex Berhad

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


MULPHA LAND: Releases First Quarter Results
-------------------------------------------
Mulpha Land Berhad, on May 25, 2006, submitted its financial
report for the first quarter ended March 31, 2006, to the Bursa
Malaysia Securities Berhad.

For the quarter under review, the Group recorded a loss of
MYR129,000 on the back of a MYR828,000 revenue.  The Group
focused on its property business following the discontinuance of
its ready mixed concrete business in March 2005.  Raintree
Terrace, a serviced apartment, performed to expectations.  
However, demand for property at Taman Desa Aman, a mixed
development project, was sluggish.

The Group recorded a loss of MYR129,000 for the quarter ended
March 31, 2006, as compared to a loss of MYR2.994 million for
the quarter ended December 31, 2005.  The loss for the preceding
quarter included a provision of MYR2.627 million for impairment
loss on properties.

The Company posted a basic loss per share of 0.21 sen for the
quarter under review, as against a basic earnings per share of
9.75 sen in the preceding quarter.

The Company's directors do not recommend any dividend for the
current financial period ended March 31, 2006.

               Summary of Key Financial Information

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

* Revenue

        828        17,604             828         17,604

* Profit/(loss) before tax  

       -139         5,896            -139          5,896

* Profit/(loss) after tax and minority interest  

       -128         5,897            -128          5,897

* Net profit/(loss) for the period

       -128         5,897            -128          5,897

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

      -0.21          9.75           -0.21           9.75

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     1.6300                      1.6300

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

   http://bankrupt.com/misc/tcrap_mulphaland052906.pdf

   http://bankrupt.com/misc/tcrap_mulphalandnotes052906.pdf

                    About Mulpha Land Berhad

Headquartered in Kuala Lumpur, Malaysia, Mulpha Land Berhad,
formerly known as Mega Pascal Berhad, is engaged in the
production and sale of ready-mixed concrete.  Its other
activities include property development, property development,
quarry operations, contractors and dealers of granite products
and rental of mixer trucks and investment holding.
Mulpha Land was classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category due to its inadequate
financial condition.  But the Company immediately asked the
Bourse to withdraw its decision.  On October 26, 2005, the
Bourse denied the Company's application to be taken from the
PN17/2005 classification since the Company has not achieved the
level of business of operations as stipulated under it.  The
Bourse has directed Mulpha Land to present additional
information to facilitate the processing of its application.


MULTI VEST: Third Quarter Loss Jumps to MYR1 Million
----------------------------------------------------
Multi Vest Resources Berhad has filed its financial report for
the third quarter ended March 31, 2006, with the Bursa Malaysia
Securities Berhad.

According to the report, the Group recorded a loss before
taxation and minority interests of MYR1 million for the current
quarter as compared to MYR0.9 million in the immediate preceding
quarter.  A slight increase in losses occurred despite an
increase in fresh fruit bunches intake by 14% and mill
production by 16%.

The shortfall resulted from:

   -- the amortization of ABS exercises expenses of MYR268,000
      commencing from the current quarter; and

   -- the increase in overhead expenses of Pinehill Ventures
      Limited group of MYR176,000 due to increase in
      plantation activities of the Indonesia subsidiaries.

There was no dividend recommended or declared for the current
quarter.

Basic loss per share for the quarter under review is 0.75, as
against 0.22 in the same quarter last fiscal year.

Meanwhile, the Group's balance sheet revealed the Company's
tight liquidity position with MYR5,382,585 available to pay
current liabilities of MYR16,216,903 within the next 12 months.  
The Company has a current deficit of MYR10,834,318.

              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  

      9,768        10,609          31,597         35,531

* Profit/(loss) before tax  

     -1,098           -57          -1,315          1,366

* Profit/(loss) after tax and minority interest  

     -1,131          -325          -1,827             97

* Net profit/(loss) for the period

     -1,131          -325          -1,827             97

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

      -0.75         -0.22           -1.22           0.06

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

     0.9100                      0.9700

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

   http://bankrupt.com/misc/tcrap_multivest052606.pdf

   http://bankrupt.com/misc/tcrap_multivestnotes052906.pdf

Headquartered in Malaysia, Multi Vest Resources Berhad is
engaged in cultivating and processing of oil palm.  Its other
activities include property and investment holding.


PILECON ENGINEERING: Updates on Material Litigation
---------------------------------------------------
A winding up petition had been presented in the High Court of
Malaya Shah Alam on February 16, 2006, against Pilecon
Engineering Berhad's subsidiary, Pilecon Geotechnics Sdn Bhd.  

The Petition was served on Pilecon Geothecnics on March 10,
2006, by First Allied Resources for a claim of MYR82,900 as
payment due for crane rental services offered to the defendant.

However, the Petition was withdrawn by the Petitioner of May 24,
2006 based on the amicable settlement reached between the
parties.

                About Pilecon Engineering Berhad

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.  The Company is currently undergoing a
MYR354-million debt-restructuring exercise.  The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.  
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.


POLYMATE HOLDINGS: Faces Another Public Reprimand
--------------------------------------------------
Bursa Malaysia Securities Berhad, on May 26, 2006, publicly
reprimanded and imposed a total fine of MYR36,000 on Polymate
Holdings Berhad for breach of Paragraph 9.23(a) of the Bursa
Securities Listing Requirements.

Paragraph 9.23 (a) of Bursa Malaysia Securities Berhad Listing
Requirements states that a listed issuer must ensure that the
annual report shall be issued to the listed issuer's
shareholders and given to Bursa Securities within a period not
exceeding six months from the closed of the financial year of
the listed issuer.

Polymate was found to be in breach of the Listing Requirements
for failure to submit its Annual Report for the financial year
ended September 30, 2005, to Bursa Securities within six months
after the financial year ends.  The Company's Annual report was
submitted to Bursa Securities on May 8, 2006, after a delay of
24 market days.

The public reprimand and fine were imposed after taking into
consideration all the circumstances of the case including that
the Company had previously breached the Bursa Securities Listing
Requirements.

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

                   Previous Public Reprimands

On November 11, 2005, public reprimand and a fine of MYR15,000
was imposed on Polymate for failing to submit its quarterly
report for the third financial quarter ended June 30, 2005, to
Bursa Securities within two months after the end of the quarter
period.

On April 28, 2006, public reprimand and a fine of MYR84,000 was
imposed on Polymate for failing to submit its Annual Audited
Accounts for the financial year ended September 30, 2005.  The
Company's AAA was submitted to Bursa Securities on April 25,
2006.

                 About Polymate Holdings Berhad

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.  
Operations in its subsidiaries will be revived when a workable
restructuring scheme is formalized with its lenders and when
fresh working capital can be injected into the operations.  On
April 28, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a total fine of MYR84,000 on Polymate
Holdings Berhad for breach of the Bourse's Listing Requirements.  
Meanwhile, Polymate says that it is still negotiating with its
lenders to restructure the Group's credit facilities and is
working on various schemes to regulate its financial position.


PRIME UTILITIES: Continues to Restructure Loan Facilities
---------------------------------------------------------
Prime Utilities Berhad's restructuring of loan facilities is
still in progress.

The Company disclosed that there has been no change to the
status with regard to the default in borrowings by its
subsidiary, LBCN Development Sdn Bhd since the last announcement
dated April 13, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Prime Utilities Berhad's subsidiary, LBCN Development Sdn Bhd,
had defaulted in payments on these loan facilities:

   * Cash Note Facility/Al Istisna Financing I & II

     These facilities are under Bank Islam Malaysia Berhad.
     The borrowing was due since September 3, 2005.
     Currently, LBCN is in the midst of negotiating with the
     bank on the repayment schedule via project development
     sales.  The Bank is quite receptive and yet to finalize.
     The amount outstanding for the above Islamic loan are:

        -- Cash Note Facility      : MYR3,881,093.60
        -- Al-Istisna Financing I  : MYR8,747,290.89
        -- Al-Istisna Financing II : MYR2,929,220.72

   * Term Loan 1

     This facility is under Malayan Banking Berhad.  The loan
     installments have been due and LBCN is in the midst of
     negotiating with the bank with new proposal.  The bank is
     quite receptive and yet to finalize.  The amount
     outstanding as of January 31, 2006, is MYR28,916,131.52.

   * Term Loan VI

     This is a friendly unsecured interest free loan from
     Stockware Capital Sdn Bhd.  The borrowing has been due
     since December 31, 2003.  Several verbal approval for
     extension have been granted and no action being taken by
     the lender yet.  LBCN is planning to repay the above loan
     via project sales and sale proceeds from part of other
     undeveloped land banks.  The amount outstanding as of
     January 31, 2006, is MYR50,000,000.

                  About Prime Utilities Berhad

Headquartered in Selangor, Malaysia, Prime Utilities Berhad --
http://www.prime.com.my/-- is a property development company  
listed on the Main Board of Bursa Malaysia Securities Berhad.  
The principal activities of the Prime Group of companies is the
development of a 1,373 acres township known as Alam Perdana in
the Mukim of Ijok, District of Kuala Selangor.  The township of
Alam Perdana will comprise of 15,630 units of bungalows, semi-
detached, single and double-storey linked houses, low-cost
flats, medium-cost apartments, condominiums, shop offices and
retail complexes, when fully developed.  After booking losses
since 1999, the Company has continuously taken necessary steps
to improve its financial position.  In 2005, Bursa Malaysia
Securities Berhad has publicly reprimanded and imposed fines
twice on the Company for failing to submit its financial reports
on time.


SINORA INDUSTRIES: Posts 1Q MYR0.433-Million Loss; No Revenue
-------------------------------------------------------------
The Bursa Malaysia Securities Berhad, on May 25, 2006, received
Sinora Industries Berhad's financial report for the first
quarter ended March 31, 2006.

For the quarter under review, the Group recorded a loss of
MYR0.433 million.  The loss was mainly attributable to the
administrative expenses as there was no sales revenue.

The Group is currently implementing log extraction activities
and oil palm plantation development.  Log extraction will
commence in the near future, generating immediate income for the
group, while nursery works have begun for the oil palm
plantation development.  The company will continue to incur a
loss in the forthcoming quarter in respect of administration
expenses which management has undertaken measures to minimize
such expenses.

The Group has not announced any profit forecast nor issued any
profit guarantee during the financial quarter.

There was no tax charge as the Group incurred a loss during the
quarter and there was no interim ordinary dividend declared for
the financial period ended March 31, 2006

               Summary of Key Financial Information

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

* Revenue  

          0             0               0              0

* Profit/(loss) before tax  

       -433          -163            -433           -163

* Profit/(loss) after tax and minority interest  

       -433          -163            -433           -163

* Net profit/(loss) for the period

       -433          -163            -433           -163

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

      -0.43         -0.16           -0.43          -0.16

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.3200                      0.3200

A full-text copy of the Company's First Quarter Report is
available for free at:

   http://bankrupt.com/misc/tcrap_sinoraindustries052906.doc

                 About Sinora Industries Berhad

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group were carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.  Bursa Malaysia Securities Berhad, on July 8,
2005, classified Sinora Industries Berhad as an affected listed
issuer pursuant to Practice Note No. 17/2005 in view that the
Company has effectively ceased all its business and operations.


SYARIKAT KAYU: Shareholders Pass All EGM Resolutions
----------------------------------------------------
The shareholders of Syarikat Kayu Wangi Berhad have, at the
Extraordinary General Meeting held on May 26, 2006, approved the
resolutions set out in the Notice of the EGM dated May 11, 2006.

At the EGM, members will be asked to:

   -- consider the proposed disposal by the Company's wholly
      owned subsidiary, Syarikat Subari Pembinaan Perniagaan Sdn
      Bhd, representing approximately 9% equity interest, to Ng
      Chin and Foo Chai Siang for a cash consideration of
      MYR2,113,844; and

   -- authorize the Company's directors to take all steps
      necessary to implement, finalize and to complete the
      proposed disposal with full powers to assent to any
      conditions, modifications, variations and amendments as
      may be imposed or permitted by the relevant authorities.

                About Syarikat Kayu Wangi Berhad

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.  The
Troubled Company Reporter - Asia Pacific reported on May 3,
2006, that Syarikat Kayu recorded a lower turnover of MYR4.0
million for the first quarter of the fiscal year ended Nov. 30,
2006, as compared to MYR6.2 million for the corresponding
quarter in the previous fiscal year.  Syarikat Kayu is currently
in the process of preparing the Regularization Plan.  Once
completed, the Requisite Announcement outlining the
Regularization Plan will be made to Bursa Securities.


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

EXPORT & INDUSTRY BANK: Appoints Directors and Officers at ASM
--------------------------------------------------------------
The stockholders of Export & Industry Bank convened on May 26,
2006, and appointed 15 individuals as members to the Bank's
Board of Directors for the year 2006-2007:

    1. Dionisio E. Carpio, Jr.
    2. Benjamin P. Castillo
    3. Bobby Sai Chong Cheng
    4. Albert S. Cheok
    5. Douglas Chew
    6. Donald G. Dee
    7. Jaime C. Gonzalez
    8. Marie Constance Y. Gonzalez
    9. John W. Lee
   10. Kelvin Ong Wy Ter
   11. Sergio R. Ortiz-Luis, Jr.
   12. Edna D. Reyes
   13. Rainer Silhavy
   14. Alfredo M. Yao
   15. Jeffrey S. Yao

At the meeting, the stockholders approved a proposal to delegate
to the Board of Directors the authority to amend the Bank's by-
laws, and to appoint Punongbayan & Araullo as the Bank's
external auditor, with Francis Albabate as Partner-in-Charge.

In the organizational meeting of the Bank's Board of Directors,
the Board elected these individuals as the corporate officers
for the Bank for the year 2006-2007, to hold office:

       Chairman: Jaime C. Gonzalez
       Vice Chairman & Treasurer: Alfredo M. Yao
       Vice Chairman: Albert S. Cheok
       President: Benjamin P. Castillo
       Corporate Secretary: Daisy P. Arce
       Assistant Corporate Secretary: Riva Khristine V. Maala

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.


MANILA MINING: Loss Down 23%; Temporary Shut Down Continues
-----------------------------------------------------------
In its financial report for the quarter ended March 31, 2006,
Manila Mining Corporation discloses that its operations
continued to be suspended for that quarter.

The Company reveals that its net loss declined by 23% to
PHP22.17 million from PHP28.82 million in the quarter ended
December 31, 2005.  The decrease, however, is due to the
significant decrease in depreciation expense from PHP14.90
million in 2005 to PHP8.22 million in the current period.

Manila Mining's financial statement reflects these key figures:

                  Manila Mining Corporation
            As of March 31, 2006 (in millions PHP)

               Current Assets            60.04
               Total Assets           1,696.87
               Current Liabilities       792.50
               Total Liabilities      1.457.75
               Net Loss                  22.17

Manila Mining's financial report for the quarter ended March 31,
2006, is available for free at:

http://bankrupt.com/misc/Manila_Mining_Mar2006_Quarter_Report.pdf

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

It had a total of 552 regular employees as of March 31, 2006,
but 521 have been on forced leave due to the temporary shutdown.  
The BOI certificates of registration of the Company have also
been suspended for the same reason.

                         Loan Defaults

The July 2001 shutdown was due to the expiration of Manila
Mining's temporary authority to construct and operate its
tailings dam issued by the Department of Environment and Natural
Resources.  The Company implemented a selective employee
retrenchment program in order to minimize its losses.  Company
operations were focused on exploration works in order to enhance
its existing ore reserves, which are deemed critical in
sustaining a continuous and profitable operation.  

The general slowdown in the economy and the volatile price of
copper further exacerbated the Company's dismal performance.

In 2002, Manila Mining had foreign currency-denominated loans
amounting PHP115.94 million payable to Equitable PCI Bank,
PHP103.28 million payable to Metropolitan Bank & Trust Company,
and PHP35.38 million payable to International Exchange Bank, for
the importation of mining equipment.  The loans were
restructured and converted into peso loans fixed at certain
amounts, which led to foreign exchange losses realized and
charged to operations in 2002 at PHP43.43 million.  The Company
was able to make payments to its creditor banks in 2004,
reducing its total loans payable from PHP254.6 million to
PHP193.44 million.

The Company did not meet its maturing debt obligations and
financial ratio of current assets to current liabilities at
least 0:50, and a debt-to-equity ratio of not more than 1:1.  
Hence, the long-term portions of the loans were classified as
current liabilities in 2004 and 2005.  The Company is now in
talks with its creditor banks to restructure these loans.  

In 2005, Equitable PCI Bank assigned all its rights, titles and
interest in loans receivable from the Company of PHP101.8
million to Cameron Granville Asset Management, Inc., according
to a Special Purpose vehicle Act of 2002, Republic Act 9182.  
Cameron then re-assigned the receivable to Asia Surplus,
Limited, which has yet to collect the amount.  That same year,
Metropolitan Bank & Trust filed a suit against Manila Mining to
collect a principal of PHP72.18 million plus interest.  The
Company filed a motion to dismiss the suit on alleged complaint
defects, and is pending resolution by the Makati Regional Trial
Court.

                     Going Concern Doubts

After auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the Company's ability to continue as
a going concern, noting the Company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.

                         Bouncing Back

Manila Mining Chief Executive Officer Felipe Yap said that "the
investment and mining climate has improved significantly over
the last two months given the recent Supreme Court ruling and
the escalating copper and gold commodity prices. Manila Mining
holds excellent properties and should capture significant
benefits over the long term."

Discussions between Manila Mining Officers and off-shore
entities continued in relation to the Kalaya-an area, which
covers an important geology and structures that connect two
significantly mineralized areas, and hosts several small gold
deposits that are not currently economic to develop and operate,
however with additional investment and exploration, it is
expected that the reserves could grow significantly.

However, Mr. Yap also notes that these changes could not be
accomplished in the short term.

                        Financial Accounts
                    December 31, 2005 and 2004
                         (in millions PHP)

                                      2005        2004
                                      ----        ----
   Total current assets             59,797      84,556
   Total non-current assets      1,650,463   1,729,624
   Total current liabilities       788,865     767,807
   Total non-current liabilities   660,102     631,037
   Shareholders' Deficit          (936,543)   (782,126)
   Net Loss for the year          (154,417)   (133,873)  


MANILA MINING: Permit Renewal Still Under Review
------------------------------------------------
Philippine Environment Secretary Angelo T. Reyes has clarified
that the renewal of Manila Mining Corporation's Exploration
Permit No. XIII-014 covering its Kalaya-an Gold Project in
Surigao del Norte is still pending with his office awaiting
clearance and final approval, SunStar Davao says.

Mr. Reyes said that this is contrary to published reports that
the mining firm's exploration permit had already been approved
and that Environment Undersecretary for Mining Demetrio L.
Ignacio had allowed the Company to inform its stockholders about
the supposed approval at its annual stockholders meeting
recently.

Mines and Geosciences Bureau Director Jeremias L. Dolino said
that as required under the Department of Environment & Natural
Resources Memorandum Order No. 2005-20, "all applications for
Exploration Permits filed prior to August 26, 2005 shall be
cleared with the DENR Secretary."

Manila Mining's application was filed on July 16, 2004, but
encountered opposition from the community of Barangay Anislagan,
Placer, Surigao del Norte.

Secretary Reyes has asked the Securities and Exchange Commission
to investigate and possibly file administrative, civil or
criminal actions against the same mining firm for falsely
divulging to the public that its exploration permit is already
approved.

The Company's false announcement and the subsequent speculative
effects in the Philippine Stock Exchange is misleading and
irresponsible for a publicly-listed company, and does not blend
well with the Government's efforts to revitalize the mining
industry.

                          *     *     *

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.  It had a total of 552 regular
employees as of March 31, 2006, but 521 have been on forced
leave due to the temporary shutdown.  The BOI certificates of
registration of the Company have also been suspended for the
same reason.

After auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the Company's ability to continue as
a going concern, noting the Company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.


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

CITIRAYA INDUSTRIES: Court Extends Judicial Management Order
------------------------------------------------------------
Pursuant to an application made by the judicial managers of
Citiraya Industries Limited, the High Court of Singapore, on
May 26, 2006, ordered that the mandate placing the Company under
judicial management be extended to September 15, 2006.

                 About Citiraya Industries

Headquartered in Tech Park Crescent, Singapore, Citiraya
Industries -- http://www.citiraya.com/-- is in the business of  
providing a one-stop recycling and processing service for the
electronics industry.  It has also commenced the provision of
treatment processing services for toxic chemical waste, which
contain precious metals.  Citiraya was placed under judicial
management in November 25, 2005.  Since then, the Company has
been plagued with problems including a bribery scandal, which
sent former employees to jail.  Citiraya Industries has also
received claims from suppliers Infineon Technologies (Malaysia)
Sdn Bhd and Infineon Technologies Asia Pacific Pte Ltd for
alleged wrongful dealings with quantities of non-compliant
integrated circuits.  Last month, four more Ctiraya workers were
charged by the Commercial Affairs Department in Singapore's  
Subordinate Court for allowing their securities accounts to
trade Citiraya Industries Limited shares to benefit former chief
executive Ng Teck Lee.  About 15 people have been charged over
the Citiraya allegations, and nine of them have been sentenced
to jail.  These individuals allegedly received million in bribes
from ex-chief Ng Teck.  In return, they helped the Company
clinch multinational contracts, divert electronic chips meant
for destruction to overseas resale markets, and falsely declared
the content of precious metal extracted from electronic waste.

Citiraya's creditors stand to get SGD29.7 million from the
Company through a sale of assets.


FHTK HOLDINGS: Sends Information Statement to Shareholders
----------------------------------------------------------
The information statement relating to FHTK Holdings Limited's
Rights Issue, which was lodged with the Monetary Authority of
Singapore on May 24, 2006, was dispatched on May 26 to the
Company's shareholders.

As reported by the Troubled Company Reporter - Asia Pacific on
May 29, 2006, 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, TCR-AP said.

Entitled Shareholders are therefore requested to note these
important dates and times in respect of the Rights Issue:

                                Last date and time:
   * for splitting          - June 6, 2006, at 4.45 p.m.
  
   * for acceptance
     and payment            - June 9, 2006, at 4.45 p.m.
  
   * for renunciation
     and payment            - June 9, 2006 at 4.45 p.m.
   
   * for excess application
     and payment            - June 9, 2006, at 4.45 p.m.

More details on the rights issue is available for free at:

   http://bankrupt.com/misc/tcrap_FHTKholdings052906.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.


HITACHI HIGH-TECH: Creditors' Proofs of Claim Due on June 26
------------------------------------------------------------
The creditors of Hitachi High-tech Instruments Services (Asia)
Pte Limited are required to submit their proofs of debt to
Liquidator Lau Chin Huat on or before June 26, 2006.

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

Contact: Lau Chin Huat
         Liquidator
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


LEAP HONG: Intends to Declare Dividend
--------------------------------------
Leap Hong Construction Company Pte Ltd notifies parties-in-
interest of its intention to declare dividend pursuant to an
order by the High Court of Singapore.

The Company's creditors are requested to file their proofs of
claim with Liquidator Tay Swee Sze on or before June 9, 2006,
for them to share in the distribution.

Contact: Tay Swee Sze
         c/o Tay Swee Sze & Associates
         30 Robinson Road
         #04-01, Robinson Towers
         Singapore 048546


MAE ENGINEERING: Extraordinary General Meeting Set on June 12
-------------------------------------------------------------
An Extraordinary General Meeting of MAE Engineering Limited will
be held at 149 Rochor Road, #05-13/15 Fu Lu Shou complex, in
Singapore, on June 12, 2006, at 10:00 a.m.

During the meeting, members will be asked:

   -- to approve the Company's renounceable rights issue of up
      to 415,045,060 new ordinary shares in the Company's
      capital with up to 207,522,530 free warrants;

   -- to aggregate and allot the entitlements to the Rights
      Shares with Warrants not taken up or allotted for any
      reason or which represent fractional entitlements
      disregarded in accordance with the terms of the Rights
      Issue;

   -- to create, allot and issue the Warrants in registered
      form;

   -- to create, allot and issue such additional warrants as
      may be required or permitted to be issued in accordance
      with the terms and conditions of the Deed Poll;

   -- to allot and issue up to 207,522,530 new shares arising
      from the exercise of Warrants; and

   -- to authorize the Company's directors to do such acts and
      things as may be required in connection with or pursuant
      to these matters.

A copy of the EGM Notice is available for free at:

   http://bankrupt.com/misc/tcrap_maeengineering052906.pdf

                 About MAE Engineering Limited

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.  
The Company also suffered a liquidity crunch as of September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.


TOPMANN INTERIOR: Court Issues Bankruptcy Order
-----------------------------------------------
The Supreme of Singapore had, on May 5, 2006, issued a
bankruptcy order against Topmann Interior Builder.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court,
         Singapore.


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

BANGKOK RUBBER: 1Q F/S Fails To Reflect Company's Position
----------------------------------------------------------
Sophon Permsirivallop of Ernst & Young Office Limited, the
assigned liquidator of Bangkok Rubber Public Company Ltd failed
to reach any conclusion on the Company's financial report
submitted to the Stock Exchange of Thailand on May 15, 2006,
prompting SET to issue a statement asking the shareholders and
investors of the Company to scrutinize the report.

The SET said in a statement on May 16, 2006, that the figures
representing the Company's financial status and operating
outcome as presented in their financial statements, failed to
adequately and properly reflect the actual position of the
Company as the auditor failed to reach any conclusion based on
the financial report.

Mr. Permsirivallop explained that "because of the uncertainties
regarding the continuity of the business and the implementation
of the rehabilitation plan of the Company and because of the
scope limitations imposed on my review for the three-month
periods ended March 31,2006, and 2005, I am unable to reach a
conclusion as a result of my review."

Bangkok Rubber's balance sheet for the quarter ending March 31,
2006, reflects these figures:

   (in THB Million)

   Total Current Assets: 1,560.88
   Total Assets 3,036.46
   Total Current Liabilities: 3,502.73
   Total Liabilities: 5,335.44
   Shareholders' Equity: -2,298.99
   Total Revenues: 1,452.60
   Total Expenses: 1,393.88
   Net Profit (Loss): 33.11

At present, the Company is in default of debt payment under the
rehabilitation plan and is currently revising the plan for
submission to the official receiver.

The Company's financial statement for the quarter ended
March 31, 2006, is available for free at:

   http://bankrupt.com/misc/06017527.zip

                          *     *     *

Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures  
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.
  
On November 21, 2002, the Central Bankruptcy Court approved the
Company's rehabilitation plan.  The Company is in the process of
implementing this plan.  The significant debt restructuring
measures under the rehabilitation plan provide that creditors
would waive their rights to claim for outstanding interest
accrued up to the date on which the court ordered
rehabilitation.  This does not include the debt to be repaid to
creditors supporting revolving credit and financial creditors
which will receive repayment of debt as per the existing
contract and agreement.

The ability of the Company to continue its business as a going
concern depends on its ability to comply with the business
rehabilitation plan, and to find additional sources of funding,
and the outcome of its operations.

Bangkok Rubber is currently classified under the REHABCO sector
of the Securities and Exchange Commission.  


* BOND PRICING: For the Week 29 May to 2 June 2006
--------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     9
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     9
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    23
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     7
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     6
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/08/17    72
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Titisan Modal Bhd                     4.000%    04/29/19    68
Titisan Modal Bhd                     5.000%    04/28/20    73
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    73
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   5.625%    12/07/06     1
Tampines Assets Ltd                   6.000%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1





                            *********


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.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***