TCRAP_Public/060627.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, June 27, 2006, Vol. 9, No. 126

                            Headlines

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

BARLIND INVESTMENTS: Placed Under Voluntary Liquidation
BELLIAM PTY: Prepares to Pay Dividend to Creditors
BMJ INDUSTRIES: Winds Up Business Operations
BRIGHT CIVIL: Members Decide to Close Operations
CLEGGS PTY: Final General Meeting Set on June 28

CRONIN CONSTRUCTION: Initiates Wind-up Proceedings
DELTA PETROLEUM: Liquidation Proceedings Commenced
DORROUGH INVESTMENTS: To Distribute Dividend on June 30
EVODRIVE LIMITED: Court Sets Date to Hear Liquidation Bid
EXTREME HELICOPTERS: Faces Liquidation Proceedings

FOLEY REAL: Creditors Appoint Liquidator
GARDAM CONTRACTING: To Declare Final Dividend on June 29
GARDENESQUE (QUEENSLAND): Liquidator to Present Wind-up Report
GENERATE HOLDINGS: Court Orders Wind-up
IDENTIC BOOKS: Liquidator to Receive Until Today

INT RIG: Members Agree on Liquidation
JMDJA PTY: Members Review Wind-up Report
LINTON PARK: Official Assignee Named Liquidator
MANSIONS & MANORS LIMITED: Picks Official Assignee as Liquidator
MBS RESOURCE: Creditors Agree to Close Business Operations

MIDCOAST ROOFING: Opts to Halt Operations
MULTIPLEX GROUP: Sells Goldfields House for AU$274.1Mln to Valad
NORTH CANTERBURY: Appoints Official Liquidator
POOLS PLUS: Court to Hear Liquidation Bid on August 3
PROVINCIAL FINANCE: Shareholders Given Receivership Overview

REACH INVESTMENT: Liquidation Petition Hearing Set on July 10
RIXON INVESTMENTS: Undergoes Voluntary Liquidation
ROCLIN INVESTMENTS: Members to Convene on June 28
S.M. CHAN & PARTNERS: CIR Files Liquidation Petition
SYDNEY PARQUETRY: Court Orders Wind Up

TELSTRA CORPORATION: Senator Coonan Approves Separation Plan
TELSTRA CORPORATION: Three Firms Win Planning & Buying Accounts
TRANSFORMATIONS NZ: Creditors Must Prove Debts by Sept 15
VILLAGE ROADSHOW: Sold UK Cinema Interests for AU$33.5 Million


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: NAO Bares CNY51-Bln Accounting Irregularity
BEST CHARM: Joint and Several Liquidators Step Aside
CHUNG TUNG INVESTMENT: Faces Winding-up Proceedings
CYBERWORKS AUDIO: Members' and Creditors' Meetings Set July 6
FELIX TSANG & PARTNERS: To Pay First Dividend on June 30

FORLUXE FINANCE: Court Names Joint Liquidator
FORLUXE SECURITIES: Briscoe, to Act as Joint Liquidator
GAINFUL MANAGEMENT: Joint Liquidators Cease to Act for Company
GANDETEL TECHNOLOGIES: Creditors Must Prove Debts by July 14
HANIL HONG KONG: Creditors' Proofs of Debt Due on July 12

HIGHWELL DEVELOPMENT: Court to Hear Wind-up Petition on July 12
HOI SING CONSTRUCTION: Court Orders Appointment of Liquidator
HTL GARMENTS COMPANY: Wind-up Petition Hearing Set on Aug 23
JUN CHENG GROUP: Appoints Joint and Several Liquidators
TCL MULTIMEDIA: To Sell Non-Core Assets for HKD337 Million

TECH SOURCE: Releases Joint Liquidators
UNIVERSAL DOCKYARD: Creditors Meeting Set June 30
WEALTHY DEVELOPMENT: Court to Hear Winding-up Bid on August 2


I N D I A

DUNLOP INDIA: 1,400 Workers Get First Installment for Bach Wages
HINDUSTAN PETROLEUM: Bags ISO Certification for Vizag Refinery
HINDUSTAN PETROLEUM: To Vend Catalytic Converters in 10 Outlets


I N D O N E S I A

* Indonesia to Repay 50% of IMF Debt In Advance on June 30


J A P A N

KOBE STEEL: Six Key Officials Face Raps for False Reporting
MITSUBISHI MOTORS: Prioritizes Restructuring Above All Else
SANYO ELECTRIC: Shareholders Approve Restructuring Plan


K O R E A

DAEWOO ENGINEERING: Names Kumho-Asiana as Preferred Bidder
HYUNDAI ENGINEERING: To Exit Debt Workout Program
KOREA EXCHANGE: BAI Finds Lone Star Sale Had Bureau Approval
KOREA EXCHANGE: FSC Defends Role in Lone Star Deal
KOREA EXCHANGE: Prosecutors to Summon Former Company President

SANG LIM LEATHER: Cuts 1st Quarter Net Loss by Almost 50%
SHINHAN BANK: CEO Criticizes Post-Merger Operation Results
SILVERSTAR CORP: Reports KRW612-Mil Net Income for 1st Quarter


M A L A Y S I A

FCW HOLDINGS: SPA Inked by Unit Contributes to Group's Earnings
KRAMAT TIN: To Consider Scheme of Arrangement at Meeting
LANKHORST BERHAD: Triggers Another Practice Note 17 Criteria
MALAYSIA AIRLINES: To Decide on Buyer and Price of KL Building
MALAYSIA PACKAGING: Posts 31st Annual General Meeting Results

MENTIGA CORPORATION: Meets Securities Commission's Requirement
MERCES HOLDINGS: Provides Solvency Declaration
METROPLEX BERHAD: Board Endorses Proposed Property Disposal
OLYMPIA INDUSTRIES: Wholly Owned Unit Strikes Tenancy Deal
PARK MAY: Shareholders Pass All AGM Resolutions

PILECON ENGINEERING: All AGM Resolutions Passed
PROTON HOLDINGS: Targets Sale of 14,000 Satria Neos This Year
SELANGOR DREDGING: Unveils Litigation Developments


P H I L I P P I N E S

NATIONAL POWER: PSALM Seeks Approval of Asset Transfer
PHILODRILL CORP: To Concentrate on Oil Projects


S I N G A P O R E

LINDETEVES-JACOBERG: ATB Makes EUR5.6-Million Advance Payment
MOLDRUP SYSTEMS: Court to Hear Wind-Up Petition on June 30
S LIEN: Creditors Must Prove Debts by July 24
SOH KIM: Court to Hear Wind-Up Petition on July 7
TUTHILL SINGAPORE: Creditors' Proofs of Claim Due on July 23

* Singapore's Manufacturing Growth Well Below Target


T H A I L A N D

DAIDOMON GROUP: Posts THB133.18-Million Net Loss in 1st Quarter
MDX PUBLIC: Result of Shareholders Extraordinary Meeting


* BOND PRICING: For the Week 26 June to 30 June 2006

     - - - - - - - -

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

BARLIND INVESTMENTS: Placed Under Voluntary Liquidation
-------------------------------------------------------
The members of Barlind Investments Pty Limited held a meeting on
May 16, 2006, and agreed to shut down the Company's business
operations.

They also decided to appoint George Divitkos as liquidator.

Contact: George Divitkos
         Liquidator
         BDO Chartered Accountants & Advisers
         248 Flinders Street, Adelaide
         South Australia 5000
         Australia


BELLIAM PTY: Prepares to Pay Dividend to Creditors
--------------------------------------------------
Belliam Pty Limited will declare its second dividend on
June 28, 2006.

Creditors who cannot file their claims on the said date will be
excluded from sharing in any distribution the Company will make.

Contact: A. M. Sims
         Liquidator
         SimsPartners
         Level 24, Australia Square
         264 George Street, Sydney
         New South Wales 2000, Australia


BMJ INDUSTRIES: Winds Up Business Operations
--------------------------------------------
After their extraordinary general meeting on May 17, 2006, the
creditors of BMJ Industries Pty Limited decided to wind up the
Company's operations.

Subsequently, Daniel I. Cvitanovic was appointed as liquidator.

Contact: Daniel I. Cvitanovic
         Liquidator
         Shop 5 Old Potato Shed, 74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia
         Telephone: (02) 4885 2500
         Fax: (02) 4885 2995


BRIGHT CIVIL: Members Decide to Close Operations
------------------------------------------------
The members of Bright Civil Contractors Pty Limited convened on
May 17, 2006, and decided to wind up the Company's operations
due to its inability to pay its debts when they fall due.

Timothy James Clifton and Mark Christopher Hall were
consequently appointed as liquidators.

Contact: Timothy J. Clifton
         Mark C. Hall
         Liquidators
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia


CLEGGS PTY: Final General Meeting Set on June 28
------------------------------------------------
A final meeting of the members and creditors of Cleggs Pty
Limited will be held on June 28, 2006, at 11:00 a.m., for them
to receive Liquidator W. J. Fletcher's final account showing how
the Company was wound up and how its property was disposed of.

Contact: W. J. Fletcher
         Liquidator
         Bentleys MRI Chartered Accountants
         Level 26, AMP Place, 10 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone: (07) 3222 9777


CRONIN CONSTRUCTION: Initiates Wind-up Proceedings
--------------------------------------------------
Members of Cronin Construction Management Pty Limited held a
meeting on May 15, 2006, and decided to voluntarily wind up the
Company's operations.

Creditors consequently appointed Philip Newman and Clyde Peter
White as liquidators to oversee the wind-up proceedings.

Contact: Philip Newman
         Clyde P. White  
         HLB Mann Judd Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000, Australia


DELTA PETROLEUM: Liquidation Proceedings Commenced
--------------------------------------------------
The liquidation of Delta Petroleum Ltd commenced on June 19,
2006.

Subsequently, Robin Winston Hargrave was named liquidator.

Mr. Hargrave requires the Company's creditors to submit their
proofs of claim by July 19, 2006, for them to share in any
distribution the Company will make.

Contact: Robin Winston Hargrave
         O'Halloran HMT Ltd
         P.O. Box 6004, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 366 5065
         Facsimile: (09) 366 5001


DORROUGH INVESTMENTS: To Distribute Dividend on June 30
-------------------------------------------------------
Dorrough Investments Pty Limited will declare its first and
final dividend on June 30, 2006.

In this regard, creditors are required to submit their proofs of
claim by June 27, 2006.  Those who fail to comply with this
requirement will be excluded from sharing in the dividend
distribution.

Contact: I. A. Currie
         P. G. Biazos
         Liquidators
         c/o Currie Biazos Insolvency Accountants
         Level 3, 320 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone: (07) 3220 0994


DUFFUS SECURITY: Members Opt for Voluntary Liquidation
------------------------------------------------------
The members of Duffus Security Services Pty Limited convened on
May 12, 2006, and agreed that the Company should wind up its
operations voluntarily.

Cindy Louise Duffus was subsequently appointed as liquidator.

Contact: Cindy Louise Duffus
         Liquidator
         c/o RSM Bird Cameron Partners Chartered Accountants
         Level 1, 103-105 Northbourne Avenue
         Canberra, Australian Capital Territory 2601
         Australia
         Telephone: (02) 6247 5988
         Fax: (02) 6262 8633


EVODRIVE LIMITED: Court Sets Date to Hear Liquidation Bid
---------------------------------------------------------
An application to liquidate Evodrive Ltd will be heard before
the High Court of Wellington on July 3, 2006.

The New Zealand Softball Association Inc filed the petition with
the Court on May 26, 2006.

Parties wishing to attend the hearing are required to file an
appearance not later than June 30, 2006.

Contact: P.R.W. Chisnall
         Gibson Sheat, Lawyers
         P.O. Box 2966, Wellington
         Level One, United Building
         107 Customhouse Quay, Wellington
         New Zealand
         Facsimile: (04) 496 9991


EXTREME HELICOPTERS: Faces Liquidation Proceedings
--------------------------------------------------
The Commissioner of Inland Revenue on May 2, 2006, filed before
the High Court of Auckland an application to liquidate Extreme
Helicopters NZ Ltd.

The High Court will hear the said application on July 6, 2006,
at 10:00 a.m.

Parties interested to attend the hearing are required to submit
an appearance not later than June 4, 2006.

Contact: Jan Maree Chappel
         Auckland Service Centre
         17 Putney Way, Manukau City
         New Zealand
         Telephone: (09) 985 7051


FOLEY REAL: Creditors Appoint Liquidator
----------------------------------------
At an extraordinary general meeting held on May 15, 2006, the
sole member of Foley Real Pty Limited resolved to voluntarily
wind up the Company's operations.

Craig Crosbie was appointed as liquidator at a creditors meeting
held on the same day.

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


GARDAM CONTRACTING: To Declare Final Dividend on June 29
--------------------------------------------------------
Liquidator John William Woods will declare a final dividend on
June 29, 2006, for creditors of Gardam Contracting Proprietary
Limited.

Creditors who were not able to prove their claims are excluded
from sharing in the dividend distribution.

Contact: John William Woods
         Liquidator
         Wilson Woods & Partners
         30 Davey Street, Hobart
         Tasmania 7000, Australia
         Telephone: (03) 6223 4343


GARDENESQUE (QUEENSLAND): Liquidator to Present Wind-up Report
--------------------------------------------------------------
Members and creditors of Gardenesque (Queensland) Pty Limited
will convene for their final meeting on June 28, 2006, at 10:30
a.m.

During the meeting, Liquidator W. J. Fletcher will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.

Contact: W. J. Fletcher
         Liquidator
         Bentleys MRI Chartered Accountants
         Level 26, AMP Place
         10 Eagle Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3222 9777


GENERATE HOLDINGS: Court Orders Wind-up
---------------------------------------
The Supreme Court of New South Wales issued a winding up order
against Generate Holdings Pty Limited on May 18, 2006.

The Court also appointed Steven Nicols as liquidator.

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


IDENTIC BOOKS: Liquidator to Receive Until Today
------------------------------------------------
Identic Books Holdings Pty Limited will declare a dividend on
July 28, 2006.

Company employees and unsecured creditors are required to submit
their proofs of claim by today, June 27, 2006, in order to share
in the dividend distribution.

Contact: S. W. Free
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302, Australia


INT RIG: Members Agree on Liquidation
-------------------------------------
Members of INT Rig Pty Limited convened on May 12, 2006, and
agreed to liquidate the Company's business operations.

In this regard, Joseph Sleiman was appointed as liquidator.

Contact: Joseph Sleiman
         Liquidator
         Sleiman & Co.
         Level 8, 65 York Street
         Sydney, Australia


JMDJA PTY: Members Review Wind-up Report
----------------------------------------
Members of JMDJA Pty Limited will hold a final meeting on June
28, 2006, at 9:00 a.m., for them to receive Liquidator Mark
Peter Barson's final account showing how the Company was wound
up and how its property was disposed of.

Contact: Mark Peter Barson
         Liquidator
         Charman Partners
         Suite 4, 10-12 Chapel Street
         Blackburn 3130, Australia


LINTON PARK: Official Assignee Named Liquidator
-----------------------------------------------
The Official Assignee was appointed as liquidator of Linton Park
Ltd on June 15, 2006.

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


MANSIONS & MANORS LIMITED: Picks Official Assignee as Liquidator
----------------------------------------------------------------
Mansions & Manors Ltd on June 15, 2006, appointed the Official
Assignee to oversee the Company's liquidation.

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


MBS RESOURCE: Creditors Agree to Close Business Operations
----------------------------------------------------------
At a meeting of MBS Resource Services Pty Limited on
May 15, 2006, creditors agreed that it is in the Company's best
interests to wind up its operations.

In this regard, Martin Jones and Darren Weaver were named
liquidators.

Contact: Martin Jones
         Darren Weaver
         Liquidators
         Ferrier Hodgson Chartered Accountants
         Level 26, 108 St. George's Terrace
         Perth, Western Australia 6000
         Australia


MIDCOAST ROOFING: Opts to Halt Operations
-----------------------------------------
Creditors of Midcoast Roofing Pty Limited convened on
May 15, 2006, and resolved to close the Company's business
operations.

Roderick Mackay Sutherland was subsequently appointed as
liquidator.

Contact: Roderick Mackay 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


MULTIPLEX GROUP: Sells Goldfields House for AU$274.1Mln to Valad
----------------------------------------------------------------
Multiplex Group has sold its Goldfields House in Sydney to Valad
Property Group for AU$274.1 million, the Australian Associated
Press reports.

According to The Age, proceeds from the sale will be used to
ease its senior debt and to fund the Multiplex Property Trust
Commercial Mortgage Backed Securities program.

Multiplex's director of investor relations and communications,
Peter Murphy, said that the price represented approximately
AU$11,300 per square meter of net lettable area, exceeding
management's expectations.

The sale reflects the strength and competitive dynamics of the
investment market for Australian CBD office properties, Egoli
News cites Mr. Murphy, as saying.

According to the AAP, profit from the sale will be recognized in
the 2006 financial year, which is expected to increase
distribution in the second half of 2006 to 17.50 cents per
security from 14.25 cents.

Egoli says that after the Goldfields Sale and the establishment
of Multiplex Acumen Prime Property Fund, Multiplex Property
Trust's portfolio now comprises 25 direct and four indirect
property investments with a gross investment value of
approximately AU$2.8 billion.

The Troubled Company Reporter -- Asia Pacific reported on
May 24, 2006, that Multiplex Group has created a AU$650-million
property trust as a new strategy to build its third-party funds
management business, known as the Multiplex Acumen Prime
Property Fund.

                      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.


NORTH CANTERBURY: Appoints Official Liquidator
----------------------------------------------
North Canterbury Distributors Ltd on June 15, 2006, appointed
The Official Assignee as its liquidator.

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


POOLS PLUS: Court to Hear Liquidation Bid on August 3
-----------------------------------------------------
An application to liquidate Pools Plus Ltd will be heard before
the High Court of Auckland on August 3, 2006.

Wendy Maree Van Loghem filed the petition on May 31, 2006.

Parties wishing to attend the hearing are required to file
appearance not later than August 1, 2006.

Contact: D.J. Neutze
         Brookfields, Lawyers
         Eleventh Floor
         19 Victoria Street West
         Auckland 1, New Zealand


PROVINCIAL FINANCE: Shareholders Given Receivership Overview
------------------------------------------------------------
In a letter dated June 23, 2006, Provincial Finance Limited's
receivers, John Waller and Maurice Noone, provided the Company's
redeemable preference shareholders with an overview of the
receivership, and details as to the ranking of redeemable
preference shares within the receivership.

In the Letter, the Receivers noted that a number of redeemable
preference shareholders are also debenture holders.  Messrs.
Waller and Noone said that on June 9, 2006, they have written to
debenture holders outlining their position in respect of
debentures in the company.

The Receivers also noted that at the time of their appointment,
also placed into receivership were the Company's related
entities, Consumer Credit Limited and South Auckland Cars
Limited.

                    Shareholders' Investment

Shareholders were advised to notify Provincial Finance if their
total investment differ from the amount and type of investment
recorded by the Company.

The Letter also noted that with the appointment of receivers,
all dividend payments to redeemable preference shareholders have
been suspended and the Company is not accepting any redemption.

             Security Position of Preference Shares

Redeemable preference shares rank behind all debts of the
Company but ahead of the ordinary shares, which entitles
redeemable preference shareholders to a return of capital only
after all debenture holders and other creditors, including
unsecured creditors, have been repaid.

However, unless a restructuring is successful, it is highly
unlikely that redeemable preference shareholders will receive
any return on their investment, the Receivers stated in the
Letter.

           Restructuring Plans and Potential Outcomes

The Receivers are currently in discussions with ordinary
shareholders and a number of industry participants about a
proposed restructuring plan for the Company.

According to the Receivers, the plan will take time to develop.  
They also clarified that the final result is dependent on a
number of factors, including the quality of the loan book and
its ultimate recovery.

The Receivers said that the likely level of recovery from the
loan book, the likely returns to debenture holders, and
redeemable preference shareholders will become clearer through
further investigation.

                      Future Communication

The Receivers assure parties-in-interest of progress updates
once they have fully assessed Provincial Finance' financial
position.

Communication with investors, shareholders, and other
stakeholders as well as press releases, will be available at
this Web site as they are released:

             http://www.pwc.com/nz/ProvincialFinance

Parties-in-interest are also advised to send queries, if any, to
the Receivers at this address:

          John Waller
          Maurice Noone
          PricewaterhouseCoopers
          P.O. Box 13 244
          Christchurch, New Zealand

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance  
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.

As reported in the Troubled Company Reporter - Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The Company owes
NZ$300 million to 14,000 small investors.


REACH INVESTMENT: Liquidation Petition Hearing Set on July 10
-------------------------------------------------------------
Calder Stewart Industries Ltd on May 24, 2006, filed before the
High Court of Christchurch a petition to liquidate Reach
Investments Corporation Ltd.

The High Court will hear the petition on July 10, 2006, at 10:00
in the morning.

Contact: Andrew David G. Hitchcock
         AWS Legal, Solicitors
         P.O. Box 1207, Invercargill
         151 Spey Street, Invercargill
         New Zealand
         Facsimile: (03) 214 4122


RIXON INVESTMENTS: Undergoes Voluntary Liquidation
--------------------------------------------------
At a general meeting on May 15, 2006, the members of Rixon
Investments No. 3 Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets
disposal.

In this regard, Martin Lord was appointed as liquidator.

Contact: Martin Lord
         Liquidator
         Martin Lord & Co. Chartered Accountants
         23A Station Street
         Hornsby, New South Wales 2077
         Australia


ROCLIN INVESTMENTS: Members to Convene on June 28
-------------------------------------------------
A final meeting of the members of Roclin Investments Pty Limited
will be held on June 28, 2006, at 10:00 a.m.

During the meeting, Liquidator M. C. Michaels will report on the
Company's wind-up exercise and property disposal.

Contact: M. C. Michaels
         Liquidator
         Sims Richmond Pty Limited
         147 Frome Street, Adelaide
         South Australia 5000, Australia


S.M. CHAN & PARTNERS: CIR Files Liquidation Petition
----------------------------------------------------
The Commissioner of Inland Revenue on May 12, 2006, filed before
the High Court of Auckland a petition to liquidate S.M.Chan &
Partners Ltd.

The application will be heard before the High Court on July 20,
2006, at 10:45 a.m.

Contact: Kristal Louise Gallagher
         Auckland Service Centre
         17 Putney Way, Manukau City
         New Zealand
         Telephone: (09) 985 7148


SYDNEY PARQUETRY: Court Orders Wind Up
--------------------------------------
The Supreme Court of New South Wales on May 15, 2006, ordered
the winding up of Sydney Parquetry Flooring Pty Limited, and
appointment of Steven Nicols as liquidator.

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


TELSTRA CORPORATION: Senator Coonan Approves Separation Plan
------------------------------------------------------------
Communications Minister Helen Coonan has approved Telstra
Corporation's plan for the operational separation of its retail
and wholesale divisions, the Australian Associated Press
reports.

AAP says that under the Separation Plan:

   (a) Telstra would maintain separate wholesale, retail, and
       key network services business units;

   (b) Telstra would guarantee the independence of its wholesale
       business units;

   (c) retail business units would no longer have any influence,
       control, or responsibility for providing services to
       wholesale customers; and

   (d) Telstra would be required to have separate staff and
       premises for its wholesale and retail business units.

As reported in the Troubled Company Reporter - Asia Pacific on
February 2, 2006, the Separation Plan is intended to provide
clear network access pricing and non-price terms and conditions
for Telstra's rivals.  The Plan is designed to ascertain that
Telstra does not disadvantage its rivals compared to its own
retail division.

According to The Age, the approval of the Separation Plan clears
another hurdle for T3 -- Telstra's full privatization -- which
is expected later this year.  The Government promised to put a
framework in place before the sale of its 51% stake in Telstra
proceeded to ensure that the telco did not unfairly compete
against its wholesale customers.

AAP cites Senator Coonan as saying that notional internal
contracts and key performance indicators will be utilized to
demonstrate equivalence in relation to the operational quality
of designated services.  Internal wholesale prices will be used
as a key input in assessing whether Telstra is pricing fairly at
the retail level compared with the prices it charges its
wholesale customers.

Senator Coonan noted that the Plan was one of three elements to
the operational separation framework that include the detailed
strategy documents -- which have also been released -- and price
equivalence arrangements.

The Age says that by the end of June 2006, price equivalence
arrangements are expected to be finalized and released.

Yet, according to the reports, Senator Coonan clarified that
although she has approved the Plan, Telstra still has to fully
implement operational separation.  "There are strong enforcement
powers available to remedy any deficiencies in Telstra's
implementation of operation separation," she said.

Telstra stated that it would immediately start implementing the
Separation Plan.  Telstra wholesale chief Kate McKenzie said
that all employees will receive information on operational
separation and be required to complete compulsory online
training programs.

                           FTTN Network

Telstra is expected to release a consultation document within
weeks for its proposed fibre-to-the-node network, which is the
most critical regulatory issue hanging over the T3 Sale, The Age
relates.

According to the report, Telstra has promised to give rivals
full access to the network, but questions still exist over the
price at which they will get access and transition arrangements
for rivals that are installing broadband infrastructure on
Telstra's copper network.

The Age notes that FTTN is expected to supersede most of this
infrastructure.

                     Government Stake Sale

The Age also reports that the Government is expected to decide
next month whether to proceed with the sale of its remaining 51%
stake in Telstra.

The sale, which is expected to take place in October or
November, may net up to AU$25 billion.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than
6.5 million mobile services.  In September 2005, Telstra
suffered an earnings downgrade and share price fall.  The
Company announced that its earnings before interest and tax in
2005/06 are expected to decline by 7-10% compared to that of
2004/05 as a result of accelerating declines in public switched
telephone network revenues and softening growth in the mobiles
market due to aggressive pricing.  Also, the political furor
surrounding Telstra has strengthened the Government's resolve to
dispose of its remaining 51% majority interest in the Company.  
The Australian Securities and Investment Commission then
commenced an investigation into Telstra in connection with the
Company's compliance with its disclosure obligations following
the earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TELSTRA CORPORATION: Three Firms Win Planning & Buying Accounts
---------------------------------------------------------------
Three agencies will replace Optimedia, the agency that has held
Telstra Corporation's media planning and buying accounts for
seven years, The Age reports.

These agencies are:

   1) Naked Communications, which will be responsible for the
      media strategy for BigPond's content and youth segments;

   2) OMD, which will handle all other segments as well as the
      BigPond and Sensis brands; and

   3) The White Agency, which will be responsible for online
      planning for BigPond and Sensis.

The Age cites Telstra media general manager Georgie Nichols as
explaining that the agencies were chosen on how their areas of
expertise matched Telstra's market segmentation strategy.

The contracts will take effect on July 1, 2006.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TRANSFORMATIONS NZ: Creditors Must Prove Debts by Sept 15
-------------------------------------------------------------
Shareholder of Transformations NZ Ltd on June 15, 2006,
appointed Vivian Judith Fatupaito and Richard Dale Agnew as
joint and several liquidators of the Company.

In this regard, the Liquidators require the Company's creditors
to submit their proofs of debt by September 15, 2006, for them
to share in any distribution the Company will make.

Contact:  Vivian Fatupaito
          PricewaterhouseCoopers, Level 8
          PricewaterhouseCoopers Tower
          188 Quay Street, Auckland
          New Zealand
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


VILLAGE ROADSHOW: Sold UK Cinema Interests for AU$33.5 Million
--------------------------------------------------------------
Village Roadshow Ltd. has sold its United Kingdom cinema
interests, which has resulted in a cash payment to the
purchasers of approximately AU$33.5 million, the Company stated
in a press release.

As a result of the sale, Village Roadshow will have no ongoing
commitments in respect of the long-term leases over the U.K.
cinema sites.

Village Roadshow further confirms that it is under ongoing
discussions regarding the sale of its two remaining cinemas in
Austria.

As reported in the Troubled Company Reporter - Asia Pacific on
May 30, 2006, Village Roadshow announced that it had concluded a
heads of agreement with Sky City Entertainment Group, which will
acquire its cinema interests in New Zealand and Fiji for
AU$49.5 million, which will be received in installments of:

   -- NZ$15 million in July 2006,
   -- NZ$15 million in January 2007, and
   -- NZ$19.5 million in July 2007.

Village Roadshow has also acquired Warner Bros.' interests in
their jointly owned Australian Theme Parks for a cash payment of
AU$254 million.  Directors confirm that this cash payment will
be settled in the first week of July 2006 utilizing all of
Village Group's remaining cash reserves and approximately
AU$170 million of undrawn bank facilities.

The Daily Telegraph adds that as part of its U.K. sell-off,
Village Roadshow has already sold its cinema operations in
Belfast to a local cinema operator.

According to the Australasian Investment Review, the Company has
forecast a AU$35-million net loss for the current financial
year, if the deals are completed by the end of June.

The Sydney Morning Herald cites a Fat Prophets analyst, Julian
Morrison, as saying that Village Roadshow has resorted to paying
someone else to take the U.K. cinemas off its hands because the
costs of keeping them, such as the long-term site leases, were
likely to be much greater.  He further relates that although the
payment was a surprise, it was better for the Company to take a
hit on its books now than continue to hold the under-performing
assets.

Mr. Morrison doubted that the payment would result in Village
Roadshow posting a loss greater than that previously flagged,
the Sydney Herald says.

                     About Village Roadshow  

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.

The Company's troubles began in 2003 when it offered to buy back
its preference shares to head off a litigation threat by some
preference shareholders who were angered at the Company's
suspension of dividend payments.  Village Roadshow's reported
and budgeted profitability would not allow it to comfortably
fund about AU$42 million worth of ordinary and preference share
dividends out of annual earnings.  For the past years, the
Company has been facing major litigation brought by former
business partners, who had invested in its film investment
scheme.  

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By
January 2006, Village Roadshow had advised that VRPG had reached
agreement with its financiers to increase its film production
facility from US$900 million to US$1.4 billion.  VRPG will
continue to co-produce and co-finance films with its principal
production partner, Warner Bros.  The revolving period of the
facility has also been extended for a further three years.  As a
result, drawdowns will now be available under the facility until
January 2011 (previously February 2008) with the debt now
scheduled to be fully repaid by January 2015 (previously January
2012).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that Village Roadshow posted a AU$2.21-million
loss for the half-year ended December 31, 2006, compared to a
net profit of AU$29.99 million in the previous corresponding
half.  The result is contrary to a profit downgrade in January,
which already suggested a break-even figure.

The entertainment group blames its poor financial result on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles.


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

AGRICULTURAL BANK: NAO Bares CNY51-Bln Accounting Irregularity
--------------------------------------------------------------
The National Audit Office found accounting irregularities
involving CNY51.6 billion at Agricultural Bank of China for the
year 2004, the Xinhuanet News reports.

According to Xinhuanet, a report from the National Audit Office
released on June 26, 2006, showed irregularities involving
CNY14.27 billion in deposit business, CNY27.62 billion on loan
grants, and CNY9.72 billion in fraudulent bill issuance.

Xinhuanet relates that the auditors also alleged 157 people
committed economic crimes in 57 fraud cases involving CNY8.68
billion.  

According to the report, auditors believe that "some of the
cases were conspiracy set up by bank employees and outsiders".  
The report also cited "irregular operation" as a "prominent
problem" for the bank, Xinhuanet adds.

                          *     *     *
The state-owned Agricultural Bank of China
-- http://www.abocn.com/-- is the mainland's fourth largest  
bank.  It has lagged behind other major Chinese commercial
banks, which have received government injections of new capital
and been allowed to link up with foreign partners in preparation
for raising money on foreign stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.


BEST CHARM: Joint and Several Liquidators Step Aside
----------------------------------------------------
Lo Yip Tong and Lau Kwai Fun ceased to act as joint and several
liquidators of Best Charm Enterprises Ltd on April 10, 2006.


CHUNG TUNG INVESTMENT: Faces Winding-up Proceedings
---------------------------------------------------
China Ease Investments on March 13, 2006, filed before the High
Court of Hong Kong three petitions against Chung Tung
Investment.

The Petitioner is requesting the Court:

    -- to allow respondents Tokyo Holdings Limited and Yiu Yan
Che to inspect and make copies of Chung Tung's books;

    -- to wind-up the Chung Tung's business operations; and

    -- to authorize Tokyo Holdings and Yiu Yan Che to purchase
China Ease's shares in Chung Tung, or the Respondents to sell
their shares to the Petitioner.


The High Court will hear the petitions on July 5, 2006, at 9:30
in the morning.

Contact: Solicitors for the Petitioner
         8th Floor, EIB Centre
         40-44 Bonham Stand, Sheung Wan
         Hong Kong
         Telephone: 3421 1999
         Facsimile: 3421 0111


CYBERWORKS AUDIO: Members' and Creditors' Meetings Set July 6
-------------------------------------------------------------
Members and creditors of Cyberworks Audio Video Technology Ltd
will convene at 5th Floor, Allied Kajima Bldg, 138 Gloucester
Road, Wanchai, Hong Kong on July 26, 2006, at 11:00 a.m. and
11:30 a.m. respectively.


FELIX TSANG & PARTNERS: To Pay First Dividend on June 30
--------------------------------------------------------
Felix Tsang & Partners Ltd will pay its first dividend of 12.44%
starting June 30, 2006.

The Company is in liquidation.


FORLUXE FINANCE: Court Names Joint Liquidator
---------------------------------------------
Stephen Briscoe was on May 4, 2006, appointed as liquidator to
act jointly and severally with Nicolas Timothy Cornforth for
Forluxe Finance Ltd.

The High Court of Hong Kong ordered the appointment of Mr.
Briscoe in place of Tot Yat Hung.

Contact: Stephen Briscoe
         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


FORLUXE SECURITIES: Briscoe, to Act as Joint Liquidator
-------------------------------------------------------
Stephen Briscoe was on May 4, 2006, appointed liquidator to act
jointly and severally with Nicolas Timothy Cornforth for Forluxe
Securities Ltd.

The High Court of Hong Kong ordered the appointment of Mr.
Briscoe in place of Tot Yat Hung.

Contact: Stephen Briscoe
         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


GAINFUL MANAGEMENT: Joint Liquidators Cease to Act for Company
--------------------------------------------------------------
Lo Yip Tong and Lau Kwai Fun ceased to act as joint and several
liquidators of Gainful Management Ltd on April 7, 2006.


GANDETEL TECHNOLOGIES: Creditors Must Prove Debts by July 14
------------------------------------------------------------
Joint and Several Liquidator Wu Shek Chun requires the creditors
of Gandetel Technologies Inc to submit their proofs of claim by
July 14, 2006.

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

Contact: Wu Shek Chun
         17/F., Punfet Bldg
         701 Nathan Road, Kowloon
         Hong Kong


HANIL HONG KONG: Creditors' Proofs of Debt Due on July 12
---------------------------------------------------------
Joint Liquidators Joseph Kin Ching Lo and Dermot Agnew will be
receiving proofs of debt from creditors of Hanil Hong Kong Ltd
until July 12, 2006.

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

Contact: Joseph Kin Ching Lo
         32/F., One Pacific Place
         88 Queensway
         Hong Kong


HIGHWELL DEVELOPMENT: Court to Hear Wind-up Petition on July 12
---------------------------------------------------------------
The Motor Transport Company of Guangdong and Hong Kong Ltd on
May 9, 2006, filed before the High Court of Hong Kong a petition
to wind up Highwell Development Ltd.

The Court will hear the petition on July 12, 2006, at 9:30 in
the morning.

Contact: Gallant Y.T. Ho & Co
         Solicitors for the Petitioner
         5th Floor Jardine House  
         No. 1 Connaught Place
         Central, Hong Kong


HOI SING CONSTRUCTION: Court Orders Appointment of Liquidator
-------------------------------------------------------------
The High Court of Hong Kong on May 9, 2006 ordered the
appointment of Stephen Briscoe as liquidator of Hoi Sing
Construction in place of Alan Rennie.

Mr. Briscoe will act jointly and severally with Liquidator
Nicolas Timothy Cornforth.

Contact: Stephen Briscoe
         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


HTL GARMENTS COMPANY: Wind-up Petition Hearing Set on Aug 23
------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind-up the
business of HTL Garments Ltd on August 23, 2006, at 9:30 in the
morning.

South China Garments Company Ltd filed the petition before the
Court on June 5, 2006.

Contact: S.K. Wong & Co
         Solicitors for the Petitioner
         Rooms 2001-4, 20th Floor
         Hang Seng Building
         No. 77 Des Voeux Road Central
         Hong Kong


JUN CHENG GROUP: Appoints Joint and Several Liquidators
-------------------------------------------------------
Bruno Arboit and Simon Richard Blade were on May 29, 2006,
appointed as liquidators to act jointly and severally for Jun
Cheng Group Company Ltd.

Contact: Bruno Arboit
         12/F China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


TCL MULTIMEDIA: To Sell Non-Core Assets for HKD337 Million
----------------------------------------------------------
TCL Multimedia Technology is selling its personal computer
business and other non-TV related assets to its parent firm TCL
Corporation for HKD377 million, The Standard reports.

The proposed disposal is part of the Company's strategy to focus
on its troubled television business, which made up more than 87%
of its revenue last year, the Standard says.  The plan will also
see the Company divesting most of its non-TV and non-audio
visual businesses.

Apart from the PC business, TCL Multimedia will also sell a 65%
stake in TCL Tower -- a Shenzhen office building -- and its
educational software unit to TCL Corp, the Standard relates.

TCL Corp owns 38.8% interest in TCL Multimedia, whose PC
business reported a decline in operating profit to
HKD22.6- million last year.  Still, the PC business fared well
when compared to TCL Multimedia's core TV business, which made
an operating loss of HKD236.6 million in the same period.

According to the Standard, TCL Multimedia acquired its TV
business from France's Thomson SA in 2004.  However, the
Company's TV business was adversely affected by problems at
former Thomson operations in Europe and the United States.

But TCL Multimedia is optimistic that its TV business in the
U.S. should be profitable this year, though it did not make the
same forecast for its European operations, The Standard adds.

Despite the positive forecasts, the Company's difficulties are
expected to worsen this year as it reported its net loss widened
to HKD139 million in the first quarter, compared to HKD48
million in the same period last year.
                          *     *     *

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/-- is  
formerly known as TCL International Holdings Limited.  The
Group's principal activities are designing, manufacturing and
selling electronic products like colored TV, DVD players, VCD
players, home cinema hi-fi systems, mobile handsets, internet
related information technology products, refrigerators and
washing machines.  Its other activity includes trading
electronic parts and components used in the production of color
television sets.

The Troubled Company Reporter - Asia Pacific reported on January
9, 2006, that China's TCL Multimedia Technology Holdings Ltd.
expects its money-losing North American and European operations
to break even this year, a half year behind previous targets,
citing TCL Multimedia Chairman Li Dongsheng.  The North American
and European operations, which operate under the RCA and Thomson
brands, respectively, posted losses of about HK$30 million in
2005.


TECH SOURCE: Releases Joint Liquidators
---------------------------------------
Tech Source Technology Ltd released Joint and Several
Liquidators Lo Yip Tong and Lau Kwai Fun on April 11, 2006.


UNIVERSAL DOCKYARD: Creditors Meeting Set June 30
-------------------------------------------------
Creditors of Universal Dockyard Ltd will convene on June 30,
2006, at 3:00 in the afternoon to discuss about the Company's
wind-up.

The meeting will be held at The Boardroom, Baker Tilly Hong
Kong, 12th Floor China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road Central Hong Kong.


WEALTHY DEVELOPMENT: Court to Hear Winding-up Bid on August 2
-------------------------------------------------------------
A petition to wind up Wealthy Development will be heard before
the High Court of Hong Kong on August 2, 2006.

Grand Marseille Enterprises Ltd filed the petition with the
Court on June 6, 2006.

Parties wishing to attend the hearing are required to file an
appearance not later than August 1, 2006.

Contact: Ford, Kwan & Company
         Solicitors for the Petitioner
         Suites 1505-1508, 15th Floor
         Chinachem Golden Plaza
         No. 77 Mody Road, Tsimshatsui East
         Kowloon, Hong Kong
         Telephone: 2366 0688
         Facsimile: 2722 0736


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

DUNLOP INDIA: 1,400 Workers Get First Installment for Bach Wages
----------------------------------------------------------------
Dunlop India Limited's new promoter, Pawan Ruia, has finally
granted around 1,400 Sahagunj plant workers INR5,000 each as
initial payment for back wages, Kolkota Newsline reports.  The
remaining 3,000 employees will get their share in the next few
days.

The payment was made on June 20, 2006, five days after Mr. Ruia
vowed before chief minister Buddhadeb Bhattacharjee to settle
the dispute between the Dunlop's management and workers by
paying off wage arrears within a year of reopening the factory
in April this year.

The initial installment was paid to workers for the periods
November 1997-February 1998 and January-August 2001 when the
Company was owned by the Manu Chhabria group, Kolkota Newsline
relates.  While 2,800 workers are in the rolls now, back wages
would be paid to 4,400 workers who were on the rolls between
1997 and 2001.

Each worker would get a total of INR30,000, with INR25,000 to be
paid out over the next six months, the report says.

As reported by the Troubled Company Reporter - Asia Pacific, the
dispute between Dunlop India's new management and its workers
has delayed commercial production at the Company.  The clash was
over payment of arrears to workers of the Sahagunj facility,
which was closed in August 2001 and reopened in April this year.

                       About Dunlop India

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


HINDUSTAN PETROLEUM: Bags ISO Certification for Vizag Refinery
--------------------------------------------------------------
Hindustan Petroleum Corporation Limited's Vizag facility has
obtained the ISO 14001-2004 certification from SGS - U.K., with
United Kingdom Accreditation Services, Business Line reports.

In a press release on Saturday, Hindustan Petroleum disclosed
that the audit was conducted by SGS and Environmental Management
System.

The certificate is valid till May 2009, Business Line says.

              About Hindustan Petroleum Corporation

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of  
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


HINDUSTAN PETROLEUM: To Vend Catalytic Converters in 10 Outlets
---------------------------------------------------------------
Ten Hindustan Petroleum Corporation Limited petrol bunks in
Chennai will soon sell the patented electronic catalytic
converters made by the city-based Hydrodrive Systems and
Controls Private Limited, Domain News reports.

Priced at INR6,600 per unit, a catalytic converter buyer at the
specified Hindustan Petroleum bunks also gets INR200 worth Power
brand petrol or Turbojet diesel free, The Domain says.

Outwardly a simple cylindrical product with two wires dangling
to be connected to the battery and a small nozzle for fitting it
to the fuel line, Hydrodrive is an automobile emission
controller as well as fuel economizer that works by microwave
heating of the fuel (petrol, diesel), thereby altering the
fuel's molecular structure for optimum burning.  By retrofiting
the Hydrodrive electronic catalytic converters each vehicle user
traveling an average distance of 50 km per day would be able to
offset the recent fuel price hike of INR4 per litre for the
petrol and INR1.55 to INR2.00 on diesel, the Domain adds.

Hindustan Petroleum expects that the sale of the Hydrodrive
electronic catalytic converters will help boost its sales to
offset daily losses it incurs through the sale of fuel products
at government-mandated prices.

              About Hindustan Petroleum Corporation

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of  
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


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

* Indonesia to Repay 50% of IMF Debt In Advance on June 30
----------------------------------------------------------
Indonesia said that it would repay US$3.7 billion, or 50% of its
total debt, to the International Monetary Fund on June 30, 2006,
Antara News says.

In its original repayment schedule, Indonesia's final repayment
was slated in December 2010 on a credit line worth
US$11.1 billion extended in August 1998, after the Asian
financial crisis, and was later extended in February 2000 on an
extended fund facility.

Antara relates that after its advance repayment, Indonesia would
owe IMF US$3.7 billion.  

State central bank governor Burhanuddin Abdullah said that
Indonesia hopes to repay all its outstanding debt to the IMF by
December this year.


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

KOBE STEEL: Six Key Officials Face Raps for False Reporting
-----------------------------------------------------------
Kobe Steel Limited, on June 22, 2006, punished six of its key
executives who were involved in the falsification of smog data
released by one of the Company's plants over a period of 30
years, Crisscross News reports.

The Company will impose pay cuts for three months on Chairman
Koshi Mizukoshi, President Yasuo Inubushi and two other
officials.  Mr. Mizukoshi and Mr. Inubushi also said they will
waive half of their monthly stipend for the three-month period,
while the two unnamed officials were demoted, according to the
Company.

The Japan Times writes that in an internal investigation, Kobe
Steel discovered that factory workers at the Company's steel
mill in Kakogawa, Hyogo Prefecture, which has been operating
since 1970, falsified the funnel fumes data in its reports after
a fifth boiler that started operations in 1977 released soot and
smoke higher than the acceptable level set by Japan's anti-
pollution law.  When a sixth boiler was introduced into the
plant in 1990, workers again faked reports for two years,
according to the internal report.

The manager-in-charge overlooked the misconduct, believing that
there was no other choice but to allow it, the Japan Times
relates.  None of Kobe Steel's senior managers admitted knowing
about the cover-up.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,  
Limited -- http://www.kobelco.co.jp/english/corp/index.html--  
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  The Company
also has high-tech businesses in electronics and information
systems.  Kobe Steel has numerous consolidated and equity-valued
companies in Japan, the Americas, Asia and Europe.  KOBELCO is
the corporate mark used by Kobe Steel on a variety of products
and in the names of a number of group companies.
  
On May 31, 2006, Fitch Ratings Agency upgraded the Company's
long-term foreign and local currency Issuer Default Ratings to
'BB+' from 'BB', on the continued improvement of its credit
metrics, with total adjusted debt/operating EBITDAR having
improved to 2.6x at FYE06 from 9.3x at FYE02.   


MITSUBISHI MOTORS: Prioritizes Restructuring Above All Else
-----------------------------------------------------------
Mitsubishi Motors Corp. said that it will focus on implementing
its restructuring plans to be able to generate profits before it
could start to pay dividends to shareholders, The Wall Street
Journal reports.

In Mitsubishi Motors' annual stockholders' meeting, shareholders
asked President Osamu Masuko when they would be able to pay
dividends.  The Company said it would try to return to
profitability first, before doling out dividends.

Mitsubishi Motors has not distributed dividends to shareholders
since FY97 ended March 31, 1998.

Mitsubishi Motors underwent restructuring after its largest
shareholder DaimlerChrysler AG opted to pull out of the Company,
as well as a drop in its local sales when defective products
were discovered.

According to an April 28, 2006 report by the Troubled Company
Reporter - Asia Pacific, Mitsubishi Motors reported an 81% drop
in its net loss for the fiscal year 2005 ended March 31, 2006,
to JPY92.2 billion, from a JPY474.8-billion loss the previous
year.  The report states that the loss was attributed to special
restructuring costs, including a re-evaluation of its property.  

Mitsubishi Motors aims to gain profit worth JPY8 billion for
fiscal year 2006 ending March 31, 2007, the second year of its
three-year restructuring.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The Company also operates consumer-financing services and
provides this to its customer base.  Mitsubishi's problems stem,
in part, from the scandal surrounding years of systematically
covering up auto defects and ill-advised auto lending policies
in the United States.

Mitsubishi Motors appeared to be turning around for a few years
under an alliance with DaimlerChrysler AG, but the German
automaker withdrew additional financing in 2004.  Since then,
Mitsubishi Motors has received massive cash infusions from the
Mitsubishi group of companies, including a bank, machinery maker
and trading company, to support revival efforts.

Mitsubishi adopted the "Mitsubishi Motors Revitalization Plan"
on January 28, 2005, as its three-year business plan covering
fiscal 2005 through 2007, after DaimlerChrysler backed out from
the Company.  The main objectives of the plan are
"Regaining Trust" and "Business Revitalization."


SANYO ELECTRIC: Shareholders Approve Restructuring Plan
-------------------------------------------------------
Shareholders of Sanyo Electric Co. accepted the Company's
proposal to reduce its debts and upheld the reappointment of
President Toshimasa Iue and Chairwoman Tomoyo Nonaka at a
meeting held on June 23, 2006, the Japan Times reveals.

Mr. Iue apologized to shareholders at the meeting, saying that
the Company's efforts to hasten reforms led to a net loss, Japan
Times adds.

According to a Troubled Company Reporter - Asia Pacific report
on May 22, 2006, the Company posted a JPY205.66-billion
consolidated net loss for the business year 2005 ended March 31,
2006, against a JPY171.54-billion loss in 2004.

According to Japan Times, shareholders also criticized the
Company's management, asking if it would be better if another
firm managed Sanyo.

Mr. Iue, who became president of Sanyo last year together with
Chairwoman Nonaka, will be judged according to his success in
turning the Company around to post a profit this year.

                          *     *     *

Incorporated in Japan in 1947, Sanyo Electric Company, Limited
-- http://www.global-sanyo.com/-- manufactures a broad range of  
electronic products grouped into six categories: video
equipment, audio equipment, home appliances, industrial and
commercial equipment, information systems and electronic
devices, and batteries and other products.

The Troubled Company Reporter - Asia Pacific stated on Feb. 27,
2006, that Sanyo Electric shareholders approved a JPY300-billion
bailout plan that will give banks management control of the
Company to help it recover its losses.

In its business restructuring plan, Sanyo planned to downsize
its global workforce of 96,000 by 15% to 14, 400 over a three-
year period, and to concentrate on developing environment-
friendly products and technologies and sell 20% of a 2-million
square meter property occupied by its factories in Japan.  The
Company states that it had completed its downsizing last March
2006, two years ahead of schedule.

The TCR-AP reported on Mar. 22, 2006, that Standard & Poor's
Ratings Services said that its 'BB' long-term corporate credit
and 'BB+' long-term senior unsecured debt ratings on Sanyo
Electric remain on CreditWatch with negative implications, after
the Company disclosed its plan to form a joint venture with
Taiwan's Quanta Computer, Inc., in the flat panel TV business.  
Sanyo's ratings were first placed on CreditWatch with negative
implications on Sept. 28, 2005, and remain on CreditWatch after
ratings went down twice in November 2005.

According to S&P, Sanyo's TV business suffered from poor
performance due to its inefficient production and marketing
system, as well as weak brand recognition.  Although the details
for the joint venture company have yet to be announced, S&P
believes that the path to stable earnings in Sanyo's TV business
remains uncertain.  While the joint venture focuses solely on
the flat panel business, the Company needs to make drastic
improvements to its production and marketing system, including
its core cathode-ray tube TV business, in order to turn around
the overall TV business.


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

DAEWOO ENGINEERING: Names Kumho-Asiana as Preferred Bidder
----------------------------------------------------------
The Kumho-Asiana Group was named on June 22, 2006, as the
preferred bidder for the takeover of Daewoo Engineering &
Construction Co., Bloomberg News reports.

The Kumho Group, led by Kumho Industrial Co., outbid four rivals
-- Doosan Group, Eugene Group, Prime Group, and Samwhan Group --
for the control of Daewoo Engineering with a reported
KRW6.6-trillion offer.

The Chosun Ilbo reported on June 15, 2006, that Kumho-Asiana's
KRW6.6-trillion offer was for a 72.1% stake in Daewoo
Engineering.

According to The Korea Herald, Prime Group -- composed of
property developer Prime Industrial Co.; Daewoo Engineering's
labor union, National Agricultural Cooperative Federation and
Woori Bank -- was chosen as the second-preferred bidder.

The Herald relates that state-run restructuring agency Korea
Asset Management Corp., which holds a 44.4% stake in Daewoo
Engineering, announced the results after a review by the Public
Funds Oversight Committee of the Finance Ministry.
The PFOC supervises the sales of state assets.

Bloomberg says that the PFOC approved KAMCO's selection of
Kumho-Asiana at a meeting last Thursday.

Bloomberg notes that the takeover will add KRW5.9 trillion of
assets to Kumho-Asiana, raising it to South Korea's 13th-largest
industrial group from 18th.  Kumho-Asiana's operations include
airline service, land transportation, tires, chemicals,
construction and insurance.

The Herald says that with Daewoo Engineering and its existing
construction affiliate, Kumho Industrial Co., Kumho-Asiana is
expected to emerge as the strongest construction group in Korea.

Bloomberg notes that Asiana's takeover of Daewoo Engineering,
which is Korea's largest builder by market value, represents a
bet that the nation's KRW100-trillion construction industry will
continue to recover from a slowdown caused by the 1997 financial
crisis.  Daewoo Engineering, whose profit rose 65% last year,
controls 8% of the industry.

Kumho-Asiana will start exclusive talks with creditors to buy
their 72% stake in Daewoo Engineering, KAMCO said.

                    About Daewoo Engineering

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 was formed in 2000 by creditors after Daewoo
Group, then South Korea's second-largest industrial consortium,
collapsed under about KRW85 trillion in debt.

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.

The contractor turned around its finances and outlook, posting
KRW409.8 billion in net income in 2005, and has a backlog of
KRW18.47 trillion worth of orders from regions including Africa,
the Middle East and South Korea.  The company's market value
rose 70% in 2005 to KRW4.5 trillion.  Operating profit was
KRW432.1 billion in 2005, equal to 8.5% of revenue.  Debt
accounted for 130% of shareholder equity as of Dec. 31, 2005.


HYUNDAI ENGINEERING: To Exit Debt Workout Program
-------------------------------------------------
Creditors of Hyundai Engineering & Construction Co. relinquished
direct control of Korea's top builder in May 2006, more than
five years after it lapsed into a liquidity crisis, JoongAng
Daily reports.

Korea Exchange Bank, Hyundai Engineering's main creditor, said
that Hyundai Engineering had completed a debt workout program
imposed in October 2001, when it was teetering under huge debts.

The move was in line with creditors' decision in April 2006,
based on Hyundai Engineering's improving performance, to
terminate their supervision of the builder, JoongAng notes.

A company disclosure posted on the Korean Stock Exchange site
stated that when Hyundai Engineering entered the restructuring
program at the end of 2000, it had a negative capital of
KRW857.2 billion and debts exceeding KRW4.48 trillion.  However,
it has emerged as a financially sound construction company in
five years with its capital reaching KRW1.32 trillion.  Its net
income and loans are currently estimated at KRW326.5 billion and
KRW1.73 trillion, respectively.

              Hyundai Engineering's Restructuring

The KSE disclosure outlined the Company's restructuring efforts:

   * The company's creditors converted a KRW1.4-trillion debt
     into equity and issued new shares to increase capital by
     KRW1.5 trillion.  As a result, Hyundai Engineering was able
     to eliminate its financial and liquidity problems and focus
     on its operations.

   * The Company recognized its external growth-oriented
     management as one of the factors that caused its insolvency
     and established a new order review board to reform its
     business practices.  It only carried out projects that
     guaranteed profitability and satisfactory cash flow.  As a
     result, the Company was able to improve its profitability.

   * The Company had to give up 30% of orders received because
     of the review board's decisions.

   * The Company reduced costs by introducing a bidding method
     that triggered perfect competition.

   * Hyundai Engineering also eliminated insolvencies and
     secured a long-term growth engine.

   * Furthermore, the number of its employees has fallen to
     3,504 from 7,090 in the beginning of 2001.  The
     remaining employees had put up with reduced wages and
     benefits.

                Bright Outlook, Great New Start

The Troubled Company Reporter - Asia Pacific reported on
April 3, 2006, that Hyundai Engineering Vice-President Lee Jong-
soo assumed the position of chief executive officer, replacing
Lee Ji-song, who quit due to health reasons.

According to the TCR-AP, Hyundai Engineering creditors -- led by
Korea Exchange Bank with a 25.2% stake, Korea Development Bank
with 22.7% and Woori Bank with 21.6% -- were also reportedly
looking to sell their stake in the builder, estimated to be
worth more than KRW3 trillion in aggregate.

Hyundai Engineering posted a record profit of KRW323.8 billion
in 2005, a sharp turnaround from a net loss of KRW3 trillion in
2001, JoongAng Daily adds.  The company was capitalized at
KRW1.3 trillion as of the end of last year, compared to a
negative net worth of KRW857.2 billion at the end of 2000.

Hyundai Engineering's market capitalization came to
KRW5.5 trillion as of May 2006, more than 15 times the
KRW352.5 billion in March 2001.

The Company's debt fell to KRW1.7 trillion from KRW4.5 trillion
six years ago.

                    About Hyundai Engineering  

Headquartered in Seoul, South Korea, Hyundai Engineering &  
Construction Company Limited's -- http://www.hdec.co.kr/-- is  
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

The Troubled Company Reporter - Asia Pacific reported on
December 17, 2003, that the creditor banks of Hyundai
Engineering agreed to roll over its debts, which amount to
KRW6 trillion, starting 2004.  The debt extension is valid until
2006 and applies to KRW1.72 trillion in loans that come due
beginning 2004 and about KRW4 trillion in loan guarantees
related to construction activities.

The TCR-AP reported that Hyundai Engineering ran into a
liquidity problem in 2000 after extending massive subsidies to
prop up its weak subsidiaries and loss-making businesses.  Huge
outstanding debts in Iraq further strained the contractor's
finances.


KOREA EXCHANGE: BAI Finds Lone Star Sale Had Bureau Approval
------------------------------------------------------------
The Board of Audit and Inspection concluded that Lone Star
Funds' acquisition of Korea Exchange Bank was led by management
with the approval of the financial supervisory bureau, The
Dong-A Ilbo reports.

According to the BAI's final inspection results, KEB exaggerated
its insolvency and falsely recorded the Bank for International
Settlements' capital adequacy ratio at 6.16%.   

BAI's first deputy secretary general, Ha Bok-dong, said that
"the bank supervisory bureau did not do its part and did not
examine more closely and bended related rules to pave the way
for the KEB sale to Lone Star, whose qualification was
questioned according to regulations on bank."

However, Mr. Ha explained, the approval cannot be called off as
the BAI could not find any evidence that Lone Star was involved
in the process.

According to the report, the KEB management asked Samil
PricewaterhouseCoopers to turn in its results of a property
credit inspection based on an overestimate of the KEB's
insolvency in 2003.  Thus, KEB's stock price was fixed at
minimum KRW1,718, lower than that when general accounting
standards were applied.

The BAI is going to hand over to the prosecutors' office its
report of inspection results, which includes the charge of
malfeasance in office and abuse of authority against:

   * Lee Kang-won, former president of KEB;

   * Lee Dal-yong, former vice president of KEB;

   * Cheon Yong-jun, former chief deputy of business strategy of
     KEB; and

   * Byeon Yang-ho, former deputy director general for financial
     policy of Ministry of Finance and Economy.

The Troubled Company Reporter - Asia Pacific reported on
April 12, 2006, that Lee Kang-won has admitted to the BAI that
there was a mistake in calculating the Bank's capital adequacy
ratio before it was sold to Lone Star.  The state inspection
agency had cited Mr. Lee as admitting that the BIS' capital
adequacy ratio of KEB was lowered to 6.16%, which is below the
minimum requirement of 8% for a sound bank.  However, Mr. Lee
denied that the financial data was fabricated.

The BAI had sought to check whether the data was manipulated for
the benefit of Lone Star.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.  

Dong-A recounts that the Supreme Public Prosecutors' Office
began its investigation of the KEB scandal on June 19, 2006.
Prosecutors will investigate whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--   
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.

As reported by the Troubled Company Reporter - Asia Pacific,
South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.

The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.


KOREA EXCHANGE: FSC Defends Role in Lone Star Deal
--------------------------------------------------
Korea's Financial Supervisory Commission and the Finance
Ministry defended their involvement in the fraught sale of Korea
Exchange Bank to United States-based Lone Star Funds, the Chosun
Ilbo reports.

This after the Board of Audit and Inspection determined that KWB
was sold to an unqualified buyer at below market price.

The FSC denied that there were flaws in its approval of the
sale, including the assessment of KEB's capital adequacy ratio,
which the Board of Audit and Inspection claimed was manipulated,
Chosun Ilbo relates.  The Commission added that it was
"inevitable at the time" to authorize the deal.

The Finance Ministry, on the other hand, said that if KEB had
failed to boost its capital at the time, the bank and its credit
card unit would have faced bankruptcy.

The Troubled Company Reporter - Asia Pacific reported on
April 12, 2006, that KEB's former president, Lee Kang-won,
admitted to the BAI that there was a mistake in calculating the
Bank's capital adequacy ratio before it was sold to Lone Star.  
Mr. Lee admitted that the Bank for International Settlements'
capital adequacy ratio of KEB was below the minimum requirement
for a sound bank.

The BIS ratio is a critical measurement of the viability of
banks.  Banks are regarded as healthy when the ratio is over 8%.
At the time of its sale to Lone Star, KEB's BIS ratio was
evaluated at 6.16%.

However, Mr. Lee denied that the financial data was fabricated.

                          *     *     *

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.

South Korean politicians -- led by the main opposition Grand
National Party -- alleged that the KEB shares were sold cheap to
United States-based Lone Star Funds after the Bank's financial
status was incorrectly reported.  Korea Exchange denied the
allegations in March 2006.

The Board of Audit and Inspection and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.

On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%.

The Supreme Public Prosecutors' Office began its own
investigation of the KEB scandal on June 19, 2006.  Prosecutors
will investigate whether there were any transgressions of law in
the process of selling KEB and whether bribes were given to
officials.  If prosecutors will find solid evidence that the
data was cooked up, it might lead to the nullification of the
KEB sale to Lone Star and the arrest of regulators, policymakers
and former KEB executives.


KOREA EXCHANGE: Prosecutors to Summon Former Company President
--------------------------------------------------------------
Korea Exchange Bank's former president, Lee Kang-won, and other
key figures allegedly involved in a scandal surrounding the 2003
KEB sale to American private equity fund, Lone Star, are to be
summoned by prosecutors, The Korean Times reports.

As reported in the Troubled Company Reporter - Asia Pacific on
June 23, 2006, Korea's Supreme Public Prosecutor's Office began
its investigation on the alleged irregularities in the sale of
KEB to Lone Star Funds and indicated that the probe may include
summoning key figures in the deal.

An earlier report by the TCR-AP stated that KEB's former
president admitted to the Board of Audit and Inspection that
there was a mistake in calculating the bank's capital adequacy
ratio before it was sold to Lone Star.  Mr. Lee admitted that
the Bank for International Settlements' capital adequacy ratio
of KEB was below the minimum requirement for a sound bank.
  
The BIS ratio is a critical measurement of the viability of
banks.  Banks are regarded as healthy when the ratio is over 8%.
At the time of its sale to Lone Star, KEB's BIS ratio was
evaluated at 6.16%.

However, Mr. Lee denied that the financial data was fabricated.

The BAI have uncovered circumstantial evidence implicating
Mr. Lee as well as Bogo Fund chief executive officer and former
director-general of the Finance Ministry's Financial Policy
Bureau Byeon Yang-ho; and Deputy Finance Minister Kim Seok-dong.  
They and other former and current officials in the Finance
Ministry will be questioned about the allegations that KEB's BIS
capital adequacy ratio was manipulated to justify the
Lone Stare sale and other charges.

                  Other Figures to be Summoned

The Korean Times says that prosecutors will also summon Mr. Kim,
who was director-general of the Financial Supervisory Service's
supervisory policy bureau at the time of Lone Star's KEB
purchase.  They will also call on former KEB vice-president Lee
Dal-yong and former Deputy Prime Minister Lee Hun-jai to answer
questions relating to allegations that they were involved in
manipulating the records to make KEB's financial status look
worse than it really was, allowing Lone Star to take over the
bank at a discounted price in exchange for kickbacks.

Chae Dong-wook, a senior prosecutor at the Supreme Prosecutors'
Office, said that investigators are now looking into the bank
account transactions of Mr. Lee, as well as those of other
unnamed former and incumbent economic policymakers.

Last week, the prosecutors issued an overseas travel ban on Mr.
Lee and three others, including Mr. Lee Kang-won.

According to the report, prosecutors are seeking answers
regarding how Mr. Lee increased his wealth from KRW2.5 billion
in August 2000 to KRW8.6 billion in February 2004, when he
served as an advisor to local law firm Kim & Chang, who offered
legal counsel to Lone Star at the time of the KEB takeover.

Mr. Lee, who stepped down as Korea's top economic policymaker in
March last year over suspicion of real estate speculation, had
previously explained that the rise in his wealth was mainly due
to KRW4.6 billion in capital gains from selling land in Kwangju,
in Kyonggi Province, in late 2003.

Prosecutors are also trying to confirm allegations that
government officials pressured KEB executives to inflate the
Company's bad loans to lower its BIS capital adequacy ratio.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.

South Korean politicians -- led by the main opposition Grand
National Party -- alleged that the KEB shares were sold cheap to
United States-based Lone Star Funds after the Bank's financial
status was incorrectly reported.  Korea Exchange denied the
allegations in March 2006.

The Board of Audit and Inspection and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.

On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%.

The Supreme Public Prosecutors' Office began its own
investigation of the KEB scandal on June 19, 2006.  Prosecutors
will investigate whether there were any transgressions of law in
the process of selling KEB and whether bribes were given to
officials.  If prosecutors will find solid evidence that the
data was cooked up, it might lead to the nullification of the
KEB sale to Lone Star and the arrest of regulators, policymakers
and former KEB executives.


SANG LIM LEATHER: Cuts 1st Quarter Net Loss by Almost 50%
---------------------------------------------------------
Sang Lim Leather Co., Ltd. posted a KRW857.65-million net loss
for the first quarter of 2006, a 47.96% decrease from the
KRW1.65-billion net loss it reported in the quarter ended
March 31, 2005.

This comes as sales for this year's first quarter rose 43.61% to
KRW7.80 billion, from KRW5.43 billion in the first quarter of
2005.

Sang Lim recorded a full-year net loss of KRW6.497 billion in
2005, from a full-year profit of KRW270.22 million in 2004.

Sang Lim Leather co., Ltd. -- http://www.sanglimleather.com/--  
manufactures grain leather materials used in the production of
furniture, car seats, apparel, and shoes.  The Company also
produces leather apparel.  It exports its products mainly to
other Asian countries.

In April 2005, Korea Investors Service rated Sang Lim's
unsecured bond at B+ since Korean leather manufacturers have
lost competitiveness against imports from China and East Asia
and the Company is exposed to unfavorable business environment
such as increase in the price of rawhide and fluctuations in
global economy and exchange rate.

The KIS report also noted that Sang Lim lacks operating cash
flow generation ability due to decline in profitability and
increase in working capital requirement.  Moreover, the Company
lacks financial flexibility due to an excessive amount of debts
that is excessive compared with the scale of its business.


SHINHAN BANK: CEO Criticizes Post-Merger Operation Results
----------------------------------------------------------
Shinhan Bank President Shin Sang-hoon is taking action to carry
out organizational reforms, Maeil Business reports.

According to the report, Mr. Shin has criticized a slump in the
bank's business and idleness that spread among employees since
the introduction of an "integrated" Shinhan after its merger
with Chohung Bank.

Mr. Shin had said that integration work are well underway, but
the major index showing the bank's business operation has turned
out to be below expectations.

"The aforesaid result cannot be solely attributed to fierce
competition in the market.  Such a difference in productivity
between business offices cannot be excused in the circumstances
that the same number of personnel and the same amount of support
are equally provided to all offices," Mr. Shin contended.

Mr. Shin also asserted that there are some employees who indulge
themselves in an outdated mind-set, even after the newly
organized bank was launched.  He pointed out that this behavior
is detrimental to the organization's unification and will not be
tolerated.

Headquartered in Taepyeong-no, Seoul, Shinhan Bank --
http://www.shinhan.com-- was established in 1982 with capital  
from Korean residents in Japan.  It is Korea's fourth largest
bank by assets -- second largest after merging with Chohung Bank
-- holding a 9% share of deposits and 11% of loans.  The bank
has developed a strong franchise in the consumer as well as
small and medium-sized enterprise segments.  In September 2001,
it formed a holding company, SFG, under which it and five other
affiliates became stable companies.  Since then, the Shinhan
Financial Group has expanded its organizational structure to
include 11 subsidiaries and is now Korea's second largest
financial group.

Its merger with Chohung Bank was finalized in April 2006.

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2006, that Moody's Investors Service has raised
Shinhan Bank's bank financial strength rating to D+ from D.  The
revised rating carries a stable outlook.  The higher BFSR
reflects the bank's sustained financial fundamentals upon its
merger with affiliate Chohung Bank.

Despite Moody's initial concerns, Chohung Bank's credit-
worthiness under its parent, Shinhan Financial Group, has
improved substantially.  Therefore, the absorption of Chohung
Bank into Shinhan Bank will not dilute the financial health of
the combined bank as greatly anticipated at the time of the
acquisition.  Nonetheless, the financial fundamentals place
Shinhan Bank at the low end of the rating band.  


SILVERSTAR CORP: Reports KRW612-Mil Net Income for 1st Quarter
--------------------------------------------------------------
Silverstar Corp. posted a KRW612.09-million net income for the
three months ended March 31, 2006.

The result is 2,659.71% better than the previous corresponding
period's net income of KRW22.18 million.  Silverstar also posted
a 14.01% increase in sales from KRW8.19 billion in the first
quarter of 2005 to KRW9.34 billion in the first quarter of 2006.

Silverstar recorded a full-year net loss of KRW2.29 billion in
2005.

Silver Star Corp. -- http://www.silverstar2000.com/-- processes  
micro fibers and manufactures cleaning and bath products.  The
Company's products include towels, cleaning cloths for floor,
optical lenses, and electronic devices and semiconductor wipers.

In September 2004 - Korea Investors Service rated Silverstar
Corporation's unsecured convertible bond at B+.  KIS noted that
Silverstar lacks brand recognition and marketing capability, as
export through OEM or ODM contracts accounts for a large portion
of its businesses.

Sales of bath products decreased due to the depressed domestic
economy, and the Company registered operating loss in 2004.  
The company needed external financing in recent years due to
increased working capital requirement resulting from revenue
growth and investment in an office building in Kurodong.  The
amount of Silverstar's debts is a little excessive for the size
of its operation and cash flows.  And due to lack of
unencumbered assets, the company lacks access to alternative
sources of capital.


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

FCW HOLDINGS: SPA Inked by Unit Contributes to Group's Earnings
---------------------------------------------------------------
FCW Holdings Berhad's wholly owned subsidiary -- FCW Industries
Sdn Bhd -- entered into a conditional sale and purchase
agreement on June 22, 2006, to dispose of two pieces of
leasehold land together with office building and warehouse in
the Town of Petaling Jaya, District of Petaling, Selangor Darul
Ehsan, to Scenicmart (M) Sdn Bhd for a total cash consideration
of MYR6.2 million.

FCW Industries' original investment in the Property, which was
purchase in April 1994, was MYR4.758 million.

The disposal consideration of MYR6.2 million was determined on a
willing buyer-willing seller basis after taking into
consideration the MYR5.5-million market value of the Property,
based on the valuation on July 18, 2005, by Messrs. Rahim & Co
Chartered Surveyors Sdn Bhd -- an independent firm of
professional valuers.  The disposal consideration represents
premium of MYR700,000 or approximately 12.7% over the market
value of the Property as determined by the Valuer.

Meanwhile, an initial payment of MYR620,000 was received upon
execution of the SPA whilst the balance of MYR5,580,000 is
receivable within four months from the date of execution of the
SPA with an option for extension for one month at an interest
rate of 8% per annum calculated on a pro-rate basis on the
Balance Purchase Price.  The disposal will be deemed completed
upon full settlement of the Balance Purchase.

The Proposed Disposal is in line with FCW Group's exercise to
streamline and rationalize its operations.  With the current
operations and staff levels, the existing premise is too big and
attracts high maintenance and operating costs.  The Proposed
Disposal will enable the Group to realize costs savings from
operating out of a smaller premise that is currently being
looked into.

The proceeds from the Disposal will be used as working capital.

The Proposed Disposal is not expected to have a material effect
on the consolidated earnings of FCW Group for financial year
ending June 30, 2006.  However, ensuing from the Proposed
Disposal, the anticipated cost savings are expected to
contribute positively to FCW Group's future earnings.  Based on
the net book value of MYR3,935,846 of the land and building as
of December 31, 2005, the expected gain on disposal will be
MYR2,264,154 excluding all potential stamp duty, legal fees and
other incidental costs incurred.

                    About FCW Holdings Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.  
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.  

FCW Holdings was, on May 5, 2006, classified under Bursa
Malaysia Securities Berhad's Practice Note 17 category since its
shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the Company
is required to submit a plan to regularize its financial
condition.  Bursa Malaysia Securities may suspend or delist
FCW's shares should the Company fail to formulate a
regularization plan.


KRAMAT TIN: To Consider Scheme of Arrangement at Meeting
--------------------------------------------------------
A Court-Convened Meeting will be held at the conference Room,
5th Floor, Block B, HP Towers, 12 Jalan Gelenggang, in Damasara
Heights, Kuala Lumpur, on July 25, 2006, at 9:30 a.m. to
consider and, if thought fit, approve a scheme of arrangement
proposal between Kramat Tin Dreding Berhad and its shareholders.

Furthernmore, an Extraoridnary General Meeting of Kramat Tin
Dredging will be held on the same date, at the same venue, at
10.00 a.m. or immediately following the conclusion or
adjournment of the CCM, whichever is later.

                About Kramat Tin Dredging Berhad

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


LANKHORST BERHAD: Triggers Another Practice Note 17 Criteria
------------------------------------------------------------
Lankhorst Berhad has triggered another criteria pursuant to
Practice Note 17 of Bursa Malaysia Securities Berhad's Listing
Requirements.

Based on the unaudited consolidated quarterly results of the
Company for the financial year ended March 31, 2006, the
Company's adjusted shareholders' equity on a consolidated basis
is in deficit by MYR57.922 million.  Thus, the Company has
fallen into the Practice Note 17 category for the second time.

The Troubled Company Reporter - Asia Pacific recounts that on
April 24, 2006, the auditors of Lankhorts Berhad have expressed
a disclaimer opinion in respect on Lankhorst Berhad's going
concern in its Annual Audited Accounts for the financial year
ended December 31, 2004.  As such, Lankhorst was classified as
an affected listed issuer and required to comply with the
provisions of Practice Note 17/2005.

As an affected listed issuer, Lankhorst is required to formulate
and implement a plan to regularize its financial condition
within a timeframe stipulated by Bursa Securities or other
relevant authorities.

In the event Lankhorst fails to comply with all the provisions
of PN 17, Bursa Securities may take any action including but not
limited to delisting proceedings against the Company.

                     About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  It also defaulted
on several loan facilities.  As of December 31, 2005, the
Company's balance sheet showed MYR167,439,000 in total current
assets, MYR171,454,000 in total current liabilities, and
MYR1,781,000 in total stockholders' equity.  The Company has a
deficit of MYR4,015,000.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category.  In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst.  The Company is currently under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act,
1965 and currently formulating a debt and capital restructuring
scheme to improve the Company's financial position to be
announced in due course.


MALAYSIA AIRLINES: To Decide on Buyer and Price of KL Building
--------------------------------------------------------------
The sale of a Kuala Lumpur building owned by Malaysia Airlines
has drawn the attention of several parties, The Business Times
reveals.

In fact, the carrier is now in the final stages of deciding the
actual buyer, as well as the price of the property, The Times
says.  An official announcement will be made soon.

According to Zee News, the sale of the building is part of
Malaysia Airlines' business turnaround plan, which is aimed
initially at boosting cashflow through the disposal of non-core
assets.

In this regard, CB Richard Ellis was chosen to assist Malaysia
Airlines in a major restructure of the carrier's property
portfolio, the Troubled Company Reporter - Asia Pacific
recounts.

Malaysia Airlines' non-core portfolio consists of mixed
residential and office buildings in Australia, China, Hong Kong,
Malaysia, the Philippines, Singapore, Thailand, the United
Kingdom and Holland, totaling a gross floor area of 924,348
square feet in 26 buildings.

Meanwhile, Malaysia Airlines clarified an earlier report by the
Business Times that the government investment arm Khazanah
Nasional Bhd is facilitating in the asset sale plan.  In a press
statement, Malaysia Airlines said that Khazanah Nasional is not
involved in the carrier's non-core assets divestment exercise.

                     About Malaysia Airlines

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

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


MALAYSIA PACKAGING: Posts 31st Annual General Meeting Results
-------------------------------------------------------------
The 31st Annual General Meeting of Malaysia Packaging Industry
Berhad was held on June 23, 2006, at 6 1/2 Mile, Simpang, Salak
South Baru, LOt 3, in Jalan Kuchai Lama, Kuala Lumpur.

During the meeting, the Company's shareholders:

   -- received and adopted the Report of Directors and the
      audited Financial Statements for the Financial Year Ended
      December 31, 2005, and the Report of the Auditors;

   -- approved the payment of directors' fees for the financial
      year ended December 31, 2005;

   -- re-elected as directors

        * Datuk Sulaiman Bin Daud;
        * Shunichi Komatsu;
        * Manabu Watanabe;
        * Ryuichi Ozaki; and
        * Ho Chee Siong.
   
   -- reappointed Ernst & Yound as auditors for the ensuing year
      and authorized the Directors to fix the auditors'
      remuneration;

   -- authorized the Company to renew the Shareholders' Mandate
      for Recurrent Related Party Transactions of a Revenue or
      Trading Nature, which are necessary in the ordinary course
      of business and for the Company's day to day operations.

            About Malaysia Packaging Industry Berhad

Headquartered in Malaysia, Malaysia Packaging Industry Berhad
-- http://www.maypak.com/-- is principally engaged in the  
manufacture of printed and laminated flexible light packaging
materials such as vacuum packing, liquid packaging, sachets,
snack foods, retort pouches, doypacks and capseals.  The Company
has been making net losses since 2003, as it is unable to
increase revenue due to cutthroat competition in the market.  
For the first time since its listing in 1990, the Company was
not able to declare a dividend from 2004 up to the present.

For the first quarter ended March 31, 2006, the Company
registered a pre-tax loss of MYR618,000 for the quarter under
review as compared to a pre-tax loss of MYR2,132,000 in the
immediate preceding quarter.  High loss incurred in the last
quarter was mainly due to provision for doubtful debts.


MENTIGA CORPORATION: Meets Securities Commission's Requirement
--------------------------------------------------------------
Mentiga Corporation Berhad, on June 16, 2006, received documents
of title for plantations on Indonesia.  As such, Mentiga has
complied with the condition imposed by the Securities
Commission, and will not be required to meet further
requirements for approval of a waiver application.

The Securities Commission, on June 16, 2006, approved Mentiga
Corporation's application for a waiver from a condition imposed
by the Commission in relation to the Company's implementation of
its restructuring exercises.

According to the Troubled Company Reporter - Asia Pacific, the
Condition requires Mentiga to obtain a separate document of
title Hak Guna Usaha for the oil palm plantations measuring
approximately 1,947.12 hectares situation in Indonesia for which
documents of the title have yet to be issued.  This Condition is
expected to be met prior to the implementation of the proposed
disposal by Mentiga's subsidiary Selat Bersatu Sdn Bhd of 18,900
ordinary shares of IDR1,000,000 each in PT Rebinmas Jaya to
Delloyd Plantation Sdn Bhd and Taipan Hectes Sdn Bhd for a cash
consideration of MYR61,200,000.

The Waiver the Securities Commission granted to Mentiga was
initially subject to several conditions, which the Company can
now bypass.

                 About Mentiga Corporation Berhad

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.  In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors.  The Company has been suffering losses in
the past years and is currently working to avert a possible
delisting from the Official List of Bursa Malaysia Securities.  
The Group has submitted a revised comprehensive proposal to the
Securities Commission on March 16, 2005, to regularize its
financial condition and to restore the Group's shareholders'
fund from being in a deficit position in order to remove Mentiga
from being classified as a Practice Note 4 company.
As of March 31, 2006, the Company's balance sheet showed poor
liquidity with MYR16,064,000 in total current assets available
to pay MYR142,477,000 in total current liabilities coming due
within the next 12 months.


MERCES HOLDINGS: Provides Solvency Declaration
----------------------------------------------
Merces Holdings Berhad declared that it is solvent and is able
to settle all its debts in full within a 12-month period.

However, the Company disclosed that there is no change in the
status of default payment of interests and principal sum due to
Southern Bank Berhad since the date of its last announcement on
May 23, 2006.

Southern Bank had, on March 11, 2003, filed claims against
Merces Holdings seeking payment of MYR3,684,441 and
MYR5,168,496, being the recalled amounts due pursuant to a
revolving credit of MYR3,500,000 and an overdraft of
MYR5,000,000 granted to Merces on May 10, 2001.

Southern Bank obtained summary judgment on December 3, 2003,
ordering Merces to pay the amounts due to the lender.  Merces,
however, was unable to settle its financial obligation to
Southern Bank because of its strained liquidity.

                  About Merces Holdings Berhad

Merces Holdings Berhad's principal activities are the provision
of property development and building construction works.  The
Company's other activity include investment holding.  Operations
of the Group are predominantly carried out in Malaysia.  Merces
Holdings has defaulted on several loan facilities and had faced
winding-up petitions due to unsettled financial obligations.

As of March 31, 2006, the Company's balance sheet showed
MYR106,755,000 in total assets and MYR81,088,000 in total
liabilities.  The March 31 balance sheet also showed strained
liquidity with MYR79,550,000 in total current assets available
to pay MYR81,088,000 in total current liabilities coming due
within the next 12 months.


METROPLEX BERHAD: Board Endorses Proposed Property Disposal
-----------------------------------------------------------
Metroplex Berhad's board of directors, on June 22, 2006,
approved the proposed disposal by Metroplex Holdings -- a wholly
owned subsidiary of the Company -- of a shopping complex
property.

The Property refers to a shopping complex known as "The Mall"
and an office building together with 1,323 car parking bays
erected on part of the land held under No. Hakmilik 10012, No.
Lot 38, Seksyen 51, Bandar Kuala Lumpur, in Daerah Kuala Lumpur,
Negeri Wilayah Perkekutuan.

The Troubled Company Reporter - Asia Pacific reported that on
June 16, 2006, the Foreign Investment Committee authorized
Lembaga Kumpulan Wand Simpanan Pekerja to acquire the Property
for a total cash consideration of MYR438,330,000.

The Proposed Disposal is now pending approval from the Kuala
Lumpur High Court and Metroplex shareholders.

                   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.


OLYMPIA INDUSTRIES: Wholly Owned Unit Strikes Tenancy Deal
----------------------------------------------------------
Olympia Industries Berhad's wholly owned subsidiary -- KL
Landmark Sdn Bhd -- entered on June 23, 2006, into a Tenancy
Agreement with City Properties Sdn Bhd.

The Agreement is in relation to the tenancy of a retail unit
measuring 6,530 square feet at Lot No. L3-1A, Level 3, situated
within avenue K Project located at HSD 85904, PT 44 Seksyen 43,
Town and District of Kuala Lumpur and State of Wilayah
Persekutuan called "avenue K" for a period of three years
subject to the prevailing market rate or such quantum to be
determined by City Properties.

The tenancy of the premises known as K Residence Sales Office
and Showroom is necessary for KL Landmark to promote and market
the sale of condominium and service apartments units of K
Residence.

The transaction is not subject to the approval of the
shareholders of Olympia Industries.  However, Olympia intends to
include the transaction as one of the recurrent related party
transactions and will obtain a shareholders' mandate for RRPT at
the forthcoming annual general meeting scheduled in end November
2006 or early December 2006.

Olympia's board of directors believes that the Agreement is in
the best interests of the Company and is not to the detriment of
its minority shareholders.

                  About City Properties Sdn Bhd

City Properties Sdn Bhd was incorporated in Malaysia on October
31, 1973.  It has an authorized share capital of MYR300,000,000
comprising 300,000,000 ordinary shares of MYR1.00 each of which
110,000,000 ordinary shares of MYR1.00 each have been fully
issued and paid-up.  City Properties is an investment holding
company principally engaged in property development.  It is the
registered proprietor of avenue K.

                   About KL Landmark Sdn Bhd

KL Landmark was incorporated in Malaysia on July 15, 2003.  It
has an authorized share capital of MYR500,000 divided into
500,000 ordinary shares of MYR1 each of which 250,000 ordinary
shares of MYR1 have been fully issued and paid-up.  KL Landmark
is a property development company and has earlier been granted a
development right by City Properties pursuant to a joint
development agreement to construct twotower blocks known as K
Residence, which is directly above avenue K Project in Jalan
Ampang, Kuala Lumpur.

The tenancy of the premises known as K Residence Sales Office
and Showroom is necessary for KL Landmark to promote and market
the sale of condominium and service apartments units of K
Residence.

                About Olympia Industries Berhad

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

As of March 31, 2006, the Company's balance sheet showed
MYR991,747,000 in total assets and MYR1,971,727,000 in total
liabilities, resulting in a shareholders' equity deficit of
MYR979,980,000.  The balance sheet also showed strained
liquidity with MYR353,224,000 in total current assets available
to pay MYR1,897,098,000 in total current liabilities coming due
within the next 12 months.


PARK MAY: Shareholders Pass All AGM Resolutions
-----------------------------------------------
Park May Berhad's shareholders had approved all resolutions of
the Company's 33rd Annual General Meeting held on June 22, 2006.

During the meeting, members:

   -- received and adopted the Audited Financial Statements for
      the year ended December 31, 2005, and the Reports of the
      directors and auditors;

   -- re-elected YBhg Dato' Mohd Nadzmi Mohd Salleh who retires
      in accordance with Article 80 of the Company's Article of
      Association;

   -- approved the Directors' fees of MYR226,000 for the year
      ended December 31, 2005;

   -- reappointed Messrs Ernst & Young as auditor and to
      authorize the Directors to fix its remuneration; and

   -- renewed the shareholders' mandate authorizing the Company
      and its subsidiaries to enter into recurrent related party
      transactions of a revenue or trading nature, which are
      necessary for the day-to-day operations of Park May Berhad
      Group.

                   About Park May Berhad

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad
-- http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6 million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category.  As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR 38.9 million and total liabilities of MYR92.1
million.  It also showed stained liquidity with MYR13,973,000 of
total current assets available to pay total current liabilities
of MYR87,038,000 in the next 12 months.


PILECON ENGINEERING: All AGM Resolutions Passed
-----------------------------------------------
At the 29th Annual General Meeting of Pilecon Engineering Berhad
on June 23, 2006, shareholders duly approved all resolutions
contained in the Notice of Meeting dated June 1, 2006.

During the meeting, the Company's shareholders:

   -- received the Company's Audited Financial Statements for
      the year ended December 31, 2005, together with the
      reports of the Company's directors and auditors;

   -- approved the payment of directors' fees of MYR20,000 for
      the fiscal year ended December 31, 2005;

   -- re-elected Yoon Kwok Ching retiring by rotation pursuant
      to Article 101 of the Company's Articles of Association;

   -- considered and approved the re-appointment of retiring
      director, Dato Haji Ahmad bin Abdullah, to hold office
      until the conclusion of the next Annual General Meeting;

   -- re-appointed Peter I.M. Chiend & Company as the Company's
      auditors for the financial year ending December 31, 2006,
      and to authorize the directors to fix the Auditors'
      remuneration; and

   -- authorized the directors to issue and allot ordinary
      shares from the unissued capital of the Company provided
      always that the aggregate number of shares to be issued
      pursuant to the Resolution will not exceed 10% of the
      issued and paid-up capital of the Company for the time
      being.

                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.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR575,611,000 and total liabilities of
MYR559,710,000.  The Company's March 31 balance sheet also
showed strained liquidity with MYR252,609,000 in total current
assets available to pay MYR558,523,000 in total current
liabilities coming due within the next 12 months.


PROTON HOLDINGS: Targets Sale of 14,000 Satria Neos This Year
-------------------------------------------------------------
Proton Holdings aims to dispose of 14,000 of its new Satria Neo
cars before the year ends, Bernama News reports.

Proton managing director Syed Zainal Abidin Mohamed Tahir is
confident that the newly launched model will attract more
customers since the car is "actually safer, stronger and handles
a lot better than many other Asian cars currently available in
this segment and on par with its European competitors."

Furthermore, Mr. Mohamed Tahir told Bernama that the new model
is expected to boost Proton's dwindling market share.

The Malaysian carmaker has been losing its market share to
stronger rivals like Toyota Motor Corporation, Business Times
says.  In order to keep pace with tough competitors, Proton
needs an overseas partner to provide the technology and access
to overseas market.

The Troubled Company Reporter - Asia Pacific recounts that
Proton lost 9% of its local market share in the three months
ended March 31, 2006, from a year ago, as more buyers turned to
overseas brands after the Government cut import taxes.

According to the TCR-AP, the Government cut import taxes for
vehicles assembled in South-East Asia to 5% from 15% in March,
removing more than two decades of tariff protection for Proton.  
Although Proton was able to drop its prices by 7%, it could not
compete with Toyota's 11% price cut.  Proton's sales in the
three months to March 31, 2006, slumped 25%.

Available in five colors, the Satria Neo comes in 1.3-litre and
1.6-litre versions.  Powered by the Proton Campro engine with
manual or automatic transmission options, it is priced between
MYR43,500 and MYR54,500, Bernama says.  The Satria Neo is the
latest hatchback from Proton, which has introduced a new model
every year since 1993.

Meanwhile, Deputy International Trade and Industry Minister
Datuk Ahmad Husni Hanadzlah said that Proton will be competitive
again when it starts producing more new models, The Star
relates.

According to the report, Proton's management planned to
introduce more models and on a regular basis and only launch new
models after doing a thorough survey of market needs.  Mr. Husni
added that Proton would be getting market feedback from surveys,
especially those on customer preference, before introducing a
model commercially.

The challenge faced by Proton is actually in the overseas
market, not domestically.  Proton sells 200,000 cars a year
against the industry average of between 400,000 and 500,000
units, The Star adds.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of 2006.


SELANGOR DREDGING: Unveils Litigation Developments
--------------------------------------------------
Selangor Dredging Berhad has provided updates in relation to the
suit against the Company by a former tenant, Mutiara Metropolis
Sdn Bhd.

On June 13, 1996, a writ of summons was filed against Selangor
Dredging by a former tenant -- Mutiara Metropolis Sdn Bhd --
seeking damages totaling MYR10 million plus cost for alleged
wrongful eviction and termination of tenancy.  On July 19, 1996,
the Company, through its solicitors, filed an application in the
High Court to strike out the claim on the basis that the
eviction was made in accordance with the law.

On July 30, 2004, the Company was informed by its solicitors
that the High Court had allowed the claim by MMSB against the
Company.  The Company had been advised by its solicitors that
there is uncertainty as to the quantum of damages, if any,
awarded to MMSB.  The Company's solicitors, on July 29, 2004,
wrote to the High Court for further clarification as to the
issue of damages, which was awarded, if any.

The High Court found that the Writ of Distress was not valid in
light of the fact that winding-up proceedings had commenced
against MMSB.  The High Court therefore granted MMSB a
declaration that the distress was wrongly carried out.  As the
distress was not valid, consequently the writ of possession
granted by the Session Court was also not valid.  No other
orders were entered against Selangor Dredging.  The judge has
clarified that the ruling was not to the effect that Selangor
should pay MMSB any sum of money by way of damages.  It would be
up to MMSB now to assess its damages, if any.  Should MMSB elect
to do so, the assessment proceedings would take place before the
Registrar of the High Court.  The judge also ordered that SDB
would now have to proceed with the trial of its counterclaim.

On October 6, 2005, the Registrar of High Court had awarded a
total sum of MYR2,315,002 to the Plaintiff together with
interest at 8% running from June 13, 1996, being the date when
the writ was filed until the date Selangor pays the sum to the
Plaintiff.  The Registrar also awarded costs of the assessment
proceedings to the Plaintiff.

The Company has been advised by its solicitors and has on even
date instructed its solicitors to apply for a stay of execution
of the Registrar's decision and to appeal against the
Registrar's decision to the judge of the High Court.

On November 12, 2005, the Company deposited a total sum of
MYR4,060,957 into an interest-bearing, fixed deposit account in
the joint names of the solicitors for both the Plaintiff and the
Company further to the Company's successful application for a
stay of execution of the Registrar's award.

The Judge High Court of Malaysia on June 22, 2006, upheld the
Registrar of the High Court's October 6, 2005.  The Judge also
awarded costs of the Company's appeal to the Plaintiff.

The Company has been advised by its solicitors to appeal the
Judge's decision to the Court of Appeal.  The Company has
therefore applied on June 22, 2006, to the High Court for a stay
of execution pending the hearing and decision of the Company's
appeal.

                 About Selangor Dredging Berhad

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


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

NATIONAL POWER: PSALM Seeks Approval of Asset Transfer
------------------------------------------------------
The Power Sector Assets & Liabilities Management Corp., which
controls the assets of state-owned National Power Corp., has
asked the World Bank to approve the transfer of the Company's
assets to them, the Philippine Star relates.

According to an ABS-CBN News report, PSALM President Nieves
Osorio said that talks with the Bank are going smoothly than
before, and they expect to secure universal consent for the
transfer by year's end, which would facilitate the transfer of
all of Napocor's assets and liabilities to PSALM.

PSALM also has to seek approval for the asset transfer from
another creditor, the Japan Bank for International Cooperation,
the Star adds.  Napocor creditor Asian Development Bank had
already approved the transfer.

The 2001 Electric Power Industry Reform Act gave PSALM the
authority to manage Napocor's funds and privatize its assets,
but it needed prior creditor approval before finalizing an asset
sale.  With the universal consent, PSALM can speed up the
privatization of the Company's assets.

The Manila Times relates that, according to industry sources,
one concern is who would assume the liabilities and obligations
of a power plant once it is sold -- whether the responsibility
falls on the Government or on the plant buyer.  PSALM must come
up with a policy regarding this issue to secure universal
consent from creditors.

In the meantime, PSALM will continue the sale of these Napocor
assets, which do not need a supply contract:

   -- 100-megawatt Pantabangan/12-MW Masiway hydro electric
      power plants;

   -- 360-MW Magat hydro plant; and

   -- 275-MW Tiwi/426-MW Makban geothermal power facilities.

                     About National Power

Headquartered in Quezon City, Philippines, National Power Corp.
-- http://www.napocor.gov.ph/-- is a state-owned utility that  
builds and operates nuclear, hydroelectric, thermal, and
alternative power generating facilities.  It works with
independent producers under a build-operate-transfer program.  
With a generating capacity of more than 11,500 megawatts,
National Power sells electricity to distributors and industrial
companies.

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

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

A subsequent report by the TCR-AP states that in the first
review of National Power's portfolio, it was projected that the
Philippine Government would have to absorb some PHP600 million
worth of debt.  The Government initially absorbed Napocor's
PHP200-billion debt, which was incurred when the state firm
adopted international accounting standards, forcing it to report
its foreign exchange losses.  The Department of Finance is
studying the legality of the Government's absorption of the
debt.

To comply with the privatization bill approved by the Philippine
Congress, the Company started selling off its generation assets
to help pay for the utility's total estimated debt.  It also
separated its transmission operations into a new subsidiary, the
National Transmission Corporation.

Napocor's remaining debt could still be absorbed by the
Government, but the Development Budget Coordinating Committee
wants to see the Company improve operations and sell off non-
profitable assets in order to reduce its debt, instead of
relying on government aid to do so.  


PHILODRILL CORP: To Concentrate on Oil Projects
-----------------------------------------------
The Philodrill Corp. is looking to dispose of its 40% stake in
investment firm Penta Capital Investment Corp., so that it can
focus its energies on its core oil development business,
BusinessWorld states.

Philodrill President Alfredo C. Ramos told reporters that due to
the rise in global fuel prices, the Company has decided to
concentrate on oil exploration, which is its main line.  And
since fuel is expensive, the Company is considering selling non-
core assets in order to finance exploration projects.

According to BusinessWorld, Philodrill had sold its 50 million
shares in real estate development firm Edsa Properties Holdings,
Inc., to property developer Anglo Philippine Holdings Corp. at
PHP1 per share on June 15, 2006.  The Company planned to sell
its remaining 57.07 million shares in Edsa Properties to APH
Corp. on June 23, 2006.

Mr. Ramos said that if the Company would push through with the
plan to sell its stake in Penta Capital, the proceeds would go
to the exploration and oil production at its Octon field, in
Northern Palawan.

                    About The Philodrill Corp.

The Philodrill Corporation was registered with the Philippine
Securities and Exchange Commission on June 26, 1969, as an oil
exploration and production company.  In 1989, realizing the need
to balance the risk associated with its petroleum activities,
the Company changed its primary purpose to that of a diversified
holding company while retaining petroleum and mineral
exploration and development as one of its secondary purposes.

The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                      Going Concern Doubt

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of
Dec. 31, 2005.  The Company also had difficulty meeting its
obligations to creditor banks.

                        Debt Servicing

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to PHP28.25
million, from U.S. dollars to Philippine Pesos.

On December 27, 2002, the Company and Metropolitan Bank and
Trust Company entered into an agreement to refinance a maturing
short-term loan amounting to PHP60 million.  As approved by
MBTC's Executive Committee, the short-term loan was converted
into a five-year loan, inclusive of a six-month grace period on
principal repayments.  The principal will be paid in 18 equal
quarterly installments of PHP3.3 million commencing at the end
of the 9th month from the drawdown date.  The term loan is fully
secured by certain properties of a related company.  Interest
will be at the prevailing lending rate.  MBTC waived the
commitment fees and pre-payment penalties on the loan.  In 2003,
the Company was unable to pay the two principal installments due
on September 26, 2003, and December 26, 2003, amounting to
PHP6.6 million and has difficulty paying interests accruing on
the principal loan balance.

The Company is continuously negotiating with the other creditor
bank for the restructuring of its loans.


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

LINDETEVES-JACOBERG: ATB Makes EUR5.6-Million Advance Payment
-------------------------------------------------------------
ATB Austria Antriebstechnik AG has entered into a rights issue
advance agreement on June 21, 2006, with Lindeteves-Jacoberg
pursuant to the Company's renounceable rights issue undertaking.

Under the Agreement, ATB will disburse up to EUR5,600,000 to the
Company in respect of prepayment subscription amount payable by
ATB for the subscription of its Rights Shares pursuant to the
undertaking dated May 16, 2006.

The Advance -- which will be utilized to boost Lindeteves'
working capital -- is subject to the condition that the amount
will be regarded as full payment of the Rights Shares subscribed
by ATB.

The Advance will be free of interest subject to the occurrence
of these conditions, wherein interest will be payable:

   -- if the Rights Issue is not completed by September 30,
      2006; and

   -- the Advance disbursed exceeds the Subscription Price
      payable by ATB which will result in any part of the
      Advance remaining outstanding on September 30, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Lindeteves-Jacoberg proposed on May 16, 2006, to undertake a
renounceable rights issue of up to 248,056,294 new ordinary
shares in the capital of the Company at an issue price of
SGD0.12 for each Rights Share, on the basis of one Rights Share
for every two existing ordinary shares held as at a time and
date to be determined by the Directors for the purposes of
determining shareholders' entitlements under the Rights Issue,
fractional entitlements to be disregarded.

The Rights Issue is currently not underwritten and the Company
is in discussions with potential underwriters for this purpose.

ATB holds 253,017,421 Shares representing approximately 51.0 %
of the total issued share capital of the Company as of the date
of the announcement of the Rights Issue, had irrevocably
undertaken to subscribe for all its Rights Shares entitlements
under the Rights Issue.

                About Lindeteves-Jacoberg Limited

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.
The Company is undergoing a debt restructuring exercise by way
of a Scheme of Arrangement with its creditors.


MOLDRUP SYSTEMS: Court to Hear Wind-Up Petition on June 30
----------------------------------------------------------
Justice V K Rajah of the High Court of the Republic of Singapore
will hear a wind-up application against Moldrup Systems Pte
Limited on June 30, 2006, at 10:00 a.m.

The petition was filed through solicitors CM Hoe Partnership.


S LIEN: Creditors Must Prove Debts by July 24
---------------------------------------------
Liquidators Chia Soo Hien and Ng Geok Mui will be receiving
proofs of claim from creditors of S Lien Hospitality
(Consultancy) Services Pte Limited until July 24, 2006.

Failure to comply with the requirement will exclude a creditor
from sharing in the Company's dividend distribution.

Contact: Chia Soo Hien
         Ng Geok Mui
         Liquidators
         C/O BDO Raffles
         5 Shenton Way #07-01
         UIC Buiding
         Singapore 068808


SOH KIM: Court to Hear Wind-Up Petition on July 7
-------------------------------------------------
Soh Eng Beng, on June 6, 2006, filed an application for the
wind-up of Soh Kim Poo Trading & Transport Pte Limited.

The Petition will be heard before the High Court of the Republic
of Singapore on June 7, 2006, at 10:00 a.m.

Contact: Wong Tan & Molly Lim LLC
         Solicitors for Soh Eng Beng
         80 Robinson Road, #17-02
         Singapore 068898


TUTHILL SINGAPORE: Creditors' Proofs of Claim Due on July 23
------------------------------------------------------------
The creditors of Tuthill Singapore Pte Limited are required to
file their proofs of claim by July 23, 2006.

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

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


* Singapore's Manufacturing Growth Well Below Target
----------------------------------------------------
Singapore's factory output rose 2.5% in May 2006 from April
following a steep decline in the past three months, Reuters
reports.  

The increase, however, was slower than the expected 7.5% rise in
May, following a revised 11.6% decline in April, the report
says.

The volatile index, which has become increasingly difficult to
predict due to big swings in drug production, has risen only one
other time this year, when output rose by 18.2% in February,
Reuters says.

On an annual basis, factory output rose 10.6% in May from the
previous year, below a market forecast of a 14.1% increase,
Reuters relates citing the Economic Development Board

Manufacturing accounts for about a quarter of Singapore's
SGD118-billion trade-dependent economy.

Excluding the biomedical sector, manufacturing output rose 12.7%
from a year before, which many economists say gives a better
indication of fundamentals, Reuters adds.


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

DAIDOMON GROUP: Posts THB133.18-Million Net Loss in 1st Quarter
---------------------------------------------------------------
Daidomon Group Public Company Ltd submitted to the Stock
Exchange of Thailand its first quarter report ending March 31,
2005.

The Company posted a net loss of THB133.18 million for the first
quarter 2006, where THB26.31 million came from operational loss.  
The operational loss was largely due to the decline in revenue
for the first quarter ending March 31, 2005.

Net revenue reflected a decline of THB38.43 million, or 34.82%
after comparing the figure from the same period in 2004.

Moreover, Daidomon Group's balance sheet for the period ended
March 31, 2005, showed THB378.73 million in total assets,
compared with THB842.90 million in total liabilities, resulting
in a capital deficit of THB464.17 million.

The Company's balance sheet also showed strained liquidity with
THB10.86 million in total current assets available to pay
THB785.59 million in total current liabilities coming due within
the next 12 months.

                          *     *     *

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and  
Japanese food restaurants under the brand name of Daidomon.  The
Group's products include barbecue, dessert and drinks, and
bottled sauce.  The Company is currently undergoing
rehabilitation.

The Central Bankruptcy Court of Thailand, on September 30, 2005,
ordered for the rehabilitation of Daidomon Group's business and
appointed the Company to act as planner.  

Daidomon Groups submitted a business rehabilitation plan to the
official receiver on April 18, 2006, which includes a debt
repayment scheme for creditors.   

The official receiver set June 9, 2006, as the date for the
creditors' meeting on the Company's business rehabilitation
plan.


MDX PUBLIC: Result of Shareholders Extraordinary Meeting
--------------------------------------------------------
Shareholders of MDX Public Company Limited convened for their
extraordinary meeting on June 22, 2006, at 10:00 a.m. at
Abdulrahim Room, Young Women's Christian Association, in
Bangkok.

During the meeting, shareholders:

   -- acknowledged the report on the Company's Operations.

   -- approved to fix the number of the Company's directors to
      a total number of eight persons.

Also, during the meeting, shareholders unanimously approved to
re-elect Pracha Hetrakul and ACM.Janya Sukontasap, directors who
previously retired by rotation, to be the Company's directors
for another term.

Four new directors were also appointed during the meeting.

    1. Swasd Puipunthavong (independent);

    2. Kamolsak Phantusane (independent);

    3. Pimchai Srisawadi (independent); and

    4. Prapa Tienkasem.

The Shareholders also approved to amend the Articles of
Association of the Company in compliance with the Stock Exchange
of Thailand's requirement.

The Article states that:

   "Where the Company or any of its subsidiaries enters into a
    connected transaction, or any transaction relating to
    acquisition or disposition of material assets of the Company
    or its subsidiaries, as defined in the notifications of the
    Stock Exchange of Thailand governing the connected
    transactions of listed companies or the acquisition and
    disposition of material assets of listed companies, as the
    case may be, the Company shall also comply with such rules
    and procedures as stipulated by such notifications."

                          *    *    *

M.D.X. Public Company Limited and its subsidiaries develop
industrial estates for plants and factories.  The Group
develops, provides and manages infrastructure as well as all
necessary facilities and utilities such as power, water,
wastewater treatment, telecommunications, and solid waste
disposal systems.

The Company is classified under the REHABCO, or Companies Under
Rehabilitation, sector.
  
The Company has been operating with a capital deficit for years,
with a THB8.85 billion deficit in 2002 as the highest in the
last five years.  In that same year, the Company posted a
THB1.59 billion net loss.


* BOND PRICING: For the Week 26 June to 30 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
Arrow Energy NL                      10.000%    03/31/08     1
A&R Whitcoulls Group                  9.500%    12/15/10     8
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
BIL Finance Ltd                       8.000%    10/15/07     8
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     8
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     7
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     8
Fletcher Building Ltd                 8.850%    03/15/10     7
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
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/11/09    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
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
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                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     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    74
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                     5.000%    04/28/20    73
Tradewinds Corporation Bhd            2.000%    02/08/12     1
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%    01/15/12    75
Rabobank Singapore                    1.000%    11/03/13    72
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1




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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.  Catherine Gutib, Valerie Udtuhan, Francis
Chicano, Erica Fernando, Reiza Dejito, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

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