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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

              Monday, July 3, 2006, Vol. 9, No. 130

                            Headlines

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

9 NOVE: Inability to Pay Debts Prompts Wind-up
ABC INVESTMENTS: To Declare Dividend on July 4
ACACIA GROUP: Enters Voluntary Liquidation
ADVANCED POLYMER: Bank Appoints Receiver and Manager
AUSTRALIAN COAL: Creditors Decide to Shut Down Business

BREDGAR INVESTMENTS: Shareholders Opt Liquidation
AWB LIMITED: Cole Inquiry Releases New Evidence on Kickback Sham
CURTAINS A.S.A.P.: Final Meeting Scheduled for July 6
D' ANGELOZ LIMITED: Court to Hear Liquidation Bid on July 6
DUSELIS CANAVAN: Members Opt for Voluntary Liquidation

FELTEX CARPETS: Talley's is the Unnamed Investor, NBR Says
FORMSCAFF NEW ZEALAND: Creditors Must Prove Debts by July 20
G&F INVESTMENTS: Receivers Step Aside
GSI (CONSUMABLES): Hearing of CIR's Liquidation Bid Set July 6
ICU DOORS: Members Decide to Wind Up Business

JAMES HARDIE: ATO Says SPF Contributions Are Tax-Deductible
LINSA INSURANCE: S&P Downgrades Insurer Rating to 'CC' from 'B-'
LYES AUTOMOTIVE: Court Set to Hear Liquidation Petition Aug. 24
MOUSETAR PTY: Court Names Christopher Palmer as Liquidator
MUNRO CONSTRUCTIONS: Set to Pay Dividend to Creditors

NATIONAL ADMINISTRATIVE: Shuts Down Operations
PAYLESS PROPERTY: Enters Liquidation Proceedings
PLENTIE PTY: Appoints Joint Liquidators
PORUTU HOLDINGS: Liquidation Petition Hearing Slated for July 3
RAZZ LAMINATING: Members and Creditors to Receive Wind-up Report

RICCARTON HOMES: Faces Liquidation Proceedings
RKANE LIMITED: Creditors' Proofs of Claim Due on July 18
SARANNA PTY: Members Resolve to Wind Up Firm
SOUTH AUCKLAND PAYLESS: Appoints Joint Liquidators
SIMMO'S PANELS: Decides to Close Operations

STEVE ROD & ASSOC: Hearing of Liquidation Bid Set July 3
TENNIS TO THE MAX: Liquidator to Present Wind-up Report
TURQUISE PTY: Initiates Wind-up Proceedings
VICTORIA PARK: Schedules Final Meeting on July 6
YEARTRAK ESP: Placed Under Voluntary Liquidation


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Fires 64 Staff, Reprimands Others for Fraud
AMEX TRAVEL: Liquidator Cease to Act for Company
CHASTAR LIMITED: Names Cheung as Liquidator
CHAVENCAP LIMITED: Liquidator Steps Aside
GUANGDONG KELON: Faces Delisting on Failure to Submit Accounts

MARK SINO: Members Opt for Voluntary Wind-Up
PACIFIC UNIDATA: Liquidator Lung Ceases to Act for Company
PANVA GAS: S&P Shaves LT Corporate Credit Rating to BB from BB+
PEGASUS ENTERPRISE: Chu King Hei Named Liquidator
SANJAY LIMITED: Members Final Meeting Set on July 24

SEEDTRON LIMITED: Appoints Official Liquidator
SOUND SPARK: Members to Receive Liquidator's Report on July 24
WINNA LIMITED: Liquidator to Present Wind Up Report
* H.K. Growth Trend Continues Amid Regional Slowdown, Says Fitch


I N D I A

BPL LIMITED: Allots Equity Shares on Preferential Basis
BPL LIMITED: Books INR498-Million Fourth Quarter Loss
HINDUSTAN PETROLEUM: Ties Up with Reliant for Modern Gas Station


I N D O N E S I A

PERUSAHAAN LISTRIK: May Spend IDR12 Bil on World Cup TV Viewing


J A P A N

AZEL CORP: R&I Raises Long-term Issuer Rating to BB-
JAPAN AIRLINES: Issues 750 Million Shares to Buy New Planes
MITSUBISHI MOTORS: To Halt Car Production with DaimlerChrylser
TAKEDA PHARMACEUTICAL: Ordered to Pay JPY57-Bil in Back Taxes


K O R E A

HYUNDAI MOTOR: Chairman Granted KRW1-Billion Bail
SAMSUNG GROUP: Former CEO Questioned Over Everland Issue
SSANGYONG MOTOR: Major Shareholder Raises Stake
SSANGYONG MOTOR: Sales up 11.4% in May 2006
* Bad Loans Sale by KAMCO and KDIC Under Scrutiny


M A L A Y S I A

BERJAYA CORPORATION: Net Loss Balloons to MYR205 Mln in 4Q/FY06
MALAYSIA AIRLINES: Bags Best Economy Class Award
MBF CORPORATION: Shareholders Pass All AGM Resolutions
MULTI-USAGE HOLDINGS: Unveils 14th AGM Results
NORTH BORNEO: Shareholders Okay Change of Auditors

OLYMPIA INDUSTRIES: Forges Additional Restructuring Deals
PARACORP BERHAD: AGM Resolutions Win Shareholders' Favor
PAXELENT CORPORATION: Unit Sells Property to Boost Cashflow
PETALING TIN: Completes MYR38-Mln Acquisition of TISB's Assets
PETALING TIN: Incurs MYR1.3-Million Second Quarter Pre-tax Loss

POLY GLASS: Exits PN17 Classification
PROTON HOLDINGS: Merger with Perodua Imminent, Expert Says
TENAGA NASIONAL: To List and Quote Shares on July 4
TRADEWINDS CORPORATION: Targets MYR28.5-Million Profit in FY06
TRU-TECH HOLDINGS: Members Receive Audited Accounts at AGM


S I N G A P O R E

DP COMPUTERS: Faces Wind-Up Proceedings
FASTECH SYNERGY: Inks Debt Revamp Deal with Seven Creditors
KIN YEW: Prepares to Pay Dividend to Creditors
LIANG HUAT: Completes One of Three Whitewash Waiver Conditions
SINGAPORE AIRPORT: Creditors' Proofs of Debt Due on July 23


T H A I L A N D

PICNIC CORP: HSBC Sues Firm to Claim THB170-M Debt Payment

     - - - - - - - -

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

9 NOVE: Inability to Pay Debts Prompts Wind-up
----------------------------------------------
The members of 9 Nove Pty Limited convened on May 25, 2006, and
decided to wind up the Company's operations due to its inability
to pay debts when they fall due.

Robert Moodie was consequently appointed as liquidator.

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


ABC INVESTMENTS: To Declare Dividend on July 4
----------------------------------------------
ABC Investments (No. 2) Pty Limited will declare its first and
final dividend on July 4, 2006.

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

Contact: David James Hambleton
         Liquidator
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


ACACIA GROUP: Enters Voluntary Liquidation
------------------------------------------
At an extraordinary general meeting on May 26, 2006, the members
of Acacia Group (Victoria) Pty Limited agreed that the Company
must voluntarily commence a wind-up of its operations.

Subsequently, Leonard A. Milner was named liquidator.

Contact: Leonard A. Milner
         Liquidator
         Venn Milner & Co.
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia


ADVANCED POLYMER: Bank Appoints Receiver and Manager
----------------------------------------------------
The Commonwealth Bank of Australia had on May 25, 2006,
appointed Ian Menzies Carson as receiver and manager of the
property of Advanced Polymer Recycling Pty Limited.

Contact: Ian Menzies Carson
         c/o PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Australia


AUSTRALIAN COAL: Creditors Decide to Shut Down Business
-------------------------------------------------------
At a general meeting of Australian Coal Technology Pty Limited
on May 26, 2006, creditors agreed that it is in the Company's
best interests to wind up its operations.

Roderick Mackay Sutherland and Sule Arnautovic were subsequently
named liquidators.

Contact: Roderick Mackay Sutherland
         Sule Arnautovic
         Joint Liquidators
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


BREDGAR INVESTMENTS: Shareholders Opt Liquidation
-------------------------------------------------
Shareholders of Bredgar Investments Ltd on June 10, 2006, passed
a special resolution to liquidate the Company voluntarily and
appoint Gregory Alan Cole as liquidators.

Mr. Cole requires the Company's creditors to submit their proofs
of claim by July 7, 2006.

Contact: Gregory Alan Cole
         P.O. Box 3515, Auckland
         New Zealand
         Telephone: (09) 366 6259
         Facsimile: (09) 366 6263


AWB LIMITED: Cole Inquiry Releases New Evidence on Kickback Sham
----------------------------------------------------------------
The Cole Inquiry has released new evidence suggesting that AWB
Limited knowingly paid hundreds of millions of dollars in
kickbacks to Saddam Hussein's regime, The Advertiser reports.

The report says that documents, including correspondence between
AWB executives and Iraqi officials, revealed how the scam
operated in breach of the United Nation's oil-for-food program.

The Australian Associated Press says that the inquiry has also
released top secret Iraqi government documents detailing how
former president Hussein's ministers set up the kickbacks scam
and ordered all companies involved in the UN's program to pay
up.

The kickbacks were disguised as trucking fees, which were
siphoned to the Iraqi government through a Jordanian transport
company, part-owned by Mr. Hussein's regime, the AAP notes.

ABC News Online says that the translated confidential documents
reveal that the Iraqi Supreme Command Council ordered the
collection of fees from UN-funded contracts to destroy
sanctions.

According to The Advertiser, the translated documents showed
that between June 1999 and December 2002, AU$889.25 million was
collected by Mr. Hussein's regime from companies sending their
goods through Umm Qasr, the Iraqi port used by AWB.

According to The Australian, included in the batch of internal
AWB documents are several references to the trucking fees going
back as far as September 1999, when the Iraqis first demanded
that AWB pay "inland transport fees" of US$12 per tonne of
wheat, as well as details of the Jordanian bank account where
AWB had to deposit the kickbacks.

The Australian relates that AWB lawyers ask barrister Richard
Tracey for advice on whether the transport fees breached the UN
rules.  Blake Dawson Waldron says it is not known whether the
trucking fees were genuine payments for inland freight services.

In addition, the documents show correspondence about the
trucking fees written by two of the Cole Inquiry's key
whistleblowers, former AWB executives Michael Watson and Mark
Emons, The Australian says.

As reported by the Troubled Company Reporter - Asia Pacific on
June 22, 2006, AWB has launched a legal action to stop the Cole
Inquiry from getting access to thousands of documents associated
with the firm's internal investigation on the kickback issue.
AWB claims that the documents are confidential because they are
covered by legal professional privilege.

                         About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.


CURTAINS A.S.A.P.: Final Meeting Scheduled for July 6
-----------------------------------------------------
A final meeting of the members and creditors of Curtains A.S.A.P
Pty. Limited will be held on July 6, 2006, at 10:30 a.m.

During the meeting, Liquidators Brian H. Allen and Peter G.
Burton will discuss final accounts of the Company's wind-up and
property disposal exercises.

Contact: Brian H. Allen
         Peter G. Burton
         Liquidators
         Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia


D' ANGELOZ LIMITED: Court to Hear Liquidation Bid on July 6
-----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against D' Angeloz Limited on July 6, 2006, at 10:45 a.m.

Foot Action Ltd filed the petition before the High Court on
May 1, 2006.

Contact: C. J. Lucas
         Lucas & Mabin, Solicitor
         109 Great South Road, Greenlane
         Auckland, New Zealand
         Postal Address: P.O. Box 74-061
         Market Road Post Office


DUSELIS CANAVAN: Members Opt for Voluntary Liquidation
------------------------------------------------------
The members of Duselis Canavan & Co. Pty Limited on
May 19, 2006, decided that the Company should wind up its
operations voluntarily and appoint Roderick Mackay Sutherland as
liquidator.

With regard to this, creditors who filed their claims by
June 22, 2006, will share in the Company's dividend
distribution.

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


FELTEX CARPETS: Talley's is the Unnamed Investor, NBR Says
----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 26, 2006, shortly after calling for a trading halt on
June 23, Feltex Carpets Limited said that its board of directors
was evaluating initiatives to raise new equity, and had received
a proposal from a New Zealand company concerning a potential
capital raising.

According to the TCR-AP report, the proposal would involve a
share placement made to the investor, which would also
underwrite an issue of new securities to other shareholders.

In an update, The New Zealand Herald, citing The National
Business Review, relates that South Island fishing company
Talley's Fisheries is the mystery third-party reported to be
carrying out due diligence on Feltex.

The NBR says that, according to sources, Talley's had made a
proposal to Feltex and was working with the Company and its
bankers.

ShareChat notes that Talley's was looking at underwriting a
possible rights issue of new shares, resulting in the fishing
company becoming a cornerstone shareholder of Feltex.

ASB Securities managing director Tim Preston criticizes Feltex
for leaving the market in limbo by not identifying the party
doing due diligence.  Shareholders had no way of judging the
potential investor's credibility, the New Zealand Press
Association cites Mr. Preston as saying.

Moreover, analysts questioned whether Talley's would add value
to Feltex, stating that the approach appeared to be
opportunistic, NBR says.

NBR also cites analysts as saying that investors were becoming
increasingly nervous about Feltex stock as there was a very real
risk the investor could walk away.  Any capital raising is
likely to result in heavy dilution of Feltex shareholders'
investment, NBR says.

                        About Feltex

Established over 50 years ago, Feltex Carpets Limited --
http://www.feltex.com/-- has built a reputation for being one
of the world's leading manufacturers of superior-quality carpet.
The Feltex operation includes a wool scouring plant, six
spinning mills, three tufted carpet mills, a woven carpet mill
and offices in New Zealand, Australia and the United States.
The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.
Godfrey Hirst later sold out its nearly 9% stake in the Company.

In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared to the net loss in
the previous year.


FORMSCAFF NEW ZEALAND: Creditors Must Prove Debts by July 20
------------------------------------------------------------
Joint Liquidators John Trevor Whitfield and Boris van Delden
require the creditors of Formscaff New Zealand Ltd to submit
their proofs of debt by July 20,2006.

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

Contact: Boris van Delden
         c/o Paul Reddy
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: www.mvp.co.nz


G&F INVESTMENTS: Receivers Step Aside
-------------------------------------
Peter McCluskey and George Georges had ceased to act as
receivers and managers of G&F Investments Pty Limited.


GSI (CONSUMABLES): Hearing of CIR's Liquidation Bid Set July 6
--------------------------------------------------------------
The High Court of Auckland will hear a petition to liquidate GSI
(Consumables) Ltd on July 6, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition before the
Court on May 8, 2006.

Contact: S.J. Eisdell Moore
         C/O R.E.Harvey
         Meredith Connell Offices
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone: (09) 336 7556)


ICU DOORS: Members Decide to Wind Up Business
---------------------------------------------
After their extraordinary general meeting on May 19, 2006, the
members of ICU Doors Pty Limited decided to voluntarily wind up
the Company's operations.

Creditors appointed Stan Traianedes as liquidator at a
creditors' meeting held that same day.

Contact: Stan Traianedes
         Liquidator
         Hall Chadwick
         Level 12, 459 Collins Street
         Melbourne Victoria 3000
         Australia


JAMES HARDIE: ATO Says SPF Contributions Are Tax-Deductible
-----------------------------------------------------------
The Australian Taxation Office advised that James Hardie
Industries Limited's contributions to the Special Purpose Fund
would be tax deductible over the anticipated life of the
arrangements in accordance with the recent "blackhole
expenditure" legislation which was enacted in April 2006.

In an interview on December 16, 2005, the Treasurer of the
Commonwealth of Australia, Peter Costello, MP, explained that
black hole expenditures, enables tax payers to deduct
expenditures, which were not otherwise deductible, over a period
of five years.

James Hardie Chief Executive Officer Louis Gries notes that the
Company welcomes the ATO's decision that its contributions to
the SPF comply with the blackhole expenditure legislation.
However, the ATO's refusal to endorse the SPF as a charity
continues to place the Final Funding Agreement in doubt.

In an interview with Andrew Geoghegan with the ABC AM Programme,
Mr. Costello contends that if the black hole expenditure
legislation has not been passed, "because this company cheated
by getting its money out of Australia," it would not have gotten
tax deductibility.  It has now no excuse whatsoever but to pay
the victims, Mr. Costello adds.

Mr. Gries also asserts that the SPF's non-tax-exempt status
means it would be subject to tax at the top personal marginal
rate on:

   * the income it earns on its investment activities; and
     possibly

   * the contributions it receives from James Hardie, which,
     based on the KPMG Actuaries' valuation of the asbestos
     liabilities of AU$3.1 billion as of March 31, 2006, could
     result in tax payments of AU$1.4 billion over the life of
     the fund.

Mr. Gries contends that if James Hardie contributions are at the
cash flow cap, taxing the SPF would reduce the funds available
to pay asbestos claimants and undermine James Hardie's capacity
to fund the contributions over the 40+ year-life of the fund.

Mr. Costello disagrees and says that ". . . [James Hardie] ought
to acknowledge the fact that it has had a very big win under the
black hole expenditure deduction provisions, it ought to stop
the pretence. . ."

Mr. Gries relates that in anticipation of implementing the Final
Funding Agreement, the SPF was established in April 2006, and
James Hardie recorded a net provision for the estimated future
asbestos-related compensation payments of US$715.6 million in
its full-year accounts at March 31, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, the SPF was established under the FFA entered
into by James Hardie and the NSW Government on December 1, 2005,
to manage future asbestos compensation payments.

However, implementation of the FFA is subject to conditions
precedent, including the SPF being recognized as a tax-exempt
charity.

Accordingly, Mr. Gries notes that, to give time to assess
possible options, James Hardie and the NSW Government have
agreed to extend the deadline under the FFA to satisfy certain
conditions precedent from June 30 to July 31, 2006.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fibre cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.  By 2004, James
Hardie's former asbestos manufacturing subsidiaries -- Amaca Pty
Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd -- are three of around
150 defendants in asbestos litigation, and based on the
Foundation's own figures, they account for US$1,000,000,000 of
the predicted US$6,000,000,000 future asbestos liabilities in
Australia.  Although James Hardie stopped making asbestos
products in 1987, the average 35-year latency of mesothelioma,
an asbestos-related disease, means asbestos compensation funds
will be needed until mid-century.  In a 2005 report by a
company-hired actuary from KPMG, it was predicted that 4,915
Australians would contract mesothelioma from exposure to Hardie
products in the coming decades.  When less serious forms of
asbestos-related disease are included, James Hardie should
expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


LINSA INSURANCE: S&P Downgrades Insurer Rating to 'CC' from 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services says that its insurer
financial strength rating on New Zealand general insurer Linsa
Insurance Ltd. -- previously named Premium Insurance Ltd. -- was
downgraded to 'CC' (Extremely Weak) from 'B-' (Weak).  At the
same time, Linsa was placed on CreditWatch with negative
implications.

The rating actions follow heightened financial difficulties
facing sister company Western Bay Finance Ltd.  S&P notes that
Western Bay Finance is not rated.

The liquidity position of Western Bay Finance has deteriorated
markedly as it faces difficulty raising debenture funding from a
retail market wary about the recent collapse of other finance
companies.  As a result, Western Bay Finance is believed to have
breached its trustee covenants, and has stopped lending
activities.  Because of the ownership, business, and financial
linkages between Western Bay Finance and the principally captive
insurer Linsa, the financial position of Linsa is considered
extremely weak.


LYES AUTOMOTIVE: Court Set to Hear Liquidation Petition Aug. 24
---------------------------------------------------------------
An application to liquidate Lyes Automotive Ltd will be heard
before the High Court of Auckland on August 24, 2006, at 10:00
a.m.

Repco Ltd filed the petition with the High Court on May 17,
2006.

Parties wishing to attend the hearing are required to file an
appearance not later than August 22, 2006.

Contact: R. A. Fraser
         Credit Services (NZ) Limited
         Level Six, 138 Victoria Street
         Christchurch, New Zealand


MOUSETAR PTY: Court Names Christopher Palmer as Liquidator
----------------------------------------------------------
The Federal Court of Australia had on June 2, 2006, appointed
Christopher J. Palmer as the official liquidator to oversee the
wind-up of Mousetar Pty Limited.

Contact: Christopher J. Palmer
         Liquidator
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


MUNRO CONSTRUCTIONS: Set to Pay Dividend to Creditors
-----------------------------------------------------
Munro Constructions Pty Limited will declare its first and final
dividend on July 11, 2006, to the exclusion of creditors who
were unable to prove their claims.

Contact: M. J. Chubb
         Liquidator
         Clout & Associates
         Level 1, 144-148 West High Street
         Coffs Harbour, New South Wales 2450
         Australia
         Telephone: (02) 6652 3288
         Fax: (02) 6651 9393


NATIONAL ADMINISTRATIVE: Shuts Down Operations
----------------------------------------------
The members of National Administrative & Management Services Pty
Limited held a meeting on May 24, 2006, and agreed to shut down
the Company's business operations.

Subsequently, Peter Ngan was appointed as liquidator.

Contact: Peter Ngan
         Liquidator
         Ngan & Co. Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


PAYLESS PROPERTY: Enters Liquidation Proceedings
------------------------------------------------
Vivian Judith Fatupaito and Richard Dale Agnew were appointed
joint and several liquidators of Payless Property Holdings Ltd
on June 7, 2006.

The Liquidators require the Company's creditors to submit their
proofs of claim by September 7, 2006, for them to share in any
distribution the Company will make.

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


PLENTIE PTY: Appoints Joint Liquidators
---------------------------------------
After their extraordinary general meeting on May 19, 2006, the
members of Plentie Pty Limited decided to voluntarily wind up
the Company's operations.

Creditors appointed Victor Raymond Dye and Roger Darren Grant as
official liquidators at a meeting held that same day.

Contact: Victor R. Dye
         Roger D. Grant
         Liquidators
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


PORUTU HOLDINGS: Liquidation Petition Hearing Slated for July 3
---------------------------------------------------------------
The Commissioner of Inland Revenue on May 29, 2006, filed before
the High Court of Wellington an application to liquidate Porutu
Holdings Ltd.

The High Court will hear the application on July 3, 2006, at
10:00 in the morning.

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

Contact: Andrew Instone
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 1133
         Facsimile: (04) 890 0009


RAZZ LAMINATING: Members and Creditors to Receive Wind-up Report
----------------------------------------------------------------
Members and creditors of Razz Laminating Pty Limited will hold a
final meeting on July 6, 2006, at 9:30 a.m.

During the meeting, Liquidator Thomas Javorsky will report about
the Company's wind-up and property.

Contact: Thomas Javorsky
         Liquidator
         c/o Jones Condon Chartered Accountants
         Level 13, 189 Kent Street
         Sydney, New South Wales
         Australia
         Telephone: (02) 9251 5222


RICCARTON HOMES: Faces Liquidation Proceedings
----------------------------------------------
An application to liquidate Riccarton Homes Ltd will be heard
before the High Court of Christchurch on July 10, 2006 at 10:00
a.m.

Peter Diver Plumbing & Drainage Ltd filed the petition with the
Court on May 30, 2006.

Parties wishing to attend the hearing are required to file an
appearance not later than July 7, 2006.

Contact: Owen Godfrey Paulsen
         Cavell Leitch Pringle & Boyle
         Solicitors
         Level 15, Clarendon Tower
         Corner of Worcester Street and Oxford Terrace
         Christchurch, New Zealand
         Telephone: (03) 379 9940
         Facsimile: (03) 379 2408


RKANE LIMITED: Creditors' Proofs of Claim Due on July 18
--------------------------------------------------------
Creditors of Rkane Limited are required to file their proofs of
claim by July 18, 2006, with Liquidator Kim S. Thompson.

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

Contact: Kim Thompson
         P.O. Box 1027, Hamilton
         New Zealand
         Telephone: (07) 834 6027
         Facsimile: (07) 834 6064


SARANNA PTY: Members Resolve to Wind Up Firm
--------------------------------------------
The members of Saranna Pty Limited met on May 20, 2006, and
agreed to:

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

  -- appoint Shaun Fraser as liquidator to manage the wind-up
     activities.

Contact: Shaun Fraser
         Liquidator
         c/o McGrathNicol+Partners
         Level 30, Central Park
         152-158 St. George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone 08 6363 7600
         Web site: http://www.mcgrathnicol.com/


SOUTH AUCKLAND PAYLESS: Appoints Joint Liquidators
--------------------------------------------------
Vivian Judith Fatupaito and Richard Dale Agnew were appointed
joint and several liquidators of South Auckland Payless Property
Holdings Ltd on June 7, 2006.

The Liquidators require the Company's creditors to submit their
proofs of claim by September 7, 2006.

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


SIMMO'S PANELS: Decides to Close Operations
-------------------------------------------
At an extraordinary general meeting on May 26, 2006, the members
of Simmo's Panels Pty Limited decided to liquidate the Company's
business.

Peter White and Philip Newman were subsequently appointed as
liquidators.

Contact: Peter White
         Philip Newman
         Liquidators
         HLB Mann Judd Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000, Australia


STEVE ROD & ASSOC: Hearing of Liquidation Bid Set July 3
--------------------------------------------------------
The application to liquidate Steve Rod & Associates Ltd will be
heard before the High Court of Wellington on July 3, 2006 at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 18, 2006.

Contact: J. F. Parnell
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 4673
         Facsimile: (04) 890 0009


TENNIS TO THE MAX: Liquidator to Present Wind-up Report
-------------------------------------------------------
The final meeting of Tennis To The Max Pty Limited will be held
on July 5, 2006, at 11:00 a.m.

At the meeting, members and creditors will hear Liquidator Paul
Burness' report on the Company's wind-up.

Contact: Paul Burness
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9613 5514
         Fax: (03) 9614 3233
         Web site: http://www.worrells.net.au/


TURQUISE PTY: Initiates Wind-up Proceedings
-------------------------------------------
The members of Turquise Pty Limited convened on May 24, 2006,
and agreed to wind up the Company's business operations.

They also decided to appoint Gregory J. Parker as liquidator.

Contact: Gregory J. Parker
         Liquidator
         Parker Insolvency
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


VICTORIA PARK: Schedules Final Meeting on July 6
------------------------------------------------
A final meeting of the creditors and members of Victoria Park
Ceramics Pty Limited will be held on July 6, 2006 at
10:30 a.m.

At the meeting, Liquidator Richard Albarram will present his
final account regarding the Company's wind-up operations.

Contact: Richard Albarram
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


YEARTRAK ESP: Placed Under Voluntary Liquidation
------------------------------------------------
At a general meeting on June 2, 2006, the members of Yeartrak
ESP Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets disposal.

Contact: Sinclair Wilson
         Accountants & Business Advisors
         177 Koroit Street, Warrnambool
         Victoria 3280, Australia


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

AGRICULTURAL BANK: Fires 64 Staff, Reprimands Others for Fraud
--------------------------------------------------------------
In an bid to curtail banking fraud, the Agricultural Bank of
China has axed 64 employees and taken disciplinary action
against nearly 1,300 others after an audit found irregularities
worth CNY51.6 billion, The Standard says.

As reported by the Troubled Company Reporter- Asia Pacific on
June 27, 2006, the National Audit Office found accounting
irregularities involving CNY51.6 billion which CNY14.27 billion
of the amount come from deposit business, CNY27.62 billion on
loan grants, and CNY9.72 billion in fraudulent bill issuance.

According to Shanghai Times, 21 people out of the 1, 331
employees who face disciplinary action have been referred to law
enforcement authorities for criminal prosecution.  Some 64
employees were fired and 74 were transferred from their jobs or
demoted.  Disciplinary sanctions including financial punishments
were meted out to the others.

Agricultural Bank also reshuffled management teams at seven
provincial branches, including the removal of three branch
heads, the Shanghai Times relates.

"We have focused strongly on the problems and investigated the
risks," the Bank said in the statement.  "Anyone involved in any
fraud or other irregularities is subject to severe punishment."

Currently, an internal risk management system is being put into
place while auditing by outside agencies is being conducted,
Shanghai Times reveals.

                          *     *     *
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.


AMEX TRAVEL: Liquidator Cease to Act for Company
------------------------------------------------
Chow Sin Man had ceased to act as liquidator of Amex Travel
Advisors Ltd on June 12, 2006.


CHASTAR LIMITED: Names Cheung as Liquidator
-------------------------------------------
Members of Chastar Limited on June 19, 2006, appointed Tang Wan
Cheung as official liquidator to oversee the Company's wind-up.

Contact: Tang Wan Cheung
         Block A, 1/F.,
         60-62 Shau Kei Wan Road
         Hong Kong


CHAVENCAP LIMITED: Liquidator Steps Aside
-----------------------------------------
Chan Lai Wah ceased to act as official liquidator of Chavencap
Limited on June 14, 2006.


GUANGDONG KELON: Faces Delisting on Failure to Submit Accounts
--------------------------------------------------------------
Guangdong Kelon Electrical Holdings Co Ltd has failed to publish
its annual report for 2005 and its first quarter report ending
March 31, 2006, Infocast reports.

The Company has been facing possible delisting from various
stock exchanges unless it submit its financial report by
June 30, 2006, the Troubled Company Reporter- Asia Pacific
recounts.

According to the Rules Governing the Listing of Stocks on the
Shenzhen Stock Exchange, the special procedures in relation to a
warning of risk of delisting will be implemented in respect of
its A shares on July 3, Infocast relates.

Infocast says that the abbreviated stock name of the company
will be changed to "*STKelon", while the stock code of the
company will remain unchanged as 000921.  The fluctuation in the
price of the A shares will be restricted to 5%.

TCR-AP reported that H shares of the Company had been suspended
since June 16, 2005, pending the release of an announcement in
relation to price-sensitive information.

According to Infocast, the Company will only avert delisitng of
its a shares if it submits its outstanding 2005 accounts by July
31, 2006.

Infocast adds that if the company is unable to publish the
annual report and the first quarterly report before August 31,
2006, the listing of its A shares will be suspended from
September 1, 2006.

Moreover, pursuant to the relevant rules of the Shenzhen Listing
rules, if the audited net profits in the annual report are of a
negative value, the Company could either be a suspended in the
listing of the A shares as a result of the three consecutive
years of losses the Company made.

                          *     *     *

Headquartered in Wanchai, Hong Kong, Guangdong Kelon Elecrical
Holdings Company Limited -- http://www.kelon.com/-- is one of
the largest cooling domestic appliance manufacturers in China,
mainly engaging in the development and manufacture, as well as
domestic and overseas sales of refrigerators and air-
conditioners.  Before the latest scandal involving it's former
Chairman, the refrigerator maker was saddled with 2004 net
losses, after seeing a CNY197.3 million net profit in 2003 and a
similar substantial profit in 2002.  With the outbreak of the
scandal, it suspended trading of some of its shares and had its
assets frozen.  The Company was taken over China's Hisense Group
in a CNY900-million acquisition agreement in September 2005.


MARK SINO: Members Opt for Voluntary Wind-Up
--------------------------------------------
Members of Mark Sino Enterprises Ltd resolved on June 17, 2006,
to wind up the Company voluntarily and appoint Tse Yun Tak as
liquidator.

Contact: Tse Yun Tak
         21st Floor, Fee Tat Commercial Centre
         No 613 Nathan Road, Kowloon
         Hong Kong


PACIFIC UNIDATA: Liquidator Lung Ceases to Act for Company
----------------------------------------------------------
Mak Kay Lung ceased to act as liquidator of Pacific Unidata Ltd
on June 15, 2006.


PANVA GAS: S&P Shaves LT Corporate Credit Rating to BB from BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services on June 30, 2006, downgraded
its long-term corporate credit on Panva Gas Holdings Ltd to BB
from BB+.

The rating was removed from CreditWatch, where it had been
placed with negative implications on April 24, 2006.  The
outlook is stable.

At the same time, S&P also lowered the issue ratings on Panva's
US$50 million convertible bonds due 2008 and US$200 million
senior unsecured notes due 2011 to 'BB' from 'BB+' and removed
them from CreditWatch, where they had been placed with negative
implications on April 24, 2006.

"Our downgrade reflects concern over Panva's lower-than-expected
financial performance, which stems from higher financial costs
resulting from two problematic interest rate swap arrangements
and delays in executing its expansion plan due to regulatory
issues in China," said Standard & Poor's credit analyst John
Bailey.

The company is still following a disciplined acquisition
strategy, but has faced some delays because of the time it took
to move its listing venue from the Growth Enterprise Market to
the main board of the Hong Kong stock exchange in 2005.  The
delay significantly hampered contract signing, due to listing
rules restrictions.  Increasing competition in acquiring new
projects and regulatory constraints in acquiring controlling
stakes also affected Panva's expansion plans.  Panva was
expected to sign five new projects in 2005, but could only
compete and consolidate one out of seven newly signed projects.

S&P is concerned about the adverse effects from recently
arranged swap contracts, which were not properly structured and
exposed the company to interest rate volatilities.

Panva entered into one transaction in which it swapped the fixed
8.25% coupon on the 2011 bonds to a floating rate payment, and
another in which interest was linked to the difference between
the 30-year and two-year constant maturity swap spread.  Rising
interest rates could cause Panva's interest expenses to increase
sharply and its coverage ratio to decline.

On the positive side, Panva continues to experience strong gas
consumption growth, while improving its economies of scale, and
the regulated connection fee remains stable.  Liquidity is
satisfactory as the company has about HKD980 million in cash on
hand.

                         *     *     *

Panva Gas -- listed on the Hong Kong Stock Exchange -- is
primarily engaged in the downstream selling and distribution of
liquefied petroleum gas and natural gas in Mainland China.  Its
main operations include the sale of LPG in bulk and cylinders,
the provision of piped natural gas, the construction of gas
pipelines and to a lesser extent the sale of LPG household
appliances.


PEGASUS ENTERPRISE: Chu King Hei Named Liquidator
-------------------------------------------------
The members of Pegasus Enterprise Ltd on June 9, 2006, appointed
Chu King Hei as official liquidator.

Mr. Chu requires the Company's creditors to file their proofs of
claim by August 15, 2006, for them to share in any distribution
the Company will make.

Contact: Chu King Hei
         Rooms 905-909, Yu To Sang Bldg
         37 Queen's Road Central
         Hong Kong


SANJAY LIMITED: Members Final Meeting Set on July 24
----------------------------------------------------
Members of Sanjay Limited will convene for their final meeting
at 1902 MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong
on July 24, 2006, at 10:30 a.m.

At the meeting, members will receive Liquidator Ngan Lin Chun's
final account of the Company's wind-up exercise.


SEEDTRON LIMITED: Appoints Official Liquidator
----------------------------------------------
The members of Seedtron Limited on June 16, 2006, appointed
Yeung Chi Wai as official liquidator.

Contact: Yeung Chi Wai
         Rooms 301-2 Lucky Building
         39 Wellington Street
         Central, Hong Kong


SOUND SPARK: Members to Receive Liquidator's Report on July 24
--------------------------------------------------------------
Members of Sound Spark Ltd will be receiving Liquidator Chu Chi
Wa's final report on the Company's wind-up operation and
property disposal.

The report will be presented at Flat B, 16/F., Kwong On Bank
Bldg, 728-730 Nathan Road, Hong Kong, on July 24, 2006, at 10:00
a.m.


WINNA LIMITED: Liquidator to Present Wind Up Report
---------------------------------------------------
Liquidator Julie Siu Shan Edwards will present to members of
Affinity Systems Ltd accounts of the Company's wind-up.

The presentation will be made at Ms. Edwards office on July 24,
2006, at 11: 00 a.m.

Contact: Julie Siu Shan Edwards
         Suite C, 16/F., On Hing Bldg
         1-9 On Hing Terrace, Central
         Hong Kong


* H.K. Growth Trend Continues Amid Regional Slowdown, Says Fitch
----------------------------------------------------------------
Fitch Ratings said Hong Kong's economy would continue to see
strong growth in 2006, extending the positive trend seen over
the last two years.  This should support the sound performance
of the territory's banks.

Speaking at Fitch's Sovereigns and Banking Conference 2006 in
Hong Kong, James McCormack, Head of Asia Sovereigns, remarked on
Hong Kong's very strong fiscal performance in 2005.

"The turnaround in the government balance has been much quicker
than we anticipated, and reflects not only stronger economic
growth, but continued expenditure restraint," McCormack said.

Fitch believes the consolidated fiscal surplus in 2006 will
likely be considerably higher than the government's forecast of
HKD5.6 billion.  While the agency expects Hong Kong economic
growth to drop a gear in the remainder of the year, decelerating
from the 8.2% growth seen in the first quarter of 2006, it still
anticipates another year of robust growth.

"Hong Kong's GDP growth is likely to exceed 6% this year, even
with higher interest rates and a cooling of the property market,
supported by lower unemployment and the buoyant short-term
outlook for the Mainland economy," added Mr. McCormack.

Thanks to the benign economic environment, Hong Kong banks
should continue to report good profitability and sound asset
quality.

However, David Marshall, head of Asia-Pacific Financial
Institutions, cautions that they are also facing some challenges
such as keen loan competition in the domestic market that is
negatively affecting net interest margins and a flat yield curve
that squeezes net returns on bond holdings.

"These negative effects should be offset by generally wider
Prime-Hibor spreads in 2006. The banks are likely to continue to
face rising operating costs as they expand out of Hong Kong and
invest in IT and systems. Expansion out of Hong Kong, especially
into China, poses new credit challenges to local banks but their
starting point is sound thanks to their generally well-
capitalised positions, and the currently limited exposures to
China for the system as a whole."

On the broader Asian region, Mr. McCormack said that economic
growth is expected to slow later this year and into 2007,
consistent with a forecast slowdown in the U.S.

"The positive news for Asia is that China and India, which are
the largest economies, will continue to lead the region in
growth," said Mr. McCormack.

Fitch believes the increase in intra-regional trade over the
past several years will help forestall the effects of a US
slowdown, but stresses nonetheless that Asian economic prospects
remain closely tied to global developments.

"Higher intra-regional trade share reflects the increasingly
integrated role of China in Asian manufacturing, while the final
consumers are often still in the U.S. or other developed
markets," Mr. McCormack added.

Most Asian sovereigns are reasonably well positioned to deal
with weaker export and GDP growth, suggesting their ratings are
not under any immediate pressure.

"More flexible exchange rates and good external liquidity
positions continue to support sovereign creditworthiness across
Asia," said Mr. McCormack.

Current account surpluses are the norm across Asia and a number
of countries are large net external creditors.

On South Asian banks, Peter Tebbutt, senior director in Fitch's
Financial Institutions group, said that the balance sheets of
major Philippine banks remain very weak through uncovered NPLs
and foreclosed property assets.

"This is very slowly being rectified through earnings retention,
although capital injections for some banks are clearly still
required."

In Vietnam, the progress in reforming the major state-owned
banks was disappointingly slow, leaving them vulnerable to
having their market shares gradually eroded by the much more
commercially oriented, small-business focused private banks.

Moving on to Indonesia, Mr. Tebbutt noted that despite some
difficulties posed to the banks by the now higher interest rate
environment, the banks there remained well-placed with generally
strong levels of balance sheet strength and profitability.


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

BPL LIMITED: Allots Equity Shares on Preferential Basis
-------------------------------------------------------
On June 30, 2006, BPL Limited allotted 1,70,00,000 equity shares
of INR10 each at a premium of INR33.02 per share aggregating to
INR73,13,40,000 to Electro Investment Pvt Limited.

The shares were issued on a preferential basis in terms of the
Securities and Exchange Board of India Guidelines for
Preferential Shares.

                       About BPL Limited

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.  Last
year, the Company obtained approval from the Kerala High Court
for its financial restructuring scheme and the launch of the
50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.


BPL LIMITED: Books INR498-Million Fourth Quarter Loss
-----------------------------------------------------
BPL Limited registered a net loss of INR498.4 million for the
fourth quarter ended March 31, 2006, the Company revealed in a
statement to the Bombay Stock Exchange.

The television maker said that it wrote off INR238.8 million for
provisions.  However the Company gave no explanation in its
financial statement.

BPL had net sales of INR250.4 million for the quarter under
review.

                       About BPL Limited

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.  Last
year, the Company obtained approval from the Kerala High Court
for its financial restructuring scheme and the launch of the
50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.


HINDUSTAN PETROLEUM: Ties Up with Reliant for Modern Gas Station
----------------------------------------------------------------
Reliant Infrastructure will set up a 10-acre state-of-the art
gas station at NH1 near Rajpura in association with Hindustan
Petroleum Corporation Limited, Business Standard reports.

The project will cost INR25 crore, of which Hindustan Petroleum
will invest around INR6 crore, The Standard says.

According to Zee News, the gas station will have a capacity of
filling 40 vehicles simultaneously.  The first phase of the
project will be operational by year-end.

Meanwhile, Hindustan Petroleum, together with a consortium led
by Oilex, Videocon, GAIL and Bharat Petroleum Corporation, on
June 28, 2006, signed an exploration and production sharing
agreement with the Sultanate of Oman, the Troubled Company
Reporter - Asia Pacific reported on June 30.

This is the Corporation's first international exploration
venture where it would be having 12.5% participating interest in
the exploration, development and production phases.

             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
=================

PERUSAHAAN LISTRIK: May Spend IDR12 Bil on World Cup TV Viewing
---------------------------------------------------------------
PT Perusahaan Listrik Negara may have to spend extra to sustain
its customers who are staying up late to watch the ongoing World
Cup in Germany, Agence France Presse relates.

AFP says that the Company is slated to spend some IDR400 million
daily on an increase of around 1.2 million kilowatt hours, since
Indonesians are staying up late to watch football games as there
is a six-hour difference between Germany and Indonesia.

Televisions and lights are on until morning, according to PLN
acting president Juanda Nugraha Ibrahim.  He added that for this
month, the Company may spend up to IDR12 billion to generate
additional power by using expensive diesel fuel.

                          *     *     *

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted an
IDR4.92-trillion net loss in 2005, against a net loss of IDR2.02
trillion in 2004.

The Company received IDR12.51 trillion in subsidies from the
Government last year, almost four times the IDR3.47-trillion
subsidy in 2004.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that PLN is once again under investigation by the
Indonesian National Police for corruption, connected to
equipment price mark-ups and irregular contract tendering
procedures at a gas-fired power plant in Bekasi.  This after
being subjected to a probe on an alleged price mark-up of three
generators purchased in 2004.  A further report on May 5,
2006, stated that PLN president Eddie Widiono was arrested on
allegations that he had marked up the funds used to buy a
MD2500 generator for an electricity project in Borang regency in
South Sumatra in 2004, which made the state suffer a IDR122-
billion loss.


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

AZEL CORP: R&I Raises Long-term Issuer Rating to BB-
----------------------------------------------------
Japanese rating agency Rating & Investment Information, Inc.,
upgraded the issuer rating of Azel Corp. to BB from BB-, while
its long-term issue rating was raised to BB- from B+.

The Company has reduced its assets and restructured its
condominium operation by disposing of its assets with unrealized
assets, including certain condominiums, and writing off huge
losses; it has also abandoned its financing and overseas resort
businesses.  This has led to a recovery in profitability, and
since there is little risk of any further losses, R&I upgraded
Azel's issuer rating, with a stable outlook.

Profit levels remain low, and question marks remain over the
Company's ability to obtain land for its condominium business
and its sales power.  Though it has reduced its interest-bearing
debts, its equity capital has been undermined and there is
plenty of room for improvement in its fiscal structure.  In
order to improve its creditworthiness, the Company will have to
improve the profitability of its condominium, construction and
leisure arms, and flesh out its equity capital.  Because of
Azel's many secured debts, R&I also raised the Company's long-
term issue rating to BB- from B+, one notch lower than the
Issuer Rating reflecting the potential recovery risk.

Headquartered in Tokyo, Azel Corporation --
http://www.azel.co.jp/-- is a mid-sized condominium developer
that has also branched out into the construction and leisure
sectors, including game arcades and hotel management, as well as
automobile sales.

The Company's operations are carried out through these
divisions: (i) real estate; (ii) construction; and (iii)
recreational services.


JAPAN AIRLINES: Issues 750 Million Shares to Buy New Planes
-----------------------------------------------------------
Japan Airlines Corp. will issue around 26.4% of its outstanding
shares on issue, equivalent to 750 million shares, in order to
raise funds to purchase new aircraft, AFX News says.

The shares, worth some JPY223 billion, will be issued next
month, with the offer price to be decided from July 19 to
July 21, 2006.

Bloomberg News reports that the Company may sell another 50
million shares if there is demand for it, although it would be
difficult to attract investors since, according to HSBC Holdings
PlC's Japanese equity sales chief Michael Newman, JAL shares
have almost no value.  JAL shares traded in Frankfurt dropped 8%
to EUR1.81 per share, after the share price remained at JPY287
as of closing in Tokyo.  Shares have fallen 11% this year alone.

JAL may need to redeem a bond issue worth JPY100 billion by next
year, on seven-year convertible bonds it had sold in 2004 that
permit investors to seek early redemption by March 2007, which
they may be inclined to do after the slump in share prices,
according to Bloomberg.

As of March 31, 2006, JAL's debt amounted to JPY1.93 trillion,
whereas shareholders' equity stood at JPY148.1 billion.  Fitch
Ratings Tokyo analyst Satoru Aoyama said that the Company's debt
obligations and expenses for new aircraft have placed it in an
unfavorable financial position.  Fitch assigned a BB- rating on
the Company, which is three notches lower than investment grade.

JAL ordered new airplanes from Boeing for JPY609.24 billion, and
the first delivery is slated for this year.

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears.  Due to a series of safety related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005.  For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, due mainly to a delay in the recovery of
demand on routes to China and Southeast Asia.  Domestic
passenger demand also fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred.  Demand for
international cargo services also fell year-on-year, due to weak
demand on routes from Japan to East Asian countries and the
United States.  Rising aviation fuel prices compounded JAL's
situation.

The Troubled Company Reporter - Asia Pacific stated on
May 12 2006, that JAL posted a consolidated net loss of
JPY47.24 billion for the business year 2005 ended March 31,
2006, due to safety-related incidents in 2005 that caused
passengers to shift to its rival All Nippon Airways, and an
increase in aviation fuel costs.  A further report on June 30,
2006, states that the Company will not be able to pay out
dividends to shareholders this year.


MITSUBISHI MOTORS: To Halt Car Production with DaimlerChrylser
--------------------------------------------------------------
Mitsubishi Motors Corp., on June 30, 2006, completed the
proceedings on its agreement with DaimlerChrysler AG to end
production of the Smart forfour model.

The model has been produced at MMC's European production
facility, Netherlands Car B.V.  Negotiations over the production
halt began on March 31, 2006.

Specifically, the agreements provide that:

   -- production of the smart forfour at NedCar will cease on
      June 30, 2006; and

   -- all of MMC's stake in MDC Power GmbH, a 50-50 joint
      venture engine plant with DaimlerChrylser in Kolleda
      Germany, will be transferred to DaimlerChrylser.

Due to compensation from DaimlerChrylser related to the end of
smart production as well as other factors, MMC will leave fiscal
2006 earnings projections unchanged.

MMC currently produces the Colt at NedCar, and announced on
March 31, 2006, that it will continue production of the Colt
model despite the halt of the smart forfour model.

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."


TAKEDA PHARMACEUTICAL: Ordered to Pay JPY57-Bil in Back Taxes
-------------------------------------------------------------
The Osaka Taxation Bureau has ordered Takeda Pharmaceutical Co.
Ltd to pay back taxes worth JPY57 billion on its failure to
declare profits on goods supplied to an American joint venture
firm, the Financial Times reveals.

According to the bureau, Takeda did not declare JPY22 billion in
profits from its supply of ulcer drug Prevacid to TAP
Pharmaceutical Products, Inc., its U.S. joint venture with 50%
owned by Abbot Laboratories, for a six-year period up to March
2005.

The Company said it believed its profits allocation was fair,
and would seek to repeal the order to pay back taxes.  Financial
Times states that according to Takeda, there was no incentive
for them to transfer profits to TAP, and Abbot Laboratories had
approved the profits allocation.

Under Japanese transfer pricing rules, firms ordered to pay back
taxes are cited for supplying goods at below market price to its
foreign subsidiaries.  However, since the transactions between
Takeda and TAP were made between two independent firms, transfer
pricing rules do not apply in this case.

Takeda reported a JPY313.2-billion profit for the year ended
March 31, 2006, on sales of JPY212 billion.  The Company expects
to post a JPY320-billion profit this year.

                          *     *     *

Headquartered in Osaka, Takeda Pharmaceutical Co. Ltd. --
http://www.takeda.com/-- is a research-based global company
with its main focus on pharmaceuticals.  It is the largest
pharmaceutical company in Japan and among the leaders in the
world.  Takeda discovers, develops, manufactures and markets a
broad range of superior pharmaceutical products to strive toward
better health for individuals and progress in medicine.


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

HYUNDAI MOTOR: Chairman Granted KRW1-Billion Bail
-------------------------------------------------
Hyundai Motor chairman Chung Mong-koo was granted bail by the
Seoul Central District Court, Reuters reports.

According to court spokesman Lee Sang-hoon, Chairman Chung will
be released after he pays KRW1 billion in bail.

"The court concluded that concerns that the defendant would flee
and destroy evidence have disappeared now that the
investigations into all related people have been completed," Mr.
Lee told Reuters.

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

Chairman Chung subsequently sent an apology letter to Judge Kim
Dong-oh of the Seoul Central District Court, Criminal Division,
and admitted "overall responsibility" in the slush fund scandal.

Chairman Chung has been in prison since April 28, 2006, after a
month-long probe, and has been held in a detention center near
Seoul.  His legal counsel have requested that Judge Kim grant
bail for the chief executive, citing his age, his deteriorating
health and the disruption in operations at Hyundai Motor Co.

On June 12, at the second hearing of his embezzlement trial, the
68-year-old Chung said he was suffering from high blood
pressure, joint pains and occasional dizziness.

Hyundai spokesman Jake Jang said that Chairman Chung's early
return to management would mean that stalled projects, which
were delayed due to his arrest, would push through.

Reuters states that some analysts have been concerned about a
leadership vacuum due to the chairman's arrest, which could
dampen Hyundai's ambition to be among the world's top five
automakers by 2010.  Chairman Chung is known for his strong and
charismatic day-to-day management style.

Hyundai, with affiliate Kia Motors Corp., is now the world's
No. 6 automaker by sales volume.

                      About Hyundai Motor

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

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

Chairman Chung has been indicted early in May 2006 for fraud
charges.

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


SAMSUNG GROUP: Former CEO Questioned Over Everland Issue
--------------------------------------------------------
Samsung Corporation's former president, Hyun Myung-kwan, has
been summoned for questioning over allegations that Samsung
Group illicitly transferred Chairman Lee Kun-hee's wealth to his
son, Jae-yong, The Korea Times reports.

Mr. Hyun showed up at the prosecutors' office after previously
refusing to comply with the summons.  According to the report,
he was questioned over whether the Group engaged in wealth
transfer in 1996 when Jae-yong purchased convertible bonds of
Samsung Everland Inc. at less than one-tenth of their real
value.

In 1996, Everland, Korea's largest theme park operator and de
facto holding company of Samsung Group, sold KRW10 billion of
CBs to Mr. Lee's four children, including Jae-yong, at KRW7,700
per share, far lower than its estimated value of KRW85,000.  The
transaction earned the family some KRW80 billion and Jae-yong's
control over Everland, while recording a KRW97-billion loss
for the company.

The Times says that the prosecution is likely to summon Samsung
Group owner-family members, including Chairman Lee and his son.

The Troubled Company Reporter - Asia Pacific reported on
April 6, 2006, that the older Lee and 14 former and incumbent
board members of the Group's apparel unit, Cheil Industries
Inc., have been sued by minority shareholders over allegations
that they helped hand over Samsung's control from Chairman Lee
to his only son.  The Cheil shareholders accused Chairman Lee
and the directors of causing losses to Cheil by "intentionally"
losing its right to buy the corporate bonds of Samsung Everland,
the group's amusement park affiliate.

Cheil Industries gave up its right to buy 182,806 million shares
of Everland, which move was believedto be aimed at supporting
the bond sale for Jae-yong.

                      About Samsung Group

Headquartered in Seoul, Korea, Samsung Group --
http://www.samsung.co.kr/-- the "chaebol" or industrial group
has surpassed its former archrival, the erstwhile Hyundai Group,
to become the number one business group in South Korea.

Samsung's flagship unit is Samsung Electronics, the world's top
maker of dynamic random-access memory and other memory chips, as
well as a global heavyweight in all sorts of electronic gear
including LCD panels, DVD players, and cellular phones.

Other affiliated companies include credit-card unit Samsung
Card, Samsung General Chemicals, Samsung Life Insurance, Samsung
Securities, and trading arm Samsung Corporation.

The Troubled Company Reporter - Asia Pacific reported on
December 14, 2005, that Samsung Group is facing a lawsuit filed
by creditors of Samsung Motors, seeking KRW4.73 trillion in
damages.  Creditors including Woori Bank and the Seoul Guarantee
Insurance Corp. wanted to recoup losses stemming from the
carmaker's insolvency in 1999 as its efforts to sell its stake
in Samsung Life Insurance Inc. was unsuccessful.  The Group
contributed 3.52 million unlisted shares of Samsung Life as
collateral, but the insurer failed to list as it could not meet
regulatory rules, involving distribution of dividends to
policyholders.  The claims filed by Samsung Motors creditors
include the Company's debts worth KRW2.45 trillion and overdue
loan interest of KRW2.28 trillion, which has been accumulated
over the past few years.


SSANGYONG MOTOR: Major Shareholder Raises Stake
-----------------------------------------------
Shanghai Automotive Industry Corp. raised its stake in Ssangyong
Motor Co. in what Ssangyong officials believe as a move to quell
speculations that it will sell the Korean automaker to other
investors, The Korea Times reports.

Shanghai Automotive Industry Corp. became the largest
shareholder of Ssangyong Motor by acquiring a 48.29% stake in
2005.  According to the report, the Chinese company purchased an
additional 288,730 shares in Ssangyong, which saw its stake
reach 51.03% as of June 15, 2006.

The Times, however, notes that automobile experts believe
Shanghai Automotive's move is designed to make it easier for
technology transfer to China by holding an absolute management
right.

The report says that Shanghai Automotive is set to replace a
number of Korean subcontractors with Chinese auto parts
suppliers in an alleged bid to transfer core technologies.
Shanghai Automotive has proposed that Ssangyong Motor buy parts
from Shanghai Automotive affiliate Auto Parts Sourcing
International Service.

Ssangyong Motor is expected to accept the proposal, and it is
possible that the Korean carmaker will be pressed to discontinue
deals with most Korean auto parts suppliers, The Times relates.

Under the project, global and Chinese subcontractors can easily
access vehicle designs conceived by Korean engineers.

Shanghai Automotive is said to have taken 800 designs for auto
parts and finished cars from Ssangyong, The Times cites the
Ssangyong labor union as asserting.

                      About Ssangyong Motor

Headquartered in Kyonggi, South Korea, Ssangyong Motor Company
Ltd. -- http://www.smotor.com/-- manufactures and assembles
motor vehicle bodies on purchased basis such as jeep style cars
under the brand names "Korando" and "Musso," minibuses under the
brand name "Istana," special-purpose cars including cement
mixers, trailers, fire-trucks as well as auto parts.  The
Company implemented a five-year debt workout program in 1999
after Ssangyong was separated from Daewoo Group, which was
dissolved under huge debt.

Shanghai Automotive Industry Corp. took over Ssangyong in 2005,
triggering fallen sales and labor unrest.


SSANGYONG MOTOR: Sales up 11.4% in May 2006
-------------------------------------------
Ssangyong Motor Co. sold 10,908 vehicles in May 2006, an 11.4%
increase from the 9,794 total sales in April, the Company said.
The result is also a 61.1% increase over the total sales in May
2005.

Ssangyong Motor disclosed that it continues to do well with its
domestic sales, with 6,207 vehicles sold in Korea alone, a 36.4%
increase from April 2006, and an 81.5% increase from May last
year.  This is the highest number sold locally in a month since
the start of the year, the Company said.

Exports declined 11.0% from 5,004 units in April to 4,455 units
in May.  Total sales since January 2006 are at 51,285 units.

                      About Ssangyong Motor

Headquartered in Kyonggi, South Korea, Ssangyong Motor Company
Ltd. -- http://www.smotor.com/-- manufactures and assembles
motor vehicle bodies on purchased basis such as jeep style cars
under the brand names "Korando" and "Musso," minibuses under the
brand name "Istana," special-purpose cars including cement
mixers, trailers, fire-trucks as well as auto parts.  The
Company implemented a five-year debt workout program in 1999
after Ssangyong was separated from Daewoo Group, which was
dissolved under huge debt.

Shanghai Automotive Industry Corp. took over Ssangyong in 2005,
triggering fallen sales and labor unrest.


* Bad Loans Sale by KAMCO and KDIC Under Scrutiny
-------------------------------------------------
Korea's National Tax Service has requested Korea Asset
Management Corp. and Korea Deposit Insurance Corp., two agencies
that supervise debt restructuring and recapitalization of
distressed domestic firms, to submit records of bad assets sold
to investors overseas, The Korea Times says.

According to the report, included in the tax agency's request is
information about the foreign creditor, the type and book value
of bonds, and bidding prices.

The Tax Service's move signals another tax probe into foreign
capital that acquired domestic assets, The Times relates.

The Times says that speculations are rife that the tax authority
is monitoring foreign investment funds as the NTS check comes
amid Lone Star Funds' alleged fraudulent acquisition of the
Korea Exchange Bank.

The NTS, however, has denied talks that its latest move is aimed
at launching another audit of foreign capital.  Instead, it said
that the requests are intended to "keep track of foreign tax
sources."

Foreign investors have criticized Korea's attempt to impose tax
on Lone Star for profits from sale of its controlling stake in
KEB and similar measures in the past, and the NTS' action is
expected to draw another barrage of criticism from foreign
investors, The Times adds.

The Times notes that KAMCO sold off KRW10.8 trillion worth of
bad assets in book value to foreign investment funds and
investment banks including Lone Star, Goldman Sachs, Morgan
Stanley and General Electric between 1998 and 2000 through
international biddings.

The KDIC also sold off KRW570 billion worth of below-investment
rate bonds to foreign institutional investors between 2001 and
2003.


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

BERJAYA CORPORATION: Net Loss Balloons to MYR205 Mln in 4Q/FY06
---------------------------------------------------------------
On June 28, 2006, Berjaya Corporation Berhad submitted for
public release its financial report for the fourth quarter ended
April 30, 2006.

For the quarter under review, the Group registered a
consolidated revenue of MYR733.6 million and pre-tax loss of
MYR148.9 million as compared to MYR655.3 million revenue and
MYR57 million pre-tax loss in the preceding year corresponding
quarter.

The higher revenue was mainly due to the increased sales by the
property development segment.  Higher sales registered by the
marketing of consumer products and services segment and the
increase in gross brokerage as a result of the improved stock
market conditions couples with the strong revenue growth
registered by the general insurance business.  However, the
Group's results were mainly affected by the impairment of
goodwill on certain subsidiary companies amounting to
MYR228 million and other exceptional losses incurred in the
current quarter.

For the twelve months ended April 30, 2006, the Group recorded a
consolidated revenue of MYR2.7 billion and a pre-tax loss of
MYR484.1 million as compared to MYR2.9 billion revenue and
MYR371 million pre-tax profit in the previous corresponding
period.  The drop in revenue was mainly attributed to the full-
year effect of deconsolidation of Matrix International Berhad
and Convenience Shopping Sdn Bhd in the current financial year
and the loss of sales for Roadhouse Grill Inc., which operates
restaurants mainly in Florida, in the United States as a result
of Hurricane Katrina in August 2005.  The pre-tax loss incurred
was mainly due to the recognition of the one-time significant
non-cash charge relating to the Group restructuring exercise,
impairment of goodwill and other exceptional losses incurred in
the current financial year.

As compared to the preceding quarter ended January 31, 2006, the
Group revenue increased 16.5% from MYR629.6 million to
MYR733.6 million.  In the current quarter, the improvement of
revenue was attributed to the increase in brokerage fees
received, higher sales recorded by property development and
marketing of consumer products and services segments.  The
Group's pre-tax loss was mainly due to the exceptional losses
incurred in the quarter under review whereas the previous
quarter included the recognition of the one-time significant
non-cash charge relating to the Group's restructuring exercise.

The Group did not issue a profit forecast or profit guarantee
for the financial year ended April 30, 2006.

As of April 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR3,283,344 available
to pay current liabilities of MYR7,096,117 in the next 12
months.  The Company has net current liabilities of MYR110,560.

There was no dividend declared for the quarter under review.

               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    30-04-2006    30-04-2005      30-04-2006     30-04-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue

    733,614       655,340       2,735,841      2,934,556

* Profit/(loss) before tax

   -148,902       -56,583        -484,077        371,024

* Profit/(loss) after tax and minority interest

   -205,146       -80,840        -656,347        151,212

* Net profit/(loss) for the period

   -205,146       -80,840        -656,347        151,212

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

     -11.34         -5.40          -66.17          10.10

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

     0.6426                       0.0468

The Company's Fourth Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_berjayacorp063006.pdf

                About Berjaya Corporation Berhad

The Company was incorporated on July 30, 2001, under the name
Berjaya Corporation Sdn Bhd and subsequently converted into a
public limited company and assumed the name Berjaya Corporation
Berhad on August 18, 2005.  Pursuant to a Scheme of Arrangement,
the Company became the owner of the entire shareholding of the
Berjaya Group through an exchange of shares and assumed the
Group's listing status on the Main Board of Bursa Malaysia
Securities Berhad.

The Group's principal activities are the marketing of consumer
products, manufacture of garments, operation of coffee outlets
and provision of education and professional training services.
Other activities include manufacturing of bicycles and
accessories, share registration and mailing services, mid-casual
dining restaurant operation, manufacture and sale of yarn,
furniture, moulded timber and other related timber products and
investment holding.  Operations are carried out in Malaysia,
Asia, North America, Oceanic Island States, Europe and other
countries.


MALAYSIA AIRLINES: Bags Best Economy Class Award
------------------------------------------------
Malaysia Airlines was voted the "Best Economy Class" airline at
the World Airlines Award 2006, Bernama reports.

The award -- organized by air industry researcher Skytrax --
focused on the quality of product and service standards on
long-haul intercontinental routes, the report says.

According to Bernama, Malaysia Airlines took the top spot in a
worldwide survey conducted between September 2005 and May 2006,
involving nearly 14 million respondents representing over 90
nationalities.

The carrier's managing director Idris Jala said he is pleased
that the Company's restructuring efforts have not only shown
positive results but have also won recognition in the industry,
The Edge relates.

The Edge cites that Malaysia Airlines has clinched some of the
prestigious global industry awards for excellence in the last 12
months.  The carrier bagged Skytrax's Top Three ranking for
"World's Best Cabin Award" for the second consecutive year and
"Best Economy Class Onboard Service Excellence, TTG Travel's
award for "Best South-east Asian Airline", and the "Reader's
Digest Trusted Airline Brand Platinum Award 2006".

Skytrax's annual world airline survey is regarded as the primary
benchmarking tool for passenger satisfaction levels of airlines
throughout the world, constituting a survey format based upon
analysis of both business and leisure travelers, and across all
cabin travel types.

                    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 Airlines posted a pre-tax loss of MYR309.118 million
for the first quarter ended March 31, 2006, as against a pre-tax
profit of MYR112.017 million in the same quarter of 2005.  The
Company's balance sheet as of March 31, 2006, showed strained
liquidity with total current assets of MYR3,328,129,000
available to pay MYR4,913,488,000 in total current liabilities
due in the next 12 months.


MBF CORPORATION: Shareholders Pass All AGM Resolutions
------------------------------------------------------
All ordinary resolutions and special business tabled at MBf
Corporation Berhad's Fourth Annual General Meeting held on
June 28, 2006, were approved by the Company's shareholders
present at the meeting.

During the meeting, the shareholders:

   -- received and adopted the Audited Financial Statements for
      the year ended December 31, 2005, together with the
      Directors and Auditors Reports;

   -- approved payment of Directors' fees amounting to
      MYR120,000 for the year ended December 31, 2005;

   -- re-elected Datuk Azizan bin Abdul Rahman and Dato' Yap
      Ping Kon as directors;

   -- re-appointed Messrs Ernst & Young as auditors of the
      Company and to authorize the directors to fix the
      auditors' remuneration; and

   -- empowered Directors to issue new shares in the Company
      provided that the aggregate number of shares issued does
      not exceed 10% of the issued share capital of the Company
      for the time being and that the authority will continue
      in force until the conclusion of the next Annual General
      Meeting of the Company and that the Directors be
      authorized to obtain the approval from Bursa Securities
      for the listing and quotation of the additional shares so
      issued.

                  About MBf Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, MBF Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  The
Group operates in three main areas, namely, Malaysia, Indonesia
and Hong Kong and Taiwan collectively. The Group's principal
activities are mainly operated in Malaysia except for the credit
card business, which is carried out in Indonesia.  The Group has
no significant operations in Hong Kong and Taiwan other than
certain residual assets from a subsidiary that has since been
liquidated in Taiwan.  The Company is classified under Bursa
Malaysia Securities Berhad's Practice Note 17 category and is
required to formulate a plan to raise its shareholders' equity
to meet the Bourse's Listing Requirements.


MULTI-USAGE HOLDINGS: Unveils 14th AGM Results
----------------------------------------------
At Multi-Usage Holdings Berhad's 14th Annual General Meeting on
June 28, 2006, shareholders resolved to:

   -- receive and adopt the Audited Financial Statements for
      the year ended December 31, 2005 and the Directors' and
      Auditors' Reports;

   -- approve the Directors' Fee of MYR62,000 for the year
      ended December 31, 2005;

   -- re-elect Dato' Hj. Noordin Bin Abdullah as director;

   -- re-elect Kim Lim Chong as director;

   -- re-appoint Messrs Deloitte KassimChan as Auditors;

   -- to give authority to issue shares pursuant to Section 132D
      of the Companies Act, 1965.

               About Multi-Usage Holdings Berhad

Headquartered in Penang, Malaysia, Multi-Usage Holdings Berhad's
principal activities are development of properties, manufacture
and sale of cement concrete products, cement bricks, hollow
blocks, stones and all kinds of building materials.  The Company
is also engaged in contracting works for construction project,
provision of management services, hiring of mobile crane and
other heavy equipment, trading of furniture and investment
holding.  The Group operates predominantly in Malaysia.

As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR42,524,000 in total current assets
available to pay MYR60,784,000 in total current liabilities in
the next 12 months.


NORTH BORNEO: Shareholders Okay Change of Auditors
--------------------------------------------------
The appointment of Messrs Pannell Kerr Forster as auditors of
The North Borneo Corporation Berhad was duly approved by the
Company's shareholders at an Extraordinary General Meeting on
June 29, 2006.

Pannell Kerr Forster will take the place of Ernst & Young who
had tendered its resignation as auditors of the Company.

The newly appointed auditors will hold office until the
conclusion of the next Annual General Meeting at a fee to be
determined by the board of directors.

               About The North Borneo Group Berhad

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.

On April 28, 2005, the Securities Commission has agreed to North
Borneo's proposal to dispose of its business as part of the
Company's efforts to regularize its finances and restructure its
debts.  The Plan, however, met objections from creditors.  On
March 6, 2006, two scheme creditors of North Borneo Corp. --
Sabah Development Bank and Prokhas Sdn Bhd -- withdrew their
support of the Company's proposed debt restructuring, saying
that they are no longer agreeable to the terms of the planned
business disposal as part of the restructuring program.

The Company's March 31, 2006, balance sheet revealed that the
Company is suffering poor liquidity with MYR1,662,000 in current
assets available to pay MYR163,379,000 in current liabilities as
they come due within the next 12 months.


OLYMPIA INDUSTRIES: Forges Additional Restructuring Deals
---------------------------------------------------------
Olympia Industries Berhad entered on June 28, 2006, into several
agreements with other parties.  The deals are in respect of the
remaining debts to be restructured under the Company's
Restructuring Scheme.

The details of the 14 debt novation and supplemental agreements
entered into by the Company with its creditors is available for
free at:

   http://bankrupt.com/misc/tcrap_olympiaindustries063006.pdf

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

                 About Olympia Industries Berhad

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


PARACORP BERHAD: AGM Resolutions Win Shareholders' Favor
--------------------------------------------------------
All resolutions set out in Paracorp Berhad's Notice of the 10th
Annual General Meeting were approved by the shareholders of the
Company at the Tenth Annual General Meeting of the Company held
on June 29, 2006 at Hotel Equatorial, in Jalan Sultan Ismail,
Kuala Lumpur.

During the meeting, the Company's shareholders:

   -- received and adopted the Company's Audited Financial
      Statements for the year ended December 31, 2005, together
      with the Directors' and Auditors' Reports;

   -- approved the Directors' fees of MYR108,000;

   -- re-elected Mejar Jeneral (B) Dato' Sulaiman bin Kudus who
      retires pursuant to Article 90 of the Company's Articles
      of Association;

   -- re-elected Director Pang Wei Chiat who retires pursuant
      to Article 95 of the Company's Articles of Association;

   -- reappointed Messrs Deloitte KassimCHan as auditors for the
      ensuing year and to authorize the board of directors to
      fix their remuneration;

   -- authorized the Directors to issue shares in the Company
      provided that an aggregate number of shares does not
      exceed 10% of the issued share capital of the Company for
      the time being and that authority will continue in force
      until the conclusion of the Company's next Annual General
      Meeting; and

   -- allowed the Company and its subsidiaries to enter into and
      give effect to specified recurrent transactions of a
      revenue or trading nature, which are necessary for the
      Group's day-to-day operations.

                     About Paracorp Berhad

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company has been incurring losses in the past.  For the
quarter ended March 31, 2006, the Company recorded a net loss of
MYR12.3 million.  As of March 31, 2006, the Company's balance
sheet revealed total assets of MYR106,347,000 and total
liabilities of MYR110,465,000, resulting in a MYR41,180,000
stockholders' equity deficit.  The Company's March 31 balance
sheet also showed strained liquidity with MYR50,909,000 in total
current assets available to pay MYR101,857,000 in total current
liabilities coming due within the next 12 months.

The Company is also classified under Practice Note 17 of Bursa
Malaysia Securities Berhad's Listing Requirements.  As an
affected listed issuer, the Company is required to submit a
financial regularization plan by January 7, 2007.


PAXELENT CORPORATION: Unit Sells Property to Boost Cashflow
-----------------------------------------------------------
Paxelent Corporation Berhad's wholly owned subsidiary --
Measurex Engineering (M) Sdn Bhd -- on June 27, 2006, entered
into a Sale and Purchase Agreement with Tan Tiam Chai and Tan
Chew Lan to dispose of a property for MYR720,000.

The Property is a piece of land under Title No. HS(D) 101618,
Lot PTD 65115, Mukim of Plentong District of Johor Bahru, Johor
and bears the address of No. 3, Jalan Seroja 42, in Taman Johor
Jaya, 81100 Johor Bahru.

The Property was purchased by Paxelent in 1993 for MYR1,110,911.
The cost was written down to realizable value of MYR730,000 in
2004.

Under the deal, Mr. Tan Tiam and Mr. Tan Chew are required to
deposit 10% of the consideration value upon execution of the
SPA.  The Buyers will then make the 90% balance within 90 days
from the date of the SPA.

Paxelent Corporation expects that the proceeds from the disposal
will bring additional cashflow to the Group to be used as
working capital and also to partially clear debts.  The Company
expects to gain MYR39,648 from the sale.

                   About Paxelent Corporation

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

Despite booking in positive earnings, the Company has not met
the scheduled repayment obligations of Settlement Agreements
with several financial institutions arising from the
crystallization of corporate guarantees to the Company's former
subsidiaries, which had been wound up.  The Company's Board is
currently actively pursuing various restructuring schemes to
address the default.  These schemes would involve raising funds
through partial disposal of assets, potential debts waivers and
rescheduling of the debts.  On-going discussions with the
financial institutions have been positive and the directors are
confident that agreements could be reached on debts waivers and
rescheduling of the debts in the near future.

Meanwhile, the Company's balance sheet as of March 31, 2006,
revealed strained liquidity with current assets of MYR26,570,000
available to pay current liabilities of MYR64,739,000 due within
the next 12 months.


PETALING TIN: Completes MYR38-Mln Acquisition of TISB's Assets
--------------------------------------------------------------
Petaling Tin Berhad completed on June 28, 2006, its acquisition
of all of Terus Idaman Sdn Bhd's rights, title, interests and
obligations for the remaining term of 87 years of Terus Idaman's
sub-lease for a parcel of leasehold land for a total cash
consideration of MYR38 million.

The transaction was completed after Petaling fulfilled all the
conditions precedent in the Principal Agreement and the
Supplemental Agreement.

The Company's shareholders at the Extraordinary General Meeting
on June 28, 2006, approved the proposed acquisition, the
Troubled Company Reporter - Asia Pacific recounts.

TCR-AP reported that the Proposed Acquisition on June 8, 2006,
obtained the approval of the Foreign Investment Committee.

The FIC stated that it has no objections to the Proposal
provided that:

   -- the property acquired will be developed as housing or
      commercial projects, and at least 75% of the total value
      of building materials and fittings used for the
      construction project should be of local materials; and

   -- the Company will submit a certification issued by a
      certified consultant regarding the total value of the
      local building materials and fittings used within six
      months after the commencement of the construction
      project or upon the completion of the project.

                   About Petaling Tin Berhad

Headquartered in Kuala Lumpur, Malaysia, Petaling Tin Berhad
engages in property development, property investment and
investment holding.

The Company has applied to regularize its financial condition
after incurring substantial losses in the past years.  In
September 2005, the Company was released from the Practice Note
17 category after its quarterly report for the period ended July
31, 2005, showed that the Company's business or operations
generated a revenue on a consolidated basis of MYR66.946
million, which represents more than 5% of the issued and paid-up
capital of the Company.  The Company is continuously working on
its recovery.

For the first quarter ended January 31, 2006, Petaling Tin
Berhad has recorded a pre-tax loss of MYR1,884,386, as compared
to pre-tax loss of MYR407,372 for the quarter ended January 31,
2005.  Despite the losses, financial year 2006 is expected to be
positive in view of the Government's recent fiscal measures to
rebuild overall consumer confidence.


PETALING TIN: Incurs MYR1.3-Million Second Quarter Pre-tax Loss
---------------------------------------------------------------
Petaling Tin Berhad's financial report for the quarter ended
April 30, 2006, was submitted on June 28, 2006, for public
release.

For the current quarter ended April 30, 2006, the Group has
recorded a pre-tax loss of MYR1,301,270 as compared to pre-tax
loss of MYR2,150,604 for the preceding year's corresponding
quarter ended April 30, 2005.

The improvement in results is mainly due to revenue recognized
from the progressive development of the residential properties
at Taman Kelab Ukay.

For the current quarter ended April 30, 2006, the Group has
recorded a pre-tax loss of MYR1,301,270 as compared to a pre-tax
loss of MYR1,884,386 for the previous quarter ended January 31,
2006.  The higher pre-tax loss for the previous quarter ended
January 31, 2006, was mainly due to spill-over of costs incurred
in respect of development properties at Desa Bukit Indah, Sungai
Buloh and the Bukit Ceylon project which was disposed in the
previous financial year.

The remaining financial year is expected to be positive in view
of the Government's recent fiscal measures to rebuild overall
consumer confidence.  With the continued consumer interest in
residential housing developments, the Group will continue to
concentrate on residential property development projects on
choice locations.

There was no dividend proposed or declared for the current
quarter and financial year to date.

               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    30-04-2006    30-04-2005      30-04-2006     30-04-2005
    MYR'000       MYR'000         MYR'000        MYR'000
               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    30-04-2006    30-04-2005      30-04-2006     30-04-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue

      3,144         1,984           7,725          3,937

* Profit/(loss) before tax

     -1,301        -2,150          -3,186         -2,558

* Profit/(loss) after tax and minority interest

     -1,301        -2,044          -3,309         -2,517

* Net profit/(loss) for the period

     -1,301        -2,044          -3,309         -2,517

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

      -0.38         -0.59           -0.96          -0.73

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

     1.0600                       1.0700

The Company's Second  Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_patalingtin063006.pdf

                   About Petaling Tin Berhad

Headquartered in Kuala Lumpur, Malaysia, Petaling Tin Berhad
engages in property development, property investment and
investment holding.

The Company has applied to regularize its financial condition
after incurring substantial losses in the past years.  In
September 2005, the Company was released from the Practice Note
17 category after its quarterly report for the period ended July
31, 2005, showed that the Company's business or operations
generated a revenue on a consolidated basis of MYR66.946
million, which represents more than 5% of the issued and paid-up
capital of the Company.  The Company is continuously working on
its recovery.

For the first quarter ended January 31, 2006, Petaling Tin
Berhad has recorded a pre-tax loss of MYR1,884,386, as compared
to pre-tax loss of MYR407,372 for the quarter ended January 31,
2005.  Despite the losses, financial year 2006 is expected to be
positive in view of the Government's recent fiscal measures to
rebuild overall consumer confidence.


POLY GLASS: Exits PN17 Classification
-------------------------------------
Poly Glass Fibre (M) Berhad no longer fits any of the criteria
under Practice Note 17 of Bursa Malaysia Securities Berhad's
listing requirements following the issuance of its annual
audited accounts for the financial year ended February 28, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2006, the Bourse extended the Company's time to
implement and regularize its financial condition pursuant to
Practice Note 17/2005 of Bursa Malaysia Securities Berhad until
June 30, 2006.

             About Poly Glass Fibre (Malaysia) Berhad

Headquartered in Penang, Malaysia, Poly Glass Fibre (Malaysia)
Bhd -- http://www.polyglass.com.my/-- is a leading manufacturer
and marketer of premium-quality fiber glass wool building
insulation, HVAC insulation, and other specialty products for
thermal and acoustic insulation for commercial, industrial, and
residential applications.  The Company is under Bursa Malaysia
Securities' PN17 category, which requires the Company to
regularize its financial condition or risk possible delisting
from the Exchange.  On March 8, 2006, Bursa Malaysia Securities
Berhad has granted the Company up to June 30, 2006, to implement
and regularize its financial condition pursuant to the Bourse's
Listing Requirements


PROTON HOLDINGS: Merger with Perodua Imminent, Expert Says
----------------------------------------------------------
National carmakers Proton Holdings Berhad and Perusahaan
Otomobil Kedua Sdn Bhd, or Perodua, may have to merge in the
future to achieve success, Business Times reports, citing motor
industry analyst Garel Rhys.

Mr. Rhys told Business Times that the two firms will likely tie
up to better compete with foreign rivals, adding that two
Malaysia car companies cannot be sustainable.

The Associated Press reports that Perodua has been long
overshadowed by domestic rival Proton.  However, its sales have
recently increased due to the popularity of the Myvi model.

Proton, on the other hand, has been losing its global market
share to stronger rivals like Toyota Motor Corporation.  In
order to keep pace with tough competitors, Proton needs to forge
a stronger and better partnership with local or foreign firms.

Mr. Rhys reckoned that a period of not more than seven years
would be enough time for local carmakers Proton and Perodua to
prepare them for full and open competition, The Times relates.

Mr. Rhys -- a motor industry expert and director of the Centre
for Automotive Industry Research at the United Kingdom's Cardiff
University -- is currently in Kuala Lumpur on a brief visit.

Speaking at a business conference on June 27, 2006, Professor
Garel Rhys commended Proton for getting out on the MV Agusta at
the "perfect" time, adding the Malaysian carmaker was right in
its decision to sell the Italian carmaker and concentrate on
enhancing its car models instead of going into the motorcycle
business.

Mr. Rhys also said Proton needed new products, though it had to
be careful that the development was not financed via cash.

                     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 this
year.


TENAGA NASIONAL: To List and Quote Shares on July 4
---------------------------------------------------
Tenaga Nasional Berhad's additional 1,970,368 new ordinary
shares of MYR1 each will be granted listing and quotation at the
Bursa Malaysia Securities Berhad on July 4, 2006.

The shares are derived from the conversion of USD4,200,000
nominal value of the five-year guaranteed exchangeable bonds
issued by the Company's wholly owned subsidiary -- TNB Capital
(L) Limited.

                     About Tenaga Nasional

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


TRADEWINDS CORPORATION: Targets MYR28.5-Million Profit in FY06
--------------------------------------------------------------
Tradewinds Corporation Berhad aims to book profit in fiscal 2006
with a net profit of more than MYR28.5 million, The Star Online
reports.

The Company is confident of a turnaround in the year ending
December 2006 if it completes its planned acquisition of sugar
refinery Gula Padang Terap, The Star relates, citing Tradewinds
chairman Datuk Seri Megat Najmuddin Megat Khas.

Tradewinds' 2005 accounts revealed a net loss of MYR48.4 million
on turnover of MYR1.4 billion.  The huge loss was blamed on the
higher cost of raw sugar, lower average selling price of oil
palm products, higher allowance for impairment loss in
associates of MYR68 million and impairment loss on property,
plant and equipment of MYR33.9 million.

According to The Star, the Company is undertaking a
restructuring exercise, which involves the disposal of some
hotels within the Group.  The Group owns 10 hotels in Malaysia
and one in Vietnam.

Chairman Najmuddin told The Star that the Company had been
receiving inquiries from foreign investors about the hotels in
Kuala Lumpur and Hanoi.  He disclosed that the Company might
also hive off other assets to maintain a stronger portfolio.

              About Tradewinds Corporation Berhad

Tradewinds Corporation Berhad -- formerly known as Pernas
International Holdings Berhad -- is one of Malaysia's largest
and most dynamic investment holding company. The group is
focused on a diverse range of business activities, which include
plantations, hotels, manufacturing, and properties, and aims to
be the premier investment company.  The Group has entered into a
restructuring scheme to settle debts, curb losses and streamline
its operations.  In 2004, the Group's debt was significantly
restructured with the reorganization of the hotel businesses.
The Company also unveiled a new logo after its change of name in
July 2004, in line with its corporate re-branding exercise.  The
Group divested some non-core assets in line with its objective
to streamline its businesses.  In February 2005, the
acquisitions of property development land to diversify earnings
and improve cash flow were completed.

The Company's March 31, 2006, balance sheet showed strained
liquidity with MYR1,016,770,000 in total current assets
available to pay MYR1,211,706,000 in total current liabilities
coming due within the next 12 months.  The Company has net
current liabilities of MYR194,936,000.


TRU-TECH HOLDINGS: Members Receive Audited Accounts at AGM
----------------------------------------------------------
Members of Tru-tech Holdings Berhad, on June 28, 2006, received
the Audited Accounts for the year ended December 31, 2005, at
the Company's 13th Annual General Meeting held on June 28, 2006.

During the meeting, the company's members appointed Horwath as
auditors, in place of retiring auditor PriceWaterhouseCoopers.
Horwath will hold office until the conclusion of the next Annual
General Meeting at a remuneration to be determined by the
Directors.

They also reappointed and re-elected as directors:

      * Isao Kakimoto;
      * Dato' Mohamed Shamsuddin Bin Mohd. Noor;
      * Ngo Kong Song; and
      * Quek Tiang Yew.

                 About Tru-Tech Holdings Berhad

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its losses.  These include the incorporation of a new entity as
Tru-Tech's holding company, and the disposal of its existing
contract-assembly business to a third party.  Much of Tru-Tech's
future performance will hinge on its ability to restructure its
debts and resolve its poor liquidity.

Bursa Malaysia Securities Berhad, on May 26, 2006, decided to
suspend trading in the securities of Tru-Tech Holdings Berhad
from June 5, 2006, as the Company has failed to regularize its
financial condition pursuant to the Bourse's Listing
Requirements.


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

DP COMPUTERS: Faces Wind-Up Proceedings
---------------------------------------
CIT Group (Singapore) Pte Limited, on June 16, 2006, filed a
wind-up application against DP Computers Pte Limited with the
High Court of Singapore.

The Petition is fixed for hearing before the Court on
July 14, 2006, at 10:00 a.m.

Contact: Robert Wang & Woo LLC
         Solicitors of the Applicant
         No. 9 Temasek Boulevard
         #32-01 Suntec Tower 2
         Singapore 038989


FASTECH SYNERGY: Inks Debt Revamp Deal with Seven Creditors
-----------------------------------------------------------
On July 1, 2006, Fastech Synergy Limited reached an agreement
with seven out of its eight creditor banks for a restructuring
of its principal loans with an aggregate amount of approximately
US$5.7 million out of the total US$6.8 million outstanding bank
loans.

The Group's discussion with the remaining bank has not been
concluded due to the bank's recent sale of its Philippine
operations to another financial institution.

As of June 30, 2006, the Group is still in a net current
liability position.

As reported by the Troubled Company Reporter - Asia Pacific, the
Group signed on June 5, 2006, a pact with six out of its eight
creditor banks for the restructuring of its principal loans with
an aggregate amount of approximately US$4.5 million out of the
total US$6.8 million outstanding bank loans.

                     About Fastech Synergy

Fastech Synergy, Limited -- http://www.fastechsynergy.com/--  
Fastech Synergy Ltd is a leading provider of semiconductor
assembly and test services that is listed on the main board of
the Stock Exchange of Singapore.  Fastech provides complete
assembly/test solutions for semiconductor components and module
assembly products used in consumer electronics, personal
computers and peripherals, telecommunication equipment, medical
and office equipment, automotive systems and industrial
applications.  It employs approximately 1,200 employees.

The Company is suffering tight liquidity as of March 31, 2006,
with US$9.6 million of current liabilities exceeding
US$3.6 million of current assets.


KIN YEW: Prepares to Pay Dividend to Creditors
----------------------------------------------
Kin Yew Heng Construction Pte Limited notifies parties-in-
interest of its intention to distribute dividend.

To benefit from the dividend, creditors are required to submit
proofs of claim by July 14, 2006, to the Company's liquidator,
Beverly Wee.

Contact: Beverly Wee
         Liquidator
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


LIANG HUAT: Completes One of Three Whitewash Waiver Conditions
--------------------------------------------------------------
Liang Huat Aluminium has fulfilled one of the conditions of a
Whitewash Waiver granted by the investment agreement with the
Company's new investor, Ho Lee Group Pte Limited.  The
Investment Agreement will be completed as soon as the remaining
conditions are complied with.

The Troubled Company Reporter - Asia Pacific recounts that the
Ho Lee Group Pte Limited, and parties acting in concert with it,
have obtained a whitewash waiver from the Securities Industry
Council on June 2006.  As such, Ho Lee and its partners will not
be required to make a mandatory general offer for all the
remaining shares in Liang Huat, which they do not already own,
following the allotment and issuance of new Shares by the
Company to Ho Lee.

The Whitewash Resolution is subject to these conditions:

   * a majority of the Company's independent shareholders
     being present and voting at a general meeting held before
     the allotment of shares, approving a resolution to waive
     their rights to receive a general offer from the Ho Lee
     Group to acquire all the issued shares in the Company;

   * the Ho Lee Group abstaining from voting on the Whitewash
     Resolution; and

   * the Company appointing an independent financial adviser
     to advise the Independent Shareholders on the Whitewash
     Resolution.

On April 13, 2006, entered into a conditional investment
agreement with Ho Lee Group for a subscription of new shares in
the Company representing a controlling stake by Ho Lee.  Under
the Investment Agreement, the cash consideration in respect of
the Investment is SGD3,000,000 and is to be satisfied in full by
the allotment and issuance of 70% of all issued ordinary shares
of the Company on Completion credited as fully paid up.

Upon completion of the Investment Agreement, Ho Lee will own 70%
of all issued ordinary shares of the Company after taking into
account the number of shares that will be issued pursuant to the
modified restructuring scheme and Investment Agreement.

The completion of the Investment will take place five business
days after the fulfillment of the conditions precedent in the
Investment Agreement or such other date as the Investor and the
Company may agree in writing.

The Investment will be subject to the Company and the Purchaser
obtaining the necessary requisite regulatory and other
approvals, consents and waivers, which are set out in their
entirety in the Investment Agreement, which include:

   -- the Modified Schemes having been duly approved by the
      relevant Scheme Creditors and approved and sanctioned by
      the High Court and the respective Orders of Court relating
      to the approval of the respective Modified Scheme be
      lodged with the relevant authorities;

   -- the Company having obtained approval from the High Court
      to sanction the capital reduction of the Company;

   -- all necessary approvals by the Shareholders of the
      respective Modified Schemes, capital reduction, capital
      amalgamation, and the issuance of shares to the Investor;
      and

   -- the Investor not being obliged to make a takeover offer to
      the remaining shareholders of the Company in respect of
      all the remaining shares not already owned by the Investor
      or his concert party or parties, and if applicable, the
      grant of waiver by the Securities Industry Council from
      the requirements to make a general takeover offer to the
      remaining shareholders of the Company.

In the event that any of the conditions precedent in the
Investment Agreement cannot be fulfilled and are not waived by
the Investor or if the completion does not occur for any reason
by December 31, 2006, or such other date as the Investor and the
Company may mutually agree other than by reason of a breach by
the Investor of its obligation to complete, the Investor will be
entitled to such number of conversion shares constituting 29.0%
of all the allotted and issued shares of the Company.

                About Liang Huat Aluminium Limited

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is
a vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a winding up
petition filed by Lim Ah Siong trading as Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


SINGAPORE AIRPORT: Creditors' Proofs of Debt Due on July 23
-----------------------------------------------------------
Vanguard Realty & Development (Private) Limited intends to
distribute dividends.

In this regard, proofs of claim will be accepted until July 23,
2006.

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


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T H A I L A N D
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PICNIC CORP: HSBC Sues Firm to Claim THB170-M Debt Payment
----------------------------------------------------------
Picnic Corporation Public Company informed the Stock Exchange of
Thailand on June 30, 2006, that it is facing a legal action
filed by the Hong Kong and Shanghai Banking Corporation Limited
regarding its THB170.525-million debt.

Picnic Corp said that it is currently under a negotiation
process with the bank to repay the debt.

"At this moment, there is no impact on financial status and
operation of the Company.  The Company has the method to offer
the new shares to shareholders, limited number of investors and
institution investors or specific investors and convert debt to
equity" Picnic said in a statement.

The Company expects that the negotiation will be finished soon
and pledged to disclose the results of its talks with HSBC.

                          *     *     *

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

Picnic's financial troubles began in the middle of last year
when its two major shareholders and former executives, Supaporn
and Theeratchanon Lapvisuthisin, were charged with accounting
fraud and dishonest management.  Troubles add up as it it took
over B Grimm Engineering Plc, a company that had languished in
the Stock Exchange of Thailand's rehabilitation sector since the
financial crisis.




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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
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and Peter A. Chapman, Editors.

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

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