TCRAP_Public/060704.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

              Tuesday, July 4, 2006, Vol. 9, No. 131

                            Headlines

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

ACCANTIA HEALTH: Members Opt to Shut Down Operations
A&H HAULAGE: Court to Hear Liquidation Bid on July 10
ARPINGE PTY: Enters Voluntary Liquidation
AWB LIMITED: U.S. & Canadian Farmers Gear Up for AU$1-Bil Suit
BGA GOSFORD: Schedules Final Meeting on July 5

CARKRAFT LIMITED: Court to Hear CIR's Liquidation Bid on Aug. 3
CAR - TRUCK: Members and Creditors to Convene on July 19
CARLYLE FINE: Appoints Joint Liquidators
CIVIS PTY: Members Resolve to Wind Up Firm
COLES MYER: Completes Acquisition of Hedley Hotel Group

COLES MYER: Completes Department Store Sale to TPG-Newbridge
CROESUS MINING: Slides into Administration
CUSTOM CLEANING: Names Rocco Romeo as Liquidator
ELLERSLIE PARK: Creditors Must Prove Debt by July 24
ESKBAY PTY: Liquidator to Present Wind-up Report on July 5

FOREST VIEW: High Court Appoints Liquidator
GMJ PLUMBING: Official Assignee Named Liquidator
GREEN PACIFIC: ASIC To Wind Up Firm for Trading While Insolvent
H. TREVAIL: To Distribute Dividend on July 6
HAWKTRAIL PTY: Members Decide to Cease Operations

JAMES HARDIE: ASX Extends Lodgement of 2006 Dutch Accounts
L. A. GANE: Creditors Appoint Official Liquidator
MAJESTIC FOUNDATION: Names Official Assignee as Liquidator
NUPLEX INDUSTRIES: Restructures at Estimated NZ$20-Million Cost
PALVERA PTY: Final General Meeting Set on July 7

PLANIT KITCHENS: Winds Up Business Operations
REPUBLIC LIMITED: Liquidation Petition Hearing Set July 10
S&V DEVELOPMENTS: Faces Liquidation Proceedings
SEACLIFF ORCHARDS: Creditors Proofs of Claim Due on July 21
SHAPE BRAND: Creditors Agree to Shut Down Business

SOFAS OF STYLE: Members and Creditors to Convene on July 5
SPENCO PTY: Placed Under Voluntary Liquidation
STRATHFIELD: Reports Positive EBITDA for 6 Months Ended June 30
TRACEPOT PTY: Members Appoint Liquidators
TREGA PTY: Set to Declare its Final Dividend on July 11

WALLALA INVESTMENTS: To Declare Final Dividend to Creditors
WEST CITY VALET: Court to Hear Liquidation Petition on July 27


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: China Life Keen on Capital Cooperation
CHIYODAGUMI (H.K.): Creditors' Meeting Slated for July 5
DORFLINE LIMITED: Final Members & Creditors Meetings Set July 25
FINWIN LIMITED: Liquidator to Present Wind-Up Report
GAMEWELL ENTERPRISES: Members to Receive Liquidator's Report

HILL SAMUEL: Joint Liquidators Step Aside
JADE REGAL: Members Opt for Voluntary Wind-Up
MAD CATZ (ASIA): Members to Hear Liquidator's Report on July 28
MAGNUS MANAGEMENT: Liquidator to Present Wind Up Report
MARK SINO: Creditors Must Prove Debts by July 25

SAN CHIT DEVELOPMENT: Members Agree to Wind Up Operations
SINOVIEW LIMITED: Creditors' Proofs of Debt Due on July 28
TSUIN KING RESTAURANT: Liquidator Ceases to Act for Company
VICLAND LIMITED: Liquidator to Present Wind-Up Report on Aug. 8
WAI HING CONSTRUCTION: Final Members Meeting Set July 24

* CBRC Orders Banks to Establish Accountability System


I N D I A

GENERAL MOTORS: Sales Up 53% at Indian Arm
* State Oil Firms Hike Aviation Turbine Fuel Prices by 2%


J A P A N

JAPAN AIRLINES: Partners with JTB Corp on Travel
JAPAN AIRLINES: Shares Fall 7% on Issue


K O R E A

CJ GROUP: Food Poisoning Leads to Business Crisis
DAEWOO SHIPBUILDING: Gets KRW509-Billion Panama Ship Deal
DAEWOO SHIPBUILDING: Sails to Profit in May 2006
DAEWOO SHIPBUILDING: Romanian Unit in the Red
HANARO TELECOM: Wins Corporate Governance Award

HYUNDAI MOTOR: Workers Seek to Create Industry-Wide Union
KOREA EXCHANGE: Prosecutors Raid Headquarters
SAMSUNG GROUP: Apparel Unit Upgrades German Operations
* Corporate Bankruptcies At All-Time Low in May
* Non-Listed Units of Conglomerates Under Probe


M A L A Y S I A

AMTEK HOLDINGS: Unit Sells Property to Jeeson for MYR400,000
CHEW GEOK: Undergoes Wind-Up Exercise
CHG INDUSTRIES: Bourse Slaps Fine and Public Reprimand
CONSOLIDATED FARMS: Books MYR4.99-Mln Pre-tax Loss in 1Q/FY2006
FUTUTECH BERHAD: Unveils Results of 22nd AGM

HLB VENTURES: Enters Members' Voluntary Wind-Up
KIG GLASS: Buys More Time for Submission of Revamp Plan
KOMARKCORP BERHAD: April 30 Balance Sheet Shows Weak Liquidity
MENTIGA CORPORATION: Shareholders Adopt Financial Statements
MERCES HOLDINGS: All AGM Resolutions Win Members' Approval

METROPLEX BERHAD: Court Orders Pave Way for Putra Place Sale
SUGAR BUN: To Hold 22nd Annual General Meeting on July 20
SUREMAX GROUP: TT Dotcom to Formally Withdraw Suit on July 20
TECHVENTURE BERHAD: Shareholders Pass All AGM Resolutions


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Pays Over PHP900 Million of Debt
LAFAYETTE MINING: Parent Seeks Approval to Resume Phil. Ops
NATIONAL POWER: Concludes Clean-Up of Semirara Spill
PETPLANS INC: SEC Approves Rehabilitation Plan
RADIO PHILIPPINES: Congress Must Approve Government's Stake Sale

STENIEL MANUFACTURING: Seeks to Restructure Loan Obligations


S I N G A P O R E

ASIA-PACIFIC BULK: Creditors' Proofs of Claim Due on July 14
I S U PRODUCTS: Court to Hear Wind-Up Petition on July 14
JIANGSHAN INVESTMENT: Accepting Proofs of Debt Until July 14
NORTHSTAR TRAVEL: Intends to Pay Dividend to Creditors
SUNWAY HOLDINGs: Members' Final Meeting Slated for July 28


T H A I L A N D

HANTEX PCL: Revenue Drops THB223 Million for F/Y 2005
TANAYONG PCL: FY06 Financial Report Show Decrease in Net Loss

     - - - - - - - -

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

ACCANTIA HEALTH: Members Opt to Shut Down Operations
----------------------------------------------------
After an extraordinary general meeting on June 1, 2006, members
of Accantia Health & Beauty Pty Limited decided to voluntarily
wind up the Company's operations and appoint R. B. Mckern as
liquidator.

Contact: R. B. Mckern
         Liquidator
         c/o McGrathNicol+Partners
         Level 1, 161 Collins Street
         Melbourne Victoria 3000
         Australia
         Telephone:(03) 9038 3100,
         e-mail: www.mcgrathnicol.com/


A&H HAULAGE: Court to Hear Liquidation Bid on July 10
-----------------------------------------------------
The High Court of Palmerston North will hear a petition to
liquidate A&H Haulage Ltd on July 10, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition before the
Court on May 12, 2006.

Contact: Kerri Ann Doherty
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 1045
         Facsimile: (04) 890 0009


ARPINGE PTY: Enters Voluntary Liquidation
-----------------------------------------
Members of Arpinge Pty Limited convened on June 1, 2006, and
agreed that the Company should wind up its operations
voluntarily.

David Clement Pratt and Timothy James Cuming were subsequently
appointed as liquidators.

Contact: David Clement Pratt
         Timothy James Cuming
         Liquidators
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


AWB LIMITED: U.S. & Canadian Farmers Gear Up for AU$1-Bil Suit
--------------------------------------------------------------
American and Canadian wheat farmers are preparing to file a
AU$1-billion damages lawsuit against AWB Limited with the New
York Federal Court this month, The Sunday Mail reports.

According to ABC News Online, the lawsuit would pertain to
claims by U.S. wheat growers that they lost trade worth hundreds
of millions of dollars with Iraq when AWB paid almost
AU$300 million in kickbacks to former dictator Saddam Hussein's
regime.

ABC notes that the initial case may cover just 20 or so farmers,
but thousands of other U.S. and Canadian farmers may join them.

                        AWB Will Defend

Today Online says that, according to AWB spokesman Peter
McBride, the firm was aware of the potential lawsuit, but the
Company has not been served with papers.

At this stage, such actions are ill-conceived and if any action
is formally brought against AWB, the firm will vigorously defend
itself, Today Online cites Mr. McBride as telling Agence France
Presse.

           Lawsuit May Cost AWB Hundreds of Millions

The Age says that lawyers for the farmers plan to use the
Racketeer Influenced and Corrupt Organizations Act, which covers
bribery, kickbacks, and extortion.  The U.S. Congress passed the
RICO Law in 1970 to eliminate organized crime, under which, any
person who succeeds in establishing a claim can automatically
receive three times their actual damages, plus costs.

If the action is successful, AWB could be forced to make a
payout triple the value of the kickbacks, ABC says.

Yet, Sunday Mail says that Leon Bradley, chairman of the Western
Grain growers, believes that the lawsuit would be a costly
disaster for farmers.

ABC notes that it is hard to argue that U.S. farmers were hurt
by AWB kickbacks because the U.S. had sanctions against trading
with Iraq.  ABC relates that U.S. Wheat Associates knows nothing
of the proposed legal suit at this stage.

                  Other Legal Actions Expected

According to Sunday Mail, Iraq is expected to lodge a
AU$300-million damages claim as soon as Commissioner Terence
Cole, who leads the inquiry into the AWB kickback scandal, hands
down his findings.

Australian AWB shareholders are also considering a class action
over AWB's alleged misleading of the stock market by making
statements that it was not paying kickbacks, Sunday Mail
reports.

                         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.


BGA GOSFORD: Schedules Final Meeting on July 5
----------------------------------------------
A final meeting of the members and creditors of BGA Gosford Pty
Limited will be held on July 5, 2006, at 10:00 a.m.

During the meeting, Liquidator Danny Vrkic will present final
accounts of the Company's wind-up and property disposal
exercises.

Contact: Danny Vrkic
         Liquidator
         Jirsch Sutherland & Co.
         Wollongong, Level 3
         6-8 Regent Street, Wollongong
         New South Wales, Australia
         Telephone: (02) 4225 2545
         Facsimile: (02) 4225 2546


CARKRAFT LIMITED: Court to Hear CIR's Liquidation Bid on Aug. 3
---------------------------------------------------------------
An application to liquidate Carkraft Limited -- formerly Wealth
Masters Ltd & Auto Disc Machining Ltd -- will be heard before
the High Court of Auckland on August 3, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 15, 2006.

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

Contact: David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


CAR - TRUCK: Members and Creditors to Convene on July 19
--------------------------------------------------------
A final meeting of the members and creditors of Car - Truck Pty
Limited will be held on July 19, 2006, at 10:00 a.m.

During the meeting, Liquidator Daniel Civil will report on the
manner of the Company's wind-up and property disposal.

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


CARLYLE FINE: Appoints Joint Liquidators
----------------------------------------
At a general meeting of Carlyle Fine Arts Pty Limited held on
June 1, 2006, David Clement Pratt and Timothy James Cuming were
appointed as liquidators to oversee the Company's wind-up
activities.

Contact: David Clement Pratt
         Timothy James Cuming
         Liquidators
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


CIVIS PTY: Members Resolve to Wind Up Firm
------------------------------------------
After an extraordinary general meeting on June 1, 2000, members
of Civis Pty Limited decided to voluntarily wind up the
Company's operations.

Leonard A. Milner was appointed as liquidator at a creditors'
meeting held that same day.

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


COLES MYER: Completes Acquisition of Hedley Hotel Group
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
February 27, 2006, that Coles Myer Limited has acquired Hedley
Hotel Group.

In an update, Coles Myer has now completed the acquisition.  The
acquisition includes:

   -- 35 hotels,

   -- 102 retail liquor stores, and

   -- strategic sites for an additional 17 1st Choice Liquor
      Superstores in Queensland.

The final acquisition cost was approximately AU$328 million,
including inventory, with AU$197 million of the purchase price
being taken in the form of Coles Myer shares.

Coles Myer Chief Executive Officer, John Fletcher, discloses
that part of the shares issued as consideration for Hedley will
be deferred and are expected to be issued by September 2007.

According to Mr. Fletcher, the Hedley acquisition boosts both
Coles Myer's liquor superstore and hotel presence in the key
Queensland liquor market.

Mr. Fletcher adds that Hedley more than doubles Coles Myer's
existing hotel portfolio in Queensland and provides a catalyst
for the rapid rollout of the Company's 1st Choice Liquor
Superstore format in Australia's liquor market.

Mr. Fletcher also notes that there are currently 10 1st Choice
Liquor Superstores operating in Australia, including five in
Queensland.  Sites for an additional 72 1st Choice stores have
also been secured nationally, subject to licensing approval.

Coles Myer Liquor Group MD Mick McMahon says Hedley gives the
company additional nine sites and a potential for eight more.
He adds that Hedley will also bring additional buying and
synergy benefits associated with increased scale.

Mr. Fletcher also reports that annual sales are in excess of
AU$325 million and the acquisition will be earnings per share
positive in its first full year of operation.

                          *     *     *

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in
Australia and New Zealand and employs with over 165,000 staff.
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the Company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In March 2006, after months of negotiations, Coles
Myer sold the 61-store Myer chain to Newbridge Capital and to
the former Myer store owners, the Myer family, for
AU$1.4 billion.


COLES MYER: Completes Department Store Sale to TPG-Newbridge
------------------------------------------------------------
Coles Myer Limited has completed the sale of the Myer department
store business to TPG-Newbridge Capital and the Myer Family for
AU$1.4 billion.  The sale was reported in the Troubled Company
Reporter - Asia Pacific on March 15, 2006.

Coles Myer Chief Executive Officer John Fletcher says that TPG-
Newbridge will immediately assume control of Myer.

Mr. Fletcher relates that transition arrangements have been
carefully designed to ensure business continuity for Myer and to
ensure that the sale process is seamless for customers.

While detailed financials associated with the transaction will
be released with the annual accounts, current indications are
that Coles Myer's profit on sale after the impact of non-cash A-
IFRS and tax accounting will be approximately AU$600 million.

Mr. Fletcher notes that post-completion, Coles Myer will retain
some contingent lease liabilities for Myer of approximately
AU$170 million.  These will progressively diminish over the next
few years, he says.

According to Egoli News, Citigroup Investment Research estimates
that this liability relates to 7-10 stores.  There is a
significant residual risk for Coles Myer if the leases relate to
stores that currently make losses and Newbridge elects to shut
them down.

CIR forecast a net profit after tax for the 2006 fiscal year of
AU$792 million, a slight revision from AU$790 million
previously.  The small revision reflects lower corporate
overhead costs and slightly higher interest revenue from the
Myer proceeds, Egoli says.

Egoli also adds that CIR maintains its Hold/Medium Risk rating
on Coles Myer.

Mr. Fletcher notes that Coles Myer will continue to provide some
human resources, supply chain, marketing, IT, and finance
administration support in the interim.

At this stage the Coles Myer Gift Card, Coles Myer Source Card
and Flybuys will continue to be accepted at Myer, Mr. Fletcher
says.

                          *     *     *

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in
Australia and New Zealand and employs with over 165,000 staff.
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the Company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In March 2006, after months of negotiations, Coles
Myer sold the 61-store Myer chain to Newbridge Capital and to
the former Myer store owners, the Myer family, for
AU$1.4 billion.


CROESUS MINING: Slides into Administration
------------------------------------------
Croesus Mining N.L. has gone into administration after failing
to restructure its finances and meet its hedging debts, The
Sunday Morning Herald reports.

In a statement to the Australian Stock Exchange on June 23,
2006, Croesus disclosed that it appointed Bryan Hughes and
Vincent Smith -- of Pitcher Partners Accountants, Auditors, &
Advisors -- as joint and several administrators pursuant to
Section 436A of the Corporations Act.

Croesus notes that Pitcher Partners has significant expertise
and experience in the mining industry and had successfully
restructured and recapitalized more Australian Stock Exchange-
listed companies using the Voluntary Administration process than
any other firms in Australia.

Calling in administrators could have been avoided if the
Company's Tokyo-based hedging partner, Mitsui, has agreed to let
Croesus defer paying its debt, ABC Online cites Croesus chairman
Michael Kiernan, as saying.

            Macquarie Hedging Agreement Rescheduled

According to Mr. Hughes, the Company's Board of Directors has
successfully reached and executed an agreement with Macquarie
Bank Limited to reschedule its hedging position.  He also notes
that Macquarie Bank has been constructively assisting the
Company to resolve its issues and supports the Administration.

Unfortunately, in the absence of a satisfactory agreement with
Mitsui, as the second hedging counter-party, the necessary
capital to put the Company back on a sound financial footing
would be hindered, Mr. Hughes notes.

Accordingly, the moratorium now provided by the Administration
process will allow all options for either the sale of the
operations or a restructure and recapitalization of the Group,
to be fully explored.

               Norseman Operations Will Be Fine

The Administrators disclosed that a comprehensive operating
recovery plan was implemented and that the Company has been
operating substantially in accordance with that Plan.

The Administrators are also confident that the Company will
continue substantially in accordance with the Plan, thus
generate cash surpluses from operations during the
Administration.

Mr. Hughes maintains that operations at Norseman will continue
in the ordinary course and will be unaffected by the
Administration process other than standard administration
accounting and requisition controls being implemented.

According to ABC Online, Mr. Kiernan has vouched for the 250-
strong work force at Norseman.  He says that the employees'
entitlements and their salaries in the past, and going forward,
are safe.

However, according to ABC Rural, Hartley's mining expert, Rob
Brierley, said that he is not sure whether the Company will
survive the overhaul from the Administrators.


                      About Croesus Mining

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

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

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


CUSTOM CLEANING: Names Rocco Romeo as Liquidator
------------------------------------------------
Members of Custom Cleaning Pty Limited convened on
June 1, 2006, and agreed to liquidate the Company's business.

Subsequently, Rocco Romeo was appointed as liquidator.

Contact: Rocco Romeo
         Liquidator
         Ashmans Business and Financial Services Pty Ltd
         Level 1, 120 Hutt Street
         Adelaide, SA 5001
         Australia


ELLERSLIE PARK: Creditors Must Prove Debt by July 24
----------------------------------------------------
Aaron Leslie Heath and Michael Lamacraft were appointed joint
and several liquidators of Ellerslie Park Holdings Ltd on June
22, 2006.

The Liquidators require the Company's creditors to submit their
proofs of claim by July 24, 2006.

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


ESKBAY PTY: Liquidator to Present Wind-up Report on July 5
----------------------------------------------------------
Members of Eskbay Pty Limited will hold their final meeting on
July 5, 2006, for them to receive Liquidator Robert Hutson's
final account showing how the Company was wound up and how its
property was disposed of.

Contact: Robert Hutson
         Liquidator
         KordaMentha (Queensland)
         Level 2, Corporate Center One
         2 Corporate Court, Bundall
         Queensland 4217, Australia
         Telephone: (07) 5574 1322
         Facsimile: (07) 5574 1433


FOREST VIEW: High Court Appoints Liquidator
-------------------------------------------
The High Court of Christchurch on June 26, 2006, ordered the
appointment of David Donald Crichton and Keiran Anne Horne as
joint and several liquidators of Forest View Holdings Ltd.

In this regard, the Liquidators require the Company's creditors
to submit their proofs of claim by July 27, 2006.

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

Contact: K. A. Horne
         C/O Marie Inch
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace, Christchurch
         New Zealand
         Telephone: (03) 379 7929
         Web site: www.cha.co.nz


GMJ PLUMBING: Official Assignee Named Liquidator
------------------------------------------------
The Official Assignee was appointed as liquidator of GMJ
Plumbing Ltd on June 15, 2006.

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


GREEN PACIFIC: ASIC To Wind Up Firm for Trading While Insolvent
---------------------------------------------------------------
The Australian Securities and Investments Commission has
conducted a formal investigation into the affairs of Sydney-
based energy provider, Green Pacific Energy Limited, after a
surveillance review identified concerns that the Company was
continuing to trade and incur debt while insolvent.

The surveillance review was undertaken as part of the ASIC's
National Insolvent Trading Program.  The Program is ASIC's
focused approach to deal with possible insolvent trading before
it occurs.  It involves a review of a company to ensure that
directors comply with their duties:

   (a) pursuant to Section 180 of the Corporations Act; and

   (b) to prevent insolvent trading under Section 588G of the
       Act.

After its investigation, the ASIC filed applications with the
Federal Court in Brisbane to wind up Green Pacific and its
controlled entities, Green Pacific Energy Capital Pty Ltd. and
Green Pacific Energy Stapylton No.1 Pty Ltd.

The ASIC's move to wind up Green Pacific also comes after
allegations that the Company's chairman and chief executive
officer, Alfred Chi Wai Wong, and company secretary, Edwin
Yeung, have breached their duties as officers in acting in their
own interests rather than in the interests of company members.

The ASIC also sought the appointment of Greg Hall, of
PricewaterhouseCoopers, as liquidator for the Green Pacific
group.  The appointment is pending a determination of the Court
relating to the regulator's wind-up application.

Justice Greenwood of the Federal Court of Australia in Brisbane
will hear the matter on July 31, 2006.


H. TREVAIL: To Distribute Dividend on July 6
--------------------------------------------
H. Trevail & Son Pty Limited will declare its first and final
dividend on July 6, 2006.

In this regard, creditors are required to file their proofs of
claim by July 6, 2006, for them to share in the dividend
distribution.

Contact: John E. Ellis
         Liquidator
         Ellis, Norton & Co.
         Level 8, 60 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9232 7466
         Facsimile:(02) 9251 3973


HAWKTRAIL PTY: Members Decide to Cease Operations
-------------------------------------------------
At an extraordinary general meeting of Hawktrail Pty Limited on
June 1, 2006, members agreed that it is in the Company's best
interests to wind up its operations.

Liquidators Keiran William Hutchison and John Raymond Gibbons
were subsequently appointed to oversee the Company's wind-up
proceedings.

Contact: Keiran William Hutchison
         John Raymond Gibbons
         Liquidators
         Ernst & Young
         Ernst & Young Centre
         Level 37, 680 George Street
         Sydney New South Wales 2000
         Australia
         Telephone:(02) 9248 4124


JAMES HARDIE: ASX Extends Lodgement of 2006 Dutch Accounts
----------------------------------------------------------
The Australian Stock Exchange extends the date within which
James Hardie Industries Limited must file the Dutch GAAP
accounts for the year ended March 31, 2006, under the ASX
Listing Rules, until the accounts are lodged with the Australian
Securities and Investments Commission.

Under the ASX Listing Rules, the due date for the filing was
June 30, 2006.  Under the Australian Corporations Act, the
latest date for a Dutch company to file its Dutch GAAP accounts
is October 19, 2006.

James Hardie obtained the ASX extension of the filing date
because the Dutch GAAP financial statements must be current at
the time they are adopted by its shareholders at an Annual
General Meeting.  If there is a material event requiring an
adjustment to the financial statements prior to their adoption
at an AGM, they must be adjusted.  Approval of a company's Board
and the filing of the Dutch GAAP accounts with the ASIC and ASX
will not relieve the Board from the "updating" obligation.

James Hardies' U.S. GAAP financial statements for the same
accounting period, March 31, 2006, were lodged with the ASX on
May 15, 2006, as part of the Company's announcement of its 4th
quarter and full-year 2005 results.

James Hardie expects to lodge its Dutch GAAP financial
statements at the same time it releases its Notice of Meeting
for the 2006 Annual General Meeting, which is scheduled on
September 25, 2006.

James Hardie's scheduled Australian Information Meeting is on
September 19, 2006.

To incorporate information relating to taxation decisions by the
Australian Taxation Office of June 23 and 29, 2006, concerning
the Special Purpose Fund and James Hardie, the ASX has consented
to the Company's filing of its 2006 annual report this week.

                      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.


L. A. GANE: Creditors Appoint Official Liquidator
-------------------------------------------------
Members of L. A. Gane Pty Limited convened at an extraordinary
general meeting on June 1, 2006, and resolved to close the
Company's business operations.

In this regard, Andrew Stewart Reed Hewitt was named official
liquidator.

Contact: Andrew Stewart Reed Hewitt
         Liquidator
         Grant Thornton
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


MAJESTIC FOUNDATION: Names Official Assignee as Liquidator
----------------------------------------------------------
The Official Assignee was appointed liquidator of Majestic
Foundation Co Ltd on June 19, 2006.

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


NUPLEX INDUSTRIES: Restructures at Estimated NZ$20-Million Cost
---------------------------------------------------------------
New Zealand-based resins manufacturer Nuplex Industries Ltd.,
restructures its business, taking one-off costs of around
NZ$20 million in the current fiscal year, Reuters reports.

Managing Director John Hirst says that Nuplex is taking a
variety of actions to reflect changes in the market and to
restructure the Company to position itself appropriately for
future growth.

In an announcement to the New Zealand Stock Exchange, Mr. Hirst
discloses planned changes, which include:

   (a) a new management structure, planned staff reduction, and
       reallocation of resources to support future needs in the
       Bergen op Zoom, Holland, operations;

   (b) closure of the liquid coating resins business in
       Silvertown, United Kingdom, and relocation of the
       production to Bergen op Zoom.  As a result, there will be
       some job losses.  However, other site operations remain
       unaffected, including powder resin production where
       additional investment is currently being planned; and

   (c) relocation of operations of the Specialty Products Group
       in Seven Hills, Australia, to other Nuplex Facilities,
       after its sale or closure in the next few months.
       Personnel will either be transferred within other Nuplex
       businesses or no longer required for further operations
       or included as part of the sale.

As a result of these actions, the Company anticipates releasing
significant working capital and improving performance as it
moves all of its operations towards greater economic returns.

According to ShareChat News, restructuring costs will be more
than offset by the abnormal gain from last year's
NZ$24.4-million gain from the sale of its environmental services
group earlier this year.

The restructuring did not come as a surprise.  "They've recently
made a large acquisition in Europe and obviously want to go and
sort a few things out," ShareChat cites Hamilton, Hindin &
Greene partner Grant Williamson as telling the New Zealand Press
Association.

                    About Nuplex Industries

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australasia, Asia, Europe, and The Americas, and reports in four
business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.


PALVERA PTY: Final General Meeting Set on July 7
------------------------------------------------
The members and creditors of Palvera Pty will hold a final
meeting on July 7, 2006, at 3:00 p.m. for them to get an account
of the manner of the Company's wind-up and property disposal
from Liquidator I. A. Jolly.

Contact: I. A. Jolly
         Liquidator
         Storey Blackwood & Co
         Level 4, 222 Clarence Street
         Sydney, Australia


PLANIT KITCHENS: Winds Up Business Operations
---------------------------------------------
At a general meeting on June 1, 2006, members of Planit Kitchens
Pty Limited agreed that the Company must voluntarily commence a
wind-up of its operations.

M. F. Cooper was consequently named liquidator to oversee the
Company's wind-up activities.

Contact: M. F. Cooper
         Liquidator
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


REPUBLIC LIMITED: Liquidation Petition Hearing Set July 10
----------------------------------------------------------
The High Court of Palmerston North will hear a liquidation
petition against The Republic Ltd -- trading as Slow Food Caf‚
Restaurant and Bar -- on July 10, 2006, at 10:45 a.m.

Scott Lee Johnson filed the petition before the Court on May 26,
2006.

Contact: E. M. Bate
         Hansen & Bate, Lawyers
         200 Warren Street South (P.O. Box 235)
         Hastings, New Zealand


S&V DEVELOPMENTS: Faces Liquidation Proceedings
----------------------------------------------
An application to liquidate S&V Developments Ltd will be heard
before the High Court of Auckland on August 17, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 17, 2006.

Parties wishing to attend the hearing are required to file an
appearance not later than August 15, 2006.

Contact: David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


SEACLIFF ORCHARDS: Creditors Proofs of Claim Due on July 21
-----------------------------------------------------------
Murray G. Allott was appointed as liquidator of Seacliff
Orchards Ltd on June 23, 2006.

In this regard, Mr. Allott requires the Company's creditors to
submit their proofs of claim by July 21, 2006, for them to share
in any distribution the Company will make.

Contact: Murray G. Allott
         111 Bealey Avenue, P.O. Box 29-432
         Christchurch, New Zealand
         Telephone: (03) 365 1028
         Facsimile: (03) 365 6400


SHAPE BRAND: Creditors Agree to Shut Down Business
--------------------------------------------------
The creditors of Shape Brand Management Pty Limited met on
June 1, 2006, and agreed to:

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

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

Contact: H. A. Mackinnon
         K. L. Sutherland
         Joint and Several Liquidators
         Bent & Cougle Pty. Ltd.
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia


SOFAS OF STYLE: Members and Creditors to Convene on July 5
----------------------------------------------------------
A general meeting of the members and creditors of Sofas Of Style
Pty Limited will be held on July 5, 2006, at 4:00 p.m.

During the meeting, Liquidator Hugh Martin will report on the
Company's wind-up proceedings.

Contact: Hugh Martin
         Liquidator
         Bernardi Martin, Level 1
         195 Victoria Square, Adelaide
         Australia


SPENCO PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Members of Spenco Pty Limited held a meeting on
June 1, 2006, and decided to shut down the Company's business
operations.

They also agreed to appoint Michael Edward Slaven as liquidator.

Contact: Michael Edward Slaven
         Liquidator
         Chartered Accountant
         Rangott Slaven Hundy
         Unit 12, Level 3 Engineering House
         11 National Circuit, Barton ACT
         Australia


STRATHFIELD: Reports Positive EBITDA for 6 Months Ended June 30
---------------------------------------------------------------
The Board of Strathfield Group Limited expects EBITDA profit
ranging from AU$10,000 to AU$500,000 for the six months trading
period to June 30, 2006.

The expected profit is an improvement to an EBITDA loss of
AU$11.3 million for the same period last year.  The loss
included a AU$2.85-million payout to founder and director Andrew
Kelly when he left the Company, the Sunday Morning Herald says.

However, Intelligent Investor managing director Steven Johnson
says that Strathfield would still likely post a loss.  The
trading situation appeared to have improved but Strathfield
appeared "a long way from making money," The Courier Mail cites
Mr. Johnson, as saying.

                        Franchise Stores

The Australian recounts that Strathfield has said in March that
it would franchise 62 of its 87 stores to produce an annual cash
profit of more than AU$10 million when the model was fully
operational.

The Board notes that there are many interested parties and that
the Company is holding a number of security deposits.
Strathfield expects to have a significant number of these
additional stores franchised by December and to reap significant
financial benefits from the change to the franchise model.

The Daily Telegraph relates that under the changes, Strathfield
will retain all its new and under-performing stores, which will
be built up, while also keeping flagship stores for staff
training purposes and to use as marketplace bellwethers.

Strathfield also expects to receive a total of AU$10 million to
AU$17 million in upfront franchise fees from the 62 stores and
is offering vendor finance to prospective owner/operators, The
Australian says.

The Board discloses that Strathfield's financiers, GE Commercial
Corporation has worked closely with the company in its move to
the franchising model including the development of a tripartite
agreement with individual franchisees.  GE has also agreed to
reset Strathfield's financial covenants.

According to the Board, Strathfield has completed all
documentation in relation to its franchise program and concluded
agreements with four franchisees who should commence operating
by July 1, 2006.

                       Temporary Funding

To secure Strathfield's ongoing reconstruction while moving to
franchising, the Board has agreed to accept funding from the
directors of the Company -- Warwick Mirzikinian and George
Cheihk.

The funding is to be provided through a AU$3.1-million working
capital note facility for six months in the form of stock draw-
downs and guarantees, the Board explains.

The terms of the note facility are:

   * Interest free with no establishment fees;

   * For every 6 months, the facility is available to
     Strathfield, Warwick Mirzikinian will be entitled to
     receive on a pro rata basis, 10 options for every AU$1 of
     the facility made available, the options will be
     exercisable at 5c per share on or before March 30, 2009;

   * The facility will be secured behind the GE Loan facility
     and behind any additional secured funding SRA deems it may
     require;

   * The facility is flexible and will be reviewed by the
     parties in 6 months and may be terminated early at no cost;
     and

   * It is subject to any required shareholder or regulatory
     approvals.

According to Egoli News, the Board has agreed to the note
facility terms on the basis that the funding offer was made
available to sophisticated and professional investors.

The Board has investigated making this offer available to all
shareholders but the costs of compliance appear to be
prohibitive for the amount of the facility, Egoli notes.

Any sophisticated or professional investor wishing to
participate in the offer may contact:

   Richard Poole
   Director
   Arthur Phillip Pty Ltd., and
   Strathfield Group Ltd.

                       About Strathfield

Strathfield Group Limited -- http://www.strathfield.com/-- is
one of the largest independent retailers of mobile communication
products in Australia, with 86 outlets nationwide.  Strathfield
offers a large range of products including Car, Home, and Mobile
entertainment and communication tools.  Strathfield is the
leader in in-car entertainment, and provides quality "on the
spot" installation services through its outlets.

The Company has focused on paying down debt and entered into
restructuring.  After losing AU$41 million in 2003, Strathfield
Group has run its cash reserves dangerously low.  The Company
undertook a capital raising of approximately AU$22.2 million
through a AU$12.6 million placement and AU$9.6m Rights Issue of
ordinary shares.  The shareholders previously approved the
placement of 126 million ordinary shares at AU$0.10.
Strathfield's major shareholder, Kelly Group Holdings Pty
Limited, has agreed to underwrite the rights issue to
AU$8 million and has advanced to the Company, as a loan, AU$8
million of the issue.

The Group has since been into a series of recapitalizations, and
has suffered from a series of losses, defaults and a major
management team revamp in 2005.


TRACEPOT PTY: Members Appoint Liquidators
-----------------------------------------
At a general meeting of the members of Tracepot Pty Limited on
June 1, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

In this regard, Ian Alexander Currie and Peter George Biazos
were appointed to oversee the company's wind-up proceedings.

Contact: Ian Alexander Currie
         Peter George Biazos
         Liquidators
         Currie Biazos Insolvency Accountants
         Level 3, Christies Corporate Centre
         320 Adelaide Street
         Brisbane, Queensland, 4000
         Australia


TREGA PTY: Set to Declare its Final Dividend on July 11
-------------------------------------------------------
Trega Pty Limited will declare its first and final dividend on
July 11, 2006.

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

Contact: Frank Lo Pilato
         Liquidator
         C/O RSM Bird Cameron Partners
         Chartered Accountants
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2601
         Australia
         Telephone:(02) 6247 5988


WALLALA INVESTMENTS: To Declare Final Dividend to Creditors
-----------------------------------------------------------
Wallala Investments Pty Limited intends to declare a first and
final dividend to the Company's creditors

Creditors are advised to file their proofs of claim by July 11,
2006, with Liquidator Hugh Martin for them to share in the
dividend distribution.


WEST CITY VALET: Court to Hear Liquidation Petition on July 27
--------------------------------------------------------------
An application to liquidate West City Valet Ltd will be heard
before the High Court of Auckland on July 27, 2006 at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 30, 2006.

Contact: David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


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

AGRICULTURAL BANK: China Life Keen on Capital Cooperation
---------------------------------------------------------
Chairman Yang Chao of China Life Insurance Company Limited
expressed interest in taking a stake at the Agricultural Bank of
China, Xinhuanet reports.

By holding an interest in the Bank, China Life will have the
opportunity to establish a cooperation with the Agricultural
Bank of China in terms of shareholding reforms and market
listing, Xinhuanet cites China Life chairman Yang Chao.

Commenting to Mr. Yang's statement, Agricultural Bank president
Yang Mingsheng, said he is optimistic about Mr. Yang Chao's
expectations, adding that the Bank will make early research into
the issue of inviting strategic investors, according to
Xinhuanews.

"Agricultural Bank offers China Life a chance, though the
insurer has failed to become a stakeholder of other big state
lenders," Mr. Yang Mingsheng said.

Agricultural Bank has been an agent for China Life insurance
products for 15 years

                          *     *     *
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.

Recently, 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.


CHIYODAGUMI (H.K.): Creditors' Meeting Slated for July 5
--------------------------------------------------------
Creditors of Chiyodagumi (H.K.) Ltd will meet on July 5, 2006,
3:30 p.m. at 35th Floor, One Pacific Place, 88 Queensway, Hong
Kong to discuss about wind-up matters.


DORFLINE LIMITED: Final Members & Creditors Meetings Set July 25
----------------------------------------------------------------
Members and creditors of Dorfline Ltd will convene for their
final meetings at 27th Floor, Alexandra House, 18 Chater Road
Central, Hong Kong on July 25, 2006, at 10:00 a.m. and 10:30
a.m. respectively.

At the meetings, Liquidator Edward Middleton will present final
accounts of the Company's wind-up.

Contact: Edward Middleton
         8th Floor, Prince's Bldg
         10 Chater Road, Central
         Hong Kong


FINWIN LIMITED: Liquidator to Present Wind-Up Report
----------------------------------------------------
The final general meeting of the members of Finwin Limited will
be held at Room 1005, Allied Kajima Bldg, 138 Gloucester Road,
Wanchai, Hong Kong on July 24, 2006, at 3:30 p.m.

At the meeting, Liquidator Lam Ying Sui will present to the
members of the Company final accounts of the Company's wind up.


GAMEWELL ENTERPRISES: Members to Receive Liquidator's Report
------------------------------------------------------------
Members of Gamewell Enterprises Ltd will be receiving Liquidator
Lam Ying Sui's final report on the Company's wind-up operations
and how property disposal.

The report will be presented at Room 1005, Allied Kajima Bldg,
138 Gloucester Road, Wanchai, Hong Kong on July 24, 2006, at
3:00 p.m.


HILL SAMUEL: Joint Liquidators Step Aside
-----------------------------------------
Ying Hing Chiu and Chung Miu Yin ceased to act as joint
liquidators of Hill Samuel International Property Services on
June 19, 2006.


JADE REGAL: Members Opt for Voluntary Wind-Up
---------------------------------------------
Members of Jade Regal Ltd resolved on June 10, 2006, to wind up
the Company voluntarily and appoint Poon Chi Wo and Poon Chin
Chung as joint and several liquidators.


MAD CATZ (ASIA): Members to Hear Liquidator's Report on July 28
---------------------------------------------------------------
Members of Mad Catz (Asia) Ltd will be receiving Liquidator Nip
Kwan Hing's final report on the Company's wind-up operation and
property disposal.

The report will be presented at Unit 1717-19, 17th Floor, Grand
Central Plaza, Tower 2, 138 Sha Tin Rural Committee Road, N.T.
Hong Kong on July 28, 2006, at 10:00 a.m.


MAGNUS MANAGEMENT: Liquidator to Present Wind Up Report
-------------------------------------------------------
Liquidator Sytske Helena Maria Teppema will present to members
of Magnus Management Consultants Ltd accounts of the Company's
wind-up.

The presentation will be made at Suite 1604, 16/F., Hing Yip
Commercial Centre, 272-284 Des Voeux Road Central, Hong Kong on
July 26, 2006.

MARK SINO: Creditors Must Prove Debts by July 25
------------------------------------------------
Creditors of Mark Sino Enterprises Ltd are required to submit
their proofs of debt by July 25, 2006, or be excluded from
sharing in any distribution the Company will make.

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


SAN CHIT DEVELOPMENT: Members Agree to Wind Up Operations
---------------------------------------------------------
Members of San Chit Development Ltd resolved on June 28, 2006,
to wind up the Company voluntarily and appoint Cheung King Poon
as liquidator.

Contact:  Cheung King Poon
          Unit 5505, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


SINOVIEW LIMITED: Creditors' Proofs of Debt Due on July 28
----------------------------------------------------------
Creditors of Sinoview Limited are required to prove their debts
by July 28, 2006, or be excluded from sharing in any
distribution the Company will make.

Liquidator Nip Kwan Hing will be receiving proofs of claims
before the dividend distribution date.

Contact: Nip Kwan Hing
         Room 1203, United Chinese Bank Bldg
         31-37 Des Voeux Road, Central
         Hong Kong


TSUIN KING RESTAURANT: Liquidator Ceases to Act for Company
-----------------------------------------------------------
Li Kwok Hung on June 23, 2006, ceased to act as liquidator of
Tsuin King Hsin Kuang Restaurant Ltd.


VICLAND LIMITED: Liquidator to Present Wind-Up Report on Aug. 8
---------------------------------------------------------------
Liquidator Yuen Wai Ho will present to members of Vicland
Limited accounts of the Company's wind-up.

The presentation will be made at 15/F., California Tower, 30-32
D' Aguilar Street, Central, Hong Kong on August 8, 2006, 11:00
in the morning.


WAI HING CONSTRUCTION: Final Members Meeting Set July 24
--------------------------------------------------------
Members of Wai Hing Construction Materials Co Ltd will convene
for their final meeting at 7th Floor, Hong Kong Trade Centre,
161-167 Des Voeux Road Central, Hong Kong on July 24, 2006, at
11:00 a.m.

At the meeting, members will receive Liquidator Lau Vui Cheong's
final account regarding the Company's wind up operation.


* CBRC Orders Banks to Establish Accountability System
------------------------------------------------------
The China Banking Regulatory Commission on July 3, 2006, issued
a notice ordering China's commercial banks to set up an
accountability system to curtail banking irregularities,
Xinhuanet reports.

According to Xinhuanet, the move comes after the National Audit
Office found banking irregularities amounting to CNY51.6 billion
involving the Agricultural Bank of China.

CBRC said that heads of banking institutions involved should be
the first to accept responsibility and resign in severe cases of
misconduct cases, before being punished in light of further
investigations.

The Commission added that "major leaders" are forbidden to act
as managers of peer institutions.  It The also warned that it
would report big commercial banks which see frequent abuses to
their shareholders, and even directly to the State Council,
China's Cabinet.


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

GENERAL MOTORS: Sales Up 53% at Indian Arm
------------------------------------------
The Indian unit of General Motors Corporation saw its June
vehicle sales rise 53% to 3,346 units compared to 2,183 in June
2005, NDTV Profit.com reports.

GM India -- which sells only Chevrolet-branded cars in India --
said that the growth was mainly driven by the popularity of the
Tavera model, NDTV says.  GM India had stopped selling cars
under the Opel brand in December 2005.

India eNews reveals that the sale of cars comprised of 1,961
units of Chevrolet Tavera, 379 units of Chevrolet Optra and
1,006 units of Chevrolet Aveo.

In a bid to cater rising demand for the Chevrolet brand in
India, GM aims to expand its capacity to 85,000 units by the end
of the year, according to India eNews.  In line with this
target, GM has set up a production facility in Halol, Guajarat.

GM aims to take up at least 10% of the Indian market by 2010.
Currently, it competes the local units of Ford Motor Co.,
Hyundai Motor Co., Toyota Motor Co. and Honda Motor Co., besides
top Indian car maker Maruti Udyog Ltd. and Tata Motors Ltd,
according to NDTV.

But while GM India is enjoying profit from sales, its United
States-based parent suffered plummeting auto sales in June as
demand for trucks tumbled, Chron.com reports.

GM sold a total of 413,473 vehicles, down 25.9% from 558,092 in
June 2005, a month that was boosted by the introduction of
employee pricing incentives, Chron.com says.

Car sales fell 2.3% to 171,494 vehicles, while truck sales
plunged 36.8% to 241,979 vehicles, the report says.  For the
year so far GM sales are down 12.1 percent to 2.07 million
vehicles, compared with 2.35 million for the first six months of
2005.

                      About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries, including
India.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

General Motors made losses of around US$7.6 billion in its North
American automotive operations in 2005.  This included the costs
of decision to close down as many as 12 North American plants
and cut 30,000 jobs by the end of 2008.  The losses were also
due to charges related to factory job losses, its finance arm
GMAC and the bankruptcy of former subsidiary Delphi Corp.  GM
had to make these big restructuring announcements to cut costs
and return to profitability as soon as possible.


* State Oil Firms Hike Aviation Turbine Fuel Prices by 2%
---------------------------------------------------------
Public sector oil firms have raised aviation turbine fuel prices
by 2% to INR900 per kiloliter to overcome skyrocketing global
prices, The Hindu reports.

Indian Oil Corporation, Bharat Petroleum Corp Ltd and Hindustan
Petroleum Corp Ltd, on July 1, 2006, revised ATF in line with
international trends, the report says.

Jet fuel prices for domestic airlines in Delhi were raised by
INR895.56 per kiloliter to INR41,303.58 while in Kolkata the
hike was INR948.18 per kiloliter to INR46,564.46, an official of
Indian Oil Corp told The Hindu.  In Mumbai, the hike was
INR946.4 per kiloliter to INR42,731, while in Chennai jet fuel
prices were raised from INR964.73 to INR43,940.32 per kiloliter.

ATF prices for international airlines, on the other hand, were
raised to over USD7.6 per kiloliter, The Hindu relates.  Unlike
domestic carriers, international liners are not required to pay
local levies.

Indian Oil, Bharat Petroleum and Hindustan Petroleum are hoping
that the latest rise in ATF prices will help them realize profit
and offset losses they've incurred from selling petrol and
diesel at subsidized prices, The Financial Express relates.

According to the Financial Express, the Government's delay in
raising fuel prices has negatively impacted the three state oil
marketing companies.  Higher fuel prices will help the companies
report profits although costly fuel is expected to hit domestic
oil demand, which has been sluggish for the past year.  If fuel
prices were not raised and crude remained above US$70 a barrel,
the combined loss of the state-run refiners would have hit
INR750 billion.

As reported by the Troubled Company Reporter - Asia Pacific, the
three state oil refiners have been counting on fuel price hikes
to help curb losses.

Last month, the Government has raised retail fuel prices after a
nine-month freeze.   Petrol prices and diesel prices were raised
by 9.2% and 6.6%, respectively, on June 5, 2006.  The state
refiners expect its losses to drop following the fuel price
hikes and duty cuts.


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

JAPAN AIRLINES: Partners with JTB Corp on Travel
------------------------------------------------
Japan Airlines Corp. seeks a business tie-up with leading travel
agency JPTB Corp. for travel operations, Kyodo News reports,
citing Nihon Keizai Shimbun.

According to Nihon Keizai, JTB Corp. opted to help out JAL,
believing that the Company's drop in earnings might adversely
affect certain areas of the agency, e.g. ticket reservations.
The proposed tie-up entails JTB Corp. providing vacation
packages using JAL flights, so that the Company can penetrate
JTB's passenger market and utilize its product development
expertise.

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.


JAPAN AIRLINES: Shares Fall 7% on Issue
---------------------------------------
Japan Airlines Corp. shares dropped 5.2% on July 3, 2006, after
the Company announced that it would issue new shares worth
JPY222.71 billion, Reuters News relates.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that JAL was planning to issue some 750 million shares in
order to raise capital for its refleeting program.  The Company
also needed funds for a possible early redemption of bonds sold
in 2004, which investors can redeem as early as next year.

JAL had 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, according to a TCR-AP report on May 12, 2006.  A further
report on June 30, 2006, states that the Company will not be
able to pay out dividends to shareholders this year.

Reuters cites JP Morgan analyst Mana Nakazora as saying that the
gap between JAL and its rival All Nippon Airways Co. Ltd. is
widening due to the Company's troubles and the fact that several
customers from JAL have decided to switch to ANA; the share
issuance would strengthen JAL's capital base, but it remains to
be seen if the Company could actually generate its target
earnings from the issuance.

According to JAL, the Company will issue half of the shares in
Japan, and the rest overseas.  Mizuho Securities Co. Ltd. will
manage the local share offer, while Mizuho International Plc,
Goldman Sachs and UBS would lead-manage the overseas offer.

JAL stocks traded at JPY272 per share, making it the biggest
percentage loser on the Tokyo Stock Exchange.

                    About Japan Airlines

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,
here 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.

Fitch Ratings Agency has assigned a BB- rating on the Company,
which would not be affected by the share issuance, which,
despite being positive for the Company, would not resolve the
Company's need to turn around operations and generate sufficient
cash flows.


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

CJ GROUP: Food Poisoning Leads to Business Crisis
-------------------------------------------------
CJ Group is currently in crisis after more than 2,300 students
at 30 Korean schools became sick after eating school meals
supplied by CJ Food System Co., Ltd., The Korea Times reports.

According to the report, CJ Food System, which is the country's
largest food distributor, decided to stop its school meal
business as it takes responsibility for the food poisoning
incident linked to its food.  CJ Food ceased business in 93
elementary, middle and high schools and 35 universities
nationwide.

The Korea Times, citing industry and market experts, adds that
not only CJ Food System, but CJ Group as a whole, will have to
take the brunt of the poisonings.  The biggest damage would be
to the group's corporate image.

                    Government Investigates

Today Online relates that the South Korean Government had been
investigating the food poisoning incident after the education
ministry reported that students were suffering from symptoms
like nausea, diarrhea, stomachaches and fever.

Korean Prime Minister Han Myeong-Sook has called for an
investigation of food distributors who supply meals to schools.
Moreover, health officials shut down cafeterias at dozens of
schools in the Seoul area, saying they did not meet cleanliness
standards.

According to Bloomberg News, the Korea Food & Drug
Administration is investigating the case.

                       Crisis Management

The Times notes that the loss of business at CJ Food, which
posted KRW62 billion in sales in 2005, will most certainly weigh
on the group.

The food distribution business of CJ Food is expected to make a
KRW67 billion dent in the Company's bottom line, a good 10% of
the firm's total sales, and 1.3% of the net profit.

CJ Food has also pledged around KRW0.2 billion a day to assist
affected schools until they can find an alternative provider of
student meals, on top of a KRW22-billion donation of food supply
facilities.  The Company has also promised to financially
support student meals until affected schools find an
alternative.

                    Effects on Corporate Image

Market watchers predict that the impact of the school poisonings
on CJ Group's corporate image is more serious than financial
loss, The Times notes.

CJ Group has had huge profits from its food-related business and
the poisonings could impact other food-related operations.  The
worst-case scenario is a boycott against the entirety of CJ
brands.

CJ Corp., which holds 60% in CJ Food, has already lost
KRW30 billion in market capitalization from a fall of share
prices.

                About CJ Corporation and CJ Food

CJ Corp. -- http://www.cj.net/-- manufactures processed food
products.  The company's products include refined sugar,
monosodium glutamate, condiment, wheat powder, flour, cooking
oil, processed meats, and animal feed.  CJ also manufactures
pharmaceutical and household products.  The Company reported a
total revenue of KRW642.99 billion and a net income of
KRW76.9 billion for the first three months of 2006, and a full
year revenue of KRW2.46 trillion and full year net income of
KRW132.50 billion in 2005.

CJ Food System Co., Ltd. -- http://www.cjfood.com/--  markets
and provides various groceries to food service companies and
restaurants.  The Company also caters to company restaurants,
schools, airports, and private restaurants and processes
agricultural products.


DAEWOO SHIPBUILDING: Gets KRW509-Billion Panama Ship Deal
---------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. has received a
KRW509-billion order to build container ships in Panama,
Bloomberg News reports.

Daewoo Shipbuilding will build an unspecified number of
container ships until 2010 for a still unidentified customer,
the Company said in a regulatory filing with the Korea Stock
Exchange.

                     More in the Middle East

The Times of Oman Online reports that Oman Shipping Company's
board chairman, Ahmed bin Abdulnabi Macki, met with Daewoo
Shipbuilding's chief executive officer to discuss a number of
issues related to dry dock projects which the Oman Government
intends to set up.

Daewoo Shipbuilding has also recently received three new orders
for liquefied natural gas carriers from the Qatar Gas Transport
Company Ltd., a company press release relates.

The Company said that total new orders in 2006, as of May 31,
2006, amounted to US$5.9 billion.

              About Daewoo Shipbuilding and Marine

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr/-- has
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that Daewoo Shipbuilding posted a KRW45-billion net loss
for the first quarter ended March 31, 2006, as compared to the
KRW31.4-billion net loss for the corresponding period in 2005.
The Company blamed the result on low ship prices.


DAEWOO SHIPBUILDING: Sails to Profit in May 2006
------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. posted an
KRW11.9-billion net income for May 2006, the Troubled Company
Reporter - Asia Pacific learns from a company disclosure.

The profit allowed the shipbuilder to narrow down its
accumulated net loss for the first five months of 2006 to
KRW6.5 billion from the KRW18.4 billion accumulated net loss for
the months of January to April 2006.

May sales totaled KRW383.1 billion, giving the Company an
operating loss of KRW1 billion.  However, Daewoo Shipbuilding
posted a non-operating income of KRW23.9 billion to get an
income before taxes of KRW16.4 billion.

Total sales for the first five months of 2006 totaled
KRW1.99 trillion.

Daewoo Shipbuilding had a total of 28 new orders for 2006,
adding an estimated of US$5.9 billion in its coffers.  Of these
new orders, the Company will have to make 12 units of liquefied
natural gas carriers and 11 tankers, as well as three offshore
plants.

The shipbuilder also delivered six ships in May 2006.

Order backlogs total 132 commercial ships, nine offshore plants
and two special ships, all amounting to US$19.8 billion.

              About Daewoo Shipbuilding and Marine

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr/-- has
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that Daewoo Shipbuilding posted a KRW45-billion net loss
for the first quarter ended March 31, 2006, as compared to the
KRW31.4-billion net loss for the corresponding period in 2005.
The Company blamed the result on low ship prices.


DAEWOO SHIPBUILDING: Romanian Unit in the Red
---------------------------------------------
Daewoo Shipbuilding and Marine Engineering Co.'s Romanian unit,
Daewoo Mangalia Heavy Industries, closed 2005 with losses
amounting EUR18.5 million, despite a 46% increase in its
turnover, Ziarul Financiar reports, citing financial data
published in the Official Gazette.

Daewoo Mangalia explains that the net loss is due to the
increase in the prices of sheet metal, which is the main raw
material used for shipbuilding.

Daewoo Mangalia General Business Manager Iulian Sandu said that
contracts for sheet metal are generally closed four years before
the start of construction.  "When we closed these contracts the
price of sheet metal for shipbuilding was around EUR250/tonne,
although, we estimated it could rise to almost EUR510/tonne. But
when we actually bought the metal sheet, the price stood at some
EUR700/tonne," he explained.

The Romanian shipyard had posted a net profit worth EUR5.7
million in 2005, with turnover standing at EUR109.1 million.

              About Daewoo Shipbuilding and Marine

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr/-- has
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that Daewoo Shipbuilding posted a KRW45-billion net loss
for the first quarter ended March 31, 2006, as compared to the
KRW31.4-billion net loss for the corresponding period in 2005.
The Company blamed the result on low ship prices.


HANARO TELECOM: Wins Corporate Governance Award
-----------------------------------------------
Hanaro Telecom Inc. was recognized as the best KOSDAQ-listed
company for outstanding corporate governance in 2006, after
having been selected as a recipient of the Good Corporate
Governance Award in 2005, the Troubled Company Reporter - Asia
Pacific learns from a company press release.

The award is given out by the Korea Corporate Governance
Service, an agency established to promote corporate governance
of Korea's listed companies.  KCGS named Hanaro one of the top
three KOSDAQ-listed companies for transparent corporate
governance.  The 2006 Corporate Governance Award Ceremony was
held at the Korea Exchange building.

                 The Corporate Governance Award

In order to encourage Korean companies to improve their
corporate governance and enhance management transparency, the
KCGS has selected listed companies with good corporate
governance practices and honored them every year since 2001.
The Corporate Governance Award has three categories: the Best
Corporate Governance Award, the Good Corporate Governance Award
and the Improved Corporate Governance Award.  Together with
Webzen and LG Telecom, Hanaro received the Best Corporate
Governance Award, coming out on top in all evaluation categories
including protection of shareholder rights, the board of
directors, the audit committee, investor relations and
distribution of profits.  In 2005, Hanaro received the Good
Corporate Governance Award.

                       About Hanaro Telecom

Hanaro Telecom Inc. -- http://www.hanaro.com/-- is the second
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  In June 2001,
the company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.  Hanaro
offers VoIP services to its broadband business customers as a
bundled service and also as a stand-alone service.  Its VoIP
infrastructure consists of an ADSL/VDSL circuit, a splitter and
a modem.  The splitter, which is connected through a DSL or
cable modem line, converts the user's voice into digital data
packets, which are further passed on through the Internet.  The
operator had 1.5 million VoIP subscribers at the end of July
2005.

The Company had 569,604 DSL subscribers and approximately
350,000 VoIP subscribers at the end of December 2005.  It aims
to reach a target of 550,000 VoIP subscribers by the end of
2006.  In January 2006, Hanaro Telecom stated its objective for
the new financial year of focusing on improving sales
performance, corporate efficiency and implementing
organizational restructuring.  In due course, Hanaro Telecom
merged with Thrunet, which thus ceased to exist.

On February 22, 2006, Hanaro Telecom adopted a resolution on a
50% reduction of capital stock without payment to shareholders.
If the capital reduction is approved at the annual general
meeting of shareholders to be held this year, two registered
common shares will be consolidated into one registered common
share, with the par value remaining at KRW 5,000, decreasing the
number of total outstanding shares from 463,353,012 to
231,676,506 and the amount of paid-in capital from KRW
2,316,765,060,000 to KRW 1,158,382,530,000.  Hanaro explained
that it plans to eliminate the accumulated deficit of KRW
1,072.9 billion with about KRW 1,158.3 billion of gains from the
capital reduction.  Based on the improved financial structure,
it will pursue shareholder-friendly initiatives such as a
dividend payout or purchase of treasury stock.


HYUNDAI MOTOR: Workers Seek to Create Industry-Wide Union
---------------------------------------------------------
Hyundai Motor Co.'s labor union is organizing an industry-wide
umbrella group for the automobile industry to increase its
leverage in negotiations with the government and management, The
Korea Times relates.

Unionists under the Korean Confederation of Trade Unions, which
is Korea's second-largest umbrella labor group, will be casting
ballots on the union's plan on whether to convert its structure
into an industry-wide organization.  The move would require a
ratification of over two-thirds Hyundai Motor union members who
participate in the balloting.

This is actually the second time that the Hyundai Motor union
has tried this structure conversion, The Times notes.  The first
attempt failed in 2003.

The report says that the industrial union, if successful would
include all workers in the same industry.  With the increase in
members comes the increase in bargaining power.

The Korea Times, however, cites critics as saying that the
industry-wide union is not appropriate for the local labor
situation in which collective action has become an annual
ritual.  Such a structure would only lead to more frequent
strikes, and put a strain on the already tense relations between
labor, government and management.

Critics also said that the industrial union structure would not
be appropriate for all workers in the same industry as employees
of small and large companies may have different needs.

Proponents, on the other hand, said that workers in smaller
companies can voice their opinions as much as their counterparts
in larger companies during negotiations.  They stated that a
package settlement between management and the industrial union
would apply to all companies and workers belonging to the union,
saving time and money for both sides.

                      About Hyundai Motor

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

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

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.


KOREA EXCHANGE: Prosecutors Raid Headquarters
---------------------------------------------
Prosecutors raided the headquarters of Korea Exchange Bank in an
investigation linked to the 2003 sale to United States-based
Lone Star Funds, the Associated Press reports.

The Korea Times says that the Supreme Prosecutors' Office sent
some 30 investigators to the KEB headquarters in Uljiro in
downtown Seoul last week to search finance departments and the
office of the bank's president, Richard Wacker.  They seized
financial documents related to the Lone Star deal.

According to The Times, prosecutors also searched the homes of
former KEB President Lee Kang-won and former vice-president Lee
Dal-yong.  Both former executives are now under investigation
over suspicions that they colluded with ranking finance
officials to downscale KEB's financial status, and helped Lone
Star acquire the bank at a below-market price.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that the Supreme Public Prosecutor's Office has
decided to reinforce a team investigating irregularities in the
sale of KEB to Lone Star Funds.  Lone Star bought a 50.5% stake
in KEB in 2003 for KRW1.3 trillion.

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

The TCR-AP stated that KEB's former president, Mr. Lee, has
admitted to the BAI in April that there was a mistake in
calculating KEB's capital adequacy ratio before it was sold to
Lone Star.  The state inspection agency cited Mr. Lee as
admitting that KEB's capital adequacy ratio was lowered to
6.16%.  However, Mr. Lee denied that the financial data was
fabricated.

                      About Korea Exchange

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

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

The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.  Prosecutors will investigate whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.


SAMSUNG GROUP: Apparel Unit Upgrades German Operations
------------------------------------------------------
Samsung Group's Cheil Industries Inc., a leading textile and
chemical maker, plans to open a subsidiary in Germany in July to
oversee future chemical operations in Europe and the Middle
East, The Korea Times reports, citing industry sources.

The Times relates that the Company is elevating its liaison
office in Germany to a locally incorporated subsidiary early
next month.

Industry watchers suggest that Cheil's latest move is aimed at
securing production of acrylonitrile-butadienestyrene resin,
widely used in plastic parts in household goods, tech products
and automobiles.

Cheil Industries recorded sales of KRW2.73 billion in 2005.

                      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.


* Corporate Bankruptcies At All-Time Low in May
-----------------------------------------------
Corporate bankruptcies hit a record low in May 2006 due to sound
cash flows that helped keep the insolvency rate low, KBS News
reports.

The Bank of Korea said that 189 firms went bankrupt in May, down
by 46 from April 2006 and 124 from May 2005.  It is also way
below the 2005 monthly average of 285.

By industry, 77 companies last month failed in manufacturing, 36
in construction and 69 in the service sector.  No conglomerates,
however, have gone belly up since October 2004.


* Non-Listed Units of Conglomerates Under Probe
-----------------------------------------------
Korea's Fair Trade Commission has launched an investigation into
non-listed units of business groups -- including Samsung,
Hyundai Automotive, SK, LG, GS and Lotte -- to see if they abide
by stock trading disclosure rules, the Korea Times reports.

This is the first time chaebol-based non-listed units have been
subjected to a disclosure-related FTC probe which targets about
70 companies with assets exceeding KRW2 trillion.

A written inquiry will be followed by on-site inspections for
suspected violators.  Companies found breaching disclosure rules
could face as much as a KRW100-million fine.

The investigation is in line with the FTC's close monitoring of
major business groups deemed prone to committing irregular
cross-unit transactions.  Conglomerates' financial subsidiaries
continue to make a stir in the market as they have often been
used as vehicles for irregular dealings among units.

The commission bans conglomerates' subsidiaries from making
equity investments in sister or nonaffiliated companies in
excess of 25 percent of their net assets, a move designed to
prevent their extreme expansion.


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

AMTEK HOLDINGS: Unit Sells Property to Jeeson for MYR400,000
------------------------------------------------------------
Amtek Holdings Berhad's wholly owned subsidiary -- Amtek Garment
Sdn Bhd -- on June 29, 2006, signed a sale and purchase
agreement with Jeeson Electrical Engineering Sdn Bhd.

Under the deal, Amtek Garment will sell once piece of leasehold
land in North East District, Penang, together with an industrial
building erected to Jeeson for MYR400,000.

Jeeson has already made an advanced payment of MYR8,000, and
will pay MYR32,000 upon execution of the Sale and Purchase
Agreement.  The remaining balance of MYR360,000 will be paid to
Amtek Garment within three months from the date the State
Authority issued a consent sanctioning the sales and transfer of
the Property by the Vendor to the Purchasers.

The sale is expected to realize a gain of MYR268,595, which will
be used to boost the Amtek Group's working capital.

                  About Amtek Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Amtek Holdings Berhad's
principal activities are the marketing and distribution of
garments and electrical goods.  Its other activities include
manufacture of shoes, garments and food products, trade
offabrics and related accessories, marketing and distribution of
jeans wear, property investment, provision of management
services and investment holding.  Operations are carried out in
Malaysia, Europe, Australia, Singapore, United States and other
Asian countries.  The Company is currently undergoing a business
reorganization program to curb losses.  For the quarter ended
March 31, 2006, the Company booked a net loss of MYR1.9 million
due to the poor performances in its apparels and electrical
divisions.  The prospects for the remaining quarters are not
expected to improve as the apparels and electrical divisions are
undergoing business reviews and revamp exercises.


CHEW GEOK: Undergoes Wind-Up Exercise
-------------------------------------
WTB Corporation Berhad voluntarily wound up Chew Geok Lin
Nominees (Tempatan) Sendirian Berhad on June 29, 2006.

Lim Kam Hoong was subsequently appointed as liquidator for the
dormant company.

Contact: Lim Kam Hoong
         Ling Kam Hoong & Company
         No. 6-1, Jalan 3/64 A
         Udarama Kompleks, Off Jalan Ipoh
         50350 Kuala Lumpur, Malaysia


CHG INDUSTRIES: Bourse Slaps Fine and Public Reprimand
------------------------------------------------------
Bursa Malaysia Securities Berhad on June 30, 2006, publicly
reprimanded and imposed a fine on CHG Industries Berhad for
failing to furnish its 2005 Annual Audited Accounts by the
April 30, 2006, deadline.

The Bourse imposed a fine of MYR1,500 per market day calculated
from May 1, 2006, to the date of submission of the 2005 AAA or
up to July 31, 2006, being the extended deadline to submit the
outstanding accounts.

The public reprimand and fine are imposed after taking into
consideration various relevant factors including the fact that
the Company had previously breached the Bursa Securities Listing
Requirements.

The Troubled Company reporter - Asia Pacific reported that on
April 28, 2006, the Company was publicly reprimanded and fined
MYR25,000 by Bursa Securities for breach of Listing Requirements
for failing to furnish to Bursa Securities for public release
its annual audited accounts for the financial year ended
December 31, 2003, on the due date.  The Company issued its 2003
Annual Report only on June 8, 2004.

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

                  About CHG Industries Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products.  The Company's
financial problems started when it defaulted on loan facilities
in 1999.  CHG Industries, on June 3, 2004, entered into an
agreement with Linmax Group Sdn Bhd to undertake a corporate and
debt restructuring exercise, which involves a capital reduction,
the injection of fresh assets and a transfer of its listing
status.  The plywood and veneer product maker will be
transformed into a mechanical and engineering company through
the injection of the assets of Linmax Group Sdn Bhd.  CHG said
the restructuring via Linmax will enable its existing
shareholders to participate in Linmax, which has income-
generating assets, and keep the company listed on the local
course.  The proposed restructuring scheme had been expected to
be completed this year.  However, the Securities Commission on
April 6, 2006, rejected the Company's restructuring proposal
because the Proposals do not provide the appropriate benefits to
the shareholders of CHG.  On May 8, 2006, the Company submitted
an appeal to the Securities Commission with revisions to address
the issues raised by the regulator.  The revised Proposals are
now pending the approval of the Securities Commission and other
relevant authorities.


CONSOLIDATED FARMS: Books MYR4.99-Mln Pre-tax Loss in 1Q/FY2006
---------------------------------------------------------------
Consolidated Farms Berhad, on June 29, 2006, submitted its
financial report for the first quarter ended April 30, 2006, to
Bursa Malaysia Securities Berhad.

For the quarter ended April 30, 2006, the Group registered a
revenue of MYR968,000, a 146.9% increase from last year's first
quarter revenue of MYR392,000.

Due mainly to a higher level of operations in its breeder farm,
the Group posted a pre-tax loss MYR4.99 million for the period
under review compared with a pre-tax loss of MYR5.52 million
incurred in the same period last year.  The Group's pre-tax loss
in the preceding quarter ended January 31, 2006, was
MYR5.52 million.

The Company's April 30, 2006, balance sheet revealed strained
liquidity with current assets of MYR3,166,000 available to pay
current liabilities of MYR198,185,000 coming due in the next 12
months.  The Company has net current liabilities of
MYR195,019,000.

Confarm's board of directors did not recommend any interim
dividend for the quarter under review.

With the ConFarm being classified under PN4/2001 Condition, its
prospects are much dependent on the outcome of the appeal
against the Securities Commission's decision on its Proposed
Restructuring Scheme, the Company said in a statement to Bursa
Malaysia.

               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

        968           392             968           392

* Profit/(loss) before tax

     -4,994        -5,519          -4,994        -5,519

* Profit/(loss) after tax and minority interest

     -4,968        -5,493          -4,968        -5,493

* Net profit/(loss) for the period

     -4,968        -5,493          -4,968        -5,493

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

     -23.77        -26.28          -23.77        -26.28

* Dividend per share (sen)

       0.00          0.00            0.00          0.00

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

     1.3300                       1.3300

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

   http://bankrupt.com/misc/tcrap_consolidatedfarms070306.xls

http://bankrupt.com/misc/tcrap_consolidatedfarmsnotes070306.pdf

                About Consolidated Farms Berhad

Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling and manufacturing
and sale of egg trays. Other activities include manufacturing
and processing of eggs into pasteurized eggs and de-shelled
hard-boiled eggs.  The Company is a Practice Note 4 concern
currently undergoing a restructuring exercise to address its
debt problem.  The company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise. Consolidated Farms was mired with MYR122-million debt
on account of its expansion plan, which included the purchase of
equipment and facilities.  As of March 31, 2006, Confarm said
that it will not be able to settle all its debts in full when
they fall due within the next 12 months and hence, the Company
is unable to provide a solvency declaration.


FUTUTECH BERHAD: Unveils Results of 22nd AGM
--------------------------------------------
The shareholders of Fututech Berhad passed all resolutions
presented at the Company's 22nd Annual General Meeting on
June 29, 2006.

During the meeting, the Company's shareholders:

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

   -- approved payment of Directors' fees of MYR74,000 for the
      year ended December 31, 2005;

   -- re-elected as directors Chong Kon You @ Chong Kwan Yew,
      and Gan Leng Swee, Benny;

   -- reappointed Messrs Ernst & Young as auditors for the year
      ending December 31, 2006, and authorized the Directors
      to fix the Auditors' remuneration; and

   -- authorized Directors to issue shares in the Company at
      any time until the conclusion of the Company's next
      Annual General Meeting provided that the aggregate
      number of shares to be issued does not exceed 10% of the
      issued share capital of the Company.

                     About Fututech Berhad

Headquartered in Kuala Lumpur, Malaysia, Fututech Berhad --
http://www.fututech.com.my/nutshell.htm-- was formerly listed
under the name of Ulbon Berhad on the Kuala Lumpur Stock
Exchange, Malaysia, since 1996.  Its main business then was the
production of steel rods.  Later in 2000, the Group shifted its
business emphasis to the design and manufacturing of innovative
products for the local and global markets.  In line with its
change of business direction, the name Fututech Berhad, which
was inspired by abbreviating the actual words of "future
technology", was chosen to replace Ulbon Berhad in 2000.  The
Group has suffered losses in the past fiscal years due to high
operating expenses and other factors.  In the quarter ended
March 31, 2006, the Group suffered a pre-tax loss of MYR3
million.


HLB VENTURES: Enters Members' Voluntary Wind-Up
-----------------------------------------------
On June 29, 2006, Hong Leong Bank placed its dormant wholly
owned subsidiary -- HLB VEntures Sdn Bhd -- under members'
voluntary wind-up.

In this regard, Lim Kam Hoong was appointed as liquidator.

Contact the liquidator at:

         Lim Kam Hoong
         Ling Kam Hoong & Company
         No. 6-1, Jalan 3/64 A
         Udarama Kompleks, Off Jalan Ipoh
         50350 Kuala Lumpur, Malaysia


KIG GLASS: Buys More Time for Submission of Revamp Plan
-------------------------------------------------------
KIG Glass Industrial Berhad is seeking more time to comply with
the Listing Requirements of Bursa Malaysia Securities Berhad
pursuant to the Company's proposed restructuring scheme.

The application for extension of time for the Company to submit
its Regularization Plan was on June 30, 2006, submitted to
relevant authorities for approval.

Furthermore, the Company disclosed that it is still finalizing
the proposed terms of its Regularization Plan.

As reported by the Troubled Company Reporter - Asia Pacific, KIG
Glass disclosed on May 11, 2006, that it has entered into a
restructuring agreement with Permintex Holdings Sdn Bhd in
respect of the reverse take-over of KIG by Permintex Holdings
through its wholly owned subsidiary Permintex Berhad.

               About KIG Glass Industrial Berhad

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due its
inability to pay its debts, the Company ceased operation in May
2005.

As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR139,222,000 in total current
liabilities exceeding MYR13,987,000 in total current assets.  To
this end, KIG Glass announced its status as an affected listed
issuer pursuant to Practice Note 1/2001 and Practice Note
17/2005 of the Listing Requirements.


KOMARKCORP BERHAD: April 30 Balance Sheet Shows Weak Liquidity
--------------------------------------------------------------
On June 29, 2006, Komarkcorp Berhad submitted for public release
its financial report for the fourth quarter ended April 30,
2006.

For the quarter under review, the Group recorded a slightly
higher turnover of MYR103 million compared to the
MYR102.65 million reported in the quarter ended April 30, 2005.

Due to higher operating expenses, the Group booked a lower
profit before tax of MYR1.47 million for the financial year
ended April 30, 2006, compared to the profit before tax of
MYR4.83 million for the corresponding financial year ended
April 30, 2005.

The Group reported a profit before tax of MYR0.311 million for
the quarter under review compared to the profit before tax of
MYR0.374 million in the preceding quarter ended January 31,
2006.

Meanwhile, the Group incurred a net loss of MYR30,000 for the
quarter under review, as against a net loss of MYR226,000 in the
same quarter last fiscal year.

As of April 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR73,224,000
available to pay liabilities of MYR84,324,000 due in the next 12
months.  The Company has a net current deficit of MYR11,100,000.

There was no dividend has been recommended by the Company's
board of directors for the period ended April 30, 2006.

              Summary of Key Financial Information

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

* Revenue

     29,420        28,313         103,037       102,655

* Profit/(loss) before tax

        311        1,014           1,472          4,836

* Profit/(loss) after tax and minority interest

        -30         -226            626           1,239

* Net profit/(loss) for the period

        -30         -226            626           1,239

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

      -0.04        -0.28           0.77            1.52

* Dividend per share (sen)

       0.00         0.00           0.00            0.00

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

     1.3300                       1.3300

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

   http://bankrupt.com/misc/tcrap_komarkcorp070306.xls

                     About Komarkcorp Berhad

Komarkcorp Berhad -- http://www.komark.com.my/-- is engaged in
investment holding and provides management services through its
subsidiaries.  The Company operates in two business segments:
manufacturing of self-adhesive labels and trading of related
products, and manufacture of automatic labeling machines.
Manufacturing of automatic labeling machineries is operated in
Malaysia.  Its subsidiaries are General Labels & Labelling (M)
Sdn. Bhd., Komark International (M) Sdn. Bhd., General Labels &
Labelling (Penang) Sdn. Bhd., General Labels & Labelling Pte.
Ltd., Shanghai Komark Labels & Labelling Co. Ltd., Guangzhou
Komark Labels & Labelling Co. Ltd., General Labels & Labelling
(Ipoh) Sdn. Bhd., General Labels & Labelling (JB) Sdn. Bhd.,
Komark Australasia Pty. Ltd., Komark Investment Holdings
Limited, Komark Hong Kong Co. Ltd., Komark China Ltd. and Komark
(Thailand) Co. Ltd.

As of April 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR73,224,000
available to pay liabilities of MYR84,324,000 due in the next 12
months.  The Company has a net current deficit of MYR11,100,000.


MENTIGA CORPORATION: Shareholders Adopt Financial Statements
------------------------------------------------------------
At Mentiga Corporation's 35th Annual General Meeting on June 29,
2006, shareholders received and adopted the Company's Statutory
Financial Statements for the year ended December 31, 2005,
together with the Reports of the Directors and Auditors.

The shareholders also passed all other resolutions tabled at the
meeting.

                 About Mentiga Corporation Berhad

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


MERCES HOLDINGS: All AGM Resolutions Win Members' Approval
----------------------------------------------------------
Merces Holdings Berhad's members passed all resolutions
presented at the Company's 40th Annual General Meeting on
June 30, 2006.

During the meeting, members:

   -- received and adopted the audited Financial
      Statements for the year ended December 31, 2005, together
      with the reports of Directors and Auditors;

   -- re-elected Lee Boon Hong @ Lee Boon Keong and Encik Mohd
      Shafizan Bin Shahbudin as directors; and

   -- reappointed TH Kuan & Company as auditors and authorized
      the Company's directors to fix the auditors'
      remuneration.

                  About Merces Holdings Berhad

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

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


METROPLEX BERHAD: Court Orders Pave Way for Putra Place Sale
------------------------------------------------------------
Morgan Stanley Emerging Markets Inc. advised the Kuala Lumpur
High Court of its intention to withdraw an injunction
application against Metroplex Berhad and subsidiary Metroplex
Holdings Sdn Bhd.  Morgan Stanley told the Court that it does
not object to the sale of the Putra Place Property to Lembaga
Kumpulan Wang Simpanan Pekerja.

At a hearing on June 27, 2006, the Court ordered that Metroplex
Holdings Berhad and Lembaga Kumpulan Wang Simpanan Pekerja be
allowed to complete their Sale and Purchase Agreement for the
disposal of the Putra Place Property after the Court struck off
Morgan Stanley's application to restrain Metroplex Group from
selling the Property.

Furthermore, the appointment of Kuan Mei Ling of RSM Nelson
Wheeler Teo Corporate Advisory Services Sdn Bhd as provisional
liquidator for Metroplex was discharged and the Liquidator's
remuneration deferred.

The Troubled Company Reporter - Asia Pacific reported that the
Kuala Lumpur High Court, on June 2, 2006, heard Metroplex
Berhad's application to strike out a wind-up petition filed by
Morgan Stanley Emerging Markets Inc.  Subsequently, the High
Court ruled in favor of Metroplex, and did not issue a wind-up
order against the Company.

The Kuala Lumpur High Court, on June 15, 2006, dismissed with
costs Morgan Stanley Emerging Marker's application for stay of
execution against a court order allowing Metroplex's validation
order application.

                    About Metroplex Berhad

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


SUGAR BUN: To Hold 22nd Annual General Meeting on July 20
---------------------------------------------------------
Sugar Bun Corporation's 22nd Annual General Meeting will be held
at Level 9, Wisma Oceanic, Jalan Awang Besar, 87007, in W.P.
Labuan, on July 20, 2006, at 8:00 p.m.

During the meeting, the Company's shareholders will be asked to:

   -- receive the Directors' Report and the Audited Financial
      Statements for the financial year ended January 31, 2006,
      together with the Auditors' Report;

   -- approve the Directors' fees for the financial year ended
      January 31, 2006;

   -- re-elect as directors

        * John Lee Yan Hong; and
        * Tan Kok Chor;

   -- reappoint Messrs Leou & Associates as auditors of the
      Company until the Conclusion of the Company's next Annual
      General Meeting and to authorize the Directors to fix
      their remuneration;

   -- empower the directors to allot and issue shares in the
      Company at any time until the conclusion of the next
      Annual General Meeting provided that the aggregate number
      of shares to be issued does not exceed 10% of the total
      issued share capital of  the Company for the time being;
      and

   -- transact any other ordinary business for which due
      notice has been given.

                About Sugar Bun Corporation Bhd

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is
engaged in the operation and franchising of restaurants,
bakeries and confectioneries.  Its other activities include
general trading of machinery, spare parts and phone cards,
investment holding and provision of administrative, management
and marketing services. Operations of the Group are carried out
mainly in Malaysia.  The Company is currently reorganizing the
Group's overall structure in a bid to curb losses it accumulated
in the past.  The Company is employing various policies
formulated to streamline the Group's operations including cost
cutting measures.  With the corporate exercises in place, Sugar
Bun Corporation is expected to recover this year.

Sugar Bun Corporation Berhad has incurred a fourth quarter net
loss of MYR9.38 million for the financial year ended January 31,
2006, as against a net loss of MYR4.58 million in the
corresponding quarter of the previous fiscal year.  There was no
dividend paid in the current quarter ended January 31, 2006.


SUREMAX GROUP: TT Dotcom to Formally Withdraw Suit on July 20
-------------------------------------------------------------
TT Dorcom Sdn Bhd will formally withdraw its suit against
Suremax Group Berhad subsidiary Suremax Land Sdn Bhd before the
Kuala Lumpur Magistrate court on July 20, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, TT
Dotcom, on June 19, 2006, informed Suremax Group of its decision
not to pursue its legal action against Suremax Land after the
defendant fully settled its MYR2,500 debt to TT Dotcom on
June 12, 2006.

Suremax Land was served with a Summons and Statement of Claim by
TT Dotcom on May 24, 2006.

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

                      About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.  Suremax
Group has suffered losses since 2004 due to sluggish market
demand.  For the second quarter of the financial year ended
August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million.  The Company is also trying to avert a series of
winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


TECHVENTURE BERHAD: Shareholders Pass All AGM Resolutions
---------------------------------------------------------
Techventure Berhad's shareholders passed all resolutions tabled
at the Company's 13th Annual General Meeting on June 29, 2006.

During the meeting, the Company's shareholders:

   -- received and adopted the Company's Audited Accounts for
      the financial year ended December 31, 2005, and the
      reports of Directors and Auditors;

   -- approved the Directors' fees;

   -- re-elected as directors:

      * Y. Bhg. Dato' Anpalagan a/l Ramiah;
      * Y. Bhg. Dato' MOhd Jai bin Suboh; and
      * Cheng Jew Keng;

   -- reappointed Messrs. Leou & Associates as auditors for
      the ensuing year and to authorize the Directors to fix
      their remuneration; and

   -- authorized the Directors to issue shares in the
      Company at any time until the conclusion of the next
      Annual General Meeting.

                    About Techventure Berhad

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products such as septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

In June 2003, the Company proposed a debt-restructuring program
to its financial institution lenders in order to avoid
liquidation.  The proposed Scheme comprises composite schemes to
be carried out by eight companies within the Techven Group.  The
Scheme, when implemented, would allow the beneficiaries to
participate in the future profitability of the Group.  A
successful implementation of the Scheme would also ensure the
going concern of the Group and therefore preserve business and
employment opportunities for the Group's vendors and employees.
In May 2006, the Company was categorized under the Amended
Practice Note 17 category of the Bursa Malaysia Securities
Berhad's Listing Requirements.  As an affected listed issuer,
the Company is required to regularize its financial condition or
risk being delisted from the Official List of Companies.

The Company's balance sheet as of March 31, 2006, showed
strained liquidity, with MYR17,729,000 in current assets
available to pay current liabilities of MYR143,285,000 coming
due in the next 12 months.


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

BAYAN TELECOMMUNICATIONS: Pays Over PHP900 Million of Debt
----------------------------------------------------------
Bayan Telecommunications Inc. has paid over PHP900 million in
principal and interest on its debts in the second year of its
rehabilitation program, ABS-CBN News relates, citing the Manila
Times.

According to the Times, the Company's debts total
PHP25.39 billion.  Creditors hold PHP14.74 billion, while around
PHP10.65 billion is owed to its bondholders.

BayanTel's main operating subsidiaries, Bayan
Telecommunications, Inc., and Radio Communications of the
Philippines, Inc., asked their creditors for the restructuring
of their short-term and long-term bank loans and bonds payable.

The Times recounts that on June 28, 2004, the Pasig Regional
Trial Court Branch 158 approved the Company's financial
rehabilitation based on sustainable debt level of PHP17.13
billion, payable over 19 years.  According to RTC Judge Rodolfo
R. Bonifacio, the remainder of BayanTel's debt may be converted
to another appropriate instrument that will not be a financial
burden to parent Benpres Holdings Corp.  It also mandated
BayanTel to treat all creditors equally.  Some of BayanTel's
creditors have appealed the lower court decision.

BayanTel chief consultant Tunde Fafunwa said that the Company
set aside up to PHP1.5 billion in capital expenses in order to
retain and expand its current services and to develop:

   * digital subscriber lines;
   * voice over internet protocol; and
   * wireless local loop.

ABS-CBN News says that the Company had asked the National
Telecommunication Commission to extend its license to operate
digital cellular mobile telephone services for three years from
Nov. 25, 2006.

                          *     *     *

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- the operating arm of BTHC and
formerly known as International Communications Corporation, was
incorporated on April 18, 1961.

BayanTel is a telecommunications company offering an extensive
breadth of traditional links and circuitry as well as cutting
edge data and voice applications.  BayanTel's existing service
areas in Metro Manila and Bicol and local exchange service areas
in the Visayas and Mindanao regions combined cover a population
of over 25 million, nearly 33% of the population of the
Philippines.

BayanTel is duly enfranchised to provide these major
telecommunications services:

   * Local Exchange Carrier service;
   * International Gateway Facility service;
   * Leased Line service, domestic and international;
   * Public Trunk Radio service; and
   * Public Calling Office service


LAFAYETTE MINING: Parent Seeks Approval to Resume Phil. Ops
-----------------------------------------------------------
Australian firm Lafayette Mining Ltd. is awaiting the Philippine
Government's final approval to resume operations in its local
plant, Lafeyette Philippines Inc., located in Rapu-Rapu, Albay,
Reuters News reports.

The mining firm had paid a PHP10-million fine imposed by the
Government after two cyanide spills occurred in the Company's
Rapu-Rapu mine in 2005, causing its suspension in October that
year.

The Troubled Company Reporter - Asia Pacific reported that on
June 14, 2006, the Government approved LPI's proposed 30-day
test run to determine whether its repairs complied with
environmental standards, pending the fulfillment of certain
conditions.

According to Reuters, the Mines Rehabilitation Fund Committee,
which is monitoring LPI's repairs and clean-up, stated on
June 29, 2006, that the Company had complied with the conditions
prior to resuming operations.

Early last month, Lafayette shares dropped to a three-year low
of PHP3.21 per share, although it jumped 7% to PHP3.64 as of
June 30, 2006.

                          *     *     *

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

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


NATIONAL POWER: Concludes Clean-Up of Semirara Spill
----------------------------------------------------
The Philippine Coast Guard handed a provisional certificate of
completion to National Power Corp. for the clean-up of an oil
spill that affected part of Semirara Island, Antique, the
Philippine Star says.

A report by the Troubled Company Reporter - Asia Pacific on
Jan. 30, 2006, said that the Joint Congressional Power Committee
had ordered Napocor to clean up an oil spill that had occurred
on Dec. 18, 2005, when some 200,000 liters of bunker fuel
spilled from Napocor Power Barge 106 into the waters of Semirara
Island, and damaged 113 hectares of mangrove and beach area.  A
study by the University of the Philippines-Visayas discovered
that the oil spill destroyed coral reefs, mangroves, sea grasses
and other aquatic life in the area.

According to the Star, Napocor organized the clean up together
with First Response Marine Services Inc., a Phil. Coast Guard-
accredited private firm engaged in oil-spill cleaning services.
After the clean-up, a team of experts from the Marine
Environmental Research & Development Center and the University
of the Philippines conducted tests in the area, and found that
there was significant improvement.  Reports show that the
ecosystem has improved, and the oil contamination in Semirara is
within the allowed environmental limit.

Napocor said that the Coast Guard will issue a final completion
certificate after the Company completes further bio-remediation
on the area, to reduce the time needed for the ecosystem to
recover, and to cushion the environmental and socio-economic
impact of the oil spill.  The Company is going ahead with the
bio-remediation process at present, and has started to pay
Semirara residents for damages caused by the oil spill.

                      About National Power

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

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

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

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


PETPLANS INC: SEC Approves Rehabilitation Plan
----------------------------------------------
The Securities & Exchange Commission approved PETPlans Inc.'s
rehabilitation plan, pending approval by the Company's
shareholders, the Philippine Star reveals.

The Troubled Company Reporter - Asia Pacific reported on
June 26, 2006, that the Company sought rehabilitation with a
Makati Regional Trial Court in order to change its core
operations from providing pre-need plans to offering financial
services.

In its rehabilitation plan, PETPlans aims to shift into business
hubs offering various services:

   * Network Hub -- will sell life, non-life, HMO and memorial
     park lots;

   * Financial Hub -- will provide loan and credit card
     facilities;

   * Filipino Workers Overseas Hub -- will provide money
     transfer, document and parcel delivery services.

PETPlans Inc.'s rehabilitation entails that plan holders
exchange their pre-need contracts and insurance certificates
with a fund certificate that indicates a value proportionate to
their share in the fund.  Subsequent payments by amortizing plan
holders would be deposited into the fund, and in turn, they
would get additional certificates with the corresponding value.
When the conversion is completed, holders of fully paid fund
certificates may opt to keep or withdraw their investment.  The
pooled fund would be managed independently and invested in a
portfolio by a major financial institution that would be
accessible to all plan holders.

The Company would also change its name to PETLink Financial
Corp.

The Star relates that, according to PETPlans President Lorenzo
Ocampo, they have over PHP2.7 billion in trust funds, of which
PHP1.2 billion is liquid, hence availing plan holders need not
worry that the Company would not be able to make payments on
plans.  The Company also has PHP60 million in real estate, which
can be sold to raise funds.

Mr. Ocampo said that they are now negotiating with several banks
to manage the mutual fund.

Meanwhile, the Start notes that the Company will continue to
make payments to plan holders while awaiting court approval for
the rehabilitation.

Founded in 1988, PETPlans, Inc. -- http://www.petplans.com/--  
is an ISO-certified pre-need firm that offers education,
pension, memorial/life and dollar pension pension plans to
customers, with a PHP2.7-billion trust fund with 44% liquidity
and PHP140 million in corporate funds and real estate property
worth PHP60 million.  The Company decided to voluntarily stop
selling new pre-need plans in March 2006 due to the difficulties
facing the pre-need industry.


RADIO PHILIPPINES: Congress Must Approve Government's Stake Sale
----------------------------------------------------------------
The Government must seek the approval of the Philippine Congress
before it can sell off a 72.4% stake in sequestered Radio
Philippines Network, Malaya News relates, citing Department of
Justice Secretary Raul Gonzalez.

According to Malaya, Deputy chief privatization officer Crisanta
Legaspi of the Privatization & Management Office had sought the
DOJ's legal opinion on the provision of Section 13 of Republic
Act 9250, which allowed RPN-9 to operate radio and television
broadcast stations in the country.

Section 13 of RA 9250 states that:

   "the grantee shall not lease, transfer, grant the usufruct
    of, sell nor assign this franchise or the rights and
    privileges acquired thereunder to any person, firm, company,
    corporation, or other commercial or legal entity, nor merge
    with any other corporation or entity, nor shall the
    controlling interest of the grantee be transferred, whether
    as a whole or in parts and whether simultaneously or
    contemporaneously, to any such person, firm, company,
    corporation or entity without the prior approval of the
    Congress of the Philippines. . ."

In its Opinion, the DOJ said that the Government, through the
Presidential Commission on Good Government, which had planned to
sell the RPN-9 shares, is not the owner of the network.
According to the DOJ, the PCGG is only a conservator of the
station, which is held by the agency as part the ill-gotten
wealth of former dictator Ferdinand Marcos.


STENIEL MANUFACTURING: Seeks to Restructure Loan Obligations
------------------------------------------------------------
Steniel Manufacturing Corp. asked its creditors to restructure
its loan obligations after it was declared in default by
creditor Metropolitan Bank & Trust Co., BusinessWorld reports.

Steniel Chief Financial Officer Paul Richard T. Camangian said
that Steniel is negotiating with creditors Metrobank, Bank of
the Philippine Islands and China Trust (Philippines) Commercial
Bank Corp. for a 10-year extension -- until 2016 -- to pay its
debts worth PHP800 million, the Manila Times relates.

Metrobank is Steniel's largest creditor, holding 53% of the
Company's debt.  The Company hopes that Metrobank will accept
the restructuring proposal before September 2006.

The Times adds that, according to Mr. Camangian, Steniel seeks
to turn around and generate profits within five years.  The
Company had reduced its losses to PHP31.02 million in the first
quarter ended March 31, 2006, from PHP40.27 million in the same
period last year on reduced operating costs.

The packaging firm is not seeking a cash injection from new
investors at the moment, BusinessWorld notes.

Moreover, Mr. Camangian said that Steniel is not planning to
file for rehabilitation at present because there "is no need for
it." Creditor Metrobank said it had declared the Company's debt
in default, but that foreclosure of its assets was to be a last
resort.

                  About Steniel Manufacturing

Steniel Manufacturing Corporation -- http://www.steniel.com/--
was incorporated in 1963 primarily to engage in manufacturing,
processing, and selling all kinds of paper products, paper board
and corrugated carton containers, and all other allied products
and processes.  The Company and its subsidiaries have
established a strong foothold in the packaging industry by
offering a broad line of packaging products from corrugated
carton boxes to paper, plastic containers, and flexible
packaging.  STN stands as the single largest independent
manufacturer of corrugated fibreboard containers in the
Philippines.  About 99% of its revenues come from the corrugated
packaging business while the remaining 1% is from rigid
plastics.

On October 30, 2000, Metro Pacific Corporation and Philippine
International Paper Corporation entered into a Sale and Purchase
Agreement with Steniel (Netherlands) Holdings B.V. whereby all
the 636,193,025 common shares collectively owned by MPC and PIPC
representing approximately 72.6% of the issued and outstanding
capital stock of the company were sold to Steniel (Netherlands)
in accordance with the terms and conditions provided for in the
SPA.

                          *     *     *

Steniel Manufacturing did not meet its maturing obligations due
as of December 31, 2005, to certain lender banks.  Management
has submitted its proposed plans and programs for the repayment
of the loans, which include, among others, the disposal of idle
assets of subsidiary companies, proceeds of which will be used
to pay off the loans, and extension of the repayment term of the
loans.


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

ASIA-PACIFIC BULK: Creditors' Proofs of Claim Due on July 14
------------------------------------------------------------
Liquidator Gautam Banerjee will be receiving proofs of claim
from creditors of Asia-Pacific Bulk Terminal (Holdings) Pte
Limited until July 14, 2006.

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

Contact: Gautam Banerjee
         Liquidator
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


I S U PRODUCTS: Court to Hear Wind-Up Petition on July 14
---------------------------------------------------------
DBS Bank Ltd on June 22, 2006, filed an application for the
winding up of I S U Products Construction Private Limited.

The petition will be heard before the High Court of Singapore on
July 14, 2006, at 10:00 a.m.

Contact: M/s Gurbani & Co
         Solicitors for the Applicant
         9 Temasek Boulevard
         Suntec Tower 2,#17-01
         Singapore 038989


JIANGSHAN INVESTMENT: Accepting Proofs of Debt Until July 14
------------------------------------------------------------
Jiangshan Investment Consortium Limited is set to distribute its
second dividend to the Company's creditors.

In this regard, the Company's creditors are required too submit
their proofs of debt by July 14, 2006, in order to share in the
dividend distribution.

Contact: Chia Soo Hien
         Liquidator
         c/o 5 Shenton Way #07-01
         UIC Building
         Singapore 068808


NORTHSTAR TRAVEL: Intends to Pay Dividend to Creditors
------------------------------------------------------
Northstar Travel Media (Singapore) Pte Limited, which is being
wound up voluntarily, notifies creditors of its intention to pay
dividend.

Creditors are requested to lodge their proofs of claim by
July 31, 2006, in order to share in the dividend distribution.

Contact: Chia Soo Hien
         Liquidator
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


SUNWAY HOLDINGs: Members' Final Meeting Slated for July 28
----------------------------------------------------------
Members of Sunway Holdings Pte Ltd will hold its final general
meeting on July 28, 2006, at 11:30 a.m. in 1 North Bridge Road
#13-03, at High Street Centre, Singapore 179094.

Contact: Tay Joo Soon
         Liquidator
         1 North Bridge Road #13-03
         High Street Centre
         Singapore 179094


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

HANTEX PCL: Revenue Drops THB223 Million for F/Y 2005
-----------------------------------------------------
Hantex Public Company Ltd's annual revenue suffered a setback,
with the Company posting THB42.019 million of revenue for the
fiscal year 2005, as compared to total revenue of
THB265.668 million in fiscal year 2004.

According to Hantex, the continued rise in the raw material
needed for the operation of its business adversely affected its
income statements.  Moreover, the Court has not yet accepted the
Company's rehabilitation plan preventing the decrease of the
expenses of the Company.

Without the approved rehabilitation plan, the Company failed to
secure temporary ceasing of its expenses and obligations since
April 2005.

The Company's auditor, Chantra Wongsri-Udomporn of Dharmniti
Auditing Company Limited, raised a number of factors leading to
uncertainties on the Company's ability to continue as a going
concern:

    1. The Firm was unsuccessful in completing the negotiation
       of the debt restructuring agreement with financial
       institutions including incomplete scheme of raising fund
       to increase share capital.

    2. The existing uncertainty over the recoverable amounts of
       plant, machinery, and other equipment.

    3. The limitation in scope of her review regarding the
       business dealings of the Company by selling and under
       pricing assets and the Company's relationship with its
       clients.

Hantex's balance sheet for the fiscal year ending December 31,
2005, reflects these figures:

                                         2005             2004
                                         ----             ----
     Total current assets        THB2,448,635    THB61,353,963
     Total assets                 307,791,730      479,524,177
     Total current liabilities    631,146,599      551,965,733
     Total liabilities            631,146,599      552,023,765
     Total liabilities and
       shareholders' equity       307,791,730      479,524,177

A full-text copy of the Company's financial report for the
Fiscal Year ending December 31, 2005, is available for free at:

   http://bankrupt.com/misc/hantex_FY_2005.xls

                          *     *     *

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd,
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The Troubled Company Reporter - Asia Pacific reported on
September 8, 2005, that the Central Bankruptcy Court approved
the Company's rehabilitation plan on September 6.  The Court
also appointed Hantex as the planner for its own rehabilitation.


TANAYONG PCL: FY06 Financial Report Show Decrease in Net Loss
-------------------------------------------------------------
Tanayong Public Company Ltd posted a consolidated net loss of
THB449.810 million for the fiscal year ending March 31, 2006, as
compared to THB2.601 billion losses in 2005.

The Company explained that the big drop in the Group's
consolidated net loss was due to the Group's transfer of
ordinary shares held in Bangkok Mass Transit System PLC, which
reduced its shareholding to 1.86%, as well as the transfer of
all of its ordinary shares held in other five companies.

The Company's liquidator, Supachai Phanyawattano, of Ernst &
Young Office Limited, relates that the Company was unable to
increase its share capital, pay debts and convert debts to
equity, which were significant conditions stipulated in the
business rehabilitation plan.

Subsequently, Mr. Phanyawattano raised substantial doubt as to
the Company's and its subsidiary companies' ability to continue
as going concern and whether the realization of assets and
settlement of liabilities will occur in the ordinary course of
business.

Tanayong's consolidated balance sheet for the fiscal year ending
March 31, 2006, reflects these figures:

                                           2006             2005
                                           ----             ----
     Total current assets      THB4,638,895,638 THB4,289,014,070
     Total assets                 6,926,837,413   56,300,398,035
     Total current liabilities   35,432,103,096   54,232,929,130
     Total liabilities           35,458,149,000   80,972,735,200
     Total liabilities and
       shareholders' equity       6,926,837,413   56,300,398,035

A full-text copy of the Company's Balance Sheet for the Fiscal
Year ending March 31, 2006, is available for free at:

   http://bankrupt.com/misc/tanayong_FY_2006.xls

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.

Tanayong is currently under rehabilitation.  It is categorized
under Rehabco Sector of the Stock Exchange of Thailand.  The
Company is planning to focus on all kinds of property
development, including hotels right after the completion of its
debt-restructuring.

As reported by the Troubled Company Reporter - Asia Pacific on
April 25, 2006, Tanayong posted a THB186,105,000 net loss for
the quarter ended December 31, 2006, compared with a
THB877,350,000 net profit for the same period in 2005.





                            *********


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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