TCRAP_Public/060803.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  

            Thursday, August 3, 2006, Vol. 9, No. 153

                            Headlines

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

AIR NEW ZEALAND: TAANZ Opposes Qantas Code-Share Proposal
AMTECH AUSTRALIA: Creditors Opt to Shut Down Operations
AUSTRALIAN FUTURES: Liquidator Flegg to Present Wind-Up Report
BEENLEIGH AUTO: Members Decide to Close Firm
CATERLEC PTY: Enters Voluntary Wind-Up

CLINSIM PTY: Appoints Joint and Several Liquidators
DENIS CRUTE: Placed Under Voluntary Liquidation
DIAMOND CUTTERS: Appoints Receiver and Manager
FAIRFAX PROPERTIES: Members Resolve to Wind Up Operations
FAMCOR (WA) PTY: Members Opt for Voluntary Wind Up

GALEMOUNT PTY: Appoints Official Liquidators
H.R HOARE: Creditors' Proofs of Claim Due on August 16
HGF INVESTMENTS: Members Opt for Voluntary Wind-Up
HUNSO PTY: Members Appoint Peter Ngan as Liquidator
IDYLLIC HOLDINGS: Enters Wind-Up Proceedings

IXCHANGE PTY: Creditors Decide to Close Operations
K, R & G ANDERSONS: Enters Voluntary Liquidation
KAM FOOK: Members and Creditors to Present Wind-Up Report
LONEY INVESTMENTS: Members to Hear Wind-Up Report on August 29
LYMAUL PTY: Members Pass Resolution to Wind Up Operations

M & H BRICKLAYING: Creditors Appoint Official Liquidator
MI SERVICES: Placed Under Voluntary Liquidation
MICROBITS: Creditors Resolve to Wind Up Firm
MULTIPLEX GROUP: Unlikely to Finish Wembley Project by September
N RAE PTY: Enters Voluntary Liquidation

PREMIUM CONCRETE: Inability to Pay Debt Prompts Wind-Up
PRG GROUP: Places PowerHouse Under Administration
REXUNU PTY.: Members Opt to Liquidate Business
SANSTAR PTY.: Members Agree to Close Operations
STEEL AND STUFF: Creditors Vote for Wind-Up

STEPHEN D. THOMAS: Placed Under Members' Voluntary Liquidation
SURESLIM WELLNESS: 12 Local Clinics Under Administration
TYRRELL PLACE: Winds Up Business Operations
WJD INVESTMENTS: Winds Up Business Operations
XER 2 PTY: Members Resolve to Wind Up Business

ZAKMAN PTY: Appoints William Abeyratne as Liquidator


C H I N A   &   H O N G  K O N G

BANK OF TAIWAN: Fitch Affirms Individual Rating at C
BEYOND THIRD-WORLD: Liquidator to Present Wind-Up Report
CENTON LIMITED: Appoints Seng and Lo as Joint Liquidators
ESSERY ESTATES: Prepares to Pay Ordinary Dividend
GT SPORT: Appoints Joint Liquidators

GUANGDONG BAO: To Declare First and Final Dividend
GUANGDONG KELON: Further Delays Submission of 2005 Accounts
HAYWARD KNITTERS: Liquidator Ceases to Act for Company
HOTEL FORTUNA: Final Members' Meeting Set on August 18
KOLINE LIMITED: Members' Final Meeting Slated for August 28

MEESPIERSON IPB: Members to Receive Liquidator's Report
NEWFIELD EXPLORATION: June 30 Working Capital Deficit Tops US$7M
ORANGE NASSAU: Voluntarily Ceases Operations
SAM TAI STEVEDORE: Names Chan as Official Liquidator
SUN ALLIANCE: Faces Wind-Up Proceedings

WELRISE HOLDINGS: Members Opt for Voluntary Wind-Up


I N D I A

GENERAL MOTORS: Revises Second Quarter Earnings Over GMAC Sale
GENERAL MOTORS: Global Sales Down 7%
* Fitch Ups India's Ratings to Investment Grade; Outlook Stable


I N D O N E S I A

BANK MANDIRI: Moody's Reviews E+ BFSR for Possible Upgrade
BANK NEGARA: Moody's Revises 'E' BSFR to Positive
PERUSAHAAN LISTRIK: 43 Bidders Pre-Qualified to Bid on Projects


J A P A N

MITSUBISHI MOTORS: 1st Quarter Net Loss Pegged at JPY15.1 Bil
PIONEER CORP: Shares Rise 12% on FY06 Profit Forecast
SHINSEI BANK: Moody's Affirms D+ Bank Financial Strength Rating
SHINSEI BANK: Fitch Ratings Affirms Individual 'C' Rating


K O R E A

AMKOR TECH: Turns Around with US$24M Net Profit in 2nd Quarter
CITIBANK KOREA: Posts KRW81.5-Billion Net Income for 1st Quarter
KRISPY KREME: Inks Pact with Great Circle to Settle Litigation
LG TELECOM: Revocation & Fines Bring In KRW195-Billion Net Loss
LG TELECOM: Adds 52,117 Subscribers in July 2006

STANDARD CHARTERED FIRST BANK: 1Q Net Profit Up KRW34.2 Billion
WOORI BANK: Real Estate Service Picks Up KRW112 Billion


M A L A Y S I A

AKTIF LIFESTYLE: To Hold 12th Annual General Meeting on Aug. 24
ANTAH HOLDINGS: HSBC Asserts Over MYR30-Million Claim
DATUK KERAMAT: Fined for Breaching Listing Requirements
GEORGE TOWN: Bourse Halts Trading of Securities
GEORGE TOWN: Bourse Gives Reprimand and Slaps Fines

LANKHORST BERHAD: Fined MYR111,000 for Violating Listing Rules
LITYAN HOLDINGS: Total Default Amount Hits Over MYR13.5 Million
MALAYSIA AIRLINES: Sets no Deadlines for Airbus Delay Talks
METROPLEX BERHAD: Court Adjourns Wind-Up Hearing to Sept. 7
SETEGAP BERHAD: Securities Commission Junks Revamp Proposals

SETEGAP BERHAD: Bourse Orders Payment of MYR32,000-Fine
SHOWKAT INDUSTRIES: House Buyers to Get Refund After 15 Years
TENCO BHD: Unaudited & Audited Results Show MYR1-Mln Difference


P H I L I P P I N E S

METRO CEBU WATER DISTRICT: Garnished PHP19M May Drain Resources
METRO CEBU WATER DISTRICT: Board to Probe Alleged Irregularities
PHILIPPINE LONG DISTANCE: To Sell Stake in Cable TV Firm
SECURITY BANK: First Half Net Income Rises 51% to PHP1 Billion


S I N G A P O R E

ACCURES TECHNOLOGIES: Creditors' Proofs of Debt Due on August 4
ANTEVORTE SHIPPING: Creditors Must Submit Claims by August 28
DAKA DESIGNS: Annual General Meeting Slated for October 8
LIANG HUAT: Posts Monthly Update on Financial Position
REFCO INC: Chapter 11 Trustee Inks Settlement Pact with Rogers

REFCO INC: Official Committee Wants Seat in Fee Panel
REFCO: Meridian IT Wants Decision on Smartnet Maintenance Pact


T H A I L A N D

KRUNG THAI: Sees Tough Business in 2007 Due to Political Crisis
TMB BANK: Vayupak Turns Down TMB's Offer

     - - - - - - - -

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

AIR NEW ZEALAND: TAANZ Opposes Qantas Code-Share Proposal
---------------------------------------------------------
The Travel Agents Association of New Zealand opposes any
authorization by the Minister of Transport to the code-share
deal, or Tasman Network Agreement, entered into by Air New
Zealand and Qantas Airways Ltd.

As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Air NZ and Qantas have signed a code-share
agreement that will allow both airlines to reduce cost by
removing some surplus or duplicated capacity and utilizing
aircraft more efficiently, while increasing the number of
flights available to their customers for the trans-Tasman
routes.

TAANZ says that the Minister does not have jurisdiction to
authorize arrangements of the kind and nature put forward by the
airlines and that Section 88 of the Civil Aviation Act was never
intended to provide airlines with a protection from the anti-
competitive provision of the Commerce Act.  It also argues that
the TNA would, if approved, see an increase in the cost of
trans-Tasman airfares and a dramatic reduction in competition

Paul Yeo, chief executive of TAANZ says that given the potential
impact on consumers and the New Zealand economy, TAANZ's
preference is that the application be referred to the Commerce
Commission.  He says that determining the application under the
provisions of the Commerce Act would enable proper weight to be
given, by those expert in such matters, to all relevant factors
and the public benefit.

TAANZ submitted its position to the Ministry of Transport on
August 1, 2006, which stated that that an inevitable consequence
of the Minister approving the Code-Share Proposal would be that
a significant number of New Zealanders would pay considerably
more to travel to and from Australia.

TAANZ contends that the Code-Share Proposal would reduce
capacity across the Tasman and, as a consequence, the cost of
travel would increase as the number of seats is reduced and the
airlines seek to maximize yield in a market where they would not
have any real competition.

Mr. Yeo further says "[n]ot only will fares within each category
or price band rise but also the number of fares in the lower
price bands will reduce markedly, particularly over peak
periods."

TAANZ is also concerned that approval of the Code-Share Proposal
would significantly reduce competition on Tasman routes and may
result in no effective competition on the Tasman.

"Qantas and Air New Zealand together account for around 80% of
passengers flying across the Tasman and, on a number of routes
have no competition.  If approved, the TNA will mean that there
will be no competition on flights between Wellington-Sydney,
Wellington-Melbourne, Auckland-Adelaide, Christchurch-
Coolangatta, and all flights from Queenstown," TAANZ contends.

Mr. Yeo also says "[w]e also don't see any of the other airlines
currently flying the Tasman being able to effectively compete
with the TNA partnership because they don't have the capacity,
or for new airlines entering the market to provide effective
competition."

TAANZ formulated its position after studying the airlines'
proposal, reviewing submissions to the Australian Competition
and Consumer Commission, and consulting its members.

According to Mr. Yeo, "[t]he majority of members were against
the proposal.  The others raised some of the same concerns and
while not supporting the [Code-Share Proposal] did not want to
formally oppose it."

Mr. Yeo explains that the TNA proposal is of significant
interest to TAANZ members, their customers and to the wider New
Zealand economy.

Mr. Yeo contends that should the TNA be approved, the Minister
needs to be satisfied that there were other benefits that
outweigh the obvious and undoubted public detriments.

                      About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.  

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1,071 million held
as at June 30, 2005.  However, while Air NZ has a solid position
in New Zealand and other parts of the international network are
performing well, intense competition on trans-Tasman routes has
resulted in it being unprofitable for Air NZ.  International
competition also limits Air NZ's ability to expand.  Its
management is also aware of the airline's vulnerability to
external shocks and the actions of key competitors.


AMTECH AUSTRALIA: Creditors Opt to Shut Down Operations
-------------------------------------------------------
The creditors of Amtech Australia Pty Limited held a meeting on
July 11, 2006, and resolved to wind up the Company's operations.

Subsequently, Trevor Mark Pogroske and Paul Andrew Billingham
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Trevor Mark Pogroske
         Paul Andrew Billingham
         Grant Thornton, Level 17
         383 Kent Street
         Sydney, New South Wales 2000
         Australia


AUSTRALIAN FUTURES: Liquidator Flegg to Present Wind-Up Report
--------------------------------------------------------------
Members of Australian Futures & Securities Pty Ltd will hold a
general meeting on August 31, 2006, at 10:00 a.m., to receive
Liquidator Michael Laurence Flegg's report on the Company's
wind-up and the property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific on
December 26, 2005, the Company was placed under a members'
voluntary wind up on December 1, 2005.

The Liquidator can be reached at:

         Michael Laurence Flegg
         PJ Miller & Co
         Chartered Accountant
         Suite 605, 107 Walker Street
         North Sydney, New South Wales 2060
         Australia
         Telephone:(02) 9955 3793


BEENLEIGH AUTO: Members Decide to Close Firm
--------------------------------------------
At a meeting held on July 11, 2006, the members of Beenleigh
Auto & Marine Pty Ltd resolved to close the Company's
operations.

In this regard, Matthew L. Joiner and Gerald T. Collins were
named joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Matthew L. Joiner
         Gerald T. Collins
         JCJ Partners Pty Ltd
         Chartered Accountants
         GPO Box 272
         Brisbane, Queensland 4001
         Australia


CATERLEC PTY: Enters Voluntary Wind-Up
--------------------------------------
At an extraordinary general meeting held on July 14, 2006, the
members of Caterlec Pty Ltd agreed to voluntarily wind up the
Company's operations.

William Bernard Abeyratne and Loke Ching Wong were appointed as
joint and several liquidators at a creditors' meeting held that
same day.

The Joint and Several Liquidators can be reached at:

         William Bernard Abeyratne
         Loke Ching Wong
         c/o Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone:(03) 9696 2885


CLINSIM PTY: Appoints Joint and Several Liquidators
---------------------------------------------------
The members of Clinsim Pty Ltd convened on July 7, 2006, and
resolved to voluntarily wind up the Company's operations.

At a creditors' meeting held that same day, Laurence Andrew
Fitzgerald and Michael James Humphris were appointed as joint
and several liquidators.

The Joint and Several Liquidators can be reached at:

         Laurence A. Fitzgerald
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


DENIS CRUTE: Placed Under Voluntary Liquidation
-----------------------------------------------
At a general meeting on July 13, 2006, the members of Denis
Crute Pty Ltd resolved to voluntarily wind up the Company's
operations.

Accordingly, Robert Molesworth Hobill Cole was appointed as
liquidator.

The Liquidator can be reached at:

         Robert Molesworth Hobill Cole
         Cole Downey & Co
         Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia


DIAMOND CUTTERS: Appoints Receiver and Manager
----------------------------------------------
On July 12, 2006, Barry John Honey was appointed as receiver and
manager of the property of Diamond Cutters Australia Pty Ltd.

The Receiver and Manager can be reached at:

         Barry John Honey
         Suite 8, 38 Colin Street
         West Perth, Western Australia
         Australia


FAIRFAX PROPERTIES: Members Resolve to Wind Up Operations
---------------------------------------------------------
The members of Fairfax Properties Pty Ltd met on July 4, 2006,
and passed a special resolution to voluntarily wind up the
Company's operations.

The liquidators can be reached at:

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


FAMCOR (WA) PTY: Members Opt for Voluntary Wind Up
--------------------------------------------------
After an extraordinary general meeting on July 13, 2006, the
members of Famcor (WA) Pty Ltd resolved to wind up the Company's
operations.

Creditors subsequently appointed Gary John Anderson as official
liquidator.

The Liquidator can be reached at:

         Gary John Anderson
         PO Box 1661
         West Perth, Western Australia 6872
         Australia
         Telephone:(08) 9486 7822
         Facsimile:(08) 9226 4250
         e-mail: garya@iinet.net.au


GALEMOUNT PTY: Appoints Official Liquidators
--------------------------------------------
At a general meeting of Galemount Pty Limited held on July 10,
2006, Liquidators Jason Bettles and Susan Carter were appointed
to oversee the Company's wind-up activities.

The Liquidators can be reached at:

         Jason Bettles
         Susan Carter
         Worrells, Level 6
         50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia


H.R HOARE: Creditors' Proofs of Claim Due on August 16
------------------------------------------------------
Members of H.R Hoare Pty Limited decided to voluntarily wind up
the Company's operations on July 12, 2006.

In this regard, creditors are required to prove their claims by
August 16, 2006, to share in any distribution the Company will
make.

The liquidator can be reached at:

         Sule Arnautovic
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


HGF INVESTMENTS: Members Opt for Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting on July 11, 2006, the
members of HGF Investments Pty Limited resolved to wind up the
Company's operations.

Subsequently, Peter Ashley Robson was appointed as liquidator.

The Liquidator can be reached at:

         Peter Ashley Robson,
         Chartered Accountant
         12 Beta Road
         Lane Cove, New South Wales 2066
         Australia


HUNSO PTY: Members Appoint Peter Ngan as Liquidator
---------------------------------------------------
Members of Hunco Pty Limited on July 11, 2006, passed a special
resolution to wind up the Company's operations.

Accordingly, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


IDYLLIC HOLDINGS: Enters Wind-Up Proceedings
--------------------------------------------
The members of Idyllic Holdings Pty Limited met on July 11,
2006, and decided to voluntarily wind up the Company's
operations.

In this regard, Bruce Neil Mulvaney was appointed as liquidator.

The Liquidator can be reached at:

         Bruce Neil Mulvaney
         Bruce Mulvaney & Co Chartered Accountants
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia


IXCHANGE PTY: Creditors Decide to Close Operations
--------------------------------------------------
The creditors of Ixchange Pty Ltd held a general meeting on
July 12, 2006, and decided to close the Company's operations.

Subsequently, John Sheahan and Ian Russell Lock were appointed
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         John Sheahan
         Ian Russell Lock
         Sheahan Lock Partners
         Level 2, 32 Martin Place
         Sydney, New South Wales
         Australia


K, R & G ANDERSONS: Enters Voluntary Liquidation
------------------------------------------------
Members of K, R & G Andersons Estate Agency Pty Ltd convened on
July 7, 2006, and passed a special resolution to wind up the
Company's operations.

In this regard, Ian Stone was named official liquidator.

The Liquidator can be reached at:

         Ian Stone
         16 Phillip Street
         South Coogee, New South Wales
         Australia


KAM FOOK: Members and Creditors to Present Wind-Up Report
---------------------------------------------------------
A final meeting of the members and creditors of Kam Fook Shark
Fin Seafood Restaurant Pty Limited will be held on August 29,
2006, at 11:00 a.m.

At the meeting, Liquidator Adam Shepard will report on the
Company's wind-up and property disposal exercises.

As reported by Australian Securities and Exchange Commission on
July 5, 2005, the Company went into liquidation in June 2004
with an estimated stockholders' deficit of US$380,000.

The Liquidator can be reached at:

         Adam Shepard
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone: 9223 2944

   
LONEY INVESTMENTS: Members to Hear Wind-Up Report on August 29
--------------------------------------------------------------
A final meeting of the members of Loney Investments Pty Limited
will be held on August 29, 2006, at 12:00 p.m.

During the meeting, Liquidator John Woods will report on the
Company's wind-up and property disposal activities.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on March 1, 2006.

The Liquidator can be reached at:

         John W. Woods
         Wilson Woods & Partners
         Chartered Accountant
         30 Davey Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 4343


LYMAUL PTY: Members Pass Resolution to Wind Up Operations
---------------------------------------------------------
At an extraordinary general meeting on July 11, 2006, the
members of Lymaul Pty Limited passed a special resolution to
wind up the Company's operations.

Subsequently, Peter Ashley Robson was appointed as official
liquidator.

The liquidator can be reached at:

         Peter Ashley Robson
         Chartered Accountant
         12 Beta Road
         Lane Cove, New South Wales 2066
         Australia


M & H BRICKLAYING: Creditors Appoint Official Liquidator
--------------------------------------------------------
Members of M & H Bricklaying Services Pty Limited held a general
meeting on July 11, 2006, and decided to voluntarily wind up the
Company's operations.

Peter Paul Krejci was consequently appointed as liquidator.

The Liquidator can be reached at:

         Peter Paul Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


MI SERVICES: Placed Under Voluntary Liquidation
-----------------------------------------------
The members of MI Services Group (Australia) Pty convened on
July 11, 2006, and decided to voluntarily wind up the Company's
operations.

In this regard, Kenneth Michael Whittingham was appointed as
liquidator.

The Liquidator can be reached at:

         Kenneth Michael Whittingham
         BDO Chartered Accountants & Advisors
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia


MICROBITS: Creditors Resolve to Wind Up Firm
--------------------------------------------
Microbits has gone into liquidation after creditors, in a
meeting on July 6, 2006, resolved to wind up the Company,
Adelaidenow reports.

Based in Adelaide, Australia, Microbits was founded more than 20
years ago specializing in equipment and support for South
Australia's education sector, Adelaidenow relates.

The paper says that, according to administrator Hugh McPharlin
of accountants Edwards Marshall, Microbits had suffered from a
"narrowing of margins" and "changing circumstances in the
technology marketplace."

Microbits went into voluntary administration on June 13, 2006,
with about 50 creditors owed AU$1.4 million in aggregate, The
Advertiser relates.


MULTIPLEX GROUP: Unlikely to Finish Wembley Project by September
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 5, 2006, Multiplex Group said that most of the contractors'
works in its Wembley Stadium project in London would be
completed by July 13 instead of June 2006.  According to the
TCR-AP report, Multiplex was targeting substantial completion in
July -- originally June -- although did not expect to finish
commissioning, cleaning and other works until its contract
closes in September 2006.

A follow-up report from The Australian relates that a stand-off
between Multiplex and the owners of Wembley Stadium threatens to
put the disastrous project even further behind schedule.

The GBP750-million (AU$1.8 billion) stadium project is now
unlikely to be finished by September, and Multiplex and the
English Football Association's Wembley National Stadium are
blaming each other, the report relates.

The Australian relates that, according to WNS Chief Executive
Officer Michael Cunnah, he does not believe that the September
deadline would be met.  Mr. Cunnah explains that "at the current
rate of progress, particularly in light of the extensive testing
and commissioning regime that will be required, this is not
likely to be achieved until late 2006."

Mr. Cunnah notes that Multiplex still has major items to
complete, including:

   (a) the stadium's roof;
   (b) remedial works to the drainage network;
   (c) building management and life safety systems; and
   (d) the installation of some 10,000 seats.

A spokesman for Multiplex says that structural roof works were
finished, and minor guttering and flashing remained, noting that
drainage works would be finished this week, The Australian
relates.

According to the spokesman, a seating subcontractor had gone
into liquidation, and Multiplex had purchased and installed
seats at the rate of up to 6,000 a week.

Moreover, The Australian cites the spokesman as saying that none
of the outstanding minor works impeded WNS' ability to begin its
own works, which were necessary to get the stadium finished,
including:

   (a) installation of communications and broadcast cabling,
   (b) closed-circuit televisions, and
   (c) ticketing systems.

The spokesman relates that the bulk of WNS' work had not started
and, while Multiplex would complete its own share of work by
next month, the final completion date was "very much in the
hands of the client."

Yet, The Australian cites Mr. Cunnah as saying that, "It has
always been our view that the stadium's delays are Multiplex's
responsibility."

                     About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.  The Company's troubles continue with plunging share
prices, extortion attempts and threats of class action from
disgruntled shareholders.  The Roberts family, as founder and
controlling shareholder of Multiplex, opted to offer
AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted that its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


N RAE PTY: Enters Voluntary Liquidation
---------------------------------------
After an extraordinary general meeting held on July 7, 2006, the
members of N Rae Pty Limited resolved to voluntarily liquidate
the Company's operations.

Subsequently, G. A. Marx was appointed as liquidator.

The Liquidator can be reached at:

         G. A. Marx
         Suite 601, 3 Waverley Street
         Bondi Junction, New South Wales 2022
         Australia


PREMIUM CONCRETE: Inability to Pay Debt Prompts Wind-Up
-------------------------------------------------------
The members and creditors of Premium Concrete & Steel Pty
Limited met on July 14, 2006, and passed a special resolution to
wind up the Company's operations due to its inability to pay
debts when they fall due.

In this regard, Richard Albarran was appointed as liquidator.

The Liquidator can be reached at:

         Richard Albarran
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


PRG GROUP: Places PowerHouse Under Administration
-------------------------------------------------
PRG Group Limited says that it had placed its under-performing
British electrical group, PowerHouse, into administration,
ShareChat News reports.

PRG will sell PowerHouse's assets, and the firm will be delisted
and privatized, Newswire.co.nz states.

As reported in the Troubled Company Reporter - Asia Pacific on
July 31, 2006, on unaudited figures, PRG lost NZ$13.1 million in
the March year, mainly due to PowerHouse's continued poor
performance.  The report noted that even though PowerHouse is
No. 3 in the British market, PRG warns that its sales growth is
less than budgeted, and likely to result in a moderate loss for
the financial year to March 31, 2007.

According to Newswire.co.nz, PowerHouse had only 1% of the
market.

Newswire.co.nz relates that Chair Jock Irvine says he does not
have the figures on what the Powerhouse venture has cost, except
that it is a significant amount.  Thus, the board decided it
would not be good business sense to further invest in the
struggling retailer.

The NZPA relates that PRG bought PowerHouse, then also in
administration, in 2003 for NZ$48 million.

                    E. Watson Takes Over PRG

Simultaneously, PRG's 81% owner, Eric Watson buys another 12.3%
of the Company, triggering a full takeover at NZ$1.22 per share
-- 33 cents below PRG's last traded price, the New Zealand Press
Association says.

The NZPA recounts that PRG shares have been suspended since
July 10, 2006, after it failed to submit an audited annual
result to March 31, 2006, to the stock exchange.

The TCR-AP had noted that PRG shares were at NZ$1.54 -- their
lowest level in over five years and half the value they reached
in September 2002 -- when their trading was suspended and the
Company has issued a profit warning.

Logan Corp, a unit of Mr. Watson's private investment vehicle
Cullen Investments, bought the 12.3% stake from AllianceBerstein
on behalf of Axa Asia Pacific Holdings, ShareChat relates.

The NZPA says that Logan intends to commence compulsory
acquisition procedures as soon as practicable.  

According to ShareChat, PRG has established a special
independent directors' committee comprising chairman Jock Irvine
and director George Brooks.  The Committee will be responsible
for all actions to be taken by the Company in connection with
the offer.

ShareChat notes that the independent directors will obtain a
report from an independent adviser on the merits of the offer
and will prepare a target company statement.

Privatization is a natural progression for PRG Group, News.co.nz
cites Cullen Investments chief operating officer Liz Style, as
saying.

The TCR-AP noted that the Company's sale of its consumer finance
arm, PRG Finance Group, to GE Finance and Insurance in January
2006 for a reported NZ$145 million, has been followed by
problems, noting that a delay in getting an audit of the former
finance group would in turn delay the group audit.

                        About PRG Group

Formerly Pacific Retail Group, PRG Group Limited --
http://www.prg.co.nz/-- is an NZX-listed investment company  
focused on the consumer sector.  It has a portfolio of operating
companies in New Zealand and the United Kingdom, including
leading lingerie designer and marketer, Bendon Limited.  PRG
Group's other businesses include PowerHouse, the UK's third
largest specialist appliance retailer.  PowerHouse operates 53
stores in the UK. PRG Group also owns New Zealand homeware
retailer Living & Giving.

Late January 2006, PRG Group completed the sale of its Finance
Group to GE Finance and Insurance for NZ$145 million.  The
Finance Group comprised four companies - Pacific Retail Services
Limited, Pacific Retail Finance Limited, Montreal Financial
Services Limited and Simply Insurance New Zealand Limited.  The
structure of the sale meant the Finance Group's loan book and  
other assets were sold to GE, together with the shares in Simply
Insurance New Zealand.  Under the sale agreement, PRG has
changed its name from Pacific Retail Group Limited to PRG Group  
Limited.  The Company posted a NZ$75 million capital profit (net
of costs) from the sale.  

PRG Group used part of the sale proceeds to repay
NZ$62.7 million of outstanding Secured Capital Notes and to
repay loans of NZ$20 million to principal banker, ANZ Bank.  PRG
Group hoped that the sale will allow it to retire all parent
company debt, leaving it in a strong financial position to
continue to fund growth in its major operating businesses.


REXUNU PTY.: Members Opt to Liquidate Business
----------------------------------------------
At a general meeting held on July 7, 2006, the members of
Rexunu Pty Limited passed a special resolution to liquidate the
Company's business and distribute the proceeds of the assets
disposal.

Creditors whose proofs of debt were not admitted by July 28,
2006, will be excluded from sharing in the dividend
distribution.

The liquidator can be reached at:

         Peter John Burgess
         McPherson, Burgess & Associates
         Chartered Accountants
         7 Macquarie Street
         Taree, New South Wales 2430
         Australia


SANSTAR PTY.: Members Agree to Close Operations
-----------------------------------------------
At a general meeting on June 28, 2006, the members of
Sanstar Pty Ltd resolved to close the Company's operations.

Gregory Stuart Andrews was subsequently named official
liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G S Andrews & Assocs
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544


STEEL AND STUFF: Creditors Vote for Wind-Up
-------------------------------------------
A meeting of about 40 creditors of Albury's Steel and Stuff has
voted to wind up the Company with debts estimated to be in
excess of AU$3 million, The Border Mail relates.

According to The Border Mail, the Company is now the subject of
independent investigations by liquidators Nicholls and Co., the
Australian Securities and Investments Commission, the NSW and
Victorian police, and the NSW Department of Fair Trading.

The paper says that during the meeting, administrator Stephen
Jay of the Wagga-based Nicholls had said that the Company is
seeking expressions of interest for its encumbered and
unencumbered assets and would close on July 21, 2006.  The
report notes that if those expressions of interest do not
succeed, an auction is scheduled for August 4, 2006.

Mr. Jay relates that given there were more than 350 creditors
who had been identified during the administration, it is merely
an estimate that the Company owes AU$2.68 million to its
unsecured creditors, alongside the AU$574,665 it owed to its
four secured creditors and the AU$76,786 it owed to 17
employees.

The level of inquiry received in the administration was
unprecedented, Mr. Jay says.

During the meeting it was discovered that Steel and Stuff had
taken about AU$900,000 in deposits and full payment for sheds
and other structures that have not been received by clients from
throughout NSW and Victoria, The Border Mail relates.

The paper relates that several clients asked director Rod
Atkinson as to how the Company could have taken their money
until as recently as mid-May this year when Steel and Stuff had
gone into receivership in mid-June.

According to the paper, Mr. Atkinson explains that he had been
comfortable to continue trading despite a Federal Court action
taken by Surdex Steel Pty Ltd at the end of May to wind up the
Company.

The Border Mail reports that Mr. Atkinson and his wife
refinanced their home to put AU$180,000 into the business in
March 2006.

"I do apologize to the people who paid deposits and the full
amount for their buildings," The Border Mail cites Mr. Atkinson
as saying, adding that "[i]t was never our intention not to
supply those buildings."

Mr. Atkinson further explains that as a result of the action
taken by Surdex, the Company had seen alternative suppliers
unwilling to continue providing materials.  Mr. Atkinson did not
believe that the Company had been trading while insolvent, The
Border Mail relates.

Mr. Jay discloses that the Company had gone from a surplus of
AU$440,000 in June 2004, to a small deficit of AU$20,000 in
June 2005, but between then and early this year "something had
gone terribly wrong," The Border Mail notes.

A subsequent report from the Border Mail reveals that
information sent to creditors discloses that the Company has 303
creditors comprising of:

   (a) a bank and finance company;

   (b) 12 employees, which include Rod and Lorraine Atkinson
       listed as each being owed AU$32,848 by the Company;

   (c) 289 "unsecured creditors" which are a mix of individuals
       and other companies.

The Atkinsons are owed a further AU$250,000 by the Company.

Two listed secured creditors are Bidgee Finance Limited, which
is owed AU$268,128, and the Westpac Bank, although information
from the administrators says Westpac is not owed any money, The
Border Mail relates.

The paper further notes that the creditors include a number of
Border businesses and individuals, some owed tens of thousands
of dollars, others less than AU$100.

                         *     *     *

Rod and Lorraine Atkinson started he Steel and Stuff seven years
ago to give them access to markets in Victoria and southern NSW,
The Border Mail relates, noting that the couple had previously
run a construction company in China.

The paper notes that as of June 29, 2006, the Company's Web site
-- http://www.steelandstuff.com.au/-- which contains details of  
its history and products, was still operating.

As of August 2, 2006, the TCR-AP cannot access the Web site.

The Web site described Steel and Stuff as an Australian-owned
company with its own sales, design, and production departments,
The Border Mail says.


STEPHEN D. THOMAS: Placed Under Members' Voluntary Liquidation
--------------------------------------------------------------
The members of Stephen D. Thomas & Associates Pty Ltd met on
June 30, 2006, and decided to voluntarily liquidate the
Company's business.

Accordingly, Richard Herbert Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin, Victoria 3189
         Australia


SURESLIM WELLNESS: 12 Local Clinics Under Administration
--------------------------------------------------------
Twelve local clinics of the SureSlim chain of weight loss
centers were placed in administration, with debts aggregating
AU$2 million, The Australian Associated Press reports.

The affected SureSlim clinics in SA are located in:

   * the metropolitan area:

   1) Adelaide,
   2) Prospect,
   3) Modbury,
   4) Salisbury,
   5) Morphett Vale,
   6) Hilton,
   7) Brighton,
   8) Glenelg

   * in Country SA:

   9) Victor Harbor,
  10) Mt. Barker,
  11) Lameroo, and
  12) Murray Bridge

Administrator Nick Cooper, from insolvency firm SimsPartners,
says that the operations of the affected businesses will be
reviewed and offers to purchase the clinics would be considered,
The AAP says.

The AAP cites SureSlim managing director Geoff Adams as saying
that the Company is confident of its future, noting that
business goes on at its other locations.

Other country clinics at Gawler, Berri, Loxton, Waikerie, Mt.
Gambier and Naracoorte were not affected, The Age notes.

                           Job Cuts

According to Mr. Cooper, it is likely that the 12 clinics, which
employed about 50 people, would close, The AAP relates.

ABC News Online relates that the 12 clinics has been affected by
a drop in client numbers.

According to the report, the possibility of job cuts for the 50
employees was seen after the appointment of voluntary
administrators.

ABC notes that Mr. Cooper assures that the employees will be
informed about redundancies.

Mr. Cooper notes that re-opening rests on what can be done on a
national basis.  It is possible that something could be worked
out to open the stores in the future, Mr. Cooper adds.

The first creditors meeting was held on July 13, 2006, ABC
relates.

                  Operators Want to Expand

SureSlim's national operators plan to expand their business in
South Australia, after the voluntary administration was
announced, The AAP notes.

The Company hopes to have some of those clinics run by new
operators within weeks and pledged to continue to service
clients at alternative locations if necessary, The Age relates.

                         About SureSlim

SureSlim -- http://www.sureslim.com.au/-- was established in  
1996 as a quick weight loss company, but has since developed a
more holistic lifestyle approach with 65 clinics across
Australia.  It also has over 150 clinics worldwide.


TYRRELL PLACE: Winds Up Business Operations
-------------------------------------------
Members of Tyrrell Place Pty Ltd convened on July 10, 2006, and
agreed to wind up the Company's operations.

Richard Herbet Judson was consequently named official
liquidator.

The Liquidator can be reached at:

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


WJD INVESTMENTS: Winds Up Business Operations
---------------------------------------------
The members of WJD Investments Pty Ltd convened on July 12,
2006, and decided to wind up the Company's operations and
distribute the proceeds of its assets disposal.

The liquidator can be reached at:

         Geoffrey B. Johnson
         Suite 12, 602 Whitehorse Road
         Mitcham Victoria 3132
         Australia


XER 2 PTY: Members Resolve to Wind Up Business
----------------------------------------------
On July 13, 2006, the members of Xer 2 Pty Ltd resolved to
voluntarily wind up the Company's operations.

At a creditor's meeting held that same day, Paul Vartelas was
appointed as liquidator.

The Liquidator can be reached at:

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


ZAKMAN PTY: Appoints William Abeyratne as Liquidator
----------------------------------------------------
At an extraordinary general meeting on July 7, 2006, the members
of Zakman Pty Ltd met and decided to wind up the Company's
operations.

Creditors subsequently appointed William Bernard Abeyratne as
liquidators.

The Liquidators can be reached at:

         William Bernard Abeyratne
         Loke Ching Wong
         Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Australia
         Telephone: 9696 2885


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

BANK OF TAIWAN: Fitch Affirms Individual Rating at C
----------------------------------------------------
Fitch Ratings on August 2, 2006, affirmed the ratings of Bank of
Taiwan as;

    * National Long-term rating:  AAA(twn)

    * National Short-term rating: F1+(twn)

    * Individual rating:           C

    * Support rating:              1

The agency also assigned a Stable Outlook to the ratings.

The ratings reflect Bank of Taiwan's strong capitalization,
improved asset quality and strong support from the government.  
However, the agency notes that the Bank's Individual rating
reflects the bank's poor core profitability and undiversified
business profile.  

Net interest income has declined substantially since 2002 amid
abundant liquidity in the banking system and intense industry
competition.  Additionally, Bank of Taiwan relied heavily on
sales of long-term investments and real estate and buildings to
sustain its profitability in 2004 and 2005.

Following government directives, Bank of Taiwan is proceeding
with preparations to merge with Central Trust of China by June
2007.  Both are 100%-owned by Taiwan's Ministry of Finance.  
Fitch expects the combined entity to retain Bank of Taiwan's
financial profile.  Bank of Taiwan's problem loans have declined
amid the general economic recovery and improved real estate
market conditions since 2002.  The Bank retains significant
government policy roles.  Lending to government agencies and
entities accounted for 35% of total lending at end-2005.

Established in 1946, Bank of Taiwan initially acted as an agency
for the government, and, until 1961, it was effectively Taiwan's
central bank.  It has since moved into offering commercial
banking services, although it continues to carry out
administrative functions on behalf of the government in such
areas as tax collection, public treasury for local
municipalities and the administration of issuance of the local
currency.  Bank of Taiwan was incorporated in July 2003.  At
end-2005, it had 155 domestic and overseas branches.


BEYOND THIRD-WORLD: Liquidator to Present Wind-Up Report
--------------------------------------------------------
Members of Beyond Third-World Foundation Limited will meet on
August 28, 2006, at 4:00 p.m. to hear accounts of the Company's
wind-up and property disposal activities from Liquidator Chan
Kin Man, Eddie.

The Liquidator can be reached at:

         Chan Kin Man, Eddie
         Liquidator
         Suite 1201, Tower 2,
         The Gateway 25 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


CENTON LIMITED: Appoints Seng and Lo as Joint Liquidators
---------------------------------------------------------
Members of Centon Limited on July 14, 2006, resolved to
voluntarily wind up the Company's operations.

In this regard, Natalia KM Seng and Susan YH Lo were named
official liquidators.


ESSERY ESTATES: Prepares to Pay Ordinary Dividend
-------------------------------------------------
Essery Estates Ltd notifies parties-in-interest of its intention
to pay ordinary dividend to creditors.

Creditors are required to file their proofs of claim by August
17, 2006, for them to share in the dividend distribution.

The liquidator can be reached at:

         Kong Chi How
         29th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


GT SPORT: Appoints Joint Liquidators
------------------------------------
On July 13, 2006, members of GT Sport Ltd appointed Jan Gerard
Willemszoon Blaaw and Rainier Hok Chung Lam as joint liquidators
for the Company.

The Troubled Company Reporter - Asia Pacific reported that on
February 1, 2006, the High Court of Hong Kong released an order
approving a petition to wind up the Company's operations.

The Joint Liquidators can be reached at:

         Rainier Hok Chung Lam
         22/F., Prince's Bldg
         Central, Hong Kong


GUANGDONG BAO: To Declare First and Final Dividend
--------------------------------------------------
Guangdong Bao Shun Transportation Co Ltd intends to declare its
first preferential dividend on August 1, 2006.

Dividend payments will be made at:

         32nd Floor, One Pacific Place
         88 Queensway, Hong Kong


GUANGDONG KELON: Further Delays Submission of 2005 Accounts
-----------------------------------------------------------
Guangdong Kelon Electrical Holdings postponed a board meeting
scheduled for August 11, 2006, to approve the Company's 2005
financial results, The Standard reports.

According to The Standard, Kelon's board meeting was called to
approve the 2005 financial results of the Company.  

In a statement to the Shenzhen Stock Exchange, the Company said
"numerous extraordinary events occurred during 2005 which placed
the company in a complex financial situation."

Meanwhile, Kelon warned its shareholders of a potential
suspension of its A shares on September 1, 2006, if it fails to
publish its 2005 results by August 31, 2006.

Moreover, if the Company is still unable to publish the results
by October this year, the Stock Exchange will be forced to
delist the Company from the Bourse's official list, The Standard
says.

The Standard recounts that for the first nine months of 2005,
Kelon posted a loss of CNY1.32 billion, compared to a profit of
CNY206.8 million for the corresponding period the previous year.

The Troubled Company Reporter - Asia Pacific reported on March
3, 2006, that investors of the Company filed lawsuits against
the Company following China Securities Regulation Commission's
discovery of Kelon's falsification of its 2002 to 2004 annual
reports.

Kelon allegedly used false records, overstate revenue and omit
substantial information from the annual reports, TCR-AP
reported.  CSRC ordered the Company to pay CNY600,000 fine.  
Former chairman Gu Chujun was also fined CNY300,000 while other
directors were ordered to pay a total of CNY1.250 million in
fines.

                          *     *     *

Headquartered in Wanchai, Hong Kong, Guangdong Kelon Elecrical
Holdings Company Limited -- http://www.kelon.com/-- is one of  
the largest cooling domestic appliance manufacturers in China,
mainly engaging in the development and manufacture, as well as
domestic and overseas sales of refrigerators and air-
conditioners.

Before the latest scandal involving its former chairman, the
refrigerator maker was saddled with net losses in 2004, after
seeing a CNY197.3 million net profit in 2003 and a similar
substantial profit in 2002.  With the outbreak of the scandal,
it suspended trading of some of its shares and had its assets
frozen.  The Company was taken over by China's Hisense Group in
a CNY900 million acquisition in September 2005.


HAYWARD KNITTERS: Liquidator Ceases to Act for Company
------------------------------------------------------
Stephen Liu Yiu Keung ceased to act as the appointed liquidator
of Hayward Knitters Ltd on July 4, 2006.

The former liquidator can be reached at:

        Stephen Liu Yiu Keung
        18th Floor, Two International Finance Centre
        8 Finance Street, Central
        Hong Kong


HOTEL FORTUNA: Final Members' Meeting Set on August 18
------------------------------------------------------
Members of Hotel Fortuna Ltd will convene for their final
meeting at 12/F., No. 3 Lockhart Road, Wanchai, Hong Kong on
August 18, 2006, at 10:00 a.m.

At the meeting, Liquidator Billy Li Sze Kuen will report on the
Company's wind-up and property disposal activities.


KOLINE LIMITED: Members' Final Meeting Slated for August 28
-----------------------------------------------------------
The final meeting of the members of Koline Limited will be held
at Flat A, 11th Floor, Kingsway Industrial Bldg, 167-171 Wo Yi
Hop Road, Kwai Chung, New Territories, Hong Kong on August 28,
2006, at 10:30 a.m.

At the meeting, Liquidator Au Lai Ping will report on the
Company's wind-up and property disposal activities.


MEESPIERSON IPB: Members to Receive Liquidator's Report
-------------------------------------------------------
Liquidator Chiu Soo Ching will present accounts of the the wind-
up of Meespierson IPB Asia Ltd before the Company's members on
September 4, 2006.

The Liquidator can be reached at:

         Chiu Soo Ching
         Liquidator
         2001 Central Plaza
         18 Harbour Road, Wanchai
         Hong Kong


NEWFIELD EXPLORATION: June 30 Working Capital Deficit Tops US$7M
----------------------------------------------------------------
Newfield Exploration Company filed its financial results for the
first quarter ended June 30, 2006, with the Securities and
Exchange Commission on July 28, 2006.

For the three months ended June 30, 2006, the Company earned
US$94 million of net income on US$390 million of net revenues,
compared to US$104 million of net income on US$446 million of
net revenues in 2005.

The Company's June 30 balance sheet showed strained liquidity
with US$812 million in total current assets available to pay
$819 million in total current liabilities coming due within the
next 12 months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?ea9

Newfield Exploration Company -- http://www.newfield.com/-- is  
an independent crude oil and natural gas exploration and
production company.  The Company relies on a proven growth
strategy that includes balancing acquisitions with drill bit
opportunities. Newfield's areas of operation include the Gulf of
Mexico, the U.S. onshore Gulf Coast, the Anadarko and Arkoma
Basins of the Mid- Continent, the Uinta Basin of the Rocky
Mountains and offshore Malaysia.  The Company has international
development projects underway in the U.K. North Sea and in Bohai
Bay, China.

                            *    *    *

As reported in the Troubled Company Reporter on March 31, 2006,
Moody's Investors Service assigned a Ba3 rating to Newfield
Exploration's pending $500 million of 10-year senior
subordinated notes and affirmed its existing Ba2 corporate
family, Ba2 senior unsecured note, and Ba3 senior subordinated
ratings.  Moody's said the rating outlook remains stable.



ORANGE NASSAU: Voluntarily Ceases Operations
--------------------------------------------
At an extraordinary general meeting of the members of Orange
Nassau Asia Ltd held on July 14, 2006, a special resolution was
passed to voluntarily wind up the Company's operation.

Subsequently, Joint Liquidators Natalia KM Seng and Susan YH Lo
were appointed to manage the liquidation process.

The Joint Liquidators can be reached at:

         Natalia KM Seng
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SAM TAI STEVEDORE: Names Chan as Official Liquidator
----------------------------------------------------
Members of Sam Tai Stevedore Ltd on July 21, 2006, resolved to
voluntarily wind-up the Company's operations.

In this regard, Poon Chi Woo and Poon Chin Wung was appointed as
official liquidator.


SUN ALLIANCE: Faces Wind-Up Proceedings
---------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Sun Alliance International Ltd on September 20, 2006, at 9:30
a.m.

Lee Mun Yee filed the petition on July 11, 2006.

Solicitors for the petitioner can be reached at:

         Tang and Le
         Room 603, 6th Floor
         Li Po Chun Chambers
         189 Des Vouex Road Central
         Hong Kong


WELRISE HOLDINGS: Members Opt for Voluntary Wind-Up
---------------------------------------------------
Members of Welrise Holdings Limited on July 28, 2006, resolved
that a voluntary wind-up of the Company's operations is
appropriate and necessary,

Subsequently, Lee Chi Keung was appointed as liquidator.

The liquidator can be reached at:

         Lee Chi Keung
         21/F., Fee Tat Commercial Centre
         No.613 Nathan Road, Kowloon
         Hong Kong


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

GENERAL MOTORS: Revises Second Quarter Earnings Over GMAC Sale
--------------------------------------------------------------
General Motors Corporation, on August 1, 2006, said that it is
revising its previously reported results for the second quarter
of 2006 because of a change in the estimated tax provision
relating to an expected loss on the pending sale of 51% interest
in GMAC.  Its previously announced adjusted earnings are not
affected by this change.

GM also disclosed that the Company and GMAC are working with the
purchasers of 51% of GMAC equity to try to avoid any delay in
closing the GMAC transaction because of a recent moratorium by
federal regulators on approval of certain bank transactions.

On July 26, 2006, GM reported a net loss of US$3.2 billion or
US$5.62 per share, and adjusted earnings, excluding special
items, of US$1.2 billion or US$2.03 per share, a significant
improvement from the year-ago adjusted loss of US$231 million or
US$0.41 per share.

GM's reported net loss for the quarter has been increased by
US$200 million, or US$0.35 per share, to US$3.4 billion or
US$5.97 per share. The increase in the reported net loss is
attributable to the estimated tax provision related to the loss
from the announced sale of 51% of GM's interest in GMAC to a
consortium of investors.  The previously estimated after-tax
charge of US$490 million has been increased to US$690 million as
the tax provision from the GMAC transaction was adjusted to
reflect differences in book value and tax basis at several GMAC
subsidiaries.

The tax increase does not result in a current cash expense to
either GM or GMAC.  The Company may adjust the estimated loss on
sale from the GMAC transaction each quarter until closing due to
potential changes in the other comprehensive income adjustment,
such as mark-to-market valuation, as well as other factors.

Separately, on July 28, 2006, the Federal Deposit Insurance
Corporation announced a six-month moratorium on the acceptance
of, or final decisions on, notices filed under the Change in
Bank Control Act with regard to industrial loan companies.  In
connection with the GMAC transaction, the consortium and its
members have submitted such notices with respect to GMAC's ILC,
GMAC Automotive Bank. GM and GMAC are currently evaluating the
effect of the FDIC's action on these pending notices, but it
appears that the timing of any approval of the notices is likely
to be affected by the moratorium.  Since FDIC approval of the
Change in Bank Control Act notices with regard to GMAC
Automotive Bank is a condition to closing the GMAC Transaction,
GM and GMAC are now working with the consortium to consider ways
to try to avoid delaying the targeted closing date until 2007.

                      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.

On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the 'B'
corporate credit rating and the 'B+' bank loan rating, but
excluding the '1' recovery rating -- on CreditWatch with
negative implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery
Rating of 'RR1' to General Motor's new US$4.48 billion senior
secured bank facility.  The 'RR1' (recovery of 90%-100%) is
based on the collateral package and other protections that are
expected to provide full recovery in the event of a bankruptcy
filing.

On June 21, 2006, Moody's Investors Service assigned a B2 rating
to the secured tranches of the amended and extended secured
credit facility of up to US$4.5 billion being proposed by
General Motors Corporation, affirmed the company's B3 corporate
family and SGL-3 speculative grade liquidity ratings, and
lowered its senior unsecured rating to Caa1 from B3.  Moody's
said the rating outlook is negative.


GENERAL MOTORS: Global Sales Down 7%
------------------------------------
General Motors Corporation's global sales were more than 7%
lower in the quarter ended June 30, 2006, compared to the same
period last year, TechWhack News reports.

According to TechWhack, GM continues to struggle in its home
market in the United States and these losses are not completely
filled up by growing sales in newer markets like China and
India.

GM's July U.S. auto sales fell as high gas prices drove
consumers away from the automaker's trucks and sport utility
vehicles, The Associated Press says.  The automaker's sales
dropped 22.6% to 410,332 vehicles, down from 530,027 in July
2005.  GM also faced tough comparisons to July 2005, when it
offered employee discounts to everyone on many of its models.

Adjusted for one less selling day in this July than last, GM
sales fell 19.5%, AP reveals.

So far this year, GM sales are down 14.1% to about 2.48 million
vehicles. Adjusted for sales days GM sales are down 13.6%, AP
adds.

                      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.

On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the 'B'
corporate credit rating and the 'B+' bank loan rating, but
excluding the '1' recovery rating -- on CreditWatch with
negative implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery
Rating of 'RR1' to General Motor's new US$4.48 billion senior
secured bank facility.  The 'RR1' (recovery of 90%-100%) is
based on the collateral package and other protections that are
expected to provide full recovery in the event of a bankruptcy
filing.

On June 21, 2006, Moody's Investors Service assigned a B2 rating
to the secured tranches of the amended and extended secured
credit facility of up to US$4.5 billion being proposed by
General Motors Corporation, affirmed the company's B3 corporate
family and SGL-3 speculative grade liquidity ratings, and
lowered its senior unsecured rating to Caa1 from B3.  Moody's
said the rating outlook is negative.


* Fitch Ups India's Ratings to Investment Grade; Outlook Stable
---------------------------------------------------------------
Fitch Ratings, on August 1, 2006, upgraded the Republic of
India's Long-term foreign and local currency Issuer Default
Ratingsto 'BBB-' from 'BB+', both with Stable Outlooks.  The
Short-term foreign currency IDR is also raised to 'F3' from 'B'
and the Country Ceiling is upgraded to 'BBB-' from 'BB+'.

"This upgrade reflects Fitch's view that fiscal consolidation is
at last taking hold in India, reinforced by the impressive
growth story and India's strong external balance sheet.  Public
finances are still weak, but they are no longer an insuperable
constraint on this rating," says Paul Rawkins, Senior Director
in Fitch's Sovereign team in London.

Fitch says that for the first time since it started rating India
in March 2000, there appears to be near universal commitment
mong the center and the states to fiscal consolidation.  This
sea change in policy intent, coupled with a more discernable
path of fiscal consolidation than previously appeared to be the
case, has reduced the risk that India's weak public finances
could impair its strong external financial position.

Although still high, revised data show the general government
deficit declining to 7.5% in 2005/06 from 10.1% of GDP in fiscal
year 2001/02.  Higher growth and lower interest rates have
played a part in this outcome but so, too, have much improved
tax administration and some widening of the tax net.  Modest
tightening at the centre has been matched by parallel progress
among India's 25 states and union territories, many of which
have introduced value-added tax and enacted fiscal
responsibility legislation over the past year.

Fitch acknowledges that, at 84% of GDP, the public debt ratio
remains far above the 'BBB' median (34%) and has been slow to
respond to higher growth.  However, the agency argues that India
has long demonstrated an ability to sustain much higher debt
levels than many of its rating peers.  An established track
record of macroeconomic stability, low inflation and a high
domestic savings rate have been key, coupled with a deep
domestic capital market and external capital controls, says
Fitch.

An important by-product of the government's heavy reliance on
the domestic debt market to fund its borrowing requirement has
been the build up of a net public external creditor position in
contrast to many other 'BBB' rated sovereigns.  The agency says
this, plus an unblemished debt service record, in contrast to
many of its rating peers, represent important sovereign rating
attributes weighing strongly in the balance against India's weak
public finance ratios.

Fitch says India's structural reforms, gradual though they may
appear, are starting to reap dividends: the economy has been
growing at close to 8.5% per annum since 2003/04,
notwithstanding the oil price shock, an earlier precursor of
which brought the economy to its knees in the early 1990s.  
While noting that higher oil prices have taken their toll of
inflation and the balance of payments, the agency says that
neither are the constraints that they once were on growth.  
India is expected to encounter little difficulty in financing a
larger current account deficit of 2.4% of GDP in 2006/07: the
gross external financing requirement is estimated at just 18% of
reserves, well below the 'BBB' median of 74%, underlining the
fact that US$155 billion of international reserves buys
significant insurance against external shocks.

Despite its more upbeat assessment of the country's public
finances, Fitch says that growing signs that private sector
borrowers are being 'crowded out' indicate that the public
sector borrowing requirement is still incompatible with India's
growth aspirations. Credit growth is outstripping deposit
growth, raising fears of a credit crunch, which, together with
rising inflation expectations, have formed the backdrop to
higher interest rates since 2004.

"Henceforward, fiscal consolidation will remain the main focus
of this rating, particularly in the context of such strong
growth, as will the need for a renewed push on structural
adjustment," said Fitch's Mr. Rawkins.


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

BANK MANDIRI: Moody's Reviews E+ BFSR for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service had, on Aug. 1, 2006, placed Bank
Mandiri's E+ bank financial strength rating on review for
possible upgrade.

"The review will consider the Bank's positive economic solvency,
even after adjustments for additional provisions against its
large balance of non-performing and restructured loans," says
Beatrice Woo, a Moody's VP/Senior Credit Officer, adding, "The
strength of its capital base may help to position it at the low
end of the D rating range.  Therefore, management's plans for
its capital will be an important factor in the review."

Ms. Woo added, "However, Moody's sees several credit risks which
may constrain further upgrades of Bank Mandiri's BFSR in the
longer term.  The Bank has not successfully reduced the
volatility in its earnings stream, which would have enabled it
to generate capital internally on a predictable basis."

Bank Mandiri's non-performing loans level is still high; a
situation that diverts management's attention away from building
the franchise.  Bank Mandiri's market share in terms of system
deposits eroded to 18%.  Internal controls and corporate
governance have also proven weak, and in Moody's opinion, the
Bank may be vulnerable to government influence, since it is
state-controlled.

Bank Mandiri -- http://www.bankmandiri.co.id/-- is Indonesia's  
largest and best-capitalized bank in terms of assets, loans and
deposits, and provides comprehensive financial services to more
than six million corporate and individual consumers, as well as
small and medium-sized enterprises in Indonesia.  It was
established in 1998 through the merger of four state-owned banks
during the Asian economic crisis. Following an initial public
offering in July 2003 and another sale in March 2004, the bank
is now 68.9% government owned.

According to a report by the Troubled Company Reporter - Asia
Pacific on May 29, 2006, Moody's Investors Service had upgraded
the Bank's subordinated debt rating to Ba3 from Ba1, and its
senior debt rating to Ba3 from Ba1, on higher foreign currency
bond ceilings.


BANK NEGARA: Moody's Revises 'E' BSFR to Positive
-------------------------------------------------
On Aug. 1, 2006, Moody's Investors Service revised the outlook
for Bank Negara Indonesia's E bank financial strength rating to
positive from stable.

According to Moody's Senior Credit Officer Beatrice Woo, the
positive rating outlook is the result of upward on the bank
financial strength rating on its level of positive economic
solvency after adjusting for problem loans on its balance sheet.  
The Bank's profitability ratios also put it at the high end of
its rating band, although its earnings trend is erratic."

Ms. Woo added, "However, in Moody's opinion, the improvements in
Bank Negara's core operations are overshadowed by apparent
weaknesses in its standards of corporate governance and internal
controls."  Bank Negara was involved in a huge letters of credit
fraud case in 2003 and faces a high level of non-performing
loans due to Bank Indonesia's revised rules. "Until evidence
emerges that internal controls and corporate governance at the
Bank have strengthened, its BFSR may be constrained in the long
term," Ms. Woo said.

                          *     *     *

Established in 1946 as the central bank, Bank Negara Indonesia's
-- http://www.bni.co.id/english/index.html/-- role changed in  
1949 to that of a commercial bank promoting Indonesia's economic
development, particularly the industrial sector.  In line with
this function, it was granted a foreign exchange license to
support the export sector and subsequently built a network of
overseas branches.  In 1996, it became the first state owned
bank to list.

BNI is 99.11% government owned, after a recapitalization during
the Asian economic crisis.  However, despite privatization
plans, Moody's believes the Government is likely to remain a
substantial shareholder in the foreseeable future.

Fitch Ratings Co. Ltd. had on May 24, 2006, affirmed the Bank's
ratings:

  -- Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';
  -- Short-term rating at 'B';
  -- Individual rating at 'D'; and
  -- Support rating at '4'.


PERUSAHAAN LISTRIK: 43 Bidders Pre-Qualified to Bid on Projects
---------------------------------------------------------------
PT Perusahaan Listrik Negara revealed that 43 out of 59
interested investors had pre-qualified to be able to bid for the
company's 10 upcoming coal-based power plant projects, Antara
News relates.

As reported by the Troubled Company Reporter - Asia Pacific on
July 24, 2006, the Indonesian Government had earlier approved
the construction of several power plants worth IDR73.09 trillion
from 2006 to 2010, in order to produce a combined capacity of
10,000 megawatts to keep up with increasing local power demand.  
PLN aims to reduce its use of fuel-based power plants to 5% of
total capacity from the current 30% level.

Winning bidders will be announced on Oct. 20, 2006, according to
PLN acting president Djuanda Nugraha Ibrahim.  Investors would
shoulder 80% of the construction costs, while the remaining 20%
will be covered by PLN.  Seven of the proposed power plants
would yield 300-400 megawatts of electricity, while the rest
would have a capacity of 600-700 megawatts.

The bidders who had expressed interest in the power plant
projects comprised largely of consortiums between local and
foreign firms in China, Japan and South Korea.

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

As reported in the Troubled Company Reporter - Asia Pacific on
June 30, 2006, the Indonesian Government had offered to settle
PLN's debt to state oil and gas firm PT Pertamina, which
Pertamina claimed has totaled IDR23.9 trillion.  However, PLN
acting president Djuanda Nugraha Ibrahim said that the Company
owes IDR17 trillion to Pertamina.


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

MITSUBISHI MOTORS: 1st Quarter Net Loss Pegged at JPY15.1 Bil
-------------------------------------------------------------
Mitsubishi Motors Corporation had, on Aug. 2, 2006, disclosed
its financial results for the first quarter of the fiscal year
ending March 31, 2007.

The Company's net sales for the first quarter FY06 amounted to
JPY483.9 billion, slightly down from the JPY485.8 billion figure
reported for the first quarter FY05.  The slight decrease was
mainly due to a drop in sales volume in MMC's Asia & Other
Region markets, which was not completely offset by increases in
Japan, North America and Europe.

Mitsubishi Motors reported an operating loss of JPY6.8 billion
for the first quarter, against a JPY7-billion loss for the same
period last year.  A weaker yen, reductions in advertising
outlays in the United States, and improved profitability at
Mitsubishi's U.S. financial services unit contributed to the
lower net loss.  The Company also reduced its ordinary and net
losses: reporting an ordinary loss of JPY12.2 billion, a year-
on-year improvement of JPY7.8 billion, and a net loss of
JPY15.1 billion, an improvement of JPY6.5 billion.

Mitsubishi Motors' global market sales for the first quarter of
2006 totaled 292,000 vehicles, against 362,000 vehicles sold in
the first quarter of 2005.  In Japan, the Company sold 52,000
vehicles, a year-on-year increase of 4,000, as sales grew year-
on-year for the 15th consecutive month (through July 2006) since
May 2005.  This first-quarter increase reflected positive gains
stemming from the new Outlander and i models the company
launched in FY2005, as well as by the release of the Colt
RALLIART Version-R, i Play Edition, and other special edition
models in a domestic market where total demand fell over the
period under review.

In North America, Mitsubishi Motors halted the slide in sales
volume selling 42,000 vehicles, an increase of 1,000 over the
same period last year.  This reflected sales-boosting measures
introduced under the new management structure at Mitsubishi
Motors North America, Inc. and strong sales of the new Eclipse
Spyder that began full sales in April.
In Europe, MMC sold 71,000 vehicles, a year-on-year increase of
5,000 driven mainly by a substantial increase in sales volume in
Russia and the Ukraine, major growth markets in the region.  In
markets in its Asia & Other region, Mitsubishi Motors sold
127,000 vehicles, 44,000 fewer than in the same period last
year.  Markets in the Middle East and Africa posted solid growth
but total regional sales volume was affected by slower sales in
Taiwan and ASEAN-block countries where total demand fell due to
higher oil prices and other factors, and by increased
consumption tax in China.

                         Mitsubishi Motors Corp.
                              Key Accounts
                            (in Millions JPY)

                                  As of           As of
                               06/30/2006      06/30/2005
                               ----------      ----------
       Current Assets          JPY821,736      JPY785,500
       Current Liabilities        877,860         842,965
       Total Assets             1,536,611       1,538,060
       Total Liabilities        1,276,912       1,225,905
       Shareholders' equity       268,678         301,723

                               Apr-Jun 06      Apr-Jun 05
                               ----------      ----------
       Net Loss                    15,107          21,646

                     About Mitsubishi Motors Corp.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base.

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

                          *     *     *

Japan Credit Rating Agency, Ltd. had on July 18, 2006, upgraded
the Company's senior debts rating to BB- from B- with a stable
outlook, as its restructuring has been going well as planned,
with Mitsubishi group firms increasing their stakes in MMC to
34.3% as of March 31, 2006.

         
PIONEER CORP: Shares Rise 12% on FY06 Profit Forecast
-----------------------------------------------------
Shares of Pioneer Corp. rose 10% to JPY2,065 per share on its
increased net income projection to JPY7.5 billion for the year
ending March 2007, as well as a return to net profit in the
first quarter this year, Bloomberg News relates.

Goldman Sachs Tokyo analyst Yuji Fujimori raised Pioneer's
rating to "neutral" from "sell" on the expectation that its
outlook for its plasma display prices would be lower than
expected, while UBS Tokyo-based analyst Fumio Osanai raised the
Company's ratings to "neutral" from "reduce, since its earnings
from its plasma display panels rose on cost reductions.

Bloomberg states that in 2005, Pioneer announced that it would
shut down 10 of 40 factories and lay off some 2,600 workers or
7% of its workforce in a massive JPY30-billion cost reduction
plan.  The Company forecasts annual sales to reach JPY845
billion from an initial JPY830 billion, and operating profit is
expected to reach JPY18 billion compared to the previous JPY12-
billion expectation.

                      About Pioneer Corp.

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures consumer and  
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers.  Pioneer also makes video equipment and audio
products.  Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.
Pioneer has more than 30 manufacturing facilities worldwide.

                          *     *     *

The Troubled Company Reporter - Asia Pacific stated on May 2,
2006, that Pioneer posted a tenfold increase in its net loss for
2005 to JPY84.9 billion, from a JPY8.8 billion net loss in 2004,
due to an increase in restructuring efforts to combat price
falls of its digital appliances.  However, the Company turned
around with a JPY5.66-billion net profit for the first quarter
of 2006, on lower costs and increased sales of its plasma
display panels, audio products and car navigation products, as
well as a weaker currency.


SHINSEI BANK: Moody's Affirms D+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service had, on July 31, 2006, affirmed
Shinsei Bank, Limited's stable A3 long-term deposit and senior
unsecured debt ratings, Prime-2 short-term deposit rating and D+
bank financial strength rating, following its announcement of
its intention to repurchase its government-owned capital.

According to the announcement on July 31, 2006, the Deposit
Insurance Corporation of Japan accepted Shinsei's proposal to
convert half of Shinsei's Class B preferred shares -- JPY120
billion on a par value basis -- into around 200 million common
shares at a conversion price of JPY599.9, and dispose these
common shares via a market transaction.  Shinsei intends to
repurchase these common shares on appropriate terms and
conditions, for a maximum amount of JPY154 billion.

Moody's thinks that Shinsei will maintain its targeted level of
capitalization -- 7-8% Tier I capital ratio -- despite the
negative impacts on its capital from this transaction, and notes
that the proportion of hybrid securities to total Tier I capital
will increase.  The agency also considers that there could be
challenges in the Company's capital strategy going forward,
given:

   1. the residual government-owned preferred shares will reach
      mandatory conversion dates in August 2007 and April 2008,
      and

   2. Shinsei has an active growth strategy that may utilize
      further M&A.

                       About Shinsei Bank

Headquartered in Tokyo, Shinsei Bank Limited --
http://www.shinseibank.com/english/-- traditionally focused on  
financing Japan's large industrial firms, but it has been
cultivating its retail and small business banking operations.  
The Bank offers standard services such as deposits, mortgages,
and investments.  Institutional activities include asset
management, bond sales and underwriting, and trust services, as
well as real estate finance and public sector finance, which
each debuted in 2005.  Shinsei Bank has about 30 branches.


SHINSEI BANK: Fitch Ratings Affirms Individual 'C' Rating
---------------------------------------------------------
Fitch Ratings Co. Ltd. had, on Aug. 1, 2006, affirmed Shinsei
Bank's ratings, all with a stable outlook:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'BBB+';

  -- Short-term foreign and local currency IDRs at 'F2';

  -- Individual rating at 'C'; and

  -- Support 'rating at 3'.

The rating affirmations follow the Bank's announcement that it
would begin resolution of its public funds.  The Japanese
Government, acting through the Deposit Insurance Corporation of
Japan, accepted Shinsei's application to the Resolution and
Collection Corporation to convert a part of its public funds in
the form of Shinsei preferred shares into common stock, to be
sold in the market.  The agency notes that this will improve the
Bank's capital quality, but states that as Shinsei intends to
repurchase a portion of these shares, this would effectively
limit the bank's capital ratios somewhat.  Once the transaction
is completed, Shinsei will have repaid JPY120 billion in public
funds and would have a balance of JPY250 billion owed to the
Government.  Fitch will continue to monitor the Bank's capital
levels, its quality and its further sustainability.

                       About Shinsei Bank

Headquartered in Tokyo, Shinsei Bank Limited --
http://www.shinseibank.com/english/-- traditionally focused on  
financing Japan's large industrial firms, but it has been
cultivating its retail and small business banking operations.  
The Bank offers standard services such as deposits, mortgages,
and investments.  Institutional activities include asset
management, bond sales and underwriting, and trust services, as
well as real estate finance and public sector finance, which
each debuted in 2005.  Shinsei Bank has about 30 branches.


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

AMKOR TECH: Turns Around with US$24M Net Profit in 2nd Quarter
--------------------------------------------------------------
Amkor Technology Inc. turned to profit in the second quarter of
2006, Reuters reports.

Net income is US$24 million in the second quarter of 2006, or
13 cents per share, compared with a net loss of US$52 million in
last year's second quarter.  Revenue was US$689.6 million,
compared with US$489.3 million in the previous corresponding
quarter.

The company also reported record second quarter 2006 sales of
US$687 million, up 40% from the second quarter of 2005 and up 6%
from the first quarter of 2006.  

Its earnings and forecast, however, fell short of Wall Street
expectations.  Analysts, on average, expected net income of
27 cents per share and revenue of US$664.5 million, according to
Reuters.

Second quarter 2006 gross margin rose to 25% from 24% in the
first quarter.

Amkor Chief Financial Officer Ken Joyce explains that during the
second quarter, the company commenced the build out of its new
wafer bumping and test facility in Singapore and a new assembly
and test factory in Shanghai.  Depreciation expense and other
costs associated with these factories will continue to influence
gross margin until a critical mass of revenue is built in these
operations.

Capital expenditures totaled US$93 million in the second quarter
and US$196 million for the first six months.

The company also announced that its board of directors will
undertake a voluntary review of the company's historical stock
options practices, assisted by an independent counsel.

The company's 2006 second quarter balance sheet revealed total
current assets of US$753 million available to pay total current
liabilities of US$697.43 million.  

Moreover, as of June 30, 2006, Amkor Tech's balance sheet showed
total assets of US$3 billion and total liabilities of
US$2.7 billion, resulting in total stockholders' equity of
US$292.2 million -- an increase from the US$224.3 million total
equity as of December 31, 2005.

                        Business Outlook

For the third quarter of 2006, the company expects:

   * Sales flat to up 2% from the second quarter of 2006;

   * Gross margin in the range of 24% to 25%; and

   * Net income in the range of US$0.23 to US$0.27 per
     diluted share

Amkor's news release and financial report for the quarter ended
June 30, 2006, can be viewed at the company's Web site at:

   http://www.amkor.com/news/pressreleases/ShowPR.cfm?ID=374

                        About Amkor Tech

Based in West Chester, Pennsylvania, Amkor Technology Inc. --
http://www.amkor.com/-- is a leading provider of advanced  
semiconductor assembly and test services.  The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronic design and manufacturing services.  It has sales
and manufacturing offices in Japan, China, Taiwan, the
Philippines and Korea.

                          *     *     *

Moody's Investors Service affirmed the B3 corporate family
rating of Amkor Technology.  Moody's  also affirmed these
ratings:

   * US$300 million Senior Secured Term Loan due October 2010 of
     B2;

   * Senior Unsecured Notes with various maturities totaling
     US$1.1 billion of Caa1; and

   * Subordinated Notes with various maturities totaling
     US$479.4 million of Caa3

In addition, Moody's upgraded the speculative grade liquidity
rating to SGL-3 from SGL-4.

Standard & Poor's Ratings Services on May 12, 2006, assigned its
'CCC+' rating to a new US$300 million senior unsecured note due
2016 and its 'CCC' rating to a new US$150 million subordinated
convertible note due 2011 being issued by Chandler, Arizona-
based Amkor Technology Inc.  Proceeds of both notes will be used
to partially refinance existing notes due 2008 and 2009.  Total
debt of about US$2.2 billion is expected to be unchanged.

The S&P corporate credit rating on Amkor Technology is B-
/Positive.


CITIBANK KOREA: Posts KRW81.5-Billion Net Income for 1st Quarter
----------------------------------------------------------------
Citibank Korea Inc. reported a net income of KRW81.5 billion for
the first quarter of 2006, which is 39.3% and 7.8% lower than
the first quarter of 2005 and the fourth quarter of 2005,
respectively, according to a company press release.

The 2006 first quarter's results reflect the effects of a six-
month labor action on CKI's revenues and expenses.  The labor
union action was settled on March 20, 2006.

Net interest income for the 2006 first quarter decreased by
KRW5.9 billion from the figure recorded for the first quarter of
2005, and by KRW14.8 billion compared with the 2005 fourth
quarter result due to a decline in consumer assets.  The volumes
of consumer loans and credit cards for the first quarter this
year decreased by 6.3% from the previous corresponding quarter
and 5.8% versus the preceding quarter, primarily due to the
labor action, which reduced new customer acquisition and
increased attrition.  Net interest margin improved to 2.73% for
the 2006 first quarter.

Net non-interest income decreased by KRW63.9 billion year-on-
year, due primarily to a decrease in gains from foreign exchange
and derivatives business, and lower fees from investment product
and insurance product sales, and also due to the labor action.  
Compared to the fourth quarter of 2005, net non-interest income
for the first quarter of 2006 increased by KRW44 billion,
however due to a one time charge of KRW41 billion for loan loss
reserves on unused commitments charged in the fourth quarter.

Non-operating income decreased to KRW32 billion from
KRW138.4 billion in the previous quarter, which included a one-
time gain on the sale of Hynix equity securities.  

The non-performing loans ratio improved by two basis points to
1.38%, while the NPL coverage ratio improved from 96.2% in the
previous quarter to 96.6% in first quarter of 2006.

Total assets of KRW50 trillion are KRW4.6 trillion or 10.2%
above the recorded total assets as of December 2005.  Loans of
KRW28 trillion are KRW0.1 trillion or 0.4% below December 2005,
while deposits of KRW27.2 trillion decreased KRW1.2 trillion, or
4.1% from December 2005.

ROA and ROE for the quarter are 0.67% and 10.68%, respectively.
CKI's BIS capital ratio and Tier I ratio are estimated at 14.14%
and 11.28%, which are among the strongest in the Korean banking
system.

                      About Citibank Korea

Citibank Korea Inc. -- http://www.citibank.co.kr/-- provides a  
variety of commercial banking, trust, and investment services.  
The bank's services include consumer loans, deposits, trust
accounts, credit cards, Internet banking, financial derivatives,
foreign exchange, and securities dealing and brokeraging.

Moody's Investors Service gave Citibank Korea a Bank Financial
Strength Rating of 'D+' effective on June 28, 2005.  Fitch
Ratings gave the bank a 'B/C' Individual Rating on August 1,
2005.


KRISPY KREME: Inks Pact with Great Circle to Settle Litigation
--------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., and its wholly-owned subsidiary,
Krispy Kreme Doughnut Corporation, reached agreements with their
Southern California franchisee, Great Circle Family Foods, LLC,
on an integrated transaction involving the settlement of all
pending litigation between the parties.  As part of the
transaction, Southern Doughnuts, LLC, a wholly owned subsidiary
of Krispy Kreme Doughnut Corporation, will acquire at closing
three of GCFF's stores located in Burbank, Ontario and Orange,
California, together with the related franchise rights.

Southern Doughnuts has agreed to pay GCFF US$2.9 million for the
acquired stores and related assets, with US$400,000 having
already been paid upon the signing of the agreements and
US$2.5 million to be paid upon the parties' satisfaction of
certain closing conditions.  The parties anticipate closing the
transaction in mid-to-late August.  Under the agreements, Krispy
Kreme, GCFF and related parties exchanged mutual releases and
dismissals regarding the pending litigation and arbitration,
which releases and dismissals will remain in effect unless
Southern Doughnuts fails to remit the balance of the
consideration owed.

In addition, the parties contemplate negotiating and entering
into an option agreement under which Krispy Kreme will have the
option to acquire 100% of the equity of GCFF for nominal
consideration, exercisable following a due diligence period to
be agreed to by the parties.

"This agreement is another step in the turnaround of Krispy
Kreme," said Daryl Brewster, President and Chief Executive
Officer of Krispy Kreme.  "We look forward to gaining the rights
to several profitable stores in the Southern California market
and continuing to serve our customers there."

                        About Krispy Kreme                   

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) --http://www.krispykreme.com/-- is a leading  
branded specialty retailer of premium quality doughnuts,
including the Company's signature Hot Original Glazed.  There
are currently approximately 300 Krispy Kreme stores and 90
satellites operating systemwide in the U.S., Australia, Canada,
Mexico, the United Kingdom and the Republic of South Korea.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  The
Debtor operates six out of the approximately 360 Krispy Kreme
stores and 50 satellites located worldwide.  The Company filed
for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case
No. 05-14268).

M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew
Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP,
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated
US$10 million to US$50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).

The bankruptcy filing will facilitate the sale of 12 Krispy
Kreme stores, as well as the franchise development rights for
Colorado, Minnesota and Wisconsin, for approximately $10 million
to Westward Dough, the Krispy Kreme area developer for Nevada,
Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove, Esq., at
Perkins Coie LLP represents Glazed in its restructuring efforts.  
When Glazed filed for protection from its creditors, it
estimated assets and debts between US$10 million to
US$50 million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.  
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


LG TELECOM: Revocation & Fines Bring In KRW195-Billion Net Loss
---------------------------------------------------------------
LG Telecom Ltd. recorded a net loss of KRW195.4 billion in the
quartered ended June 30, 2006, due to incurred deferred tax
asset, license revocation, and fines by Korea's Fair Trade
Commission and Korea Communications Commission, the company's
earnings release revealed.

Service revenue in the second quarter of 2006 increased by 2.9%
to KRW743 billion quarter on quarter due to increased new
subscriber and high ARPU customers.  Operating cost is up by
6.7% QoQ due to increased acquisition cost and penalty levied by
KCC and FTC, while operating profit decreased by 10.8% to
KRW94.8 billion QoQ.  AFX News Limited says that operating
profit fell due to higher marketing costs and fines imposed by
regulators.

Recurring loss is recorded at KRW234.8 billion due to the
cancellation of IMT 2000 license in the 2.1GHz spectrum, which
resulted in one off non-operating expense as the impairment loss
on intangible assets.  

Average revenue per user stood at KRW36,300 in the second
quarter, up 2.4% from a year earlier.

LG Telecom's financial report for the second quarter 2006 is
available for free at:

   http://bankrupt.com/misc/LGT2Q06_English(060802).pdf

                           LG Telecom
                      Balance Sheet Summary
                        (in KRW, billions)

                      As of     As of   Change    As of   Change
                     6/30/06   3/31/06   QoQ     6/30/05    YoY
                     -------   -------  ------   -------  ------
Total Assets         3,290.9   3,845.9    -14%   3,624.6     -9%
Current assets       1,283.9   1,187.6      8%     976.3     32%
Investment Assets      405.3     411.7     -2%     377.1      7%
Fixed Assets         1,598.6   1,605.6      0%   1,656.3     -3%
Intangible Assets        3.1     641.0   -100%     614.8    -99%
Total Liabilities    2,138.7   2,495.6    -14%   2,547.7    -16%
Current Liabilities  1,270.1   1,227.5      3%   1,510.7    -16%
Non-current
  Liabilities          868.5   1,268.1   - 32%   1,037.0    -16%
Total Shareholder's
  Equity             1,152.3   1,350.3     -15%  1,076.9      7%
Liabilities to
  equity ratio        185.6%    184.8%            236.6%  
Net debt to
  equity ratio         86.6%     81.9%            114.5%

As reported in the Troubled Company Reporter - Asia Pacific on
June 30, 2006, LG Telecom faced fines amounting to
KRW15.1 billion, part of the record KRW73.2 billion fines levied
by the KCC on SK Telecom, KTF, LG Telecom and KT due to subsidy-
related illegalities.

Another TCR-AP report on July 31, 2006, stated that the FTC has
slapped LG Telecom with a KRW2.03-billion fine for price fixing
practices, after the FTC found that LG Telecom had colluded with
KTF in early 2000 to cut voice telephony service fees by 3%,
lower than the fees advised by the Ministry of Information and
Communication.

Moreover, on July 26, 2006, the TCR-AP reported that the South
Korean Government has decided to cancel LG Telecom's business
license for third-generation services in the country, after the
Company abandoned plans to develop the 3G wireless communication
technology.

Subsequently, South Korea's Ministry of Information and
Communication had said that it will demand KRW103.5 billion
(US$108.8 million) in fees from LG Telecom for its exclusive use
of the 2.0GHz bandwidth between May 2002 and July 2006, when its
3G license was revoked.

                        About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and   
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and MusicOn is a
popular instant messenger.

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

Fitch Ratings gave the Company 'BB' Long-Term Foreign Issuer
Default and Foreign Currency Long-Term Default Ratings.


LG TELECOM: Adds 52,117 Subscribers in July 2006
------------------------------------------------
LG Telecom Ltd.'s subscribers grew by 52,117 to total 6,816,755
in July 2006, a marginal 1% growth, the company said in its
latest fact sheet.

The number represents a 10% improvement from July 2005's
6,220,585 listed subscribers.

LG Telecom activated 252,290 lines in July 2006, 28% less than
the 349,537 in June 2006.  The number of deactivated lines also
declined to 200,173 from 281,946 in June.  Consequently, the
Company's churn rate dropped to 2.9% from 4.2% in June 2006.  

Customer churn is a measure of the number of customers who
stopped using LG Telecom's services.  

LG Telecom also says that in July 2006, its market share was up
marginally to 17.3%, while rivals KTF and SK Telecom held 32.2%
and 50.6% of the market, respectively.  A year ago, LG Telecom
had a market share of 16.5%, while KTF and SK Telecom had market
shares of 32.5% and 51.0%, respectively.  About 81.3% of South
Korea's total population of 48,606,218 uses these
telecommunication companies' services.

                        About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and  
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

Fitch Ratings gave the Company 'BB' Long-Term Foreign Issuer
Default and Foreign Currency Long-Term Default Ratings.


STANDARD CHARTERED FIRST BANK: 1Q Net Profit Up KRW34.2 Billion
---------------------------------------------------------------
Standard Chartered First Bank Korea Limited recorded an
operating profit after tax of KRW76.2 billion in the first
quarter of 2006, up KRW34.2billion, or 81%, from the figure
reported in the first quarter of 2005, a bank press release
states.

Total revenue for the quarter ended March 31, 2006, reached
KRW309.4 billion, an increase of KRW57.2 billion, or 23%, year
on year.  Net interest income increased 13% YoY, fuelled by
growth in mortgages, unsecured loans and SME loans.  Non-
interest income rose by 105% YoY resulting from dealing room
activities and sales increases in foreign exchange, derivatives,
bank assurance and beneficiary certificates.

SC First Bank provided these selected financial data:

                        SC First Bank
              Operating Results (Unit: KRW billion)

                          Q1 2006   Q1 2005     Amt        %
                          -------   -------   -------   -------
Total Revenue               309.4     252.2      57.2     22.7
Operating expenses          186.8     154.7      32.1     20.7
Operating margin            122.7      97.5      25.2     25.8
Provision for credit losses   7.3      34.5     (27.2)   (78.8)
Operating income            115.4      63.0      52.4     83.2
Net non-operating
   revenue/(expense)         (8.2)     (9.5)      1.3    (13.7)
Earnings before tax         107.2      53.4      53.8    100.7
Income tax (including
   deferred tax)             31.0      11.5      19.5    169.6
Net income                   76.2      42.0      34.2     81.4

* Q1 06 includes SCB Seoul Branch which was incorporated into SC
First Bank in November 2005.

                      About SC First Bank

Standard Chartered First Bank Korea Ltd. --
http://www.scfirstbank.com-- is a commercial bank that offers a  
wide range of financial services.  The company's offerings
include loans, deposits, credit card, trust accounts, financial
derivative transactions, corporate banking, consumer banking,
and investment banking services.  SC First Bank is the sixth
largest commercial bank in Korea with total assets of KRW60.2
trillion as of March 31, 2006.  Through its nationwide network
of 404 branch offices, SC First Bank serves some 3.5 million
clients in Korea.

Moody's Investors Service gave SC First Bank a Bank Financial
Strength Rating of 'D+' effective on May 10, 2005.  Fitch
Ratings gave the bank a 'C' Individual Rating on May 7, 2001.


WOORI BANK: Real Estate Service Picks Up KRW112 Billion
-------------------------------------------------------
Woori Bank said that it has mediated 57 real estate transactions
worth KRW112 billion (US$118 million) as of July 27, 2006, the
Korea Times reports.

The result means that 22.1% of the total 258 real estate items
registered at the bank's real estate agent service were sold.

According to the report, the lender launched the service in May
2005.  Customers are very satisfied with the service, as most of
them already had trouble searching for buyers for their
properties, ranging from apartments and buildings to land and
factory sites.

Those who want the service have to fill out a request at a Woori
Bank branch, and send the necessary documents to the Small &
Medium Corporate Banking Business Unit of the lender.  Then the
item is registered on the bank's homepage and intranet, as well
as at Real Estate 114 -- http://www.r114.co.kr/-- a leading  
online real estate information site.

The Times notes that while it costs around KRW100,000 to
register items with online real estate agencies, the whole
process is free of charge.  There is no brokerage fee, and the
transaction is trustable as the bank checks out the property
before putting it up for sale.

Unlike other banks, which provide a part of their Web site to
real estate agents wishing to register their offerings, Woori
Bank is acting as a real estate agent.

Banks recently have put more emphasis in services targeting
wealthy customers with real estate, employing specialists at
their private banking sectors, providing real estate information
and also helping customers purchase real estate overseas, The
Times says.

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned  
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

                          *     *     *

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.

Standard & Poor's Ratings Services gave Woori Bank a 'C+' Bank
Financial Strength Rating.


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

AKTIF LIFESTYLE: To Hold 12th Annual General Meeting on Aug. 24
---------------------------------------------------------------
Aktif Lifestyle Corporation Berhad will hold its 12th Annual
General Meeting on August 24, 2006, at 2:30 p.m., at Level 2,
Grans Seasons Hotel, No. 72 Jalan Pahang, in Kuala Lumpur,
Malaysia.

During the meeting, members will be asked to:

   -- receive and adopt the Company's Audited Financial
      Statements for the financial year ended February 28, 2006,
      together with the Reports of the Directors and Auditors;

   -- approve the payment of Directors' fees for the year
      ended February 28, 2006;

   -- re-elect Chan Teik Huat, who retires pursuant to the
      Company's Articles of Association;

   -- reappoint Deloitte KassimChan as auditors of the Company
      and authorize the Directors to fix their remuneration;

   -- authorize the Directors to issue shares in the Company
      at any time until the conclusion of the next Annual
      General Meeting and on terms and conditions and for
      purposes deemed fit by the Directors provided that the
      aggregate number of shares to be issued does not exceed
      10% of the issue share capital of the Company for the time
      being; and

   -- transact any other ordinary business for which due
      notice will be given.

                    About Aktif Lifestyle

Headquartered in Kuala Lumpur, Malaysia, Aktif Lifestyle
Corporation Berhad's principal activities is the operation of
specialty retail stores.  Other activity includes investment
holding.

The Company has defaulted on several loan facilities and
incurred continuous losses.  It embarked on various corporate
exercises aimed at regularizing its financial condition.  In
2005, the Company presented a proposed restructuring scheme,
which did not win the Securities Commission's favor due to
uncertainty in assets valuation and concerns on corporate
governance issues.  An appeal to the SC to review its decision
on the Proposed Restructuring Scheme was already submitted.  

As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Malaysia Securities Berhad, on June 8, 2006, commenced
delisting procedures against Aktif, which is a Practice Note 10
company.  In a statement, Bursa Securities said that Aktif has
failed to ensure that its level of operations is adequate in
accordance to the listing requirements.


ANTAH HOLDINGS: HSBC Asserts Over MYR30-Million Claim
-----------------------------------------------------
On July 28, 2006, HSBC Bank Malaysia Berhad served a Writ of
Summons dated July 19, 2006, on Antah Holdings Berhad's wholly
owned subsidiary, Kaseh Lebuhraya Sdn Bhd.  HSBC asserts a claim
for MYR30,380,152.

Antah is currently liaising with its solicitors to take the
appropriate actions to protect its legal rights.  The Company
will also be negotiating with HSBC to resolve the matter
amicably.

The Troubled Company Reporter - Asia Pacific reported on Aug. 1,
2006, that Kaseh Lebuhraya had received a Writ of Summons dated
July 20, 2006, from Azam Developer & Construction Sdn Bhd.  Azam
Developer asserts a MYR19.4-million compensation claim plus
interests at a rate determined by the Kuala Lumpur High Court.  

                      About Antah Holdings

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.  The Group discontinued its
beverage and security services operations.  The Group operates
in Malaysia, Australia, United Kingdom, and Singapore.

The Company's March 31, 2006, balance sheet showed total assets
of MYR698,224,000 and total liabilities of MYR1,051,307,000
resulting into a shareholders' deficit of MYR353,083,000.  The
Company's default on its credit facilities totaled
MYR286,442,000, as of April 30, 2006.


DATUK KERAMAT: Fined for Breaching Listing Requirements
-------------------------------------------------------
On July 31, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and fined Datuk Keramat Holdings Berhad for
breaching the Bourse's Listing Requirements.

The Bourse imposes a fine of MYR2,000 per market day calculated
from May 1, 2006, until the date the Company submits its annual
audited accounts for the financial year ending December 31,
2005.

The Bourse further imposes a public reprimand and fine of
MYR126,000 on the Company for failing to submit its financial
report for the quarter ended December 31, 2005, by the Feb. 28,
2006, deadline.

In addition, the Bourse orders Datuk Keramat to pay MYR2,000 per
market day calculated from June 1, 2006, until the date the
Company files its financial report for the quarter ended
March 31, 2006.

The public reprimand and fines were imposed after taking into
consideration all the circumstances and the relevant factors of
the matter including the fact that the Company had previously
breached the Listing Requirements.

As reported by the Troubled Company Reporter - Asia Pacific on
May 29, 2006, the Company's securities have already been
suspended since August 1, 2005, because it has not issued the
Annual Audited Accounts and Annual Report for the 15-month
period ended December 31, 2004, Quarterly Reports for the
periods ended March 31, 2005, June 30, 2005, and September 30,
2005, by the given due dates.

TCR-AP also reported on July 26, 2006, that the Company has not
issued its Annual Audited Report for fiscal 2005, which was due
on July 31, 2006.

                  About Datuk Keramat Holdings
  
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  The Group faced numerous
suits filed by financiers and trade creditors who have alleged
that outstanding debts are owed to them.  On January 24, 2005,
the Company was served with a wind-up petition by Affin Bank
Bhd, who claimed a sum of MYR15.66 million in respect of
revolving credit facilities granted to the Company.  


GEORGE TOWN: Bourse Halts Trading of Securities
-----------------------------------------------
On July 31, 2006, Bursa Malaysia Securities Berhad suspended the
trading of the listed securities of George Town Holdings Berhad
for failing to submit for public release the Company's annual
audited accounts for the financial year ended December 31, 2005.

However, as the Company's listed securities have already been
suspended from trading since August 1, 2005, the suspension will
continue regardless of the new suspension action.

The Bourse also warned that the Company's securities may be
delisted in addition to any enforcement action the Bourse may
take.

                   About George Town Holdings

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.  The Company has
been suffering losses since 1999 and had closed over 10 outlets
in the past four years.  The Company is classified under the
Bursa Malaysia Securities Berhad's Practice Note 17 category,
where it is required to submit a plan to regularize its
financial condition.


GEORGE TOWN: Bourse Gives Reprimand and Slaps Fines
---------------------------------------------------
On July 31, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed fines on George Town Holdings Berhad for
breach of Listing Requirements.

The Bourse reprimanded and imposed a fine of MYR126,000 on the
Company for failing to submit its financial report for the
quarter ended December 31, 2005, by February 28, 2006.

The Company also received a public reprimand and fine of
MYR2,000 per market day calculated for each of these instances:

   (a) from May 1, 2006, until the date the Company submits its
       annual audited accounts for fiscal year ended Dec. 31,
       2005, by April 30, 2006; and

   (b) from June 1, 2006, until the date the Company submits its
       first quarter report ended March 31, 2006, by May 31,
       2006.

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

Bursa Securities further directed the Company to furnish its
outstanding financial reports to Bursa Securities for public
release by August 31, 2006.

Furthermore, Bursa Securities reminds the Company on its
responsibility to maintain appropriate standards of corporate
responsibility and accountability to achieve greater disclosure
and transparency to its shareholders and the investing public.

                   About George Town Holdings

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.  The Company has
been suffering losses since 1999 and had closed over 10 outlets
in the past four years.  The Company is classified under the
Bursa Malaysia Securities Berhad's Practice Note 17 category,
where it is required to submit a plan to regularize its
financial condition.


LANKHORST BERHAD: Fined MYR111,000 for Violating Listing Rules
--------------------------------------------------------------
On July 31, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a fine of MYR111,000 on Lankhorst Berhad
for breach of the Bursa Securities' Listing Requirements and
Practice Note No. 1/2001.

The fine comprises of:

   -- MYR86,000 for breach of Paragraph 9.23(b) of the Bursa
      Securities Listing Requirements; and

   -- MYR25,000 for breach of Paragraphs 9.04(f) and 9.04(l) of
      the Listing Requirements and paragraph 3.2 of PN1.

Pursuant to the Listing Requirements:

   * Paragraph 9.23(b) states that:

     "a listed issuer must ensure that the annual audited
     accounts together with the auditors' and directors' report
     shall, in any case be given to Bursa Securities for public
     release, within a period not exceeding 4 months from the
     close of the financial year of the listed issuer unless the
     annual report is issued within a period of 4 months from
     the close of the financial year of the listed issuer."

   * Paragraph 9.04(f) says:

     "an event that may require immediate disclosure by the
     listed issuer is the commencement of or the involvement in
     litigation and any material development arising from it."

   * Paragraph 9.04(l) states that:

     "an event that may require immediate disclosure by the
     listed issuer is the occurrence of an event of default on
     interest and principal payments in respect of loans."

Pursuant to Paragraph 3.2 of PN1, "the listed issuer shall be
required to make periodic announcements on a monthly basis of
the current status of the default and the steps taken by the
listed issuer to address the default until it is remedied."

The public reprimand and fine were imposed after taking into
consideration various relevant factors including the fact that
Lankhorst had previously breached listing rules.

While Bursa Securities has not made a finding that any of the
directors of the Company caused or permitted the breaches, the
Bourse nevertheless highlights the responsibility of directors
of listed companies to maintain appropriate standards of
responsibility and accountability within the company and among
its officers and employees including, an awareness of the
importance of compliance with the Listing Requirements.

                     About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  On April 24, 2006,
Lankhorst was classified as an affected listed issuer and is
required to comply with the provisions of the Bourse's Practice
Note 17/2005 category or face delisting procedures.

The Company's March 31, 2006, balance sheet revealed total
assets of MYR105,613,000 and total liabilities of MYR203,251,000
resulting into a stockholders' deficit of MYR97,638,000.


LITYAN HOLDINGS: Total Default Amount Hits Over MYR13.5 Million
---------------------------------------------------------------
As of July 31, 2006, Lityan Holdings Berhad and its subsidiaries
has defaulted on a total of MYR13,526,536 of its various credit
facilities granted by these financial institutions:

                                                   Principal &
   Lender                  Facility               Interest (MYR)
   ------                  --------               --------------
RHB Bank Berhad         Overdraft Facility             273,845
                         of MYR225,000/-

RHB Bank Berhad         Overdraft Facility             543,701
                         of MYR450,000/-

Bank Islam Malaysia     LOC Facility/Murabaha        7,127,983
Berhad Labuan           Working Capital Financing/
Offshore Branch         Revolving Al-Bai-Bithaman-
                         Ajil Facility of US$5 Mln
                         (Secured)

Bank Islam Malaysia     Revolving Al-Bai-Bithaman-   4,378,797
Berhad Labuan           Ajil Facility of US$5 Mln
Offshore Branch         (Secured)

Ambank Berhad           Overdraft Facility of        1,202,211
                         MYR1 million

Based on its current financial position, Lityan Holdings is
deemed insolvent.

The Company had submitted its Proposed Restructuring Scheme to
the Securities Commission, Foreign Investment Committee and Bank
Negara Malaysia for approval on January 20, 2006.  The Company
has also commenced discussion and currently is in negotiations
with the lenders on the Creditors Scheme of Arrangement.

However, the Securities Commission rejected the Scheme on
June 6, 2006.  The Company, on July 6, 2006, submitted to the SC
an application for a review of the decision.

Meanwhile, Lityan is concurrently looking into other business
opportunities within its core activities and also actively
taking steps to dispose the Group's non-core investments and
non-operating assets to address its current financial position.

                      About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Practice Note 17 as issued by the
Bursa Malaysia Securities Berhad.  On January 16, 2006, the
Company entered into a conditional Restructuring Agreement to
undertake the Proposed Restructuring Scheme with the intention
of restoring the Company onto stronger financial footing via an
injection of new viable businesses.  

The total amount of debts defaulted by Lityan Holdings Berhad
and its subsidiaries as of June 30, 2006, has reached
MYR12,565,005.


MALAYSIA AIRLINES: Sets no Deadlines for Airbus Delay Talks
-----------------------------------------------------------
Malaysia Airlines is not setting an ultimatum for Airbus to
respond to delays in the delivery of six A380s, AFX News
reports, citing the carrier's managing director, Idris Jala.

Mr. Jala told AFX that Malaysia Airlines is still in
negotiations with Airbus about the six super jumbo jets that the
airline ordered three years ago.

Malaysia Airlines executives have in the past declined to say
whether the carrier might switch to Boeing planes, AFX notes.

As reported by the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Mr. Jala said that the delay of the A380s
delivery would not affect the Company's business turnaround plan
especially on its hub and spoke concept.

Under the business turnaround plan, Malaysia Airlines would cut
routes to Europe and develop a hub-and-spoke concept for which
the A380s could be the right aircraft to carry more passengers
at one go.  The A380 can seat 555 passengers while the biggest
Malaysia Airline aircraft now can seat only 386.  Malaysia
Airlines was hoping that the A380s will help lower operating
cost and thus boost its revenues.

                    About Malaysia Airlines

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

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


METROPLEX BERHAD: Court Adjourns Wind-Up Hearing to Sept. 7
-----------------------------------------------------------
On July 27, 2006, the Kuala Lumpur High Court heard matters in
respect of the wind-up petition filed by Morgan Stanley Emerging
Markets Incorporated against Metroplex Berhad.

The Court adjourned to September 7, 2006, the hearing of the
issue of costs of the provisional liquidator, which the Court
had set aside on June 27, 2006.

The Troubled Company Reporter - Asia Pacific reported on July 4,
2006, that 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.

Meanwhile, Metroplex was directed to update the Court on the
progress of the appointment of a third independent expert for
determination of foreign issues in relation to Metroplex's
application to strike out Morgan Stanley's wind-up petition on
September 7, 2006.

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

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

The TCR-AP reported on July 4, 2006, that 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 allowed Metroplex
Holdings Berhad and Lembaga Kumpulan Wang Simpanan Pekerja 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.

                     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 the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc., had
filed a winding-up petition against the Company with 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
Metroplex is currently working out a debt-restructuring scheme.
In the event the wind-up petition succeeds, the Company will be
put into liquidation.

Metroplex Berhad's April 30, 2006, balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.


SETEGAP BERHAD: Securities Commission Junks Revamp Proposals
------------------------------------------------------------
On July 27, 2006, the Securities Commission rejected Setegap
Berhad's application in relation to its restructuring exercise,
as the SC has determined that the proposals do not comply with
its Policies and Guidelines on Issue/Offer of Securities.

The Company's restructuring plan consists of a proposed:

   -- debt settlement of all outstanding debt owed by the
      Company to its secured lenders and trade creditors for a
      total of MYR87.6 million;

   -- exchange of Setegap shareholders' ordinary shares of
      MYR1.00 each with Newco, or new company, shares on the
      basis of one Newco share for every five existing Setegap
      shares;

   -- transfer of listing status to Newco; and

   -- disposal by the Newco of the entire issued and paid-up
      capital of Setegap for a nominal consideration of MYR1.

Setegap's board of directors will deliberate on its next course
of action.

                      About Setegap Berhad

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

Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997/98. As of March 31, 2006, the Company's
balance sheet showed MYR71,401,000 in total assets and
MYR176,007,000 in total liabilities, resulting in a
stockholders' deficit of MYR104,606,000.


SETEGAP BERHAD: Bourse Orders Payment of MYR32,000-Fine
-------------------------------------------------------
On July 31, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a MYR32,000-fine on Setegap Berhad for
breach of Listing Requirements.

The Company violated listing rules by failing to submit the
annual audited accounts for the financial year ended December
31, 2005, by April 30, 2006.  The Company only submitted the AAA
2005 to Bursa Securities for public release on May 24, 2006.

The public reprimand and fine are imposed after taking into
consideration all relevant factors, including the fact that
Setegap has previously breached the Bursa Securities Listing
Requirements.

On September 17, 2004, Setegap was publicly reprimanded and
fined MYR5,000 for failing to submit the annual audited accounts
for the year December 31, 2003.  The AAA 2003 was only submitted
to Bursa Securities for public release on May 11, 2004.

On June 24, 2005, Setegap was publicly reprimanded and fined
MYR36,000 for failing to submit the annual audited accounts for
the year ended December 31, 2004.  The AAA 2004 was only
submitted to Bursa Securities for public release on June 6,
2005.

Bursa Securities cautions Setegap and its board of directors of
their responsibility to maintain appropriate standards of
corporate responsibility and accountability to achieve greater
disclosure and transparency to its shareholders and the
investing public.

                      About Setegap Berhad

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

Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997/98. As of March 31, 2006, the Company's
balance sheet showed MYR71,401,000 in total assets and
MYR176,007,000 in total liabilities, resulting in a
stockholders' deficit of MYR104,606,000.


SHOWKAT INDUSTRIES: House Buyers to Get Refund After 15 Years
-------------------------------------------------------------
Some 34 buyers of a housing project abandoned by developer
Showkat Industries & Realty Sdn Bhd will finally get their money
back by September this year, New Straits Times reports.

On July 20, 2006, senior federal counsel Jamhirah Ali ordered
the Penang Insolvency Department to return within two months the
MYR1.24 million, which Showkat deposited with the Official
Assignee in 2002, to the affected house buyers, The Straits
Times reveals.

Sun2Surf News recounts that in 1991, the High Court ordered the
wind-up of Showkat and subsequently appointed the Penang
Insolvency Department as the receiver to refund the buyers.

According to Sun2Surf, 61 individuals purchased houses in three
projects in Gertak Sanggul developed by Showkat between 1979 and
1980.  But after the buyers paid more than MYR1 million for the
two-storey houses, Showkat abandoned the projects after only 33%
of the work was completed.

Thirty-four of the 61 buyers filed originating summons seeking
the release of their money by the Insolvency Department only on
February 2, 2006, The Star Online relates.  They also sought a
court order forcing the Department to pay them interest and
other costs, which Mr. Jamhirah rejected since there were no
provisions for the Court to demand payment of the costs from the
Insolvency Department.

Meanwhile, Judicial Commissioner John Louis O'Hara will hear the
case on September 25, 2006, to ensure that payments have been
made.

Each house buyer is expected to receive between MYR20,000 and
MYR30,000, The Straits Times says.


TENCO BHD: Unaudited & Audited Results Show MYR1-Mln Difference
---------------------------------------------------------------
Tenco Berhad's audited financial report for the fourth quarter
ended March 31, 2006, revealed a more than 10% deviation from
the unaudited report released on May 30, 2006.

The Company reported an unaudited Group loss after taxation and
minority interest of MYR8,102 for the quarter under review,
whereas the audited Group loss after taxation is MYR1,185,647.

The deviation of MYR1,193,479 between the unaudited and audited
results was due to audit adjustments made by the Company:

  Accrual for restructured term loan interest      MYR1,201,855

  Taxation                                         MYR   84,294

  Reversal of deferred tax liabilities            (MYR   92,400)
                                                  =============
    Total                                          MYR1,193,749

                       About Tenco Berhad

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.  
The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.  Tenco is required to submit its financial
regularization plan to relevant authorities not later than
January 8, 2007.


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

METRO CEBU WATER DISTRICT: Garnished PHP19M May Drain Resources
---------------------------------------------------------------
Metropolitan Cebu Water District officials said that their funds
garnished by the court now amount to PHP19 million and could
reach a point that even the utility firm's operational funds
could be affected, Sun.Star Cebu relates.

The garnished funds held in Land Bank of the Philippines amount
to PHP14 million, while the remaining PHP5 million is in the
hands of seven other collection agent-banks.

                       Affecting Cash Flow

According to the report, MCWD General Manager Armando Paredes
has aired his concern that more MCWD funds will be tied up and
it could reach a point when no more money can be used for day-
to-day operations and payment of salaries and allowances may be
stopped.  Mr. Paredes adds that they have set aside requests for
acquisition of supplies and have shelved some projects.

Sunstar says that MCWD can still access its funds at Land Bank
in excess of the garnished PHP14 million, but the water
district's money in the seven collecting banks are all
untouchable because the garnishment did not specify an amount.

                       Mactan Rock Dispute

Garnishment is a court order to a company or entity to withhold
all or part of its money and send the garnished sum to the
person or organization that won a lawsuit over the company,
Sunstar explains.  

The newspaper recounts that MCWD's garnished funds arose from
the writ of execution on the order of Construction Industry
Arbitration Commission, which directed MCWD to pay Mactan Rock
Industries, Inc., foreign exchange recovery costs, which reached
PHP18 million.

Mactan Rock had filed a complaint before the CIAC after MCWD's
first attempt to collect penalties for delivery shortage from
1999 to 2001, which amounted to PHP2.8 million then.  Mactan
Rock has a 10-year water supply contract with MCWD, which will
expire in 2008.  It is required to supply MCWD 5,000 cubic
meters per day in the fourth to 10th year.

The supply contract stipulates that a penalty of PHP9.28 per
cu.m. will be imposed on Mactan Rock in case of short delivery.
Mactan Rock's supply was short since its first delivery in 1999
and, as of June 21, 2006, the total penalty ballooned to more
than PHP14.40 million.

After MCWD demanded the payment of short delivery penalties in
June 2006, Mactan Rock President Antonio Tompar warned that he
would shut down the firm's operations, which will result in loss
of water in Cordova town and shortage in Lapu-Lapu City.

The shutdown was averted after Mr. Paredes offered a compromise
deal to Mactan Rock.

Mr. Tompar, however, has also filed a complaint with the MCWD
board against management practices in the utility firm.

MCWD had filed a motion to dismiss the case, saying that CIAC
has no jurisdiction over the dispute.  However, CIAC ruled in
Mactan Rock's favor, prompting MCWD to go to the Court of
Appeals, which sustained CIAC's decision.

Mr. Tompar, according to media reports, presented another aspect
to the dispute, saying that that he sees indications that MCWD
"is trying" to ease Mactan Rock out of it supply contract,
Sunstar notes.

Mr. Tompar further alleged that MCWD has plans to put up and
operate its own desalination project and that certain MCWD
officials had approached the owner of the property in Suba Panas
in Lapu-Lapu City where Mactan Rock's desalination facility is
located.

According to the newspaper, MCWD general manager Armando Paredes
has denied the allegations.

                           About MCWD

In 1974, the Metropolitan Cebu Water District took over in
distributing potable water to the whole metropolis after the
Osmena Waterworks System suffered financial losses.  MCWD
supplies potable water to the cities of Cebu, Mandaue, Lapu-lapu
and Talisay and the municipalities of Consolacion, Lilo-an,
Compostela and Cordova from their resevoirs in Talamban and
Pardo in Cebu City, Casili in Consolacion and Mananga in Talisay
City.


METRO CEBU WATER DISTRICT: Board to Probe Alleged Irregularities
----------------------------------------------------------------
Metropolitan Cebu Water District's board of directors is set to
investigate complaints of irregularities allegedly committed by
the utility firm's top-level management group, Sun.Star Cebu
reports.

MCWD board chairman Juan Saul Montecillo said that in a special
board meeting, it was agreed that the board, as an investigating
body, will hold hearings starting next week and invite
complainants, particularly engineer Antonio Tompar, president
and chief executive officer of Mactan Rock Industries Inc.

According to the newspaper, Mr. Tompar, among other allegations,
said that MCWD clients are paying higher water rates because the
MCWD management awarded the water supply contract to a favored
firm with a selling price of PHP19 per cubic meter.  Mactan
Rock's offer was PHP13.85 per cubic meter.

Mr. Tompar said that Mactan Rock did not anymore participate in
the bidding in the supply of water from Talisay City because of
MCWD management's insistence of the local government unit permit
requirement.

Moreover, Mr. Tompar accused MCWD top level managers of trying
to terminate Mactan Rock's water supply contract this year
because MCWD is planning to engage in the operations itself.

Mactan Rock has a 10-year water supply contract with MCWD, which
will expire in 2008.

Lawyer Rico Tautho, a member of the MCWD board, said that
although they have no disciplinary authority over the
management, they can determine the veracity of the complaints
and, if there is strong evidence, they can act as complainants
against the managers in filing charges with the Office of the
Ombudsman-Visayas.

Mr. Tautho said that they welcome other complainants to present
their evidence against the MCWD managers during the hearings.

Mr. Tompar, for his part, said that he will cooperate with the
investigation to show that what he said in his letter is true.

                           About MCWD

In 1974, the Metropolitan Cebu Water District  took over in
distributing potable water to the whole metropolis after the
Osmena Waterworks System suffered financial losses. MCWD
supplies potable water to the cities of Cebu, Mandaue, Lapu-lapu
and Talisay and the municipalities of Consolacion, Lilo-an,
Compostela and Cordova from their resevoirs in Talamban and
Pardo in Cebu City, Casili in Consolacion and Mananga in Talisay
City.

MCWD is engaged in a dispute with supplier Mactan Rocks
Industries Inc., which ended up in a court order directing the
utility firm to garnish PHP19 million in banks.  MCWD, according
to a report by Sun.Star Cebu on August 2, 2006, admitted that if
more MCWD funds will be tied up, it could reach a point when no
more money can be used for its day-to-day operations and payment
of salaries and allowances may be stopped.


PHILIPPINE LONG DISTANCE: To Sell Stake in Cable TV Firm
--------------------------------------------------------
Philippine Long Distance Telephone Co. plans to sell its
minority stake in cable television firm Central CATV Inc., and
is simply waiting for the right price, the Philippine Star says,
citing PLDT Chairman Manuel Pangilinan.

According to unnamed sources, the Company seeks to sell of its
cable TV stake before entering in a direct-to-home satellite TV
business with United States DTH firm Echostar Communications
Corp. and local DTH licensee GV Broadcasting Systems Inc.

Official sources added that PLDT's stake in Central CATV, pegged
at 33.5%, was diluted to 7% on a debt-to-equity swap by ABS-CBN
Broadcasting Corp. to Sky Cable, but that the conversion is
delayed since the Company refuses to sign the documents.

The Star states that Mr. Pangilinan was unaware that PLDT's
stake in Central CATV was diluted, but if it were, it would not
be lower than 10%.  The Company had previously offered to swap
its stake in Central CATV with the Lopez Group for ownership of
Group-owned Bayan Telecommunications Inc., but the Lopezes
rejected the offer. Mr. Pangilinan added that he had yet to
receive an offer from the Lopez Group for the Company's stake in
Central CATV.

PLDT and GV Broadcasting, which it plans to acquire, will form a
60-40 joint venture with Echostar to put up a direct broadcast
service worth PHP4.39 billion by December.

                      About PLDT

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading  
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

Moody's Investors Service placed a Ba1 local currency corporate
family rating on PLDT.  Moody's also affirmed the company's Ba2
foreign currency senior unsecured ratings, with a negative
outlook.  

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.

Fitch Ratings gave PLDT's long-term foreign currency issuer
default and senior unsecured debt both a BB rating.


SECURITY BANK: First Half Net Income Rises 51% to PHP1 Billion
--------------------------------------------------------------
Security Bank Corp. posted a net income of PHP1.01 billion for
the first half of 2006, 50.7% more than the PHP670-million
earnings for the same period last year and is almost equal the
net earnings achievement for the full year of 2005, which stood
at PHP1.16 billion.

Earnings per share increased from PHP2.03 to PHP3.07 per share
this year.  The Bank's average return on equity has shown
considerable improvement over the years, increasing from the
single digit levels reflected after the Asian financial crisis
to the current annualized return on average equity of 19.5%, a
12.6% rise in the comparative period last year.

The robust earnings performance is driven by a continued growth
in revenues, increasing 12.5% over the same period last year to
PHP3.08 billion from PHP2.74 billion.  This accomplishment was
achieved amidst a decreasing interest rate environment for the
better part of the first semester that led to some pressure on
net margins but provided opportunities for recognizing trading
gains on its securities portfolio.  Consequently, non-interest
income increased point to point by PHP387.3 million or 45.4%
spurred on by a PHP358.8-million or 86.4% increase in trading
gains and a PHP48.9-million or 38.3% increase in other income.

The Bank is on track with its commitment to address asset
quality issues, having fully complied with the IAS/PAS
requirements at year-end 2005.  As a result, provisions for
credit losses registered a significant decrease over the same
period last year to PHP282.9 million, down by PHP224.4 million
or 44.2%.  In fact, for the first half of the year, Security
Bank's NPL ratio stood at 4.2% with NPL cover at 142% versus the
5.0% and 76% respectively for the same period last year.

The Bank's total resources remained relatively flat to the 2005
year-end level of PHP105 billion.  Security Bank likewise
continues to leverage on the efficiency of its distribution
network further increasing its deposit base to PHP73.9 billion
from the PHP66.2 billion recorded in the same period last year.  
This PHP7.7-billion (11.7%) increase resulted primarily from a
growth in lower cost savings and current accounts.

The Bank continues to exhibit a fundamentally sound capital base
with its capital adequacy ratio at 24.2% versus year-end
reported levels of 14.4%, which puts it in a healthy position to
leverage on its balance sheet and further build its loan
portfolio as opportunities arise in the market place.

                         About Security Bank

Security Bank Corporation -- http://www.securitybank.com.ph/--  
offers a wide variety of financial products and services.  The
Bank's services include peso, dollar and third currency
deposits, domestic and international fund transfers, deposit
pick-up and payroll services, and ancillary services.  Security
Bank also provides working capital financing, term arrangements
and loan syndication services.

Fitch Ratings gave Security Bank a 'BB' Long-Term Foreign
Currency Issuer Default Rating, a 'BB' Long-Term Local
Currency Issuer Default Rating, a 'D' Individual Rating and a
'4' Support Rating.


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

ACCURES TECHNOLOGIES: Creditors' Proofs of Debt Due on August 4
---------------------------------------------------------------
The creditors of Accures Technologies Private Limited are
required to prove their debts by August 4, 2006, to share in the
Company's dividend distribution.

The Assistant Official Receiver can be reached at:

         Chan Wang Ho
         Assistant Official Receiver
         The URA Centre (EastWing)
         45 Maxwell Road #06-11
         Singapore 069118


ANTEVORTE SHIPPING: Creditors Must Submit Claims by August 28
-------------------------------------------------------------
Liquidator Mikishiro Ichimura will be receiving proofs of claim
from the creditors of Antevorte Shipping Private Limited until
August 28, 2006.

Failure by the creditors to submit claims by the due date will
exclude them from sharing in any distribution the Company will
make.

The Liquidator can be reached at:

         Mikishiro Ichimura
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


DAKA DESIGNS: Annual General Meeting Slated for October 8
---------------------------------------------------------
The Singapore Stock Exchange on July 31, 2006, approved Daka
Designs Limited's application to hold its annual general meeting
on October 8, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, on
July 25, 2006, the Exchange granted the Company's request to
release its financial results by August 31, 2006, at the
Company's AGM.

The additional time granted by the Exchange is subject to the
Company:

     -- holding its AGM by October 8, 2006, at the latest;

     -- receiving approval from relevant authority of its
        country of incorporation for the extension of time to
        hold its AGM by October 8, 2006, if applicable.

                  About Daka Designs Limited

Daka Designs Limited is principally involved in designing,
developing and marketing of innovative products for the consumer
market.  The Group operates in Hong Kong, the United States of
America, Macau, and the United Kingdom.

The Singapore Stock Exchange suspended trading in the shares of
Daka Designs after Auditor KPMG observed certain irregularities
in the operations and accounting records of the Company.  The
concerns and irregularities raised by KPMG in its report may
amount to breaches under the Securities and Futures Act and
other laws in Singapore.
Consequently, the SGX has informed the Monetary Authority of
Singapore and lodged a report with the Commercial Affairs
Department to initiate investigations into the matter.


LIANG HUAT: Posts Monthly Update on Financial Position
------------------------------------------------------
Liang Huat Aluminum Limited has updates on its financial
position, debt restructuring plan and negotiations with its
creditors as of July 31, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
June 2, 2006 the Company has requested Ho Lee Group Pte Limited
to invest a sum of SGD3,000,000 as part of its intention to
apply further modifications to the amended restructuring scheme.  

On 13 April 2006, the Company announced that it had, on the same
day, entered into the Investment Agreement with Ho Lee Group Pte
Ltd for a subscription of new shares in the Company representing
a controlling stake by Ho Lee for a cash consideration of
SGD3,000,000

Ho Lee is incorporated in Singapore on February 2, 1996, and has
an issued share capital of SGD12,727,443 consisting of
12,727,443 shares, and whose principal activities involve of
investment holding.

Upon the completion of Investment Agreement, Ho Lee will own 70%
of all issued ordinary shares of the Company after taking into
account the number of shares that will be issued under the
Modified Schemes and the Investment Agreement.

Under the Investment Agreement, the cash consideration in
respect of the Investment is SGD3,000,000 and is to be satisfied
in full by the allotment and issuance of 70% of all issued
ordinary shares of the Company on completion credited as fully
paid up.

The completion of the Investment shall take place five business
days after the fulfillment of the conditions before, in the
Investment Agreement or when Ho Lee and the Company will agree.

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

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

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

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

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

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

On June 6, 2006, the Company announced that Ho Lee and the
parties acting in concert with it have obtained a whitewash
waiver from the Securities Industry Council on the same day.  Ho
Lee and the parties acting in concert with it will not be
required to make a mandatory general offer for all the remaining
shares in the Company which they do not already own, following
the allotment and issuance of new Shares by the Company to the
Investor under the Investment Agreement subject to the
conditions set out in the same announcement.

On July 18, 2006, the Company announced the appointment of MS
Corporate Finance Pte Ltd as the Independent Financial Advisor
to advise the Independent Shareholders on the proposed whitewash
resolutions.

Upon the granting of the Whitewash Waiver by the SIC, one of the
conditions as set out in the Investment Agreement has been
fulfilled.  The Company is in the process of fulfilling the
remaining conditions precedent as set out in the Investment
Agreement in order for Completion to take place.

Accordingly, shareholders are advised to exercise caution in
dealing with the shares of the Company.

                   About Liang Huat Aluminium

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


REFCO INC: Chapter 11 Trustee Inks Settlement Pact with Rogers
--------------------------------------------------------------
An agreement was reached between Marc S. Kirschner, as Chapter
11 trustee for Refco Capital Markets, Ltd., and representatives
for Rogers International Raw Materials Fund, L.P. and Rogers Raw
Materials Fund, L.P. that will bring the claims of the two funds
into the settlement agreement reported by Mr. Kirschner on
June 30, 2006.

On Oct. 24, 2005, one week after the Refco chapter 11 filings,
the Rogers Funds filed a complaint in the bankruptcy court
seeking a constructive trust over $364 million in cash and
securities that the funds claimed were wrongfully diverted from
Refco, LLC, a once active commodity broker registered with the
CFTC, to RCM, an unregulated Bermuda unit of Refco, Inc.

The settlement, which involves RCM customers who hold securities
accounts and foreign-exchange accounts, will provide that the
Rogers Funds shall receive the same treatment as the claims of
securities customers at RCM.  Under the settlement, Mr.
Kirschner has said that securities customers would initially
recover 70% of the value of their claims and foreign-exchange
customers would initially recover 26% of the value of their
claims.  Future recoveries would depend on Mr. Kirschner's
success at pursuing claims against other Refco entities and
third parties.

Importantly for the Rogers funds, the settlement of the funds'
claims against RCM would be without prejudice to the right of
the funds to assert the full amount of their claims against any
other party, including Refco, LLC, which is in a Chapter 7
liquidation proceeding.  The settlement remains subject to
bankruptcy court approval at a hearing scheduled for Aug. 16,
2006.

"The settlement with RCM is in the best interests of the Rogers
funds and their investors," said Walter T. Price, C.E.O. of
Beeland Management Company, L.L.C., the operator of the two
funds.  

"First, it should keep RCM in a chapter 11 proceeding under the
expert guidance of Marc Kirschner, who we fully support as
Chapter 11 trustee.  Second, it provides for a return of at
least 70%, possibly more, on our claims at RCM.  Finally, it
fully preserves our claims against Refco, LLC, which wrongfully
diverted the funds' cash and securities on the eve of the Refco
bankruptcy filing."

With respect to the Rogers funds' claims against Refco, LLC,
Mr. Price stated that the Rogers funds are willing to sit down
with Albert Togut, the chapter 7 trustee for Refco, LLC, to work
out a resolution of those claims, but are prepared to bring
their claims to trial if no deal can be reached.

On June 30, 2006, Mr. Kirschner announced that he had reached
the settlement agreement between RCM securities and foreign-
exchange customers.  By the terms of the settlement agreement,
if the Rogers funds did not agree to join the settlement within
14 days, Mr. Kirschner would have been required to promptly file
papers with the bankruptcy court asking that the court convert
the RCM chapter 11 case to a chapter 7 stockbroker liquidation
case.  Mr. Kirschner would still have been able to seek
bankruptcy court approval of the settlement agreement, though
there are doubts that such a settlement could have been approved
in a stockbroker liquidation proceeding.

                       About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal United States and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.  
Refco is one of the largest global clearing firms for
derivatives.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the Chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s Chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for Chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  


REFCO INC: Official Committee Wants Seat in Fee Panel
-----------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Refco, Inc., and its debtor-affiliates Chapter 11 cases,
supports the fee containment goals the Fee Protocol seeks to
promote.  However, the Committee cannot support approval of the
Fee Protocol in its current form for three reasons:

   (i) It places disproportionate voting power with respect to
       the fee review process in the hands of fee earners, not
       creditors;

  (ii) The Committee, and not the Fee Protocol, should decide
       which of the Committee's members should serve on the Fee
       Committee; and

(iii) The Debtors' contentions notwithstanding, the Fee
       Committee should have standing to appear and object at
       fee application hearings.

The Committee suggests that the Debtors amend the Fee Protocol
by providing that:

   1.  at least two of the five voting seats on the Fee
       Committee -- and thus appropriate voting power with
       respect to important Fee Committee decisions -- will be
       granted to the Creditors Committee members;

   2.  the Creditors Committee alone will decide which of its
       members occupy seats on the Fee Committee; and

   3.  the Fee Committee will have the power to speak with the
       single voice, greater efficiency, and enhanced authority
       that standing to appear at fee hearings confers.

The Creditors Committee can only support approval of the Fee
Protocol to the extent it is amended to address the concerns
raised, Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York, tells the Honorable Robert Drain of the United
States Bankruptcy Court for the Southern District of New York.

VR Global Partners, L.P.; Paton Holdings Ltd.; VR Capital Group
Ltd.; and VR Argentina Recovery Fund, Ltd.; and Premier Bank
International N.V. support the Creditors Committee's arguments.

VR Global is co-chairperson of the Creditors Committee.  Premier
Bank is a Committee member.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the Chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s Chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).   


REFCO: Meridian IT Wants Decision on Smartnet Maintenance Pact
--------------------------------------------------------------
Meridian IT Solutions asks the United States Bankruptcy Court
for the Southern District of New York to compel Refco Inc. and
its debtor-affiliates to assume or reject the Smartnet
Maintenance Contract, pursuant to Section 365(d)(2) of the
Bankruptcy Code.

In the alternative, pursuant to Section 362(d), Meridian wants
the automatic stay lifted so it may terminate the agreement and
instruct its vendor to cease providing services to the Debtors.
Meridian also asks the Court to require the Debtors to provide
adequate protection of its property interests in the contract by
requiring payments pursuant to Sections 363(e) and 361.

Meridian IT and the Debtors are parties to a Smartnet
Maintenance Contract -- a one-year, prepaid contract.  Meridian,
through its third-party vendor, performs ongoing repair and
maintenance for various of the Debtors' IT equipment.

The parties renewed the Maintenance Contract on Sept. 16, 2005.

The Debtors' purchase order called for a total cost of
US$328,325.  In reliance upon the purchase order, Meridian pre-
paid its vendor the entire sum of its contract, Michael T.
Conway, Esq., at Lazare Potter Giacovas & Kranjac LLP, in New
York, relates.

When Refco filed for bankruptcy, Meridian received from the
Debtors a check for US$304,447, representing payment in full of
the revised contract price.  However, the Debtors stopped
payment on the check the next day.

As a consequence, Mr. Conway says, Meridian's vendor has been
paid in full for the one-year maintenance agreement and has been
performing critical maintenance services for the Debtors.
However, Meridian has never been paid for those services.

Mr. Conway notes that the Debtors have made no current payments
to Meridian since the Petition Date, despite Meridian's many
requests.

The Debtors have yet to assume or reject the Maintenance
Contract.  They have taken no steps to do so.

Mr. Conway also argues that Meridian is entitled to an
administrative claim under Section 503(b)(1)(A) in the full
contractual amount for all post-petition services provided
pursuant to the contract.

                       About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

Refco LLC, an affiliate, filed for Chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the Chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  


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

KRUNG THAI: Sees Tough Business in 2007 Due to Political Crisis
---------------------------------------------------------------
Krung Thai Bank says new loans and a bigger margin are expected
to lift profits this year, but is expecting a tough 2007, when
the economic impact of Thailand's political crisis will be felt
more extensively, The Bangkok Post reports.

Apisak Tantivorawong, president of KTB, told The Post that the
bank's cost controls should help them maintain its 4% margin
this year, but its 7% loan target is tough to achieve due to
weak demand.

"Our economy has long slowed down with few investments and the
impact will be felt fully next year, it will be heavier if we
don't have a smooth election," Mr. Apisak said.

Mr. Apisak relates that the World Cup and the celebrations of
the 60th anniversary of the King's accession to the throne this
year helped boost the economy.  "So this year our net profit
will definitely be better than last year.  We still have new
loans and higher margins," he adds.

Mr. Apisak gave no specific earnings forecasts, but the bank is
expected to report a 10% rise in net profit this year to
THB14.3 billion, according to 16 analysts polled by Reuters
Estimates.  Profit in 2007 is forecast at THB15.2 billion, The
Post says.

However, despite a good 2006, Mr. Apisak expects tough time
ahead.

The Post notes that nearly zero investments and sagging consumer
confidence have affected demand for loans, but KTB still sees
demand from the energy sector.  The 1% growth in the demand for
loans was partly due to debt repayments.

With US$43 billion of state infrastructure projects delayed by
the political crisis, analysts forecast 4% loan growth for KTB,
which is 56%-owned by the government, The Post said.


                          *     *     *

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/  
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

On May 30, 2006, The Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service has upgraded KTB's bank
financial strength rating to D- from E+.  Moody's previously
placed it at E+ on March 31, 2006.  

Meanwhile Fitch Ratings, on July 10, 2006, upgraded the
individual rating of Krung Thai Bank Public Company Limited to
C/D from D.  Fitch assigned the previous rating on November last
year.


TMB BANK: Vayupak Turns Down TMB's Offer
---------------------------------------
The Vayupak Fund declined a proposal by the Finance Ministry to
buy up to one billion new shares in TMB Bank, The Bangkok Post
reports.

Bangkok Post confirmed from Chaiyos Sasomsap -- a caretaker
deputy finance minister -- that the Vayupak Fund had formally
declined to purchase the TMB shares.

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2006, Vayupak was tapped to take up 3.22 billion new
shares offered by TMB on behalf of the Finance Ministry.

Authorities are considering having the state-controlled Vayupak
Fund subscribe to the TMB share issue to help the Government
maintain its stake in TMB Bank while minimizing the financial
burden on the state budget, the TCR-AP said.

Instead, a source close to the ministry said that it is now
considering a plan to sell off its shares in the listed media
broadcasting giant MCOT Plc to the Government Savings Bank to
raise funds to subscribe to the TMB offering.

The source told The Post that the ministry has the right to buy
back the MCOT shares from the Government Savings Bank within
three years.  The Finance Ministry currently holds 20.88% of
MCOT, The Post said.

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders  
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

                          *     *     *

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating at 3.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.



                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***