TCRAP_Public/090226.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, February 26, 2009, Vol. 12, No. 40

                            Headlines

A U S T R A L I A

FORTESCUE METALS: In Talks with Chinese Fund on Investment Plans
FORTESCUE METALS: Inks AU$558 Million Invesment Deal with Valin
MELBA INDUSTRIES: Placed in Voluntary Administration
OZ MINERALS: Concerns of Unlikely Refinancing Sent Shares Down
PACIFIC BRANDS: To Layoff 23% of Workforce and Shut Plants


C H I N A

CHINA SHENGHUO: Receives Non-Compliance Notice From NYSE
ICBC: Ends Fund Venture with Credit Suisse
LEHMAN BROS: KPMG Weighs Proper Disposal Timing for Asian Assets


H O N G  K O N G

AETOS CAPITAL: Member to Receive Wind-Up Report on March 23
AMERICAN INT'L: Gets MetLife and Axa Bids for Life Insurance Unit
BEST UNITED: Members' Meeting Set for March 20
BESTWAY TRANSPORTATION: Creditors' Proofs of Debt Dee on March 10
BILLION TREASURE: Members' Final Meeting Set for March 20

CANYON TECHNOLOGY: Creditors' Proofs of Debt Dee on March 13
CCC SERVICES: Appoints Yuen and Kong as Liquidators
DOUBLE HARVEST: Members and Creditors to Meet on March 24
ECERSHINE LIMITED ET AL: Members' Final Meeting Ser for March 25
ENFIELD CONCSTRUCTION: Members and Creditors to Hold Meetings

FORTUNE HARVESTS: Appoints Lau and Yan as Liquidators
FULL WINNER: Appoints Chiu and Yuen as Liquidators
GLOBAL HARVEST: Court to Hear Wind-Up Petition on March 11
HIGH LUCK ET AL: Court Enters Wind-Up Order
NOMURA HOLDINGS: Shares Fall on JPY291.2 Bln Capital Raising Plan

LONG HARVEST: Court to Hear Wind-Up Petition on March 18
SEE YU: Creditors' Meeting Set for March 5
SUN FAIR: Creditors' Proofs of Debt Due on March 20
SUPERMODE LIMITED: Creditors' Proofs of Debt Due on March 24
SW CITICOMP: Creditors' Proofs of Debt Due on March 23

THE ALUMNI ASSOCIATION: Creditors' Proofs of Debt Due on April 15
TIME FAME: Placed Under Voluntary Wind-Up


I N D I A

BRIGHT POWER: CRISIL Rates Rs.80.0 Mln Cash Credit at 'BB'
SATYAM COMPUTER: Plans to Start Bid Invitation This Week


J A P A N

CITIGROUP INC: May Sell Nikko Citigroup
MAZDA MOTOR: Shares Hit 34-Year Low on Financing Concerns
MITSUBISHI MOTORS: May Seek Loan from Government
* JAPAN: Some BOJ Board Members Were Against Corp. Debt Purchase


K E N Y A

PAN AFRICAN: Suspends Operations; To Hold Meeting This Week


M A L A Y S I A

GOLD BRIDGE: Agrees to Extend MOU with HektarKlasik for 45 days
LIQUA HEALTH: Unit Files Injunction Application Against Director
OCI BERHAD: Posts MYR1.55 Mln Net Loss in Qtr Ended Dec.'08
WWE HOLDINGS: Dec. 31 Balance Sheet Upside Down by MYR9.52 Mln


N E W  Z E A L A N D

GENESIS MARINE: Goes Into Liquidation


P H I L I P P I N E S

LEGACY GROUP: Central Bank Warns Public Against Scheme Copycats
LEGACY GROUP: 3 Mutual Funds Shut Down Operations


S I N G A P O R E

CITIGROUP INC: Singapore's GIC Won't Convert Preferred Shares
GUAN LEONG: Pays First and Final Dividend
JURONG INDUSTRIAL: Court Enters Wind-Up Order
MP-BILT PTE: Members' Final Meeting Set for March 12
MUTUAL EUROPEAN: Court Enters Wind-Up Order

OWIS PTE: Court Enters Wind-Up Order


S O U T H  A F R I C A

* SOUTH AFRICA: Records Annualized 1.8% Economic Contraction


T A I W A N

* TAIWAN: January Export Orders Down 41.67% on Weakening Demand


U N I T E D  A R A B  E M I R A T E S

* NATIONAL BANK OF FUJAIRAH: Posts US$13.7 Mln Full-Year Loss


                         - - - - -


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A U S T R A L I A
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FORTESCUE METALS: In Talks with Chinese Fund on Investment Plans
----------------------------------------------------------------
Chinese sovereign wealth fund China Investment Corp ("CIC") is in
talks with Fortescue Metals Group Ltd for a possible US$3 billion
investment in the Australian mining firm, Bloomberg News reports
citing three people familiar with the transaction who asked not to
be identified before an agreement.

The proposed CIC deal may be in preferred shares paying a
dividend, and the payment rate hasn't been agreed upon, one person
said as cited by the news agency.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 19, 2009, Fortescue confirmed it held talks with two foreign
companies over investment opportunities.

In a response to a query from the Australian Securities Exchange,
the company said "Fortescue can confirm that there have been
recent meetings and site visits with representatives of these
companies to explore investment opportunities."

According to The Age, the ASX had asked Fortescue to comment on
recent press reports that it was in talks with Anglo American PLC
and CIC.

Fortescue Metals said it has appointed advisory specialists JP
Morgan Australia, Grant Samuel & Associates Pty and Azure Capital
Pty to evaluate the proposals and to act as strategic corporate
advisors to the company.

"These discussion are preliminary and incomplete and do not
warrant disclosure," the company said in a statement.

According to Bloomberg News, based on a Jan. 30 company report,
Fortescue has "non-current" borrowings of AU$4.9 billion as of
Dec. 31, 2008.

Fortescue is also facing a funding shortfall of AU$731 million for
an expansion, Bloomberg News says citing Macquarie Group Ltd.

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.


FORTESCUE METALS: Inks AU$558 Million Invesment Deal with Valin
--------------------------------------------------------------
Fortescue Metals Group Ltd has agreed to sell 225 million new
shares to China's Hunan Valin Iron and Steel Group Company Ltd at
$2.48 per share, for a total investment of AU$558 million.

In a February 25 statement, Fortescue said the share subscription
is conditional:

   --- upon approval from Australia's Foreign Investment
       Review Board and Chinese regulatory approvals; and

   --- on "in principle" approval from ASX Ltd that it
       will grant official quotation to the 225 million
       new shares.

It is expected that all approvals should be received by end
March 2009, the statement said.

According to the statement, the share subscription agreement
offers Valin a seat on the Fortescue board, conditional on its
equity interest in Fortescue being at least 10%.

The statement said that in consideration of the sensitivities
around foreign investment in Australian domiciled companies, the
share subscription agreement sets out:

     *** A standstill agreement which prevents Valin
         from having a relevant interest in more than
         17.5 per cent of Fortescue's shares on issue;

     *** The one board representative from Valin must
         be the Valin chairman.

The statement meanwhile said Valin's equity in Fortescue could
increase to more than 16 per cent after Valin entered into a
separate and independent conditional agreement to purchase 275
million existing shares from a current Fortescue shareholder.

Fortescue also intends to establish appropriate corporate
governance protocols in relation to Valin's board representation,
which will include that Valin will not have representation on any
of Fortescue's board committees or management committees, and will
not be involved in marketing arrangements which affect supply or
price.

"This agreement has been carefully structured from the outset to
satisfy both the requirements and intent of Australia's foreign
investment regulations, while providing Fortescue with access to
additional capital," Fortescue Chief Executive Officer Andrew
Forrest said.

                       Joint Venture Pact

Fortescue has also signed a cooperation agreement with Valin which
secures additional offtake for Valin and its subsidiary Hunan
Valin Xiangtan Iron and Steel Co.

With the joint venture, both companies aim to increase iron ore
sales to Valin and to research new technologies to process lower
grade iron ores.

Fortescue has agreed to offer Valin the ability to participate in
any future project opportunities.

Xiangtan Steel has an existing offtake arrangement with Fortescue
for up to 1 million tonnes per annum ("Mta") and under this
agreement and subject to expanded production, Fortescue agrees to
increase that supply arrangement to up to 4Mta from 2010 onwards.

In addition, Fortescue and Valin intend to negotiate a new supply
arrangement with the Valin parent entity which will grow from an
initial base of up to 1.4Mta to a maximum of up to 6Mta by 2013.

The companies will seek to progress a feasibility study by
June 30, 2009.

                       Chinese Investments

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, Bloomberg News said Senator Barnaby Joyce has
called for an inquiry to consider tightening Foreign Investment
Review Board rules and Chinese sovereign investment in Australian
resources.  The committee, Bloomberg News noted, has the power to
summon executives from companies and to block investments.

"This is an economic question about giving another government a
stake in Australian resources, our biggest wealth generator,"
Senator Joyce told Bloomberg News in a phone interview.  "This is
not being parochial about foreign investment, it is about the
ownership of Australian resources being handed to another
government."

"The global financial crisis is hurting mining companies and we
need to know the ramifications of an increase in overseas
sovereign ownership in Australian mines," Bloomberg News quoted
Senator Joyce as saying.  "No one is against foreign ownership,
but if you have a dispute with a company it is very different from
having a dispute with a government."

According to Bloomberg News, minerals demand has helped extend 17
years of economic growth in Australia.  The news agency says China
was the biggest buyer of Australian minerals in 2007, purchasing
one-fifth of the AU$68.5 billion (US$44 billion) worth of exports,
however, according to the Reserve Bank of Australia, waning demand
from its biggest trading partners may cut income from exports by
20 percent this year.

                        About Hunan Valin

China-based Hunan Valin Iron & Steel Group Co. Ltd. --
http://www.chinavalin.com/-- makes steel pipes, bars, wires,
sectional products, and hot-rolled steel plates along with copper
plate pipes and inner-twisted pipes.  Its annual output is about 9
million tons of steel and 8 million tons of steel products; hot-
rolled steel plate is the company's biggest revenue generator.
Hunan Valin products are distributed in mainland China and
exported throughout much of Asia as well as to the US.  It was
formed in 1999.  In 2005, the company sold about a one-third stake
in publicly listed subsidiary Hunan Valin Steel Tube & Wire
Company to what is now ArcelorMittal.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.


MELBA INDUSTRIES: Placed in Voluntary Administration
----------------------------------------------------
Melba Industries has been placed in voluntary administration, with
170 jobs under threat, various reports say.  Matt Byrnes and
Greg Keith of Grant Thornton were appointed administrators to the
company.

The company, the Age relates, is an exclusive supplier of
protective fabrics for country and metropolitan fire departments
and Australia's armed forces, and provides components to
automotive manufacturers.

"We will be actively seeking the support of the Government to
ensure this business is given every opportunity to continue to
supply these essential products," the Age quoted Mr. Byrnes as
saying.

Mr. Byrnes, as cited by the Age, said he expected its government
agency customers to honour their contracts, and he would meet
Federal Government representatives to seek financial assistance.

Melba Industries -- http://www.melbaind.com.au/-- manufactures
technical textiles for use in the Automotive, Industrial and
Seating sectors.  The company has two plants that operate in
Australia, one in Geelong, and a second plant in the northern
suburbs of Melbourne.  It employs 120 staff at the Valley Weaving
Mill at Geelong, and 50 at offices in Thomastown.  Melba exports
throughout the Asian region, Middle East and the USA.


OZ MINERALS: Concerns of Unlikely Refinancing Sent Shares Down
--------------------------------------------------------------
OZ Minerals Ltd. has until tomorrow, Feb. 27, to refinance AU$1.2
billion (US$782 million) of debt, Bloomberg News reports.

Also, as reported by the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2009, OZ Minerals said it secured a bridging finance
facility of up to AU$140 million.

The bridging facility will terminate on February 27, 2009, and is
repayable by that date.  OZ Minerals previously disclosed it is
working to achieve a refinancing of its debt facilities by
February 27, 2009, with the agreement of its lenders and, in that
context, is actively pursuing both an asset sale program and other
initiatives.

Concerns that the company may fail to have its debt-repayment
terms extended sent its shares down Wednesday, Feb. 25, by 16
percent to 49.5 cents on the Australian stock exchange, according
to Bloomberg News.

"There are risks that the deal is not going to go ahead," Chris
Weston, institutional dealer at IG Markets in Melbourne, told
Bloomberg News by phone.  "There is a lot of negative sentiment
around whether or not they are going to be able to refinance this
AU$1.2 billion worth of debt by the end of the week."

Bloomberg News relates an extension of OZ Minerals's debt
facilities is a condition of China Minmetals Group's AU$2.6
billion takeover offer.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, Minmetals offered to purchase all outstanding
shares in OZ at a cash price of 82.5 cents per share.

                      About China Minmetals

China Minmetals is one of the largest metals and minerals trading
companies in the world and the largest iron and steel trader in
China.  The company exports coke, coal, and ferroalloys; imports
iron ore, steel scraps, and slabs and billets; and sells about 20
million tons of steel products annually.  It has domestic iron ore
mining operations and also helps steel producers abroad with
facility construction and equipment supply.  Other subsidiaries
deal in financial services, real estate development, and
transportation logistics.  China Minmetals' sales network
stretches through Africa, the Americas, Asia, Australia, and
Europe.  It operates more than 100 offices in China and more than
40 companies abroad.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


PACIFIC BRANDS: To Layoff 23% of Workforce and Shut Plants
----------------------------------------------------------
Pacific Brands Ltd obtained a a six-month extension to repay
AU$330 million (US$215 million) of debt, Bloomberg News reports
citing a company statement.

The extended debt is part of the company's AU$550 million debt due
in February 2010, the report relates.

The report says with the extension, the company aims to save
AU$150 million by cutting a total of 1,850 jobs, with 1,200
positions to go from its Australian factories.  The company had
8,126 employees at June 30, according to data compiled by
Bloomberg.

The company also plans to either shut down or sell as going
concerns some of its seven plants subject for elimination.

In addition, Pacific Brands will cull more than 200 brands that
contribute less than 2 percent of revenue, Bloomberg News
discloses.

In the six months ended December 2008, Pacific Brands incurred a
loss of AU$149.8 million after writing down the value of its
assets by AU$206 million.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
10, 2008, Pacific Brands said that maintaining a dividend of
17 cents per share is not appropriate in the current environment.

"Given increased uncertainty, the Board has determined that it is
in the best interests of shareholders to preserve capital and
repay debt," the company said in a stock exchange filing December
last year.

In that statement, Pacific Brands said its Board determined, among
others, to pay a dividend of 3 cents per share for the half year
ending December 31, 2008.

The Board expects to pay a dividend of a similar amount in respect
of the full-year ending June 30, 2009, the statement added.

Pacific Brands Limited (ASX:PBG) --
http://www.pacificbrands.com.au/--  is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding, foams,
corporate uniforms, workwear, streetwear, lifestyle apparel and
sporting goods markets.  All products are sold predominantly
throughout the Asia-Pacific region.  The company also markets and
distributes underwear, intimates, footwear and bed linen in the
United Kingdom and Europe.  The company's segments comprise
Underwear & Hosiery, Outerwear & Sport, Home Comfort, Footwear and
Other.  In June 2008, the company sold its New Zealand foams,
flooring and bedding business.



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C H I N A
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CHINA SHENGHUO: Receives Non-Compliance Notice From NYSE
--------------------------------------------------------
China Shenghuo Pharmaceutical Holdings, Inc., on February 10,
2009, received a deficiency letter from the NYSE Alternext US LLC
stating that the Company was not in compliance with Section 704 of
the Exchange's continued listing standards due to the Company's
failure to hold an annual meeting of stockholders in 2008.  The
Company was given an opportunity to submit a plan of compliance to
the Exchange by March 10, 2009, to demonstrate the Company's
ability to regain compliance with Section 704 by
August 11, 2009.

Because the Company restated certain of its financial statements
during November 2008, the Company was unable to deliver its annual
report and proxy statement to its stockholders during 2008.  As
such, the Company failed to hold an annual meeting of stockholders
during 2008.

The Company anticipates holding its annual meeting of stockholders
on or about May 20, 2009, and will submit its Plan to advise the
Exchange of this prior to March 10, 2009.  The Company believes
that so holding the annual meeting will cure the deficiency, and
the Company intends to hold future annual meetings of stockholders
on an annual basis, in accordance with the Exchange's listing
standards.

If the Company does not submit a Plan by March 10, 2009, the
Exchange rejects the Plan, or the Company does not implement an
accepted Plan by August 11, 2009, the Company will be subject to
delisting proceedings.

                      About China Shenghuo

Founded in 1995, China Shenghuo Pharmaceutical Holdings, Inc.
(NYSE Alternext US: KUN) in Kunming, China --
http://www.shenghuo.com.cn-- is a specialty pharmaceutical
company that focuses on the research, development, manufacture and
marketing of Sanchi-based medicinal and pharmaceutical,
nutritional supplement and cosmetic products.  Through its
subsidiary, Kunming Shenghuo Pharmaceutical (Group) Co., Ltd., it
owns thirty SFDA (State Food and Drug Administration) approved
medicines, including the flagship product Xuesaitong Soft
Capsules, which has already been listed in the Insurance
Catalogue.  At present, China Shenghuo incorporates a sales
network of agencies and representatives throughout China, which
markets Sanchi-based traditional Chinese medicine to hospitals and
drug stores as prescription and OTC drugs primarily for the
treatment of cardiovascular, cerebrovascular and peptic ulcer
disease.  The Company also exports medicinal products to Asian
countries such as Indonesia, Russia and Kyrgyzstan.


ICBC: Ends Fund Venture with Credit Suisse
------------------------------------------
ICBC Credit Suisse Asset Management Co., an Industrial and
Commercial Bank of China (ICBC)'s fund venture with Credit Suisse,
said on Tuesday it has ended an overseas investment consulting
agreement with the Swiss bank after building up its own asset
management expertise, the China Daily reports.

According to the report, the venture, which is 55 percent
controlled by ICBC, now has several experienced QDII fund managers
of its own, giving it the ability to manage all of its assets.

The venture, China Daily relates, said it was the first to cancel
its foreign adviser arrangement but predicted more Chinese funds
would follow suit as they gain experience investing overseas.

"This should be China's first QDII (qualified domestic
institutional investor) product to invest abroad independently,"
the report quoted Li Datao, a marketing representative at ICBC
Credit Suisse Asset Management Co.  "I believe that as more
Chinese talent with overseas investment experience returns home,
more QDII products will become independent."

The report relates that when the government launched the QDII
scheme in 2006, Chinese fund managers, banks and brokerages
scrambled to team up with overseas investment banks such as Credit
Suisse, Goldman Sachs and Lehman Brothers Holdings to sell
overseas investment products.

However, China Daily states, the recent global economic downturn
has slashed the value of QDII products and sapped investor demand.

As of Feb. 6, the report says, ICBC Credit Suisse's QDII fund
posted net assets per unit of 0.556 yuan, compared with a face
value of 1 yuan.  The venture lost nearly half its value since it
launched its QDII fund a year ago.

                         About ICBC

The Industrial and Commercial Bank of China (ICBC) --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.


LEHMAN BROS: KPMG Weighs Proper Disposal Timing for Asian Assets
----------------------------------------------------------------
Bloomberg News reports KPMG, the provisional liquidator of Lehman
Brothers Holdings Inc.'s Asian units, said it had 250 inquiries
about the assets of the bankrupt investment bank in the region and
is weighing up whether to sell or hold them to maximize returns
for creditors.

"The challenge for us is to balance the liquidators' obligations
to liquidate assets as quickly as possible against the obligations
to achieve best value for creditors," Edward Middleton, head of
restructuring at KPMG, told the news agency in an interview in
Hong Kong.

While other assets may be worth keeping for months or even years
to benefit from any recovery in asset values, "Some assets, if we
don't do something pretty quickly, will actually turn into
liabilities," Mr. Middleton said as cited by Bloomberg News.

Days after Lehman's bankruptcy filing, Nomura Holdings Inc.
purchased the U.S. firm's operations in Europe, the Middle East
and Asia Pacific while Barclays Bank Plc bought its North American
investment banking and capital markets operations and supporting
infrastructure.

Bloomberg News relates Lehman's remaining Asian assets, which KPMG
estimates to have a book value of about US$20 billion, and
liabilities of US$22.6 billion, include US$1.25 billion worth of
real estate in Thailand and China, junior mezzanine debt, non-
performing loan portfolios, convertible bonds, and residential and
hotel resorts.

KPMG is a global network of professional firms providing Audit,
Tax and Advisory services.  KPMG China has 12 offices (including
KPMG Advisory (China) Limited) in Beijing, Shenyang, Qingdao,
Shanghai, Nanjing, Chengdu, Hangzhou, Guangzhou, Fuzhou, Shenzhen,
Hong Kong and Macau, with more than 8,500 professionals.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers led in the global financial
markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offered a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).  Several other affiliates followed
thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI



================
H O N G  K O N G
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AETOS CAPITAL: Member to Receive Wind-Up Report on March 23
-----------------------------------------------------------
The member of Aetos Capital Management (Asia) Limited will hear
the liquidators' report on the company's wind-up proceedings and
property disposal on March 23, 2009, at 10:00 a.m.

The meeting will be held at 1401, Level 14, Tower 1, Admiralty
Centre, in 18 Harcourt Road, Hong Kong.


AMERICAN INT'L: Gets MetLife and Axa Bids for Life Insurance Unit
-----------------------------------------------------------------
American International Group Inc. received bids from MetLife Inc.
and Axa SA for its life-insurance unit spanning more than 50
countries, Bloomberg News reports citing three people familiar
with the situation who declined to be identified because
negotiations are private.

According to the report, MetLife made a preliminary offer of
US$11.2 billion for American Life Insurance Co ("Alico").

Meanwhile, a rival bid from Axa excludes operations in Japan,
Alico’s biggest market, the people said as cited by Bloomberg
News.

MetLife's offer may drop to about US$8 billion because of
deterioration in the unit’s financial condition, Bloomberg News's
sources said.

"All the life insurers are pretty much suffering right now," the
news agency quoted Alan Rambaldini, an analyst at Morningstar
Inc., as saying.  "Before this whole financial crisis happened,
that unit of AIG was considered one of their best ones.  Under
normal circumstances there would probably be a lot more interest
than just two companies."

                            About AIG

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on Sept. 8, 2008, to $4.76
on Sept. 15, 2008.  On that date, AIG's long-term debt ratings
were downgraded by Standard & Poor's, a division of The McGraw-
Hill Companies, Inc., Moody's Investors Service and Fitch Ratings,
which triggered additional requirements for liquidity.  These and
other events severely limited AIG's access to debt and equity
markets.

On Sept. 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


BEST UNITED: Members' Meeting Set for March 20
----------------------------------------------
A final general meeting will be held for the members on March 20,
2009, at the 29th Floor of Caroline Centre, Lee Gardens Two, in 28
Yun Ping Road, Hong Kong, for the members of:

   -- Best United Limited at 10:00 a.m.;
   -- Oriental Merchant Limited at 10:30 a.m.;
   -- South China Binding Limited at 11:00 a.m.;
   -- South China Printing Company (1988) Limited; and
   -- Valiant Printing (Far East) Limited at 12:00 noon.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BESTWAY TRANSPORTATION: Creditors' Proofs of Debt Dee on March 10
-----------------------------------------------------------------
The creditors of Bestway Transportation Limited are required to
file their proofs of debt by March 10, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 9, 2009.

The company's liquidators are:

         Cheng Seng Chong Edward
         Yeung, Stephen Yat Hong
         Harbour Centre, Room 1802
         25 Harbour Road
         Wanchai, Hong Kong


BILLION TREASURE: Members' Final Meeting Set for March 20
---------------------------------------------------------
The members of Billion Treasure Output Limited will hold their
final meeting on March 20, 2009, at 10:00 a.m., at Room 1101A of
Causeway Bay Comm. Bldg., in 1 Sugar St., Hong Kong.

At the meeting, Chan yau Choi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CANYON TECHNOLOGY: Creditors' Proofs of Debt Dee on March 13
------------------------------------------------------------
The creditors of Canyon Technology Limited are required to file
their proofs of debt by March 13, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Ying Hing Chiu
          Chan Mi Har
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CCC SERVICES: Appoints Yuen and Kong as Liquidators
---------------------------------------------------
On February 13, 2009, Tai Hay Yuen and Kong Tak Wing, Robert were
appointed as liquidators of CCC Services, Limited.

The Liquidators can be reached at:

         Tai Hay Yuen
         Kong Tak Wing, Robert
         Tai Kong Corporate Advisory Limited
         Chinachem Tower, 21st Floor
         34-37 Connaught Road Central
         Hong Kong


DOUBLE HARVEST: Members and Creditors to Meet on March 24
---------------------------------------------------------
The members and creditors of Double Harvest (Asia) Limited will
hold their meeting on March 24, 2009, at 2:00 p.m., at Unit 2601,
26th Floor of China Insurance Group Building, in 141 Des Voeux
Road Central, Hong Kong.

At the meeting, Au Wai Keung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


ECERSHINE LIMITED ET AL: Members' Final Meeting Ser for March 25
----------------------------------------------------------------
A final meeting will be held on March 25, 2009, for the members
of:

   -- Ecershine Limited at 10:00 a.m.; and
   -- Larcom Property Management Limited at 11:00 a.m.

At the meeting, Man, Kwok Leung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

         Man, Kwok Leung
         The Sun's Group Centre, Unit 701, 7th Floor
         200 Gloucester Road
         Hong Kong


ENFIELD CONCSTRUCTION: Members and Creditors to Hold Meetings
-------------------------------------------------------------
On March 10, 2009, the members and creditors of Enfield
Construction Company Limited will hold their annual meetings on
March 10, 2009, at 2:00 p.m. and 2:30 a.m., respectively, at the
18th Floor of 1801 Wing On House, 71 Des Voeux Road, in Central,
Hong Kong.

At the meeting, Stephen Briscoe, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FORTUNE HARVESTS: Appoints Lau and Yan as Liquidators
-----------------------------------------------------
At an extraordinary general meeting held on February 6, 2009, the
members of  Fortune Harvests Limited appointed Lau Po Ming, Peter
and Yan Sze Wai, Gary asthe company's liquidators.

The Liquidators can be reached at:

         Lau Po Ming, Peter
         Yan Sze Wai, Gary
         Tower, Room 201, 2nd Floor
         625 Nathan Road
         Mongkok, Kowloon
         Hong Kong


FULL WINNER: Appoints Chiu and Yuen as Liquidators
--------------------------------------------------
On February 10, 2009, the sole shareholder of Full Winner
Investment Limited appointed Ying Hing Chiu and Yeung Betty Yuen
as the liquidators of Full Winner Investment Limited.

The Liquidators can be reached at:

         Ying Hing Chiu
         Yeung Betty Yuen
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


GLOBAL HARVEST: Court to Hear Wind-Up Petition on March 11
----------------------------------------------------------
A petition to have Global Harvest Limited's operations wound up
will be heard before the High Court of Hong Kong on March 11,
2009, at 9:30 a.m.

The Government of the Hong Kong Special Administrative Region
filed the petition against the company on January 7, 2009.


HIGH LUCK ET AL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:

   -- High Luck Development Limited on Dec. 12, 2008;
   -- Asia Pacific Systems Limited on January 7, 2009;
   -- IPMA Technologies International Limited on Jan. 7, 2009;
   -- Starway Construction Engineering Limited on June 22, 2005.

Pui Chiu Wing is the companies' liquidator.


NOMURA HOLDINGS: Shares Fall on JPY291.2 Bln Capital Raising Plan
-----------------------------------------------------------------
Nomura Holdings Inc., after posting JPY492.4 billion net loss for
the nine months ended December 31, 2008, said it will raise about
JPY291.2 billion (US$3.1 billion) by issuing 716.4 million new
common shares to investors in Japan and overseas to replenish
capital, Bloomberg News reports.

The company will sell as many as 375 million shares overseas and
another 341.4 million in Japan in its first sale of new common
stock in two decades, the report says citing filings to the
Ministry of Finance.

Nomura can raise as much as JPY302 billion if demand is
sufficient, based on an over-allotment clause stated in the filing
obtained by the news agency.

News of the capital raising plan sent the brokerage firm's shares
down by 43 yen, or 9.3 percent, to 420 yen on Feb. 24, its lowest
in 26 years, Bloomberg News relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 28, 2009, Nomura recorded a JPY264.4 billion impairment of
investments in subsidiaries and affiliates on unconsolidated
financial statements for the year ending March 31, 2009.

According to the firm, the impairment is mainly due to a decrease
in the net asset value of shares of a derivative entity in Europe
and a subsidiary investing in a US fund management firm.

Nomura also recorded an JPY88.4 billion impairment charge on its
investments in the shares of equity-method investees in its
consolidated financial statements for the third quarter of the
fiscal year ending March 31, 2009.

The impairment, according to the firm, is the cumulative amount
for the current fiscal year ending March 31, 2009, and includes
the JPY23.3 billion impairment recorded in the first quarter.

The firm said the impairment is due mainly to a decline in the
share price of a US fund management firm which a US subsidiary of
Nomura invests in.

Nomura incurred a JPY399.5 billion (US$4.4 billion) pre-tax loss
in the third quarter of the fiscal year ending March 31, 2009, on
net revenue of JPY49.7 billion (US$547 million).

                   About Nomura Holdings Inc.

Headquartered in Tokyo, Japan, Nomura Holdings Inc. (NYSE:NMR) --
http://www.nomura.com/-- incorporated on December 25, 1925, is a
securities and investment banking firm in Japan and has worldwide
operations.  Nomura is a holding company.  The services it
provides include trading, underwriting, and offering securities,
asset management services, and others.  As of March 31, 2008, it
operated offices in about 30 countries and regions, including
Japan, the United States, the United Kingdom, Singapore and Hong
Kong through its subsidiaries.  The Company's customers include
individuals, corporations, financial institutions, governments and
governmental agencies.  Nomura operates in five business
divisions: domestic retail, global markets, global investment
banking, global merchant banking and asset management.  In
February, 2007, Nomura acquired Instinet Incorporated.

In October 2008, Nomura announced that it has closed the
acquisition of most parts of Lehman Brothers' Asia Pacific
franchise, including Hong Kong, Singapore, Australia, India,
Thailand, as well as Japan.  Effective October 1, 2008, Nomura
acquired Lehman Brothers Holdings Inc.'s European equities and
investment-banking business, and decided not to take on the fixed-
income unit.  On September 30, 2008, Lehman Brothers Holdings Inc.
announced that the acquisition of its Asia operations by Nomura
does not include structured products transactions, done by the
Wall Street firm in India.  On October 7, 2008, Nomura announced
the acquisition of three more affiliates of Lehman Brothers in
India, including the business process outsourcing (BPO) unit in
Powai.  The acquisition covers Lehman Brothers Services India,
Lehman Brothers Financial Services (India) and Lehman Brothers
Structured Finance Services.


LONG HARVEST: Court to Hear Wind-Up Petition on March 18
--------------------------------------------------------
A petition to have Long Harvest Asia Limited's operations wound up
will be heard before the High Court of Hong Kong on March 18,
2009, at 9:30 a.m.

Lu Xiao Mei filed the petition against the company.

The Petitioner's solicitors are:

         K. C. Ho & Fong
         Henley Building, 18th Floor
         No. 5 Queen's Road Central
         Hong Kong
         Telephone: 2810 0707


SEE YU: Creditors' Meeting Set for March 5
------------------------------------------
The creditors of See Yu Enterprise Limited will hold their meeting
on March 5, 2009, at 3:30 p.m., at Room 1802, 18th Floor of World-
wide House, No. 19 Des Voeux Road Central, in Central, Hong Kong.


SUN FAIR: Creditors' Proofs of Debt Due on March 20
---------------------------------------------------
The creditors of Sun Fair Electric Wire & Cable Company Limited
Limited are required to file their proofs of debt by March 20,
2009, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 12, 2009.

The company's liquidator is:

         Lee Kwok On, Alexander
         Park-In Commercial Centre, Rooms 1901-2
         56 Dundas Street
         Kowloon


SUPERMODE LIMITED: Creditors' Proofs of Debt Due on March 24
------------------------------------------------------------
The creditors of Supermode Limited Limited are required to file
their proofs of debt by March 24, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 16, 2009.

The company's liquidator is:

         Chan Wing Kit
         United Centre, Flat A, 16th Floor
         95 Queensway
         Hong Kong


SW CITICOMP: Creditors' Proofs of Debt Due on March 23
------------------------------------------------------
The creditors of SW Citicomp Cyberworks Limited Limited are
required to file their proofs of debt by March 23, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

        Au Yeung Huen Ying
        Shum Tower, 8th Floor
        268 Des Voeux Road Central
        Hong Kong


THE ALUMNI ASSOCIATION: Creditors' Proofs of Debt Due on April 15
-----------------------------------------------------------------
The creditors of The Alumni Association of Oxford University Lee
Shau Kee Scholarship Limited Limited are required to file their
proofs of debt by April 15, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 13, 2009.

The company's liquidator is:

         Sze Sau Wan
         447 Lockhart Road, Room 602
         Hong Kong


TIME FAME: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on January 28, 2009, the
members of Time Fame Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Leung Ka Yan
         Choi Siu Hin
         Nan Fung Tower
         Room 2001, 20th Floor
         173 Des Voeux Road C., Central
         Hong Kong



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

BRIGHT POWER: CRISIL Rates Rs.80.0 Mln Cash Credit at 'BB'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Bright Power Projects (India) Pvt Ltd (Bright
Power).

   Rs.80.0 Million Cash Credit           BB/Stable (Assigned)
   Rs.140.0 Million Bank Guarantee *     P4 (Assigned)

   * Fully interchangeable with Letter of Credit

The ratings reflect Bright Power's stretched financial risk
profile marked by low net worth, high gearing and moderate debt
protection measures.  The ratings are also constrained by its
exposure to risks inherent to the tender-based contract jobs
business, and to the company's small scale of operations.  These
weaknesses are, however, partially offset by Bright Power's
established track record in the electrical contracts business, and
long-standing customer relationships.

Outlook: Stable
CRISIL believes that Bright Power will maintain a stable business
profile, backed by its project execution abilities and its long
track record in the electrical contracts business.  The outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates materially, led by liquidity constraints or
further increase in gearing.  Conversely, the outlook may be
revised to 'Positive' if the company's financial risk profile
improves substantially, led by sustained improvement in
profitability, and fresh infusions of equity.

                   About Bright Power

Incorporated in 1993 by Mr. B R Poonja and Mr. U V Kamath, Bright
Power undertakes electrical contracts for erection, installation,
commissioning and maintenance of overhead lines, transformers and
other equipment for the Railways, Bhabha Atomic Research Centre
(BARC) and other clients.

For 2007-08 (refers to financial year, April 1 to March 31),
Bright Power reported a profit after tax (PAT) of Rs.8.4 million
on revenues of Rs.366 million, as against a PAT of Rs.6.4 million
on revenues of Rs.342 million for 2006-07.


SATYAM COMPUTER: Plans to Start Bid Invitation This Week
--------------------------------------------------------
Satyam Computer Services Ltd. Chairman Kiran Karnik said the
company hopes to be "ready to invite expressions of interest" from
bidders as soon as its sale plan is approved by regulators,
Bloomberg News reports.

The company plans to start the search for a strategic investor
this week, Mr. Karnik told the news agency in a telephone
interview.

According to the report, Satyam's stake sale plan was approved by
India's Company Law Board last week and the company's board said
on Feb. 21 it would seek regulatory approval for the plan early
this week.

Satyam may sell at least a 26 percent stake to the winner of an
open bidding process, Bloomberg News discloses, citing India's
Company Law Board.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees (US$1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also
considered filing class action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon Rs200
million (US$4.1 million) a month out of the company, The Financial
Times said in a report last month.

                          About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.



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

CITIGROUP INC: May Sell Nikko Citigroup
---------------------------------------
The Mainichi newspaper states that Citigroup Inc. may sell its
Japanese investment-banking unit, Nikko Citigroup Ltd.

According to Mainichi, Citigroup is in the process of selling its
Nikko Cordial Securities Inc. unit, which specializes in services
for individual investors.  Mainichi says that Citigroup may sell
the two Nikko units together.

Citigroup, Tak Kumakura at Bloomberg News relates, said in
January 2009 that Nikko Cordial had a 13 billion yen deficit in
the three months ended December 31, 2008, compared to a 7.6
billion yen profit in 2007.  Bloomberg states that Nikko Citigroup
posted a 4.3 billion yen loss in 2008, compared with a 4.5 billion
yen shortfall in 200.

According to Bloomberg, Citigroup CEO Vikram Pandit included Nikko
Cordial in a list of businesses flagged for eventual sale under a
reorganization plan disclosed January 16, 2009.

Romy Varghese at The Wall Street Journal relates that the cost of
protecting Citigroup's subordinated debt against default rose on
Tuesday to levels usually seen for distressed firms, before
falling late in the day, due to uncertainty over what new
government involvement in the bank would be.  Phoenix Partners
Group said that credit-default swaps on Citigroup's subordinated
debt were trading at eight to 11 points up front, WSJ states.
Trader must then pay a fee between $800,000 or $1.1 million, plus
an annual $500,000, to protect $10 million of subordinated debt
against default for five years, according to WSJ.  Financial
information services company Markit notes that cost had dropped to
$720,000 a year for five years.

According to WSJ, said that the cost of protecting Citigroup's
senior bonds also rose.  Markit says that the credit-default swaps
on the senior debt were quoted at 4.66 percentage points,
indicating an annual cost of $466,000 to protect $10 million for
five years.  The cost was $468,000 on Monday, WSJ states.

Citing Janney Montgomery Scott's chief fixed-income strategist Guy
LeBas, WSJ relates that the widening of Citigroup subordinated
swaps is a "continuation of nationalization fears," and it is
"challenging" to expect that the government would let a bank's
subordinated debt default.  WSJ quoted Mr. LeBas as saying, "I
don't think they're likely to allow such an event."

Much of Citigroup's fixed-income investors hold senior bonds, WSJ
reports.  Data provider Dealogic says that Citigroup issued in
2008 and 2007 $5.15 billion in subordinated corporate debt.
According to WSJ, Citigroup issued $73.8 billion of senior
corporate debt over that same period.

    Farhan Faruqui as Chief of Global Banking, Asia Pacific

Amy Or at WSJ reports that Citigroup has appointed Farhan Faruqui
as head of global banking, Asia Pacific.  According to WSJ,
Mr. Faruqui was the former chief of Citigroup's Asia Pacific
Corporate & Commercial Bank.  The report says that Mr. Faruqui has
been in Citigroup for 18 years and will remain in Hong Kong.

Mr. Faruqui, WSJ states, will report to the co-heads of global
banking Alberto Verme and Raymond McGuire, and Citigroup's Asia
Pacific CEO Ajay Banga.

Citigroup said in a statement that it also appointed Mark Renton
as global co-head of its public-sector group.  Mr. Renton,
according to WSJ, will remain in Hong Kong.  He was Citigroup's
chief of investment banking in the Asian-Pacific region, says WSJ.

WSJ says that Citigroup disclosed in December 2008 that a global
initiative to merge corporate and investment banking.  WSJ states
that Citigroup announced earlier this year a plan to form Citicorp
-- which encompasses core Citigroup businesses like global banking
-- and a noncore Citi Holdings, which are two separate entities.

                      About Citigroup

Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citi had $2.0 trillion in total assets on $1.9
trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


MAZDA MOTOR: Shares Hit 34-Year Low on Financing Concerns
---------------------------------------------------------
Mazda Motor Corp. dropped to the lowest in more than 34 years in
Tokyo trading after NHK reported that Mitsubishi Motors Corp. may
seek government loans, sparking concerns about Japanese carmakers'
finances, the China Post relates citing Bloomberg News.

According to the Post, Yoku Ihara, head of equity research at
Retela Crea Securities Co. in Tokyo, said investors fear that
Mazda may need to raise funds, as it struggles with waning global
auto demand and a strong yen.

"We've heard very little from Mazda about actions that would quell
investors' concerns," the report quoted Mr. Ihara as saying.
Investors "are particularly worried about the smaller carmakers
like Mazda."

Mazda, according to the report, fell JPY10, or 7.6 percent, to
close at JPY122 in Tokyo, Wednesday, Feb. 25 while Mitsubishi
Motors slipped 1.8 percent to JPY111.

           Production and Sales Results for January 2009

In a press statement, Mazda discloses that its domestic production
volume of passenger and commercial vehicles in January 2009
decreased 66.2% compared to January 2008.

Mazda's overseas production volume of passenger and commercial
vehicles in January 2009 decreased 52.2% compared to January 2008.

Amid diminished overall market demand, Mazda's total domestic
sales volume of passenger and commercial vehicles in January 2009
decreased 29.1% compared to January 2008.

Mazda's registered vehicle market share was 6.1% (down 0.7 points
year-on-year), with a 3.3% share of the micro-mini segment (down
0.2 points year-on-year) and a 5.0% total market share (down 0.6
points year-on-year).

Due to a reduction in global demand, Mazda's January 2009 exports
of passenger and commercial vehicles decreased 72.1% year-on-year.

                      FY2008 Results Forecast

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2009, that Mazda Motor revised all FY2008 full year
projections downward, reflecting the sharp deterioration in the
sales environment of global markets since October, and the
expected impact of a further appreciation of the yen against key
currencies.

In a press statement, Mazda Motor disclosed that it projected
sales revenue to come in at JPY2,550.0 billion, a decrease of 27
percent compared with the prior year.  Operating profit is
forecast to be down JPY187.1 billion, resulting in an operating
loss of JPY25 billion.   However, ordinary profit is forecast to
be limited to a loss of JPY15 billion mainly due to exchange
hedging, and net income is projected to be negative JPY13 billion.
Due to the rapid deterioration in business conditions, the share
dividend has not been determined yet.

Mazda's full year global retail sales forecast has been reduced to
1.24 million units, down 123,000 units compared to the prior year.
This mainly reflects the sharp decline in sales in Europe and in
other markets, where strong sales were achieved in the first half
of the fiscal year.  The company projects year-on-year sales
declines in all markets except China.

                        About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.


MITSUBISHI MOTORS: May Seek Loan from Government
------------------------------------------------
Mitsubishi Motors Corp. may seek loans from the Japanese
government as demand for automobile plummets, Bloomberg News
reports.

Citing public broadcaster NHK, Bloomberg News relates that
Mitsubishi may apply for government loans worth as much as JPY50
billion ($528 million).

According to Bloomberg News, Mitsubishi Motors spokesman Kai Inada
declined to confirm or deny the report.

The company is considering requesting aid from Japanese, European
and U.S. governments to help fund research and development for
electric cars, Mitsubishi Motors President Osamu Masuko told
Bloomberg News in an interview in Tokyo.

Mr. Masuko, as cited by the report, said the company aims to begin
domestic sales of its i MiEV electric car in July.

Meanwhile, Bloomberg News recalls the carmaker on Feb. 4 predicted
a net loss of JPY60 billion in the fiscal year ending March 31,
reversing its previous forecast for a profit of JPY20 billion.

                       Production Cuts

The Canadian Press reports that Mitsubishi Motors plans to ease
production cuts at plants in Japan in March after its inventories
had fallen to the appropriate levels.

Acccording to the Press, Mitsubishi's Nagoya plant in Aichi
Prefecture, which manufactures the Colt small car, will run for 24
days in March, up from 16 days in February.

Another plant that makes the Pajero sport-utility vehicle will
operate for 18 days next month, while it is scheduled to run nine
days in February, the Press relates.

In its Okayama plant, the Press says production line for
minivehicles will operate 22 days in March, up from 17 in
February, while production for regular vehicles will rise to 15
days from seven.

            Production, Sales and Export Figures
                     for January 2009

Mitsubishi Motors has released it global production, as well as
domestic sales and export figures for January 2009.

Production: total and in Japan

Total global production came in at 53,339 units, a decline of 53.9
percent over January 2008 and the eleventh consecutive monthly
decrease since March 2008.  Production volume in Japan at 25,392
units was down 65.0 percent as a 67.7 percent decrease in
passenger car and a 40.3 percent decline in commercial vehicle
output saw year-on-year output fall for the third consecutive
month.  The fall in production volume in Japan was due mainly to
the impact on sales volume in the company's world markets of the
global financial crisis.

Sales in Japan

Vehicle sales in Japan in January totaled 9,655 units, a 36.3
percent decrease year-on-year and the 17th consecutive monthly
decline since September 2007.  Registered vehicle sales volume was
54.0 percent down on the same month last year.  Minicar sales
volume was 23.2 percent down.

Overseas Production

Overseas production volume totaled 27,947 units, 35.3 percent down
over January last year and the eleventh consecutive monthly
decline.  By region, output in North America was 66.5 percent down
as production levels were adjusted for slow sales in the United
States.  In Europe, output was 20.3 percent down due to sluggish
sales in the region.

Export Shipments from Japan

Total exports from Japan of 12,936 units were 77.4 percent down on
January 2008, marking the third consecutive month of year-on-year
decreases.  Exports to Asia at 970 units were 54.7 percent down on
January 2008 due mainly to a drop in exports of built-up models to
China.  Exports to Europe at 4,673 units were 84.1 percent down
due mainly to a major drop in sales in Russia and The Ukraine.
Exports to North America as a whole at 2,252 units were 67.7
percent down, though shipments to Canada only slipped by five
percent.

                     About Mitsubishi Motors

Mitsubishi Motors Corporation (TYO:7211) -- http://www.mitsubishi-
motors.co.jp  -- is a Japan-based automobile manufacturer.  The
Company, along with its subsidiaries and associated companies, is
engaged in the development, production, purchase, sale, import and
export of general and small-sized passenger vehicles, mini-
vehicles, sport utility vehicles (SUVs), vans, trucks and
automobile parts, as well as industrial machines.  It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.  As of March 31, 2008, the Company had 54 subsidiaries
and 21 associated companies located in both domestic and overseas
markets.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 23, 2008, Moody's Investors Service changed to negative from
positive the outlook for its Ba2 long-term debt ratings of
Mitsubishi Motors Corporation and its supported subsidiaries,
Mitsubishi Motors Credit of America, Inc., and MMC International
Finance (Netherlands) B.V.

Moody's said the outlook change reflects the increasingly
worsening outlook for the global automotive markets for 2009 and
the negative impact on MMC's operating performance.


* JAPAN: Some BOJ Board Members Were Against Corp. Debt Purchase
----------------------------------------------------------------
Bloomberg News reports meeting minutes show Bank of Japan board
member Miyako Suda said last month she didn't think purchasing
corporate debt was necessary.

"Recent overall conditions for corporate financing were not so
severe as to require the bank to conduct outright purchases of
corporate bonds," Ms. Suda said, according to minutes of the Jan.
21-22 meeting obtained by Bloomberg News.

Companies can borrow from banks or sell commercial paper as an
alternative to issuing bonds, Ms. Suda added as cited by the news
agency.

The report relates some members at the meeting said the bank
should emphasize that buying corporate debt was an "exceptional
measure for a central bank."

One person also said that excessive purchases of debt could impair
the functionality of the market, minutes cited by Bloomberg News
showed.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, Bloomberg News said the BOJ will buy for the first
time as much as JPY1 trillion (US$10.7 billion) in corporate bonds
rated A or higher from March 4 to Sept. 30.

The country's economy will remain in a "severe" state next quarter
and companies will continue to struggle to obtain financing as
investors shun risk, Bloomberg News cited Governor Masaaki
Shirakawa as saying.

According to the report, the central bank said it will extend
programs in place to buy JPY3 trillion of commercial paper and
provide unlimited collateral-backed loans to financial
institutions until September.  It will also continue accepting
lower-rated assets as collateral until December, the report said.
The report recalled the bank earlier said it will buy as much as
JPY1 trillion of stocks owned by lenders on Feb. 23 to help them
replenish capital.

                        Economy Shrinks

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
18, 2009, MarketWatch, citing preliminary data released by the
Cabinet Office, said Japan's economy shrank 12.7% on an annualized
basis in the October-to-December period, or 3.3% from the previous
quarter.

The decline, the report said, was the biggest since a 13.1%
annualized contraction in the January-to-March period in 1974.

The report disclosed in its outlook report on Jan. 22, the BOJ
forecast that the economy would contract 1.8% in the fiscal year
ending in March.

In the July-to-September quarter, Japan's economy contracted 2.3%
annualized, the report noted.

                      Corporate Bankruptcies

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
11, 2009, BBC News said data from Tokyo Shoko Research showed
Japanese corporate bankruptcies rose 15.8% to 1,360 cases in
January from a year earlier, the eighth consecutive monthly
increase.

Bankruptcies at market listed companies meanwhile hit a record
high of 35 for the year to March 31, the highest since World War
II, BBC News noted.



==========
K E N Y A
==========

PAN AFRICAN: Suspends Operations; To Hold Meeting This Week
-----------------------------------------------------------
Pan African Paper Mills Limited (Panpaper) will hold a
shareholders' meeting this week to discuss rescue plans for the
company amid a major disruption last week, the Business Daily
reports.

According to the Daily, Panpaper chief executive officer,
Mr. Niranjan Saha, said the operations were suspended because of a
"host of problems."  The rescue plan, Mr. Saha said, would include
"fiscal support measures" from the government.

The Daily Nation states that the Kenyan government has imposed a
three-month suspension of operations to enable it come up with a
concrete revival plan for the firm.

However, the Daily Nation notes without any profit from
operations, the company has accumulated debts that now run to
about Sh8 billion.

                        Host of Problems

The Standard relates that Panpaper's operations were also
suspended following power disconnection to the firm late last
month.

In May last year, the Standard recalls, the Kenya Power and
Lighting Company disconnected power to the company over a Sh30
million bill, but was re-connected after part of it was cleared.

Aside from power disconnection, Panpaper also faces difficulty in
securing capital because the company does not have a valid logging
licence, according to the Standard.

According to the Standard, Mr. Saha said the licence had not been
renewed since 2003, leading to the disruption of wood supply, the
factory's core raw material.

The Standard discloses that PanPaper has for some years been
facing financial problems, attributed by the management to high
fuel and power costs and difficulties in accessing raw materials.

At the height of its financial woes last year, the Standard says
Industrialisation Minister Henry Kosgey and Forestry and Wildlife
Minister Noah Wekesa pledged Government support to save it from
going under and assured that the company would be assisted to
remain afloat.

                       About Pan African

Pan African Paper Limited operates a paper mill and forestry
operation in Western Kenya in the town of Webuye, near the Uganda
border.  The industry began in the mid 1970's as a project of the
Kenyan government with support and financing of the World Bank.
Orient Paper Mills, part of the Birhla group from India, bought
major shareholdings in the operation.


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

GOLD BRIDGE: Agrees to Extend MOU with HektarKlasik for 45 days
---------------------------------------------------------------
As reported in the Troubled Company Reporter-Asia Pacific on
December 16, 2009, Gold Bridge Engineering & Construction Berhad
disclosed that its wholly owned subsidiary, Aseania Development
Sdn Bhd (ADSB), entered into a Memorandum of Understanding (MOU)
with HektarKlasik Sdn Bhd to a joint venture to invest in, manage
and operate a 3-storey shopping complex together with a basement
floor upon the terms and conditions as may be agreed by Hektar and
ADSB.

The Shopping Mall was developed and constructed by a wholly owned
subsidiary of D'Aseania Mall Sdn Bhd on all that piece of land
held under HSM 378, Mukim 07, PT802, Daerah Seberang Perai Tengah,
Negeri Pulau Pinang.

Hektar and ADSB have agreed to enter into the MOU to define the
basic terms of the Proposed Joint Venture and to regulate their
interest in D'Aseania.

In an update, Gold Bridge said it has agreed to extend the said
MOU for a further period of 45 days from the last date of expiry,
February 23, 2009, as both parties need more time to facilitate
and complete the necessary due diligence exercise before signing
the definitive agreement.

                        About Gold Bridge

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                          *     *     *

For the fiscal year ended June 30, 2008, Gold Bridge Engineering
Berhad reported a MYR1.65 million loss after tax, which is
substantially lower than the preceding year's loss of MYR49.73
million.  The reduction was mainly due to the substantial
reduction in impairment losses, provision for doubtful debts and
other operating expenses.

Gold Bridge Engineering Berhad is currently listed as an affected
listed issuer under the an Amended Practice Note No. 17/2005 List
of Companies of the Bursa Malaysia Securities Bhd, and is
therefore required to submit a regularization plan.


LIQUA HEALTH: Unit Files Injunction Application Against Director
----------------------------------------------------------------
Liqua Health Corporation Berhad disclosed in a regulatory filing
that its wholly owned subsidiary company, Liqua Health Marketing
(M) Sdn Bhd ("LHM"), on February 17, 2009, filed an application
for an injunction in the High Court of Malaya at Kuala Lumpur
against Mr. Yeoh Eng Kong.

The application for injuction was filed to restrain Mr. Kong, who
is also a director of the company, from presenting or filing a
petition to wind–up LHM.

In addition, LHM had also filed a Writ and a Statement of Claim
against Mr. Kong, praying for various relieves including, a
declaration that LHM does not owe any money to Mr. Kong as alleged
and damages.

According to Liquia Health, the proceedings for an injunction was
filed pursuant to Notice issued under Section 218 of the Companies
Act, 1965 dated January 30, 2009, issued by Mr. Kong against LHM,
claiming a sum which was allegedly advanced to LHM and disputed by
LHM .

The application for the injunction was fixed for hearing on
February 23, 2009.

                        About Liqua Health

Liqua Health Corporation Berhad is principally engaged in the
businesses of investment holding and provision of management
services.  Its core business is direct selling of health food
and related products, through its subsidiaries.  Liqua Health
and Liqua Spirulina are the two core health products of the
company.  The company's subsidiaries include Liqua Health
Marketing (M) Sdn. Bhd., which is engaged in direct selling of
health food and general merchandise; Packcon (Asia) Sdn. Bhd,
which is engaged in marketing packaging materials and general
trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath
Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in
research and development; Quantum Healing Centre Sdn. Bhd
(dormant), which is engaged in the trading and marketing of
health food and general merchandise.  In February 2007, Liqua
Health Marketing acquired the remaining 51% interest in Liqua
Health Chain.

                          *     *     *

The company's consolidated shareholders' fund has dropped to
approximately MYR5.9 million which is below the 25% of the paid-up
share capital which stands at MYR144.3 million and the minimum
issued and paid up capital of MYR60 million required under
paragraph 8.16A(1) of the Listing Requirements.


OCI BERHAD: Posts MYR1.55 Mln Net Loss in Qtr Ended Dec.'08
-----------------------------------------------------------
OCI Berhad reported a net loss of MYR1.55 million for the
quarter ended December 31, 2008, compared with a net loss of
MYR615,000 in the same period in 2007.

For the second quarter, the company recorded MYR1.38 million of
revenues, an increase from the revenues of MYR482,000 recorded in
the same quarter of 2007.

The company's balance sheet as of end-December showed
MYR27.34 million in total assets and MYR69.74 million in total
liabilities, resulting in a MYR42.40 million shareholders'
deficit.

As of December 31, 2008, the company's balance sheet also showed
strained liquidity with MYR5.05 million of current assets
available to pay MYR66.87 million of current liabilities coming
due within the next twelve months.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building and construction,
automotive, furniture and packaging industries.  OCI
manufactures and markets a range of sealants and adhesives for
various consumer and industrial purposes in 70 countries around
the world.  On January 24, 2006, the Company disposed off its
entire 51% equity interest in Tongyong Resin Chemical Industry
Co. Ltd.

                          *     *     *

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor pointed to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


WWE HOLDINGS: Dec. 31 Balance Sheet Upside Down by MYR9.52 Mln
--------------------------------------------------------------
WWE Holdings Bhd balance sheet at December 31, 2008, showed total
assets of MYR230.89 million and total liabilities of MYR240.41
million, resulting in a shareholders' decifit of MYR9.52 million.

The company's balance sheet at December 31, 2008, also showed
strained liquidity with MYR201.81 million in total current assets
available to pay MYR$217.67 million in total current liabilities.

In the first quarter ended December 31, 2008, WWE Holdings
reported net income of MYR1.53 million, compared with a net loss
of MYR.77 million in the same quarter of 2007.

For the current quarter, the group registered revenue of
MYR4.58 million as compared to a revenue of MYR45.45 million
in the preceding year quarter.

                       About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.




====================
N E W  Z E A L A N D
====================

GENESIS MARINE: Goes Into Liquidation
-------------------------------------
The New Zealand Herald reports that Genesis Marine has been placed
in liquidation with debts amounting to NZ$2.3 million.  The
company's shareholders last week appointed John Gilbert from C&C
Strategic as liquidator.

According to the report, co-owner and managing director
Christopher Pollock said the market for its boats had dried up.

"Obviously the credit crunch, the oil crisis, the bad winter last
year, the fact that no one is purchasing high-end market products
has a lot to do with the reason that after 25 years we've not be
able to continue in business," the Herald quoted Mr. Pollock as
saying.

"We're trying to organize a meeting for him [the liquidator] this
week to try and complete any boats that people have asked us to
complete."

The company, the report relates, had about 20 staff at the time
the liquidator was appointed, although he thought the number of
employees might have been as many as 40 before Christmas.

The report notes that Mr. Gilbert did not yet have a value for the
company's assets because of uncertainty about ownership, including
that of part-built boats.

Genesis Marine -- http://www.genesismarinecruisers.com/-- is a
luxury boat builder.



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

LEGACY GROUP: Central Bank Warns Public Against Scheme Copycats
---------------------------------------------------------------
The Philippine Daily Inquirer reports that the Bangko Sentral ng
Pilipinas (BSP) has warned the public to be wary of financial
institutions that promise yields substantially higher than the
market regularly offers, just like the now-shuttered Legacy rural
banks.

According to PDI, the central bank had received reports that
unscrupulous entities were imitating the business model of Legacy
rural banks, whose owners are believed to have gotten rich by
siphoning off depositors' money.

Deputy Governor Nestor Espenilla Jr., head of the BSP bank
supervision unit, told the PDI that the central bank is monitoring
the activities of those entities.

In an earlier report, the PDI disclosed that Legacy Group banks
allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20 percent in annual returns.

To address risk concerns, the PDI said, the cash deposits are
spread out through the Legacy chain of banks to keep each deposit
within the maximum limit of the PDIC.

Legacy banks avoided too many complaints from depositors by
encouraging accounts of up to only Php250,000, the maximum covered
by Philippine Deposit Insurance Corp. (PDIC), the news agency
said.

“The only one that suffered is the Deposit Insurance Fund of
PDIC,” Mr. Espenilla was quoted by the PDI as saying.

                       About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.


LEGACY GROUP: 3 Mutual Funds Shut Down Operations
-------------------------------------------------
The Securities and Exchange Commission (SEC) issued a notice
that the three mutual funds of the Legacy Group, namely: Legacy HY
Fund Inc., Legacy GS Fund Inc. and Legacy TD Fund Inc., have
stopped operations, Business World reports.

According to the report, the SEC has instructed investors in these
mutual funds to provide them with their contact details, addresses
and a copy of their stock certificates.

The SEC corporation finance department threatened Legacy GS Fund
with the revocation of its registration and permit to sell
securities if it fails to comply with the commission's reportorial
requirements, Business World recounts.

On the other hand, Legacy HY Fund's petition for voluntary
revocation was approved by the regulator two weeks ago, the report
noted.

                       About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.



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

CITIGROUP INC: Singapore's GIC Won't Convert Preferred Shares
-------------------------------------------------------------
Government of Singapore Investment Corp. or GIC won't convert its
Citigroup Inc. preferred shares into common stock as part of a
potential U.S. government assistance, Costas Paris and Nisha
Gopalan at The Wall Street Journal report, citing people familiar
with the matter.

According to WSJ, Citigroup is in talks with U.S. officials that
could give the government a stake of as much as 40%.  GIC, WSJ
relates, purchased the convertible preferred securities in January
2008, which is now worth US$592.4 million, based on Citigroup's
US$1.95 closing price on Friday.

WSJ notes that Citigroup's ability to support its offshore
businesses could be curbed by a bigger U.S. government stake in
the bank.  The report says that Singaporean sovereign-wealth fund
and market participants are concerned that greater U.S. government
participation in Citigroup could result in a pullback by the bank
in favor of its domestic market.

Citing people familiar with the matter, WSJ reports that Citigroup
officials hope to convince some investors holding preferred shares
to follow the government's lead in converting some of those stakes
into common stock.

GIC, according to a U.S. Securities and Exchange Commission filing
in January, holds preferred shares in Citigroup that represent a
5.3% stake if converted.  WSJ relates that the preferred shares
offer an annual coupon of 7%, and converting the preferred shares
into common stock would cut off that income stream.  "If GIC is to
convert into common stock, the deal must be sweetened quite a lot.
They want to make sure that their return will be equal or above
the coupon," WSJ quoted a person familiar with the matter as
saying.

WSJ reports that a bigger U.S. government stake in Citigroup could
increase pressure at the bank to stop dividend payments.

                      About Citigroup

Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citi had $2.0 trillion in total assets on $1.9
trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


GUAN LEONG: Pays First and Final Dividend
-----------------------------------------
Guan Leong Construction Pte Ltd, which is in liquidation, paid the
first and final dividend on February 25, 2009.

The company paid 100 percent to all admitted preferential claims,
while 11.22 percent to all admitted ordinary claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


JURONG INDUSTRIAL: Court Enters Wind-Up Order
---------------------------------------------
On January 30, 2009, the High Court of Singapore entered an order
to have Jurong Industrial Services Pte Ltd's operations wound up.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


MP-BILT PTE: Members' Final Meeting Set for March 12
----------------------------------------------------
The members of MP-Bilt Pte Ltd will hold their final meeting on
March 12, 2009, at 10:00 a.m., at 25 International Business Park,
in #04-22/26 German Centre, Singapore 609916.

At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow,
the company's liquidators, will give report on the company's wind-
up proceedings and property disposal.

Steven Tan Chee Chuan and Douglas Tan Kay Yeow are the company's
liquidators.


MUTUAL EUROPEAN: Court Enters Wind-Up Order
-------------------------------------------
On February 13, 2009, the High Court of Singapore entered an order
to have Mutual European Maritime Employer Company Pte Ltd's
operations wound up.

Owi Limited filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


OWIS PTE: Court Enters Wind-Up Order
------------------------------------
On February 13, 2009, the High Court of Singapore entered an order
to have Owis Pte Ltd's operations wound up.

Owi Limited filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118



======================
S O U T H  A F R I C A
======================

* SOUTH AFRICA: Records Annualized 1.8% Economic Contraction
------------------------------------------------------------
South Africa's gross domestic product fell an annualized 1.8
percent in the fourth quarter last year compared with the third
quarter, Bloomberg News reports citing data from Statistics South
Africa.

According to the report, manufacturing, which accounts for 16
percent of the economy, fell an annualized 21.8 percent, while
mining rose 0.4 percent in the fourth quarter, compared with a
drop of 8.8 percent in the previous three months.

Retail output also fell an annualized 0.2 percent, compared with a
6.9 percent decline in the previous three months, the report says.

"This is the start of the recession," the news agency quoted
Salomi Odendaal, an economist at Citadel Investments in Cape Town,
as saying.  "The economy will remain in recession for the greater
part of 2009.

Bloomberg News relates Finance Minister Trevor Manuel said in his
budget speech on Feb. 11 the economy will probably expand 1.2
percent this year, compared to the 3.1 percent expansion in 2008.



===========
T A I W A N
===========

* TAIWAN: January Export Orders Down 41.67% on Weakening Demand
---------------------------------------------------------------
Taiwan's export orders tumbled 41.67 percent in January from a
year earlier after December's 33 percent plunge, Bloomberg News
reports citing the Ministry of Economic Affairs in a statement.

The country's industrial output also declined in January by 43.11
percent, the report says.

According to the report, export orders fell to US$17.68 billion in
January from US$20.79 billion in December as orders from Taiwan's
largest markets fell.

The report discloses orders from China and Hong Kong fell 54.71
percent from a year earlier, after they plunged 47.13 percent in
December, and demand from the U.S. fell 36.75 percent, compared
with a 24.73 percent decline in December.

Orders for electronics goods fell 38.85 percent, compared with a
30.84 percent decline in December and demand for information
technology and communications products fell 30.47 percent, from a
23.13 percent drop in the previous month, the report says.



=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================

* NATIONAL BANK OF FUJAIRAH: Posts US$13.7 Mln Full-Year Loss
-------------------------------------------------------------
Shaji Mathew at Bloomberg News reports United Arab Emirates-based
commercial bank National Bank of Fujairah incurred a 50.3 million
dirhams (US$13.7 million) full-year loss.

The bank had a profit of 323.8 million dirhams a year earlier, the
report says citing the bank in a statement to the Abu Dhabi
bourse.

The value of the bank's investment portfolio dropped by 250
million dirhams, according to the report.



                         *********

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.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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