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             A S I A   P A C I F I C      

      Thursday, June 4, 1998, Vol. 1, No. 73

                    Headlines


C H I N A   &   H O N G   K O N G

BOND CORP: Lai Jury Told of Bribe to Save $1 Billion
CHUN FOO LIMITED: Winding up Notice
KOLAM TERMINAL LIMITED: Winding up Notice
KONG TAI: Fund-raising Next as Kong Tai Trims Losses
WING ON INTERNATIONAL: Reveals Losses from Asian Slowdown
WONG'S INTERNATIONAL: Sales Fall 10% as Crisis Roars


I N D O N E S I A

ASTRA INTERNATIONAL: Forex Charges Push Astra into Red
SAMPOERNA: Cigarette Company Posts Forex Losses
SEMPATI AIR: Turmoil Forces Sempati Air out of the Skies
TRI POLYTA: Seeks Revision of Debt Terms


K O R E A

DAEWOO MOTOR: GM Denies Daewoo Stake Deal
HYUNDAI MOTOR: Domestic Sales Down 65%
MIHWADANG COMPANY:  Bankruptcy Petition Approval
SE-AH COMPANY: Bankruptcy Petition Approval


M A L A Y S I A

BERJAYA SINGER: Winding up Petition Poses no Threat
COMPUTER ASSISTED LEARNING: Winding up Notice
CYCLE & CARRIAGE: Plants may be Shut Longer than Expected
EVIJOY SDN BHD: Winding up Notice
FACB BHD: Secured Bonds Downgraded by RAM
HOI SEONG TRADING SDN BHD: Member's Winding up Notice
MAXVON ENTERPRISE: Winding up Notice
MEDAL SPORT: Winding up Notice
METAL SERVICE CENTRE: Winding up Notice
MONTBLUE SEATING: Winding up Notice
PHPB SDN BHD: Winding up Notice
TEN GOLD SDN BHD: Winding up Notice
TOONG POH TIN MINING: Winding up Notice
WK SECURITIES SDN BHD: Receives Two Weeks to Restructure
WOODLANDOR HOLDINGS BHD: Consolidating Operations


P H I L I P P I N E S

EVER GOTESCO: Government Threatens Takeover


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

BOND CORP: Lai Jury Told of Bribe to Save $1 Billion
----------------------------------------------------
The Hong Kong Standard of June 3, 1998 reports that the
court was told that the Securities and Futures Commission
was defrauded in the take-over of Bond Corporation
International because the five stock players involved in
the deal found Bond Corporation International Holdings an
attractive investment but could not afford to meet legal
requirements.

David Tong Cun-lin, Hsu Jye, Arthur Lai Cheuk-kwan, his
brother Lai Chik-luen and Peter Mou CHi-luen denied charges
of plotting to defraud.

The Court heard that two companies connected to Tong
acquired 66% of Bond Corporation International but only
34.5% of the deal, was carried out with the knowledge of
the SFC and the mergers committee to have been bought by
Thomson Pacific, of which Tong was Executive Chairman.
Another 31.5% was bought through Chin Tung (of which Arthur
Lai was chairman) because Tong or his four alleged
accomplices could not afford to meet the requirement that
any group acquiring more than 35% of shares with voting
rights had to make a general offer to buy out all
shareholders; this could have cost them more than $1
billion.

Although Bond Corporation was in trouble, Bond Corporation
International Holdings, with its substantial cash
resources, was an attractive investment for the players
concerned.

Arthur Lai is accused of taking A$2 million and HK$26.4
million in bribes. Tong is accused of offering $26.4
million bribe, while Raymond Lai and Mou face two counts of
aiding and abetting the corrupt payments.


CHUN FOO LIMITED: Winding up Notice
-----------------------------------
The Hong Kong Standard of June 3, 1998 shows a notice
saying that petition for the winding up Chun Foo Limited
was made to the High Court on the 11th day of May 1998 by
Good Fit Shoes of Room 49-50, 3rd Floor, Block F, Wah Lok
Industrial Centre, Phase 2, Shan Mei Street, Fo Tan, New
Territories, Hong Kong. The petition was directed to be
heard before the Court at 11:00 am on the 17th day of June
1998.


KOLAM TERMINAL LIMITED: Winding up Notice
-----------------------------------------
The Hong Kong Standard of June 3, 1998 shows a notice
saying that a petition for the winding up of Kolam Terminal
Limited was made to the High Court on the 20th day of May
1998 by Lee Chuen Fat of Room 508, 5th Floor, Shek Ning
House, Shek Lei Estate, Kwai Chung, New Territories,
Hong Kong. The said petition was directed to be heard
before the Court at 11:00 am on the 24th day of June 1998.


KONG TAI: Fund-raising Next as Kong Tai Trims Losses
----------------------------------------------------
As reported on the SCMP of June 3, 1998, property
developer Kong Tai International Holdings said it was
seeking to raise funds to reduce debt and boost working
capital for future acquisitions.

The company reduced its losses by 19.8% to a net $17.15
million last year. Operating losses narrowed by almost 10%
to $50.21 million, but losses per share surged to 0.81
cents from 2.49 cents. The company said it had raised its
net asset value per share by 168 per cent to 28.57 cents.


WING ON INTERNATIONAL: Reveals Losses from Asian Slowdown
---------------------------------------------------------
The SCMP of June 3, 1998 says that retailer Wing On
International has reported that its department store
division saw operating losses more than double to $234.13
million last year from $101.03 million a year earlier,
while operating losses at the restaurant arm rose 104% to
$14.06 million.

The company, ultimately held by property developer Wing On
International Holdings, also made a $113.78 million
provision for listed securities as a result of the
financial turmoil in Asia stock markets.

The damages caused a 79% drop in attributable profit to $60
million. Interest charges on borrowings almost doubled to
$123.66 million from $61.85 million.

To reduce operating cost, the company reduced its staff by
about 25.5%, about 1,300 in number, to 3,747 in Hong Kong
and the PRC last year.

WONG'S INTERNATIONAL: Sales Fall 10% as Crisis Roars
----------------------------------------------------
Sales volume at Wong's International Holdings dropped 10
per cent in the first quarter of this year because of the
regional economic crisis. The company's business in
Southeast Asia this year would not perform as well as last
year, but the total volume in the region accounts for a
small percentage of total turn-over.

Last year, the company's revenue totalled $2.83 billion.
Income generated in the region amounted to $1.21 billion.
The company's business is concentrated in the North
American, European and Japanese market. The site in Kwun
Tong currently occupied by the company would be let.

The new printed circuit board factory in Tseung Kwan O
Industrial Estate will be fully operational next month.

The company's property redevelopment project in Mid-Levels
with Henderson Land Development may be offered for sale
later this year by September, of which Wong's had a 42.5%
interest.


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

ASTRA INTERNATIONAL: Forex Charges Push Astra into Red
------------------------------------------------------
The Hong Kong Standard of June 3, 1998 said that Astra
International, Indonesia's largest car maker, suffered from
a 2.26 trillion rupiah loss in the first quarter of the
year, hit by foreign exchange charges. The loss compares to
net profit of 119.8 billion rupiah in the first quarter of
last year, and to a full-year loss of 279 billion rupiah in
1997. The company took charges of 2.86 trillion rupiah on
foreign exchange contracts, which weren't fully explained
to the stock exchange. Sales, excluding income from
financial services, fell to 2.7 trillion rupiah in the
period from 3.1 trillion rupiah in the first quarter of
last year.


SAMPOERNA: Cigarette Company Posts Forex Losses
-----------------------------------------------
Indonesian cigarette giant Sampoerna said on Monday that     
it had posted a first-quarter net loss of 642.77 billion
rupiah (S$91.9 million) due to heavy foreign exchange
losses and swap costs, according to Singapore BusinessTimes
on June 3, 1998. PT Handjaya Mandala Sampoerna said the
first-quarter loss contrasted with a 99.56 billion rupiah
net profit in the first three months of last year.

The company said its results had been burdened by net
foreign exchange losses and swap costs of 716 billion
rupiah, and warned that riots in Jakarta last month would
further damage its performance this year, particularly if
it failed to be recompensed by insurance companies.


SEMPATI AIR: Turmoil Forces Sempati Air out of the Skies
--------------------------------------------------------
Sempati Airline has been forced out of business, the first
commercial airline to fall victim to the monetary crisis.
The company's shareholders were due to meet today. The main
shareholders include Suharto's youngest son Tommy Mandala
Putra and close Suharto associate and former minister
Mohammad Bob Hanson.

Sempati Air, founded in 1989, counts Indonesian-Malaysian
joint venture Asian Aviation as its main shareholder with
40%, the Indonesian army's Tri Usaha Bhakti with 25%, Mr
Hasan's 20% and Mr Mandala Putra's Humpuss group with 15%.

Flight service employees would be laid off on Saturday but
administration staff would remain for some time to collect
proceeds from agents.

The Jakarta Post quoted the Transportation Minister Giri
Suseno as saying that the company's problem is so serious
that it has to stop operation despite government assistance
extended to it.

Financial difficulties following the plunge of the rupiah
reduced its fleet from 25 leased aircraft in 1996 to only
five Boeing 737s.

An airline official said it was difficult for Sempati to
make a profit with 80% of its costs in dollars but earnings
in rupiah.

Indonesia's five other scheduled commercial carriers are
Garuda Indonesia, Merpati Nusantara Airlines, Bouraq
Airlines, Mandala Airlines and Dirgantara Air Service.


TRI POLYTA: Seeks Revision of Debt Terms
----------------------------------------
The SCMP of June 3, 1998 reports that Indonesian plastics
and polypropylene company Tri Polyta, part-owned by former
Suharto's second son, is looking to revise terms on US$185
million in notes to free up cash to make interest payments.

The company wants bond holders' permission to use 123
billion rupiah it had originally promised to be used for an
expansion plan to make a $1.5 million coupon payment on
bonds, due in 2003. The payment was due on Monday but there
is a grace period of 30 days before default can be
declared. The next payment on the semi-annual bonds is due
at the end of November.

A company spokesman said the company had scrapped plans to
diversify into producing propylene, the key raw material
for poly-propylene and other petro-chemicals. She also said
the company expects to generate sufficient cash flow to
make its next bond payment, and had more than enough cash
reserves to make payment of the 123 rupiah it was asking
for.

The company, which has lost money in every quarter since
the fourth quarter of 1996, is one of many Indonesian based
companies facing foreign debt servicing problems because of
the rupiah crunch, which has left a large majority of them
technically insolvent.


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

DAEWOO MOTOR: GM Denies Daewoo Stake Deal
-----------------------------------------
General Motors and Daewoo Motor denied a news report that
the former was likely to inject US$2 billion into the
latter, which is South Korea's second-largest car maker in
return for an equity stake. A General Motors spokesman said
the companies were still in talks but no deal had been
reached. The Chosunilbo newspaper yesterday reported GM
would detail its investment plan involving its purchase of
30% to 40% stake in Daewoo Motors.


HYUNDAI MOTOR: Domestic Sales Down 65%
--------------------------------------
The Hong Kong Standard of June 3, 1998 reported Korea's
largest car maker, Hyundai Motor, said its domestic sales
fell 65% to 21,224 vehicles in May from a year earlier as
consumer demand froze amidst a deepening recession. Sales
fell 37.9% from March thanks to the new Atoz model. A
survey of 600 biggest companies in terms of sales volume
showed that the overall Business Survey Index, which
forecasts business trends six to seven months ahead,
indicates that prospects are gloomier.


MIHWADANG COMPANY:  Bankruptcy Petition Approval
------------------------------------------------
The District Court in Pusan placed an announcement in the
Korean language Maeil Kyungje newspaper that it had
approved the bankruptcy filing of the Mihwadang Company of
568-1 Shinpyong-dong, Saha-gu, Pusan, Korea.  The president
of the Mihwadang Company is Mr. Kwon Young-jik.


SE-AH COMPANY: Bankruptcy Petition Approval
-------------------------------------------
The District Court in Seoul placed an announcement in the
Korean language Maeil Kyungje newspaper that it had
approved the bankruptcy filing of the Se-ah Company of 503-
2 Euichongpu-dong, Euichongpu-shi, Korea.  The president of
the Se-ah Company is Mr. Lee Tuk-mo.


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

BERJAYA SINGER: Winding up Petition Poses no Threat
---------------------------------------------------
Appliance maker Berjaya Singer Bhd said yesterday that the
company was solvent and that a winding-up petition against
it will not have any material impact, according to the
Singapore BusinessTimes of June 3, 1998.

"The board would like to inform that Singer is solvent,
well and is conducting its business as usual and continues
to register profits," the company said in a statement to
the Kuala Lumpur Stock Exchange in response to a widing-up
petition advertised in a local newspaper. "The said
winding-up petition will not have any material financial
and operational impact on the group," it said.

The company said the petition was filed by former shop
manager Tan Cheng Teik against its wholly-owned unit,
Singer (Malaysia) Sdn Bhd. Singer filed a suit against Tan
for what it said were shortages of stock amounting to
152,195 Malaysian ringgit (S$64,972). When Tan countersued
for RM49,270, Singer neglected to attend an April 23
hearing, wherein Tan entered a judgement-in-default against
Singer.

The winding-up petition has been fixed for court hearing on
June 23.


COMPUTER ASSISTED LEARNING: Winding up Notice
---------------------------------------------
Computer Assisted Learning Centre (S) Sdn Bhd filed a
winding up order on May 29, 1998, against Computer Assisted
Learning Centre (Ipoh) Sdn Bhd at KL High Court.


CYCLE & CARRIAGE: Plants may be Shut Longer than Expected
---------------------------------------------------------
The Singapore BusinessTimes reports on June 3, 1998 that
Malaysian group Cycle & Carriage Bintang may continue to
remain closed longer than expected, according to sources.

The 49 per cent associate of Singapore-listed Cycle &
Carriage Ltd (CCL) assembles Mercedes-Benz, Mazda and Kia
cars and commercial vehicles in two plants in Petaling
Jaya. Its assembly facilities were closed on April 1, with
workers retained at 75 per cent pay. Work is supposed to
resume in July.

Last year, C&C Bintang posted net earnings of 142.2 million
Malaysian ringgit (S$60.7 million), up a creditable 29 per
cent. With its dealership arm C&C (Malaysia), it
contributed S$34.3 million to group motor earnings.


EVIJOY SDN BHD: Winding up Notice
---------------------------------
The members of Evijoy Sdn Bhd resolved to wind up
voluntarily on May 29, 1998.


FACB BHD: Secured Bonds Downgraded by RAM
-----------------------------------------
Rating Agency Malaysia Bhd (RAM), has downgraded the RM300m
5.5% redeemable secured bonds of FACB Bhd (listed on the
KLSE), from BBB to BB due to higher market risk faced by
the company's property development operation in the midst
of the economic crisis. The bonds are due in June 2002.

FACB has changed its plans to include more medium-cost
housing projects and has revised the development plans for
2 of its golf resort projects.

RAM said that delays in the launch and the weaker property
market may strain FACB's cashflow and debt-service ability
over the years, but divestment of some of its assets for
cash should ease the problem over the immediate term.

The bonds are secured by a first legal mortgage charge on
lands, buildings and/or other assets of Bukit Unggul and
Karambunai resorts with a security coverage of at least
1.8times the nominal value of the outstanding bonds.


HOI SEONG TRADING SDN BHD: Member's Winding up Notice
-----------------------------------------------------
During an extraordinary general meeting on May 27, 1998,
the members of Hoi Seong Trading Sdn Bhd resolved to wind
up the company voluntarily and appointed Mr. Yap Seong Fatt
the liquidator of the company.


MAXVON ENTERPRISE: Winding up Notice
------------------------------------
Harrisons Trading (Peninsular) Sdn Bhd (petitioner) served
a winding up petition against Maxvon Enterprise (M) Sdn Bhd
(respondent) on May 4, 1998. A hearing has been set for
August 6, 1998.


MEDAL SPORT: Winding up Notice
------------------------------
Public Bank Bhd (petitioner) served a winding up notice on
March 3, 1998 against Medal Sports (M) Sdn Bhd
(respondent).


METAL SERVICE CENTRE: Winding up Notice
---------------------------------------
The members of Metal Service Centre Sdn Bhd resolved to
wind up voluntarily on May 29, 1998.


MONTBLUE SEATING: Winding up Notice
-----------------------------------
A notice of winding up order was issued on April 29, 1998,
by Fecc Enterprise Sdn Bhd (Petitioner) against Montblue
Seating Systems (respondent) at the KL High Court.


PHPB SDN BHD: Winding up Notice
-------------------------------
Mobil Oil Malaysia Sdn Bhd (Petitioner) has served a
winding up order against PHPB Sdn Bhd (respondent) on May
29, 1998.


TEN GOLD SDN BHD: Winding up Notice
-----------------------------------
The members of Ten Gold Sdn Bhd resolved on May 29, 1998 to
wind up the company voluntarily.


TOONG POH TIN MINING: Winding up Notice
---------------------------------------
The members of Toong Poh Tin Mining Co Bhd resolved during
an extraordinary general meeting to wind up voluntarily
on May 27, 1998.


WK SECURITIES SDN BHD: Receives Two Weeks to Restructure
--------------------------------------------------------
The Securities Commission has given WK Securities two weeks
from June 1 for the sister firm of Omega Securities to
submit and effect its corporate restructuring exercise by
either a merger or be acquired by a third party. WK was
placed under trading restrictions by the KLSE on April 1
and is wholly owned by Omega Holdings Bhd (listed on the
KLSE).


WOODLANDOR HOLDINGS BHD: Consolidating Operations
-------------------------------------------------
Woodlandor Holdings Bhd plans to consolidate and
restrategise its operations through tighter cost and
expenditure control this year in view of the economic
downturn.

The executive chairman said that the local demand for its
products was expected to be affected this year but would
register an increase in export.

The company is engaged in the manufacturing and trading of
wood-based products such as doors, CKD rubberwood
furniture, pre-fabricated timber roof trusses and steel
hinges for the building industry.


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

EVER GOTESCO: Government Threatens Takeover
-------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) warned the Ever-
Gotesco Group of companies that it would confiscate its
assets and use the proceeds to pay creditors of cash-
strapped Orient Bank after it went on a holiday, RP
Business Digest reports on June 3, 1998. Despite these
threats from the national government, Ever-Gotesco
Resources and Holdings, Inc. (EGRHI), including its
subsidiaries, had a net property and equipment equivalent
to P6.562 billion as of the end of March 1998. However,
this was a decrease of P9.15 million from the corresponding
figure in December 1997 of P6.571 billion, says a financial
report to the local bourse and the Securities and Exchange
Commission (SEC).

The company reported that the net decrease was attributed
to an increase in the cost of P36.34 million against a
provision of P45.49 million.

As of March 1998, the company earned a consolidated net
income after tax of P14.59 million from a gross revenue of
P121.79 million or a decrease of P22.98 million in net
income and P28.97 in gross revenue, respectively.

Ever-Gotesco said, "these variances were affected mainly by
an increase in the cost of borrowings and rental discounts
granted to major tenants as the results of regional
economic crisis and stiff competition brought about by the
opening of new malls of major competitors."


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., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  This material is
copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-
mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $875 per month
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For
subscription information, contact Christopher Beard at
301/951-6400.

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