TCRAP_Public/980910.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, September 10, 1998, Vol. 1, No. 140

                    Headlines


* C H I N A   &   H O N G   K O N G *

BEST PART SUPPLIES: Winding-up petition
CAPITAL ASIA: Reduces its share capital
CITY CROWN LIMITED: Winding-up petition
GLOBAL CHEERS ENTERPRISE: Winding-up petition
GOLD MEDAL INVESTMENTS: Winding-up petition

HONEST SOURCES HOLDINGS: Winding-up petition
IWC CHINA: Parent files For Chapter 11 in Delaware
NEW GOLDEN PLAZA RESTAURANT: Winding-up petition
PIONEER VENTURE INTERNATIONAL: Winding-up petition
POLYSMART INTERNATIONAL: Winding-up petition

RACE TARGET LIMITED: Winding-up petition
STATEMOUNT COMPANY LIMITED: Winding-up petition
SWIRE PACIFIC: Units' ratings downgraded
TECH GLORY DEVELOPMENT: Winding-up petition
WARRIORS INDUSTRIAL COMPANY: Winding-up petition

WIN HENTEX INTERNATIONAL: Winding-up petition
YAT CHAU HOLDINGS: Winding-up petition


* J A P A N *

DAINIPPON INK: Interim pretax profit to fall 44%
HITACHI CREDIT CORP: On CreditWatch
HITACHI LIMITED: To restructure electric power operations
JAPAN AIRLINES: To reduce debt
KOA CORPORATION: Expects interim pretax profit to fall 33%

LONG TERM CREDIT: Tokyo seeks powers to take over banks


* K O R E A *

BORAM BANK: Asset giant emerges in US$31b bank deal
HANA BANK: Asset giant emerges in US$31b bank deal
HANGUK METAL: Applies for creditor reconciliation
TAEBAEK FURNITURE CO.: Taebaek Furniture is bankrupt
WOLCHANG CONSTRUCTION: Decides to liquidate


* M A L A Y S I A *

ARAB-MALAYSIAN FINANCE: Accounts Questioned By Auditors
FRESH VICTORY SDN BHD: Winding-up petition
M.B.J.J. BINAAN SDN BHD: Winding-up petition
M.C. DEVELOPMENT SDN BHD: Winding-up petition
MAY PLASTICS INDUSTRIES BHD: Receives court protection

MEJARIS BUILDERS SDN BHD: Winding-up petition
PAN MALAYSIA CEMENT WORKS BHD: Half year results
PEMBINAAN YCS: Pembinaan wins loans breather
PENGKALEN CAPITAL BHD: Half year results
PENGKALEN HOLDINGS BHD: Half year results

SAKUNI DEVELOPMENT SDN BHD: Winding-up petition
SYARIKAT KAYU WANGI BHD: Half year results
TAN CHEE SENG PLYWOOD: Voluntary winding-up
TRANSOCEAN HOLDINGS BHD: Annual results
U-WOOD HOLDINGS BHD: Annual results


* P H I L I P P I N E S *

BILLION-GOLD: Commodities broker under liquidation
C&T GLOBAL FUTURES: Commodities broker under liquidation
C AND P HOMES: Ayala Land cancels plan to buy developer
EASTERN VANGUARD: Commodities broker under liquidation
EVERICH INTERNATIONAL: Commodities broker under liquidation

PAN-ASIA INTNL: Commodities broker under liquidation
PHILIPPINE AIRLINES: Seeks financing deal
RFM CORP: Plans de-listing of two units
QUEENSLAND-TOKYO: Commodities broker under liquidation
SOLIDLINK FUTURES: Commodities broker under liquidation

WORLDWIDE MONETARY: Commodities broker under liquidation


* T H A I L A N D *

NAKORNTHON BANK PCL: Results announcement
SAHA-UNION PLC: Auditor reports to SET on statements
SIAM STEEL: Results announcement
THAI FARMERS BANK: Gives details on shares issues


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

BEST PART SUPPLIES: Winding-up petition
---------------------------------------
Notice is hereby given that a petition for the winding-up
of Best Part Supplies Limited by the High Court of Hong
Kong was, on the 11th day of August, 1998, presented to the
said Court by State Bank of India and the petition is heard
on 16th of September, 1998. Other creditor who support or
oppose the making of the order may appear at the time of
the hearing.  


CAPITAL ASIA: Reduces its share capital
---------------------------------------
Capital Asia, a Hong Kong listed company, have voted
through a motion to reduce its issued share capital,
eliminating an estimated $500 million accumulated loss,
according to executive director Wong Chi-fai. The capital
reduction was part of efforts to get the company back on
track. These efforts included shutting down any loss-making
divisions such as its eel-farming operation in the
mainland.


CITY CROWN LIMITED: Winding-up petition
---------------------------------------
A winding-up order notice is hereby given that City Crown
Limited is undergoing a companies winding-up proceedings
(No 513 of 1988) in the High Court of the Hong Kong Special
Administrative Region court of first instance . The date of
order is on August 26, 1998. The date of presentation of
petition was July 29,1998.    


GLOBAL CHEERS ENTERPRISE: Winding-up petition
---------------------------------------------
A winding-up order notice is hereby given that Global
Cheers Enterprise Limited is undergoing a companies
winding-up proceedings (No 507 of 1988) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on August 26, 1998.  
The date of presentation of petition was July 28,1998.    


GOLD MEDAL INVESTMENTS: Winding-up petition
-------------------------------------------
A winding-up order notice is hereby given that Gold Medal
Investments Limited is undergoing a companies winding-up
proceedings (No 276 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on August 26, 1998. The date of
presentation of petition was April 27,1998.    


HONEST SOURCES HOLDINGS: Winding-up petition
--------------------------------------------
A winding-up order notice is hereby given that Honest
Sources Holdings Limited is undergoing a companies winding-
up proceedings (No 452 of 1988) in the High Court of the
Hong Kong Special Administrative Region court of first
instance. The date of order is on August 26, 1998. The date
of presentation of petition was July 3, 1998.    


IWC CHINA: Parent files For Chapter 11 in Delaware
--------------------------------------------------
Newsbytes reports International Wireless Communications
Holdings, Inc. (IWCH), which owns and operates wireless
communications networks in major emerging markets in Asia
and Latin America, has filed for relief under Chapter 11 of
the Bankruptcy Code.

The filing was made in the U.S. Bankruptcy Court in the
district of Delaware in Wilmington and came as the company
announced its liabilities had exceeded its assets, at
US$209.45 million versus $206.03 million respectively.

Through its IWC China, Ltd., unit, the company has a 40
percent stake in Star Digitel. The company, in which Hong
Kong-based Star Telecom is a major shareholder, operates
several joint ventures with Chinese partners that operate
regional cellular networks in China.

The company also filed related Chapter 11 petitions for
four of its subsidiaries: International Wireless
Communications, Inc.; Radio Movil Digital Americas, Inc.;
International Wireless Communications Latin America
Holdings, Ltd.; and Pakistan Wireless Holdings Limited.

The company said it will use the protection offered by
chapter 11 to develop a reorganization plan. While this is
being decided, the company will continue operations in the
normal course of business.


NEW GOLDEN PLAZA RESTAURANT: Winding-up petition
------------------------------------------------
A winding-up order notice is hereby given that New Golden
Plaza Restaurant Limited is undergoing a companies winding-
up proceedings (No 507 of 1988) in the High Court of the
Hong Kong Special Administrative Region court of first
instance. The date of order is on August 26, 1998. The date
of presentation of petition was July 22, 1998.    


PIONEER VENTURE INTERNATIONAL: Winding-up petition
--------------------------------------------------
A winding-up order notice is hereby given that Pioneer
Venture International Limited is undergoing a companies
winding-up proceedings (No 503 of 1988) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on August 26, 1998.  
The date of presentation of petition was July 24,1998.    


POLYSMART INTERNATIONAL: Winding-up petition
--------------------------------------------
A winding-up order notice is hereby given that Polysmart
International Limited is undergoing a companies winding-up
proceedings (No 505 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on August 26, 1998. The date of
presentation of petition was July 28,1998.    


RACE TARGET LIMITED: Winding-up petition
----------------------------------------
A winding-up order notice is hereby given that Race Target
Limited is undergoing a companies winding-up proceedings
(No 394 of 1988) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is on August 26, 1998. The date of presentation of
petition was June 10,1998.    


STATEMOUNT COMPANY LIMITED: Winding-up petition
-----------------------------------------------
A winding-up order notice is hereby given that Statemount
Company Limited is undergoing a companies winding-up
proceedings (No 484 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on August 26, 1998. The date of
presentation of petition was July 17, 1998.    


SWIRE PACIFIC: Units' ratings downgraded
----------------------------------------
The Asian Wall Street Journal reported that the Standard &
Poor's Ratings Group has lowered the credit ratings on
several components of Swire Pacific. The ratings downgrades
reflects growing pressures on the company's earnings from
increased competition in Hong Kong's real estate market.  

The units and ratings affected were:

Swire Pacific Ltd., long-term credit rating from A to A-,
Swire Pacific Finance International Ltd., senior unsecured
debt from A to A-, Swire Pacific Offshore Financing Ltd.,
subordinated debt from A- to BBB.

The ratings all retain a negative outlook.  


TECH GLORY DEVELOPMENT: Winding-up petition
-------------------------------------------
A winding-up order notice is hereby given that Tech Glory
Development Limited is undergoing a companies winding-up
proceedings (No 504 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on August 26, 1998. The date of
presentation of petition was July 27,1998.    


WARRIORS INDUSTRIAL COMPANY: Winding-up petition
------------------------------------------------
A winding-up order notice is hereby given that Warriors
Industrial Company Limited is undergoing a companies
winding-up proceedings (No 495 of 1988) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on August 26, 1998.  
The date of presentation of petition was July 23, 1998.    


WIN HENTEX INTERNATIONAL: Winding-up petition
---------------------------------------------
A winding-up order notice is hereby given that Win Hentex
International Limited is undergoing a companies winding-up
proceedings (No 497 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on August 26, 1998. The date of
presentation of petition was July 23, 1998.    


YAT CHAU HOLDINGS: Winding-up petition
--------------------------------------
Notice is hereby given that a petition for the winding-up
of Yat Chau Holdings Limited by the High Court of Hong Kong
was, on the 26th day of August, 1998, presented to the said
Court by Tong Winston Yiu Sun and the petition is heard on
30th of September, 1998. Other creditor who support or
oppose the making of the order may appear at the time of
the hearing.  


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




=========
J A P A N  
=========

DAINIPPON INK: Interim pretax profit to fall 44%
------------------------------------------------
Dainippon Ink and Chemicals Inc. expects its interim
pretax profit to decline 44% from a year earlier to 4.3
billion yen in the half year ending September, down 1.2
billion yen on initial projections. Operating profit for
the half year is set to fall 52% to 4.5 billion yen,
down 2 billion yen on initial projections.

Demand for synthetic resin is likely to continue sluggish
in the second half. Pretax profit for the full year is
expected to decline 29% to 10 billion yen, on an 8% drop in
sales to 435 billion yen.

But the company still expects to achieve its full-year
consolidated net profit target of 10 billion yen, up 41%.
Earnings at the company's U.S. subsidiary are higher than
expected.


HITACHI CREDIT CORP: On CreditWatch
-----------------------------------
Standard & Poor's Ratings Group said it placed the double-
A-minus long-term rating and single-A1-plus short-term debt
rating of Hitachi Credit Corp on CreditWatch with negative
implication. The rating action follows S&P's decision on
Friday to place Hitachi Ltd's long and short term ratings
on CreditWatch with negative implication.


HITACHI LIMITED: To restructure electric power operations
---------------------------------------------------------
Hitachi Ltd. plans to restructure its electric power
systems operations by consolidating subsidiaries, The Nihon
Keizai Shimbun has learned. Hitachi plans to consolidate
eight wholly owned subsidiaries in the sector into four
companies by next April.

The group expects to post an operating profit of 20-30
billion yen from its electric power and manufacturing plant
systems in fiscal 1998, down sharply from 93.5 billion yen
last year. Domestic orders for power generation equipment
are declining and orders for nuclear power plants are down.

The Hitachi group expects to slide into the red this fiscal
year largely due to the sluggish performance of the chip
making division, projecting 250 billion yen in consolidated
net loss.


JAPAN AIRLINES: To reduce debt
------------------------------
Japan Airlines said it would reduce its group's interest-
bearing debt of 1.27 trillion yen by 100 billion yen in the
year ending March 2001, partly by postponing aircraft
purchases. A spokesman said the company aims to strengthen
its financial condition in expectations of continued severe
business conditions. JAL expects to be able to reduce debts
by around 60 million yen by postponing purchases of about
three aircraft it originally to start buying this year.


KOA CORPORATION: Expects interim pretax profit to fall 33%
----------------------------------------------------------
Koa Corp. expects pretax profit for the half year ending
September to fall 33% from a year earlier to some 2 billion
yen, sharply down from earlier estimates of a 16% fall to
2.5 billion yen.

Sales for the half year are likely to drop 12% to some 18.3
billion yen on falling sales of metal film resistors, which
account for about 60% of total sales. The unit price is
declining by some 10%. Operating profit is likely to plunge
37% to 1.8 billion yen.

The company expects pretax profit for the full year ending
March 1999 to dive 23% to about 4.5 billion yen, on a 7%
decline in sales to some 38 billion yen.


LONG TERM CREDIT: Tokyo seeks powers to take over banks
-------------------------------------------------------
As Japan's ruling party and opposing party have not come to
terms over how to tackle the nation's bad loan crisis, both
sides are still arguing how to deal with Long Term Credit
Bank.

The ruling party wants to pump public money into troubled
banks before they fail, but the opposition insists that
money must not be spent until a bank fails. Also, the
ruling party wants to buy voting shares in troubled banks
and to buy bad loans in a way modelled on the US Resolution
Trust Corp, by a new organisation formed by the merger of
two Japanese bodies are supposedly dealing with bad loans,
the Resolution and Collection Bank and Co-operative Credit
Purchasing. However, the idea of Tokyo buying shares in a
bank would not be easily swallowed by parliament.

Tokyo is set to pour a huge amount of money, reportedly up
to one trillion yen, into LTCB to keep it afloat until the
merger, but that has provoked widespread opposition in
parliament and the press.

Chief cabinet secretary Hiromu Nonaka hinted yesterday the
government might bail out LTCB before waiting for the
financial bills to be passed in parliament.


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

BORAM BANK: Asset giant emerges in US$31b bank deal
---------------------------------------------------
According to the SCMP, Hana Bank and Boram Bank yesterday
officially announced a US$31 billion merger that would
create the country's seventh-largest bank in terms of
assets.

Analysts said they welcomed the merger, which was
voluntary, rather than under government pressure.

The merger would create an entity with assets of 41.1
trillion won and a workforce of 3,274 at 216 branches. The
net profit of the emerged bank was expected to exceed one
trillion won in 2002.

The banks said the ratio of the merger would be determined
later after a re-evaluation of assets.

The banks planned to cut 400 jobs, and the merged bank
would begin operating in January after the asset re-
evaluation, shareholders' consent and approval from the
finance ministry.

Hana said it had no further plans to merge with another
bank and would try to attract investment from foreign
banks. It is in the process of absorbing the ailing Chung-
chong Bank.

Kim Chul-jung, a financial analyst at Ssangyoung Investment
& Securities, said government support would be sought after
a detailed draft for the merger is out by the end of this
month or the beginning of next month.


HANA BANK: Asset giant emerges in US$31b bank deal
--------------------------------------------------
According to the SCMP, Hana Bank and Boram Bank yesterday
officially announced a US$31 billion merger that would
create the country's seventh-largest bank in terms of
assets.

Analysts said they welcomed the merger, which was
voluntary, rather than under government pressure.

The merger would create an entity with assets of 41.1
trillion won and a workforce of 3,274 at 216 branches. The
net profit of the emerged bank was expected to exceed one
trillion won in 2002.

The banks said the ratio of the merger would be determined
later after a re-evaluation of assets.

The banks planned to cut 400 jobs, and the merged bank
would begin operating in January after the asset re-
evaluation, shareholders' consent and approval from the
finance ministry.

Hana said it had no further plans to merge with another
bank and would try to attract investment from foreign
banks. It is in the process of absorbing the ailing Chung-
chong Bank.

Kim Chul-jung, a financial analyst at Ssangyoung Investment
& Securities, said government support would be sought after
a detailed draft for the merger is out by the end of this
month or the beginning of next month.


HANGUK METAL: Applies for creditor reconciliation
-------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Hanguk Metal Company applies for
creditor reconciliation with the Ulsan District Court.


TAEBAEK FURNITURE CO.: Taebaek Furniture is bankrupt
----------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Taebaek Furniture Company, an affiliate
of the Taegu Department Store, is now bankrupt.


WOLCHANG CONSTRUCTION: Decides to liquidate
-------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Wolchang Construction Company, and
affiliate of Hite Beer Company, has decided to liquidate.


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

ARAB-MALAYSIAN FINANCE: Accounts Questioned By Auditors
-------------------------------------------------------
The Asian Wall Street Journal reported that the auditors of
Arab-Malaysian Corporation Bhd. have said that the
company's financial accounts for the year ending March 31
ma not reflect the company's real state of affairs.

According to a statement by KPMG Peat Marwick in the Arab-
Malaysian Corporation Bhd.'s 1998 annual report, the
auditor was "unable to form an opinion as to whether the
accounts give a true and faire view of the state of affairs
of the group". The article also said that due to the
volatility of the Malaysian stock market and uncertainty
over the current economic environment, the market value of
the group's investments in associated companies and long
term investments as stated in the balance sheets may not be
indicative of the fair value of the investments.

KPMG also mentioned that the inclusion of goodwill in the
company's accounts relating to a listed indirect unit may
also be unsuitable. Provisions for bad loans (133 million
ringgit), which were largely secured on shares, may also
not be sufficient.  

Arab-Malaysian Corporation Bhd. (or Amcorp), has recently
secured court protection in July from creditors, and is in
the midst of a restructuring effort.

AMFB (listed in the KLSE) suffered a net loss of RM70.17mil
against a loss of RM96.17mil for the first quarter till
June.

The continuing losses were attributable to poor interest
income and loan provision of RM212.86mil. Net non-
performing loans totalled 13.05% of total loans, up from
7.05%.

Loss per share was 16sen against a previous loss of 21sen.


FRESH VICTORY SDN BHD: Winding-up petition
------------------------------------------
Simefinance Bhd on 3/7/98 petitioned for the winding-up of
Fresh Victory Sdn Bhd. The petition is directed to be heard
on 25/11/98.


M.B.J.J. BINAAN SDN BHD: Winding-up petition
--------------------------------------------
Floodlit Enterprise (M) Sdn Bhd on 5/6/98 petitioned for
the winding-up of M.B.J.J. Binaan Sdn Bhd. The petition is
directed to be heard on 2/10/98.


M.C. DEVELOPMENT SDN BHD: Winding-up petition
---------------------------------------------
Prodeal Sdn Bhd on 12/8/98 petitioned for the winding-up of
M.C. Development Sdn Bhd. The petition is directed to be
heard on 13/11/98.


MAY PLASTICS INDUSTRIES BHD: Receives court protection
------------------------------------------------------
May Plastics Industries Bhd and 10 of its subsidiaries, on
1/9/98 applied for a s. 176 court protection against action
from creditors, in order for the group to undertake a
scheme of arrangement.


MEJARIS BUILDERS SDN BHD: Winding-up petition
---------------------------------------------
BSJ Marketing Sdn Bhd on 17/8/98 petitioned for the
winding-up of Mejaris Builders Sdn Bhd. The petition is
directed to be heard on 14/10/98.


PAN MALAYSIA CEMENT WORKS BHD: Half year results
------------------------------------------------
Pan Malaysia Cement Works Bhd (PMCW) (listed in the KLSE)
posted a post-tax loss of RM82.87mil for the six months
ended 30/6/98 compared to a post-tax profit of RM52.15mil
previously.

EPS dropped from RM0.06 to a loss per share of RM0.12
during the same period.

The share price fell from RM2.61 previously to RM0.76 on
4/9/98.


PEMBINAAN YCS: Pembinaan wins loans breather
--------------------------------------------
According to the SCMP, loss-making Malaysian construction
company Pembinaan YCS and five subsidiaries have won a
court order to ward off creditors while they find ways to
repay debt. The court order, restraining creditors from
selling company assets for six months, was extended to
bondholders, the firm said yesterday.


PENGKALEN CAPITAL BHD: Half year results
----------------------------------------
Pengkalen Capital Bhd (listed in the KLSE) posted a post-
tax loss of RM582.27mil for the 6mths ended 30/6/98 from a
post-tax profit of RM25.92mil.

EPS fell from RM0.31 to a loss per share of RM6.90 during
the six months.

The share last traded at RM0.46 on 4/9/98 compared to
RM4.10 a year ago.


PENGKALEN HOLDINGS BHD: Half year results
-----------------------------------------
Pengkalen Holdings Bhd (listed in the KLSE) reported a
post-tax loss of RM669.59mil for the 6mths ended 30/6/98
compared to a post-tax loss of RM4.55mil previously.

Loss per share rose from RM0.07 to RM3.79 during the same
period.

The share last traded on 4/9/98 at RM0.61 from RM3.82, a
year ago.


SAKUNI DEVELOPMENT SDN BHD: Winding-up petition
-----------------------------------------------
Supply Network Sdn Bhd on 23/6/98 petitioned for the
winding-up of Sakuni Development Sdn Bhd. The petition is
directed to be heard on 16/10/98.


SYARIKAT KAYU WANGI BHD: Half year results
------------------------------------------
Syarikat Kayu Wangi Bhd (listed in the KLSE) reported a
post-tax loss of RM1.86mil for the 6mths ended 31/5/98
compared to a post-tax profit of RM0.099mil previously.

EPS fell from RM0.006 to a loss per share of RM0.11 during
the same period.

The share last traded on 4/9/98 at RM1.10.


TAN CHEE SENG PLYWOOD: Voluntary winding-up
-------------------------------------------
The members of Tan Chee Seng Plywood Manufactory Sdn Bhd on
4/9/98 resolved to wind-up the company voluntarily.
Creditors of the company are requested to submit their
claims before 8/10/98.


TRANSOCEAN HOLDINGS BHD: Annual results
---------------------------------------
Transocean Holdings Bhd (listed in the KLSE) reported a
post-tax loss of RM1.87mil for the year ended 31/5/98,
compared to a post-tax loss of RM0.628mil previously.

Loss per share rose from RM0.01 previously to RM0.09.

The share last traded on 4/9/98 at RM0.89 compared to
RM3.70 a year ago.


U-WOOD HOLDINGS BHD: Annual results
-----------------------------------
U-Wood Holdings Bhd (listed in the KLSE) reported a post-
tax loss of RM15.84mil for the year ended 31/5/98 compared
to a post-tax loss of RM12.33mil previously.

Loss per share rose from RM0.385 to RM0.495 during the same
period.

The share last traded at RM0.675 compared to RM3.00 a year
ago.


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

BILLION-GOLD: Commodities broker under liquidation
--------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) has recently placed under liquidation
eight commodities futures brokers which were ordered to
stop operations when it revoked the license of the Manila
International Futures Exchange (MIFE).

Futures brokers currently under liquidation are: C&T Global
Futures, Inc., Everich International Futures, Inc., Pan-
Asia International Commodities, Inc., Solidlink Futures,
Inc., Worldwide Monetary Markets, Inc., Queensland-Tokyo    
Commodities, Inc., Eastern Vanguard Futures CM, Inc., and
Billion-Gold Futures, Inc. MIFE's assets are also placed
under liquidation as well as its clearing house, the Manila
International Futures Clearing House.

In a report to the commission en banc, SEC appointed
liquidator Juanito Antonio said he is currently in the
process of identifying the various bank accounts of MIFE as
well as its member-futures brokers. Mr. Antonio has also
asked the commission to order the concerned banks to     
turn over the funds and bank accounts deposited by the
futures brokers under liquidation. The funds will be used
to settle claims filed by investors, he said.


C&T GLOBAL FUTURES: Commodities broker under liquidation
--------------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) has recently placed under liquidation
eight commodities futures brokers which were ordered to
stop operations when it revoked the license of the Manila
International Futures Exchange (MIFE).

Futures brokers currently under liquidation are: C&T Global
Futures, Inc., Everich International Futures, Inc., Pan-
Asia International Commodities, Inc., Solidlink Futures,
Inc., Worldwide Monetary Markets, Inc., Queensland-Tokyo    
Commodities, Inc., Eastern Vanguard Futures CM, Inc., and
Billion-Gold Futures, Inc. MIFE's assets are also placed
under liquidation as well as its clearing house, the Manila
International Futures Clearing House.

In a report to the commission en banc, SEC appointed
liquidator Juanito Antonio said he is currently in the
process of identifying the various bank accounts of MIFE as
well as its member-futures brokers. Mr. Antonio has also
asked the commission to order the concerned banks to     
turn over the funds and bank accounts deposited by the
futures brokers under liquidation. The funds will be used
to settle claims filed by investors, he said.


C AND P HOMES: Ayala Land cancels plan to buy developer
-------------------------------------------------------
RP-Business News cites an Agence France-Presse report that  
Ayala Land Inc. of the Philippines said Thursday it had
shelved plans to buy a stake in low-end property developer
C and P Homes Inc., whose paper worth has shrunk a year
into the Asian financial crisis.

The property unit of the Ayala Corp. conglomerate was to
have spent 3.6-billion-pesos (82.8-million-dollar) to
acquire a 38.4 percent stake in C and P, controlled by
House of Representatives Speaker Manuel Villar, in a share
swap deal signed in March.

However, the two parties said in a joint statement that
they had decided to "indefinitely suspend" the agreement.

The statement said the current share price of C and P
"preempted the transaction from proceeding since it was no
longer indicative of the true value" of the company.

The share price of listed C and P plunged 27.27 percent to
56 centavos after the announcement, while Ayala Land rose
3.28 percent to 6.30 pesos.


EASTERN VANGUARD: Commodities broker under liquidation
------------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) has recently placed under liquidation
eight commodities futures brokers which were ordered to
stop operations when it revoked the license of the Manila
International Futures Exchange (MIFE).

Futures brokers currently under liquidation are: C&T Global
Futures, Inc., Everich International Futures, Inc., Pan-
Asia International Commodities, Inc., Solidlink Futures,
Inc., Worldwide Monetary Markets, Inc., Queensland-Tokyo    
Commodities, Inc., Eastern Vanguard Futures CM, Inc., and
Billion-Gold Futures, Inc. MIFE's assets are also placed
under liquidation as well as its clearing house, the Manila
International Futures Clearing House.

In a report to the commission en banc, SEC appointed
liquidator Juanito Antonio said he is currently in the
process of identifying the various bank accounts of MIFE as
well as its member-futures brokers. Mr. Antonio has also
asked the commission to order the concerned banks to     
turn over the funds and bank accounts deposited by the
futures brokers under liquidation. The funds will be used
to settle claims filed by investors, he said.


EVERICH INTERNATIONAL: Commodities broker under liquidation
-----------------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) has recently placed under liquidation
eight commodities futures brokers which were ordered to
stop operations when it revoked the license of the Manila
International Futures Exchange (MIFE).

Futures brokers currently under liquidation are: C&T Global
Futures, Inc., Everich International Futures, Inc., Pan-
Asia International Commodities, Inc., Solidlink Futures,
Inc., Worldwide Monetary Markets, Inc., Queensland-Tokyo    
Commodities, Inc., Eastern Vanguard Futures CM, Inc., and
Billion-Gold Futures, Inc. MIFE's assets are also placed
under liquidation as well as its clearing house, the Manila
International Futures Clearing House.

In a report to the commission en banc, SEC appointed
liquidator Juanito Antonio said he is currently in the
process of identifying the various bank accounts of MIFE as
well as its member-futures brokers. Mr. Antonio has also
asked the commission to order the concerned banks to     
turn over the funds and bank accounts deposited by the
futures brokers under liquidation. The funds will be used
to settle claims filed by investors, he said.


PAN-ASIA INTNL: Commodities broker under liquidation
----------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) has recently placed under liquidation
eight commodities futures brokers which were ordered to
stop operations when it revoked the license of the Manila
International Futures Exchange (MIFE).

Futures brokers currently under liquidation are: C&T Global
Futures, Inc., Everich International Futures, Inc., Pan-
Asia International Commodities, Inc., Solidlink Futures,
Inc., Worldwide Monetary Markets, Inc., Queensland-Tokyo    
Commodities, Inc., Eastern Vanguard Futures CM, Inc., and
Billion-Gold Futures, Inc. MIFE's assets are also placed
under liquidation as well as its clearing house, the Manila
International Futures Clearing House.

In a report to the commission en banc, SEC appointed
liquidator Juanito Antonio said he is currently in the
process of identifying the various bank accounts of MIFE as
well as its member-futures brokers. Mr. Antonio has also
asked the commission to order the concerned banks to     
turn over the funds and bank accounts deposited by the
futures brokers under liquidation. The funds will be used
to settle claims filed by investors, he said.


PHILIPPINE AIRLINES: Seeks financing deal
-----------------------------------------
According to the SCMP, French Ministry of the Economy,
Finance and Industry Asia-Pacific division head Olivier
Pagezy told the Philippine Daily Inquirer that Philippine
Airlines is negotiating with French banks, with the French
export-import bank, Coface representing the French
government to seek a bridge financing deal in order to help
it proceed with the acquisition of 8 Airbus planes. Coface
was working out the deal which was also intended to help
keep the loss-making airline afloat. Mr Pagezy said Paris
would throw its full support behind PAL's continuing
rehabilitation. Eight Airbus planes would be ordered but
only five immediately delivered.

PAL spokesman, however, said they could not comment on the
reported deal but such an acquisition would not be possible
at this stage.

PAL has said it would reduce its fleet from 25 planes to
just 21 as part of its rehabilitation scheme. The airline,
which had been planning a 36-plane acquisition before the
strikes, received 13 Airbus planes last year and was
scheduled to receive 13 more this year. The deliveries did
not proceed because of the airline's difficulties which
included its net loss rising nearly 10 times form a year
earlier to 4.9 billion pesos in the 3 months to June. The
airline has since said it would return or sell off most of
its fleet.

The Hong Kong Standard shows a news summary about the
reporting on the Philippine Daily that PAL is seeking a
bridge financing deal in order to acquire 8 Airbus planes,
and that Coface was working out the deal which was also
intended to help keep the loss-making airline afloat.

BusinessWorld reports PAL has asked an inter-agency task
force facilitating its rehabilitation to recommend the
renegotiation of a number of the country's ongoing
bilateral air agreements with foreign carriers.

PAL management said the past administration granted    
"outrageously excessive traffic rights" to various foreign
carriers regardless of market size, actual growth prospects
and even "common sense."


RFM CORP: Plans de-listing of two units
---------------------------------------
RP-Business News cites an Agence France-Presse reports that
Philippine food giant RFM Corp. plans to have its dairy
unit, Selecta Dairy Products Inc. and its meat processing
firm, Swift Foods Inc., de-listed from the stock exchange,
company spokesmen said Tuesday.

The exact timing for the de-listing of the two products has
not yet been determined, the company said.

The plunge in the Philippine stock market, which has fallen
to its lowest level in more than six years, was blamed for
the planned de-listing.

Earlier, the company said it hoped to re-focus the interest
of the investing public in the mother company, RFM Corp.,
which is also publicly listed.


QUEENSLAND-TOKYO: Commodities broker under liquidation
------------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) has recently placed under liquidation
eight commodities futures brokers which were ordered to
stop operations when it revoked the license of the Manila
International Futures Exchange (MIFE).

Futures brokers currently under liquidation are: C&T Global
Futures, Inc., Everich International Futures, Inc., Pan-
Asia International Commodities, Inc., Solidlink Futures,
Inc., Worldwide Monetary Markets, Inc., Queensland-Tokyo    
Commodities, Inc., Eastern Vanguard Futures CM, Inc., and
Billion-Gold Futures, Inc. MIFE's assets are also placed
under liquidation as well as its clearing house, the Manila
International Futures Clearing House.

In a report to the commission en banc, SEC appointed
liquidator Juanito Antonio said he is currently in the
process of identifying the various bank accounts of MIFE as
well as its member-futures brokers. Mr. Antonio has also
asked the commission to order the concerned banks to     
turn over the funds and bank accounts deposited by the
futures brokers under liquidation. The funds will be used
to settle claims filed by investors, he said.


SOLIDLINK FUTURES: Commodities broker under liquidation
-------------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) has recently placed under liquidation
eight commodities futures brokers which were ordered to
stop operations when it revoked the license of the Manila
International Futures Exchange (MIFE).

Futures brokers currently under liquidation are: C&T Global
Futures, Inc., Everich International Futures, Inc., Pan-
Asia International Commodities, Inc., Solidlink Futures,
Inc., Worldwide Monetary Markets, Inc., Queensland-Tokyo    
Commodities, Inc., Eastern Vanguard Futures CM, Inc., and
Billion-Gold Futures, Inc. MIFE's assets are also placed
under liquidation as well as its clearing house, the Manila
International Futures Clearing House.

In a report to the commission en banc, SEC appointed
liquidator Juanito Antonio said he is currently in the
process of identifying the various bank accounts of MIFE as
well as its member-futures brokers. Mr. Antonio has also
asked the commission to order the concerned banks to     
turn over the funds and bank accounts deposited by the
futures brokers under liquidation. The funds will be used
to settle claims filed by investors, he said.


WORLDWIDE MONETARY: Commodities broker under liquidation
--------------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) has recently placed under liquidation
eight commodities futures brokers which were ordered to
stop operations when it revoked the license of the Manila
International Futures Exchange (MIFE).

Futures brokers currently under liquidation are: C&T Global
Futures, Inc., Everich International Futures, Inc., Pan-
Asia International Commodities, Inc., Solidlink Futures,
Inc., Worldwide Monetary Markets, Inc., Queensland-Tokyo    
Commodities, Inc., Eastern Vanguard Futures CM, Inc., and
Billion-Gold Futures, Inc. MIFE's assets are also placed
under liquidation as well as its clearing house, the Manila
International Futures Clearing House.

In a report to the commission en banc, SEC appointed
liquidator Juanito Antonio said he is currently in the
process of identifying the various bank accounts of MIFE as
well as its member-futures brokers. Mr. Antonio has also
asked the commission to order the concerned banks to     
turn over the funds and bank accounts deposited by the
futures brokers under liquidation. The funds will be used
to settle claims filed by investors, he said.



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



===============
T H A I L A N D
===============
NAKORNTHON BANK PCL: Results announcement
-----------------------------------------
Nakornthon Bank Public Company Limited reports audited half
year financial statements for the half year ending June 30
as a net loss of Bt3.11 billion, which compares to a net
profit of Bt327 million for the corresponding 1997 period.


SAHA-UNION PLC: Auditor reports to SET on statements
----------------------------------------------------
Referring to reviewed company and consolidated financial
statements for the period ending June 30, 1998 filed by
Saha-Union Plc, the auditor expressed qualified opinions  
on paragraph 6 stating, "The company recorded the
differences arisen from exchange conversion at June 30,
1998 and 1997 for Baht 321.75 million and Baht 126.46
million respectively, which were shown on the balance sheet
in a foreign exchange valuation reserve account instead of
showing in income statement."

The auditor also stated in paragraph 7, "The financial
statements of Union Energy Co.,Ltd. as of June 30, 1998 the
company converted foreign assets and liabilities at the end
of the period and as a result the assets was increased by
Baht 746.86 million and the liabilities was increased by
Baht 775.82 million and have a difference arisen from
exchange conversion for Baht 28.96 million which was shown
on the balance sheet in a foreign exchange valuation
reserve account.

This accounting treatment does not conform to the generally
accepted accounting principles. The foreign assets and
liabilities entries must repay or receipt in the same
currency and time, then the company was not to effect this
matter."

According to the Accounting Standard No.30 "The Effects of
Changes in Foreign Exchange Rates", the company must record
the differences arisen from exchange conversion in income
statement and the financial statements of the subsidiary
company which was consolidated must record the differences
from exchange conversion in income statement.

The SET notified the company for rectification within 30
days or by October 5, 1998.


SIAM STEEL: Results announcement
--------------------------------
Siam Steel International Public Company Limited reports
audited annual financial statements for the year ending
June 30 as a net loss of Bt1.62 billion, which compares to
a profit of Bt150 million for the corresponding 1997
period. The company reported a loss on the change in
foreign exchange system of Bt 1 billion.


THAI FARMERS BANK: Gives details on shares issues
-------------------------------------------------
As Thai Farmers Bank Public Company Limited held an analyst
meeting on August 28, 1998 at 2.00 p.m. at Jindathorn Hall,
head office of the Bank in order to clarify the details of
issuing the preferred shares and debentures, summary of the
details of the analyst meeting are as follow.

Currently, the Bank has sufficient capital well beyond the
requirement and does not have an immediate plan to raise
capital. However, to provide the Bank with the highest
flexibility to prudently manage its capital, the Board
of Directors has approved the reported resolutions to equip
the Bank with legal flexibility to accommodate both Tier I
and Tier II capital increase when the market condition is
right and to achieve the following purposes.

1.  To allow the maximum flexibility for the Bank to manage
its capital.
2.  To minimize the dilution effect to existing
shareholders.
3.  To bring in foreign capital to Thailand's financial
system.

For the Tier I capital, the Bank would either issue
preferred shares while it would not under the second one.
However, the second structure will be so qualified only if
there is an amendment in Commercial Banking Act (Resolution
6 and 7). For the Tier II capital, the Bank would issue the
bond that is qualified as Tier II capital under prevailing
regulations governed by the Bank of Thailand.

The detail of the structure will depend on the market
appetites at the time we actually launch the program.


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.  ISSN: 1520-9482.  

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