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     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

             Wednesday, June 21, 2000, Vol. 3, No. 120

                                     Headlines


* A U S T R A L I A *

BHP: Subsidiary faces fines for wildlife violations
EISA: Austar launches takeover bid
HIH INSURANCE: Adler buys into embattled HIH
PRESTON RESOURCES: Bulong notes' rating downgraded
SIMSMETAL: Fined $2 million


* C H I N A  &  H O N G  K O N G *

JOYCE BOUTIQUE: New backer in the wings
MANSION HOLDINGS: Reports losing HK$15.79 million lawsuit
PAM & FRANK INDUS.: Creditor protection threatens rescue
SHUICHENG STEEL: Signs debt-to-equity agreements


* J A P A N *

KYOEI LIFE: S&P downgrades rating
NIPPON CREDIT BANK: Asks 3 regional banks to take stakes
NISSAN MOTOR CO.: Chief renews profit-or-quit vow


* K O R E A *

HANYANG CORP.: July takeover by US developer likely
HYUNDAI PETROCHEMICAL: Suffering business setbacks
KORAM BANK: US consortium expected purchaser
SAMSUNG FINE CHEMICAL: Suffering business setbacks
SSANGYONG CORP.: Mulls raising 1.5T won via asset sale


* M A L A Y S I A *

CHASE PERDANA BHD: Bad financial year brings new focus
MBf CAPITAL BHD: Reorganizing, mulling ,affiliate merger
TIME dotCOM: Stake sale expected before July 12
TIME ENGINEERING: Debt plan wins support of creditors


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

ALL ASIA CAPITAL: Probe continues to find problems
CAPITAL INVESTMENT PHILS.: Probe continues to find problems
EAST ASIA CAPITAL: Probe continues to find problems
PHILIPPINE NAT.BANK: Gov't stake depreciating each day
PILIPINO TEL.CORP.: Expects to ink rehab pact in June
UNIFIED SAVINGS AND LOAN: Criminal charges against execs
VICTORIAS MILLING CO.: Creditor seeks rehab plan throw-out


* S I N G A P O R E *

YEO HIAP SENG: MSC rejects restructuring proposal


* T H A I L A N D *

PRASIT PATANA PLC: Tells SET of lawsuits
RAYONG TANK TERMINAL CO.: Rehab petition accepted
SRIVARA REAL ESTATE GROUP: Reports restructure plan to SET
TPI ENERGY CO.: Rehab petition accepted
TPI POLYOL CO.: Rehab petition accepted


=================
A U S T R A L I A
=================

BHP: Subsidiary faces fines for wildlife violations
---------------------------------------------------
A Canadian subsidiary of BHP has been charged with
disturbing fish habitat in three lakes in the Arctic north
as it works on Canada's first-ever diamond mine, and if
convicted, could be fined up to $CND 1 million on each
charge.

BHP Diamonds is charged with eight counts under the
Canadian Fisheries Act.  The alleged offences occurred
between 1994 and 1997 during construction of the Ekati
mine, 300 kilometres north-east of Yellowknife in the
Northwest Territories.

BHP says it will defend the charges and BHP Diamond is
expected to enter a formal plea on the charges at a court
hearing in Yellowknife in a fortnight.  According to a
senior fisheries official in Canada, the charges follow an
extensive investigation into incidents near the mine.  (ABC
News Online  20-Jun-2000)

EISA: Austar launches takeover bid
----------------------------------
Regional pay TV company Austar yesterday put internet
hopeful Eisa out of its misery, launching a takeover bid at
an 80 per cent discount to the price investors paid just 10
months ago.

Austar bid just 20c a share in what appears to be the final
chapter in the heady rise and then gut-wrenching fall of
Australia's third biggest internet service provider and its
chief executive Damien Brady.  It's a far cry from Eisa's
August float, when Mr Brady promised a bright future for
the company as a stand-alone internet provider.

Stock market punters fuelled by the confidence of the
internet boom bought the Eisa story at $1 a share in the
August float.  Yesterday, Mr Brady, his chairman Evan Rees
and other directors immediately endorsed the heavily
discounted offer by Australia's second biggest pay TV
operator.  They indicated they would accept Austar's pitch
in the absence of a better one and recommended Eisa's other
shareholders do the same.

Eisa is understood to be close to receivership but Austar
waded in yesterday to pick up Eisa's 85,000 subscriber base
and network of internet servers around the country.

"We are in the process of building a significant internet
business and Eisa's subscriber base of around 85,000
subscribers gives us a kick start in that sector," Austar
chief executive John Porter said.

In offering 20c a share for Eisa, Austar has sent a stern
warning to other internet dial-up companies in Australia.
Austar has set a new and far more realistic benchmark for
valuation of these companies.  It picked up Eisa's
subscriber base at just $287 a person, compared with the
giddy $4600 per subscriber at which Eisa was valued in
March at the peak of the dotcom boom.

Eisa was then valued about $400 million and investors held
high hopes for its planned buy of Australia's largest ISP,
OzEmail. Now, at Austar's 20c a share offer, Eisa is worth
just $24 million.  Austar is offering to provide a short-
term $7.5 million loan to allow Eisa to pay off creditors.
Mr Porter said this gave Austar protection from rival
bidders since the loan was secured over part of Eisa's
subscriber base.

The new benchmark of about $287 a subscriber was a more
realistic valuation on ISPs, Mr Porter said.  "The days of
even $1000 to $1500 per dial-up customer are over," Mr
Porter said.

Austar is rolling out its Chello broadband internet service
in regional Australia and wants to build an internet
subscriber base to roll into its pay TV service too.
Mr Porter declined to comment on the position of Mr Brady
and whether he would be offered a role in Austar.
Eisa shares, suspended from trading for more than a week,
were trading again yesterday and closed down 2.9c at 21.6c.
(The Advertiser  20-Jun-2000)

HIH INSURANCE: Adler buys into embattled HIH
--------------------------------------------
Businessman Mr Rodney Adler has emerged as a potential
saviour for besieged insurer HIH Insurance, buying close to
$2 million worth of shares during last week's plunge and
saying he will buy more.

Mr Adler, an HIH director and former managing director and
major shareholder of FAI Insurances, bought 1.87 million
shares at $1.01 each on Thursday, the same day HIH issued a
statement to the market aimed at quashing concern about its
capital position. HIH closed slightly lower at $1.02 but
dropped to new lows below $1 last week.

Mr Adler said yesterday he was an "ongoing buyer", but
would not comment on speculation about him playing a
greater role in HIH's future. The speculation has included
that he might take over Mr Ray Williams' position as
managing director, though this is considered unlikely.

Mr Adler yesterday bought more shares and is expected to
file another director's interest notice today. "I am a non-
executive director of HIH. It's awfully hard to comment on
speculation," he said. "It would be wrong for me to say
there are no problems because the share price has gone down
so much."

The comments came as HIH hosed down speculation from Korea
that it would buy a 20 per cent stake in the country's
Daehan Fire & Marine Insurance. An HIH spokesman said the
company was looking for joint ventures in Asia, including
Korea but only had one person in Korea and nothing was
imminent.

Mr Adler said the company's long-term potential was strong
given it had 2 million customers and 14 per cent of the
general insurance market. "They have some serious
fundamental strengths," he said. (Sydney Morning Herald
20-Jun-2000)

PRESTON RESOURCES: Bulong notes' rating downgraded
--------------------------------------------------
Preston Resources has suffered another credit rating
downgrade as its Bulong laterite nickel mine continues to
be dogged by operating difficulties.

International ratings agency Standard & Poor's announced
yesterday the rating on the $US185 million ($306 million)
notes used to finance the Bulong project had been cut to D
from CC. Preston was in technical default of its loan
agreement because it missed an interest payment to
noteholders on June 15.

But under a standstill agreement put in place late last
year, the bondholders agreed to allow the two interest
payments due this year to be capitalised by the issue of
new bonds, to give Preston some breathing space to work
through operational problems and to finalise a corporate
refinancing.

"The problems facing [Preston] illustrate the need for
adequate cash reserves for start-up projects using unproven
technology or an innovative design," said Mr Ian Greer,
Standard & Poor's director of infrastructure finance
ratings.

Mr Greer said Preston was tightly financed and relied on
cash flows from operations to meet start-up costs. But
initial problems delayed revenue and depleted cash
reserves, which were topped up using debt and which
subsequently increased the cash flow burden.

"The project fell into a vicious circle," he said. "With
revenues delayed, the project was starved of cash, which in
turn delayed rectification works needed to fix design
problems and improve revenue generation."

Preston chairman Mr Colin Ikin said yesterday the company
hoped to finalise the debt restructuring by late August or
early September.

"I think we have made some significant progress but it has
been delayed as a result of the recent production problems
we have had on site," he said. "I am confident we will
succeed."

The project, near Kalgoorlie, is running at about 60 per
cent capacity and cash costs, at $US4.02/lb, are well above
the current spot nickel metal price, which is about
$US3.75/lb.  (Sydney Morning Herald  20-Jun-2000)

SIMSMETAL: Fined $2 million
---------------------------
Scrap-metal recycler Simsmetal has been fined $2 million
for threatening to "destroy" a small South Australian
competitor which twice rejected market-sharing proposals in
1995.

It was the second such penalty imposed on the Southern
Hemisphere's biggest scrap metal recycler since 1994.
Justice Peter Heerey in the Federal Court in Melbourne said
yesterday Simsmetal had an appalling attitude to complying
with the Trade Practices Act.

Even though Simsmetal admitted to threatening Philip Buck,
Justice Heerey fined the big recycler and ordered it to pay
$100,000 towards court costs incurred by the Australian
Competition and Consumer Commission.  The ACCC formally
laid the complaints almost two and a half years ago after
Simsmetal's chief rival for valuable "foundry grade" scrap
in the state recorded the threats on a small tape recorder.

Simsmetal admitted yesterday that Peter Jaksa, then ferrous
manager for its South Australian operations, had twice told
the competitor that Simsmetal would "look after him" if he
agreed not to pursue Simsmetal suppliers. Mr Jaksa also
threatened that Simsmetal would use its superior financial
resources to "destroy" the competitor's business should its
request be refused.

"Fortunately for steel scrap suppliers in South Australia,
the competitor ignored Simsmetal's demands and contacted
the ACCC," ACCC chairman Allan Fels said.  "This is a
classic example of David standing up to Goliath and
represents a victory for the rights of small business
against bullying tactics by the bigger end of town."

Handing down his decision, Justice Heerey said a number of
factors favoured a substantial penalty being imposed.
Simsmetal had made a "quite deliberate" effort to
contravene "fundamental principles of competition law",
accompanied by "bullying and intimidation . . . of a
vulnerable small trader", he said.

In 1994, Simsmetal was fined $352,500 over similar
complaints in Victoria. Mr Jaksa had also received TPA
compliance training just six months prior to committing the
offences.  Relieved at not being fined the $10 million
maximum allowable under the TPA, Simsmetal said it was
happy the matter was now resolved.

"The company regrets (its) conduct . . . and accepts as
appropriate a penalty of $2 million," managing director
John Crabb said.

Simsmetal had since "undertaken steps" to strengthen its
trade practices compliance program, he said.  Simsmetal
shares fell 5c to $4.76 on news of the fine.  (The
Advertiser  20-Jun-2000)


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

JOYCE BOUTIQUE: New backer in the wings
---------------------------------------
Troubled Joyce Boutique may have found a new financial
backer following last month's collapse of a takeover bid by
Strategic Capital Group (SCG).  The company's shares were
suspended from trading yesterday, pending an announcement
"in relation to a price-sensitive development ...involving
a possible change in the controlling shareholder," the
company said.

Joyce is controlled by the Ma family, which holds a 47.2
per cent stake.  On Friday, the counter finished at 23 HK
cents, compared with 12.6 HK cents early this month in the
wake of SCG withdrawing its offer.

Last week, chairman Walter Ma King-wah said Joyce was in
talks with several potential investors.  Mr Ma did not
identify the investors but said the company "will learn a
lesson" from the previous SCG deal.  SCG's proposed HK$236
million takeover of Joyce was terminated after concern over
the impact the loss of the Armani franchise would have on
the company.

According to Mr Ma, the true reason the talks collapsed was
that SCG did not have sufficient funds to carry out the
takeover.   An analyst said he did not expect the new
buyer's offer to be more generous than that of SCG.
Given the loss of the Armani franchise, which represents
one-third of the company revenue, the buyer's valuation of
the company should be lower that of SCG, the analyst said.

In the SCG proposal, Joyce's shares were valued at 20 HK
cents each, a 20 per cent discount to the company's net
asset value. (South China Morning Post  20-Jun-2000)

MANSION HOLDINGS: Reports losing HK$15.79 million lawsuit
---------------------------------------------------------
Mansion Holdings expects to return to profit this year
despite losing a HK$15.79 million damages lawsuit and
despite posting a HK$60 million loss for last year,
according to chairman Chan Ting-chuen.

Speaking after an annual shareholder's meeting, Mr Chan
said the company had completed its restructuring and would
focus on supplying fire-safety equipment and services. In
particular, it would promote household and car fire-
fighting equipment in the Greater China region.  Mansion
last month announced an attributable loss of HK$60.8
million for the year to December 31, after a profit of
HK$339.1 million in 1998.

Mr Chan said Mansion had secured exclusive distribution
rights from fire-fighting equipment-makers in Japan,
Britain, Germany and France.  Though car owners were at
present not required by law to carry fire-safety equipment
in their vehicles, Mr Chan believed the market prospects
were bright.

Managing director Allen Law said the firm had HK$100
million cash on hand.  Officials declined to comment on the
outcome of a damages case in which the company lost to
plaintiff Tridant Engineering.  After a four-year court
battle, Mansion was last week ordered to pay HK$15.79
million in damages to Tridant for faulty fire-safety and
plumbing works on Citic Plaza in Guangzhou.  A separate
hearing will be held to decide whether Mansion should pay
Tridant's legal costs.  (South China Morning Post  20-Jun-
2000)

PAM & FRANK INDUS.: Creditor protection threatens rescue
--------------------------------------------------------
The company's judge has slated an "inadequate" warning
given to creditors of bag-maker Pam & Frank Industrial such
that a proposed rescue could collapse if the parent is
declared bankrupt.

The cash-strapped company was yesterday given three weeks
to poll 300 unsecured creditors on the rescue proposal,
giving full warning that the deal hinges on a winding-up
petition against Pam & Frank International Holdings.

"It will be the very last time I am prepared to give time
to ascertain the views of creditors," Mrs Justice Doreen Le
Pichon warned.

It is the second time in the space of a week that the judge
has criticised the workings of the proposed restructuring.
On the last occasion, she attacked the "dishonest" way a
deal was struck to buy out bank debts.  Yesterday, the
judge said she had not been impressed with a circular sent
to unsecured creditors soliciting support for the shares-
for-debt proposal.

"That letter is inadequate," Mrs Justice Le Pichon told the
court, pointing to its failure to give a realistic
timetable on the proposed scheme.

Unsecured creditors had been informed that if there was
support for the proposal, shares could be issued by the end
of August. "Whoever wrote this is an optimist," the judge
said.

Even if full support was given by the creditors, the scheme
could not go ahead until a winding-up petition against the
holdings company was resolved - and it would have to win,
she said.

"That could take us to the end of the year easily and
nowhere is that explained to the unsecured creditors," the
judge said.  "My problem is that it doesn't convey
accurately what the situation is likely to be."

A petition to wind up Pam & Frank International was filed
by Li Mei Trading this year, amid debts of US$1.31 million
allegedly owed as part of a loan.  If the company was
declared bankrupt, it would thwart plans to give unsecured
creditors shares in the listed company to offset debts.

The logistics of polling all 300 unsecured creditors were
however called into question by counsel for the company,
barrister Paul Carolan.  He said the previous circular had
only three working days to solicit responses before
yesterday's court hearing. About 50 creditors were able to
respond - most of them suppliers, small companies in the
mainland.

"If your ladyship wants to ascertain that these small
creditors in China are all on board, that is going to take
a long time," he said. "All the major creditors are on
board."

Pam & Frank Industrial has already struck a deal with 15
banks for HK$55 million in debt to be bought out by
investor Smart Interlink.  A further HK$60 million is owed
by the bag-making arm to a mainland bank, ICBC, the court
heard. However, there is full security on the sum.

The holdings company reported an attributable loss of
HK$28.29 million in the year to March 31, last year. (South
China Morning Post  20-Jun-2000)

SHUICHENG STEEL: Signs debt-to-equity agreements
------------------------------------------------
Shuicheng Steel in southwest China's Guizhou Province,
signed agreements with three asset management companies
(AMC) recently to convert 1.45 billion yuan (US$ 175.33
million) of its debts to equities of the AMCs.

The swap deal will bring down Shuicheng's debt ratio from
90 percent to 56 percent, saving the steel company nearly
100 million yuan of interest payment annually. Shuicheng's
debts and have a 39.41 percent stake in the company;
Huarong AMC will take 690 million yuan and have a 36.55
percent stake; and the Great Wall AMC will take 12.4
million yuan and have a 0.63 percent stake. Shuicheng Steel
is obliged to buy back these equities within a certain
period.

Shuicheng Steel produced 1.21 million tons of pig iron,
1.13 million tons of crude steel and 927,300 tons of rolled
steel in 1999. Its heavy debts were mostly accumulated
during 1985-1995 when it launched a large-scaled
construction drive. In 1999 it paid 274 million yuan of
loan interest.  (Asia Pulse  19-Jun-2000)


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

KYOEI LIFE: S&P downgrades rating
---------------------------------
Credit risk appraiser Standard and Poor's yesterday
downgraded its rating for Japan's struggling Kyoei Life
Insurance which is joining hands with US giant Prudential
Insurance.

"The downgrade reflects the company's pressured earnings,
remaining asset-quality issues, and its weak
capitalization," said the US credit rating agency in a
statement.

Standard and Poor's lowered its insurer financial strength
and credit ratings on Kyoei Life to B from B-plus.
Along with other life insurers, Kyoei has been crippled by
rock-bottom interest rates in Japan, which have prevented
it making enough money to pay guaranteed yields to its
policyholders.

Kyoei was also hit by the collapse of partner Dai-ichi
Mutual Fire and Marine Insurance on May 1, Japan's first
non-life insurer to go under since World War II.
The impact on Kyoei of the Dai-ichi Mutual failure was
still uncertain, Standard and Poor's said.

"Even so, Dai-ichi's failure has affected Kyoei's planned
restructuring amid increasing competition in the market,"
it said.

Prudential's announcement on June 1 that it will take a
maximum 20-percent stake in Kyoei, in an investment worth
up to US$300 million, would improve the Japanese insurer's
capitalization, the agency added.

"However, the improvement will only be modest unless all
balance-sheet issues are resolved."

There was also uncertainty over the future of Kyoei's joint
re-insurance venture with Lincoln National, a rival to
Prudential in the United States, Standard and Poor's said.
Kyoei's management was planning to concentrate on niche
markets and boost the firm's capital, the risk appraiser
noted.

But this would be difficult "amid the combined challenges
of a still-sluggish economy in Japan, continued asset-
quality sensitivities, and increased competition stemming
from deregulation."  (Business Day  20-Jun-2000)

NIPPON CREDIT BANK: Asks 3 regional banks to take stakes
--------------------------------------------------------
Nippon Credit Bank (NCB) has asked Daishi Bank, Taiko Bank
and Hokuetsu Bank to take equity stakes.

Now under temporary government control, NCB is to be
reformed under new management this year now that its sale
to a consortium arranged by Softbank Corp., Orix Corp. and
Tokio Marine & Fire Insurance Co. has been finalized.

The consortium group is considering increasing the bank's
capitalization by 100 billion yen, of which the consortium
would provide about 70 billion yen. It hopes to attract
about 20 billion yen from foreign financial institutions
and the balance from Japanese regional financial
institutions, including the three Niigata Prefecture-based
regional banks.

NISSAN MOTOR CO.: Chief renews profit-or-quit vow
-------------------------------------------------
Sachiko Sakurai, a Nissan Motor Co. shareholder for more
than 30 years, has watched the value of her 5,000 shares
shrink by two-thirds from their peak in 1989.  The elderly
retiree says she believes that Carlos Ghosn, the
automaker's president and chief operating officer, is a
capable man, but beyond that she is reserving judgment for
now.

"I'm not sure if he can get them to make a profit as
quickly as he says," Miss Sakurai said. "I'm impressed that
Ghosn-san clearly said he will quit if he fails."

Mr. Ghosn, who was dispatched by Renault of France last
year to restore Nissan's finances and was formally named
president Tuesday, repeated at the company's annual meeting
his promise to resign if the company does not make a profit
by the end of the current business year.

Last month, Nissan posted the biggest-ever annual loss by a
Japanese automaker as the company absorbed charges for an
overhaul that it expects will bring a return to profit this
year. The automaker reported a group net loss of 684.4
billion yen ($6.43 billion) for the year that ended in
March, its seventh loss in eight years.

To revive the company's finances, Mr. Ghosn has said Nissan
will eliminate about one in seven jobs, or some 21,000,
close four plants in Japan and halve its total debt to 700
billion yen by March 2003. The so-called revival plan
followed Renault's purchase of a 37 percent stake in Nissan
in May 1999.

At the shareholder meeting Tuesday, top company officials
were grilled over everything from the design of Nissan's
corporate logotype to surrendering control to foreigners.
Some shareholders expressed a loss of pride that a company
that was once the nation's second-biggest carmaker and a
symbol of Japan's rapid industrialization in the pre-war
years was now in the hands of foreigners.

"I am a pure Japanese, and I am proud of Nissan, because it
was a Japanese company," an investor said. "Now the
foreigners are coming and closing factories and laying off
workers. They are like an occupying army."   (Financial
Times  21-Jun-2000)


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

HANYANG CORP.: July takeover by US developer likely
---------------------------------------------------
A U.S. real estate developer could be taking over
construction firm Hanyang Corp. as early as July.

Hanyang, which is currently a subsidiary of the state-run
Korea National Housing Corp. (KNHC), had been one of
Korea's leading general contractors in the 70s and 80s, but
was placed under court protection in 1994 and acquired by
the government that same year.

A high-ranking official at the Ministry of Construction and
Transportation (MOCT) said U.S. firm S&K had signed a
memorandum of understanding with the KNHC last April to
take over the ailing construction firm. Once details of the
deal are settled, the two will sign a formal sell off
contract, which is likely to happen by the end of July,
according to the MOCT official.  (Digital Chosun  20-Jun-
2000)

HYUNDAI PETROCHEMICAL: Suffering business setbacks
SAMSUNG FINE CHEMICAL: Suffering business setbacks
--------------------------------------------------
Although Hyundai Petrochemical and Samsung Fine Chemical
have promised creditor banks that they would lower their
debt-to-equity ratios to below 200% by this September and
would separate from their parent groups, it will be
difficult for both to meet their commitments as they have
been going through a series of setbacks in their
operations, including the Chinese government's recent ban
on the import of polyethylene from Korea.

Since the beginning of the Kim Dae-jung administration in
February 1998, the government and the Federation of Korean
Industries had been pressing for a merger between the two,
which had a combined debt of W5.7 trillion at the time, as
well as several overlaps in production equipment. The so-
called big deal between the two however, fell apart this
February, leading them to make the above commitments to
their creditors.

The two firms have been so deeply engrossed in the mission
of lowering their debt-to-equity ratios that they have been
neglecting necessary restructuring of their operations.

Samsung Fine Chemical has lowered its W2.25 trillion debt
as of the end of last year to W2 trillion and Hyundai
Petrochemical also lowered its debt to W2.24 trillion from
W2.65 trillion. Company watchers say, however, that both
firms have been having a hard time servicing their debts
due to the large amounts they still owe. Hyundai
Petrochemical in particular, has been suffering from a cash
crunch in the midst of group-wide liquidity problems.

The Financial Supervisory Service and the Ministry of
Finance and Economy said they have both been closely
monitoring the firm's cash flow. (Digital Chosun  19-Jun-
2000)

KORAM BANK: US consortium expected purchaser
--------------------------------------------
A consortium of U.S. firms, including investment bank J.P.
Morgan and investment firms are likely to purchase W500
billion (US$448 million) worth of depository receipts (DRs)
issued by KorAm at W6,800 per share.

The two parties have been negotiating on the price of the
DRs, with the consortium offering W6,600 and KorAm asking
for W7,000. KorAm offered to split the difference Tuesday
and the consortium is expected to accept the new price.
Once the deal is closed, J.P. Morgan, as the owner of the
largest stake in the consortium, will become KorAm's
largest shareholder.  (Digital Chosun  20-Jun-2000)

SSANGYONG CORP.: Mulls raising 1.5T won via asset sale
------------------------------------------------------
Ssangyong Corp said it planned to raise 1.5 trillion won
within the year through the sale of real estate assets and
stakes in its affiliates.

It would sell its 67.4% stake in its Kosdaq-registered
unit, Ssangyong Information & Communications Corp in
October.  The sale, which is expected to raise around 520
billion won, would come at the end of the normal six-month
lock-in period for majority shareholders.

It also plans to sell real estate worth about 500 billion
won, including some of Ssangyong Cement Industrial Co Ltd's
local plants and mines in Australia.   Vulture Fund, a
foreign asset disposal company, is arranging the real
estate sales.

Ssangyong Corp said it was also in talks with foreign
cement companies to sell part of a plant operated by
Ssangyong Cement Industrial, east of Seoul for US$300mil.
The company will also spin off the ceramic operations of
Ssangyong Cement Industrial.  (The Star Online  20-Jun-
2000)


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

CHASE PERDANA BHD: Bad financial year brings new focus
------------------------------------------------------
Chase Perdana Bhd will focus on its core business of
construction and engineering services as it strives to
strengthen its position after a difficult year.  Its
executive chairman Tan Sri Dr Mohan Swami said the move to
solely concentrate on construction and engineering was made
at the expense of its other businesses.

"Chase Perdana will divest its interest in subsidiaries
doing businesses other than those related to construction
and engineering.  With this new direction and the contracts
already in hand, Chase Perdana is confident of returning to
the black for the current financial year," Mohan told
reporters after the company's AGM in Kuala Lumpur
yesterday.

He believed that construction and engineering would pick up
soon as the recovering economy would spur more development
activities, especially housing.  "There may be a glut in
office space currently, but I am confident the situation
will improve in years to come."

Mohan said the company was also looking out for
opportunities to strengthen its construction and
engineering business and was in negotiations with a local
construction company.  "We may merge or enter into a
strategic alliance with the company which has done jobs
overseas," he said.

Mohan said the recession had been a "blessing in disguise"
and the company had learned a lot and would emerge stronger
from the experience.  Other than construction and
engineering, Chase Perdana was also into plantation,
manufacturing, trading, tourism and hotel.  Chase Perdana
projects are based in Sabah, the major one being the
Universiti Malaysia Sabah project which will keep it busy
for the next five years.

On the sale of its subsidiaries, Mohan said they would be
sold at the right price as they had done reasonably well
despite the recession of recent years.  He added that Sitt
Tatt Bhd, which made property investment and development
its core business, would complement Chase Perdana's plan to
focus on construction and engineering services.

Mohan, who is also executive chairman of Sitt Tatt, said
this would allow Chase Perdana to undertake construction
works for projects secured by Sitt Tatt. Currently, Sitt
Tatt has a 1% equity interest in Chase Perdana.  On the
company's proposal to acquire a 28% stake in Sitt Tatt,
Mohan said it would resume after Chase Perdana has
completed its debt restructuring plan.

For financial year ended Dec 31, 1999, the Chase Perdana
group recorded a turnover of RM536mil, a 51% increase from
the previous year's RM356mil. The construction sector
contributed 92% of the total turnover.  However, provisions
for several long outstanding debts in addition to huge
financial charges resulted in a loss of RM85.2mil, which
was a 10.8% improvement from the previous year's loss of
RM95.5mil.  (Star Online  20-Jun-2000)

MBf CAPITAL BHD: Reorganizing, mulling ,affiliate merger
--------------------------------------------------------
MBf Capital Bhd is being reorganised to ensure the company
remains profitable in the future with financial services
remaining its core business.  According to its chief
executive officer Datuk Loy Teik Ngan, the company is also
exploring opportunities to merge its insurance arm.

"We have to think of ways to make the company profitable,"
Loy said. "We have to do more business with companies that
have potential."

MBF Capital reported a pre-tax loss of RM284mil for its
financial year ended Dec 31, 1999.  Loy expects the
reorganisation exercise to be completed this year.
According to Loy, MBf Insurans is not in talks with any
party for a merger under Bank Negara's plans to consolidate
the industry but the group is evaulating which are the best
parties to strike a deal with.

"We feel the merger is good for the industry and the
quicker we start talking, the better will be our chances of
getting a good grouping," he said.

According to the notes in its annual report, the ability of
the company to continue as a going concern is dependent on
the successful implementation of the exercise and the
support of its shareholders, bankers and creditors.

"We have to deal with the debts of the company and we are
constantly talking with our bankers," Loy said. "They have
been supportive so far."

On the prospects of the group, Loy said sales by MBf
Factoring and MBf Insurans were looking better than last
year.  Loy expects MBf Card Services to be the number one
issuer of MasterCard in Malaysia this year.  (Star Online
20-Jun-2000)

TIME dotCOM: Stake sale expected before July 12
-----------------------------------------------
Renong Bhd executive chairman Halim Saad said he expects
Time Engineering Bhd and Khazanah Nasional Bhd to conclude
negotiations on the Khazanah plan to acquire a 30% stake in
Time dotCom before Time meets with its creditors on July
12.

"I should think so. We hope very much to conclude the
negotiation before the creditors meeting," Halim told
reporters at the sidelines of the Time Wireless launch of
its WAP (wireless application protocol) service.
According to Halim, the negotiations were "going well" with
"good progress."

He declined to say if Khazanah was acquiring Time dotCom
shares for RM3.30 each or less.   Commenting on the
Securities Commission's recent move to amend its chain
listing guidelines, Halim said: "That will help us a lot."

According to Halim, the Renong group's plans to list
Prolink Development Sdn Bhd, Time dotCom and Projek
Lebuhraya Utara Selatan Bhd are on track.  Meanwhile, Time
Wireless has announced that it will expand mobile network
coverage by installing 350-400 new cell sites by March next
year, providing 90 pct coverage to peninsula Malaysia and
improving indoor coverage in key buildings and complexes.

A test trial using general packet radio service (GPRS)
technology has been planned for the end of this year.
GPRS would increase mobile phone data transmission speed by
more than 10 times, the company said in a statement, adding
that commercial roll-out of the service would depend on
availability of GPRS handsets.

At the launch of its WAP service called TimeWap, Time
Wireless chairman Zaidan Othman said mobile operators were
introducing mobile data services to acquire new customers
and generate new revenue streams.  TimeWap gives
subscribers Internet access through their mobile phones.
(Star Online  20-Jun-2000)

TIME ENGINEERING: Debt plan wins support of creditors
-----------------------------------------------------
Most creditors of heavily indebted Malaysian
telecommunications group Time Engineering support a
proposed debt restructuring scheme, sources said yesterday.

"There is support from most of their creditors for the debt
scheme, both from the bankers and trade creditors," an
industry source said.

Time's directors could not be reached for comment.  The
source said Time was also close to identifying a foreign
company as a strategic partner.  The company has been
holding exploratory talks with several foreign telecoms
players. The source declined to identify the company
emerging as a possible ally.

"It may not necessarily involve an equity stake sale," the
source said.

Time is one of Malaysia's single biggest debtors. Sorting
out its debts is seen by analysts as a test of whether the
country can carry through painful and transparent corporate
restructuring.  Among Time's trade creditors is Malaysian
telecoms equipment maker Sapura Group. In April it
submitted a bid for Time's telecoms assets which was
eventually rejected by Time.

Time, controlled by the Renong conglomerate which has close
ties to the Malaysian Government, is due to hold a court-
convened meeting with creditors on July 12.  It is under
creditor protection while it finalises debt plans. Time has
said it planned to sell a 30 per cent stake in its Time
dotCom telecoms unit to the government's investment arm
Khazanah Nasional under a M$5 billion (about HK$10.25
billion) debt restructuring plan.

Analysts have said Khazanah is likely to hold the stake for
a limited period until Time finds a suitable strategic
partner.  Prime Minister Mahathir Mohamad has said the move
to sell the stake to Khazanah does not amount to a
government bailout of Time.

The plan to sell the stake to Khazanah came about after it
failed to sell 20 per cent stakes each in Time dotCom and
an Internet unit to Singapore Telecommunications (SingTel).
SingTel had also planned to buy a 14.5 per cent stake in
Time Engineering. (South China Morning Post  20-Jun-2000)


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

ALL ASIA CAPITAL: Probe continues to find problems
CAPITAL INVESTMENT PHILS.: Probe continues to find problems
EAST ASIA CAPITAL: Probe continues to find problems
-----------------------------------------------------------
Authorities are reportedly looking into another angle in
the latest investment house fiasco-unsound corporate
practices.  Well-placed sources said yesterday that there
is apparently an "underlying" problem in the case of the
All Asia Capital, the East Asia Capital, and the Capital
Investment Phils. Inc., aside from the pre-termination of
their investors' holdings.

"The reported pre-termination thing is just symptomatic of
an underlying (factor). Maybe investments in real estate,
could be one (reason) why the three investment houses got
into illiquidity (problems)," a source said.

The other cases that tainted the system involved the Urban
Bank and its subsidiary Urbancorp Investment Inc., Westmont
Investment Corp. (Wincorp), and the ASB Realty.  Meanwhile,
Bangko Sentral ng Pilipinas (BSP) Governor Rafael B. Buena-
ventura said that the best option that All Asia, East Asia,
and CIPI could take is a fresh capital infusion.

"Liquidation should be the last resort," he said,
indicating that the three also need to attract a strategic
investor that could provide liquidity assistance if the
capital infusion by their own stockholders would be
difficult.

The Bankers Association of the Philippines had expressed
intentions to buy the commercial papers of the beleaguered
investment houses in a bid to assist the latter. The
papers, according to Buenaventura could be sold to the BSP
through its rediscounting facility, which in turn, would
aid banks helping the distressed investment houses.
(Manila Times  21-Jun-2000)

PHILIPPINE NAT.BANK: Gov't stake depreciating each day
------------------------------------------------------
Forget premiums, bargaining positions nor the likelihood
the National Government will fetch a good price for the
remaining 30% stake in Philippine National Bank (PNB) it is
desperate to sell within the next 45 days.

Confidence in a successful PNB privatization next month has
just reached rock bottom with controversial tycoon Lucio C.
Tan's decision to make a capital call within the year,
analysts yesterday said.

"The National Government has no choice but to sell at this
time and no choice but to give up its illusions that it can
get a premium on its shares," Gonzalo Bongolan, PCCI
Securities Brokers Corp. research director, said.

Mr. Tan, who claims to own majority of the country's
fourth-largest bank by assets, plans to issue a stock
rights offer "right away" to raise at least 10 billion
Philippine pesos (PhP) (US$234.5 million at PhP42.649:US$1)
in fresh capital for the bank.

Burdened with a backbreaking 36% non-performing loan ratio
as of April 30, the PNB management is under pressure to
raise capital as soon as possible. Finance Secretary Jose
T. Pardo has indicated the government can no longer ask Mr.
Tan to defer the stock rights offer until after government
sells its shares.

If the stock rights offer, which at PhP100 apiece is still
too expensive for the market, is made before the government
sells its shares, the State's stake will further be diluted
and lose whatever luster it has to prospective buyers.

Given the budget deficit and the pressure on the National
Government from international financial institutions like
the International Monetary Fund and the World Bank to
divest of its shares in PNB, the government has its back
against the wall when it comes to the privatization of PNB,
PCCI's Mr. Bongolan said.

But if the government's shares were not diluted in the
first place, Abacus Securities analyst Emilio Neri, Jr.
pointed out, it might have still been possible for the
State to get a good bargain. As it is, the opportunity is
already gone, he said.

Former Finance Secretary Jesus P. Estanislao earlier said
the government could have preserved its bargaining position
and aimed for complete divestment of its PNB shares at the
same time. Officials' earlier decision not to subscribe to
last year's stock rights offering was a strategic mistake
that robbed taxpayers of a chance to get fair value for the
government's PNB shares, he said.

But while one mistake has piled upon another, Mr. Bongolan
said something good may yet result from the stock rights
offer. The market would definitely like to see an increase
in PNB's capital, he added.

"Capital increase is the name of the game nowadays," he
said.

But this could only work if a new investor will infuse
money in the bank. If Mr. Tan will still be the major
buyer, the market will definitely see the move as a
negative, he said.

"Sana hindi langawin. (Hopefully, there will be interest.)
The reason why the market is excited with the stock rights
offer is that he (Mr. Tan) might be diluted," he said.

But government officials said last Friday it is not
impossible for Mr. Tan to consolidate his holdings in the
bank by buying up most of the stock rights offer.
Uncertainty over the planned stock rights offer dragged
down PNB's share price yesterday to PhP59 apiece, sliding
from the PhP60.50 per share closing price last Friday.

In addition, at PhP100 apiece -- the price quoted by Mr.
Tan -- Mr. Bongolan believes the shares are still too
expensive.

"Normally when you make a stock rights offer, you sell the
shares to investors at a discount," he pointed out.

Metropolitan Bank and Trust Corp., the industry's largest,
has already decided to issue its shares this quarter at
PhP160 apiece -- a 22% discount from yesterday's closing
price of PhP205 apiece.

"See the difference? If you are an investor, which would
you buy?" said Mr. Bongolan. (Business World  20-Jun-2000)

PILIPINO TEL.CORP.: Expects to ink rehab pact in June
-----------------------------------------------------
Philippine Long Distance Telephone Co unit Pilipino
Telephone Corp expects to finally sign a debt restructuring
agreement with its creditor banks this month, PLDT
president Manuel Pangilinan said.

"We hope to sign the debt restructuring agreement with the
banks (this month)," Pangilinan told reporters, noting that
the required documentationhas been the cause of delay in
the signing of the pact.

He said PLDT will extend financial support to its cellular
phone service unit up to 250 mln usd.  Under the memorandum
of understanding forged with the majority of its creditor
banks, 50 pct of the debt will be replaced by peso-
denominated convertible preferred shares issued by PLDT,
exchangeable into PLDT convertible preferred stock. The
remaining 50 pct of the debt will be replaced by a 10- and
15-year term loan.  (AFX News Limited  19-Jun-2000)

UNIFIED SAVINGS AND LOAN: Criminal charges against execs
--------------------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) filed more criminal
charges with the Department of Justice (DOJ) against
officials of the cash-strapped Unified Savings and Loan
Association (Unisave) for allegedly violating banking laws
and rules.

Found criminally liable for breaching the new General
Banking Act (GBA) and the BSP Manual of Regulations for
Banks, according to Governor Rafael B. Buenaventura, were
Unisave president Renato F. de Leon, vice-president Alvin
R. Pangilinan, director Flordeliza G. Samson, and director
Teresa B. Rosales.

The entities specifically transgressed the 15-percent
ceiling on Dosri loans. This means that, among others, a
bank could not issue loans more than 15 percent of its
capital fund or total loan portfolio for prudential
purposes to its Dosri.  Dosri stands for bank directors,
officials, stockholders, and related interests.

Buenaventura said that De Leon and the other officials
apparently granted loans amounting to P44.1 million in the
form of investments/financial accommodations to Unicap
Marketing Corp. (Unimark).  The finding was based on
records of Unisave, the Philippine Deposit Insurance
Corporation (PDIC), the Securities and Exchange Commission
and the central bank, said Buena-ventura.

"The records show that a majority of the members of the
board of directors of Unimark are likewise members of the
board and controlling stockholders of Unisave," reported
Buenaventura.  "It further appears that the said loans were
neither approved by the majority of the directors of
Unisave nor reported to the BSP's Department of Thrift
Banks and Non-Bank Financial Institutions, as required by
law," he added.  (Manila Times  21-Jun-2000)

VICTORIAS MILLING CO.: Creditor seeks rehab plan throw-out
----------------------------------------------------------
East West Banking Corp. has asked the Securities and
Exchange Commission to throw out the management-prepared
rehabilitation plan for Victorias Milling Corp. saying it
is only the designated management committee that has the
authority to submit an alternative plan.

In a motion filed with the SEC yesterday, East West said
officials of Victorias are usurping the functions of the
management committee by submitting an alternative plan to
the Commission.

"The alternative rehabilitation plan has already been
passed upon by management committee and approved by
unsecured creditors. In other words, the alternative
rehabilitation plan now being submitted by the VMC
management has been deemed rejected by the management
committee and by submitting the same directly to the
Honorable Commission is usurping the functions of the
management committee," East West told SEC.

East West also objected to a proposal requiring
stockholders of Victorias to convert almost P4 billion of
the unsecured principal obligation into common shares while
retaining 30 percent of the company with veto powers vested
on them.

"If they propose to convert P3.91 million of unsecured
obligation into common shares equivalent to 70 percent of
the new capital then VMC stockholders had grossly
overvalued the monetary equivalent of the existing
stockholders," East West said.

It pointed out that the mancom had earlier declared that in
the hierarchy of rights, the stockholders are at the
bottom. "Yet petitioner's proposal attempts to onerously
pass on all of its losses to the unsecured creditors as
they attempt to bloat the value of existing shares at 98.4
percent of its present par value and 31.4 percent over its
book value as of March 31, 2000," East West said.

As of end-March this year, the VMC incurred capital deficit
of P783,396.08.  The management of Victorias, headed by its
president Manuel Ma¤alac, had also asked the SEC to approve
its submitted recovery program, saying the management
committee-prepared alternative plan did not offer the
proper solution to the problem and if approved, would end
up the same way as the first rehabilitation plan.

Management said its own alternative plan is more viable and
has the better chance of success since it is premised on
the rational sharing of the loss or diminution of the
interests among the stockholders, bank creditors and trade
creditors of the company for their best interests. It said
that the clean creditors plan to convert only their
interests on the principal loan amounting to P959.92
million plus part of the principal loan of P142.08 million
or a total of P1.1-billion shares of stock would not reduce
significantly Victorias' total debts.

Management said its own plan seeks to reduce the debt owed
to clean creditors by converting the total debt of P3.9-
billion to 1.16-billion shares of P1 par value, effectively
priced at P3.38 per share. This, according to management,
will make the clean creditors the majority owners of 70
percent of the company, effectively leaving the principal
debt due clean creditors reduced to zero upon conversion to
70 percent of stockholdings.

It is said that while its own proposal lacks the support of
Victorias' creditors, the SEC must take into consideration
that any rehabilitation plan must take into account not
only the interests of creditors but also of stockholders,
the company itself and employees.  (Manila Times  21-Jun-
2000)


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

YEO HIAP SENG: MSC rejects restructuring proposal
-------------------------------------------------
A restructuring proposal by food and beverage group Yeo
Hiap Seng (YHS) to transfer its manufacturing from
Singapore to its Malaysian associate has been rejected by
the Malaysian Securities Commission (SC).

The move would have cut manufacturing costs and provided
YHS with a platform to develop export markets in Islamic
countries, given the Malaysian associate's expertise with
halal foods. But a decision by the SC yesterday has put a
spanner in the works.

In a statement yesterday, YHS said the request by associate
Yeo Hiap Seng (Malaysia) to acquire its non-carbonated
food-making businesses was turned down as it exceeded the
25 per cent set by the SC on acquisition of foreign assets
or securities by Malaysian-listed companies.  The SC had
set the new policy on Dec 14 last year, after YHS
(Malaysia) announced the deal in August.

YHS (Malaysia) has appealed to the SC. Its deal is one of
the first to run counter to the Malaysian SC's 25 per cent
ruling.  Under the restructuring agreement signed in August
last year, YHS (Malaysia) was to issue 44.3 million new
shares worth about RM131.1 million (S$58.4 million) for
YHS' non-carbonated food-making businesses. This would
raise YHS' stake in the Malaysian company from the current
40 per cent to 60.7 per cent.

At the time the restructuring agreement was signed,
Malaysia's International Trade and Industry Minister Datuk
Seri Rafidah Aziz, had hailed it as reflecting "a pragmatic
approach of co-operation," and encouraged YHS to invest
further in Malaysia. YHS said then that it expected to
spend up to RM100 million on new manufacturing equipment in
Malaysia over the next five years.

The Malaysian firm and its associated companies produce and
sell canned food, sauces, non-alcoholic beverages, instant
noodles and non-food products, with YHS in an operational
headquarters role. Mainboard-listed YHS reported a huge
$62.9 million bottom-line loss for the year ended Dec 31,
hurt in part by the restructuring of its food and beverage
business. It suffered $65.4 million in extraordinary
losses, including $32.6 million of losses from
restructuring its operations in Singapore.

If YHS fails in its appeal to the SC, it would mark the
second failure by a local firm with plans for the Malaysian
market. Last month, a $1.1 billion deal between SingTel and
Malaysian telecommunications company Time Engineering and
its parent Renong was also called off.  (Straits Times  20-
Jun-2000)


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

PRASIT PATANA PLC: Tells SET of lawsuits
----------------------------------------
Prasit Patana Public Company Limited, through Apiwat
Ourairat, Deputy Chief Executive Director And Acting Chief
Executive Director, has reported to the Stock Exchange of
Thailand that there are legal disputes relating to the
company.

On 29th May 2000, Krung Thai Bank PLC took civil legal
action against Phyathai II Hospital Co., Ltd. as the 1st
Defendant and Prasit Patana PLC as the 2nd Defendant for
breach of a loan agreement and enforcement of the mortgage
and guarantee. The principal amount claimed is Baht
1,542,954,928.77. The hearing of plaintiff's witness is
scheduled for 25th August 2000 at 13:30 hours.

On 31st May 2000, Bank of Ayudhaya PLC initiated bankruptcy
proceedings against Prasit Patana PLC as the 1st Defendant,
KLASS-V Co., Ltd. as the 2nd Defendant, Phyathai III
Hospital Co., Ltd. as the 3rd Defendant, Phyathai IV
Hospital Co., Ltd. as the 4th Defendant and Phyathai Ubol
Hospital Co. Ltd. as the 5th Defendant for insolvency in
respect of the total obligation of Baht 3,952,831,006.81.
The appointment of enquiries is scheduled for the 16th June
2000 at 13:30 hours.

At the appointment of enquiries held on 16th June 2000, the
Bankruptcy Court scheduled a hearing date for 27th
September 2000 and advised that witness examinations is to
be completed by 16th November 2000. The earliest date that
the Bankruptcy Court will make a decision in the bankruptcy
case is the 16th November 2000.

The companies would like to have the opportunity to
persuade the court that Bank of Ayudhaya PLC's petition
should be dismissed. However, the appointment of enquiries
was not the appropriate forum in which to seek such a
dismissal.

In May of 1999, Prasit Patana Group entered into debtor's
accession agreements under CDRAC to aid the process of
negotiation. Unfortunately and despite the best intentions
of the companies and their creditors, it did not prove
possible for the negotiations to be completed within the
timeframe set out by CDRAC.

Because of this and in accordance with its framework,
creditors who are CDRAC signatories are now required to
take legal actions against the companies, even though all
parties are now aware of the imminence of the resolution
and the lodging of the rehabilitation petitions.

Legal actions, including that taken by Bank of Ayudhaya now
being launched by these creditors are being taken in
response to the requirements of CDRAC and do not indicate
any failure of the companies and their creditors in
reaching agreement.

The executive view is that we now have a restructuring plan
that is broadly acceptable to all parties. We will enter
the business rehabilitation procedure and proceed to
implement the restructuring plan as soon as possible.

Once the Bankruptcy Court accepts the petitions for
business rehabilitation, the restructuring plan can be
implemented and the Bank of Ayudhayas bankruptcy petition
will be stayed, as it is anticipated that the company will
enter business rehabilitation prior to the bankruptcy
hearing on 27th September 2000, and certainly before
completion of witness examinations. (Stock Exchange of
Thailand   19-Jun-2000)

RAYONG TANK TERMINAL CO.: Rehab petition accepted
TPI ENERGY CO.: Rehab petition accepted
TPI POLYOL CO.: Rehab petition accepted
-------------------------------------------------
The Central Bankruptcy Court has accepted Thai
Petrochemical Industry Group's petition to rehabilitate
three wholly owned subsidiaries: TPI Polyol Co, TPI Energy
Co and Rayong Tank Terminal Co.

TPI Polyol, a chemical manufacturer, owes a total of 805
million baht to 62 creditors. TPI Energy has debts of 369
million baht to four creditors, and Rayong Tank Terminal
owes 3.01 billion baht to 14 creditors.

Court spokesman Phumvut Phuthasuatta said that because the
three subsidiaries operated fully integrated petrochemical
businesses, their rehabilitation plans were crucial for the
TPI Group's overall rehabilitation. As a result, he said,
it was important to resolve their problems simultaneously.
(Bangkok Post  20-Jun-2000)

SRIVARA REAL ESTATE GROUP: Reports restructure plan to SET
----------------------------------------------------------
Srivara Real Estate Group, through Panya Suwanpraipattana,
Managing Director, has been informed of possible delisting
from the Stock Exchange of Thailand and the company has
notified you of its Restructuring Plan.  The company is now
under a restructuring trial in Bankrupt court

The restructuring trial is requested by Thai Strategic
Asset Fund who claimed to have bought the company's debt
from FRA. Thai Strategic Asset Fund has giver right of
attorney to Asset Recovery Co., Ltd. who reassigned Far
East Law (Thailand) Co., Ltd. to wake a formal request to
the court.

The company had been on trial on May 8, 2000, June 1 and
5,2000. The court declared the judgment on June 16,2000
13.30 hour. that the company will be on the restructuring
process and appointed directors of the company to be
temporary management till the creditors meeting appoint the
planner and management. (Stock Exchange of Thailand  19-
Jun-2000)


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

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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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