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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

             Thursday, September 7, 2000, Vol. 3, No. 174

                                     Headlines


* A U S T R A L I A *

E* TRADE AUSTRALIA: Posts $53.8M loss on abnormals
ENVESTRA GROUP: Posts $13M loss
LIBERTYONE: Plans to close/sell several units
NATIONAL AUSTRALIA BANK: Facing legal action
NORMANDY MINING: $ 420M writedown rocks stockholders


* C H I N A  &  H O N G  K O N G *

FUJIAN GROUP: Creditors file suits for recovery
INTERFORM CERAMICS TECHNOL.: Receivers to make save effort
MANAGON DEVELOPMENT LTD: Facing winding up petition
NEW KINGLY PLASTIC & METAL MFY.: Facing winding up petition
NEW ORIENT LTD: Facing winding up petition
ON HARVEST HOLDINGS LTD: Facing winding up petition
PACIFIC CENTURY INSURANCE: Forecasting annual net loss
PLOTIO HOLDINGS: Posts wider annual net loss
QHL INVESTMENT CO.LTD: Facing winding up petition
QHL TRADING CO.LTD: Facing winding up petition
SUNDAY COMMUNICATIONS: Posts first-half net loss


* I N D O N E S I A *

PT ADITARINA ARISPRATAMA: IBRA takes over 5 unit's assets
PT INTRACO PENTA: Completes debt restructuring
PT SEMEN CIBINONG: US$250M missing


* J A P A N *

BRIDGESTONE: Firestone tire recall drops shares lower
JAPAN NATIONAL OIL CORP.: To liquidate Chinese unit
NICHIEI CO: Expects to post first-half loss


* K O R E A *

CENTRAL BANKING: Embezzlement weakens financial strength
DAEWOO GROUP: To cut 548 employees in cost-cutting move
DAEWOO MOTORS: KAMCO may miss $6B bond payment
HANVIT BANK: Embezzlement weakens financial strength
JOONGANG CREDIT & SVGS.ASSN.: Manager steals W6.4B
PEACE BANK: Embezzlement weakens financial strength


* M A L A Y S I A *

MULTI-PURPOSE HOLDINGS: Unit sale proceeds to reduce debt
TELEKOM MALAYSIA: Considering spinoff of 2 units


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

ALL ASIA CAPITAL: Rehability audit under way
ALL ASIA CAPITAL: SEC lifts CDO - conditionally
ATLAS MINING: Accepts rehab offers


* S I N G A P O R E *

KEPPEL TATLEE: Units to be restructured
OAKWELL ENGINEERING: S$3.9M debt rescue underway


* T H A I L A N D *

BANGCHAK PETROLEUM: Losing Bt6M a day
KRISDAMAHANAKORN: Signs Bt1.64B debt restructuring
SINO-THAI ENGIN.& CONSTRUC.: Restructuring plan approved
THAI ENGINE MANUFACTURING PLC: Debt affirmed at Bt7.25B
THAI OLEFINS CO.: Rehab plan calls for product halt


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

ENVESTRA GROUP: Posts $13M loss
-------------------------------
Gas-pipelines group Envestra has beaten its prospectus
forecast, but still has posted an annual net loss of $12.9
million.

Profit before interest and tax climbed 78.6 per cent to
$121 million after last year's purchase of the Stratus
Networks gas distribution business in Victoria, while sales
jumped 57 per cent to $239 million.  The Adelaide-based
company had previously forecast a $27.2 million net loss,
but benefited from cost savings and a $10 million abnormal
gain resulting from the change in the corporate tax rate.

Envestra's accounting structure - which sees it pay
distributions on its securities before net profit - means
it does not expect to book net profits for another three to
four years.  Distributions are expected to rise to 9.25c
per stapled security - up from 9c - representing an 11 per
cent annual return based on yesterday's closing share price
of 84c, which was up 1c.

Envestra managing director Ollie Clark said he was pleased
with the result, but it could have been much better "had
the weather in Melbourne and Adelaide been as cold as
usual."

The recent winter was warmer than normal - which affected
gas sales - but was much closer to the average, Mr Clark
said.  Envestra added a further 19,721 customers to its
855,000-strong consumer base, and Mr Clark expected similar
growth this year despite the housing downturn.  He said he
was pleased with the integration of Stratus Networks, which
was acquired last year for $1.2 billion and almost doubled
its interest expense to $121 million.

"It has been a big strain on the digestive system, but we
are at a point now where we are thinking let's see what's
around," Mr Clark said. (The Advertiser  05-Sept-2000)

E* TRADE AUSTRALIA: Posts $53.8M loss on abnormals
--------------------------------------------------
A blowout in abnormal expenses and a decline in operating
performance drove E*Trade Australia to a preliminary net
loss of $53.8 million in the 12 months to the end of June.

The negative result reinforces a trend among most leading
online brokers in Australia that have struggled to
translate their growth in market share to profits. The
massive loss, which was in line with market expectations,
was mainly attributable to a $42.18 million write-off
relating to the issue of 6 million company shares to ANZ
under a strategic agreement between the two companies.

E*Trade is likely to incur additional abnormal losses over
the next two years as ANZ continues to channel online
customers to the broker. Despite the negative impact of the
alliance on E*Trade's bottom line, the managing director,
Mr Michael Deleray, said ANZ had become a primary source
of new customers.

It is anticipated that ANZ will be issued new shares
resulting in a total holding of about 15 to 20 per cent.
The bank has an option to take its stake to 40 per cent by
the end of 2002 depending on the level of new customer
traffic it generates for the broker.

E*Trade's operating loss before tax and abnormals worsened
by more than 48 percent on last year to $11.7 million, even
though Mr Deleray said there had been a 224 per cent
increase in customer account numbers to 62,000. The
company's head of marketing, Mr Bill Wileman, said the pre-
tax performance had been affected by the spin-off in
January last year of a subsidiary, International Contract
Manufacturing (ICM).

"The 1999 result included a contribution from that business
whereas the 2000 result did not," he said.

Mr Deleray said the company would continue to diversify
into activities apart from share trading as part of a push
to win a greater share of wallet among customers. Most
analysts said they were not ready to upgrade their "hold"
recommendations on local E*Trade shares despite speculation
that the US-based E*Trade Group may be contemplating a
buyout of the Australian business.

The US parent recently began to mop up minority interests
in the E*Trade operations outside the US and the Australian
arm is now the only business that is not under its control.
Mr Wileman said he did not know whether the US parent
intended to buy out the local business.

"That's purely in the hands of E*Trade Group in the US and
we are not aware of their intentions," he said. Shares in
E*Trade Australia were unchanged at $2.38. (Australian
Financial Review  05-Sept-2000)

LIBERTYONE: Plans to close/sell several units
---------------------------------------------
Australia's trailblazing internet company LibertyOne has
been forced to bite the bullet and announce plans to close
or sell more than half its loss-making businesses.

In the process it will write-off more than $40 million in
the carrying value of its assets, resulting in forecasts of
a $60 million loss for the half-year to June 30.  In
December 1998, LibertyOne became Australia's first pure
internet play to list on the stock exchange. But, as its
share price wallows near record lows after April's "tech
wreck," investors refused to stump up more money to fund
continued losses on the promise of a blue-sky future.

Buckling under the weight of mounting red ink, LibertyOne's
management conceded yesterday that to carry on the company
in its present form would have ultimately killed it.
"Hard questions needed to be asked, we were extremely
mindful of the human impact of these decisions, but there
is no question they needed to be made," newly installed
chief executive officer Marcelle Anderson said.

It is unclear how many jobs will be lost as a result of the
restructure.  LibertyOne joins other dotcoms including
Spike, eisa, K-Grind, Allmybills.com.au and E-Loan, which
also yesterday announced a scaling back of its business,
that have either radically changed or closed their
operations.

The change in direction at LibertyOne follows Ms Anderson's
replacement in July of company founder Graham Bristow.
Its shares, which a year ago peaked at $2.56, yesterday
closed 2c lower at 15.5c.  "Our goal now is to ensure the
company is in a sound financial position and restore its
credibility in the marketplace," Ms Anderson said.

As a result, only the Web design and consultancy business
Zivo and the health technology joint venture Monet Asia
Pacific will be kept.  All other operations, including the
online auctions business uBid.com.au, music download
business Satellite Music Australia, Greg Norman's
shark.com, and cooking site greatfood.com, will be closed
or sold by the end of the year.

One offshoot, Pat Rafter's little-known Web site
oncourt.com, was shut down last week. "LibertyOne's
businesses weren't all bad, but some of them had long lead
times to profitability, and investors just aren't buying
that anymore," KPMG Corporate Finance director Chris
Photakis said.

The decision to amputate so much of LibertyOne follows
several weeks of soul-searching at its Sydney headquarters.
An executive team including Ms Anderson and high-profile
chairman Nick Whitlam, along with consultants at KPMG,
appraised each of the internet investment company's dozen-
odd enterprises on simple a "live-or-die" basis.

"LibertyOne will concentrate on businesses that are capable
of delivering a return to shareholders within a reasonably
short time frame," Mr Whitlam said. (The Australian  05-
Sept-2000)

NATIONAL AUSTRALIA BANK: Facing legal action
--------------------------------------------
The Australian competition authority has begun legal action
against National Australia Bank for alleged price-fixing on
credit card interchange fees.

The Australian Competition and Consumer Commission (ACCC),
which is also investigating other banks, said on Monday it
had initiated the federal court case partly because NAB had
refused to acknowledge it had been acting unlawfully or to
co-operate in devising an alternative payment system.

"The NAB has stood out from the other banks in having a
very firm view that the arrangements are not unlawful,"
said Allan Fells, ACCC chairman. "They want their day in
court. They can have it."

The ACCC alleges that the big Australian banks have
breached competition law through their levy of mutually
agreed fees - paid by customers - for use of each others
credit card machines at locations such as petrol stations
or shops. The banks have unlawfully operated the system
since the early 1990s, it adds.

If found guilty, National, already in court defending
itself against a former business partner in Australia's
largest damages case, faces fines of up to A$10m (US$5.8m)
and might also have to pay compensation.  The bank denied
it had been unwilling to work with the ACCC, which began
its investigation in 1997 following a complaint, and said
it was "absurd" that it had been singled out.

"Taking action against the National alone is an unwarranted
slur against our company and employees," Frank Cicutto,
managing director, said in a statement, adding that the
regulator had launched the proceedings without informing
the bank.

The commission is concerned banks have set their fees at
well above the cost of providing credit card services to
each other and that they have also blocked other credit
card providers from joining their arrangement. Mr Fells
estimated the banks were collecting A$600m in interchange
fees a year.  The commission is not opposed to interchange
fees, just to elements of the existing arrangement.
(Financial Times  04-Sept-2000)

NORMANDY MINING: $ 420M writedown rocks stockholders
----------------------------------------------------
Shares in Normandy Mining were in heavy demand yesterday as
investors continued to punt on the stock being the next to
fall as takeover activity continues to sweep through
Australia's resources sector.

Analysts also said Normandy's recent earnings performance
and growth prospects showed Australia's largest gold mining
company was undervalued. Some said last week's $420.7
million writedown in the carrying value of the assets
acquired as part of the takeover of Great Central Mines,
had cleared the decks.

"Normandy's certainly a lot more transparent these days.
The Great Central writedown and the confirmation of the
sale of the industrial minerals businesses also helped," a
Sydney-based analyst said.

Normandy hit a peak of $1.13 as 45.1 million shares traded
on Friday when Macquarie Equities was an active buyer. A
further 17.1 million shares traded yesterday before the
stock closed at $1.08 after going ex-dividend. Macquarie is
believed to have again been a buyer.  Over the past two
trading days 3.5 per cent of the company has changed
hands.

Normandy remains an attractive target for companies such as
South Africa's AngloGold and Homestake Mining Company of
California.  "Normandy is Australia's largest gold producer
and has recently completed a significant balance sheet
restructure which, in our view, makes the group more
attractive to potential acquirers," UBS Warburg analyst, Mr
Shaun Giacomo, said in a note to clients yesterday.

Like others in the market, Mr Giacomo believes Normandy has
become more vulnerable because of the decision by US
investor Mr Julian Robertson to wind up his Tiger fund, an
11 per cent shareholder in the group. But the strong
turnover in Normandy shares was not believed to be
connected to a selldown by the Tiger Fund.

Buying to cover short positions, coupled with support for
the stock following last week's earnings statement, were
seen as the main reasons for the solid trade over the past
two days. Normandy reported a 36 per cent rise in June year
net profit to $138.4 million before the writedowns and went
on to predict further earnings growth as output grows
beyond the 1.98 million ounces achieved in 1999-2000.

Takeover talk combined with improving performances
continues to fuel other sectors of the mining industry,
including the base metals industry where MIM is finding
favour. A firm outlook for copper and zinc, combined with
growing recognition that MIM has turned around the
performance of its Queensland coal and Mt Isa base metals
operations, saw the stock climb 5› to a $1.17 close
yesterday. (Australian Financial Review 05-Sept-2000)


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

FUJIAN GROUP: Creditors file suits for recovery
-----------------------------------------------
China hotel operator and real estate developer Fujian Group
yesterday confirmes receiving summons from two Hong Kong
creditors for repayment of debts totaling HK$14.5 million
(US$1.86 million).

The company affirms that DBS Kwong On Bank on August 30
issued a summon claiming it is owed HK$5.7 million
(US$730,000) from Fujian's 75 per cent-owned subsidiary
Billion Lion for an outstanding mortgage loan. Chiyu
Banking Corp also issued a summons June 8 seeking repayment
of HK$8.8 million (US$1.13 million) relating to charges on
Link Smart Investments property.

INTERFORM CERAMICS TECHNOL.: Receivers to make save effort
----------------------------------------------------------
Debt-laden Interform Ceramics Technologies is calling on
its appointed receivers to make a final bid to pull the
company away from collapse.

For two years, a group of creditors has been trying to
recover HK$807 million of debt and has held talks with
management on a restructuring.  Nick Hill and Stephen Wong
of Nelson Wheeler Corporate Advisory Services have been
appointed receivers and managers of Interform and will
attempt a restructuring with new investors.

"Our primary objective at this stage is to stabilise the
operations of the group and embark on a financial
restructuring to enable the group's underlying businesses
to be put on the right track," Mr Hill said.  "Our main
concern will be to work with the management and staff to
achieve a satisfactory outcome for all."

Interform recorded a net loss for the year to March 31 of
HK$247.5 million compared with an HK$828.8 million loss the
previous year.  Turnover fell 32.1 per cent to HK$177.2
million.

Previous attempts to rescue Interform include a bid by
ceramic tile-maker China Wealth Group, but the talks ended
in July last year.  Companion Building Material
International Holdings then led a consortium - which
included New World Development - in a bid to restructure
the company.

Following the failure of that bid Interform then entered an
agreement with Oasis Star to discuss restructuring
proposals - but no agreement was reached before a deadline
in May.  Interform's directors said last month that talks
with Oasis Star were continuing despite missing the
deadline.

"We are confident that the discussions will be finalised in
the near future," the board said at the time. (South China
Morning Post  05-Sept-2000)

MANAGON DEVELOPMENT LTD: Facing winding up petition
---------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing on November 1 on the petition of
Asia Commercial Bank Limited for the winding up of Managon
Development Limited. A notice of legal appearance must be
filed on or before October 31.

NEW KINGLY PLASTIC & METAL MFY.: Facing winding up petition
-----------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing on October 25 on the petition of
Hui Tung Chiu for the winding up of New Kingly Plastic &
Metal Manufactory Limited. A notice of legal appearance
must be filed on or before October 24.

NEW ORIENT LTD: Facing winding up petition
------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing on September 14 on the petition of
Sin Hua Bank Limited for the winding up of New Orient
Limited. A notice of legal appearance must be filed on or
before September 13.

ON HARVEST HOLDINGS LTD: Facing winding up petition
---------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing on September 20 on the petition of
Woo Chor King for the winding up of On Harvest Holdings
Limited. A notice of legal appearance must be filed on or
before September 19.

PACIFIC CENTURY INSURANCE: Forecasting annual net loss
------------------------------------------------------
Despite reporting a net profit rise of 65.5 percent to
HK$52.3 million for the first six months through June,
Pacific Century Insurance Holdings (0065), a unit of
Richard Li's Pacific Century Group, is warning of a
significant full-year loss because of the need to make
payments to new agents and its abandonment of financial
reinsurance.

Shares of the company fell 8.5 percent in early trading. At
10:47 Hong Kong time, they stood at HK$2.15. The shares
were suspended yesterday pending an announcement. The
company said first-half earnings per share were 8 HK cents
compared with 5 HK cents a year before.

Total premiums rose 8.8 percent to HK$770.4 million. Its
return on investments was of 11.5 percent on an annualized
basis in the first six months. Total assets under
management were HK$3.9 billion, up 9.3 percent from Dec.
31, 1999. The company declared no interim dividend.

Pacific Century Insurance said its expects a significant
loss for the year ending December 31, 2000. It said the
need to make payments to a large number of agents recruited
since June 30 will mean a substantial charge to profits.
The company also ceased to make financial reinsurance
arrangements, which will adversely affect profits. (Quamnet
News  05-Sept-2000)

PLOTIO HOLDINGS: Posts wider annual net loss
--------------------------------------------
Plotio Holdings Ltd., a small Hong Kong property developer,
recorded a HK$230.8 net loss for the year ended March 31,
up from HK$115.5 million for the previous year.

Loss per share was 33.01 HK cents, likewise up from 19.21
HK cents for the prior year. Revenue fell 14.2 percent to
HK$92 million. No final dividend was proposed.

QHL INVESTMENT CO.LTD: Facing winding up petition
-------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing on October 25 on the petition of
The National Commercial Bank Limited for the winding up of
QHL Investment Company Limited. A notice of legal
appearance must be filed on or before October 24.

QHL TRADING CO.LTD: Facing winding up petition
----------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing on October 25 on the petition of
The National Commercial Bank Limited for the winding up of
QHL Trading Company Limited. A notice of legal appearance
must be filed on or before October 24.

SUNDAY COMMUNICATIONS: Posts first-half net loss
------------------------------------------------
Sunday Communications Ltd., Hong Kong's No. 5 mobile phone
operator, posted a net loss of HK$277.99 million for the
six months ended June 30, down from a HK$448.89 million net
loss for the same period last year.

Loss per share was 10.3 HK cents, compared to 19.5 HK cents
for the same period last year. Revenue, however, rose 86
percent to HK$733.7 million. No interim dividend will be
distributed.


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

PT ADITARINA ARISPRATAMA: IBRA takes over 5 unit's assets
---------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has taken
over the assets of five companies owned by the Aditarina
Arispratama (AA) group. The AA subsidiaries operate in
financial services, banking and property sectors including
hotels, apartments and real estate.

IBRA said it would restructure the five companies, PT
Ramasari Surya Persada, with debt to IBRA amounting to
Rp490 billion; PT Macan Pura with debt of Rp15 billion; PT
Bank Pacific with debt of Rp231 billion; PT Pacific
International Finance with Rp1,500 billion in debt and PT
Indopac Perdana Finance with debt of Rp111 million.

PT INTRACO PENTA: Completes debt restructuring
----------------------------------------------
Publicly listed PT Intraco Penta confirms it has completed
restructuring debts totaling US$27 million, reaching
agreement with the Indonesian Bank Restructuring Agency
(IBRA).  Company director Jimmy Kosan affirmed the
restructuring agreement was reached with creditors other
than IBRA in May last year.

PT SEMEN CIBINONG: US$250M missing
----------------------------------
The case of PT Semen Cibinong's missing US$250 million
(S$430 million) just got murkier -- Indonesia's third-
biggest cement maker has been making claims and counter-
claims about the money, most recently saying it was in
offshore accounts in Vanuatu's Bank of Central Pacific Ltd
and in the Far East Bank of the Cook Islands.

In the latest twist to the tale, an official at the Vanuatu
Financial Services Commission said the money couldn't be in
a Semen Cibinong account at the southern Pacific island
bank because of regulatory restrictions there. The company,
for its part, says the money is at the bank in an
unspecified affiliate's name, but won't elaborate.

"It's impossible to get any clear information about this
company," said Chris Bendl, managing director of Manulife
Financial, which has US$175 million in Indonesian assets
under management. "I can't believe there's anything left
for equity holders in this company."

Semen Cibinong's foreign creditors, who are owed about
US$1.2 billion, need details on the accounts before they
can agree to a restructuring plan. The offshore accounts
have raised questions about the company's claim in April
1998 that it couldn't repay its debt because of the 68 per
cent slide in the value of the rupiah in the preceding 12
months.

Last year, the Indonesian Bank Restructuring Agency, which
is managing the company's debt after it took over bad loans
from banks, put Semen Cibinong on a list of debtors it said
were refusing to cooperate in the restructuring process.
Indonesia's stock market regulator has also been trying to
get to the bottom of the Semen Cibinong's missing funds,
threatening to suspend trading in the company for a second
time if it fails to explain inconsistencies in its claims
on the accounts.

The problems may jeopardise Switzerland's Holderbank
Financiere Glarus's plans to raise its stake in Semen
Cibinong. The world's largest cement maker said in June it
would pay as much as US$400 million by the end of the year
to acquire a majority holding in Semen Cibinong from 12.5
per cent now.

Semen Cibinong's story, a reflection of what investors are
up against in Indonesia, has been murky from the start. It
began with the company first claiming a year ago that the
money had gone missing. It then said the money was in
offshore banks and that "liquidity problems" at the then
unspecified banks would make full recovery of the amount
difficult.

Then, seeking to end a trading suspension, Cibinong's
majority owner, Hashim Djojohadikusumo, said in December
that the funds were placed in the Far East Bank of the Cook
Islands and Vanuatu's Bank of Central Pacific Ltd. Mr
Hashim is the brother of former president Suharto's son-in-
law Prabowo Subianto.  Adding a new wrinkle to the saga, an
official at the financial regulator in Vanuatu now says
that it will be unusual, and probably against local banking
regulations for the company to have parked funds in Bank of
Central Pacific.

"This bank has a restricted licence, which means they're
not supposed to hold accounts for non-affiliated
companies," said Joshua Tari, manager of the banking
supervision unit of the Vanuatu Financial Services
Commission.

Semen Cibinong has no affiliation with the bank, said
Jannus Hutapea, head of the company's corporate relations.
"Our time deposits in those two banks are not affiliated
with PT Semen Cibinong," he said, declining to provide
details.

With the Capital Markets Supervisory Agency hot on the
company's tail, Semen Cibinong may find itself suspended
from the Jakarta Stock Exchange for a second time.
(Bloomberg  05-Sept-2000)


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

BRIDGESTONE: Firestone tire recall drops shares lower
-----------------------------------------------------
Shares in Japan's Bridgestone Corp slumped to a near seven-
year low yesterday as more tyre problems at its US unit
Firestone surfaced, and analysts said it was hard to
forecast when the stock might rebound.

Bridgestone shares fell 6.83 per cent to close at 1,200 yen
- a level last seen in December 1993 - and more than 50 per
cent lower than when the scandal over tyre problems in
North America emerged. The latest fall came after US
regulators warned consumers late on Friday that about 1.4
million Firestone tyres may have even greater problems than
the 6.5 million being recalled by the US firm.

The National Highway Traffic Safety Administration (NHTSA)
said Firestone had refused its request to add those tyres
to the recall, even though they have been linked along with
the 6.5 million other Firestones to 88 US road accident
deaths. Firestone said it disagreed with the NHTSA's
analysis but would offer customers a free inspection or
replacement of any of the 1.4 million tyres.

Bridgestone's shares slipped for the fifth consecutive
session on the Tokyo Stock Exchange, representing a steep
51 per cent fall from a month ago when US retailer Sears
Roebuck signalled trouble was lurking by taking Firestone
tyres off its shelves. Analysts said the sell-off reflected
investor concern that the shares were likely to dip until
the size of damages was known.

"Where Bridgestone shares stop falling depends on how deep
its US sales shrink in the next business year," said
Hiromasa Irie at Nomura Securities. "But since that is not
clear, we cannot say at what point they will rebound."

The Japanese tyremaker had been one of the favourite stocks
of institutional investors, with foreigners accounting for
more than 20 per cent of shareholders. But it has been hit
by problems in the United States and Venezuela - where the
tyres have been linked to at least 46 deaths and the
consumer protection agency last week recommended criminal
charges against it and Ford Motor, whose sport-utility
vehicle used Firestone tyres as standard equipment.

Firestone last night reached a tentative agreement with
steelworkers to avert a crippling strike at nine US plants,
a union official said.  Harland Smith, mobilisation co-
ordinator for the United Steelworkers of America in
Decatur, Illinois, said the union believed it was a fair
deal for both sides.

The settlement covers more than 8,000 workers at nine US
plants, seven of which produce tyres. The other two produce
tyre parts. Firestone said the agreements are competitive
and fair. The three new contracts covered under the deal,
which replace four previous agreements, expire on April 23,
2003.

"We negotiated in good faith to create tentative agreements
that we believe serve the best interests of our customers,
our employees and our company," the company said in a
statement. (Hong Kong IMail, Reuters  05-Sept-2000)

JAPAN NATIONAL OIL CORP.: To liquidate Chinese unit
---------------------------------------------------
Government-affiliated Japan National Oil Corp. will
liquidate Japan China Oil Development Corp., which is
producing crude oil in China's Bohai Bay, by the end of
December.

Japan National Oil has a 64.49 percent share in Japan China
Oil, while Teikoku Oil Co. and 44 other companies also hold
stakes in the unit, which was established in 1980. The
company began in 1985 producing crude oil at three
fields in Bohai Bay.  The subsidiary's output and earnings,
however, have been disappointing and it ceased production
at one of the three Bohai oil fields in 1994.

Japan National Oil expects to see the total of
irrecoverable loans, investment and other claims against
Japan China Oil Development reaching up to 139.1 billion
yen.  The Ministry of International Trade and Industry has
advised Japan National Oil to shut down 13 of the companies
it finances. Japan China Oil is the 12th to be selected for
the ax and No. 13 will soon be decided.

The total of loans, investment and other claims held by
Japan National Oil against the companies is estimated to be
around 320 billion yen, most of which is expected to become
unrecoverable.  (Indonesian Daily News On-line 05- Sept-
2000)

NICHIEI CO: Expects to post first-half loss
-------------------------------------------
Nichiei Co., Japan's largest high-interest moneylender,
expects to sink into the red for the first half of this
fiscal year, primarily due to declining interest revenues
and the allocation of loan-loss provisions. Net loss for
the period April-September 2000 now is projected to be 23.5
billion yen, a major turnaround from the 2 billion yen net
profit projected by the firm May 26 for its first half.


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

CENTRAL BANKING: Embezzlement weakens financial strength
HANVIT BANK: Embezzlement weakens financial strength
PEACE BANK: Embezzlement weakens financial strength
--------------------------------------------------------
Embezzlement and illegal lending appear rampant in ailing
financial institutions which received public funds to shore
them up until restructuring is complete.

Just a few days after 58 billion won ($52.4 million) of
illegal loans at Hanvit Bank was disclosed, cases of
embezzlement by employees at Peace Bank of Korea and
Central Banking have come to light.  An assistant manager
at a Peace Bank branch in Seoul was arrested Sunday on
suspicion of embezzlement.

The assistant manager, identified as a Park, is suspected
of having borrowed a total 4.2 billion won by using
customers' deposits as collateral on five separate
occasions.  The incident dealt a blow to customer
confidence, although bank officials announced 1.2 billion
of the embezzled funds has already been collected and the
rest will be tracked down soon.

Central Banking, a merchant bank, also saw a department
chief, identified as Kim, indicted on Aug. 31 for
electronically embezzling depositor funds worth 9.1 billion
won.  The public image of all three of these financial
institutions was already low.

The government had ordered Hanvit Bank and Peace Bank of
Korea to submit management normalization plans by the end
of this month and Central Banking to suspend its business
operations all together.  The financial institutions insist
these are isolated incidents by a few employees acting on
their own.

But the crimes have exposed the inability or reluctance of
some financial institutions to monitor employees. The
embezzlers from Peace Bank of Korea and Central Banking
were discovered only after customers detected changes in
their deposits and asked the banks to investigate.

Specialists worry about an increase in similar incidents
since employees in the ailing financial institutions are
working under the fear of mass layoffs and the institutions
are in a state of flux with mergers and acquisitions coming
close.

"Government punishment of the financial institutions
involved in these kinds of incidents should be stricter and
their internal controls should be strengthened as well," a
Korea Institute of Finance source said. (Korea Times  05-
Sept-2000)

DAEWOO GROUP: To cut 548 employees in cost-cutting move
-------------------------------------------------------
Daewoo Group's construction arm will lay off 548 of its
3,508 employees in a cost-cutting move, officials confirmed
Monday.

The company is accepting applications for voluntary
retirement and will decide on the subjects of downsizing by
this weekend after holding further interviews. The move is
being made to improve company management and profitability.
The company's labor-management committee has approved the
downsizing plans.

DAEWOO MOTORS: KAMCO may miss $6B bond payment
----------------------------------------------
Korea Asset Management Corp (KAMCO), the body charged with
buying banks' bad debts, asked bondholders to reorganise
4.1 trillion won (S$6.48 billion) of debt repayments it
cannot afford to make, sparking speculation that the
government will need to spend more public money supporting
the finance industry.

The state-run agency said it may be unable to pay 4.1
trillion won of three-year bonds due in November and
December, underscoring the problems still facing the
country that led Asia's rebound from recession. The
government, which has spent US$80 billion (S$138 billion)
on its banks and other financial institutions since the
1997-98 Asian crisis, will probably need to spend as much
as US$30 billion more, analysts said.

KAMCO's cash problem "means asking for more public funds
from the National Assembly is inevitable," said Mr Daniel
Yoo, an analyst with Morgan Stanley Dean Witter in Seoul.

The government has hoped that an economic rebound -- the
economy grew 10.7 percent last year -- would mean Kamco
could raise additional funds through debt sales. Its
request to bondholders will likely crimp further the
agency's efforts to raise money by dampening investors'
enthusiasm.

KAMCO plans to raise an additional 3.1 trillion won through
bond issues this year, said spokesman Michelle Han.  The
Korea Economic Daily said Korea First Bank, Seoul Bank and
other local financial companies are among the main holders
of the maturing bonds. The cash shortage comes even though
the agency has been raising money to finance its bad loan
purchases.

KAMCO sold 5.54 trillion won worth of asset-backed
securities -- in which the principal and interest is
covered by payments on the underlying assets -- at home and
abroad this year. At the end of last month, it had 5.5
trillion won of funds at its immediate disposal. Those
funds will be used to clean up financial companies exposed
to the Daewoo group of companies, which are unable to repay
their US$80 billion debt.

KAMCO is scheduled to buy 3.2 trillion won worth of
Daewoo's defaulted commercial paper from investment trust
firms, and an additional 1.1 trillion won worth of Daewoo's
overseas bonds this month.  (Bloomberg News, Staits Times
05-Sept-2000)

JOONGANG CREDIT & SVGS.ASSN.: Manager steals W6.4B
--------------------------------------------------
A manager at a small savings and loan located in Puchon,
Kyonggi Province is believed to have stolen more than 6
billion won in bank funds, using a false bank loan in the
process.

The Financial Supervisory Service revealed Monday that a
manager at Joongang Credit and Savings Association,
identified only as Park, disappeared after apparently using
a false name to take out a 6.4-billion won loan from the
bank, which loan he proceeded to approve himself.
Considering that the association's assets total only 20
billion won, the impact of the fraudulent transaction on
the bank is substantial. Joongang Credit is contemplating
declaring bankruptcy so as to be eligible to receive
government funds to repay depositors.


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

MULTI-PURPOSE HOLDINGS: Unit sale proceeds to reduce debt
---------------------------------------------------------
Multi-Purpose Holdings Bhd (MPHB) has entered into a sale
and purchase agreement to dispose of 156.07 million shares
in Bandar Raya Developments Bhd, representing a 32.76%
stake, to Ambang Sehati Sdn Bhd for RM351.159mil cash
(RM2.25 per share).

In a statement to the KLSE, MPHB said a deposit of
RM17.558mil, or 5% of the purchase price, had been paid by
Ambang Sehati upon the signing of the agreement. The
remaining RM333.601mil would be paid upon completion of the
sale.

The sale price took into consideration Bandar Raya's
audited net tangible assets (NTA) of RM2.25 per share as of
Dec 31, 1999, and immediate cash settlement under the sale.
MPHB said its original cost of investment in the Bandar
Raya stake was RM255.58mil, or an average cost of RM1.64
per Bandar Raya share.  Based on the unaudited accounts of
MPHB as of June 30, 1999, the book value of the investment
in Bandar Raya (including the share of post-acquisition
reserves of Bandar Raya) was carried at RM520.052mil, the
company said.

MPHB said the proposed disposal would enable it to raise
substantial gross cash inflow which would be used mainly
for partial repayment of bank borrowings of the group. As
of June 30, 2000, total bank borrowings of MPHB group
amounted to RM1.629bil.

The proposed disposal would not have any impact on the
issued and paid-up share capital and shareholding structure
of the company, but was expected to result in a
consolidated exceptional loss of about RM169mil, it said.
The sale is conditional upon relevant approvals. (Star
Online, AFX  06-Sept-2000)

TELEKOM MALAYSIA: Considering spinoff of 2 units
------------------------------------------------
Telekom Malaysia Bhd. may spin off two of its units as part
of a reorganization, according to a report published in the
Business Times and citing Telekom Chairman Muhammad Radzi
Mansor.

The largest telecommunications company in Malaysia, Telekom
is considering selling shares in Menara Kuala Lumpur, which
owns the country's tallest telecommunications tower, and
VADS Sdn., an electronics telecommunication services
company.

Telekom is reorganizing to separate its businesses into
divisions of fixed network, cellular, multimedia,
international, and property and support, the paper said.
Telekom's profit in the first half ended June fell a more-
than-expected 46 percent on rising competition. (Bloomberg,
Business Times  05-Sept-2000)


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

ALL ASIA CAPITAL: Rehability audit under way
--------------------------------------------
State-owned Land Bank of the Philippines (Landbank) is
conducting a due diligence audit on troubled investment
firm All AsiaCapital and Trust Corp. to deterimine the
feasibility of rehabilitating the financially troubled
company.

Holding a 6 percent stake in All AsiaCapital, Landbank also
is the investment house's biggest creditor with a 2.5
billion Philippine peso ($55.26 million at PhP45.244=$1)
exposure.  A Landbank team started the review last month to
determine the viability of rehabilitating the investment
house, BusinessWorld learned.

An audit will reportedly help creditors determine the "best
approach" in reviving the ailing firm. Creditors are
mulling a debt-to-equity conversion, rescheduling of
payment of obligations and fresh capital infusion. The
Securities and Exchange Commission (SEC) has said the
cease-and-desist order (CDO) issued last July 21 against
All AsiaCapital will be lifted upon compliance with several
requirements, which include an infusion of new equity.

Some shareholders have earlier indicated that an additional
capital infusion will only be considered after a thorough
audit of the investment house is completed. All AsiaCapital
needs about PhP1 billion ($22.10 million) in fresh capital
to meet its immediate liquidity requirements, sources
estimated.

Although it remains solvent, its assets are tied up in
long-term commercial papers (LTCPs) and real estate, which
are difficult to liquidate at the prevailing market
condition.  The investment house is also considering a
three-year payment scheme for clients that have yet to
recover their investments in the company.

Based on a yet-to-be-finalized rehabilitation plan, All
AsiaCapital will pay one third of its clients' investments
every year, the source said.  The funds will earn a 4%
annual interest, the source added. The SEC, after
conducting its own audit, ruled All AsiaCapital violated
the single borrower's limit (SBL) rule for investment
houses and the provisions for selling short-term commercial
papers.

Based on the SEC's audit, All AsiaCapital's receivables
from its affiliate, All Asia Trust Co.-Financing, exceeded
more than 25% of its net worth. An earlier SEC probe also
showed the investment house violated the "prescribed
capital adequacy ratios for investment houses" under
Presidential Decree 129.

All AsiaCapital started facing a liquidity squeeze after
clients panicked and preterminated placements as a
spillover of the downfall and closure of Urban Bank. Aside
from Landbank, All AsiaCapital's shareholders include: the
International Finance Corp., the World Bank's private
investment arm, with 7%; Lombard Asian Private Investment
Co., 17%; Garcia-owned Chemical Industries of the
Philippines (Chemphil); the Manila Bay Group of Companies;
Cagayan Electric Power and Light Co.; Alcantara and Sons;
and the Armed Forces of the Philippines Retirement and
Separation Benefits System.  (Business World 05-Sept-2000)

ALL ASIA CAPITAL: SEC lifts CDO - conditionally
-----------------------------------------------
The Securities and Exchange Commission has temporarily
lifted the cease-and-desist order against All Asia Capital
and Trust Corp. subject to certain conditions.

SEC documents showed that the Commission agreed to lift the
CDO against All Asia if the latter would pay a minimum
P250,000 in penalty, submit a recovery progress report and
solve the issue of holding two licenses--one as
an investment house and another as a financing company.

The SEC said that the recovery progress report that All
Asia was required to submit should map out the sale of its
life insurance company, All Asia Life to a Hong Kong-based
life insurance group, and the sale of a memorial lot to
be paid by Palmera Homes.  The report should also provide
details of the investment house's payment to the
Development Bank of the Philippines through dacion en pago.

The SEC required All Asia to pay a penalty for violating
the single borrowers limit rule and the rule on short-term
commercial paper. However, the government body has allowed
the company to pay the P250,000 penalty on installment
basis over a period of four months.

The SEC also gave the company a six-month period within
which to solve the problem of maintaining both an
investment house and financing company license. In the past
few months there has been a rash of investment houses that
have suffered liquidity strain as a result of massive pre-
terminations of placements by clients worried about their
investments.

The failure of Westmont Investment Corp. to pay clients'
placements amounting to over P7 billion led to investor
panic that hit other investment houses already suffering
from liquidity problems, namely Urbancorp Investments Inc.,
East Asia, All Asia, and Corporate Investments Philippines
Inc. (Philippine Daily Inquirer  06-Sept-2000)

ATLAS MINING: Accepts rehab offers
----------------------------------
Atlas Consolidated Mining and Development Corporation (AT)
informed the Exchange that in a board meeting held on
September 5, its Board of Directors approved a resolution
authorizing the Company to accept offers from
interested parties for the rehabilitation of the mine.

The acceptance was subject to the condition that the bidder
shall deposit with the Company the amount of P6 million not
later than Friday, September 8, 2000. The Company has
received three (3) separate offers from interested
investors for the rehabilitation of the Company.

For the purpose of accepting, reviewing, evaluating and
approving the submitted offers a Committee was formed
composed of four directors, namely: Mr. Rogelio C. Salazar,
Chairman, and Messrs. Jose C. Ibazeta, Fernando S. Verde
and Reginald Hare, members. (ABS/CBN News Channel 06- Sept-
2000)


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

KEPPEL TATLEE: Units to be restructured
---------------------------------------
Keppel TatLee Bank and its subsidiaries are to be
restructured under a financial holding company to be known
as Keppel Capital Holdings Ltd (KCH) for greater efficiency
and flexibility, the Singapore Business Times reported.

The report quoted Keppel Tatlee's parent Keppel Corp as
saying that under a proposed scheme of arrangement, all
issued shares and warrants of the bank outstanding would be
exchanged for equivalent shares and warrants of KCH at
ratios of five KCH shares for every four bank shares and
five KCH warrants for every four bank warrants.

Following the restructuring, the bank would become a
wholly-owned subsidiary of KCH and all its subsidiaries
engaged in financial services would also be transferred to
KCH, a statement from Keppel Corp said.  The scheme is
schedule to be effected before the end of the year. KCH
will be listed on the Singapore Exchange (SGX) and the bank
delisted.

Companies that will come under the holding company include
listed Keppel TatLee Finance which will continue to retain
its listed status. The others are unlisted Keppel
Securities, Keppel Insurance, Keppel Bullion and Futures,
Keppel Investment Management and PT Bank Keppel TatLee
Buana.

Last year, the Monetary Authority of Singapore (MAS) said
that domestic local banks should set up a financial holding
company structure which would give them greater flexibility
in organising their operations, especially as they ventured
abroad.  A holding company would also facilitate the
forming of strategic alliances with foreign banks while
allowing both banks to maintain separate legal identities
and franchises, the MAS said.

On the benefits of the new structure, Keppel TatLee chief
executive Benedict Kwek said: "The whole exercise is aimed
at creating shareholder value. The KCH group will have more
flexibility and a broader arena to capitalise on
opportunities both locally and regionally and offer new
financial products and services."

The group, he added, would be able to optimise economies of
scale, while new and existing products and services could
be launched from a common branding and technology platform.
With the transfer of its subsidiaries to the holding
company, the bank's credit strength would also grow, and it
may be able to enjoy a lower cost of funding, he said.

The principal activities of the holding company will be
investment holdings, central planning, fund raising,
capital allocation and the provision of management
services. It will have an issued and paid-up capital of
about S$1.38bil, comprising 1.38 billion shares of S$1
shares each, fully paid.

JP Morgan Securities Asia Pte Ltd has been appointed
financial adviser to the exercise which needs to be
approved by the court and shareholders. The MAS and the SGX
have already given in-principle approval to the scheme.
(Star Online  06-Sept-2000)

OAKWELL ENGINEERING: S$3.9M debt rescue underway
------------------------------------------------
The two men behind the Excalibur Group are riding to the
rescue of Oakwell Engineering, injecting their two
logistics and warehouse companies into the debt-laden
company in exchange for new shares as part of a
comprehensive restructuring plan.

The pair, Lee Woon Pheng and Leow Chin Hin, also have
agreed to settle a 5.55 million Netherland guilder
(S$3.9 million) debt that Oakwell owes ING Bank and provide
up to $4 million for use a working capital. If the two
investors advance a loan for working capital, they have an
option of converting the loan into new shares.

Oakwell will acquire the entire issued capital of Aerolink
Logistics Centre and Aerolink Distribution Centre (SEA) for
$18.75 million. The two companies own and operate a
warehouse at Changi South and 17 trucks. The two companies'
largest customer is MSAS Global Logistics.

Oakwell will issue up to 125 million new ordinary shares of
15 cents each to the two investors. The precise number of
shares to be issued will depend on the profit achieved by
the two logistics companies.  Oakwell Engineering entered
into a standstill agreement with its creditors earlier this
year. That agreement called for the creditors to refrain
from taking certain actions against the company until a
restructuring plan was developed.

As for the debt to ING Bank, Excalibur Properties, one of
the companies in the Excalibur Group, has agreed with the
bank to settle for 4.18 million guilders. With that
settlement, Oakwell will carry a debt to Excalibur
Properties for 5.55 million guilders in its books. Mr Lee
and Mr Leow have an option to covert this debt into new
shares.

Oakwell will also place out new shares to recapitalise the
company. The placement will raise between $10 million and
$18 million. The issue price for the placement shares will
be fixed later, but Oakwell intends to seek shareholder
approval to place up to 120 million new shares.

If the acquisition of the logistics companies, the
conversion of debt and working capital loan into equity and
placement goes through, Oakwell's share capital will
increase from $12 million divided into 80 million shares to
$56.7 million divided into 378.1 million shares. Mr Lee and
Mr Leow will then hold between 47.1 and 54.8 per cent of
Oakwell, obliging them to make a general offer for the
remaining shares not owned by them.

They will apply to the Securities Industries Council for a
waiver subject to conditions the SIC may impose. The
acquisition, conversions of debt and working capital loan
into equity and placement are subject to approval from the
authorities and shareholders. Oakwell Holdings, which now
owns 51 per cent of Oakwell Engineering, has undertaken to
vote in favour of the changes. (Business Times  04-Sept-
2000)


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

BANGCHAK PETROLEUM: Losing Bt6M a day
-------------------------------------
Bangchak Petroleum, the partially state-owned refinery,
confirms that it has been losing six million baht a day
since mid-August because of negative retail margins for
diesel.

Bangchak managing director Sirichai Sakornratanakul said
the company was losing about two baht a liter in retail
sales of diesel because of the government's efforts to
cushion the impact of rising global oil prices. The state-
owned Petroleum Authority of Thailand (PTT), which is the
market leader, had capped the retail diesel price at 13.64
baht per liter, prompting other oil operators to follow
suit to prevent the loss of market share to PTT, Sirichai
said.

"The more market share we aim for, the more losses we can
expect," he told reporters.  Bangchak currently holds about
10 percent of the Thai retail fuel market.  "It would be
better if we could cease our sales of diesel. However, that
is impossible. If the world price of oil continues to rise
in coming days, we might decide to raise the retail price
of diesel and not keep following PTT's price."

The refinery reported a first-half net loss of 69.93
million baht, compared with 81.99 million baht net profit a
year earlier.  Bangchak shares ended unchanged at 5.80 baht
yesterday. (Business Day, Reuters  06-Sept-2000)

KRISDAMAHANAKORN: Signs Bt1.64B debt restructuring
--------------------------------------------------
Krisdamahanakorn (KMC) has signed additional debt-
restructuring agreements with Bangkok Capital Alliance,
which bought Bt1.64 billion in debts or 8.14 percent of the
KMC's total debts from the Financial Sector Restructuring
Authority.

Previously, KMC signed debt restructuring agreements with
Krung Thai Bank, Asset Management Corporation, National
Finance, Citibank, Asia Credit, Thai Military Bank and
Ekachart Finance.  With the latest agreement, KMC has now
restructured 61.23 percent of its total outstanding loans.

The company intends to restructure its remaining loans and
will submit a proposed rehabilitation plan for approval at
a shareholders' meeting.

SINO-THAI ENGIN.& CONSTRUC.: Restructuring plan approved
--------------------------------------------------------
The Central Bankruptcy Court last week approved the debt
restructuring plan of Sino-Thai Engineering and
Construction Plc.

Creditors confirmed that about 80 percent of them approved
the restructuring plan, which calls for Bt5 billion, or 80
percent of its total debt, to be converted into equity.
Additionally, the company will be able to postpone
remaining debt repayment for six years.

THAI ENGINE MANUFACTURING PLC: Debt affirmed at Bt7.25B
-------------------------------------------------------
Working closely with its legal advisors and the bankruptcy
court's official receivers, Churchill Pryce Planner Company
Limited, planner for Thai Engine Manufacturing Public
Company Limited has finalized the company's outstanding
indebtedness to be Bt 7.25 billion.

Churchill Pryce has been working to verify and finalize the
exact indebtedness amount of Thai Engine Manufacturing
Public Company Limited since 10 July 2000, the last day for
creditors to submit their claims to the Central Bankruptcy
Court.  Because at the time of Churchill Pryce's
appointment as planner Thai Engine Manufacturing PCL was
not in possession of most of the original loan
documentation, the court claims process has been the sole
method of deriving the company's outstanding indebtedness.

The 244 claims filed with the bankruptcy court total
7,251,076,860. Some 29 claims amounting to 2,728,686,171.52
baht were protested. To date, 26 of the protested claims
have been investigated by the Official Receiver, with the
remaining three claims to be examined this week.

Completion of investigation into the first 26 claims has
resulted in a reduction of the claim value by 625,132,979
baht. Once the Official Receiver completes its
investigation of the contested claims, Churchill Pryce will
provide the Stock Exchange of Thailand with a full and
detailed report of the indebtedness of Thai Engine
Manufacturing PCL, including specific information on each
creditor claim.

THAI OLEFINS CO.: Rehab plan calls for product halt
---------------------------------------------------
In return for approval of its debt-restructuring plan, Thai
Olefins Co has agreed not to make certain petrochemicals
that compete with products made by the Siam Cement Group,
one of its shareholders.

Under the agreement to be signed on Thursday, Thai Olefins
pledged not to invest in polyethylene, high-density
polyethylene, low-density polyethylene and linear low-
density polyethylene projects to avoid tough competition.
The market for these products is already oversupplied.
In return, Siam Cement promised to endorse Thai Olefins'
restructuring plan.

Gen Yutthasak Sasiprapha, the chairman of Thai Olefins,
said that the company, majority-owned by the Petroleum
Authority of Thailand (PTT) planned to build one more
olefins complex.  The new plant would have an annual
production capacity of 350,000 tons, bringing its total to
700,000 tons a year.

However, future investment would be for ethylene glycol and
ethylene oxide production, as well as other olefins-related
products. Studies would be made of products that did not
duplicate those of Siam Cement.  Siam Cement and Thai
Petrochemical Industry, which also has shares in Thai
Olefins, are major producers of petrochemical products. TPI
did not oppose the restructuring plan.

Thai Olefins has a registered capital of 8.48 billion baht,
of which 49% is held by the PTT, 13.76% by Siam Cement,
6.86% by TPI, 5.29% by Vinythai, 5% by Bangkok Ethylene,
4.77% by Siam Styrene Monomer and 2% by National
Petrochemical.

Under the restructuring plan, the repayment period for Thai
Olefins debts totalling US$328 million will be rescheduled
to 2007 from 2005.  Repayment of principal and interest
will be lower than that agreed earlier but will be raised
higher in the latter period.  The creditors did not accept
losses on their investment or equity in place of repayment
because they expect an improvement in the business.
(Bangkok Post  05-Sept-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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DC USA. Darryl Henning, Managing Editor, James Philip P.
Jover and Maria Vyrna Ni¤eza, Editors.

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

This material is copyrighted and any commercial use, resale
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