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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

             Friday, September 8, 2000, Vol. 3, No. 175

                                    Headlines


* A U S T R A L I A *

COVENTRY: To voluntarily liquidate
FARNELL & THOMAS: Sells foundries to pay debts
ISIS COMMUNICATIONS: Cutting staff, expenses
MACMAHON HOLDINGS LTD.: Clears decks with write offs
POWERTEL LTD: Posts half-year net loss
SUN HEALTHCARE: Four of its hospitals go into receivership


* C H I N A  &  H O N G  K O N G *

AUDIO & VIDEO HOME
(operated by METRO DRAGON LTD): Facing winding up petition
BAOSHAN IRON: To sell stake to pay debts, expand
DRAGON LAND: Posts six-month losses
FLOW CHART CHIN INDUSTRIAL LTD: Facing winding up petition
INT'L PROJECT MGMT.CONSULTANT: Facing winding up petition
KINGSPARKLE SHOES MFY LTD: Facing winding up petition
MAGNUM INT'L: Posts 1H net loss
TIN TIN DAILY NEWS: To shut down
WING SHAN INT'L: Posts HK$15.1M net loss


* I N D O N E S I A *

PT CITRA MAHKOTA ABADI: Creditors to seek bankruptcy
PT INDOLAND: Creditors to seek bankruptcy
PT INDO LAND JAYA.: Investors sue for bankruptcy
PT KREASI SUPRADINAMIKA: Investors sue for bankruptcy
PT LANDASAN TERUS SENTOSA: Bankruptcy ruling upheld
PT METROTAMA DUNIA: Investors sue for bankruptcy
PT PANCA OVERSEAS FINANCE: IFC files bankruptcy suit
PT SMART: Posts Rp40.99B loss
PT SUMBER KERAMIK KHARISMA: Investors sue for bankruptcy
PT WIDIAMULIA PRIMA: Investors sue for bankruptcy


* J A P A N *

CHIBA KOGYO BANK: Seeing cash injection
DAIWA BANK: To close Hong Kong real estate management unit
KUMAGAI GUMI CO.: Kajima to kick in with financial aid
NIPPON CREDIT BANK: Submits rehabilitation plan
NISSAN MOTOR: To sell subsidiary to Fujitsu
YACHIVO BANK: Seeking cash injection


* K O R E A *

SAMSUNG GROUP: FSS to probe financial units


* M A L A Y S I A *

BANK NEGARA MALAYSIA: To borrow RM3.3B from Interbank
GADEK CAPITAL: CCM sale proceeds used to pay down debt
L&M CORP.: Creditors urge new infusion


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

UNIWIDE GROUP: Baxter sues owner over $1.4M debt
URBANCORP INVESTMENTS: Asks for pymt suspension extension


* S I N G A P O R E *

CLUB CITI: Going to be gone
SOGO CORP. (Singapore): Raffles City store to close Sept.30
THAKRAL CORP: To get S$100M injection


* T H A I L A N D *

BANGKOK METROPOLITAN: Sale of lossmaker inches closer


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

COVENTRY: To voluntarily liquidate
----------------------------------
Coventry has revealed plans to liquidate its former
takeover defense, Investment Company of the West.

The move follows a claim that new capital gains tax rates
had contributed to rendering small investment vehicles
purposeless. The plan, which preliminarily has the support
of the Warwick Kent-chaired ICW, will see the investment
company voluntarily liquidated and proceeds from the
disposal distributed to its shareholders.

The liquidation proposal coincided with Coventry releasing
a disappointing full year 1999-2000 profit of $A4.1
million, down from $A10.6 million the previous year.
(ABIX - The West Australian  06-Sept-2000)

FARNELL & THOMAS: Sells foundries to pay debts
----------------------------------------------
Administrators have opted to sell the cutting system of
shut-down, Brisbane engineering firm Farnell and Thomas to
a Chinese group.

On September 5, 2000, administrator Arthur Andersen
announced the sale. He added that conversations are also
under way on selling two Farnell and Thomas foundries, one
in Brisbane and another in Victoria.  Farnell and Thomas
was placed in receivership in July this year, having
outstanding debt in excess of $A10 million. That total
includes $A6 million to secured creditors Scottish Pacific
Business Finance and the ANZ Banking Group.

ISIS COMMUNICATIONS: Cutting staff, expenses
--------------------------------------------
Online education provider Isis Communications has slashed
its workforce, reduced spending on dot com activities and
narrowed its focus to its divisions which make money.

Isis, which recently celebrated its one-year anniversary as
a listed entity, yesterday handed termination letters to
more than 100 of its 350 employees in Sydney and Melbourne.
While for many staff the sackings would have come as a
shock, it is understood most are willing to work out their
notice periods.

The redundancies, coupled with Isis's reduced spending on
Internet-related developments, will enable the company to
reduce monthly burn rate by around $1 million. Last quarter
Isis, which has just under $41 million in cash reserves,
burned through $7.7 million, but chief executive Mr Adam
Radly said operational cash burn for the three months to
June was a more modest $900,000.

A recent Ord Minnett report found that, based on operating
cash flow, Isis had almost 12 years until it ran out of
cash. News of the shift in focus sent shares in Isis down
4c to 65c. The stock is now just 24c off an all-time low in
May of 41c.

Isis is the second dot com company in as many days to turn
its back on Internet investments with a long lead time to
profitability. Struggling Internet media group LibertyOne
on Monday said it would exit all but two of its Internet
investments and write down the carrying value of most of
them. Warning shareholders of the expected $60 million
half-year loss, LibertyOne said it planned to focus
primarily on Web integration arm Zivo.

Zivo, which is expected to report revenue of $32 million
this calendar year, accounts for the vast majority of
LibertyOne's income.  While financially Isis is in a
stronger position than LibertyOne, Mr Radly said the
changes were being made now "while we can."

He also said that although Isis was still very much
committed to its Internet products, including XSIQ and
ISIS3.com, future growth and development would be linked to
revenues and possible acquisitions.  Now, about 80 per cent
of revenue comes from the company's broadcast media
division - Isis Broadcast Media.

Mr Radly also said Isis needed to make "one or two" more
acquisitions, on top of last month's Market Faxts buy, in
order to meet revenue forecasts for this calendar year.
Last month Isis launched a friendly takeover bid for the
online financial information provider, outbidding rival
suitor Telco Australia in the process. Isis said in July
that revenue of about $25 million would be needed from
acquisitions to meet its prospectus projection of $67
million. (Sydney Morning Herald  06-Sept-2000)

MACMAHON HOLDINGS LTD.: Clears decks with write offs
----------------------------------------------------
Macmahon Holdings Ltd said yesterday it had the support of
its bankers as the troubled contracting group looked to
reduce its $175 million debt burden.

New chief executive Mr Nick Bowen said the company's $45.9
million loss for the 2000 financial year had cleared the
decks and provided a profitable trading platform for this
year.  The result included a pre-tax operating loss of $4.9
million and $43.8 million in abnormal write-offs as Mr
Bowen completed a thorough review of asset values.

The result also disclosed Macmahon had negotiated a
confidential settlement with Mr John Roberts' Multiplex
Constructions group over Macmahon's maximum $9.5 million
exposure to the Northern Territory's failed Mt Todd gold
mining project.  The settlement reduced Macmahon's write-
off on Mt Todd to a pre-tax figure of $3.5 million,
suggesting a multimillion-dollar payout from Multiplex.

The deal should give Multiplex the numbers for creditors of
Mt Todd's operating company, General Gold Operations, to
accept a scheme of arrangement in which the construction
giant has pledged about $1 million on top of $2 million for
small creditors and mine staff.  The Macmahon settlement
has taken Multiplex's loss on Mt Todd to more than $60
million, offset by depreciation-related tax credits.

Mr Bowen said Macmahon had secured ongoing support from its
principal banker. He hoped to reduce the company's $175
million debt by $40 million this year, partly through
selling surplus land and mining equipment that had
been written down in value. Macmahon shares were steady at
13› yesterday, capitalising the company at just $20
million. (Australian Financial Review  06-Sept-2000)

POWERTEL LTD: Posts half-year net loss
--------------------------------------
Telecommunications infrastructure provider PowerTel Ltd.
recorded a net loss after abnormals of $A26.7 million
($US15.31 million) for the six month period ended June 30.
By comparison, the company posted a net loss of $A15.1
million ($US8.66 million) for the same period a year ago.

SUN HEALTHCARE: Four of its hospitals go into receivership
----------------------------------------------------------
Four Sun Healthcare Group private hospitals in NSW, with a
total of 255 beds and 525 staff, have been put into
receivership.

Sun Healthcare Group has five hospitals: Dubbo Private,
Shellharbour Private, Bigge Street Private at Liverpool,
the Metropolitan Rehabilitation Hospital at Petersham and
the 70-bed Palm Beach-Currumbin Private on the Gold Coast.

The State Health Department is expected to allow the NSW
hospitals to continue operating and the company's receiver,
Mr Keith Skinner, of Deloitte Touche Tohmatsu, said
yesterday: "Hopefully, my intention is to sell the
hospitals as going concerns."

But he said he was still awaiting financial details from
Sun Healthcare's directors.  The US-owned Sun Healthcare
entered the Australian health market about two years ago
when it bought the hospitals from the Moran Health Care
Group. Its initial success was viewed as a signal to other
overseas companies to follow suit.

But the private hospital sector, according to its
spokesman, has been squeezed in its contracts with health
funds to provide beds and services.  Mr John Tucker,
executive director of the Private Hospitals Association of
NSW, said yesterday: "Hospitals have worn shrinking margins
for several years now. Unless there is a turnaround, other
hospitals will follow Sun. And we'll also see a lack of
investment and maintenance of the assets that attract
people to private insurance."

Mayne Nickless, the nation's biggest owner of private
hospitals through its subsidiary, Health Care Australia,
last week reported a $278 million abnormal writedown in its
assets and a $174 million loss. Mayne Nickless's new chief,
Mr Peter Smedley, refused to commit the company to staying
in health care. Industry observers will be watching today's
financial report by a rival, Ramsay Health Care.

Mr Craig Thomson, assistant secretary of the Health
Research Employees' Association, said a meeting of Sun
Healthcare creditors, convened on Monday by the
administrator, was told the company's situation would be
clearer by the next meeting, in 21 days.

"If they succeed in selling them [the hospitals], our
members will be protected by a clause in our award that
requires liabilities to be transferred with business
ownership," Mr Thomson said.  "Liquidation is a different
matter."

Mr Thomson said unions had been assured that workers'
entitlements would be second in the queue to the principal
creditor, the bank ABN Amro, in the event of the company
being liquidated.  Mr Skinner, who is joint receiver with
fellow Deloittes' partner, Mr Chris Campbell, said Sun
Healthcare directors decided they could not continue
without an administrator and appointed Ferrier Hodgson on
Monday last week.

ABN Amro appointed Deloittes the following day. "We're now
running the hospitals," Mr Skinner said.  Sun Healthcare's
managing director, Mr Chet Bradeen, did not return
telephone calls made to him from the Herald. (Sydney
Morning Herald  06-Sept-2000)


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

AUDIO & VIDEO HOME
(operated by METRO DRAGON 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
The Kwangtung Provincial Bank for the winding up of Audio &
Video Home operated by Metro Dragon Limited. A notice of
legal appearance must be filed on or before September 19.

BAOSHAN IRON: To sell stake to pay debts, expand
------------------------------------------------
Baoshan Iron & Steel, a unit of the mainland's biggest
steel-maker, is pushing ahead with plans for a first-time
share sale to both domestic and foreign investors, raising
capital to fund expansion and pare debts.

The share sale plans follow a two billion yuan (about
HK$1.87 billion) bond sale to domestic investors by parent
company Shanghai Baosteel Group.  Baosteel's long-term debt
grew 25 per cent last year to 17.8 billion yuan, and the
company also needs funds to expand its facilities.

"[Baoshan's board] has approved the plan to sell yuan
denominated A shares to domestic investors," spokesman Zhou
Zhuping said.  "Our plan to sell shares overseas hasn't
changed, but its [timing] will depend on international
market conditions."

China International Capital Corp (CICC), a joint venture
between Morgan Stanley Dean Witter and China Construction
Bank, is a front-runner in the race to arrange the domestic
portion of the initial share sale.  "We may hire CICC to
manage the sale of the A shares" to China's domestic
investors, Mr Zhou said.

Separately, Baoshan plans to sell another US$1 billion
worth of shares to foreign investors, he said. The steel-
maker has appointed Merrill Lynch to manage the foreign
sale.  Baoshan holds 64 per cent of the steel assets of
Shanghai Baosteel Group. These assets, when transferred
earlier this year, were estimated as being worth 37.8
billion yuan.

The fund-raising plan comes as the mainland steel industry
is poised to end a six-year earnings slump, helped by a
revival in the construction and real estate industries.
(Hong Kong iMail  07-Sept-2000)

DRAGON LAND: Posts six-month losses
-----------------------------------
Dragon Land posted a loss of $154,000 for the six-month
period ended June 30. That was down from $2.9 million for
the same period a year earlier.

Loss per share fell from 1.05 cents to 0.04 cents, while
net tangible assets per share decreased from 45.33 cents to
42.71 cents. Turnover fell 41 percent to $1.7 million as
foreign property purchases in China declined. That was
partly offset by stronger golf operations and higher rental
income. The company said it has shifted its focus from
foreign housing to local housing developments in China
since the Asian economic crisis.

FLOW CHART CHIN INDUSTRIAL 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
Carrier Hong Kong Limited for the winding up of Flow Chart
Chin Industrial Limited. A notice of legal appearance must
be filed on or before September 19.

INT'L PROJECT MGMT.CONSULTANT: 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
Wong Kam Cheung and Ho Wai Hing, Nancy for the winding up
of International Project Management Consultant Limited. A
notice of legal appearance must be filed on or before
September 13.

KINGSPARKLE SHOES MFY 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
Iao Son Hong Tinta E. Vernizes Lda. For the winding up of
Kingsparkle Shoes Manufactory Limited. A notice of legal
appearance must be filed on or before October 24.

MAGNUM INT'L: Posts 1H net loss
-------------------------------
Magnum International, a LCD (liquid crystal display) clock
and watch maker, posted a HK$4.3 million net loss for the
six month period ended June 30. The loss was down from the
HK$41.1 million loss for the same period the year before.
Loss per share also fell to 0.7 HK cents, down from HK$6.68
for the first half of last year. Revenue rose 118 percent
to HK$24.6 million, but no interim dividend will be
distributed.

TIN TIN DAILY NEWS: To shut down
--------------------------------
Forty-year-old Chinese newspaper Tin Tin Daily News will
shut down effective Friday.

The paper is blaming long-running disputes among its major
shareholders as the reason for the closure, but tight
financial conditions due to consecutive years of losses and
strong competition also are contributing to the shut down.

At one time, Tin Tin Daily had said it might produce a new
paper focusing on financial and education news after
folding the existing paper. The latest closure announcement
made no mention of such transition, however.

The company said all staff will be compensated according to
labor laws. The paper's head, Benjamin Lau, said the
company may be liquidated after Tin Tin International filed
a winding-up petition against the publisher.  The paper
reportedly was losing about $3 million per month.

WING SHAN INT'L: Posts HK$15.1M net loss
----------------------------------------
Wing Shan International Ltd., a power supplier in Foshan
city, Guangdong, posted a HK$15.1 million net loss for the
six month period ended June 30. By comparison, the company
recorded a net profit of HK$37.7 million for the same
period a year ago. Loss per share was 1.8 HK cents this
year, compared with earnings per share of 4.6 HK cents for
the same period last year.  Revenue rose 6.2 percent to
HK$362.4 million. No interim dividend was proposed.


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

PT CITRA MAHKOTA ABADI: Creditors to seek bankruptcy
PT INDOLAND: Creditors to seek bankruptcy
----------------------------------------------------
Creditors of Ongko group property units PT Citra Mahkota
Abadi and PT Indoland have rejected the companies's debt
restructuring proposals. Instead, they will seek a
bankruptcy ruling, according to a judge at the Jakarta
Commercial Court. The judge said creditors did not see the
viability of the proposed debt restructuring programs,
which called for a five-year grace period and a 30-year
debt rescheduling.

PT INDO LAND JAYA.: Investors sue for bankruptcy
PT KREASI SUPRADINAMIKA: Investors sue for bankruptcy
PT METROTAMA DUNIA: Investors sue for bankruptcy
PT SUMBER KERAMIK KHARISMA: Investors sue for bankruptcy
PT WIDIAMULIA PRIMA: Investors sue for bankruptcy
--------------------------------------------------------
Five Bahama Islands investors filed bankruptcy petitions
against five Indonesian firms for unpaid debts totaling
some US$100 million.

The five filed bankruptcy petitions against local firms PT
Sumber Keramik Kharisma Dinamika, PT Kreasi Supradinamika
Multicorpora, PT Widiamulia Prima Multicorpora, PT
Metrotama Dunia and PT Indo Land Jaya.

According to copies of court documents, the bankruptcy
petitions were filed by the law office of Bernard Titus &
Partners on behalf of the five Bahamas-based investors.
The five Bahamas investors are Parkway Trading Limited,
Comfort Group Limited, Gingo Investments Limited, Gemmy
Investments Limited and Kenya Services Limited.
According to the documents, in 1996 Sumber Keramik issued
promissory notes to Parkway Trading amounting to $42.6
million. The due date of the notes fell in September 1997.

Kreasi Supradinamika issued promissory notes to Comfort
Group in 1996 amounting to $17.95 million, which also were
due in September 1997. Widiamulia Prima issued promissory
notes to Gingo Investment in 1996 totaling $16.5 million.
These notes came due in October 1997.

Also in 1996, Metrotama Dunia and Indo Land issued
promissory notes worth $11.5 million to Gemmy Investments
and Kenya Services, respectively. Metrotama was due to pay
back its debt in August 1997, while Indo Land's promissory
notes were due in October 1997.

The Bahamas firms are asking the courts to declare the five
local firms bankrupt and to allow them to seize the assets
of the debtors. (Jakarta Post  06-Sept-2000)

PT LANDASAN TERUS SENTOSA: Bankruptcy ruling upheld
---------------------------------------------------
The Supreme Court has rejected an appeal of a bankruptcy
ruling lodged by Ongko Group unit PT Landasan Terus
Sentosa. The decision upheld the previous ruling by the
Jakarta Commercial Court.

The commercial court in late July declared Landasan Terus
bankrupt after turning down the company's request for a
debt payment suspension. A bankruptcy ruling had been
sought in June for Landasan Terus by the Indonesian Bank
Restructuring Agency, which claimed unpaid matured debts of
270 bln rupiah.

PT PANCA OVERSEAS FINANCE: IFC files bankruptcy suit
----------------------------------------------------
The International Finance Corp (IFC) has filed a bankruptcy
suit with the Jakarta Commercial Court against PT Panca
Overseas Finance for an allegedly unpaid debt of US$12.9
million.

The petitioner's lawyer, Luhut MP Pangaribuan, said the
US$12.9 million was part of a US$14 million loan extended
by IFC in Sept 1995 for lending to medium and small-sized
companies in Indonesia. Of the total loan that matured in
Sept 1997, Panca Overseas paid only US$1.1 million.

PT SMART: Posts Rp40.99B loss
-----------------------------
PT Smart (SMAR), a company focused on crude palm oil
production, suffered Rp40.99bn loss during the period of
January-June 2000 mainly due to Rp181.85bn non-operating
expenses suffered in that period.

The company recorded Rp136.94bn net profit in the first
semester of 1999. It was gained from the operating profit
and operating income, respectively in the amount of
Rp193.85bn and Rp21.95bn.  During the first semester this
year, Smart suffered Rp164.25bn foreign exchange losses.
The previous year, the company posted Rp37.59 forex gains
during the same period.

The company managed to reduce the interest expenses to
Rp45.28bn from Rp98.93bn in the corresponding period last
year. However, the company still had to suffer Rp181.85bn
non-operating expenses during January-June 2000.  In its
financial report for the first semester of this year, the
company reported net sales plunged 23.71% to Rp1.285tr from
Rp1.68tr the previous year. The cost of goods sold declined
by 21.23% to Rp1.10tr from the previous Rp1.40tr.

The company's gross profit margin fell to 14.15% from
16.85%. Meanwhile, the total liability of the company
amounted to Rp3.02tr per June 30,2000, up by 45.84% from
the previous Rp2.07tr.  The total equity went down by
20.60% to Rp422.29bn per June 2000 from Rp531.89bn in the
corresponding period last year.

Such developments had weakened the company's capital
structure, as reflected in the debt to equity ratio that
stood at 715.87% as of June this year, compared with
389.73% in the same period of the previous year. (Indonesia
Exchange News  06-Sept-2000)


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

CHIBA KOGYO BANK: Seeing cash injection
YACHIVO BANK: Seeking cash injection
---------------------------------------
Chiba Kogyo Bank and Yachiyo Bank have asked the government
for a combined 95 billion yen in taxpayer money for
bolstering their incresingly weakened capital bases.

Based in Chiba and listed on the Tokyo Stock Exchange,
Chiba Kogyo seeks a 60 billion yen infusion while Yachiyo,
an unlisted Tokyo-based bank, wants 35 billion yen. The
government's Financial Reconstruction Commission is
expected to approve the injections, which FRC officials
confirm are to take place Sept. 29.

With their application for public funds the banks also
submitted restructuring plans. Both regional banks are
hampered by huge amounts of nonperforming loans, making the
restructuring difficult at best. Making it more so is the
fact each bank operates in the super-competitive greater-
Tokyo market.

Chiba and Yachiyo are the eighth and ninth regional banks
to seek public funding under the financial industry
revitalization law. After its injection, Chiba Kogyo
expects its capital adequacy ratio to rise to more than 9.5
percent; at the end of March, the ration had dropped to a
low of 0.45 percent.  The bank also plans to close 13
outlets and trim 230 employees -- about 14 percent of its
work force -- by the end of March 2003.

Meanwhile, Yachiyo hopes to bring its capital-to-asset
ratio above 8 percent with the public funds infusion. Banks
are required to have a capital-to-asset ratio of at least 4
percent for domestic operations and 8 percent if they also
have overseas operations.

DAIWA BANK: To close Hong Kong real estate management unit
----------------------------------------------------------
Daiwa Bank Ltd will liquidate its fully owned subsidiary,
Daiwa Properties (Hong Kong) Ltd., as part of its efforts
to reorganize its global business portfolios. The planned
closure is to be completed by the end of March next year, a
move that is not expected to affect its earnings outlook.

KUMAGAI GUMI CO.: Kajima to kick in with financial aid
------------------------------------------------------
Kajima Corp. is planning to provide limited financial
assistance to ailing general contractor Kumagai Gumi Co.

A leading general contractor in its own right, Kajima will
not provide so much assistance as to affect its management,
but only a small capital injection. Kumagai Gumi has
engaged Kajima in conversation about the aid, in addition
to asking major creditor banks, including Sumitomo and
Shinsei banks for a debt waiver totaling 450 billion yen.

NIPPON CREDIT BANK: Submits rehabilitation plan
-----------------------------------------------
Nippon Credit Bank, the purchase of which by a consortium
led by Internet investor Softbank Corp. occurred only last
Friday, submitted a plan Thursday to the Financial
Reconstruction Commission for rehabilitation of its
finances and operations.

Under the plan, bank officials assert the bank expects to
increase lending to startup ventures and expand its
outstanding loans, which now total around 3.2 trillion yen,
by 600 billion yen by March 31, 2004. Its capital-adequacy
ratio will be raised to 13.43 percent as of March 31,
following a government injection of 260 billion yen in
public funds.

NCB applied for the public money Tuesday; the government is
expected to complete the injection in early October. NCB
President Tadayo Honma said the company hopes to have its
share relisted soon, and that it intends to repay all
public funds as soon as possible.  NCB was nationalized in
December 1998 after a financial collapse under the weight
of bad loans extended in the late 1980s.

NISSAN MOTOR: To sell subsidiary to Fujitsu
-------------------------------------------
Nissan Motor Co. intends to sell its entire stake in Nissan
Digital Process Ltd. to Fujitsu Ltd. on Sept. 26 as part of
its ongoing efforts to reduce costs.

Nissan Digital Process, which develops and maintains
software used in the design and engineering of vehicles,
was established in 1987. It is 90 percent owned by Nissan,
with IBM Japan, Ltd. and Nihon Unisys, Ltd. each holding 5
percent stakes. Nissan will purchase the remaining ten
percent of shares, then sell the 100 percent stake in the
subsidiary to Fujitsu.

Nissan officials declined to reveal the amount it will earn
from the deal. They added the automaker and its group firms
will continue to work with Nissan Digital Process.


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

SAMSUNG GROUP: FSS to probe financial units
-------------------------------------------
The Financial Supervisory Service plans to probe Samsung
Group's financial affiliates after the Chusok holiday.

The companies to be inspected include Samsung Life
Insurance, Samsung Fire & Marine Insurance, Samsung
Securities, Samsung Investment Trust and Securities,
Samsung Capital and Samsung Card.  An FSS official said
separate teams of inspectors would probe these companies
but that their work would be coordinated. Inspection is
scheduled to start Sept. 15 or 18.

The financial watchdog completed inspection of financial
units affiliated with the LG and Dongbu groups in July.
Following Samsung, it will probe financial affiliates of
Hyundai, SK and Tong Yang groups by the end of this year.
(Korea Herald  06-Sept-2000


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

BANK NEGARA MALAYSIA: To borrow RM3.3B from Interbank
-----------------------------------------------------
Bank Negara Malaysia (BNM) intends to borrow RM3.3 billion
from the interbank money market Thursday to offset a
forecast liquidity of RM5.953 billion. The central bank is
seeking RM1.5 billion of two-week money and RM1.8
billion of two-month money, both from conventional sources.

GADEK CAPITAL: CCM sale proceeds used to pay down debt
------------------------------------------------------
Sale of the entire issued and paid-up capital of Credit
Corporation (Malaysia) Bhd (CCM) will generate RM470
million ($US123.6 million) in gross proceeds for Gadek
Capital Bhd, the net proceeds from which the company
intends in part to repay bank borrowings amounting to
approximately RM84.57 million, as of Aug 31, 2000.

Gadek said in a statement Wednesday that the board of
directors of Gadek Capital and DRB-Hicom Bhd would
determine the utilization of the balance of the proceeds
upon completion of the compulsory acquisition of DRB-Hicom
on Gadek Capital, Gadek (Malaysia) Bhd and Hicom Holdings
Bhd.  Options being considered include repayment of
borrowings and/or working capital for the DRB-Hicom group.

Gadek said the proposed disposal is expected to be
completed by the end of this year. Gadek Capital expected
to realize a gain on disposal of RM112.573 million at the
company level after the disposal is completed. Based on
audited consolidated accounts of Gadek Capital as of March
31, 2000, the proposed disposal would result in a gain of
RM90.318 million to the Gadek Capital group.

On the assumption that the gain on disposal is RM90.318
million, the earnings per share of the Gadek Capital group
for the financial year ending March 31, 2001 are expected
to increase by approximately 52 sen. (Asia Pulse 07-Sept-
2000)

L&M CORP.: Creditors urge new infusion
--------------------------------------
The resuscitation of ailing engineering services company
L&M Corporation (M) Bhd with the infusion of a New Company
is expected to be completed by Nov 30, the date on which a
restraining order prohibiting creditors from taking action
on LMC expires.

Sources close to the restructuring deal said negotiations
are "at an advanced stage" for LMC to undertake a share
swop with the Newco on the basis of one Newco share for
every 10 existing LMC shares, thus giving the latter the
avenue to acquire LMC's listing status on the KLSE's second
board. The value of the Newco would include its purchase of
the entire equity interests in three companies -
construction-based Satujaya Sdn Bhd, hotel owner Vistashine
Sdn Bhd and property outfit KMS Integrated Sdn Bhd.

Earlier discussions for a fourth party - hotel operator
Value Inn Sdn Bhd - to sell its assets to the Newco,
however, is believed to have fallen through, due to its
inability to accept the terms and conditions for the
acquisition.  With the equity injection from Satujaya and
Vistashine, the Newco is expected to hold property and
assets worth about RM165 million, the bulk of which would
be in the form of Vistashine's 12-storey Park Inn
International Hotel locatin Jalan Bukit Bintang.

It is understood that the 397-room, three-star hotel was
recently valued at RM145 million. In respect of KMS
Integrated, a subsidiary of financially-troubled Kemayan
Corporation Bhd (KCB), the type of equity to be sold
to the Newco could not be ascertained.

However, two years ago, it was reported that KCB had
intended to dispose of a 60 percent stake in KMS for RM10.8
million to Pangkalan Mentera Sdn Bhd, Peri Juara Sdn Bhd
and Danzuan Sdn Bhd, but the deal was aborted in 1999
following the non-fulfillment of certain conditions.
Vistashine and Satujaya share a common director in Wong Ha,
who could emerge as a controlling shareholder in LMC after
its corporate and debt restructuring exercise.

The source close to the restructuring said: "The conclusion
of LMC's restructuring exercise will see two nominee
directors being appointed from the Newco to its board, one
of which could be Wong as he would be a major shareholder."
(New Straits Times  02-Sept-2000)


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

UNIWIDE GROUP: Baxter sues owner over $1.4M debt
------------------------------------------------
Baxter Holdings Co. Inc. filed a lawsuit early this week
with the Makati Regional Trial Court against Uniwide Group
of Companies owner Jimmy Gow for failing to deliver shares
of publicly listed Uniwide Holdings Co. to Baxter after a
loan default.

Baxter seeks the transfer of the shares amid the pending
rehabilitation of the Uniwide Group under the Securities
and Exchange Commission.  In the complaint, the petitioner
said that over two years ago, Uniwide Sales Warehouse Club
Inc. obtained a loan in the amount of $2 million from
Baxter payable within six months. Gow agreed to deliver as
collateral all his shares of stocks in UHI or Asia
Amalgamated Holdings Inc. Gow has 62.5 million shares with
a par value of P1 per share in UHI and 385 million shares
with in Asia Amalgamated.

USWCI made several payments to cover part of the principal
amount due and part of the interest, thus reducing its
outstanding obligation to Baxter to $1.4 million as of June
last year. However, Baxter said, USWCI has since then
failed to service its outstanding obligations and Gow had
refused to comply with his obligation to deliver the
certificates of stocks of UHI or Asia Amalgamated.

Baxter asked the court to order Gow to deliver to Baxter
the UHI and Amalgamated shares and to pay damages and
attorneys fees of P800,000. The Uniwide Group is expected
to finalize this month an agreement with French retailer
Casino which will infuse P3.57 billion into the group in
line with the group's rehabilitation.

Under the rehabilitation plan approved by the SEC, Casino
and its local partner would own 89 percent of UHI, which in
turn, will own 100 percent of a new company that would own
the relevant operating assets of USWCI. The funds to be put
up by the Casino group would be used to pay some P10
billion worth of outstanding debt that was not covered by
dacion en pago arrangements.  Casino has set several
conditions to be met by September this year before it would
push through with the infusion. (Philippine Daily Inquirer
07-Sept-2000)

URBANCORP INVESTMENTS: Asks for pymt suspension extension
---------------------------------------------------------
Urban Bank Inc unit Urbancorp Investments has asked the
Securities and Exchange Commission to extend for another 60
days its debt payment suspension which expires Sept 7. In a
motion filed by Urbancorp with the SEC, the company said
the extension will give its interim receiver enough time to
comment on a revised rehabilitation plan submitted by Bank
of Commerce.


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

CLUB CITI: Going to be gone
---------------------------
The hammer will fall on online auction firm ClubCiti's
sites in Singapore and Hong Kong at the end of the week,
according to the Asian Wall Street Journal.

The California-based firm sent a note to users of its Hong
Kong site last Friday informing them that the site would
not be accepting new listings and that it would cease
operating by this Friday. The company's Singapore site is
likely to close at the same time and the staff cut,
according to a ClubCiti spokesperson.

Much of the company's operations were contracted out or
carried out by head office. The company moved into Asia
last year with hopes of becoming the eBay of Asia. It set
up operations in China, Singapore and Hong Kong. However,
ClubCiti had been hit by the downturn in the Internet
industry, as tech stocks took a beating on Nasdaq, and
dotcoms came under pressure.

Less than three months ago, ClubCiti sold its China
operations for US$500,000--and probably made a loss--to
Beijing Guardian Online E-Commerce Co, the Internet arm of
art auctioneer China Guardian International. (Cnet
Singapore  07-Sept-2000)

SOGO CORP. (Singapore): Raffles City store to close Sept.30
-----------------------------------------------------------
Sogo Corp. will close its department store in Raffles City
on Sept 30, while the supermarket in the basement of the
mall will close a week earlier.

Sogo Department Stores (S) Pte Ltd judicial manager Ong Yew
Huat confirmed the closure yesterday, saying there will be
sale promotions right up until the time of closure. Some $4
million in inventory and stock will be on hand for sale.

He noted that about $250,000 worth of Sogo gift vouchers
existed that the retailer has not been able to honor since
it went into judicial management on July 19. The voucher
holders are entitled to a pro-rated share of any proceeds
arising from the judicial management process, being deemed
unsecured creditors. But like all other creditors, they
will have to file their proof of debt.

THAKRAL CORP: To get S$100M injection
-------------------------------------
Several investors, including the controlling Thakral
family, reportedly plan to inject about S$100 million into
Singapore-listed Thakral Corp, which is technically
insolvent and undergoing a restructure.

The investment, according to Singapore's Business Times,
could result in the Thakrals--who now own about 70% of the
company--losing majority control of the group founded by
patriarch Kartar Singh Thakral in the early 1960s.  The
family is said to be committed to investing S$30mil, while
special financial adviser Arthur Andersen is talking to a
group of investors, including several large US companies,
which plan to invest S$70mil.

Thakral Corp went into the red--to the tune of about
S$58mil--after announcing a bottom-line loss of S$174.47mil
for the year to March 31, 2000. That followed a whopping
S$231.62mil loss the previous year. Since the restructuring
exercise began, Thakral Corp and its subsidiaries have
repaid $95 million to creditor banks. As at Aug 31, the
group had a cash balance of $57.9 million and sufficient
liquidity to meet working-capital needs.

The beleaguered distributor and manufacturer of consumer
electronics and electrical goods in China said on Tuesday
that it had entered into a conditional agreement with a
group of investors, including members of the Thakral
family, to inject S$48mil in equity capital. According to
the report, this group excludes several other investors to
whom Arthur Andersen is talking, who would inject a further
S$52mil to make up the S$100mil total.

The capital injection exercise is subject to several
conditions, including a requirement for the company to
enter into an agreement with creditors who are parties to a
standstill agreement dated June 15, 2000. The terms of this
agreement with the creditors have to be acceptable to the
investors.

The investors would then buy in at a price and terms
agreeable to them, provided all necessary corporate, court
and investor approvals are obtained for a capital reduction
and the listing of new shares.  In addition, the investors
must not be obliged to make a takeover offer to the
remaining shareholders of the company.

Thakral Corp's independent financial adviser, Nicky Tan of
Arthur Andersen Associates (S), was quoted as saying the
new parties, some of whom are strong in e-commerce, would
strengthen and enhance the development of the group's e-
fulfilment business in China. (Star Online  07-Sept-2000)


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

BANGKOK METROPOLITAN: Sale of lossmaker inches closer
-----------------------------------------------------
Final procedures for the sale of financially troubled
Bangkok Metropolitan Bank should be wrapped up within two
weeks, according to M.R. Chatumongol Sonakul, governor of
the Bank of Thailand.

He said officials were reviewing the legal details of the
contracts before closing the deal with HSBC Holdings.
In May, the Financial Institutions Development Fund
announced that it had reached agreement for HSBC to buy a
75% stake in Bangkok Metropolitan Bank for 36.6 billion
baht.

M.R. Chatumongol said Rathakorn Nimwatana, a central bank
assistant governor, was leading one team reviewing final
wording of the contracts to ensure compliance with domestic
laws.  Chakthip Nitibhon, an assistant governor and the
fund's manager, was overseeing details on how losses and
gains would be split between HSBC and the central bank for
bad loans.

At Bangkok Metropolitan Bank, executives said the bank's
loan quality had improved in recent months after progress
in debt restructuring. Syn Ekwisahn, acting president of
Bangkok Metropolitan Bank, said HSBC had completed its due
diligence of assets in mid-1999, with the results used for
pricing the share sale.

In the first half of this year, the bank was able to
restructure loans totalling 22 billion baht, 26% higher
than target. Mr Syn said non-performing loans now stood at
around 110 billion baht, or 60% of the bank's loan
portfolio.  At the end of June, the bank posted first-half
losses of 2.2 billion baht, or 236 million less than the
year before.

"The changes in the bank's position doesn't affect the
pricing of the sale as already agreed," Mr Syn said. "But
so long as the sales contracts haven't been signed, there
remains room for negotiations. In any case, it's up to the
Financial Institutions Development Fund." (Bangkok Post 06-
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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