/raid1/www/Hosts/bankrupt/TCRAP_Public/010507.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                 Monday, May 7, 2001, Vol. 4, No. 89


                               Headlines


A U S T R A L I A

CARSALES.COM.AU: Top Executives Axed
COM.AU.REGISTER: ACCC Says Owner Breached Trading Laws
COMMODORE HOMES: ACCC Files Court Action
HARRIS SCARFE: ASIC Inquiry To Take Months
HIH INSURANCE: ASIC Notes Liquidators' Press Statement
HIH INSURANCE: ASIC To Continue Inquiry
HIH INSURANCE: Plan To Bailout Policyholders
LIVESTOCK COVER: ASIC Steps In To Protect Customers
MACQUARIE ADVISORY: ASIC OKs Comp Package For Investors
MANCROSS PTY: Ex-Director Pleads Guilty
NORTH FOREST: Watchdog Will Not Interfere With Sale
ROADSHIPS LIMITED: Interim Injunctions Block Trading


C H I N A   &   H O N G  K O N G

CHINA CINDA: Enters Into JV With Lone Star
XINJIANG BAIHUACUN: Slides Into PT, Suspension


I N D O N E S I A

BUANAGRAHA ARTHAPRIMA: Restructuring Completed
CHANDRA ASRI: Marubeni Approves Debt Plan
PENGEMBANGAN PARIWISATA: Completes Restructuring
SRAGEN ABADI: Completes Restructuring With IBRA
SURYALAYA ANINDITA: Completes Restructuring


J A P A N

SUGINOI HOTEL: Seeks Court Shield


K O R E A

DACOM CORP: Confirms Talks With Exodus To Sell Stake
HYNIX SEMICON: Creditors Agree To Pursue Fund Programs
HYNIX SEMICON: 20th In Highest Non-Business Expenses
HYUNDAI ENGINEERING: Billions Squandered Amid Crisis
HYUNDAI ENGINEERING: Property Sold
KOREA LIFE: Merrill Lynch, KEB Nominated To Handle Sale
KOREA TELECOM: Will Spin Off Units, Cut Staff By 1,600


M A L A Y S I A

ACTACORP HOLDINGS: Talks With Bank Re Reorg Plan
ASSOCIATED KAOLIN: SAs Reach Deal With Shareholders
CHASE PERDANA: Firms Up New Restructuring Exercise
MYCOM BERHAD: Debt Plan Approval Pending
OLYMPIA INDUSTRIES: Authorities' Approval Pending
PANCARAN IKRAB: Reports Status Of Plan
PANCARAN IKRAB: Sustains RM12.649-M In Losses
PARIT PERAK: Enters Into Master Agreement
UH DOVE: SC Reviewing Plan


P H I L I P P I N E S

BELLE CORP: Posts P3.039-B In Net Loss
NATIONAL BANK: P5.97-B Net Loss Exceeds Forecast
NATIONAL BANK: Sale In June May Be Shelved


S I N G A P O R E

ADROIT INNOVATIONS: Announces Restructuring Plan
ASIA PULP: Aggressive Sales Pull Down Market
LIM KAH NGAM: Posts Notice Re AGM


T H A I L A N D

SAHAVIRIYA STEEL: Posts 1-QTR Net Loss Of Bt249.2-M
SUN TECH: Court Oks Rehab Plan


     -  -  -  -  -  -  -  -  -  -        

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A U S T R A L I A
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CARSALES.COM.AU: Top Executives Axed
------------------------------------
Top management executives of Melbourne's carsales.com.au, were
fired Tuesday through a management restructuring move led by
Reynolds & Reynolds, Carsales' major shareholder, with backing
by Yahoo! and about 200 independent car dealers from all over
Australia, The Age reported Thursday last week.

The affected executives include Sak Ryopponen, former Asia-
Pacific regional director for Saab Automobile AB, marketing
general manager Bob Maron, and sales general manager Shane
Priest.

According to a source at the company, Reynolds & Reynolds was
dissatisfied by the group's financial performance and the move
was aimed to cut costs and revamp the management structure.

Carsales.com.au has sustained losses reaching $7.16 million
since it went online in September 1998, leaving net assets of
$2.59.

The company incurred a December half-year loss of $2.98 million,
including a $1 million write-off of pre-paid advertising. In the
last full year, the company incurred losses amounting to $3.49
million.

The Web site, which employs 30 people across the mainland
states, features a list of over 30,000 used cars on behalf of
subscribing dealers, and data on new cars and new car dealers.


COM.AU.REGISTER: ACCC Says Owner Breached Trading Laws
------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) has
instituted proceedings in the Federal Court of Australia in
Brisbane alleging misleading and deceptive conduct by Stephen
Henry Wayt, the proprietor of COM.AU.REGISTER in breach of the
fair trading provisions of the Trade Practices Act 1974.

The ACCC has alleged that between January and March this year,
COM.AU.REGISTER sent businesses and organizations throughout
Australia a facsimile that stated:

"The registration of your Internet Address@reg.com.au is now
due. Please check the current company information listed within
our database as detailed below and where applicable advise any
additions or alterations as necessary. Registration for 12
months $330.00 inc GST."

After receiving a number of complaints, the ACCC has taken legal
action against Wayt alleging the fax was likely to mislead or
deceive recipients into believing that COM.AU.REGISTER was
responsible for registering Internet domain address registration
and that it had dealt with those businesses and organizations
previously.

The ACCC has alleged that COM.AU.REGISTER is not able to provide
Internet domain address registration and is simply a directory
of business names with details of Internet addresses. The ACCC
also alleges that COM.AU.REGISTER had no significant prior
dealings with the businesses or organizations that it sent the
faxes to.

The ACCC has also alleged that some of COM.AU.REGISTER's
Internet site representations were likely to mislead or deceive
businesses and organizations. For example the ACCC alleges the
site represented that COM.AU.REGISTER had 750,000 listings when
in fact less than 200 businesses had agreed to be listed and the
remaining listings were provided free of charge and without
reference to the listed businesses. The Internet site also
contained a representation that a benefit of obtaining the
services of COM.AU.REGISTER was that inquiring parties could
verify registration details through the site to ensure
compliance with applicable taxation and statutory authorities
whereas the ACCC alleges COM.AU.REGISTER could not provide that
service.

By engaging in such conduct the ACCC alleges that Stephen Wayt
acted in breach of section 52 and 53 of the Act.

The ACCC is seeking Court Orders including declarations Wayt
breached the Act, injunctions to prevent Wayt from making
similar representations in the future and to implement a Trade
Practices Compliance Program in any future business of which he
has managerial control. The ACCC is also seeking an order for
costs.

At this stage, COM.AU.REGISTER has closed down its website and
advised the ACCC that all money paid to COM.AU.REGISTER has been
refunded to customers.

The first directions hearing is set for April 12, 2001 in the
Federal Court of Australia, Brisbane.


COMMODORE HOMES: ACCC Files Court Action
----------------------------------------
The Australian Competition and Consumer Commission has
instituted legal proceedings in the Federal Court Perth against
Commodore Homes (WA) Pty Ltd, a member of the Buckridge Group of
Companies alleging breaches of the false, misleading, deceptive
and unconscionable conduct provisions of the Trade Practices Act
1974.

The ACCC alleges in the lead up to the introduction of the Goods
and Services Tax (GST), Commodore Homes represented to potential
homebuyers if they signed up with Commodore Homes, they would
have their homes built by July 1, 2000, and would avoid having
to pay any GST.

Delays in construction of the new homes meant, however, many
homes were, in fact, not completed by that date and Commodore
Homes tried to recover the GST component from those homebuyers.

The ACCC alleges that the representations made by Commodore
Homes amounted to false, misleading or deceptive conduct in
breach of the Act.

The ACCC also alleges that the manner in which Commodore Homes
tried to recover the GST from some of the homebuyers breached
the unconscionable conduct provisions in section 51AB of the
Act. For example, in some cases the ACCC alleges Commodore Homes
withheld keys to completed homes until the outstanding GST
amount was paid by purchasers.

In taking the Court action, the ACCC is seeking:

ú declarations that Commodore Homes' conduct breached the Trade
Practices Act;

ú orders restraining Commodore Homes from engaging in such
conduct in the future;

ú a requirement that Commodore Homes publish a corrective public
notice and implement a Trade Practices compliance program;

ú refunds of the GST monies paid to Commodore Homes by those
affected homebuyers; and

ú costs.

The GST enforcement objectives will continue to be a priority
for the ACCC until the expiration of the GST transition period   
June 30, 2002. The matter has been scheduled for a directions
hearing on April 20, in Perth.


HARRIS SCARFE: ASIC Inquiry To Take Months
------------------------------------------
According to David Knott, chairman of Australian Securities and
Investments Commission (ASIC), an ongoing investigation by the
agency into the collapse of Australian retailer Harris Scarfe
Limited could take months, and that it is too early to tell if
charges could be filed over the downfall, Asian Wall Street
Journal reported Thursday last week.

Harris Scarfe, the 150-year-old department store operator, has
been up for sale since it was placed in receivership last month,
after it was discovered the company's accounting had been
manipulated the prior six years to mask the true picture of the
company's financial status.


HIH INSURANCE: ASIC Notes Liquidators' Press Statement
------------------------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), noted the statement released by
the provisional liquidators of the HIH Insurance group
containing preliminary findings of their investigation to date.

ASIC met with the provisional liquidator this morning to discuss
these findings, prior to their release to the market.

"The conclusions reached by the provisional liquidators that
`each of the major Australian insurance license holding
companies within the HIH group are clearly insolvent' is of
obvious concern to ASIC," Knott said.

"Our investigation, announced on February 27, 2001, includes
possible insolvent trading offences and we will be seeking the
cooperation of the provisional liquidator in pursuing our
enquiries."

However, Knott also noted the provisional liquidators reference
to the complexity of the HIH group's financial affairs and their
expectation that it will involve a prolonged investigation.

"We fully understand the complexity of this situation, which
reinforces our own view that ASIC's investigation into this
collapse is likely to take many months.

"In the meantime, we are discussing with the provisional
liquidator whether it is in the best interests of creditors
(including policyholders) for HIH to continue in provisional
liquidation or whether an application for the winding-up of HIH
should be made. This is one of the matters due to be reported to
the court at the next return date on May 10, 2001.

"We will continue to closely liaise with the provisional
liquidators and Australian Prudential Regulation Authority on
these matters." Knott noted that most retail policyholders with
HIH, FAI or CIC are covered under arrangements with Allianz
Australia Insurance Insurance.

"I would again encourage policyholders with concerns about their
cover to contact the HIH hotline on 1800 600 400," Knott said.


HIH INSURANCE: ASIC To Continue Inquiry
---------------------------------------
The investigation by the corporate watchdog Australian
Securities and Investments Commission (ASIC) on the collapse of
insurance giant HIH Insurance Limited is currently ongoing, and
according to ASIC Chairman David Knott, the probe "promise(s) to
be quite long and complex", Asian Wall Street Journal reported
Thursday last week.

"I don't think anybody should have any expectation that we'll be
able to say anything publicly in the short-term," Knott said.

HIH has been under provisional liquidation since March, after it
announced that the company would post losses amounting to A$800
million for the first half of the current financial year.


HIH INSURANCE: Plan To Bailout Policyholders
--------------------------------------------
Premiers Peter Beattie and Bob Carr, respectively of Queensland
and New South Wales discussed Wednesday night in Sydney about a
plan to rescue HIH Insurance policyholders, ABC News Online
reported Thursday last week.  

Premier Beattie told the online publication, "In my discussions
with Bob Carr last night, we jointly agreed on a strategy to
protect policyholders in New South Wales and Queensland as well
as in obviously the rest of Australia."

He also called on the Federal Government, ABC said, to convene
all State Ministers to review regulations covering the insurance
sector, adding that the Prime Minister should act on this issue
and safeguard the interests of HIH policyholders all over
Australia.

The report, however, said Beattie did not disclose details
regarding the plan.


LIVESTOCK COVER: ASIC Steps In To Protect Customers
---------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Victoria appointing Paul
Pattison as provisional liquidator to Livestock Cover Care Pty
Ltd, Pet Track Pty Ltd and Stockguard Insurance Services Pty
Ltd.

ASIC also obtained an injunction against Nigel John Scheerer of
Warragul, Victoria, the director of the three companies,
preventing him from taking part in the management of any company
while he is a bankrupt. Scheerer was declared bankrupt in
February 2001.

Sheerer operated a Warragul-based insurance agency that dealt in
livestock and pet insurance cover through Livestock Cover Care,
Pet Track and Stockguard Insurance Services.

ASIC has taken these actions because it alleges Scheerer took
customers' insurance premiums but failed to place the insurance
cover with an underwriter.

As provisional liquidator, Pattison will take over control of
all the assets of the three companies from Scheerer.

Clients of Scheerer, and the three companies who have concerns
about their insurance coverage, are encouraged to contact their
nominated insurer, the provisional liquidator or ASIC's Infoline
on 1300 300 630.

ASIC's enquiries are continuing.


MACQUARIE ADVISORY: ASIC OKs Comp Package For Investors
-------------------------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), has announced ASIC has agreed to
a compensation process for former clients of Macquarie Advisory
Group Pty Ltd who were given inappropriate advice by Ashok
(Andy) Pal and Anthony Howarth.

Macquarie Advisory Group is not associated with Macquarie Bank.
Pal's and Howarth's former principals, licensed securities
dealers Hillross Financial Services Limited and AMP Financial
Planning Pty Ltd, have agreed with ASIC to implement a process
by which clients can claim compensation, or seek other redress.

"This compensation process provides an avenue of redress for
around 100 clients who invested approximately $10.6 million in
ventures that have either collapsed or are considered
inappropriate for their needs," Knott said.

"Financial advisers are in a position of trust and they are
required to give investment advice that meets their client's
needs and objectives, and which are suitable to their particular
circumstances.

`ASIC commends Hillross and AMP Financial Planning for initially
reporting Messrs Pal's and Howarth's activities to ASIC and for
their commitment to resolving the compensation claims of their
clients', he said.

Through their company Macquarie Advisory Group, which was based
in Kew, Melbourne, Messrs Pal and Howarth recommended a number
of investments that were not on the Hillross or AMP Financial
Planning approved list of securities.

Following consultations with ASIC, Hillross and AMP Financial
Planning have agreed to notify all former clients of Pal and
Howarth of the possible compensation claim.

The former clients will have the opportunity to meet
individually with a representative of Hillross and AMP Financial
Planning to discuss the compensation process.

The companies are making available the services of authorized
financial planners at no cost to ensure that former clients'
affairs are brought up to date. Former clients will also be
advised of their rights to have complaints addressed through
external dispute resolution services.  

On ASIC's application, Macquarie Advisory Group was placed into
liquidation in December 1999. ASIC has also banned Messrs Pal
and Howarth and another Macquarie Advisory Group director, Kerry
Nixon, from acting as investment advisers. Nixon has appealed
ASIC's banning order to the Administrative Appeals Tribunal.


MANCROSS PTY: Ex-Director Pleads Guilty
---------------------------------------
Andrew Kenneth Nuske, a bankrupt former director of Mancross Pty
Ltd (in liquidation), has pleaded guilty in the Brisbane
District Court to 28 Queensland Criminal Code charges arising
out of an Australian Securities and Investments Commission
(ASIC) investigation.

Nuske was prosecuted by the Commonwealth Director of Public
Prosecutions.

The charges allege Nuske, through his mortgage broking business
South East Queensland Home Loan Centre, obtained $647,000 by
misappropriation, false pretences and forgery from Andrews
Corporation Pty Ltd (a company providing financial investment)
and a number of mortgage applicants.

Nuske was remanded on bail on condition he reports to police
three times each week. He is to appear before the Brisbane
District Court on July 16, 2001 for sentencing.  


NORTH FOREST: Watchdog Will Not Interfere With Sale
---------------------------------------------------
The Australian Competition and Consumer Commission will not
intervene in the purchase of North Forest Products by Gunns
after the acceptance of court enforceable undertakings, ACCC
Chairman, Professor Allan Fels, said today.

Gunns and North Forest Products are the two major exporters of
Tasmanian woodchips. Neither company supplies woodchips for the
domestic market.

"The acquisition will see Gunns become the major producer of
hardwood woodchips in Tasmania.

"The ACCC was concerned that the acquisition would give Gunns
considerable market power with regard to the purchase of
hardwood logs. These concerns were compounded by an historical
lack of pricing and cost information available to local log
suppliers.

"In response to these concerns, the ACCC sought undertakings
from Gunns that would facilitate greater price transparency
within the forestry industry. The undertakings require Gunns to
make available to the Tasmanian Farmers' & Graziers' Association
and Private Forestry Tasmania, for publication over the next
five years:

ú the average weighted FOB price to be received by Gunns for
each grade of export woodchips, and

ú the average stumpage paid by Gunns for hardwood pulp logs by
each of its woodchip mills.

"Upon request, Gunns must also make this information available
to any private land owner who is in the business of selling
hardwood logs for woodchips in Tasmania.

"The undertakings will reduce information asymmetries that may
exist between Gunns and the suppliers of logs. The provision of
this information will allow private suppliers of logs to make
more informed harvesting decisions.

"The vast majority of Tasmanian woodchips are exported to
Japanese pulp and paper companies, who have traditionally
enjoyed a considerable degree of buying power. The acquisition
allows Gunns to become a more effective competitor in the
international market for woodchips, and increases Gunns ability
to bargain with international customers.

"The undertakings address ACCC concerns regarding Gunns'
domestic market power in log acquisition from small suppliers
while facilitating Gunns' ability to expand and compete in the
global woodchip market."


ROADSHIPS LIMITED: Interim Injunctions Block Trading
----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained interim injunctions from Justice MacKenzie in the
Supreme Court of Queensland restraining Roadships Ltd
(Roadships) from issuing or selling any shares in Roadships.

ASIC also obtained interim orders restraining Roadships from
disposing of or otherwise dealing with its assets pending a
final hearing of the matter.

Roadships is an unlisted public company involved in the
integration of road and sea freight.

ASIC alleges that Roadships issued its own shares to the public
in contravention of the Corporations Law. Roadships confirmed
that during 2000-2001 it raised $1.57 million from a total of
406 shareholders.

ASIC also obtained interim orders preventing Hildag Pty Ltd
(Hildag) from selling shares in Roadships and from inviting any
person to make an offer to purchase shares in Roadships. Hildag
is restrained from disposing of or otherwise dealing with its
assets pending a final hearing of this matter.

Hildag Pty Ltd is a substantial shareholder in Roadships and
operates an investment club, whose prinicipal activity is the
sale of Roadships shares to members of the public. ASIC alleges
that by selling-on Roadships shares to members of the public,
Hildag is in breach of the fundraising provisions of the law by
indirectly issuing shares without proper disclosure.

ASIC is seeking permanent injunctions against both Roadships and
Hildag, restraining them from the unlawful issue and sale of
shares in Roadships, as well as an order that Roadships and
Hildag repay all money they obtained from any people as a
consequence of breaching the Corporations Law.


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


CHINA CINDA: Enters Into JV With Lone Star
------------------------------------------
China Cinda Asset Management Company has entered into a joint
venture agreement with Lone Star Fund, of Texas U.S.A., to
manage the delinquent financial assets of the former, China
Online reported Monday last week.

The agreement, will be the first to be undertaken in China as
far as the asset management sector is concerned. However, both
parties could only proceed with the venture once approval from
the government is secured.

Under the agreement, the Texas-based fund would devote cash to
the venture, and Cinda would contribute non-cash assets.

A private equity fund, Lone Star boasts of a strong
distinguished list of investors that include, among others,
pension funds of huge American companies and state governments,
the Quebec Pension Fund, and investment firms of the governments
of Kuwait and Singapore.

The American fund, early this year, clinched the take-over of
insolvent Tokyo Sowa Bank for Y40 million.


XINJIANG BAIHUACUN: Slides Into PT, Suspension
----------------------------------------------
Xinjiang Baihuacun Company Limited has been suspended from the
Shanghai Stock Exchange and placed under the dreaded `particular
transfer' (PT) for making losses for three straight years,
making it the 10th firm to be listed under PT category, Xinhua
reported Tuesday last week. As a PT-listed firm, Xinjiang stocks
could only be traded on Fridays.

Xinjiang, under the exchange regulations, could file for a grace
period, but only within 45 days of the suspension. Failure to do
so and to secure the affirmation from the exchange will leave
Xinjiang marked for delisting.     


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


BUANAGRAHA ARTHAPRIMA: Restructuring Completed
----------------------------------------------
Indonesian Bank Restructuring Agency announced the completion of
the restructuring of PT Buanagraha Arthaprima (Artha Graha
Group) Wednesday last week. The settlement plan was made through
debt restructuring, cash settlement and a combination of other
elements.

The status progress of the aforementioned debtor can be
explained as follows:

PT Buanagraha Arthaprima (PT BA)

This debtor was categorized to Artha Graha group. The total
debts of this company, engaged in the business of property and
infrastructure, amounted to US$39.332 million.

The settlement plan based on MoU was accomplished in three
steps:

Tranche A-Term Loan accounted for US$17 million.
10 years Tenor
6 months Grace Period
SIBOR interest (3 months) plus 3.5 percent per year.

Tranche B - Callable Convertible Bond (CCB) accounted for
US$16.563 million
10 years Tenor
2.5 percent interest per year
Yield to maturity 10.5 percent per year inclusive of obligation
interest.

Tranche C-Cash Settlement accounted for Rp45 billion, which IBRA  
received at the end of April (MoU).


CHANDRA ASRI: Marubeni Approves Debt Plan
-----------------------------------------
Marubeni Corporation has finally given its approval to the
Indonesian government's proposed debt workout plan for
Indonesian petrochemical firm PT Chandra Asri, amid the
government's threats to take legal actions should the Japanese
firm reject the proposal, Asian Wall Street Journal reported
Tuesday last week.

The office of the senior economic minister said, "Marubeni has
sent a letter to the government stating its agreement on the
government's proposal."

The debt plan will call for payment by Chandra Asri on its debts
totaling $700 million owed to a Marubeni-led consortium within a
15-year period at interest rate 1.5 percentage points above or
the one-year U.S. dollar London interbank offered rate (Libor).

The Indonesian Bank Restructuring Agency (IBRA) will act as
creditor, representing the government, for Chandra Asri's debts
of $50 million.


PENGEMBANGAN PARIWISATA: Completes Restructuring
------------------------------------------------
The Indonesian Bank Restructuring Agency announced Wednesday
last week the completion of the debt restructuring of debtor PT
Pengembangan Pariwisata Sulawesi Utara, which was categorized in
the Top 50 and Top 200 obligor at the end of April 2001.

The status progress of aforementioned debtors can be explained
as follows:

This debtor was previously named PT Manado Minahasa Tourism
Development Corporation. This company agrees to settle its
obligation amounting to Rp30 billion in 1 year Tenor.


SRAGEN ABADI: Completes Restructuring With IBRA
-----------------------------------------------
The Indonesian Bank Restructuring Agency announced the
completion of the debt restructuring of debtor PT Sragen Abadi
Textile (Sabatex Group) Wednesday last week, which was
categorized under Top 50 and Top 200 obligors at the end of
April 2001.

The status progress of aforementioned debtor can be explained as
follows:

This debtor categorized to Sabatex Group. This textile company
agreed to settle its debt through:

Cash settlement accounted for Rp239 billion during 6 months.
Interest payment around Rp19 billion during 6 months (after
discount of 75 percent, in line with FSPC policy).
IBRA has received up front payment approximately Rp16.6 billion.


SURYALAYA ANINDITA: Completes Restructuring
-------------------------------------------
The Indonesian Bank Restructuring Agency announced the
completion of the debt restructuring of PT Suryalaya Anindita
International (BA Suriadjaya Group) Wednesday last week.

The status progress of aforementioned debtors can be explained
as follows:

This debtor categorized to Benyamin A Suryawidjaya business
group, which owns Grand Melia hotel as well.

Besides IBRA, this debtor has an obligation to other creditors
namely Bank International Indonesia, Bank Haga and Bank
Universal with total debt accounted for US$34.989 million.

In this position, IBRA own approximately 48.7 percent or equal
to US$17.046 million.

This company will settle its obligation with the Loan Agreement
signed through term loan accounted for US$34.989 million with:

9 years Tenor (included 2 years grace period)
SIBOR interest plus 3.5 percent per year.

The other three creditors apply weighted average time deposit
plus 3.5 percent per year.


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J A P A N
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SUGINOI HOTEL: Seeks Court Shield
---------------------------------
Suginoi Hotel, at the hot spring resort of Beppu Oita
Prefecture, is seeking court protection from creditors as the
company is tipping towards bankruptcy with debts reaching Y14
billion, Japan Times Online reported Friday last week.

Suginoi Hotel has tried self-rescue attempts and called on
interested firms to aid the company in its rehabilitation. The
company announced its five-year restructuring plan in January.
Negotiations are underway with its creditor banks for a debt
waiver and interest reduction.

The company's cumulative losses are currently Y4 billion,
attributed to diminishing occupancy and visits volume.

Suginoi Hotel, which has a total of 574 rooms, is one of the
oldest hotels in the Oita Prefecture.


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


DACOM CORP: Confirms Talks With Exodus To Sell Stake
----------------------------------------------------
Dacom Corporation has confirmed that the company is negotiating
Exodus Communications Incorporated to sell its 50-percent stake
in its subsidiary Korea Internet Data Center (KIDC), Asian Wall
Street Journal reported Thursday last week. A due diligence on
KIDC is being worked out by Exodus and is nearing completion.

"It is true Dacom and Exodus have been negotiating over the
terms of the stake sale, but I'm not sure if there have been
much progress," said a Dacom spokesman.

When the sale is clinched, Dacom will retain its management
right in the unit, which boasts of W30.8 billion in capital.


HYNIX SEMICON: Creditors Agree To Pursue Fund Programs
------------------------------------------------------
Creditors of Hynix Semiconductor Incorporated agreed Thursday to
proceed with their respective funding programs, The Digital
Chosun reported Friday last week. However, the creditors would
only do so if creditors in the investment trust sector agree to
purchase new corporate bonds worth W750 billion, to be issued by
Hynix, to pay for syndicated loans worth W800 billion.

Creditors in the Thursday meeting reached a concession over a
revised rescue plan that would call for, among other elements,
conversion of W1 trillion worth of Hynix corporate bonds into
three-year convertible bonds and a maturity extension on foreign
currency loans totaling W300 billion, from 2004 to end of 2005.


HYNIX SEMICON: 20th In Highest Non-Business Expenses
----------------------------------------------------
Hynix Semiconductor, an offshoot of Hyundai Electronics
Industries, ranks number 20 among listed firms with the highest
amount of expenditures on non-business purposes, The Korea
Herald reported Friday last week, citing Yonhap News Agency. The
ailing firm, amid its financial crisis, spent W2.1 billion for
entertainment purposes.


HYUNDAI ENGINEERING: Billions Squandered Amid Crisis
----------------------------------------------------
Ailing construction giant Hyundai Engineering & Construction has
been hit for having allegedly squandered W2.5 billion on
entertainment purposes even in the middle of a deep financial
crisis, The Korea Herald reported Friday last week, citing
Yonhap News Agency. The firm now ranks number 14 in a list of
listed firms with high expenditures on non-business activities
and purposes.


HYUNDAI ENGINEERING: Property Sold
----------------------------------
According to The Digital Chosun report Friday, nearly half of
the 20.76 million sq. m. of the Hyundai group-owned Seosan Farm
Land has been sold for W239.4 billion, which would to be used
fund the rehabilitation of troubled unit Hyundai Engineering and
Construction. The sale was made through state-owned Korea Land
Corporation (KOLAND), which acted as broker.


KOREA LIFE: Merrill Lynch, KEB Nominated To Handle Sale
-------------------------------------------------------
A consortium led by Merrill Lynch and Korea Exchange Bank (KEB)
was likely to be appointed as lead-manager in the sale of Korea
Life Insurance, The Korea Herald reported Friday last week,
citing officials at the Finance and Economy Ministry and Korea
Deposit Insurance Corporation.

As of press time, it was expected that the Public Funds
Management Committee would come up with the decision as early
Friday last week, and that the aforementioned consortium would
most probably get the nod of the committee on the merit that the
foreign brokerage house boasts of a track record in corporate
sales.

The committee intends to inject public funds into the ailing
life insurer worth W1.5 trillion for the sale to command a
substantial price. This plan will be finalized in a committee
meeting on May 16.

The sale of Korea Life is expected to be closed by year's end.


KOREA TELECOM: Will Spin Off Units, Cut Staff By 1,600
------------------------------------------------------
The state-run Korea Telecom is going to spin off its
underperforming directory service and phone bill arrears
operations by the end of the first half and fire 1,600
employees. These moves will be part of its restructuring plan,
as recommended by the Korean government, Asian Wall Street
Journal reported Thursday last week.

Citing the company statement, Korea Telecom's labor union is
opposing the plans, and has instead presented a proposal to
include freeze pay offers apart from lowering the retirement
age, with the hope the imminent spin-off would be avoided. Korea
Telecom rejected the union's proposal.

However, a Korea Telecom spokesman said the company would
proceed with the negotiations with the labor group, explaining  
the aforementioned plans would be crucial in the implementation
of the restructuring plan.

The government plans to privatize Korea Telecom by June 2002 by
selling its entire 59% stake. It argues that restructuring,
including layoffs, is vital to its stake sale plan.


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


ACTACORP HOLDINGS: Talks With Bank Re Reorg Plan
------------------------------------------------
Actacorp Holdings Berhad, which is working under the auspices of
Corporate Debt Restructuring Committee to restructure the group
debts, has had discussions with its intended merchant bank on
the finer points of the proposed corporate and financial
restructuring plan.

Actacorp said the plan would be offered to the group's bank and
financial creditors for consideration within this month.

Background

The Actacorp Group is a one-stop construction concern.
Construction and engineering activities are undertaken by
flagship companies Teknik Cekap, V-Pile Sistem and Noble
Concepts. Teknik Cekap is a Class "A" Contractor approved to
undertake government projects with no limit in size and value.

The group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers.

In 1991, activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The group is currently in an advanced stage of negotiation of a
restructuring exercise under the purview of the CDRC. The
proposed restructuring exercise is intended to revitalize the
group's financial position.


ASSOCIATED KAOLIN: SAs Reach Deal With Shareholders
---------------------------------------------------
The Special Administrators (SA) of Associated Kaolin Industries
Berhad on April 6, 2001 entered into a Debt Scheme Agreement
(DSA) with shareholders of Greatpac Sdn Bhd and Success Profile
Sdn Bhd, and Greatpac Holdings Berhad (GHB) to regulate and
record the basic understanding of the key areas of agreement
pending finalization and approval of a corporate and debt
restructuring proposal for AKI.

The key areas of the DSA and the Proposed Workout are as
follows:

(i) Capital reconstruction involving a capital reduction and
consolidation of AKI shares;

(ii) Exchange of the consolidated shares in AKI for new ordinary
shares in GHB;

(iii) Acquisition of Greatpac and Success by GHB;

(iv) Debt restructuring involving the part settlement of all
known debts of the secured, unsecured and other creditors of
AKI; and

(v) Transfer of listing status of AKI to GHB.

The proposed workout will be subject to and conditional upon the
following:

(i) Due diligence conducted to the satisfaction of the SA on all
aspects of the proposed restructuring scheme;

(ii) All requisite approvals, consents of waivers being obtained
from the relevant authorities or under the Pengurusan Danaharta
Nasional Berhad Act 1998; and

(iii) All relevant corporate approvals.

Further details of the Proposed Workout will be announced in due
course.

Background

The company is undergoing a restructuring exercise to address
its current financial problems. Special Administrators (SA) have
been appointed to oversee the development of the restructuring.

Starting from their appointment on May 3, 2000, a 12-month
moratorium has been placed on the company to enable the SA to
prepare a work out proposal.

On December 18, 2000, pending finalization and approval of the
workout proposal, the SA entered into a MOU with Greatpac Sdn
Bhd and Success Profile Sdn Bhd, towards a capital
reconstruction and share exchange exercise, debt restructuring
and transfer of listing status to a newly incorporated company.

Meanwhile, the company continues to produce and sell refined
kaolin processed at its factory in Tapah, Perak. Current
production capacity is 92,000 m/t.

Besides being sold locally, AKIMA refined kaolin is exported to
China, Singapore, Thailand, Philippines, Vietnam, Myanmar,
Taiwan, Japan, South Korea, Hong Kong, Bangladesh, Sri Lanka,
Pakistan, Mauritius, Kenya and New Zealand.


CHASE PERDANA: Firms Up New Restructuring Exercise
--------------------------------------------------
Chase Perdana Berhad is currently formalizing a new Debt
Restructuring and Corporate Exercise, which would among others,
incorporate the evaluation and inclusion of new assets.

The company said additional disclosures would be announced in
due course.

Background

Chase Perdana Berhad (CPB) commenced operations as Tan Chew Piau
Building Contractor, a civil engineering and building
construction firm set up in 1970.

In 1976, CPB was incorporated in Malaysia as Chew Piau
Construction. During its 20 years in operation, the company has
completed projects for the public and private sectors both in
Malaysia and overseas ranging from luxurious 5-star hotels and
condominiums to high-rise offices, mosques and other special
purpose buildings.

The company is a registered Class "A" Pusakabumi contractor and
is therefore able to tender for public and quasi-government
sector projects with no limitation on project size and contract
sum. CPB is also experienced in restoration, renovation and
upgrading work.

In 1994 and 1995 the company expanded its business activities to
include the property, plantation and finance sectors. In order
to reflect the change in its activities, in June 1995 the
company, changed its name to Chase Perdana Bhd.

In 1996, the group acquired equity interests in the travel and
food businesses. Subsequently, the group entered into a JVA with
a Zimbabwean company, Kama Construction (Pte) Ltd, to jointly
undertake construction and development projects in Harare,
Zimbabwe.

The group has also established business relationships in
Zimbabwe, Uzbekistan, India, Holland, Bahrain and the UK.


MYCOM BERHAD: Debt Plan Approval Pending
----------------------------------------
Mycom Berhad has announced that the approvals from the
Securities Commission, Bank Negara Malaysia and KLSE in respect
of the proposed corporate and debt restructuring exercise are
still pending.

In reference to the company announcement made on February 28,
2001 where the SC had requested for further input in order to
arrive at a more comprehensive restructuring exercise for their
consideration, the company is taking the necessary action to
comply with their request.

Background

Mycom Berhad was formed as a JVC between two Japanese companies,
Tokyo Shibaura Electric Co Ltd and Mitsui & Company Ltd, and Kee
Huat Radio Company Sdn Bhd.

Mycom manufactured and sold `Toshiba' electrical consumer
products under a technical collaboration agreement with Toshiba
Corporation of Japan from 1969 to 1987.

Since then, Mycom has transformed into a diversified investment
group with substantial holdings in Malaysia and globally.

In 1994, as a result of the rationalisation of part of its
investments, Mycom acquired a 57 percent stake in KLSE-listed
Olympia Industries Bhd. Through Olympia, Mycom diversified its
investments into the property and financial sectors, resource-
based industries, manufacturing and automobiles.

In 1995, Mycom expanded its investments into plantations and, in
property, to include hotels. It also diversified geographically
through investments in South Africa. In 1996 and 1997, the
company increased its presence in the natural resource-based
sector through further investments in timber and building
materials in Malaysia and South Africa.

In May 2000, the company and certain of its subsidiaries entered
into a restructuring agreement with its financial institutions
to undertake a proposed debt and corporate restructuring scheme.

Implementation of the restructuring exercise is expected within
the 2001 financial year.

As per proposals, Mycom will focus on property development and
construction activities post-restructuring, with the acquisition
of property development and construction subsidiaries from
Olympia and joint development with Olympia of the Kenny Heights
project located at the Mont Kiara/Sri Hartamas vicinity which it
proposes to co-own with Olympia.

The acquisitions will not only contribute immediate earnings to
Mycom, but will also inject a sizeable land bank in various
parts of Malaysia into the group, turning it into a major
property developer in the country.

Repayment of restructured borrowings will be financed by
operating cash flow as well as disposal of oil palm plantation
and other non-core investments. The company has, in November
2000 and January 2001, received approvals from FIC and MITI
respectively. Approvals from the SC and BNM are still pending.


OLYMPIA INDUSTRIES: Authorities' Approval Pending
-------------------------------------------------
Olympia Industries Berhad has announced that the approvals from
the Securities Commission, Ministry of International Trade and
Industry and KLSE in respect of the proposed corporate and debt
restructuring exercise are still pending.

In addition, the company also referred to the announcement made
on February 28, 2001 where the SC had requested for further
input in order to arrive at a more comprehensive restructuring
exercise for their consideration. Accordingly, the company is
taking the necessary action to comply with their request.

Background

The company was incorporated as a wholly-owned private limited
subsidiary of then listed company, Duta Consolidated Bhd, which
is now known as Olympia Land Bhd, under the name of Olympia
Plantations Sdn Bhd.

It ceased to be a subsidiary of Duta on September 15, 1990.
Olympia was converted into a public company on May 17, 1991 and
adopted its present name on July 18, 1991, followed by the
listing of Olympia in place of Duta on March 12, 1992.

In August 1992, Olympia entered into the property development
industry when it acquired United Malaysian Properties Sdn Bhd
and the gaming business through the acquisition of Lotteries
Corporation Sdn Bhd. Olympia acquired an interest in
stockbroking company Jupiter Securities Sdn Bhd, and a travel
and tours agency.

The group's construction activities include the construction of
three of the six underground LRT stations in Kuala Lumpur and
the RM1.2 billion Berjaya Star City. Current property projects
include Taman Datuk Tamby Chik Karim and Taman Bukit Katil in
Malacca. Upcoming is a 325-acre residential-cum-commercial
property project in Bukit Rambai, also in Malacca.

The stockbroking business is based in Kuala Lumpur while the
construction activities are based in Kuala Lumpur, Malacca and
Negeri Sembilan.

On April 30, 1999, Pengurusan Danaharta Bhd appointed Special
Administrators (SAs) over Jupiter Securities to assume control
of the assets and affairs of the company. The SAs have prepared
a workout proposal, which was subsequently accepted by secured
creditors on October 11, 1999. The workout proposal had been
approved by all relevant authorities except the SC where a
conditional approval was received on August 14, 2000.

Pursuant to the conditional approval, the SAs' appointment will
be extended until such time when the SC is satisfied with the
implementation of the plans.

The workout proposal involves a capital injection, the novation
of certain loans of Jupiter Securities to Olympia, the
settlement of the secured creditors holding pledged quoted
securities, the conversion of secured creditors with third party
charges to restructured term loans and the conversion of
unsecured creditors to redeemable convertible cumulative
preference shares.

Subsequently, on May 8, 2000, the company and certain of its
subsidiaries, Jupiter Capital Sdn Bhd, Dairy Maid Resort &
Recreation Sdn Bhd, Olympia Plaza Sdn Bhd, Olympia Land Bhd, and
Mascon Sdn Bhd, and sub-subsidiaries LC (BVI) Ltd and Olympia
Travels and Tours Sdn Bhd, entered into a restructuring and
standstill agreement with financial institution creditors to
undertake a proposed debt and corporate restructuring entailing
a proposed capital reduction and consolidation, reduction of
share premium account, rights issue with detachable warrants,
special issue, debt novation, debt restructuring, acquisition of
property companies and land, disposal of property companies,
inter-company settlement between the company and substantial
shareholder Mycom Bhd and an offer for sale.

The proposals are inter-conditional upon a scheme that Mycom is
undertaking.

The plan was submitted to the SC on August 16, 2000. Save for
FIC, the plan is pending approval from the SC, MITI, KLSE,
shareholders and creditors.

On February 26, 2001, the company received a request from the SC
for further input, in order to arrive at a more comprehensive
restructuring exercise for its consideration.


OMEGA HOLDINGS: Negotiations With Creditors Ongoing
---------------------------------------------------
The Board of Directors of Omega Holdings Berhad has announced
that the company is still in negotiation with its creditor banks
on the company's proposed debt restructuring scheme.

Background

Omega Holdings Berhad (OHB) was formed for the purpose of
restructuring Klang Valley-based Omega Securities Sdn Bhd (OS)
and Pahang-based WK Securities Sdn Bhd (WK), and subsequently
seeking a listing on the Main Board of KLSE.

The restructuring of OS and WK involved the acquisition by
Omega, on March 8, 1991, of 100 percent in each of the two
companies.

On February 17, 1998, OS was placed under trading restriction
due to irregularities in its financial position. WK followed
suit on April 1, 1998. Subsequently, on May 4, 1998, OS ceased
trading activities after it failed to meet the minimum liquid
final requirement under KLSE Rules. OS's stockbroking license
was thereafter revoked by the SC on June 5, 1998.

Under the management of Special Administrators, the business of
WK Securities Sdn Bhd was officially taken over by KL City
Securities Sdn Bhd on July 8, 2000. WK will cease to be a
stockbroker but will remain dormant.

On March 8, 2000, the company signed a restructuring agreement
with the shareholders of Broadland Garment Industries Sdn Bhd
which included a proposed capital reduction share exchange on
the basis of one new share in NEWCO for every one share in OHB
and the subsequent transfer of listing status of OHB to NEWCO,
rights issue, restricted issue, acquisition by NEWCO of the
entire equity interest in Broadland Garment Industries Sdn Bhd
and debt restructuring.

Meanwhile, the company had opposed the petition by the KLSE to
wind up Omega Securities Sdn Bhd. The hearing date, which was
fixed in October 2000, has been deferred to April 17, 2001.


PANCARAN IKRAB: Reports Status Of Plan
--------------------------------------
With regard to the status of the Proposed Restructuring Scheme
of Pancaran Ikrab Berhad, the company announced that it had
obtained approvals for the Proposed Restructuring Scheme from
the following parties:

(i) Securities Commission on July 3, 2000;

(ii) Foreign Investment Committee on April 20, 2000;

(iii) Ministry of International Trade and Industry on May 23,
2000;

(iv) Bank Negara Malaysia on April 18, 2000 and May 4, 2000 for
the waiver from the requirement that a rating is obtained from a
local rating agency for the issuance of redeemable convertible
unsecured loan stock pursuant to the Proposed Acquisition of
Promenade Hotel Sdn Bhd and Proposed Debt Restructuring Scheme;

(v) Shareholders at an extraordinary general meeting held on  
October 23, 2000; and

(vi) Shareholders at a court convened meeting for the Proposed
Scheme of Arrangement held on October 23, 2000.

The company had also obtained the following from the Kuala
Lumpur High Court:

(i) Order in Terms approving the Scheme of Arrangement vide
Petition No.D9-26-59-2000 on November 17, 2000; and

(ii) Order in Terms sanctioning the Capital Reduction vide
Petition No.D9-26-58-2000 on December 7, 2000.

The company had also obtained from the SC, vide its letter dated  
January 5, 2001, an extension of the approval period for another
six (6) months i.e. until July 2, 2001 to complete the Proposed
Restructuring Scheme.

The company is currently finalizing the documentation for the
Proposed Offer for Sale and the Proposed Restricted Offer for
Sale.

Background

The company (PIB) is principally an investment holding and
management company. PIB's subsidiaries, namely, Syarikat
Pembinaan Beng Teck Sdn Bhd, RC Consultancy Sdn Bhd (RCC),
Handal Saujana Sdn Bhd and the Powerdrive Group are involved in
construction, development, construction and development
consultancy services, and industrial fastening solutions
business.

Currently, the PIB Group is undergoing a restructuring plan with
the primary objective to resuscitate the financial and
operational ability of the group.

The plan involves, amongst other elements, a capital reduction
exercise, a plan of compromise with selected creditors,
acquisition of Promenade Hotel Sdn Bhd and the transfer of PIB's
listing status to a new company to be named Promenade
Consolidated Bhd.

Upon completion of its restructuring plan, hotel operations will
emerge as one of the group's main activities in addition to
construction.


PANCARAN IKRAB: Sustains RM12.649-M In Losses
---------------------------------------------
Pancaran Ikrab Berhad posted consolidated losses of RM12.649
million for the financial period ended December 31, 2000, as
opposed to forecast of RM3.377 million.

The substantially higher operating loss reported for the period
was due to the following reasons:

Provision for Bad and Doubtful Debts

An amount of RM2.0 million was provided for doubtful debts as at  
December 31, 2000. This provision was arrived at upon a critical
review of the collectability of the debts due from customers of
the trading operations in view of the deterioration of the
prevailing economic conditions in the last six months.  A
substantial portion of these debts provided for were aged more
than 12 months at the date of the review. No such provision was
included in the forecast for the period.

Provision for Obsolete and Slow-Moving Stocks

The provision for slow moving stocks for the period under review
amounted to RM3.5 million. These provisions relate to the stocks
held by the trading arm, which had been held in stocks up to
three years without any significant movements.  This critical
review of the stocks position was carried out in view of the
deterioration of the prevailing economic conditions in the last
six months. No such provision had been included in the forecast.

Drop in Turnover Forecast

In the forecast included in the shareholders circular, the
turnover forecast for the period under review amounted to
RM29.299 million whereas the actual sales performance for the
period amounted to RM26.3 million.

Resignation of Senior Sales Personnel

A contributing factor to items a, b and c above were the
resignation of several senior sales personnel (including a
director) during the year.

Impact on Profit Margins

This drop in turnover forecast has a major impact on the bottom
line of the group as the margins realized on the turnover
reported also deteriorated as compared to the forecast. Part of
the reason for this was due to the construction projects carried
on by the construction arm, which took off only in the later
part of the year 2000, which required substantial mobilization
expenses.

The poorer sales performance of the trading arm during the
period under review coupled with the weakening margins on the
trade activities and the overall weak national economic
conditions placed further strain on the group. Further, intense
competition from added players in the market also caused the
drop in margins. The drop in margins was felt two fold, in that
the material costs increased whereas selling prices could not be
increased.

The amount incurred on finance charges were slightly higher than
forecast as the actual rates charged by the financial
institutions were higher than forecast. Further, the tight
liquidity situation faced by the group pending the completion of
the ongoing corporate restructuring exercise required that the
group depended more on borrowings for its working capital needs.

The amount charged to the profit and loss account for
depreciation was lower than initially forecast. This is due to
the fact that the group had carried out an asset rationalizaton
exercise whereby all the motor vehicles belonging to the group
were disposed off to the employees. This exercise was carried
out in the middle of last year.

The higher taxation charged arose due to tax liabilities of the
various companies in the group for prior years not provided for.
These were subsequently recognized pursuant to steps taken to
regularize the tax status for all group companies. The amounts
being provided have been taken up based on tax liabilities as
informed by the relevant tax authorities.


PARIT PERAK: Enters Into Master Agreement
-----------------------------------------
Parit Perak Holdings Berhad (PPHB) on April 3, 2001 entered into
a Master Agreement with Bentaniaga Sdn Bhd and Desa Lestari Sdn
Bhd. The Master Agreement sets the parameters for which a
tentative plan of reconstruction of the company is based. The
Master Agreement also forms the basis of the proposed
acquisition of assets and businesses of the Vendors with the
objective of rescuing the Group and returning it to a secure
financial footing and profitability.

On April 13, 2001, PPHB held a meeting with its creditor banks
on the company's revised proposed debt restructuring plan. An
announcement will be made upon receipt of the written approval-
in-principal from all its creditor banks.

Background

Initially the company carried out rubber planting activities,
but its business has changed to that of an investment holding
concern.

Through a restructuring plan undertaken in 1994, the company
divested its plantation interests and re-invested principally
into property development activities. Its main development was
the Kemayan City project in Johor Bahru, where the Kemayan City
Shopping Complex was completed in February 1999.

In February 2000, the company sought the assistance of the CDRC
in mediating a plan to restructure the group's debts and
borrowings.

On August 8, 2000, a restructuring plan was unveiled which
comprises a proposed capital reduction and consolidation, rights
issue, acquisition of a shopping complex in Seremban and a debt
restructuring plan. The proposals were submitted to the SC
within six months from November 30, 2000.

Meanwhile, the company has been appointed the main turnkey
contractor to complete the construction of the podium block of
the largest shopping center in Seremban, known as Kemayan Square
Shopping Mall. The shopping center is targeted to reach
practical completion by the end of 2001.

The group also plans to re-position itself in the property
development sector by constructing apartments on top of the
Kemayan City shopping podium in Johor Bahru instead of the
present approved plans for three office towers and a hotel.


UH DOVE: SC Reviewing Plan
--------------------------
UH Dove Holdings Berhad has announced that the Securities
Commission (SC) is currently reviewing the company's Proposed
Rescue and Debt Restructuring Scheme and approvals from the SC
and the relevant authorities in respect of the Proposals are
still pending.

Pursuant to Paragraph 5.1(c) of the Practice Note 4/2001, the
company shall endeavor to obtain all approvals necessary for the
implementation of the plan within four months from the date of
submission, i.e. by 27 June 2001.

Background

The group's listing exercise transformed UH Dove into an
investment holding company with subsidiaries principally
involved in the manufacturing and marketing of hardware products
and building materials.

The group's manufacturing company, UH Industries Sdn Bhd (UHI),
commenced operations in 1977. The Group's total annual turnover
is RM20 million. About 80 percent of the UH Dove Group's
products is sold locally while the remaining 20 percent is
exported to Singapore, Sri Lanka, Africa and Brunei.

Current production capacity/production output is 700,000 sets of
louvre windows, 6,000 m/t of GI wires, 1,000 m/t of PVC-coated
wires and 3,000 m/t of nails. Operations are located in Malacca,
Federal Territory, Johor, Terengganu, Kelantan, Pahang, Perak
and Kedah.

Today, the group is in the middle of proposing a restructuring
exercise which may include a proposed rights issue, a
restructuring of its bank borrowings via the issue of ordinary
shares and a proposed acquisition of certain assets from a
property developer of mixed development projects.

Products: GI wire, hard drawn wire, CO2 welding wire, PVC-coated
wire, nails, straightened round bars, slotted angle iron and
louvre windows.


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


BELLE CORP: Posts P3.039-B In Net Loss
--------------------------------------
Belle Corporation has announced it posted a net loss of P3.039
billion for the year 2000 on revenue of P575.72 million, while
losses from investments amounted to P1.46 billion.

For the same period, Belle's expenses totaled P320.64 million,
as revenues from its real estate business stood at P255.07
million.


NATIONAL BANK: P5.97-B Net Loss Exceeds Forecast
------------------------------------------------
Philippine National Bank (PNB) posted a net loss of P5.97
billion for 2000, exceeding forecast net loss of P1.28 billion
made by 18 brokerage houses polled by Multex Global Survey,
Asian Wall Street Journal reported Thursday last week.

However, PNB, was able to cut 42 percent its bad loans
provisions to P4.98 billion in the same period from P8.52
billion in the previous year.

Net interest income stood at P2.79 falling 24 percent from P3.66
billion in 1999, while its other income climbed 0.7 percent to
P6.01 billion from P5.97 billion year-on-year.


NATIONAL BANK: Sale In June May Be Shelved
------------------------------------------
The planned joint sale by taipan Lucio Tan and the national
government in June may be put on hold pending the completion of
the bank's rehabilitation plan. The parties are citing
disagreements over "pricing issues", and the State's move to
revise the plan following the assumption of office of President
Macapagal-Arroyo, Business World reported Friday last week. A
senior bank official told World that "there's no point in trying
to sell it now," unless a rehabilitation plan is already being
worked out to attract prospective investors.


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


ADROIT INNOVATIONS: Announces Restructuring Plan
------------------------------------------------
Adroit Innovations Limited announced its plans to restructure in
the face of an increasingly challenging market environment
Thursday last week.

The restructuring move involves the reduction of Adroit's staff
by 34 employees, 18.7 percent of the current workforce. As a
result, Adroit expects to take a one-time charge of
approximately S$650,000 in its current financial year ending  
June 30, 2001.

With the US economic slowdown broadly affecting all market
sectors and geographic regions, Adroit increasingly experienced
weakened demand for its services during the last few months.
Even brick-and-mortar companies curtailed their spending for
generic e-business infrastructure and postpone new projects
indefinitely. Adroit expects to make additional provisions for
doubtful debts for the current half-year period ending June 30,
2001 as some of its customers are experiencing difficulties in
meeting payments for completed projects.

As a result, Adroit currently expects its FY2001 revenues to be
lower than the previous financial year with operating losses in
the second half to be higher than the first half of the current
financial year.

"Although the Internet has become an integral part of our daily
lives and we believe that the real potential of e-commerce has
yet to be fully harnessed, the highly cautionary stance taken by
companies towards e-business spending necessitates tough
measures," said Lim Jui Khiang, Chairman and CEO of Adroit
Innovations.

Lim added, "Since our inception, Adroit has built a strong
family of dedicated and committed individuals who are united in
our vision to be the leading enabler of e-businesses. It is a
very painful decision, especially for me, to release people who
have contributed positively to the Company. I would like to
thank them all for their hard work and dedication. The Company
has instituted a number of measures to assist the affected staff
to get new appointments as soon as possible."

"As we do not have visibility of the extent of the current
economic downturn and its impact on an already reduced e-
business spend, we have taken immediate cost cutting measures to
return Adroit back to profitability as soon as possible and to
sharpen our competitive edge through a leaner and more
responsive organization - without compromising our long term
strategy," Lim concluded.

Profile

Established since 1993, Adroit Innovations Limited is the first
e-business enabler to be listed on the Mainboard of the
Singapore Exchange. Adroit helps companies build successful e-
businesses that generate greater efficiencies and enhance their
strategic position in today's competitive business environment.

Adroit's range of innovative technology-based solutions and
services include IT Professional Services, Creative Design &
Information Architecture and IT Infrastructure. Together with
these core services, Adroit sharpens its focus by offering
consultancy services in the critical e-commerce areas of Payment
& Security, e-Logistics and Customer Relationship Management
(CRM).

Adroit's wide clientele base comprises successful brick-and-
mortar businesses and blue-chip multi-nationals spanning the
Financial Services, Government/Education,
Transportation/Distribution and Commercial sectors.


ASIA PULP: Aggressive Sales Pull Down Market
--------------------------------------------
In the first quarter this year, Japan's trading firm Itochu
Corporation has been vigorously and cheaply selling the pulp
products of debt-ridden Asia Pulp & Paper Company. According to
industry observers, this has been blamed for the downturn
experienced by the Asian pulp market, Asian Wall Street Journal
reported Friday last week, citing a news report by Dow Jones
Newswires. Asia Pulp used its pulp products to repay its debts
owed to Itochu.

Itochu, according to analysts, has completed the sale of 100,000
metric tons of APP pulp at a price of US$350-US$360 per ton, on
a cost-and-freight basis during the first quarter. However,
during the same period, hardwood pulp from Australasia or North
America would cost roughly over US$400 per ton, C&F.

The Jakarta office of APP denied that the sale of its products
was through Itochu, and that the prices at which the products
were sold were not bargain rates but at par with the market.


LIM KAH NGAM: Posts Notice Re AGM
---------------------------------
Notice is hereby given that the 38th Annual General Meeting of
Lim Kah Ngam Limited will be held at 27 International Business
Park, 5th Level, Primefield-Landmark Building, Singapore 609924
on Tuesday, May 29, 2001 at 10.30 a.m. for the following
purposes:

As Ordinary Business

1. To receive and adopt the Directors' Report and Audited
Accounts for the financial year ended December 31, 2000,
together with the Auditors' Report thereon. (Resolution1)

2. To approve the payment of Directors' Fees of S$99,973 for the
financial year ended December 31, 2000. (Resolution 2)

3. To re-elect the following Directors retiring pursuant to
Article 100 of the Articles of Association of the Company:

(a) Mr Heng Chiang Meng (Resolution 3)
(b) Mrs Leong May Cheng nee Lim (Resolution 4)

4. To re-elect the following Directors appointed pursuant to
Article 103 of the Articles of Association of the Company:

(a) Ms Florence Tay Eng Neo (Resolution 5)
(b) Mr Chew Tiong Sim (Resolution 6)
(c) Mr Lua Cheng Eng (see note 2) (Resolution 7)

5. To re-appoint Messrs PricewaterhouseCoopers as auditors of
the Company and to authorise the Directors to fix their
remuneration. (Resolution 8)

6. To transact any other business that may be transacted at an
Annual General Meeting.

As Special Business

To consider and, if thought fit, to pass the following Ordinary
Resolution, with or without modifications:

"That the Directors be and are hereby authorized pursuant to
Section 161 of the Companies Act (Cap. 50) from time to time to
allot and issue shares in the capital of the Company (including
without limitation equity securities like options, warrants,
transferable subscription rights or similar rights to subscribe
or purchase shares in the company or debt instruments
convertible into or exchangeable for equity securities with non-
detachable options, warrants or similar rights to subscribe or
purchase equity securities attached) in such numbers, to such
persons, for such consideration and on such terms and conditions
as they deem fit provided that the aggregate number of shares to
be issued pursuant to this Resolution shall not exceed any
applicable limits prescribed by the Listing Manual of The
Singapore Exchange Securities Trading Limited as from time to
time amended or supplemented and that such authority shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or the expiration of the period
within which the next Annual General Meeting of the Company is
required by law to be held, whichever is earlier." (Resolution
9)

Explanatory Notes on Special Business to be Transacted
(Resolution 9)

The proposed Ordinary Resolution (9), if passed, will empower
the Directors of the Company to issue shares in the Company, up
to any applicable limits prescribed by the Listing Manual of The
Singapore Exchange Securities Trading Limited as may from time
to time be amended or supplemented, for such purposes as they
consider would be in the interests of the Company. The authority
will continue in force until the conclusion of the next Annual
General Meeting of the Company or the expiration of the period
within which the next Annual General Meeting of the Company is
required by law to be held, whichever is earlier, unless
previously revoked or varied at a general meeting.

Note:

1. Subject to the Articles of Association and to the law, a
Member of the Company entitled to attend and vote may appoint
not more than two proxies to attend and vote instead of him/her.
A proxy need not be a member. Proxies must be deposited at the
Registered Office of the Company at 27 International Business
Park, Primefield-Landmark Building, Singapore 609924 not less
than 48 hours before the time appointed for the holding of the
meeting.

2. Lua Cheng Eng will upon re-election, continue to serve on the
Audit Committee. He will be considered an Independent Director
pursuant to Clause 902(4)(a) of the Listing Manual of the
Singapore Exchange Securities Trading Limited.


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


SAHAVIRIYA STEEL: Posts 1-QTR Net Loss Of Bt249.2-M
---------------------------------------------------
Sahaviriya Steel Industries Public Company Limited has submitted
its unreviewed financial statements of Sahaviriya Steel
Industries PCL and Subsidiary for the quarter ended March 31,
2001. The company recorded a net loss of Bt249.2 million during
the first quarter of 2001. The result of operations can be
summarized as follows:

1) The company realized Bt2.5937 billion revenue from sale of
hot rolled coils (244,621 metric tons at an average selling
price of Bt10,603/MT) and Bt57.6 million sales of steel scrap.  
The company recorded total revenue from sale of Bt2.6513 million
and a gross profit of Bt161.4 million.

2) Selling and administrative expenses (excluding interest
expense) of the company and subsidiary amounted to Bt102 million
including Bt32.9 million loss from foreign exchange.

3) The company registered Bt27 million in profit before interest
expenses and corporate income tax.

4) Interest expenses on short - term and long - term loan
totaled Bt268.7 million (consisting of Bt255.9 million and
Bt12.8 million interest of the company and subsidiary,
respectively).

5) A subsidiary recorded accrued corporate income tax in the
amount of Bt0.5 million.                                       

6) The company recorded a net loss after interest expenses and
corporate income tax before minority interest in the amount of
Bt242.2 million.

7) From the above results, the company registered a net loss
during the first quarter in the amount of Bt249.2 million.


SUN TECH: Court Oks Rehab Plan
------------------------------
Sun Tech Group Public Company Limited announced that The Court
on May 3 issued an order to approve the company's proposed
rehabilitation plan and appointed Srisongkram Planner Co., Ltd.
to be the Plan Administrator.

The right and duties of the Planner are now passed to the Plan
Administrator and the Company will announce the context of the
approved plan later.


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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