/raid1/www/Hosts/bankrupt/TCRAP_Public/010709.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, July 9, 2001, Vol. 4, No. 132


                         Headlines


A U S T R A L I A

AMP LIFE: Outlook Changed To Negative, S&P Says
ANACONDA NICKEL: Chairman Writes To S-Holders Re Rights Issue
ANACONDA NICKEL: Discloses Rights Issue Prospectus
ANACONDA NICKEL: Corrects Timetable For Rights Issue
ANACONDA NICKEL: Invitation To Participate In Rights Issue
CDB ONLINE: Faces Action By ASIC, ASX
HARRIS SCARFE: New CEO Appointed
HIH INSURANCE: Liquidators After Directors' Associates
MAXIS CORP: Asks Independent Auditors To Report On Books
MTM ENTERTAINMENT: Babcock & Brown Waives Conditions
MTM ENTERTAINMENT: Sunderton Posts Notice Re Bid Conditions
ONE.TEL LIMITED: ACCC Commences Suit Against Telstra
PMP LIMITED: Negotiates New Facility With Banks


C H I N A   &   H O N G  K O N G

CALIMATE COMPANY: Petition To Wind Up Scheduled
CNE INDUSTRIAL: Winding Up Petition Set For Hearing
CROWNMAN ENTERPRISES: Faces Winding Up Petition
H TANDA INTERNATIONAL: Faces Winding Up Petition
MEGATREND INFORMATION: Faces Winding Up Petition
PACIFIC CENTURY: Moody's Assigns `Baa1' Rating To HK Unit


I N D O N E S I A

INDAH KIAT: S&P Assigns D On $600M Notes


J A P A N

PSINET INC: Employing Ordinary Course Professionals


K O R E A

DAISHIN LIFE: Declared Insolvent By FSC
HYUNDAI PETROCHEM: Creditors Demand Complete Sock Write-Off
KYOBO LIFE: KAMCO To Sell 4.8M Shares
SEOULBANK: Gov't To Give Up Control To Minority Buyer


M A L A Y S I A

LION CORP: Group-wide Workout Ongoing
PANCARAN IKRAB: Reports Status Of Regularization Plan
PARIT PERAK: Granted Three Month Reprieve
RNC CORP: Workout Scheme Pending Approval Of KLSE
TENCO BERHAD: Defaults On RM0.535M Interest Payment
TRANS CAPITAL: Deficit In Equity Basis For Auditors' Report
TRANS CAPITAL: Seeking S-Holders' Approval For Workout Scheme
UH DOVE: Proposed Workout, Rescue Plan Under Review
WEMBLEY INDUSTRIES: Seeking Approval Extension
WEMBLEY INDUSTRIES: Workout Scheme Under Revision


P H I L I P P I N E S

ASB GROUP: Creditors Object To Use Of Sale Proceeds
NATIONAL POWER: World Bank Drops 8% RORB


S I N G A P O R E

I-One.Net: Accepts Executives' Share Options
KEPPEL TATLEE: Lodges Court Order With Registrar
SPP LIMITED: Completes Restructuring
SPP LIMITED: Listing New Shares


T H A I L A N D

ADVANCE PAINT: Company Director Dies
DHANA NAKORN: Court Declares Bankruptcy, Receivership
PRASIT PATANA: Court Adjourns Plan Hearing
QUALITY HOUSES: Announces Process Of Warrant Exercise
THAI-ASAHI: Faces Delisting


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


AMP LIFE: Outlook Changed To Negative, S&P Says
-----------------------------------------------
Standard & Poor's today affirmed its double-'A' counterparty
credit ratings and insurer financial strength ratings on core
AMP Ltd. life insurance subsidiaries AMP Life Ltd., Pearl
Assurance PLC (General Insurance Fund and Long-term Fund)
(Pearl), and NPI Ltd. The outlooks on the key insurance
operating companies are revised to negative from stable.

The single-'A'/'A-1' counterparty credit ratings on AMP Bank
Ltd. and AMP Group Holdings Ltd., with stable outlooks, and the
single-'A'/'A-1' ratings of guaranteed senior debt programs of
several AMP group subsidiaries also are affirmed (see list
below).

AMP's Australian market position remains very strong; however,
the challenges associated with the integration of AMP's U.K.
operations are significant, and recent heightening of industry
competition and margin compression adds some urgency to AMP's
need to restructure and lower costs. Failure to deliver on its
strategic plans in the U.K. could result in the ratings being
lowered, as the restructuring and repositioning of the U.K.
operations are essential from an earnings perspective in light
of industry-wide pressures on margins.

Furthermore, AMP's articulated drive to use capital resources in
the most efficient manner could potentially cause the risk-based
capitalization of the group to move outside the tolerance of the
double-'A' rating, as AMP aims to achieve strong business growth
and generate adequate shareholder returns.

The stable rating outlook on AMP's key holding company (AMP
Group Holdings Ltd.) and associated guaranteed entities reflects
the companies' access to a diversified range of sound and
improving income streams, and an expected improvement in debt
service coverage to strong levels. These improvements are
expected to support the holding companies' credit standing at
the single-'A' level, notwithstanding any potential lowering in
the operating companies' financial strength ratings.

The double-'A' ratings on the AMP group companies reflect the
group's superior business position in its home markets of
Australia and New Zealand, and its breadth of businesses in the
more challenging U.K. market, which now comprises nearly two-
thirds of the group's assets, complemented by its very strong
financial profile.

AMP's financial profile is underpinned by a high degree of
financial flexibility, and capitalization remains very strong,
supported by solid capitalization in its key operating entities
of AMP Life, Pearl, and NPI.

AMP has maintained its dominant market position in Australia,
however, it is faced with the challenge of restructuring its
U.K. operations, in particular, the direct sales force, the
continued integration of NPI, developing the AMP brand in the
U.K., and ultimately, consolidating the U.K. businesses and
brands.

Industry-wide pressures on margins owing to increased
competition and the introduction of low-cost stakeholder
pensions will be a particular challenge for Pearl and its high-
cost direct sales force.

The group's good operating earnings performance improved in 2000
to more satisfactory levels, and 2001 results are expected to
show further improvement, as a number of expenses incurred in
the U.K. in 2000, which dampened earnings, will not reoccur,
Standard & Poor's said.

Ratings Affirmed, Outlook To Negative

AMP Life Ltd.
Counterparty credit rating (local currency)   AA/Negative/-
Insurer financial strength rating             AA

AMP Life Ltd. (New Zealand Branch)
Insurer financial strength rating             AA

Pearl Assurance PLC (Long-term Fund)
Counterparty credit rating (local currency)   AA/Negative/-
Insurer financial strength rating             AA

Pearl Assurance PLC (General Insurance Fund)
Counterparty credit rating                    AA/Negative/-
Insurer financial strength rating             AA

NPI Ltd.
Counterparty credit rating (local currency)   AA/Negative/-
Insurer financial strength rating             AA

RATINGS AFFIRMED

AMP Bank Ltd.
Counterparty credit ratings (local currency)  A/Stable/A-1
Short-term counterparty credit ratings
(foreign currency)                            A-1

AMP Group Holdings Ltd.
Counterparty credit ratings                   A/Stable/A-1

AMP Group Holdings Ltd./AMP (UK) Finance Services PLC/AMP Group
Finance
Services Ltd.
US$5 billion debt securities program
(Gtd.: AMP Group Holdings Ltd.                A/A-1

AMP (UK) Finance Services PLC/AMP Group Finance Services Ltd.
US$3 billion Euro CP program
(Gtd.: AMP Group Holdings Ltd.)               A/A-1

AMP Group Finance Services Ltd.
A A$2 billion domestic CP/MTN program
(Gtd.: AMP Group Holdings Ltd.)               A/A-1
UK165 million 7.125% subordinated bonds due 2019
(Gtd.: AMP Group Holdings Ltd.)               BBB+
UK130 million 6.875% subordinated bonds due 2022
(Gtd.: AMP Group Holdings Ltd.)               BBB+
A$1.24 billion AMP Income Securities
(Gtd.: AMP Group Holdings Ltd.)               BBB+

AMP (U.K.) PLC
UK100 million unsecured bonds due 2001        A
UK CP program                                 A-1

OTHER AMP GROUP RATINGS UNCHANGED

AMP General Insurance Ltd.
Counterparty credit rating (local currency)   A/Watch Neg/-
Insurer financial strength rating             A/Watch Neg

AMP General Insurance Ltd. (New Zealand Branch)
Insurer financial strength rating             A/Watch Dev

GIO General Ltd.
Counterparty credit rating (local currency)   A/Watch Neg/-
Insurer financial strength rating             A/Watch Neg

GIO General New Zealand Ltd.
Counterparty credit rating (local currency)   A/Watch Dev/-
Insurer financial strength rating             A/Watch Dev

GIO Australia Holdings Ltd.
Counterparty credit ratings (local currency)  BBB/Stable/A-3

GIO Finance Ltd.
Counterparty credit ratings (local currency)  BBB/Stable/A-3
A$500 million domestic CP program             A-1
(Gtd.: AMP Group Holdings Ltd.)

AA-GIO Insurance Ltd.
Counterparty credit rating (local currency)  BBB+/Watch Dev/-
Insurer financial strength rating            BBB+/Watch Dev

GIO Insurance Ltd.
Counterparty credit rating (local currency)  BBB/Stable/-
Insurer financial strength rating            BBB

GIO Insurance Ltd. (New Zealand Branch)
Insurer financial strength rating            BBB

National Provident Life Ltd.
Counterparty credit rating (local currency)  BBB+/Stable/-
Insurer financial strength rating            BBB+

NPI Finance PLC
UK100 million subordinated bonds due 2006    BBB-


ANACONDA NICKEL: Chairman Writes To S-Holders Re Rights Issue
-------------------------------------------------------------
Anaconda Nickel Limited Chairman I Delaney released a letter to
shareholders regarding the company's proposed pro-rata
renounceable rights issue, thus:

"As you may be aware, on Friday 29 June 2001, the Company
announced revised terms of the proposed pro-rata renounceable
rights issue (Rights Issue) underwritten by Glencore
International AG (the Underwriter).

"Under the Rights Issue, each holder of ordinary shares in the
Company whose registered address is in Australia, New Zealand,
Switzerland, Israel and France will be entitled to subscribe for
one ordinary share (new share) for every 4.1 shares they hold on
18 July 2001 (record date). The subscription price is $1.55 per
new share.

"Fractional entitlements to new shares will be rounded down to
the nearest whole number of new shares. The Rights Issue will be
renounceable and rights holders who do not wish to participate
may be able sell their rights on the ASX [Australian Stock
Exchange - Ed], if there is a market for the rights, or
otherwise transfer the rights. As the Rights Issue is fully
underwritten by the Underwriter, the Rights Issue will raise a
gross amount of $140.3 million.

"The offer is not being extended to shareholders with registered
addresses outside of Australia, New Zealand, Switzerland, Israel
and France. These shareholders will receive a separate letter
explaining how their entitlements will be dealt with.

"In addition to the Underwriter, which has also indicated that
it will take its full pro-rata entitlement under the Rights
Issue, two of Anaconda's other major shareholders, AngloAmerican
Investments (Australia) Limited and Sherritt International
Corporation Inc, have confirmed their intention to participate
in the Rights Issue to the value of $23.56 million and $9.5
million respectively.

"The proceeds of the Rights Issue will be used by Anaconda to
fund the redemption by Murrin Murrin Investments Pty Limited of
its $0.40 Unsecured Notes, with the balance to be available to
Anaconda for working capital for the ramp up of the Murrin
Murrin Project.

"A prospectus containing full details of the Rights Issue and an
Entitlement and Acceptance form that states the number of rights
to which you are entitled will be dispatched to you on 20 July
2001.

"Rights trading will commence on 12 July 2001 and close on 17
August 2001. Your rights are renounceable and may be valuable.
If you decide not to accept all or part of your entitlement, you
may be able to sell all or part of your rights on the ASX.

"The new shares offered under the Rights Issue will rank equally
with the Company's ordinary shares already on issue. The new
shares are expected to be allotted and holding statements
dispatched on 7 September 2001.

"The closing date for acceptances is 5.00pm Perth time on 24
August 2001. Acceptances must be accompanied by payment in full
of $1.55 per new share. A completed Application and Acceptance
Form and your cheque for the subscription price for the number
of new shares that you wish to take up must reach the Company's
share registry, BT Registries of Level 1, CML Building, 55 St
Georges Terrace, Perth, no later than 5.00pm Perth time on
Friday 24 August 2001.

"On behalf of the directors, I invite you to consider the
contents of the prospectus and to participate in the Rights
Issue."


ANACONDA NICKEL: Discloses Rights Issue Prospectus
--------------------------------------------------
This prospectus is dated 29 June 2001 and relates to the offer
of shares in Anaconda Nickel Limited (CAN 060 370 783) under a 1
for 4.1 pro-rata renounceable rights issue.

Important Information

"Investment in the New Shares that are offered under this
Prospectus should be considered speculative. You should read
this Prospectus in its entirety before deciding to apply for New
Shares. If, after reading this Prospectus, you have any
questions as to how to deal with the offer under this
Prospectus, you should contact your stockbroker, solicitor,
accountant or professional adviser. Certain terms and
abbreviations used in this Prospectus, and which are
capitalized, are defined in the Glossary, which can be found at
Section 10 of this Prospectus.

"This Prospectus was prepared and issued by Anaconda. Neither
ASIC nor the ASX takes any responsibility for the contents of
this Prospectus. Any information not in, or incorporated by
express reference into, this Prospectus may not be relied on as
having been authorized by Anaconda in connection with the Rights
Issue.

"This Prospectus is dated 29 June 2001 and a copy of this
Prospectus was lodged with the ASIC on 29 June 2001. No shares
will be allotted or issued on the basis of this Prospectus later
than 12 months after the date of issue of this Prospectus.

"Application was made to the ASX on the date of this Prospectus
for admission of the New Shares to quotation on the ASX."

ISSUE TIMETABLE                        DAY      DATE

Company announces pro-rata issue and
applies for quotation                  Before
(Appendix 3B)                          day 0 or
                                       Day 0

Lodgement of Prospectus with ASIC and
announcement of Rights Issue           0        Friday
                                              29 June 2001

Notice sent to security holders
containing information required by     3        Wednesday
Appendix 3B                                     4 July 2001

Ordinary shares quoted ex-rights and
rights trading commences on the ASX    4        Thursday
                                                5 July 2001

Record date to determine entitlement
to New Shares                          8        Wednesday
                                                5 July 2001

Prospectus with Entitlement and
Acceptance Form dispatched to          10        Friday
shareholders                                     13 July 2001

Last day of rights trading                       Friday
                                                3 August 2001

Last day for acceptance and payment in full     5pm Perth time
                                                 Friday
                                                10 August 2001

Allotment of New Shares and dispatch
of shareholding statements for New
Shares no later than                            31 August 2001

Trading commences for New Shares no later than  3 September 2001

All dates are indicative only and may change. The Directors
reserve the right to vary these dates without notice, but only
in accordance with the ASX Listing Rules. You are encouraged to
submit your application as early as possible.

The Rights Issue in this Prospectus is not being extended to,
nor does constitute an offer or invitation (whether directly or
indirectly) in any place where, or to any person to whom, it
would be unlawful to make such an offer or invitation. Offers
under this Prospectus relate to Shareholders whose registered
address is in Australia and New Zealand and to the Participating
Foreign Shareholders in their respective jurisdictions.

The Rights Issue is renounceable which enables Shareholders who
do not wish to take up all of the New Shares allocated to them
to sell their rights on the ASX. As the issue price of the New
Shares is at a premium to the current market price Shareholders
should be aware that there may not be a viable market for the
rights. If you decide not to take up all or part of your
entitlement, you should consider whether to deal with the rights
rather than allow them to lapse. Shares not taken up will revert
to the Underwriter and you will receive no benefit. It is
important therefore that you take action to either take up or
renounce your entitlement in accordance with the instructions in
Section 4 - Actions Required by Shareholders and in accordance
with the accompanying Entitlement and Acceptance Form.

Offer Information

Anaconda Nickel Limited (Anaconda) is making a pro-rata
renounceable Rights Issue of 1 New Share for every 4.1 Existing
Shares held by a Shareholder on the Record Date, at an issue
price of $1.55 per New Share payable in full on application. The
issue price represents a premium to the weighted average market
share price of Ordinary Shares on 28 June 2001 of 6.97 percent.

The total number of New Shares to be issued pursuant to the
Rights Issue will be approximately 90.491 million. The exact
number of New Shares that will be issued cannot be exactly
determined as at the date of this Prospectus due to the fact
that some or all of the Executive Options may be exercised (see
the heading "Exerciseable Executive Options in Section 3). The
gross proceeds (before the cost of the offer) will be
approximately $140.261 million. The Record Date for the purpose
of the Rights Issue is close on business on Wednesday 11 July
2001. The number of New Shares to which you are entitled is
shown on the accompanying Entitlement and Acceptance Form. The
Closing Date and time for acceptances and payment is 5.00 pm
Perth time Friday 10 August 2001.

One of Anaconda's major shareholders, Glencore has confirmed its
intention to take up its full entitlements under the Rights
Issue and two of Anaconda's other major shareholders, Anglo and
Sherritt, have confirmed their intention to participate in the
Rights Issue to the value of $23.56 million and $9.5 million
respectively.

The Rights Issue has been fully underwritten by Glencore. The
terms of the underwriting agreement are summarized in Section 9
- Additional Information.

Pro-rata Renounceable Rights Issue

Issue Timetable                                Date

Company announces pro-rata rights issue and
applies for quotation (Appendix 3b)

Lodgement of Prospectus with ASIC and       Friday 29 June 2001
announcement of Rights Issue

Notice sent to security holders containing  Wednesday 4 July
2001
information required by Appendix 3b

Ordinary shares quoted ex-rights and rights Thursday 12 July
2001
trading commences on the ASX

Record date to determine entitlement to New Wednesday 18 July
2001
Shares

Prospectus with Entitlement and Acceptance  Friday 20 July 2001
Form dispatched to shareholders

Last day of rights trading                  Friday 20 July 2001

Last day for acceptance and payment in full 5pm Perth time
Friday
                                            24 August 2001

Allotment of New Shares and dispatch of     Friday 7 September
2001
shareholding statements for New Shares no
later than

Trading commences for New Shares no later  Monday 10 September
2001
than

Details Of The Rights Issue

The Rights Issue

Anaconda is making a pro-rata renounceable Rights Issue of 1 New
Share for every 4.1 Existing Shares held by Shareholders on the
Record Date, at an issue price of $1.55 per New Share payable in
full on application. The issue price represents a premium to the
weighted average market price of Ordinary Shares on 28 June 2001
of 6.97 percent.

Fractional entitlements to New Shares will be rounded down to
the nearest whole New Share.

The total number of New Shares to he issued pursuant to the
Rights Issue will be approximately 90.491 million. The gross
proceeds (before the cost of the offer) will be approximately
$140.261 million.

Purpose Of The Rights Issue

The proceeds of the Rights Issue will be used by Anaconda to
fund the redemption by Murrin Murrin Investments Pty Limited
under its $0.40 Unsecured Notes, due on 30 June 2001 with the
balance to be available to Anaconda for working capital for the
ramp up of the Murrin Murrin Project.

Record Date

The Record Date for the purposes of the Rights Issue is close of
business on Wednesday 11 July 2001. The number of New Shares to
which you are entitled is shown on the accompanying Entitlement
and Acceptance Form. All acceptances and payments must be
received by no later than 5.00pm Perth time on Friday 10 August
2001. Anaconda may vary these dates without notice, but only in
accordance with the ASX Listing Rules and with the agreement of
Glencore, as the underwriter of this Rights Issue.


ANACONDA NICKEL: Corrects Timetable For Rights Issue
----------------------------------------------------
Anaconda Nickel revised the timetable arrangements for the
renounceable rights issue of Anaconda Nickel Limited referred to
in the disclosure document released on Wednesday 5 July 2001.

The renounceable rights issue shall have ex-rights and rights
trading commencing on ASX on Wednesday 5 July. Accordingly, the
revised issue timetable is as follows*.

(*Please note this timetable is not standard practice)

Ordinary shares quoted ex-rights and rights trading commences on
the ASX: Wednesday 5 July 2001

Record date to determine entitlement to new shares: Wednesday 18
July 2001

Prospectus with entitlement and acceptance form dispatched to
shareholders: Friday 20 July 2001

Last day of rights trading: Friday 17 August 2001

Last day for acceptance and payment in full: 5pm Perth time
Friday 24 August 2001

Allotment of new shares and dispatch of shareholding statements
for new shares no later than: Friday 7 September 2001

Trading commences for new shares no later than: Monday 10
September 2001

As indicated by the timetable, the ex-rights period shall be
extended by one week.

Due to the extended ex-rights period netting will be removed
from 5 July 2001 until 19 July 2001.


ANACONDA NICKEL: Invitation To Participate In Rights Issue
----------------------------------------------------------
The Board of Anaconda Nickel Limited is inviting its
shareholders to participate in a pro rata renounceable Rights
Issue to raise approximately $140 million.

The offer entitles each shareholder (other than certain non-
qualifying foreign shareholders) to subscribe for 1 fully paid
New Share for every 4.1 Existing Shares held, at an issue price
of $1.55 per New Share. New Shares will rank equally with
Existing Shares.

The Rights Issue will be fully underwritten by one of Anaconda's
major shareholders, Glencore International AG (Glencore) which
has also indicated its intention to take up its full entitlement
under the Rights Issue. Two of Anaconda's other major
shareholders, AngloAmerican Investments (Australia) Limited and
Sherritt International Corporation Inc, have confirmed their
intention to participate in the Rights Issue to the value of
$23.56 million and $9.5 million respectively.

The proceeds of the Rights Issue will be used by Anaconda to
fund the redemption by Murrin Murrin Investments Pty Limited of
its $0.40 Unsecured Notes, due on 30 June 2001 with the balance
to be available to Anaconda for working capital for the ramp up
of the Murrin Murrin Project.

Anaconda was founded on the base premise that with the
resources, technology and an excellent team of people, a nickel
business could be developed to rival the world's leading
producers. Anaconda's vision has allowed it to focus on the
continued development of its vast dry laterite resources in
Western Australia and has seen it progress with its ongoing goal
to become one of the world's largest most profitable nickel
producers.

This Prospectus contains detailed information about the Rights
Issue and your Directors recommend you read it carefully. The
Board particularly draw to the shareholders' attention the
section titled "Actions required by Shareholders" which outlines
the procedure the shareholders must follow if they wish to take
up or renounce the ordinary shares to which they are entitled.
The deadline for the sale of Rights on the ASX is Friday 3
August 2001 and the closing date for lodgment of applications is
Friday 10 August 2001.

The Board is confident that the capital raised in this issue
will enhance Anaconda's business and it looks forward to the
shareholders' continued support.


CDB ONLINE: Faces Action By ASIC, ASX
-------------------------------------
Two high-tech start-ups, Min-Tech 8 Limited and CBD Online
Limited, have provided further information to the market
following action by the Australian Securities and Investments
Commission (ASIC) and the Australian Stock Exchange (ASX).

Min-Tech 8 Wednesday revealed information about its financial
position and cash flow position to the market. This included
that it would not recover a payment of $1.5 million in cash that
is due on 10 July through the redemption of convertible notes
issued by World IT Limited to Min-Tech 8. Min-Tech 8 now
believes settlement is likely to be in the form of a right to
satellite bandwidth.

The ASX has now lifted a trading suspension on Min-Tech 8 shares
that have not traded since 15 June 2001.

In late June, CBD Online announced that its losses for the year
would amount to $22.5 million, following a write-down of
goodwill and assets of $17.3 million. Much of the losses were
due to the closure of CBD Online's subsidiary Halescom Limited,
which was acquired by CBD Online in January 2001 and put into
voluntary administration in April.

On 18 June CBD Online had disclosed that it anticipated a loss
for the current financial year of between $11 million and $25
million. The announcement was made pending the outcome of a full
accounting review by the company.

ASIC required CBD Online to make the announcement as it
considered the market would not be fully informed if the company
disclosed the extent of the loss only after completion of the
accounting review, as CBD Online had initially intended.

These announcements addressed ASIC and ASX concerns that the
companies had not kept the market fully informed regarding their
financial position and cash flows, following the lodgment of
their 31 March 2001 Quarter Cash Flow (Appendix 4C) Statements.

Certain listed companies must lodge Appendix 4C statements with
the ASX under the ASX listing rules. The 4C statements provide a
useful indication of a company's financial position and
solvency.

The ASX and ASIC worked together closely on the surveillance of
Min-Tech 8 and CBD Online. Regulation of compliance with
continuous disclosure obligations is a matter for both the ASX
and ASIC.

"Min-Tech 8 and CBD Online are examples of the ASX and ASIC
working together on market surveillance and regulation," Richard
Cockburn, ASIC's Director Corporate Finance said Wednesday.

"Both organizations have significant responsibilities to ensure
trading takes place in an informed market and companies comply
with their continuous disclosure obligations.

"Timely reporting by listed companies is a priority for ASIC in
the current environment," he said.

Min-Tech 8 is a Melbourne-based regional telecommunications
carrier and also specializes in the provision of customized
telecommunications solutions.

CBD Online is engaged in developing and building specific
websites for CBD commercial high-rise properties.


HARRIS SCARFE: New CEO Appointed
--------------------------------
A new Chief Executive Officer has been appointed to lead
national retail chain Harris Scarfe.

Robert Atkins, former CEO of Mayne Nickless Division MGP
Logistics and head of Coca-Cola Bottlers in the Philippines from
1998-1999, will take the helm of Harris Scarfe from next Monday,
July 9.

Atkins has extensive retail experience including a three-year
appointment as General Manager Merchandising and Marketing for
Kmart Australasia and seven years with Myer Grace Bros.

Harris Scarfe's Receivers and Managers, Bruce Carter and John
Spark of corporate recovery and turnaround specialists, Ferrier
Hodgson said Atkins would provide the retailer with "hands on"
leadership and management continuity during the receivership
period.

"When Harris Scarfe was placed in receivership in April, it did
not have a CEO. The appointment of Mr Atkins fills that need,"
said Carter.

"We believe the experience Mr Atkins brings to the role of CEO
will assist in securing the long-term future of the Harris
Scarfe business and provide further management stability during
the group's period of transition."

In the interim, negotiations with interested parties are
continuing.

Mr Atkins has a strong track record in business development. He
was responsible for the merger of Mayne Logistics and PGA
Logistics as part of a $1 billion a year business in the Asia
Pacific. As CEO of Coca-Cola Bottlers Philippines led the
reconstruction of the company after its purchase from brewer San
Miguel at the height of the Asian economic melt-down.

Bruce Carter may be reached at Ferrier Hodgson on (08) 8235 7655
(Office) or 0418 823 687 (Mobile)


HIH INSURANCE: Liquidators After Directors' Associates
------------------------------------------------------
HIH Insurance Limited's liquidators are now after Brad Cooper
and Ben Tilley. The two are associates of HIH directors Rodney
Adler and James Packer. The liquidators intend to recover about
A$1.5 million in fees they received for their failed efforts to
sell off 12 HIH assets, before the insurer's collapse, The
Courier Mail reports.

Liquidator Tony McGrath explained the payment is part of the
A$22 million in transactions, which the Australian Securities &
Investments Commission deemed "suspect".


MAXIS CORP: Asks Independent Auditors To Report On Books
--------------------------------------------------------
In accordance with the terms of the short minutes of order made
by consent in open court in relation to the proceedings
commenced by the Australian Securities and Investments
Commission (ASIC), a copy of which was released to the market on
20 June 2001, Maxis Corporation Limited has now instructed its
auditors Deloitte Touche Tohmatsu, and
Panell Kerr Foster (PKF), as independent accountants, as
required in the consent orders, to prepare the company's
accounts for the year ended 30 June 2001 and a financial report,
as referred to in these orders.

As soon as possible after the report is completed, the directors
propose that Maxis implement any recommendations to correct
shortcomings, if any, in relation to the company's records,
which may be identified by either Deloittes or PKF.

In requesting PKF to prepare such a report, Maxis did not admit
that there had been a failure to comply with its reporting
obligations, however, Maxis agreed to deal with the matters
raised by ASIC.

No Current Overdraft

Maxis advises that the substantial professional and legal fees
incurred by Maxis recently in defending the proceedings
initiated by ASIC and in negotiating with the administrators of
ARBT Pty Limited (Heartland) and ABT Supplyline Pty Limited
(Supplyline) and the receiver and manager of Australian Business
Technologies Pty Limited (ABTPL), are estimated at over $240,000
to date.

While these costs have depleted funds within Maxis, the company
and the operations within its current control do not rely on any
overdraft. This is despite having paid $1 million on 18 April
2001 from funds within its control, to the receiver and manager
of ABTPL, as an advance payment of monies payable under the Deed
of Company Arrangement (DCA) signed on 18 May 2001 and to
resolve a dispute concerning the position of Compaq Computer
Australia Pty Limited as a creditor.

It is likely, however, that the business of Heartland, when
returned to the control of Maxis by the administrators (as is
expected by the directors), will initially experience some cash
burn until the board of Maxis is able to assess the potential of
that operation and its viability. The board believes it will
have sufficient cash to meet any obligations until it is able to
reach a decision about the future of Heartland.

Comments On Independent Expert Report Released In May 2000

An independent expert's report prepared by Deloitte Corporate
Finance was sent to shareholders in May 2000 to comply with
Maxis' obligations under the Corporations Law and the Listing
Rules of the Australian Stock Exchange (ASX).

This report was released to shareholders so that they could,
based on independent advice, decide on the merits of the
proposed acquisition of the ABT Group and vote on the report at
the general meeting convened for 9 June 2000.

The information and the conclusions in that report were entirely
that of the Independent Expert and by its nature, Maxis could
not and, did not, have input into that report. This report was
then released as part of the disclosure requirements under
Chapter 3 of the ASX Listing Rules.

The report contained financial projections for the years ending
30 June 2001, 2002 and 2003 for the Heartland project and the
other businesses related to the ABT Group being considered at
that time for acquisition. The recent financial position of the
subsidiaries within the ABT Group probably means that some of
those projections and the underlying assumptions made at that
time by the Independent Expert are no longer applicable.

Although the report and its contents were not prepared by Maxis,
the current board wishes to advise the market that these
projections should be reassessed by investors and shareholders
to take into account recent events, including the future of the
subsidiaries of the Maxis Group which are in administration or
to which a receiver and manager has been appointed, being
Supplyline, Heartland and ABTPL respectively.

Investors may also need to re-assess their expectations by
considering that the creditors of Supplyline and Heartland
approved on 6 April 2001, a proposal for a DCA which was
executed by all stakeholders on 18 May 2001, enabling control of
these subsidiaries to be returned to Maxis, subject to all
conditions precedent being satisfied, with the deed
administrators thereafter only overseeing receipts and payments
pursuant to the DCA.

The directors currently believe that following the consent
orders and the dismissal of the proceedings commenced by ASIC
and announced to the market on 20 June 2001, all of the
conditions precedent to the DCA should be met within the
required timetable. Further announcements will be made to the
market when the conditions precedent of the DCA are satisfied
and once a letter of confirmation is received from the
administrators.

Results Expected For Current Financial Year

Following the release of the Half Yearly Accounts on 16 March
2001, which showed an operating loss of $3.32 million before
abnormal items and a loss of $74.179 million after abnormal
items (including $64.369 million in write down of investment
value/goodwill in the subsidiaries), and the administration and
receivership of its subsidiaries and legal proceedings,
investors should be aware that the group's operations will
result in a loss for the year ended 2001.

Further Clarification On Goodwill

In the Half Yearly Accounts released to the market on 16 March
2001, Maxis had adopted a conservative view in respect of the
value of its investments in its subsidiaries and the goodwill
value attached to or inherent in these investments.

Except for the value of $4 million attributed to another
subsidiary of the Maxis group, NDT Pty Limited (trading as
Managed Networks), the balance of the investment value/goodwill
(in excess of $60 million), has been written off by creating a
provision until the future of the subsidiaries in administration
and its businesses are more certain.

Since goodwill relates to the value of future benefits yet to be
derived from an intangible asset, Maxis intends to provide
further details in respect of any future carrying value of
goodwill once its new business plans are more clearly
identified, and in particular, once it assesses the viability of
the Heartland business and its future capital expenditure needs,
if any.

Additional information in relation to goodwill will also be
provided in the report by the Independent Accountant in
accordance with the short minutes of order.

Effect Of DCA On Maxis Group Going Forward

Although the terms of the DCA have been previously released to
the market, for the benefit of shareholders and investors
gaining a greater understanding, the directors of Maxis wish to
summarize the effect on the Maxis group as a consequence of
entering into the DCA.

In the opinion of directors, had a DCA not been entered into,
then the whole of the Maxis group would have been jeopardized
and each company in the group may have confronted the
possibility of liquidation, with no return expected for
shareholders and a smaller return expected for creditors.

That scenario would have substantially depleted the funds
available for distribution to creditors. The costs of the
administrations of Heartland and Supplyline, and the
receivership of ABTPL as well as the priority payments due under
the DCA, have been estimated at $1.6 million.

The ongoing receivership of ABTPL would have resulted in the
sale of the only remaining asset (the Managed Networks business)
in the Maxis group at a "forced-sale" price. After selling costs
and satisfying the alleged secured creditor, Compaq, it would
have returned little, if any, funds to Maxis.

The administration has to date resulted in a substantial loss in
goodwill value attributable to Supplyline and Heartland and in
the loss of approximately 45 to 50 jobs. Liquidation could have
resulted in the loss of a further 20 to 30 jobs, depending on
who the eventual purchaser of Managed Networks may have been.

However, the DCA itself does have its own risks which may be
summarized as follows:

   a) As indicated above, the DCA requires several conditions
precedent to be satisfied before it can take effect;

   b) A total of $1.8 million still remains to be paid into the
pool of funds for distribution to creditors. Of this, Managed
Networks is committed to $500,000 which must be paid soon and
Maxis is committed to $1.3 million, which is to be paid in two
equal installments of $650,000 on 30 September 2001 and 31 March
2002;

   c) Maxis and Managed Networks together have sufficient funds
and cash flow to meet its current ongoing expenses. Managed
Networks is expected to receive approximately a further $1.3
million from one of its major clients, within the next few
weeks. It is anticipated that a substantial portion of this will
be received in time to allow for the payment of the $500,000 due
pursuant to the DCA. However, additional funds will have to be
raised before September 2001 and March 2002, to meet the next
two installments;

   d) When the conditions precedent to the DCA are satisfied,
Maxis regains control of Heartland and all of its satellite and
other assets which had cost several million dollars to establish
and Maxis will have the opportunity to resurrect that business.
This may require some further funding, the extent of which, if
any, will depend on the new business plan yet to be completed as
well as the success of the opportunities currently being
pursued;

   e) If the DCA is successful, creditors will receive a better
return, some credibility and confidence will be returned to
management and the new board and Maxis will continue to trade.

Update On Heartland

When the conditions precedent of the DCA are met and confirmed
in writing by the administrators and Maxis regains control of
Heartland, Maxis will complete its new strategy and business
plan to establish the prospects of Heartland and its other
businesses within the Maxis group. At that point, the intentions
of Maxis in relation to Heartland and its other businesses will
be released to the market.

In anticipation of a positive outcome for the DCA and of upon
regaining control of Heartland, Maxis has continued to
investigate new opportunities for Heartland and has identified
several prospects and new and exciting applications for its
satellite transmission and hub infrastructure, which had not
been previously recognized. Other partnership and joint venture
possibilities are currently being investigated, which could
substantially improve the prospects of the Heartland business,
which may include the provision of commercial satellite services
beyond the rural and regional focus previously envisaged by the
company.

However, when Maxis regains control of Heartland pursuant to the
DCA, it is expected that there will initially be a certain level
of cash burn associated with the Farmwide Internet access trial
which is scheduled to end in October 2001. While this has been
budgeted for by the company, until that time, there is no
guarantee that the trial will continue up to or beyond October.

Although the directors do not expect it to be the case, it is
possible that the operations of Heartland may have to be
mothballed until market conditions improve, so that the
Heartland business does not negatively impact on the viable
operations of Managed Networks.

Any queries in relation to the information provided in this
release should be directed to Mr Vaz Hovanessian, Mr Sepp
Stepanian or Mr Nicholas Swan (02) 9433 6600.


MTM ENTERTAINMENT: Babcock & Brown Waives Conditions
----------------------------------------------------
Sunderton Pty Limited, a member of Babcock & Brown Group, Friday
announced that its $0.345 per unit Offer for all the units in
MTM Entertainment Trust (MME) is now unconditional.

"Babcock & Brown has waived all of the conditions to acceptance
of the Offer. Therefore, unitholders who accept the Offer will
now definitely receive cash for their units by mid to late
August, regardless of the eventual outcome of the takeover bid,"
said Mr Robert Topfer, a director of Babcock & Brown.

"Babcock & Brown is confident that it will achieve sufficient
acceptances to allow it to compulsorily acquire the outstanding
units in the MTM Entertainment Trust," he said.

As part of the interim liquidity package Babcock & Brown
extended to MME last week to stave off the Trust's looming cash
crisis, Babcock & Brown agreed to declare the Offer
unconditional if all of the terms of the liquidity package were
finalized and documented by Friday.

Those terms include the extension to 31 December 2001 of MME's
current $37.5 million loan facility with Macquarie Bank, which
was originally due on 30 June 2001. Macquarie had refused last
week to provide additional funding under this facility.

With the liquidity package now complete, Babcock & Brown will
exercise its rights to acquire the shares in and take control of
MTM Funds Management the responsible entity for MME.

Under the liquidity package, Babcock & Brown agreed to lend MME
up to $2 million. MME must proceed with an underwritten
renounceable rights issue of it least $7 million within 30 days
of the closing of Babcock & Brown's takeover Offer. The Offer is
scheduled to close on 8 August 2001.

The proceeds of the rights issue will be used to repay Babcock &
Brown and reduce the Macquarie Bank loan facility by $2.5
million, with the balance to be used for working capital to fund
MME's ongoing operations.

Unitholders who do not take up their rights, which will be
priced at $0.265 per unit, will have their holdings diluted. The
full details of the rights issue will be announced to
unitholders shortly.

For more information, please contact:

Babcock & Brown: Robert Topfer (02) 9233 4033 or 0413 670 022

Savage & Horrigan: Jennifer Horrigan (0414 539 441) or Steve
Silva (0414 539 440)


MTM ENTERTAINMENT: Sunderton Posts Notice Re Bid Conditions
-----------------------------------------------------------
In accordance with section 650F of the Corporations Law, and in
regard to the takeover offers made by Sunderton Pty Limited
(Bidder) for all of the issued units in MTM (other than those
already beneficially held by Bidder immediately before the date
of the Offers) made pursuant to offers dated 8 June 2001
(Offers), Bidder hereby gives notice that:

   (a) each Offer and each contract formed by acceptance of an
Offer is free from the conditions specified in clause 9.1 of
each Offer; and

   (b) the Bidder's voting power in MTM as at the date of this
notice 32.2 percent.

A copy of this Notice was lodged with the Australian Stock
Exchange (ASX) on 5 July 2001.


ONE.TEL LIMITED: ACCC Commences Suit Against Telstra
----------------------------------------------------
The Australian Competition and Consumer Commission instituted
proceedings in the Federal Court in Melbourne Thursday alleging
Telstra engaged in unlawful misleading and deceptive conduct
when dealing with former One.Tel mobile phone customers.

The court action concerns statements allegedly made by Telstra
call center representatives to consumers about early termination
fees payable by One.Tel Next Generation customers.

"The ACCC is alleging that consumers were advised by Telstra
representatives, as late as yesterday, that if they transferred
their mobile phone service to any mobile phone service provider
other than Telstra, or did not transfer to Telstra before a
certain date, the One.Tel administrators may seek termination
fees," ACCC Chairman Professor Allan Fels said Thursday.

"In fact, the One.Tel Administrators turned off the Next
Generation mobile phone network on 9 June 2001. It is the view
of the ACCC that no contract termination fees can apply to
customers who transfer to any other service provider after
One.Tel withdrew its service. Clearly the customer must not
incur a penalty when it is the business that stopped providing
its services," he said.

The ACCC alleges that Telstra representatives continued to
advise customers of the termination fee in circumstances where
none could, or would, be levied.

"In the break up of One.Tel's assets, the ACCC is charged with
ensuring that the consumer protection provisions in the Trade
Practices Act prohibiting misleading and deceptive conduct are
strongly enforced," Professor Fels said.

"This appears to be a case of a service provider taking
advantage of the confusion surrounding the demise of a
competitor. Clearly we are concerned if a service provider has
obtained customers via misinformation, especially vulnerable and
confused previous customers of One.Tel," he said.

The ACCC is seeking:

   i) Declarations that Telstra and its representatives engaged
in conduct that was misleading or deceptive, or likely to
mislead or deceive in contravention of sections 52(1), 53(c),
53(f), and 53(g) of the Trade Practices Act 1974;

   ii) An injunction restraining Telstra and its representatives
from making misleading representations of a similar kind in the
future;
Orders directing Telstra to allow consumers that were misled 14
days to rescind their contract with Telstra without penalty, and
that Telstra repay any payments made by these customers and/or
forfeit any amounts owing to it since 9 June 2001;

   iii) Orders directing Telstra to place corrective
advertisements in major metropolitan newspapers and write to
affected consumers; and
An order directing Telstra to implement a trade practices
compliance program.

A hearing was set for 2:15 pm on Friday 6 July before Justice
Heerey in the Federal Court, Melbourne.


PMP LIMITED: Negotiates New Facility With Banks
-----------------------------------------------
PMP Limited and its Australian bankers, comprised of NAB,
Westpac, Toronto Dominion and ANZ, are negotiating a new
facility agreement to refinance the company's domestic
borrowings. This will replace the existing bank agreements and
will be completed in August.

The $50 million Westpac facility had previously been extended
and will be included in the new facility currently being
negotiated.

PMP has the full support of all its banks and has more than
adequate funding to support the ongoing requirements of the
group. The company has $663 million of debt facilities currently
available. In addition to undrawn facilities of $47 million, the
company is holding cash of $58 million.


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


CALIMATE COMPANY: Petition To Wind Up Scheduled
-----------------------------------------------
The petition to wind up Calimate Company Limited is scheduled to
be heard before the High Court of Hong Kong on July 18, 2001 at
930 am. The petition was filed with the court on May 21, 2001 by
The National Commercial Bank, Limited Hong Kong Branch whose
principal place of business is situated at 1-3 Wyndham Street,
Central, Hong Kong.


CNE INDUSTRIAL: Winding Up Petition Set For Hearing
---------------------------------------------------
The petition to wind up Cne Industrial Company Limited is
scheduled to be heard before the High Court of Hong Kong on July
25, 2001 at 9:30 am. The petition was filed with the court on
May 22, 2001 by Welback Holdings Limited of Unit 1, Block B,
14th Floor, Waylee Industrial Centre, 30-38 Tsuen King Circuit,
Tsuen Wan, New Territories, Hong Kong.


CROWNMAN ENTERPRISES: Faces Winding Up Petition
-----------------------------------------------
The petition to wind up Crownman Enterprises Limited is set
for hearing before the High Court of Hong Kong on July 18,
2001 at 9:30 am.  The petition was filed with the court on May
21, 2001 Court by The National Commercial Bank, Limited Hong
Kong Branch whose principal place of business is situated at
1-3 Wyndham Street, Central, Hong Kong.


H TANDA INTERNATIONAL: Faces Winding Up Petition
------------------------------------------------
The petition to wind up H Tanda International (HK) Limited is
scheduled for hearing before the High Court of Hong Kong on July
18, 2001 at 9:30 am. The petition was filed with the court on
May 21, 2001 by The National Commercial Bank, Limited Hong Kong
Branch whose principal place of business is situated at 1-3
Wyndham Street, Central, Hong Kong.


MEGATREND INFORMATION: Faces Winding Up Petition
------------------------------------------------
The petition to wind up Megatrend Information Services Limited
is set for hearing before the High Court of Hong Kong on July
18, 2001 at 10:00 am.  The petition was filed with the court on
April 26, 2001 Springer-Verlag (Hong Kong) Limited whose
registered office is situated at Unit 1702, Tower 1, Enterprise
Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.


PACIFIC CENTURY: Moody's Assigns `Baa1' Rating To HK Unit
---------------------------------------------------------
Moody's Investors Service Wednesday assigned an initial issuer
rating of Baa1 to PCCW-HKT Telephone Limited (HKT).

The Baa1 rating reflects HKT's: leading market position with
strong brand recognition and high customer loyalty; ubiquitous
and modern network; experienced management team; and commitment
by Pacific Century Cyberworks Limited (PCCW or the Group) to
maintain the company's adequate financial profile.

The rating also considers risks associated with 100% ownership
by PCCW <0008.HK>, given the short credit history of that
company and its recent large acquisition.

Moreover, Moody's considers HKT may be required to support the
Group's capital needs over and above PCCW's existing reserves.

This could be a concern as HKT's high level of gearing limits
financial flexibility at the current rating.

Furthermore, HKT could face strong competition as it expands
into certain new and less predictable revenue streams, such as
broadband and local data services.

Notwithstanding the above, Moody's believes the rating outlook
is stable, given HKT's strong and predictable recurring cash
flows.

This is the first time that Moody's has rated PCCW-HKT Telephone
Limited.

The rating is supported by HKT's position as the leading
provider of fixed line services in the highly liberalized Hong
Kong market.

Strong quality of service, a comprehensive suite of products,
and a ubiquitous network underpin the stability of cash flows.
Competition has been forced to resort to pricing initiatives to
make inroads into HKT's market dominance.

Six years after the liberalization of the fixed line market, HKT
strongly dominates residential and business services, with 97%
and 88% market share, respectively.

Previously strong revenue streams from International Direct Dial
(IDD) have significantly diminished since this segment was
opened to competition three years ago.

HKT has been able to meet this challenge by re-balancing its
local tariffs and by stimulating growth in new segments,
particularly value-added, data, and broadband services.

More recently, greater regulatory freedom has enabled HKT to
stabilize its retail IDD share.

While data is an area of potential growth, Moody's expects there
will be significant competition.

The introduction of newly evolving technologies may also present
a considerable future challenge to certain areas of revenue
growth in HKT's data business.

The broadband market provides both challenges and opportunities
for HKT given its early stage of development and the stated
intentions of competitors.

HKT has developed a number of initiatives to stimulate growth in
its broadband operations, although it is too early to gauge
their likely success.

The rating recognizes the risks and rewards arising from PCCW's
ownership of HKT.

HKT has the potential to leverage off product offerings
developed by PCCW, particularly in the business-to-customer and
business-to-business fields.

There will also be cost efficiencies to be gained from combining
certain overlapping functions, with the most significant being a
common sales function, driven by PCCW's expertise.

Moody's notes, however, that PCCW currently has a number of
startup investments that are currently cash negative. The Group
is in the process of rationalization in order to minimize the
ongoing outflow of cash from these investments.

Also, Moody's expects that PCCW must provide approximately
US$300 million in capital for the Cyberport development project.
PCCW's agreement on the Cyberport Project with the Government of
Hong Kong SAR provides for a range of financing options that are
intended to mitigate project risk to the company.

In addition, PCCW has over US$1.8 billion in convertible notes
liabilities maturing in 2005 and 2007.

Moody's considers that PCCW has a degree of flexibility to fund
its activities, provide capital, and refinance or repay its
convertible notes given its cash reserves and asset base. PCCW
has established joint ventures with Telstra Corporation Limited,
namely Reach Ltd. and Regional Wireless Company, both of which
are intended to be self-funding.

There may be a need, however, to repatriate dividends from HKT
should these joint ventures or other PCCW business units require
additional funding to accelerate their growth.

The rating considers that PCCW's management will supervise the
upstreaming of dividends from HKT so as to ensure maintenance of
that company's credit profile.

Moody's notes that HKT has limited flexibility at the current
rating level to support significant calls on its free cash flow,
given the moderate strength of its existing balance sheet.

PCCW's commitment to maintaining HKT's credit strength may, in
turn, limit its ability to take advantage of bolt-on acquisition
opportunities in the next 2-3 years.

Moody's expects that HKT's ratio of debt to EBIDTA will be
around 4.1 to 4.6 times for the 2001 calendar year, based on the
current level of debt.

Moody's considers this to be relatively high for a fixed line
provider at the current rating level, but the leverage is offset
by the dependability and sustainability of operating cash flow.

PCCW has a relatively short credit history, during which time it
has significantly increased the scope and scale of its
activities, principally through the acquisition of C&W HKT.

The company has, to its credit, substantially reduced the level
of debt associated with the acquisition.

Moody's considers the challenge for Mr Richard Li, PCCW's major
shareholder and executive chairman, will be to provide
appropriate guidance to his management team in maintaining and,
indeed, enhancing group creditworthiness.

Mr Li has overseen development of a strong management structure,
with an immediate objective of enhancing HKT's sales culture in
support of its engineering expertise.

Moody's rating takes into consideration senior management's
stated strategy to consolidate the group around the strengths of
HKT, with no medium term plans to materially expand the scope or
scale of the business.

This is an important factor in the current rating. HKT currently
has US$4.7 billion in bank debt liabilities, with individual
tranches due in 3, 5, and 7 years.

Moody's expectation that HKT will reduce, in the near term, the
refinancing risk associated with this debt is reflected in the
rating.

PCCW-HKT Telephone Limited, based in Hong Kong, is the principal
provider of fixed line services in that city.


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


INDAH KIAT: S&P Assigns D On $600M Notes
----------------------------------------
International rating agency Standard & Poor's lowers PT Indah
Kiat Finance Mauritius Ltd rating on its $600 million senior
unsecured notes, guaranteed by PT Indah Kiat Pulp & Paper Tbk
and 2007. S&P downgraded the notes to `D' from double `C',
IndoExchange reported Wednesday.

The rating is removed from CreditWatch, where it was placed with
negative implications on Jan. 31, 2001 while the company's
corporate credit rating remains at `D'.

The rating action follows right after the company failed to
carry out its duty on the note issued with an interest of $30
million on July 1, 2001.


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


PSINET INC: Employing Ordinary Course Professionals
---------------------------------------------------
Due to the nature of their operations, the PsiNet Inc. (the
Debtors) requires legal and business advice on a host of
matters, such as intellectual property, litigation, corporate
law, local insolvency law, personal injury law and labor law.

The Debtors need to utilize the services of Ordinary Course
Professionals for these matters on an undisrupted basis. Given
the number and geographical dispersion of these professionals,
requiring the Debtors to seek individual authorization to employ
each of the OCB Professionals would place an undue
administrative burden on the Debtors, the Court and the U.S.
Trustee, and would increase substantially the expenses of the
estate without corresponding benefit.

Judge Gerber entertained the Debtors' needs and issued an
interim order authorizing the Debtors to retain the OCB
Professionals, effective as of the petition date, without the
submission of separate employment applications, affidavits and
the issuance of separate orders for each individual
professional, pursuant to Sections 105(a), 327 and 328 of the
Bankruptcy Code and subject to the Court's final approval.

The Debtors are thus authorized to pay to each OCB Professional,
on an interim basis and without an application to the Court by
each professional, 100 percent of fees and disbursements
incurred, subject to a cap of of $75,000 in the aggregate for
each single OCB Professional for postpetition compensation and
reimbursement of postpetition expenses relating to any
consecutive three-month period, and a cap of $125,000 in the
aggregate for fees and expenses during the pendency of the
Debtors' chapter 11 cases, unless each such OCB Professional is
separately retained by order of the Court upon notice and a
hearing.

Specifically, such payments would be made following the
submission of appropriate invoices to and approval by the
Debtors (and to counsel for the Committee, once appointed). The
Court's order provides that the Debtors will not pay any OCB
Professional who has failed to file an affidavit of
disinterestedness.

PSINet identifies a certain subset of the OCB Professionals who
will serve as Local Foreign Counsel in the ordinary course of
the Debtors' business to provide the Debtors with limited, time-
to-time advice on the local transaction and
insolvency/bankruptcy laws of foreign countries where they or
their non-Debtor subsidiaries are located or do business and to
explain the debtor/creditor laws of the United States to
PSINet's foreign creditors, who are frequently unfamiliar with
this aspect of United States law.

The work will be limited, and the professionals involved, while
technically giving bankruptcy advice, will be dosing so on a
limited basis and will not be acting as "bankruptcy advisors",
as that phrase is understood in the practice of bankruptcy law
in the United States.

The Debtors recognize that some of the OCB Professionals may
hold very minor amounts of unsecured claims against the Debtors
in respect of prepetition services rendered. Nevertheless, none
of the OCB Professionals has an interest materially adverse to
the Debtors, their creditors or other parties in interest, and
thus each professional retained will meet, if applicable, the
special counsel requirement of Section 327(e) of the Bankruptcy
Code, PSINet believes.

The lists of OCBs submitted with the motion are as follows:

(A) Ordinary Course Professionals

     Name and Address                         Services Provided
     ----------------                         -----------------
     Enterprise Financial Consulting          Management-level
     12355 Sunrise Valley Drive, Suite 610    Accounting Staff
     Reston, VA 20191                         Augmentation
     Phone: 703-716-0500
     Principal Contact: Dean Schauer

     Valuation Research Corporation           Asset Valuation
     100 Nassau Park Blvd.
     Princeton, NJ 08540
     Phone: 609-243-7033
     Principal Contact: Neil Kelly

     Steinhart & Falconer                     Litigation
     333 Market Street, 32nd Floor
     San Francisco, CA 94105

     Kirkpatrick & Lockhart                   Employment
     1800 Massachusetts Avenue, N.W.,
     2nd Floor, Washington, DC 20036

     Gray & Becker                            Litigation
     900 West Avenue
     Austin, Texas 78701-2210

(B) Local Foreign Counsel

     Name and Address                       Services Provided
     ----------------                       -----------------
     Nishimura & Partners                   Trademark and
     Ark Mori Building, 29th Floor          Corporate
     12-32 Akasaka 1-Chome
     Minato-Ku, Tokyo 107-6029 Japan

     Square Sanders and Dempsey             Full Service
     14/F, 116 Nanking East Road
     Section 2, Taipei 104, Taiwan

     Lee & Ko                               Full Service
     18th Floor Marine Center Main Bldg.
     118, 2-Ka, Mandaemun-ro, Chung-Ku
     Seoul, 100-092, Korea

     William L. Fan & Co.                   Full Service
     Room 507
     77 Des Vooeux Road Central, Hong Kong

     Middletons Moore & Bevins              Full Service
     Level 6, 7 Macquarie Place
     Sydney NSW 2000 Australia

     Frasier Milner                         Full Service
     1 First Canadian Place
     100 King Street West
     Toronto, Ontario, Canada M5X 1B2

     Olser Hoskin & Harcourt LLP            Restructuring
     1 First Canadian Place
     Toronto, Ontario, Canada M5X 1B8

     White & Case                           Full Service
     Szalag Utca 19
     1011 Budapest, Magyarorzag

     CMS Derk Star Busmann Hanotiau         Full Service
     Hanotiau
     Prostbus 85250
     3508 AG Utrecht
     Netherlands

     Khan & Glucroft                        Full Service
     51 Rue Demont d'Urville
     75116 Paris, France

     Gianni Origoni & Partners              Full Service
     via delle Quattro Fontane 20
     00184 Roma

     Mason Curran                           Full Service
     6 Fitzwilliam Square
     Dublin 2, Ireland

     Baker McKenzie                         Full Service
     6, Rue Bellot
     1206 Geneve
     Switzerland

     Basham, Ringe y Correa, SC             Trademark
     Mexico

     Capin, Calderon, Ramirez y Guitterez   Corporate
     Azpe SC, Mexico

     Quijano, Cortina, Lopez y de la Torre  Bankruptcy
     Abogados
     Mexico

     Estudio Alegria                        Bankruptcy
     Argentina

     Hope, Duggan & Silva Abogados          Corporate/Trademark
     Argentina

     Hughes & Hughes Abogados               Corporate
     Uruguay

     Martinez, Odell & Calabria             Corporate
     Puerto Rico

     Cruzat, Ortuzar & McKenna              Trademark
     Chile

     Estudio Arturo Alessandri              Bankruptcy
     Chile

     Montt, Iraurrizaga & Cia S.A.          Corporate
     Chile

     Arias, Fabrega & Fabrega Abogados      Bankruptcy
     Panama

     Franco & Franco Abogados               Corporate
     Panama

     Morgan & Morgan                        Trademark
     Panama

     Neviani Advogados, Borges & Bieldeck   Corporate/Trademark
     Advogados
     Brazil

     H.B. Cavalcanti e Mazzilo Advogados    Bankruptcy
     Brazil

     Veirano & Advogados Associados         Bankrupty/Labor
     Brazil

Pursuant to the Interim Order, by which the Debtors are directed
to file a supplement with the Court if additional OCB
Professionals are to be used, the Debtors have submitted a
supplement, identifying three additional law firms whom the
Debtors propose to employ as OCB Professionals:

    Faegre & Benson LLP                 Attorney (General
    Litigation)

    Hayes & Magrini                     Attorney (General
    Litigation)

    McNeer, Highland, McMunn & Varner   Attorney (General
                                        Litigation)
(PSINet Bankruptcy News, Issue No. 4; Bankruptcy Creditors
Service, Inc.; 609/392/0900)


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


DAISHIN LIFE: Declared Insolvent By FSC
---------------------------------------
The Financial Supervisory Commission (FSC) has deemed Daishin
Life Insurance as insolvent, thus suspending temporarily the
duties of the troubled insurer's management, The Korea Herald
reports late last week.

The management has a one-week grace period, until July 11, to
take actions to counter the financial watchdog's decision, the
report says.


HYUNDAI PETROCHEM: Creditors Demand Complete Sock Write-Off
------------------------------------------------------------
In exchange for the provision of new loans, creditors of Hyundai
Petrochemical Company are urging the company to undertake a
complete stock write-off, apart from an en masse resignation of
management, The Korea Herald reported Thursday.

A creditor bank official told the Herald that should the company
agree to the conditions, its creditors would extend a rollover
of over W1 trillion in debts until the year's end and new loans
amounting to W622.1 billion, as agreed late last month.

The official was quoted as saying, ". some large shareholders
have not yet agreed to comply with a complete capital reduction,
while the labor union has not submitted written consent for the
restructuring."


KYOBO LIFE: KAMCO To Sell 4.8M Shares
-------------------------------------
Korea Asset Management Corporation (Kamco) is considering
selling off 4.8 million shares of Kyobo Life Insurance, which
Kamco secured from Daewoo Group Chairman Kim Woo-joong as a
collateral fund extended to Daewoo Group in 1999, The Korea
Herald reported late last week.

The sale could be executed through the issuance of Exchange
Bonds (Ebs) some time in November this year, one of the means
being considered, the report says.

A Kamco official was quoted as saying these stocks are being
jointly held by creditors of the Daewoo Group, and the sell-off
will only be undertaken once Kamco has obtained the creditors'
concessions.

"At the time when the government was reviewing listing life
insurance firms, Kyobo Life stock jumped to 300,000 won per
share, meaning that we could raise more than 1 trillion won by
selling them," the Kamco official told Herald.


SEOULBANK: Gov't To Give Up Control To Minority Buyer
-----------------------------------------------------
To facilitate the sale of state-owned SeoulBank, the government
is willing to give up its management control over the bank to
the buyer of even the minority stake, Bloomberg reported
Thursday, citing Maeil Business.

The government, the report says, realized that potential buyers
of the bank didn't seem prepared to acquire the bank's majority
stake. According to Korea Economic Daily, the sale of SeoulBank
has already been extended until the year's end from the June
deadline.

Meanwhile, SeoulBank booked for the first half, a net profit of
W60 billion, and is set to register a full-year net profit of
W140 billion.


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


LION CORP: Group-wide Workout Ongoing
-------------------------------------
Lion Corporation Berhad (LCB) announces the proposed group wide
restructuring scheme announced on 5 July 2000 (Proposed GWRS) is
still in progress.

The company also said that due to the economic slowdown which
has affected demand for the products of some of the key
operating companies within the Lion Group, LCB has reviewed the
profit forecasts of its key operating company and the estimated
sale proceeds to be derived from LCB's divestment program.

In the light of these revised forecasts and estimated sales
proceeds, LCB, with the assistance of the Corporate Debt
Restructuring Committee, has recently commenced negotiations
with its bankers to revise the terms of the Proposed GWRS.

The revised proposals, when finalized, will be announced to the
KLSE and submitted to the relevant authorities for their
consideration; and

LCB is required to obtain all approvals necessary for the
implementation of the Proposed GWRS within a period of 4 months
from 26 February 2001, the date of its First Announcement made
pursuant to paragraph 4.1(b) of Practice Note No. 4/2001.

On 25 June 2001, LCB applied to the KLSE for an extension of the
period of time for it to obtain all approvals in respect to the
Proposed GWRS from 25 June 2001 to 31 December 2001. LCB
simultaneously made an announcement in respect to the same.


PANCARAN IKRAB: Reports Status Of Regularization Plan
-----------------------------------------------------
Further to the announcements dated 1 June 2001 and 29 June 2001,
the Board of Directors of Pancaran Ikrab Berhad (PIB) announces
the status of PIB's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 (PN4/2001) issued by the
Kuala Lumpur Stock Exchange (KLSE).

Status of PIB's Plan to Regularise its Financial Condition

On 10 November 1999 and 2 February 2000, the Company announced
the Proposed Restructuring Scheme and subsequent variations to
the scheme pursuant to further discussions with the creditors,
respectively.

The Company has obtained approvals for the Proposed
Restructuring Scheme from the following parties:

   (i) Securities Commission (SC) on 3 July 2000;

   (ii) Foreign Investment Committee on 20 April 2000;

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

   (iv) Bank Negara Malaysia on 18 April 2000 and 4 May 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
23 October 2000; and

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

The Company has also obtained the following from the Kuala
Lumpur High Court:

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

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

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

Subsequently, the company sought approval from the SC for an
extension of time until end of July 2001 for the Company to
revert to the SC with certain revisions to the Proposed
Restructuring Scheme.


PARIT PERAK: Granted Three Month Reprieve
-----------------------------------------
Parit Perak Holdings Berhad (PPHB) has been given three months'
time by the creditor banks to respond in writing to the debt
restructuring proposal.

To date, PPHB has received only four written replies from the
creditors banks to the debt restructuring proposal. PPHB,
moreover, is still awaiting the written replies from the
remaining creditors banks before deciding on the next course of
action.

Background

Initially the Company carried out rubber planting activities,
but its business has changed to that of an investment holding
concern. Via a restructuring scheme undertaken in 1994, the
Company divested its plantation interests and re-invested
principally into property development activities.

Its main development is 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 scheme to restructure the Group's debts and
borrowings.

On 8 August 2000, a restructuring scheme was unveiled which
comprises a proposed capital reduction and consolidation, rights
issue, acquisition of a shopping complex in Seremban and a debt
restructuring scheme.

The proposals were expected to be submitted to the SC within six
months from 30 November 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.

The company's headquarters is located at 12th Flr (Right Wing)
Menara Kemayan 160, Jln Ampang 50450 Kuala Lumpur (Tel: 03-
2669660; Fax: 03-2669661).


RNC CORP: Workout Scheme Pending Approval Of KLSE
-------------------------------------------------
RNC Corporation Berhad announces that the status of its proposed
corporate and debt restructuring scheme (PRS) as at the date of
this announcement is as follows:

   a) The Scheme is still pending the approval of Kuala Lumpur
Stock Exchange (KLSE) for the listing and quotation of the
ordinary shares, Redeemable Convertible Secured Loan Stocks
(RCSLS) and Redeemable Convertible Unsecured Loan Stocks (RCULS)
on the Main Board of KLSE pursuant to the PRS; and

   (b) The Special Administrators and Affin Merchant Bank Berhad
are in the midst of preparing an Information Circular detailing
the approved PRS, which will be sent out to shareholders in due
course after the receipt of clearance from the KLSE on the
content of the Circular

Background

The RNC Group is under the management of Special Administrators
appointed by Pengurusan Danaharta Nasional Berhad on 28 July
1999.

In 2000, the Group proposed to undertake a corporate and debts
restructuring scheme approved by Danaharta. The scheme will
involve the incorporation of a new entity, Equity Promenade Sdn
Bhd (EPSB), the injection of water treatment businesses, and the
disposal and liquidation of selected subsidiaries. Upon
completion of the proposal, the listing status of RNC will be
transferred to EPSB.

RNC's business is primarily the manufacture and sale of UPVC
pipes and fittings for water supply systems, soil, waste and
vent systems and drainage systems. The products are manufactured
under the "SSS" brand. Operations are located in the Shah Alam
Industrial Estate, Selangor (Tel: 03-550 8989; Fax: 03-559
2435).


TENCO BERHAD: Defaults On RM0.535M Interest Payment
---------------------------------------------------
Archer Corporate Services Sdn Bhd, on behalf of the Board of
Tenco Berhad (Tenco or the Company), released a statement from
the Company saying it has defaulted on the quarterly interest
payments amounting to RM535,469.86 due on 30 June 2001 to its
Lenders in respect to the Debt Restructuring Agreement dated 31
January 2000.

Tenco has requested the Lenders review and reschedule the
repayment of the interests. The Company is awaiting response
from the Lenders in respect to its request.

Background

Tenco is a manufacturer and supplier of industrial gases, and
industrial chemicals and adhesives which are widely used in the
manufacturing sector. It also markets a wide range of building
products for the building and construction industry.

Tenco's operations are based mainly in Malaysia, with sales
offices in Singapore and Canada.

In the wake of the financial and economic crisis, the Group
obtained a Restraining Order from the High Court on 25 June
1998. The Group has since undertaken a corporate restructuring
exercise to service its restructured debt obligations and to
help improve productivity and profitability.

The acquisition of Ridgemonde Chemicals & Resins Sdn Bhd (RCR)
forms part of the Group's restructuring exercise. RCR is
involved in the manufacture of synthetic latex, which is used as
raw material in the manufacture of coatings, adhesives,
textiles, paint, ink and non-woven products. The exercise was
completed in March 2000.

The Group had earlier on undertaken property development and
construction activities. These activities ceased in 1998.

The company's headquarters is located at No. 5, Jalan Pelabur
23/1 40000 Shah Alam, Selangor (Tel: 03-5410612; Fax:03-
5410132).


TRANS CAPITAL: Deficit In Equity Basis For Auditors' Report
-----------------------------------------------------------
The qualifications stated in the Auditors' Report of Trans
Capital Holding Berhad's Annual Report 2000 were based on the
premise that we had a deficit in the adjusted shareholder's
equity on a consolidated basis of RM99,380,268 and an affected
listed issuer pursuant to Paragraph 8.4 of the listing
requirements of the KLSE and Practice Note 4/2001.

Reference is made to the company's announcement to the KLSE
pursuant to Paragraph 8.14 of the Revamped Listing Requirements
of the Kuala Lumpur Stock Exchange dated 23 February 2001 where
we have announced that:

   1. The Company is an affected listed user under the Practice
Note in view of the deficit in our adjusted shareholder's equity
on a consolidated basis of RM60,652,985;

   2. Plan to regularize financial condition involving the
following exercise:

     (a) Proposed debt restructuring exercise involving:

(i) Conversion of existing debts amounting to
RM81,709,042 into 5 year term loan of an
equivalent amount;

         (ii) Settlement of the balance of the existing debts,
the amount of which is to be determined at a latter date, via
the issue of 5 year unlisted redeemable convertible cumulative
preference shares of different series to be issued at RM1.00 per
share (RCCPS).

     (b) Proposed Rights Issue of up to 79,288,500 ordinary
shares of RM1.00 each to the existing shareholders of the
Company on the basis of three (3) new shares for every two (2)
existing shares held at a proposed issue price of RM1.00 per
share (Proposed Rights Issue).

The Company has to date received the approvals of the Securities
Commission (SC), Foreign Investment Committee, Ministry of
International Trade & Industry and Bank Negara for the proposals
and the following approvals are still pending:

      (a) the shareholders of TCHB at an ordinary meeting (EGM)
to be convened.

      (b) The SC, for registration of the Abridged Prospectus
and the related forms and

      (c) The KLSE for the additional listing and quotation for
the new TCHB shares to be issued pursuant to the Proposed Rights
Issue and any conversion of the RCCPS.


TRANS CAPITAL: Seeking S-Holders' Approval For Workout Scheme
-------------------------------------------------------------
Pursuant to a requirement of the Practice Note for the company
to make monthly announcements to the KLSE on the status of the
proposed debt restructuring and rights issue, the Board of
Directors of Trans Capital Holding Berhad (TCHB) announces that
TCHB has yet to seek the approvals from the following:

   (a) the shareholders of TCHB at an extraordinary general
meeting (EGM) to be convened;

   (b) the SC, for registration of the Abridged Prospectus and
the related forms;

   (c) the KLSE, for the listing of and quotation for new TCHB
shares to be issued pursuant to the Proposals; and

   (d) the Registrar of Companies, for registration of the
Abridged Prospectus and the related forms.

The Company is still in the middle of clearing the draft EGM
circular relating to the Proposals with the KLSE and Securities
Commission (SC), subsequent to which, the said EGM circular
would be dispatched to the shareholders of TCHB in due course.

* TCHB is an affected listed issuer under the Practice Note;

* TCHB had on 30 August 1999, 23 May 2000, 26 June 2000 and 3
October 2000 announced to the KLSE a proposed debt restructuring
and proposed rights issue (Proposals) as its plan to regularize
the financial condition of the Company and its subsidiaries; and

* The Company has to-date received the approvals of the
Securities Commission (SC), Foreign Investment Committee,
Ministry of International Trade and Industry, and Bank Negara
Malaysia in relation to the Proposals.


UH DOVE: Proposed Workout, Rescue Plan Under Review
---------------------------------------------------
As announced on 1 March 2001, UH Dove Holdings Berhad submitted
a plan to regularize its financial condition to the Securities
Commission (SC), the Foreign Investment Committee (FIC) and the
Ministry of International Trade and Industry on 28 February
2001.

Also as announced on 26 June 2001, the Company has submitted an
application for an extension of three months, i.e. 27 September
2001 to the Kuala Lumpur Stock Exchange (KLSE) for the Company
to obtain all necessary approvals for the Proposals in
accordance with Paragraph 4.1(c) and Paragraph 5.1(c) of the
Practice Note 4/2001.

Presently, the Company is awaiting the outcome of the Company's
application for extension of time from the Exchange.

The Board of Directors of the Company announces that the SC is
currently reviewing the Proposals and approvals from the SC and
the relevant authorities in respect of the Proposals are still
pending.


WEMBLEY INDUSTRIES: Seeking Approval Extension
----------------------------------------------
Wembley Industries Holdings Berhad on July 2 submitted an
application to the Kuala Lumpur Stock Exchange (KLSE) for an
extension of time to obtain the approvals necessary to implement
its plan to regularize its financial condition.

The approvals of the Securities Commission and the shareholders
of the Company are still pending. As such, the Company is not
able to comply with the requirements of PN4 as described in the
first paragraph of this announcement.

According to the "Frequently Asked Questions Section 10(a)" in
relation to PN4, if an affected listed issuer has on or prior to
15 February 2001, already made the detailed announcement of a
plan and has submitted its plan to the relevant authorities for
approval, the affected listed issuer will be given four (4)
months from the date of the First Announcement to obtain all the
approvals necessary for the implementation of such plan.

The Company had on 14 December 1999 announced its plan i.e. the
proposed debt restructuring to regularize its financial
condition. The applications to the authorities were submitted on
15 December 1999. Pursuant to PN4, the Company made the First
Announcement on 23 February 2001.


WEMBLEY INDUSTRIES: Workout Scheme Under Revision
--------------------------------------------------
Wembley Industries Holdings Berhad is currently working on a
revised proposed debts restructuring scheme and discussions with
the company's creditors which include financial institutions are
still ongoing. However, as the revised proposed debt
restructuring scheme has not been finalized yet, the company
could not yet provide details of the scheme.

In a separate announcement, pursuant to Section 5 of PN4, on 2
July 2001, the Company submitted an application to the Kuala
Lumpur Stock Exchange (KLSE) for an extension of time to obtain
all the approvals necessary to implement its plan to regularize
its financial condition.

Background

The Wembley Group's present focus is the implementation of the
Plaza Rakyat project. Following the liquidation and disposal of
several of its principal subsidiaries in 1999 and 2000, the
Group's financial viability hinges on the successful outcome of
its proposed debt restructuring and rights issue, which was
announced in December 1999.

Helmed by subsidiary Clifford Investments Ltd, construction
works for the development of the Plaza Rakyat project are
currently progressing at a slower pace. The Group is
concentrating on the development of the inter-state bus and taxi
terminal, the retail podium and the budget hotel while other
components such as the office tower, service apartment and a 4-
star hotel have been rescheduled and to be undertaken in the
near future.

Interim funding from its corporate proposals would enable the
Group to expedite the completion of the terminal, podium and
hotel and subsequently to generate development profit. As of
November 2000, approvals from the SC and Wembley's shareholders
are still pending.

The company's headquarters is located at Level 16, Wisma Ting
Pek Khing No. 1 Jln Padungan 93100 Kuching, Sarawak (Tel: 082-
236908; Fax: 082-236921).


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


ASB GROUP: Creditors Object To Use Of Sale Proceeds
---------------------------------------------------
Creditors of the ASB Group of Companies are asking the
Securities and Exchange Commission (SEC), through a motion filed
with the SEC, to reject the use of the proceeds from the planned
sale of the company's entire stake holding in Development Bank
of Singapore (DBS), The Daily Tribune reports Thursday.

The proceeds, expected to reach P734.216 million, will be
utilized to fund the completion of the BSA twin Towers
construction and to pay off P449 million in debts owed to
Equitable PCI bank, the newspaper says.

In explaining the creditors group's objection, the Siguion-Reyna
law office said that the ASB Group pledged that proceeds from
the sale, under the agreed rehabilitation plan, would be used to
pay off its obligations to the creditors.

The law office further added, "This undertaking in the plan is
consistent with ASB's representations to the individual
creditors-depositors. Even prior to the filing of this petition,
petitioners' (ASB) representatives had dangled the prospect of
the sale of DBS Bank shares as an assurance that individual
creditors-depositors would soon be receiving a substantial
amount for distribution to them."


NATIONAL POWER: World Bank Drops 8% RORB
----------------------------------------
The World Bank (WB) has dropped its eight percent return-on-rate
base (RORB) loan requirement for the beleaguered state-owned
National Power Corporation (Napocor), The Daily Tribune reported
late last week.

What compelled WB to make the change, the newspaper said, was
the utility firm's weakening financial structure.

World Bank Country Director Vhinay Bhargava, in a letter to
Napocor, said: "I am pleased to inform you that after due
consideration, the bank has agreed to your request to amend the
loan covenants. Section 5.02 in each of the loan agreements
referred to is hereby deleted.

"The above amendment shall enter into effect on the date upon
which the bank receives the copy of this (request) letter duly
countersigned by the borrower."

According to the newspaper, RORB is the ration of Napocor's net
income to its rate base. This ration, the report says,
"indicates the value of the assets being used by the power firm
for power generation and transmission."

Benefiting from this WB action are the following:

   i) the Bacon-Manila Geothermal Loan Project;

   ii) the Energy Sector Project Loan;

   iii) the Power Transmission Rehabilitation Loan Project;

   iv) the Leyte-Cebu Geothermal Loan Project;

   v) the Leyte-Luzon Geothermal Loan Project; and

   vi) the Transmission Grid Reinforcement Loan Project.

These loans have a combined sum of over $500 million, the report
says.


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


I-One.Net: Accepts Executives' Share Options
--------------------------------------------
I-One.Net International Limited has received information from
the following directors relating to their acceptance of share
options granted pursuant to the i-One.Net Executives' Share
Option Scheme 2001.


Name     Number of Options  Exercise price   Exercise period

Lim Jit Poh     200,000      $0.0767  25 Jun 2002-31 Jul 2006
Wang Kai Yuen 150,000     $0.0767   25 Jun 2002-31 Jul 2006
Kwek Leng Kee 100,000    $0.0767   25 Jun 2002-31 Jul 2006
Lim Chin Tong 500,000     $0.0767   25 Jun 2002-31 Jul 2011
Lim Cher Lin 350,000     $0.0767   25 Jun 2002-31 Jul 2011


KEPPEL TATLEE: Lodges Court Order With Registrar
------------------------------------------------
The Directors of Keppel TatLee Finance Limited are pleased to
announce that an office copy of the Order of Court sanctioning
the Scheme and approving the reduction of the share capital of
the Company has been lodged with the Registrar of Companies and
Businesses on 3 July 2001. Accordingly and pursuant to the
provisions of section 210 of the Companies Act, the Scheme has
become effective 3 July 2001.

Shareholders should note the following important events and
dates:

Effective Date of Scheme: 3 July 2001

Date for delisting of KTF Shares: 4 July 2001

Date for payment of $0.98 for each KTF Share to shareholders
entitled under the Scheme: 12 July 2001


SPP LIMITED: Completes Restructuring
------------------------------------
SPP Limited (the Company) announced 21 December 2000 the Company
had entered into the following agreements with its holding
company, Tuan Sing Holdings Limited (TSH), in relation to a
proposed restructuring exercise (collectively, the
Transactions):

   (1) a conditional loan capitalization agreement between the
Company and TSH in relation to the capitalization of existing
inter-company loans of an aggregate principal amount and accrued
interest thereon of $17.04 million as of 30 September 2000 to be
effected by the allotment and issue of 131,094,715 new ordinary
shares of $0.05 each in the share capital of the Company to TSH,
credited as fully-paid, at an issue price of $0.13 each;

   (2) a conditional sale and purchase agreement between the
Company as vendor and TSH as purchaser, in respect to the sale
by the Company of the entire issued and paid-up share capital of
SPP Properties Pte Ltd to TSH for a cash consideration of $1.24
million; and

   (3) a conditional sale and purchase agreement between the
Company as purchaser and TSH as vendor, in respect of the
acquisition by the Company of the entire issued and paid-up
share capital of Globaltraco International Pte Ltd from TSH for
a consideration of $5.40 million, to be satisfied by the issue
of 41,530,769 new ordinary shares of $0.05 each in the share
capital of the Company to TSH, credited as fully-paid, at an
issue price of $0.13 each.

The Ordinary Resolutions relating to the Transactions, as set
out in the Notice of Extraordinary General Meeting (the EGM) of
the Company dated 21 March 2001, were passed at the EGM held on
16 April 2001 and all other conditions precedent under the
abovementioned agreements have been fulfilled.

The Board wishes to announce that the Transactions were
completed Monday.

Pursuant to the Completion, the Company has allotted and issued
an aggregate of 172,625,484 new ordinary shares of $0.05 each in
the capital of the Company to TSH.

The Company currently has an authorized capital of $100,000,000
divided into 2,000,000,000 ordinary shares of $0.05 each. As of
this announcement, the Company has an enlarged issued and paid-
up share capital of $17.55 million comprising 350,991,516 shares
of $0.05 each.


SPP LIMITED: Listing New Shares
-------------------------------
The Board of Directors of SPP Limited (the Company or SPP)
announced on 2 July 2001 the completion of a restructuring
exercise pursuant to which, 172,625,484 new ordinary shares of
$0.05 each in the share capital of the Company (the New SPP
Shares) were allotted and issued to SPP's holding company, Tuan
Sing Holdings Limited.

The Board wishes to announce that the listing of and quotation
of the New SPP Shares on the Official List of the Main Board of
the Singapore Exchange Securities Trading Limited will commence
with effect from 9.00 a.m. on 5 July 2001.


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


ADVANCE PAINT: Company Director Dies
------------------------------------
Advance Paint & Chemical (Thailand) Public Company announces
that Police General Prayoon Komarakul na Nakorn, Company
Director and Chairman of the Company Audit Committee, passed
away on July 1, 2001.  The Board's Director/Chairman's termof
company service would have ended July 3, 2001.

Early this year, Advance Paint and Chemical (APC), which is
currently trading under the Rehabco category, sought permission
from the stock exchange to delay submission of its debt
rehabilitation plan by 12 months while it is in the process of
transferring loans to an asset management company.

Krung Thai Bank transferred APC's delinquent loans to Sukhumvit
Asset Management Co. Ltd. (SAM).

APC had submitted a rehabilitation petition to the Central
Bankruptcy Court.


DHANA NAKORN: Court Declares Bankruptcy, Receivership
-----------------------------------------------------
Financial Sector Restructuring Authority (FRA) Chairman Kamol
Juntima announced Wednesday that Dhana Nakorn Finance and
Securities Plc, one of 56 suspended companies under the
supervision of the FRA, was declared bankrupt and put under
absolute receivership by the Central Bankruptcy Court Tuesday
July 3, 2001.

The company had already distributed the proceeds from its asset
sales amounting to Bt4,579.19 million to its eligible creditors
who had filed their claims with the FRA. Of this amount,
Bt4,566.18 million or 99.72 percent were paid to the Financial
Institutions Development Fund (FIDF).

Dhana Nakorn Finance and Securities Plc was registered on
January 11,1995 and ordered to suspend operations by the
Ministry of Finance on August 5, 1997.

After completing debt repayments under the FRA's procedures, the
company had Bt8,659.28 million of outstanding debts and
Bt2,686.39 million of remaining assets as of May 31, 2001. Most
of the remaining assets are under litigation and foreclosure
process.

Kamol said that, up to now, the FRA has brought 26 suspended
companies into the bankruptcy process. Of these bankrupt
companies, 20 have already distributed payments to their
creditors and six others were taken into the process before debt
repayments.

To date, the creditors have been repaid a total of Bt40,098.92
million, 96.76 percent of which, or Bt38,800.86 million, was
paid to the FIDF. During July 16, 2001 until August 15, 2001,
ten more suspended companies will be distributing payments to
their creditors.

Under the Bankruptcy Law procedures, the Official Receiver of
the Legal Execution Department is given sole authority to
liquidate the remaining assets of the bankrupt company.

The creditors who have already received payments under the FRA's
procedures are entitled to receive additional payments during
the bankruptcy process for their outstanding debts.

All creditors have to file claims with the Official Receiver
within 2 months after the receiving orders are publicized.


PRASIT PATANA: Court Adjourns Plan Hearing
------------------------------------------
The Central Bankruptcy Court has set the date for considering
the approval of the Rehabilitation Plan (the Plan) of Prasit
Patana Public Company Limited (PPCL), which was prepared by
PricewaterhouseCoopers Corporate Restructuring Limited as
Planner of PPCL, on 3 July 2001, at Central Bankruptcy Court.

Because there are a few creditors of PPCL filed the objection
petition to the Court, the Court has adjourned the hearing to 9
July 2001 at 1:30 p.m. at the Central Bankruptcy Court.


QUALITY HOUSES: Announces Process Of Warrant Exercise
-----------------------------------------------------
Quality Houses Public Company Limited would like to provide
information regarding the processes of exercising QH-W2, as
below:

1. Exercise dates: Between the hours of 8:30 a.m.- 3.30 p.m., 3
days in advance of  the exercise date. For this month of July,
the submission dates are July 16 - 18 July 2001, and the
exercise date is July 19, 2001.

2. Exercise price: Bt5.92974 per share.

3. Exercise ratio: 1 warrant for 1.05400 ordinary share.

4. Procedures for the exercise of warrant no. 2: Warrant holders
can exercise their warrants by using 2 methods, Script and
Scriptless system:

   4.1) If exercising the warrant through the warrant
certificate (Script), the following documents must be submitted:

        (1) A duly completed form of notification for exercising
the warrant. (The form of notification may be obtained at
Quality Houses Pls.)

        (2) A warrant certificate signed by the warrant holder,
or a replacement that conforms to SET regulations (in case that
the certificate is lost), which defines the number of warrants
accordance with specified in the form of notification.

        (3) A copy of certified identification document in case
of being an individual person or the copy certified
certification document issued by the Ministry of Commerce in
case of being the juristic person.

        (4) Payment of the amount specified in the form of
notification by cheque or draft dated before (or within) July
19, 2001 which shall be paid in Bangkok only.

   4.2) If exercising the warrant through the scriptless system,
the warrant holders must complete the forms of notifications and
submit to their brokers. The brokers due with Thailand
Securities Depository Company Limited (or TSD) in order to
withdraw the warrant certificate which used as an evidence to
purchase the shares, and then follow the procedure no. 4.1.

5. Contact person: Miss Sivanarth Pugdeechart


THAI-ASAHI: Faces Delisting
---------------------------
The Stock Exchange of Thailand (SET) has officially announced
that the Thai-Asahi Glass Public Company Limited (TAG) will be
formally delisted from the SET on 12 July 2001 onwards. TAG's
securities will be listed securities until 11 July 2001.

The SET decision follows an earlier request from the management
of TAG that the company be delisted.

The SET has decided the company has fulfilled its obligations
under the Rules Governing the Delisting of Securities.
Therefore, the Board of Governors has approved the delisting of
TAG's securities as it requested by virtue of Section 171 (4) of
the Securities and Exchange Act B.E. 2535 (1992).


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

Troubled Company Reporter -- Asia Pacific is a daily
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Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC
USA. Lyndsey Resnick, Ronald Villavelez, Maria Vyrna Ni¤eza,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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