/raid1/www/Hosts/bankrupt/TCRAP_Public/020130.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

            Wednesday, January 30, 2002, Vol. 5, No. 21

                         Headlines

A U S T R A L I A

ANSETT AUSTRALIA: Second Creditors' Meeting Held Tuesday
AUSDOC GROUP: Morgan Stanley Lowers Substantial Holding
CMC POWER: Trading Halted
DREAM HAVEN: Furnway International Becomes Substantial Holder
ENRON AUSTRALIA: Under Liquidation


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Applies OF Circular Dispatch Waiver
ASIA GLOBAL: Holding Company Files Chapter 11 Protection
C.C. TUNG: Petition To Wind Up Pending
CIL HOLDINGS: Posts Results Announcement Summary
JOINT FOCUS: Winding Up Sought By Bank of China

KIN DON: Price, Turnover Movements Inexplicable
LOCAL TRAVEL: Winding Up Petition Hearing Set
LOYAL GARMENT: Hearing of Winding Up Petition Set
MAN SHING: Faces Winding Up Petition
WEALWORTH ENTERPRISE: Hearing Today Re Petition To Wind Up


I N D O N E S I A

ASIA PULP: Proposing US$13B Debt Restructuring
BANK CENTRAL: IBRA Obtains Four Final Bids
BANK CENRAL: Winner Selection Criteria in Tender Shares Sale
GARUDA INDONESIA: To Suspend London Flights


J A P A N

AOMORI CREDIT: Seeking Government Bailout to Avoid Insolvency
KANSAI KOGIN: Former Chairman Withdraws Savings Before Collapse
SHINKO SECURITIES: Posts Q101 Y13.93B Net Loss
SNOW BRAND: Admits Another Beef Fraud Case
SNOW BRAND: Moody's Lowers Rating To Ba3; Outlook Negative


K O R E A

DAEWOO MOTOR: Poland Minister Proposes New Committee
HYUNDAI MERCHANT: Repays W380B Maturing Bonds
HYUNDAI MOTOR: Aims to Operate at Above 90% Capacity
HYNIX SEMICONDUCTOR: Creditors Raise Price Tag To $5B
SEOULBANK: Consortium to Stage Acquisition Bid


M A L A Y S I A

ARTWRIGHT HOLDINGS: KLSE OKs Proposals Extension Request
CHASE PERDANA: Updates Material Litigations Status
NAUTICALINK BERHAD: KLSE Grants Two-Month RA Extension
NCK CORPORATION: Answers KLSE's Proposed Restructuring Queries
MYCOM BERHAD: MITI Grants Conditional Amended Scheme Approval

OLYMPIA INDUSTRIES: MITI Gives Provisional Scheme Approval
PROMET BERHAD: KLSE Grants Requisite Announcement Extension
RAHMAN HYDRAULIC: 86th Adjourned AGM to be Held Feb 20
SENG HUP: Corporate, Debt Restructuring Scheme Pending
TECHNOLOGY RESOURCES: SC Rejects Proposals Terms Revision

WEMBLEY INDUSTRIES: KLSE Grants Announcement Extension


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Aims For Debt Settlement This Year
BENPRES HOLDINGS: Unit Seeks US$10M Fresh Funds
FRANCISCO MOTORS: Forms Joint Venture With Sateemax
MONDRAGON LEISURE: CDC to Seize Assets if Debt Unresolved
NATIONAL BANK: IBank's Ramon Sy Declines Presidency


S I N G A P O R E

CAPITALAND LIMITED: Increases Dahlia's Share Capital
KEPPEL CORP: Temasek Holdings Changes Deemed Interest
KOH BROTHERS: Appointments Managers Related to Directors
KAKI BUKIT: Court Winds Up Industrial Park Developer
L&M GROUP: Posts Director's Interest Notice


T H A I L A N D

MEDIA OF MEDIAS: Reports Rehabilitation Plan Progress
RAIMON LAND: Cuts, Raises Capital as Rehab Plan Compliance
SIAM STRIP: Files Business Reorganization Petition to Court

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANSETT AUSTRALIA: Second Creditors' Meeting Held Tuesday
--------------------------------------------------------
Thousands of Ansett creditors lined up outside the Vodafone
Arena in Melbourne yesterday, January 29, 2002, to vote on the
A$514 million (US$265.84 million) sale of the airline, AsiaPulse
reported Tuesday.

Around 15,000 current and former Ansett employees will support
the sale but even if the deal is approved, there are doubts as
to whether the launch will proceed as planned on Friday.

Administrators, Mark Mentha and Mark Korda of accounting firm
Arthur Andersen, estimated that creditors may eventually get
back five cents on the dollar, but only if they approve the sale
to Tesna.

The Administrators warn that if the sale ultimately fails, they
plan to liquidate Ansett and unsecured creditors will get
nothing.


AUSDOC GROUP: Morgan Stanley Lowers Substantial Holding
-------------------------------------------------------
Morgan Stanley Investment Management Limited changed its
relevant interest in Ausdoc Group Limited on 25/01/2002, from
8,012,655 ordinary shares (8.007 percent)* to 7,785,170 ordinary
shares (8.923 percent)**.

*   Based on 88,540,000
**  Based on 87,240,000 shares in issue

According to Corporate Information, at the end of 2001, Ausdoc
Group Limited had negative working capital, as current
liabilities were A$77.50 million while total current assets were
only A$75.46 million. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding.


CMC POWER: Trading Halted
-------------------------
The securities of CMC Power Systems Limited (the Company) will
be placed in pre-open pending the release of an announcement by
the Company. Unless ASX decides otherwise, the securities will
remain in pre-open until the earlier of the commencement of
normal trading on Thursday, 31 January 2002 or when the
announcement is released to the market.

Corporate Information reports that the Company has paid no
dividends during the last 12 months. It has also incurred losses
during the previous 12 months. The company has not paid any
dividends during the previous 2 fiscal years.


DREAM HAVEN: Furnway International Becomes Substantial Holder
-------------------------------------------------------------
Furnway International Investment Trust became a substantial
shareholder in Dream Haven Bedding & Furniture Limited on
05/April/2001 with a relevant interest in the issued share
capital of 2,000,000 ordinary shares.

TCR-AP reported Dream Haven Bedding & Furniture Limited on
August 24, 2001 at 11.30 am, appointed Ian Carson and A McLellan
as joint and several Administrators of the company.


ENRON AUSTRALIA: Under Liquidation
----------------------------------
Creditors of Enron Australia Finance Pty Ltd voted in Tuesday's
meeting to place the Australian arm of debt-ridden US Enron Corp
into liquidation, APP reports, adding that the Voluntary
Administrators had recommended that the local company be wound
up.

Liquidator Tony Sims, of Sims Lockwood, said that the
conservative estimate for returns to creditors is based on
possible fluctuations in the derivatives contracts. "One of the
difficulties of this book is that we have got millions of
dollars worth of derivatives contracts."

"The valuation of the return will be somewhere between 37 cents
and 100 cents. (That) depends on movements in the market,
liquidity of those contracts, how many people close out and the
valuation methodology adopted," Sims added.

Mr Sims said now that Enron Australia had passed into
liquidation, Sims Lockwood would attempt to get a court order to
realize what is owed.

"There is a provision under the Corporations Act that allows a
liquidator to disclaim a contract... and that crystallizes the
position. What we are looking to do with counter parties who
haven't closed out is to be in a position where we can
crystallize exactly what we are owed," Mr Sims said.


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C H I N A   &   H O N G  K O N G
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401 HOLDINGS: Applies OF Circular Dispatch Waiver
-------------------------------------------------
401 Holdings Limited (the Company), in references to the
Company's announcement in relation to the Settlement Agreements,
the Consultancy Settlement Agreement and the Consultancy
Agreement (the Agreements) and the Company's delayed dispatch of
a circular announcement dated 18th December, 2001, has applied
to the Stock Exchange for a waiver of the delay in time for
dispatch of the circular until 4th February, 2002.

Rules 14.13(2) and 14.29(2) of the Rules Governing the Listing
of Securities on the Stock Exchange requires a circular
(Circular) in relation to the Agreements to be dispatched to
shareholders of the Company within 21 days after the publication
of the Announcement, which is 18th December, 2001.

Since the announcement of the Company dated 11th January, 2002
relating to the winding-up petition filed against the Company by
Gold Metro Finance Limited on 30th November, 2001, the Company
and its advisors needed to consider the impact of the petition
(which was unexpected) and the other matters disclosed in that
announcement, on the transactions contemplated by the Agreements
and to ensure that appropriate disclosures are made in the
Circular (including the letter of the board of directors of the
Company and the letter of the independent financial advisor).
The Company has applied to the Stock Exchange for a waiver for
the delay in time of dispatch of the Circular until 4th
February, 2002.


ASIA GLOBAL: Holding Company Files Chapter 11 Protection
--------------------------------------------------------
Asia Global Crossing issued this statement on January 28, 2002
in response to Global Crossing's announcement that it had signed
a letter of intent with Hutchison Whampoa Limited and Singapore
Technologies Telemedia Pte. Ltd. for $750 million cash
investment for a joint majority stake in Global Crossing
and that it and certain of its affiliates had commenced Chapter
11 cases:

"Asia Global Crossing is not a party to the letter of intent,
and it is not one of the Global Crossing affiliates that has
joined Global Crossing in commencing Chapter 11 cases.  Asia
Global Crossing and Global Crossing are closely linked through
ownership, strategy and operations.  While they are not the same
company, Global Crossing owns 58.8 percent of the equity in
Asia Global Crossing.  However, Asia Global Crossing is a
separate corporation, with separate stockholders, creditors,
employees, network assets and operations.

Asia Global Crossing does not expect the Global Crossing
voluntary reorganization to have any immediate effect on Asia
Global Crossing's internal operations or customer service, as
Global Crossing has said that it will continue to conduct its
business in the ordinary course while it reorganizes under
Chapter 11.

In response to the previously announced decision by Global
Crossing not to fund the requested $400 million draw on the
subordinated credit facilities that were established at the time
of Asia Global Crossing's initial public offering, the Asia
Global Crossing Board of Directors has established a
special committee to consider financing and restructuring
alternatives for Asia Global Crossing.  The special committee,
whose members hold no positions with Global Crossing, has
engaged Lazard Freres & Co. LLC to assist it with these efforts.  
Under Asia Global Crossing's bye-laws, financing transactions
involving the issuance of stock, decisions concerning
material transactions between Asia Global Crossing and Global
Crossing or any decision to file for bankruptcy, require
approval of the Asia Global Crossing Board of Directors and, in
addition, approval of the directors designated by Microsoft and
Softbank, each of which owns 14.7 percent of Asia Global
Crossing's stock."

Separately, Asia Global Crossing announced that the New York
Stock Exchange has formally notified the company that it is not
in compliance with exchange listing standards, which require
maintenance of a minimum share price of $1 over a 30-day trading
day period.  In order to maintain its listing, the company must
demonstrate compliance within six months from the date of
notification, subject to certain conditions.

About Asia Global Crossing

Asia Global Crossing (NYSE: AX), a public company whose largest
shareholders include Global Crossing (NYSE: GX), Softbank
(Tokyo Stock Exchange: 9984), and Microsoft (Nasdaq: MSFT),
provides the Asia Pacific region with a full range of integrated
telecommunications and IP services.  Through a combination of
undersea cables, terrestrial networks, city fiber rings and
complex web hosting data centers, Asia Global Crossing is
building one of the first truly pan-Asian networks, which will
provide seamless connectivity among the region's major business
centers.  In addition, in combination with the worldwide Global
Crossing Network, Asia Global Crossing provides access to more
than 200 cities worldwide.  As part of its strategy to provide
city-to-city services, Asia Global Crossing partners with
leading companies in each country it connects to provide
backhaul networks.


C.C. TUNG: Petition To Wind Up Pending
--------------------------------------
The petition to wind up C.C. TUNG & COMPANY LIMITED is scheduled
before the High Court of Hong Kong on Wednesday, February 6,
2002 at 10:00 am.  

The petition was filed with the Court on December 6, 2001 by Li
Ngan Yi, Cheng Kit Sing, Wong Kwok Hung, Sum Ching Woon, Lau Kee
Shing and Wong Bok Mei Ning care of Room 607, Wing On Centre,
111 Connaught Road Central, Hong Kong.


CIL HOLDINGS: Posts Results Announcement Summary
------------------------------------------------
CIL Holdings Limited announced on 25 January, 2002:

Year end date: 30/6/2001
Currency: HK$                                     (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/7/2000    from 1/7/1999
                                  to 30/6/2001     to 30/6/2000
                                  ('000)           ('000)
Turnover                            : 47,579           196,493
Profit/(Loss) from Operations       : 26,565           (254,649)
Finance cost                        : (32,510)         (46,986)
Share of Profit/(Loss) of Associates: NIL              NIL
Share of Profit/(Loss) of
  Jointly Controlled Entities       : NIL              (192)
Profit/(Loss) after Tax & MI        : (4,207)          (299,583)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (0.039 cent)     (15.920
cents)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : NIL              NIL
Profit/(Loss) after ETD Items       : (4,207)          (299,583)
Final Dividend per Share            : NIL              NIL
(Specify if with other options)     : -                -
B/C Dates for Final Dividend        : N/A
Payable Date                        : N/A
B/C Dates for (-) General Meeting   : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

The High Court issued winding up orders to the following
subsidiaries: Ka Cheong Building Materials (International)
Limited, Collections Interior Limited, CIL (Nominees) Limited
and Sundart CIL (Engineering) Limited on 21 May 2001, 4 June
2001, 11 June 2001 and 26 June 2001 respectively.

These subsidiaries are either dormant or net deficit companies
and do not have a significant financial impact to the Group. The
management consider it is in the best interest of the Group to
allow the winding up of these subsidiaries.

DEBTS SETTLEMENT

The Company agreed to:

   (i) place a maximum of 3,000 million new ordinary shares at a
price of HK$0.01 each to independent third parties, pursuant to
the conditional placing agreement (the Placement Agreement)
whereby the placing agent has agreed to place such shares on a
best effort basis;

   (ii) issue an aggregate of about 11,300 million new ordinary
shares to certain secured and unsecured creditors under the
relevant settlement agreements; and (iii) issue an aggregate of
2,500 million new ordinary shares to HK Weaver and Mr. Wong
under the Settlement Agreements (Collectively (ii) and (iii)
referred to as "Settlement Agreements").

However, the Placement Agreements was not completed because the
placing agent did not come to final written agreements with
potential placees before the expiry date of the Placing
Agreement. The placing agent and the Company agreed to terminate
the placing on 2 March 2001. The directors consider that there
would be no significant consequence thereon.

The Company issued 13,800 million new ordinary shares on 2 March
2001 in accordance with the Settlement Agreements.

LIQUIDITY AND FINANCIAL RESOURCES

As at the balance sheet date, the Group has a net current
liabilities of approximately HK$156 million and a total
liabilities to equity ratio of approximately 5.16 times. The
management is in negotiation with all the creditors of the
Company for a settlement proposal but no agreement has been
reached yet. On the other hand, the Company is seeking legal
advice and negotiating with certain creditors and debtors for a
legal set-off of certain receivables against loans and payables.
The Company is also seeking long term equity finance should an
opportunity arise.


JOINT FOCUS: Winding Up Sought By Bank of China
-----------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Joint Focus Investment Limited.  The petition was filed on
November 21, 2001, and will be heard before the High Court of
Hong Kong on January 30, 2002 at 11:30 am.

Bank of China holds its registered office at 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


KIN DON: Price, Turnover Movements Inexplicable
-----------------------------------------------
Kin Don Holdings Limited has noted the recent increases in the
price and the trading volume of the shares of the Company and
stated that the Company is not aware of  any reasons for such
increases.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of price-sensitive nature.


LOCAL TRAVEL: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Local Travel Agency (H.K.) Limited was
heard before the High Court of Hong Kong on January 23, 2002.  
The petition was filed with the court on October 9, 2002 by
Randash Investmnet Limited whose registered office is situated
at 7th Floor, Cheung Kong Center, No. 2 Queen's Road Central,
Hong Kong.


LOYAL GARMENT: Hearing of Winding Up Petition Set
----------------------------------------
The petition to wind up Loyal Garment Limited is scheduled for
hearing before the High Court of Hong Kong today, January 30,
2002 at 11:30 am.  The petition was filed with the court on
November 20, 2001 by The Hongkong and Shanghai Banking
Corporation Limited whose registered office is situated at No. 1
Queen's Road Central, Hong Kong.


MAN SHING: Faces Winding Up Petition
------------------------------------
The petition to wind up Man Shing Development Limited was
scheduled to be heard before the High Court of Hong Kong on
January 23, 2002 at 10:00 am.

The petition was filed with the court on September 5, 2001 by
Bank of China (Hong Kong) Limited (the successor corporation to
The National Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


WEALWORTH ENTERPRISE: Hearing Today Re Petition To Wind Up
----------------------------------------------------------
The petition to wind up Wealworth Enterprise Company Limited
is set for hearing before the High Court of Hong Kong today,
January 30, 2002 at 10:00 am.  The petition was filed with the
court on October 31, 2001 by Paddison Limited whose registered
office is situated at Room 4601, 46th Floor, Office Tower,
Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong.


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I N D O N E S I A
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ASIA PULP: Proposing US$13B Debt Restructuring
----------------------------------------------
Debt-laden Asia Pulp & Paper Co. (APP), a subsidiary of the
Sinar Mas Group, will present a proposal to restructure its
US$13 billion debt when its creditors committee meets in Jakarta
before the end of this month, IndoExchange reports.

"The creditors committee is expected to make a decision on the
proposal at the meeting," Sinar Mas Spokesman Yan Partawijaya
said.  The Sinar Mas Group expects that the debt restructuring
process could start in March, with the help of its financial
advisor, Credit Suisse First Boston.


BANK CENTRAL: IBRA Obtains Four Final Bids
------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) received four
final bids for a 51% government-owned stake in PT Bank Central
Asia Tbk (BCA).  The four bidders comprised consortia headed by
Farallon Capital, Bank Mega, GKBI and Standard Chartered PLC.

The GKBI consortium members include PT Jamsostek, PT Saratoga
Investama and PT Rifan Asset Management while the Farallon
Capital consortium includes Alaerka Invesment Ltd, which is
owned by PT Djarum.  Standard Chartered group consists of
Government of Singapore Investment Corp (GSIC), Prudential PLC
and PT Berca Indonesia.

The four bidders will initially compete for a 30 percent stake
in BCA. IBRA has said it will then sell a further 21 percent
stake to the winning investor to give it majority control.


BANK CENRAL: Winner Selection Criteria in Tender Shares Sale
------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) on Monday, 28
January 2002, received the final bid from the investors
participating in the sales tender of state-owned PT Bank Central
Asia (BCA) shares.

In turn, upon receiving the final bid, IBRA will conduct two-
phase evaluation to select for the prospective investors who can
meet the preset criteria, which is based on recommendations from
the Financial Advisors and Legal Advisor.

In the First Phase of Evaluation, prospective investors have to
meet these criteria:

  1. Statement letter from the investor about having no
relations, either direct or indirect with the Salim Group as
referred to the FSPC Decree No. Kep.03/K.KKSK/11/2000 dated 10
November 2000;

  2. If the prospective investor is a consortium, the consortium
must be led by a bank or financial institution that holds
majority voting rights;

  3. The prospective investor has submitted a irrevocable
standby letter of credit (LC) or other equivalent guarantee
letters in the value of US$ 50 million for a period of 60 days.
The LC in need is issued by a bank with investment grade rating.
The prospective investor must pass the fit & proper test held by
the central bank (Bank Indonesia).

  4. If the prospective investor fails to meet the
aforementioned criteria, the investor is automatically declared
ineligible (drop dead test) and will not be able to proceed with
the next phase of evaluation.

The prospective investors who succeed with the first evaluation
will go through the next evaluation based on the following
criteria :

No.   Criteria       Weight
1  Quantitative Criteria: Bidding price  max 50 points

2  Qualitative Criteria   

       * Consortium structure (evaluation on  max 20 points
   the quality of consortium leader and
         members)

       * Terms and conditions stipulated in the max 25 points
         sale & purchase agreement

       * Business plan for future development  max 5 points
       of BCA

T o t a l  100 points

The announcement of the winner of BCA sales tender will be
published only after the completion of the evaluation and
criteria matching process as well as the fit & proper test by
Bank Indonesia (BI).

Activities carried out by IBRA concerning the sales plan of the
state-owned BCA shares are as follows:

Activity         Time
Announcement on BCA shares divestment  Week I October 2001
through Press Conference, Press Release,
and advertisement placement in the
print media.

Sending of teaser letter & confidentiality Week II October 2001
Agreement

Road show to Singapore and Hong Kong  Week III October 2001
IBRA receives Letter of Interest from 23  Week IV October 2001
strategic investors

IBRA receives initial bid from 15   Week II November 2001
strategic investors

Short listed investors announced   Week IV November 2001

Due diligence by short listed investors  Week IV November 2001-
Week III January 2002

*) Significant information related to the BCA shares divestment
process have also been informed through Press Release, Press
Conference held by IBRA.


GARUDA INDONESIA: To Suspend London Flights
-------------------------------------------
Head of the Tourism and Culture Ministry Board said his office
would persuade Garuda Indonesia to review its decision to close
routes between Bali and Frankfurt and London as of next month,
AsiaPulse reported Monday.

Earlier, Garuda announced that it would suspend flights between
Bali and the two European cities until the end of June because
the routes recorded low load factors and caused losses to the
airline.

"The travel agents will have to look for a replacement and the
problem is that there is no other airline serving direct flights
from the two cities to Bali," Arievaldi, an operator of a travel
bureau, expressed his concern that decision will cause problems
for a number of travel agents.

Meanwhile, DebtTraders analysts, Daniel Fan (852-2537-4111)
and Blythe Berselli (1-212-247-5300), reported that Garuda
Indonesia President Director Audulgani has resigned although the
state-owned is expected to float its shares and expects net
income will reach Rp499 billion and sales will reach Rp12.3
trillion.

PT Garuda Indonesia's 2.404% bond due on 2007 (GARUDA1) trades
between 50 and 58. For more real-time bond pricing info, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=GARUDA1


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J A P A N
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AOMORI CREDIT: Seeking Government Bailout to Avoid Insolvency
-------------------------------------------------------------
Aomori Credit Union will ask the government for an infusion of
taxpayer's money to prevent insolvency, Nihon Keizai newspaper
and Bloomberg reported on January 26.

The Financial Services Agency stressed that the firm should
expand its finances after its capital adequacy ratio fell to 2.6
percent last March. The company had Y200 billion (US$1.5
billion) worth of deposits as of last March.

Aomori Prefecture, two regional banks and Shinkumi Federation
Bank, a national credit association, provided Y3.7 billion to
the bank to improve its capital adequacy ratio to over 4 percent
in December, clearing the way for an application for public
funds.


KANSAI KOGIN: Former Chairman Withdraws Savings Before Collapse
---------------------------------------------------------------
Lee Hui Gon, Kansai Kogin's former Chairman, was reported to
have withdrawn Y1-2 billion from the Osaka-based credit union
company before its collapse in December of 2000, Kyodo News said
Tuesday, citing unnamed sources familiar with the case.

Lee Hui Gon deposited the money at the Tokyo and Osaka branches
of Seoul-based Shinhan Bank, of whose board he was Chairman at
the time, the report said.

Seven executives were arrested on Friday in connection with
loans that the suspects allegedly knew would not be repaid, TCR-
AP reported Tuesday. Kansai Kogin is presently undergoing
rehabilitation and is operating under the control of financial
administrators.


SHINKO SECURITIES: Posts Q101 Y13.93B Net Loss
----------------------------------------------
Shinko Securities Co discloses a consolidated net loss of Y13.93
billion in the first three quarters of fiscal 2001, a sharp
reversal from a profit of 8.01 billion yen a year earlier, Kyodo
News reported on Tuesday. Net group loss per share came to
Y17.31.

The company, which was created through the merger in April 2000
of New Japan Securities Co and Wako Securities Co, attributed
the unfavorable showing in the April-December period of last
year to stock market adjustments resulting from weak economic
activity and corporate earnings.


SNOW BRAND: Admits Another Beef Fraud Case
------------------------------------------
Snow Brand Food Co unveiled another act of beef-labeling fraud
Monday, in which it wrongly labeled beef produced in Hokkaido as
meat from of Kumamoto, according to Kyodo News on Monday. The
Company disclosed that employees at its meat-storage center in
Hyogo Prefecture intentionally put 10 labels on packages of beef
from Hokkaido, claiming it originated from Kumamoto.

The Company said the employees mislabeled the meat because of
difficulties in selling Hokkaido beef since Japan's first case
of mad cow disease was confirmed in a Hokkaido cow in September.
The firm will substantially increase its group net loss
forecasts for the year ending in March related to its new beef
labeling fraud, Company COO Hiromi Sakurada said. The firm had
estimated a group net loss of Y2.6 billion, which will be
revised down significantly.


SNOW BRAND: Moody's Lowers Rating To Ba3; Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded, on January 28, 2002 Snow
Brand Milk Products Co., Ltd's (Snow Brand) senior unsecured
long-term debt ratings to Ba3 from Baa3. The downgrade reflects
Moody's expectation that recovery of its earnings and credit
profile will remain challenged, due mainly to slower-than-
expected recovery of demand and retail price of its milk
products, and Snow Brands unit Snow Brand Food's scandal.
Moody's believes the scandal will adversely affect Snow Brand's
brand image and its consolidated credit profile over the medium
to longer term. The outlook is negative. The rating action
completes a review initiated on November 29, 2001.

Snow Brand has been implementing various restructuring measures
mainly to reduce its cost base such as consolidating its
production facilities and reducing personnel expenses, after the
food poisoning incident in summer 2000. At the same time, the
company lowered retail prices in order to recover its damaged
market share.

Moody's, however, expects that cost reduction measures will be
limited unless Snow Brand successfully reforms its business
portfolio in order to recapture its brand image and earnings.
The company is not likely to be able to reduce its heavy debt
burden in the near term.

Snow Brand Milk Products Co., Ltd., a leading food company in
Japan, is engaged in dairy product business.


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K O R E A
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DAEWOO MOTOR: Poland Minister Proposes New Committee
----------------------------------------------------
Poland Economy Minister Jacek Piechota has proposed to Finance
Minister Marek Belka that a special committee be set up to take
charge of matters relating to Daewoo-FSO Motor, Warsaw Business
Journal reported Monday.

Under the Piechota plan, the committee will be responsible for
devising and implementing a general strategy to assist the firm
ease its heavy debt burden of zl591 million it owes to six
Polish banks.

The previous government formed a similar committee, which was
responsible also for holding talks with the Korean government,
company representatives and its creditors.


HYUNDAI MERCHANT: Repays W380B Maturing Bonds
---------------------------------------------
Hyundai Merchant Marine has repaid bonds worth W380 billion due
to mature at the end of January, and aims to pay back Y98
billion worth of overdue principal and interest for convertible
bonds by January 29, the Korea Herald reported on Tuesday.

The firm issued asset-backed securities (ABS) worth W400 billion
using future sales on LNG (liquefied natural gas) tankers as
collateral.  The shipping company has secured W523 billion in
cash from the sales of three domestic ports, its headquarters
building and shares of Hyundai Heavy Industries. As a result,
the Company is close to securing W1 trillion in cash it promised
its creditors.


HYUNDAI MOTOR: Aims to Operate at Above 90% Capacity
----------------------------------------------------
Hyundai Motor plans to run its factories at above 90 percent of
capacity to meet growing demand, according to DebtTraders
analysts, Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-
247-5300). There are about 150,000 cars pending to be made after
a strike in December last year. The automaker expects to see its
sales will grow 6 percent to 1.68 million cars this year.

Hyundai Motor's 7.600% bond due in 2007 (HYUNMTR) trades between
103.656 and 104.159. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNMTR


HYNIX SEMICONDUCTOR: Creditors Raise Price Tag To $5B
-----------------------------------------------------
Creditors of Hynix Semiconductor Inc. have raised the price tag
to $5 billion, during the fourth round of talks with Micron
Technology in the United States, Korea Herald said on Tuesday,
citing unnamed company officials. Creditors will give Micron
until the end of January to respond and will then set the
schedule for the next round of negotiations.

Micron's bidding price was $3.1 billion to $3.3 billion and
officials said that it was too low for its asset value. (Korea
Exchange Bank (KEB) Vice President Lee said that creditors would
wait for Micron's response until the end of January. KEB is the
main creditor bank of Hynix.

Late last year, the creditors approved the struggling
chipmaker's debt-for-equity swap of more than W3 trillion and
rescheduled its existing debts. Struggling under debts of around
W9 trillion, Hynix is estimated to have posed a loss of around
W4 trillion in 2001 amid a tumble in chip prices. A recent rise
in chip prices has buoyed hopes for its revival.

Hyundai Semiconductor's 8.625% bond due in 2007 (HYUNS2) trades
between 58 and 63. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNS2


SEOULBANK: Consortium to Stage Acquisition Bid
----------------------------------------------
The Dongbu Group has finished forming a consortium to bid for
Seoul Bank, proclaiming that it will stage a bid to acquire the
state-owned bank, the Korea Herald said on Monday. Former Seoul
Bank President Shin Bok-young will lead the role in forming the
consortium. In addition to the Dongbu-led consortium, a European
investment group, HPI, and Chohung Bank have shown their
intention to take over Seoul Bank.

The government, which owns 100 percent of Seoul Bank, has
decided to merge Seoul Bank with a strong domestic bank before
selling it to a prospective buyer. The next option will be the
sale of Seoul Bank to a private consortium or its marriage with
another domestic bank infused with public funds.

Under the scheme, the government intends to wrap up the
privatization of all state-owned banks over the next three to
four years.


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


ARTWRIGHT HOLDINGS: KLSE OKs Proposals Extension Request
--------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Artwright Holdings Berhad (AHB), announced that the
Kuala Lumpur Stock Exchange has, through its letter dated 28
January 2002 approved an extension of time of two (2) months to
21 February 2002 to enable AHB to obtain all the necessary
approvals in relation to its Proposals from the regulatory
authorities.

The Proposals refer to:

  * Proposed Strategic Alliance
  * Revised Proposed Debt Restructuring
  * Proposed Employees' Share Option Scheme


CHASE PERDANA: Updates Material Litigations Status
--------------------------------------------------
The Board of Directors' of Chase Perdana Berhad (CPB) updated  
the material litigation:

1. CPB against Pekeliling Triangle Sdn Bhd (PTSB) High Court
Suit No. S5-22-408-2000

On the 28 January 2002, the Court has postponed the Stay of
Execution hearing to 29 January 2002. (The hearing date was
earlier postponed from 28 November 2001 to 28 January 2002).

2. PTSB against CPB vide High Court Suit No. S6-22-483-2001

On 25 January 2002, the Court fixed the Summary Judgment and
Injunction Application for decision on 21 March 2002. The
Summary Judgment, which was fixed for mention on 22 November
2001, and the Injunction, which was earlier fixed for hearing on
22 November 2001, was postponed to 25 January 2002.


NAUTICALINK BERHAD: KLSE Grants Two-Month RA Extension
------------------------------------------------------
The Board of Directors of Nauticalink Berhad (NLB or the
Company) announced that it has received an approval from KLSE
through its letter dated 25th January 2002, granting the Company
extension of time of two months from 22 December 2001 to 28th
February 2002 to enable NLB to make its Requisite Announcement
(RA).

Profile

Ferry service provider Nauticalink's main subsidiary, Kuala
Perlis-Langkawi Ferry Services Sdn Bhd (KPLFS), commenced
operations in April 1961. It currently plys nine routes:
Langkawi-Kuala Perlis, Langkawi-Kuala Kedah, Langkawi-Penang,
Langkawi-Satun (Thailand), Penang-Belawan (Indonesia), Langkawi-
Belawan-Lumut, Pulau Paya Marin Park, Tanjung Gemok-Tioman and
to Kuala Terengganu-Pulau Redang.

In March 2000, the Company unveiled a proposed debt
restructuring and schemes of arrangement. However, in view of
the continuing weak market sentiments, the Company has decided
to abort its approved scheme. The Company is now exploring
various options to address and regularize its financial
position. It is still in the midst of formulating a new
restructuring scheme and is currently in discussion with
prospective investors and financiers.


NCK CORPORATION: Answers KLSE's Proposed Restructuring Queries
--------------------------------------------------------------
NCK Corporation Berhad (NCK) (Special Administrators Appointed)
replied to the Kuala Lumpur Stock Exchange's queries on an
announcement that was made on 16 January 2002 in relation to the
Proposed Restructuring, as:

1. Basis of arriving at the purchase consideration for the
acquisition of Amalgamated Metal Corporation (M) Sdn Bhd (AMC),
Benmarl Sdn Bhd (Benmarl), Prescan Sdn Bhd (Prescan) by Era
Julung Sdn Bhd (EJ)

The purchase consideration for the acquisition of AMC, Benmarl
and Prescan by EJ of RM33,159,849, RM5,444,765 and RM2,333,471
was arrived at on a willing buyer willing seller basis after
taking into consideration:

   * The unaudited net tangible assets of AMC, Benmarl and
Prescan for the financial year ended 31 December 2001

   * The prospective earnings of AMC, Benmarl and Prescan

2. The original cost of investment in AMC, Benmarl and Prescan

The original cost of investment in AMC, Benmarl and Prescan by
their shareholders are shown below:

  AMC    Benmarl   Prescan

Original Cost of investment(RM) 12,660,000  3,000,000  1,600,000


3. Whether the restricted issue of up to 3,736,000 shares is
renounceable

The proposed restricted issue of up to 3,736,000 ordinary shares
of RM1.00 each in Newco (Newco Shares) will be on a renounceable
basis.

4. The use of future proceeds from the exercise of the warrants

Assuming all the warrants are exercised, Newco will receive
total proceeds of RM3,736,000. The proceeds will be utilized for
working capital purposes.

5. The basis of determining the exercise price of the warrants

The exercise price of the warrants of RM1.00 was arrived at
after taking into account the following:
  
  * The issue price of Newco Shares of RM1.00 pursuant to the
following proposals to be undertaken by Newco:

     * acquisition of EJ

     * the new Newco Shares to be issued to the existing
shareholders of NCK, NCK, its assigns or the creditors' agents
appointed pursuant to the workout proposal for the benefit of
creditors

     * the restricted issue

     * the special issue

  * Earnings potential of Newco

  * Par value of ordinary shares of RM1.00 each in Newco

The Special Administrators (the SA) also announced that the
Company had on 20 December 2001 applied for an extension of two
(2) months to release the Requisite Announcement (RA) to the
Kuala Lumpur Stock Exchange (KLSE). The KLSE had on 25 January
2002 approved an extension of two (2) months from 26 December
2001 to 25 February 2002 to enable the Company to announce its
RA to the Exchange for public release.


MYCOM BERHAD: MITI Grants Conditional Amended Scheme Approval
-------------------------------------------------------------
The Board of Mycom Berhad (Mycom and the Company), in reference
to the announcement dated 10 December 2001 whereby Mycom had
submitted an application to the Ministry of International Trade
and Industry (MITI) in respect to the amended Proposed
Restructuring Scheme (the Scheme), announced that the Company
has received conditional approval from MITI in respect of the
Scheme by their letter dated 26 January 2002.

Profile:

In May 2000, the Company and certain of its subsidiaries entered
into a restructuring agreement with its financial institutions
to undertake a proposed debt and corporate restructuring scheme.
Implementation of the restructuring exercise is expected within
the 2001 financial year.

As per the proposals, Mycom will focus on property development
and construction activities post-restructuring, with the
acquisition of property development and construction
subsidiaries from Olympia and joint development with Olympia of
the Kenny Heights project located at the Mont Kiara/Sri Hartamas
vicinity which it proposes to co-own with Olympia. The
acquisitions will not only contribute immediate earnings to
Mycom, but will also inject a sizeable land bank in various
parts of Malaysia into the Group, turning it into a major
property developer in the country.

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


OLYMPIA INDUSTRIES: MITI Gives Provisional Scheme Approval
----------------------------------------------------------
The Board of Olympia Industries Berhad, in reference to its
earlier announcement on 10 December 2001 that the Company had
submitted a letter informing the Ministry of International Trade
and Industry (MITI) in relation to the amended Proposed
Restructuring Scheme (the Scheme) on 8 December 2001, informed
that MITI had given their conditional approval according to  
their letter dated 26 January 2002 in respect of the Scheme.

Profile

On 30 April 1999, Pengurusan Danaharta Bhd appointed Special
Administrators (SAs) over Jupiter Securities to assume control
of the assets and affairs of the company. The SAs have prepared
a workout proposal, which was subsequently accepted by secured
creditors on 11 October 1999. The workout proposal has been
approved by all relevant authorities except the SC where a
conditional approval was received on 14 August 2000. Pursuant to
the conditional approval, the SAs' appointment will be extended
until such time when the SC is satisfied with the implementation
of the plans.

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

Subsequently, on 8 May 2000, the Company and certain of its
subsidiaries, Jupiter Capital Sdn Bhd, Dairy Maid Resort &
Recreation Sdn Bhd, Olympia Plaza Sdn Bhd, Olympia Land Bhd, and
Mascon Sdn Bhd, and sub-subsidiaries LC (BVI) Ltd and Olympia
Travels and Tours Sdn Bhd, entered into a restructuring and
standstill agreement with financial institution creditors to
undertake a proposed debt and corporate restructuring entailing
a proposed capital reduction and consolidation, reduction of
share premium account, rights issue with detachable warrants,
special issue, debt novation, debt restructuring, acquisition of
property companies and land, disposal of property companies,
inter-company settlement between the Company and substantial
shareholder Mycom Bhd and an offer for sale. The proposals are
inter-conditional upon a scheme that Mycom is undertaking. The
scheme was submitted to the SC on 16 August 2000. Save for FIC,
the scheme is pending approval from the SC, MITI, KLSE,
shareholders and creditors. On 26 February 2001, the Company
received a request from the SC for further input, in order to
arrive at a more comprehensive restructuring exercise for its
consideration.


PROMET BERHAD: KLSE Grants Requisite Announcement Extension
-----------------------------------------------------------
Promet Berhad, in reference to the announcement made on 20
December 2001 stating the Company's application to the Kuala
Lumpur Stock Exchange (KLSE) on 20 December 2001 for an
extension of time to announce the Requisite Announcement to the
Exchange for public release, announced that the KLSE has
approved an extension of two (2) months and 6 days from 23
December 2001 to 28 February 2002 to enable the Company to
announce the Requisite Announcement (RA).

Profile

Originally in the business of building contractors and civil
engineers, the Company diversified into the property and hotel
industries in 1981.

In early 1990, after a period of rationalization, the Group re-
focused its business plans and concentrated on four core
activities: steel fabrication, marine engineering and
construction, civil engineering and construction, property
investment and development. Subsequently, it divested its
interests in the hotel industry in 1993.

The Group has since disposed of its Teluk Ramunia Fabrication
Yard and all the assets at this Yard including temporary
structures as well as machinery, operating equipment and cranes
to Ramunia Energy and Marine Corporation Sdn Bhd pursuant to two
agreements dated 21 May 2001.

The Company is currently working out a restructuring scheme to
inject suitable assets to regularize its financial condition.


RAHMAN HYDRAULIC: 86th Adjourned AGM to be Held Feb 20
------------------------------------------------------
On behalf of Rahman Hydraulic Tin Berhad (Special Administrators
Appointed) (the Company or RHTB), the Special Administrators
announced that the Adjourned Eighty Sixth Annual General Meeting
of the Company will be held at Quality Hotel Shah Alam, Plaza
Perangsang, Persiaran Perbandaran, 40000 Shah Alam, Selangor
Darul Ehsan on Wednesday, 20 February 2002 at 9.30 a.m.

The full text of the Notice of Adjourned Eighty Sixth Annual
General Meeting is found at
http://www.bankrupt.com/misc/TCRAP_Rahman0129.doc


SENG HUP: Corporate, Debt Restructuring Scheme Pending
-------------------------------------------------------
On behalf of Seng Hup Corporation Berhad (Special Administrators
Appointed)(SHCB or the Company), Commerce International Merchant
Bankers Berhad announce that the Bank Negara Malaysia (BNM) had
by its letter dated 22 January 2002, stated that permission has
been granted to Natural Prestige Sdn. Bhd. (NPSB) to issue the
Irredeemable Convertible Unsecured Loan Stock (ICULS) and the
warrants to the foreign creditors pursuant to the Proposed Debt
Restructuring which form an integral part of the Proposed
Corporate and Debt Restructuring Scheme.

The permission from the BNM is subject to NPSB obtaining the
approval and fulfilling all conditions imposed therein from all
relevant authorities in Malaysia.

The approvals from the Ministry of International Trade and
Industry and the Securities Commission for the Proposed
Corporate and Debt Restructuring Scheme are still pending.


TECHNOLOGY RESOURCES: SC Rejects Proposals Terms Revision
---------------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
(TRI or the Company) announced that the Company, on 24 January
2002 received the following decisions of the Securities
Commission (SC) via its letter dated 22 January 2002 on
clearance/exemptions sought by the Directors of TRI (via letters
from Malaysian International Merchant Bankers Berhad (MIMB) to
the SC dated 12 December 2001 and 16 January 2002) on the
following matters:

(a) The SC did not approve a proposal by the Directors of TRI to
revise the inter-conditionality term of the Proposals
concerning:

   Original term:

   (i) the Proposed Rights Issue, Proposed Early Redemption
Option, Proposed Debt Refinancing and Proposed Internal
Restructuring are inter-conditional, and are conditional on the
Proposed Restricted Issue; and

   (ii) the Proposed Restricted Issue is not conditional on the
Proposed Rights Issue, Proposed Early Redemption Option,
Proposed Debt Refinancing and Proposed Internal Restructuring.

   Proposed revised term:

   (i) the Proposed Restricted Issue, Proposed Rights Issue,
Proposed Early Redemption Option and Proposed Debt Refinancing
are not inter-conditional; and

   (ii) the Proposed Internal Restructuring is conditional on
the Proposed Restricted Issue, Proposed Rights Issue, Proposed
Early Redemption Option and Proposed Debt Refinancing being
implemented.

In giving its decision, the SC had taken note that there is no
assurance that the Proposed Restricted Issue and Proposed Rights
Issue will be implemented fully pursuant to the said proposed
revision to the inter-conditionality term.

In respect of the foregoing, the Directors of TRI agree to
maintain the condition that the Proposed Rights Issue and
Proposed Early Redemption Option shall be conditional on the
Proposed Restricted Issue. For the removal of any doubt, the
Proposed Rights Issue and the Proposed Restricted Issue will
only be implemented if the full amount required for the Proposed
Early Redemption Option is available on or before 22 April 2002.

The Directors will seek the SC's clearance to proceed with the
Proposed Internal Restructuring after the completion of the
above and the Proposed Debt Refinancing.

(b) The SC has approved, inter-alia, the following in relation
to the placees for the Proposed Restricted Issue:

   (i) Exemption from the condition set out in paragraph 4(iv)
of the SC's approval letter dated 28 November 2001 for the
Proposed Restricted Issue, Proposed Rights Issue and Proposed
Internal Restructuring, for written confirmations to be
furnished to the SC from identified investors for the Proposed
Restricted Issue that they are committed to subscribe for the
Proposed Restricted Issue shares and they have the source of
financing required to subscribe for the same.

   (ii) Exemption from the requirement for placees to submit
confirmations to the SC that they are independent placees,
subject to the condition that placees who are not giving such
confirmations shall not be entitled to any discount from the
issue price of the shares fixed according to the SC's
requirements (i.e. 5-days weighted average market share price of
TRI preceding the price-fixing date).
Note: The Company has on 4 January 2002 announced to the KLSE
the issue prices for the Restricted Shares.


The "Proposals" include:

  * Proposed Restricted Issue

  * Proposed Rights Issue

  * Proposed Early Redemption Option

  * Proposed Debt Refinancing

  * Proposed Internal Restructuring


WEMBLEY INDUSTRIES: KLSE Grants Requisite Announcement Extension
----------------------------------------------------------------
Alliance Merchant Bank Berhad, announced on behalf of Wembley
Industries Holdings Berhad (WIHB or Company) that the Kuala
Lumpur Stock Exchange (KLSE) had, via their letter dated 25
January 2002, given an approval for a further extension of time
from 31 December 2001 to 28 February 2002 to enable WIHB to
announce its revised Requisite Announcement in regards to its
Proposed Debt Restructuring to the KLSE.

Thereafter, upon submission of the revised plan to the
regulatory authorities, the Company is also required to make a
separate application to the KLSE to seek additional time for the
Company to obtain all the necessary approvals from the
regulatory authorities.


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


BAYAN TELECOMMUNICATIONS: Aims For Debt Settlement This Year
------------------------------------------------------------
Bayan Telecommunications, Inc. (BayanTel) hopes to settle debt-
restructuring talks with creditors by the end of 2002, Business
World reports, citing Chief Financial Officer Gary B. Olivar.

The Company started debt restructuring negotiations with
bondholders and creditor banks in early 2000. BayanTel has $477
million in liabilities, of which $277 million is owed to banks
and $200 million to bondholders.

BayanTel has offered 10 percent of the Company to unsecured
creditors through a debt-to-equity conversion plan under the
revised debt-restructuring proposal. The company valued the 10
percent shares at $150 million. It also asked for a "three-
fourths" reduction on the interest rates on the loans, but only
"temporarily" or on the first four quarterly amortizations. A
further reduction would result in an interest rate equivalent to
the 91-day Treasury bill (T-bill) plus 0.25 percent from the
already reduced T-bill plus 1 percent on peso loans.

DebtTraders reports that Bayan Telecommunications Inc's 13.500%
bond due in 2006 (BAYAN) trades between 18.5 and 20. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYAN


BENPRES HOLDINGS: Unit Seeks US$10M Fresh Funds
-----------------------------------------------
Benpres Holdings Corp unit Maynilad Water Services Inc is
searching for fresh funds worth US$10 million in yearly loans
for three years from a Europe-based financing institution,
Manila Bulletin and AFX News reported on Monday, quoting
Maynilad corporate communications director Joel Lacsamana.
Further details were not disclosed.

The move will fund internal pipe networks in depressed areas.
Lacsamana stressed that the company has submitted all the
requirements for the loan and expects a deal with the financing
institution this month.

DebtTraders reports that Benpres Holdings' 7.875% bond due in
2002 (BENPR) trades between 62 and 64.5 For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENPR


FRANCISCO MOTORS: Forms Joint Venture With Sateemax
---------------------------------------------------
Francisco Motor Corp. (FMC) has forged a $US25 million joint
venture with Sateemax of Sierra Leone to set up a manufacturing
facility for passenger jeepneys for distribution in West African
countries, PR Newswire reports. The joint venture firm -
Sateemax-FMC (SL) Limited - is 80 percent owned by Sateemax and
20 percent by FMC. FMC senior assistant Vice-President Roland
Francisco said the agreement would allow FMC to export to Sierra
Leone completely built-up passenger jeepneys, parts and
components for four years. FMC will act as the main contractor
for the construction of the manufacturing facility.

FMC is losing P40 million to P50 million each month, TCR-AP
reported in December. The losses are reportedly being incurred
while the company waits for "substantial response" from the
Board of Investments (BOI) to cancel the model registration of
Ford Ranger and Econovan on grounds that the vehicles share the
same platform as the Mazda B-series pickups.  The petition has
been pending for two years.


MONDRAGON LEISURE: CDC to Seize Assets if Debt Unresolved
---------------------------------------------------------
In a petition to the Supreme Court, the Office of the Government
Corporate Counsel (OGCC), representing Clark Development
Corporation (CDC), said that Mondragon Leisure and Resorts Corp
(MLRC) should be ordered to stick to the provisions of the 1999
deal for the settlement of P325 million in unpaid rentals or it
will seize assets of the cash-strapped property developer,
Business World reported on January 29.

Chief Government Counsel, Amado D. Valdez, said MLRC could no
longer go back on the earlier deal, which was agreed by SC
justices. A compromise was reached in 1999 when the Mondragon
Group pledged to pay in seven installments the P325 million,
representing arrears for the rental of the land on which the
Mimosa Leisure Estate in Clarkfield, Pampanga (central Luzon)
stands. The first tranche was supposed to be paid in August
1999.

CDC leased to Mondragon a vast parcel of land in Clark in
February 1994. Mondragon was unable to pay rentals that reached
P248 million in November 1998. The case reached the trial court
and eventually, the Supreme Court, where the parties perfected
to compromise deal.


NATIONAL BANK: IBank's Ramon Sy Declines Presidency
---------------------------------------------------
International Exchange Bank (Ibank) President and CEO Ramon Sy
did not accept the post of president for Philippine National
Bank (PNB), AFX News said Monday.

Sy stressed that there has been speculation over the past few
days about the possibility of joining the Philippine National
Bank. He would like to lay all speculation to rest. I will stay
at Ibank, he said. A source familiar with the appointment
process in PNB said last week Sy had agreed to head the bank.

The unnamed source said Sy would quit IBank after the government
signs the memorandum of agreement (MOU) with PNB majority owner
Lucio Tan, allowing the state to control the bank management.


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


CAPITALAND LIMITED: Increases Dahlia's Share Capital
----------------------------------------------------
The Board of Directors of CapitaLand Limited (CapitaLand)
announced on January 28 that its indirect wholly-owned
subsidiary, Dahlia Properties Pte Ltd (Dahlia), has increased
its authorized share capital from $100,000 to $300,000
comprising 300,000 ordinary shares of par value $1 each.

CapitaLand's interest in Dahlia is held through CapitaLand
(Office) Investments Pte Ltd (COIPL), a wholly owned subsidiary
of CapitaLand Commercial Limited, which in turn is wholly owned
by CapitaLand.

COIPL has subscribed for an additional 150,000 ordinary shares
of par value $1 each. Consequent to the subscription, COIPL's
stake in Dahlia has increased from $100,000 to $250,000
comprising 250,000 ordinary shares of par value $1 each.

CapitaLand's interest in Dahlia remains at 100 percent after the
increase.


KEPPEL CORP: Temasek Holdings Changes Deemed Interest
-----------------------------------------------------
Keepel Corporation Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's deemed
interest:

Date of notice to company: 28 Jan 2002
Date of change of interest:  
Name of registered holder:  
Circumstance giving rise to the change: Others
Please specify details: Please see below

Date of Change: 24/01/2002
Name of Registered Holders: CDP:DBS Nominees
Circumstances giving rise to the change: +Deemed Interest -
Matched Book Trade
No. of shares of the change: 100,000
Unit Price:
No. of shares held before change: 247,968,260
5 of issued share capital: 32.37%
No. of shares held after change: 248,068,260
% of sissued share capital: 32.39%

Date of Change: 25/01/2002
Name of Registered Holders: CDP: NSPL
Circumstances giving rise to the change: + Deemed Interest -
Open Market Sale
No. of shares of the change: (688,000)
Unit Price: 3.59450
No. of shares held before change: 248,068,260
5 of issued share capital: 32.39%
No. of shares held after change: 247,380,260
% of sissued share capital: 32.30%

* These transactions were reported to Temasek Holdings January
25, 2002.

Based on 765,958,091 shares issued (18 Jan 02)
All sales are discretionary sales unless stated otherwise
Temasek's direct interest is 246,227,760 shares to date.

DebtTraders reports that Keppel Corporation's 2.000% convertible
preferred due in 2001 (KEPP2) trades between 119.75 and 120.25.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KEPP2


KOH BROTHERS: Appointments Managers Related to Directors
--------------------------------------------------------
Koh Brothers Limited announced on January 28 the appointment of
managers related to a listed issuer's directors or substantial
shareholders.

Name:Koh Tiat Meng
Age :67
Family relationship with any Director and/or Substantial
Shareholder: Brother of Koh Teak Huat and Koh Tiak Chye; spouse
of Quek Chee Nee; father of Koh Keng Siang and Koh Keng Hiong
Current position and duties, and the year the position was first
held: Chairman of the Group - Founder of the Group

Name:Koh Teak Huat
Age :53
Family relationship with any Director and/or Substantial
Shareholder: Brother of Koh Tiat Meng and Koh Tiak Chye; uncle
of Koh Keng Siang and Koh Keng Hiong
Current position and duties, and the year the position was first
held: Deputy Chairman of the Group- Founder member

Name:Koh Tiak Chye
Age :48
Family relationship with any Director and/or Substantial
Shareholder: Brother of Koh Tiat Meng and Koh Teak Huat; uncle
of Koh Keng Siang and Koh Keng Hiong
Current position and duties, and the year the position was first
held: Vice-Chairman of the Group - Founder member (1998)

Name:Koh Keng Siang
Age :40
Family relationship with any Director and/or Substantial
Shareholder: Son of Koh Tiat Meng and Quek Chee Nee; brother of
Koh Keng Hiong; nephew of Koh Teak Huat and Koh Tiak Chye
Current position and duties, and the year the position was first
held: Managing Director of the Group (1996)

Name:Koh Keng Hiong
Age :36
Family relationship with any Director and/or Substantial
Shareholder: Son of Koh Tiat Meng and Quek Chee Nee; brother of
Koh Keng Siang; nephew of Koh Teak Huat and Koh Tiak Chye
Current position and duties, and the year the position was first
held: Director and General Manager of the Group's Leisure &
Hospitality Division (1994)


KAKI BUKIT: Court Winds Up Industrial Park Developer
----------------------------------------------------
The High Court of Singapore has wound up Kaki Bukit Industrial
Park after six months of judicial management failed to revive
the company with total debts of $60 million, the Straits Times
reported on Monday.

Kaki Bukit is linked to former bankrupt Ho Kok Cheong, the
developer of People's Park Complex. According to the Registry of
Companies and Businesses, Mr Ho's company, Straits International
Resources, is a majority shareholder in Kaki Bukit.

In November 2001, the firm's judicial managers KPMG partners
Michael Ng and Peter Chay asked to be discharged, as the firm
would be unable to pay its liabilities. In view of the failure
of the judicial managers to find fresh finances, Mr Loh decided
to renew the winding-up petition. The High Court issued the
winding up order on January 11. The factory has been valued at
$6.5 million, which was an offer received by the judicial
managers, but there have been no takers so far.


L&M GROUP: Posts Director's Interest Notice
-------------------------------------------
L & M Group Investments Ltd posted a notice of changes in
Director Yay Yew Beng Peter changes in interests:

Date of notice to company: 28 Jan 2002
Date of change of interest: 24 Jan 2002
Name of registered holder: The Central Depository (Pte) Ltd
Circumstance giving rise to the change: Open market purchase
Shares held in the name of registered holder

No. of shares of the change: 100,000
% of issued share capital: 0.041
Amount of consideration per share excluding brokerage, GST,
stamp duties clearing fee: 0.14
No. of shares held before change: 0
% of issued share capital: 0
No. of shares held after change: 100,000
% of issued share capital: 0.041

Holdings of Director including direct and deemed interest
                                          Deemed Direct
No. of shares held before change:           0    0
% of issued share capital:                  0    0
No. of shares held after change:            0    100,000
% of issued share capital:                  0    0.041

Total shares:                               0    100,000


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


MEDIA OF MEDIAS: Reports Rehabilitation Plan Progress
-----------------------------------------------------
K.Y.S. Holdings Co. Ltd., Plan Administrator of Media of Medias
Public Company Limited, pursuant to the approval of The Business
Rehabilitation Plan of the Company by the Bankruptcy Court on
January 15,2002, reported the progress of the rehabilitation
status as:

1.  In accordance with clause 4.9 of the Plan (concerning
decrease and increase in capital, capital structuring ), K.Y.S.
Holding Co., Ltd. has already sent a registered letter informing
the amount of debt/equity swap to each creditor on January
21,2002.

2.   Changing par value of convertible debenture from Bt1
Million, as per the shareholders resolutions made at a
shareholders' ordinary meeting held on April 30.1999, to Bt1,000  
according to clause 4.9(2) of the Plan. We also made change to a
number of shares reserved for convertible debentures by reducing
from a maximum of 20 million shares to a maximum of 5 million
shares.

At present, the registered capital of Media of Medias Public
Company Limited is Bt700,000,000 including paid-up capital of
Bt260,000,000 and unpaid capital of Bt440,000,000 or 44,000,000
shares. The unpaid capital comprises 44,000,000 ordinary shares
at par value of Bt10 each amounting to Bt440,000,000 and
ordinary shares reserve for convertible debentures not
exceeded 5,000,000 shares at par value of Bt1000.


RAIMON LAND: Cuts, Raises Capital as Rehab Plan Compliance
----------------------------------------------------------
The Central Bankruptcy Court issued an order approving the
Business Rehabilitation Plan of Raimon Land Public Company
Limited (Company) on 8 November 2001.  According to the Business
Rehabilitation Plan, it provides for Raimon Land Planner Co.,
Ltd., the Plan Administrator, to carry out the reduction of the
registered capital and increase of the registered capital of the
Company.  On 28 January 2002, the Plan Administrator therefore
proceeds under the Business Rehabilitation Plan of the Company
for reduction and increase of the registered capital:

1.  Reduction of the registered capital of the Company from the
existing amount of Bt700,000,000 to Bt9,372,000, divided into
937,200 shares, par value of Bt10, by canceling the 13,200,000
unissued ordinary shares, par value of Bt10, amounting to
Bt132,000,000 and by reducing the Bt558,628,000 paid up capital
of the Company, divided into 55,862,800 shares, par value of
Bt10, resulting in the remaining paid up capital of Bt9,372,000,
divided into 937,200 shares, par value of Bt10.

2.   Amendment to Clause 4 of the Memorandum of Association in
line with the reduction of the registered capital as:

"Clause 4.      Registered capital is   Bt9,372,000       
                Divided into            937,200 Shares  
                With a par value of     Bt10
                    Shares are classified into:
                Ordinary Shares of        937,200       Shares  
                Preference Shares            ----       Shares"

3.  Increase of the registered capital of the Company from the
existing amount of Bt9,372,000 to Bt249,920,000; namely, to
increase the registered capital by another Bt240,548,000 by
issuing 24,054,800 new ordinary shares, par value of Bt10, with
the said 24,054,800 newly issued shares to be allotted as
follows:

(1)     19,993,600 ordinary shares, par value of Bt10, for sale
in entirety or in lots to be offered from time to time to
specific investors and/or institutional investors categorized
under the 17 Categories under the Notification of the Securities
and Exchange Committee Governing Rules, Conditions, and
Procedures in Application for Offering New Shares and Approval,
priced at approximately Bt5.002 per share, for mobilization of
Bt100 Million capital.  As for the offering period, other terms
and conditions on issuing and offering to specific investors
and/or institutional investors of 17 Categorizes, it would be at
the discretion of the Plan Administrator to further determine as
appropriate.   

(2)     4,061,200 ordinary shares, par value of Bt10, to be
allotted to the Unsecured Financial Creditors for debt-equity
swap on a pro rata basis of the debts under the applications for
debt repayment which are finally ruled.

4.   Amendment to the Clause 4 of the Memorandum of Association
in line with the increase of the registered capital as follows:

"Clause 4.      Registered capital is   Bt249,920,000     
    Divided into            24,992,000 Shares  
    With a par value of     Bt10

            Shares are classified into:
Ordinary Shares of       24,992,000     Shares  
            Preference Shares              ----     Shares


SIAM STRIP: Files Business Reorganization Petition to Court
-----------------------------------------------------------
Iron products producer and distributor Siam Strip Mill Public
Company Limited (DEBTOR) filed its Petition for Business
Reorganization to the Central Bankruptcy Court:

   Black Case Number 148/2544

   Red Case Number 225/2544

Petitioner: SIAM STRIP MILL PUBLIC COMPANY LIMITED #1ST, CITY
BANK N. A. (TOKYO) COMPANY LIMITED # 2ND, ITOSHO CORPORATION
#3RD AND SUMITOMO CORPORATION #4TH.

Planner: S.S.M. Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt26,541,000,000

Date of Court Acceptance of the Petition: February 27, 2001

Date of Examining the Petition: March 26, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: March 26, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: March 30, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: April 26, 2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: July 26, 2001

Planner postponed the date of submitting the reorganization plan
#1st to August 26, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to September 26, 2001

Appointment Date for the Meeting of Creditors to consider the
Reorganization Plan: October 25, 2001 at 9.30 am. Evergreen
Hall, Evergreen Laurel Hotel, North Sathorn Road,

The Meeting of Creditors had a resolution Not accepting the
reorganization plan pursuant to Section 90/48

Court had issued an Order Cancelled the Order for Business
Reorganization on November 22, 2001

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: November 29, 2001

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette: December 18, 2001

Contact: Ms. Piyanant Tel, 6792525 ext. 114


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

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