/raid1/www/Hosts/bankrupt/TCRAP_Public/020423.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

            Tuesday, April 23, 2002, Vol. 5, No. 79

                         Headlines

A U S T R A L I A

ALLIED CARPET: Former Director Charged With AUD$3.1M Fraud
ANSETT GROUP: Administrators Seek DOCA Time Extension Approval
DIGITAL NOW: Enters Arrangements as Restructuring Measures
EARTH SANCTUARIES: Sells Four Sanctuaries for AUD$5.2M
HARRIS SCARFE: Former Officer Pleads Guilty

HIH INSURANCE: Posts Royal Commission's Hearing Schedule
ROADSHIPS LTD: ASIC Obtains Court Directions
PHONEWARE LIMITED: Asset Acquisition Completed
PRESTON RESOURCES: Restructuring Subject to Holders' Approval
REINSURANCE AUSTRALIA: Provides Company Update


C H I N A   &   H O N G  K O N G

LAI SUN: Narrows Interim Loss
LUEN YICK: Winding Up Sought by Bun Kee
NORTHEAST ELECTRICAL: Share Tradings Suspended
RANK SUN: Hearing of Winding Up Petition Set
UNISION-WATCH: Petition to Wind Up Scheduled for July

WAH LEE: Enters Placing Agreement; Shares Trading Resumes
WINSAN (CHINA): Widens Operations Loss to HK$439,138


I N D O N E S I A

BANK INTERNASIONAL: Widjaja Submits Remaining Ownership to IBRA
DUTA PERTIWI: Pefindo Downgrades Credit Ratings to `idCCC'


J A P A N

DAI-ICHI KATEI: Tokyo Court Approves Rehab, Awaits Plan
DAIEI INC: Will Unify Employment System
DAIMARU INC: Retail Store Operator Reveals Loss
DAIWA BANK: Sells World Cup Weather Derivatives
DANTANI CORP: Housing Materials Maker Goes Bust

MIZUHO HOLDINGS: FSA to Probe Banking Fiasco in May
NIPPON TELEGRAPH: Will Fire 17,000 Workers to Revive Business
SOFTBANK CORP: Group Will Offer Y7.5 Web Calls to U.S.
SUMITOMO HEAVY: Merging Crane Ops With Hitachi Construction

TOKYU STORE: Posts Y11.06B Loss


K O R E A

DAEWOO MOTOR: Creditors to Delay Sale Accord
DAEWOO MOTOR: GM Will Exclude Takeover of U.S. Unit
HYNIX SEMICON: Micron Deal Nears Completion


M A L A Y S I A

BERJAYA GROUP: U.S. Subsidiary Files Chapter 11 Protection
LIEN HOE: No Change in Loan Stocks Defaulted Status
OLYMPIA INDUSTRIES: Unit Faces Glastech's Writ of Summons
PANGLOBAL BERHAD: KLSE Grants Further Time Extension Approval
PICA (M) CORP.: Faces Litigation Over Defaulted Loan Payment

PILECON ENGINEERING: Hires Mr Ban Hock as New CEO
SRIWANI HOLDINGS: KLSE Gives Regularization Plan Extension


P H I L I P P I N E S

MAYNILAD WATER: Secures $100M Loan Payment Extension
METRO PACIFIC: Offers to Swap Property to Pay P1.5B Loan
NATIONAL BANK: Tan Set to Turn Over Control to Government
UNION CEMENT: Plans to Borrow P750M for Debt Refinancing


S I N G A P O R E

ASIA PULP: U.S. Trial Expected in May
KEPPEL TELECOM: Faces Warning From Singapore Exchange
SEMBCORP INDUSTRIES: Will Sell 20% Stake in Singapore Computer


T H A I L A N D

BANGCHAK PETROLEUM: Seeks Govt Assistance to Raise Capital
DATAMAT PUBLIC: Appoints Audit Committee, Notes Duties
PRASIT PATANA: SET Posts `NR' Sign
SINO-THAI RESOURCES: Independent Director Dies

     -  -  -  -  -  -  -  -

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


ALLIED CARPET: Former Director Charged With AUD$3.1M Fraud
----------------------------------------------------------
Mr Michael Frank Simich, former director of Allied Carpet
Industries Pty Ltd (Allied), appeared before the Perth
Magistrates Court on Wednesday, April 17, 2002, on further
Australian Securities and Investments Commission (ASIC) fraud
and theft charges.

Mr Simich first appeared before the Perth Magistrates Court on 6
July 2001, after his arrest by the WA Police Major Fraud
Investigation Squad.

The charges were laid following the conclusion of an ASIC
investigation and Mr Simich now faces a total of 59 charges
involving over AUD$3.1 million.

Mr Simich pleaded guilty to all charges and the matter was
remitted to the Perth District Court for sentencing on 31 May
2002.

ASIC alleges that Mr Simich fraudulently obtained investments,
from mainly Western Australian investors through his company,
Allied, and a partnership, International Corporate Carpets. He
promised his investors high returns over short periods, on
investments in non-existent carpet jobs.

ASIC also alleges that Mr Simich operated a ponzi-style
investment scheme by using new investors' funds to repay earlier
investors.

Following delays in repayments to some participants in the
scheme, an investor successfully petitioned the Supreme Court of
WA to place Allied into provisional liquidation, which went into
full liquidation on 6 December 2000.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


ANSETT GROUP: Administrators Seek DOCA Time Extension Approval
--------------------------------------------------------------
The Administrators made an Application on 15 April 2002 to the
Federal Court to extend the period of time in which to execute
the Ansett Deeds of Company Arrangements (DOCA) approved at the
Second Meeting of Creditors on 27 March 2002. Go to
http://www.bankrupt.com/misc/TCRAP_AnsettApplic0423.pdfto see
copy of the application.

On Wednesday 17 April 2002 the Court ordered, inter alia, an
extension of time in which each of the companies set out in the
Schedule to the Application must execute the Deed of Company
Arrangement proposed by the Plaintiffs pursuant to a resolution
of the Creditors of those companies passed at a meeting of
Creditors on 27 March 2002 convened under Section 439A of the
Act to 28 days from 27 March 2002.

For a copy of the working draft of the DOCA (last updated
21/04/02), go to
http://www.bankrupt.com/misc/TCRAP_AnsettDOCA0423.pdf

All creditors should carefully read it. Note that the DOCA may
be further amended one more time.


DIGITAL NOW: Enters Arrangements as Restructuring Measures
----------------------------------------------------------
Digital Now, Inc announced that as part of the Company
restructure under Chapter 11, it has entered into these
arrangements:

   (a) An agreement for the license of the Mini-Lab suite of
products to Lucidion Inc, a company controlled and managed by a
former founder of DNI, Mr Stephen Giordano Snr.

   (b) An agreement for the sale of certain assets located in
the Company's former Seattle plant to Express Imaging Systems
Inc, a company controlled and managed by former founders of DNI
including, Robert Bradley, Keith Miller, Les Dicks, John Renn
and Will Reid together with related agreements for the
distribution of each of DNI's and EIS products

Each arrangement requires the approval of the Bankruptcy Court.
On April 4, 2002 the Court approved the El$ arrangement,
Approval of the Lucidiom arrangement is expected to take place
within the next 30 days.

The Agreement with Lucidiom provides the Company with
distribution capabilities for its Mini-Lab suite of products and
relieves the Company of the significant costs associated with
the products' ongoing development and distribution.

The Agreements with EIS encompass:

   (a) The sale of surplus and other non-strategic physical
assets resulting in the elimination of costs associated with
maintaining products generating marginal revenues,

   (b) The sale of the Express Scan ("E-Scan") firmware and
related technologies to EIS coupled with the grant to DNI of an
exclusive license to distribute the E-Scan exclusively outside
North America; and

   (c) The grant of a non-exclusive license to EIS to distribute
certain DNI products in North America On 2 non-exclusive basis.

A key element of each the transactions is the acquisition of an
efficient and low cost distribution channel for the Company's
products in North America without the associated costs typically
required to maintain such an extensive range of products.
Moreover, aside from the sale of the E-Scan firmware to EIS
these transactions do not involve the Company disposing of its
intellectual property in the professional high-speed scanner
market.

As part of this process and as previously indicated, the
European operations will assume the primary responsibility in
respect of DNI's strategic direction including the development
of the Company's new generation high speed scanning equipment

Following the approval of the Court and closure of the
transactions set out above, the Board intends to begin the
implementation of the necessary plans to satisfy creditors'
claims and entitlements pursuant to a plan of reorganization.
The Board expects that such a plan will be filed with the Court
within thirty days and thereby commence the process that will
eventually lead to the Company emerging from administration
under Chapter 11 . Further announcements will be made outlining
the Board's progress in this matter.


EARTH SANCTUARIES: Sells Four Sanctuaries for AUD$5.2M
------------------------------------------------------
The Directors of Earth Sanctuaries Ltd announced that on Monday
the Company entered into agreements to sell its Scotia,
Yookamurra, Buckaringa and Dakalanta sanctuaries to the
Australian Wildlife Conservancy for AUD$5.187 million.

This sale represents the best offer received for the 4
sanctuaries resulting from the expression of interest process,
which was announced and commenced on January 14. The sale is
subject to shareholder approval and other appropriate consents.
Shareholders will be asked to vote on the sale of these
sanctuaries to the Australian Wildlife Conservancy at a
shareholders' meeting, which will be called in May.

The Australian Wildlife Conservancy is an independent non-profit
organization based in Perth and was founded by successful
businessman and Chairman, Martin Copley.

The Directors view the sale of these sanctuaries to the
Australian Wildlife Conservancy as very positive. "We know the
sanctuaries are going to a very good home" said Earth
Sanctuaries Managing Director Proo Geddes. "This is key,
particularly given that ESL has nurtured populations of hundreds
of rare and endangered animals at its established sanctuaries at
Scotia and Yookamurra. Mr Copley has assured us that the
conservation programs put in place by Earth Sanctuaries will be
continued."

This sale represents a major step in the restructuring of Earth
Sanctuaries. It also streamlines its portfolio of sanctuaries
to those that have the best potential for achieving a better
future balance of eco tourism revenues and conservation program
costs.

The Board of ESL will shortly announce the date of its
shareholders meeting to approve the sale. At that time the
company will outline its future strategy and planned use of the
proceeds from the restructuring program, which is nearing
completion.


HARRIS SCARFE: Former Officer Pleads Guilty
-------------------------------------------
Mr Alan Hodgson, the former Chief Financial Officer of Harris
Scarfe Holdings Limited, pleaded guilty on Friday in the
Adelaide Magistrates Court to 32 charges laid by the Australian
Securities and Investments Commission (ASIC).

Mr Hodgson, of Beaumont, Adelaide, pleaded guilty to 18 counts
of failing to act honestly as an officer of Harris Scarfe
Limited, 6 counts of acting dishonestly as an employee of Harris
Scarfe Limited and 8 counts relating to the dissemination of
false information to the Australian Stock Exchange.

ASIC alleges that Mr Hodgson procured false entries in Harris
Scarfe Limited's account books, effectively increasing the level
of profits in the Company's consolidated accounts.

The alleged conduct occurred during the period from August 1996
to January 2001 and affected profit figures shown in monthly
financial reports to the Board, and the half-year and end-of-
year financial reports to the Board and to the Australian Stock
Exchange.

Mr Hodgson was committed for sentence in the District Court on
27 May 2002.

The Commonwealth Director of Public Prosecutions is prosecuting
this matter.


HIH INSURANCE: Posts Royal Commission's Hearing Schedule
--------------------------------------------------------
During April and May the Commission will sit from each Monday to
Friday. The Commission will not sit on ANZAC day, April 25. On
Friday, April 26, the Commission will sit for a full day's
hearing.

Hours of Sitting

The sitting times will be Monday to Thursday 9:30AM to 11AM,
11:15AM to 12:45PM and 2:15PM to 4:30PM unless there is a mid
afternoon break when the hearings will conclude at 4:45PM.
Fridays 9:15AM to 11:00AM, 11:15AM to 1:00PM.

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney


ROADSHIPS LTD: ASIC Obtains Court Directions
--------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
obtained further directions from the Supreme Court of Queensland
for the future conduct of action against Roadships Ltd.

Roadships is a Gold Coast-based company involved in the
integration of road and sea freight.

ASIC argued that it was necessary to bring the application due
to a failure by Roadships to deliver material in defense, in
proceedings initiated by ASIC last year.

ASIC successfully obtained interim injunctions against Roadships
in April 2001, which restrained the company from issuing shares
or dealing with its assets. ASIC also sought an order for
repayment of funds to investors, which were allegedly raised in
contravention of the Corporations Act.

Mr Michael Nugent, a Roadships director, was granted leave to
represent the Company, with no order being made in relation to
representation in further proceedings.

The Court made orders about the exchange of material so that the
matter may proceed to trial after 30 July 2002. At this time,
ASIC will apply for final orders including appointing a company
receiver to repay investors.

The Court also heard an application against ASIC in which
Roadships sought to have the interim injunctions discharged. In
addition, the Company sought to restrain certain named ASIC
officers from communicating or corresponding with Company
associates, and an order that ASIC reimburse the Company for
alleged losses of $3.4 million.

The Court refused, and dismissed the application, awarding ASIC
its costs.


PHONEWARE LIMITED: Asset Acquisition Completed
----------------------------------------------
Sirius Telecommunications Limited (ASX:SIU) announced that
completion of its purchase of the principal operating
subsidiaries of Phoneware Ltd (Subject to Deed of Company
Arrangement) was effected on Friday, 19 April, 2002.

The purchase of Phoneware Communications Systems Pty Ltd and
Phoneware Australia Pty Ltd, as well as Phoneware Asia Pte Ltd,
was made in consideration of the immediate issue of 4.5 million
shares in Sirius and the issue on 30 September 2002 of up to a
further 1.0 million shares, dependent upon the value of any
agreed warranty claims by that date.

All shares issued at completion and to be issued by Sirius on 30
September, 2002 are subject to a 12-month escrow from the date
of issue.

Sirius intends to continue providing all of the Phoneware
services under existing contracts. The Phoneware call management
and billing software will be an important additional service
offered to clients under current and future Sirius' facilities
management contracts, marketed under the Select Source brand.

The expected additional revenue of AUD$8M per annum arising from
the Phoneware purchase is significant and Sirius expects this
business to be a contributor to profitability in the 2002 / 2003
financial year.


PRESTON RESOURCES: Restructuring Subject to Holders' Approval
-------------------------------------------------------------
Preston Resources Limited announced that that Bulong Operations
Pty Ltd and Bulong Nickel Pty Ltd (together the Bulong
Companies) each lodged an application with the Supreme Court of
Western Australia and the Australian Securities and Investments
Commission to convene a meeting of holders of 12.5 percent
secured notes due 2008 issued by Bulong Operations (Noteholders)
to consider amendments to the secured debts of the Bulong
Companies to be effected by means of two schemes of arrangement
under Part 5.1 of the Corporations Act 2001 (Schemes).

Each of Bulong Operations Pty Ltd and Bulong Nickel Pty Ltd is a
wholly-owned subsidiary of Preston Resources Limited.

The Schemes are part of a complete restructuring of Preston's
debt and equity which includes:

   * The Bulong Companies' secured debt repayment obligations
being significantly amended.

   * Barclays Bank plc (Barclays) making available additional
working capital of $30 million to the Bulong Companies.

   * Barclays Bank and the Noteholders being issued with shares
equivalent to 95 percent of the share capital of Bulong
Operations Pty Ltd (which in turn holds 100 percent of the share
capital of Bulong Nickel Pty Ltd).

   * Preston being released from all material liabilities and
obligations in relation to the Bulong and Marlborough nickel
projects.

   * Release of all Preston companies from obligations to pay
Resolute Limited (Resolute) amounts owing to it and cancellation
of all shares in Preston held by Resolute. Resolute will be
released from it's obligations and warranties under the Bulong
Sale Agreement.

The restructuring is subject to the approval of the Noteholders,
a majority of whom who hold at least 75 percent by value of the
Notes, who attend the meeting to vote on the Schemes,
shareholders of Preston and the Supreme Court and the completion
of certain matters including the execution of an agreement with
Resolute. Further information in relation to the restructuring
is provided below.

BULONG OPERATIONS PTY LTD

Bulong Operations Pty Ltd (Bulong) and Bulong Nickel Pty Ltd
have incurred substantial indebtedness in conducting their
commercial activities. To refinance the acquisition costs
relating to the Bulong nickel project, Bulong issued a number of
12.5 percent senior secured notes due 2008 (Notes) to the
Noteholders. In addition to the finance raised through the issue
of the Notes, Bulong has borrowed funds from Barclays to fund
its working capital requirements under two separate working
capital facilities (Working Capital Facilities). Barclays also
holds a number of Notes. The Bulong Companies have also entered
into a number of forward currency contracts with Barclays under
a hedging facility made available by Barclays to the Bulong
Companies (Hedging Facility).

Under the terms of the Schemes, the terms of the Notes, the
Working Capital Facilities and the Hedging Facility will be
amended and Bulong will issue shares equivalent to 95 percent of
the share capital of Bulong to the Noteholders.

If the Schemes of Arrangement are approved by the Court, each
Noteholder will be given the opportunity to return their Notes
and receive amended Notes and fully paid ordinary shares in the
capital of Bulong. After the issue of Bulong shares to the
Noteholders, the Noteholders will hold 95 percent of the share
capital of Bulong. The disposal of a 95 percent interest in
Bulong will require the approval of the shareholders of Preston.

UNDER THE TERMS OF THE SCHEMES OF ARRANGEMENT:

   * the terms of the Notes will be amended and each Note
classified as a fixed maturity tier 1 note (Tier 1 Notes) or a
cashflow contingent tier 2 note (Tier 2 Notes).

   * an amount of accrued but Unpaid interest owing under the
Notes will be repayable under each Tier 1 Notes and Tier 2
Notes.

   * an amount of $8.5 million (plus any additional working
capital made available by Barclays up to $5 million), currently
owing under the Working Capital Facilities, will be taken to be
a drawing under a new working capital facility to be made
available by Barclays (New Working Capital Facility). The amount
owing under the Working Capital Facilities will be reduced by
the amount of that drawing.

   * the default interest (payable on unpaid interest under the
terms of the Notes) will be calculated it a rate of 12.5 percent
instead of the rate of 14.5 percent provided under the terms of
the Notes.

   * the aggregate of all amounts owing under the existing
Working Capital Facilities, excluding amounts drawn under the
New Working Capital Facility described above, will be divided
into a tier 1 amount (Tier 1 Working Capital Amount) and a tier
2 amount (Tier 2 Working Capital Amount).

   * the forward currency contracts will be terminated
immediately prior to the Schemes becoming effective and the
amount owing by the Bulong Companies to Barclays will be
crystallized as a debt (Hedging Debt). The Hedging Debt will be
divided into a tier 1 amount (Tier 1 Hedging Amount) and a tier
2 amount (Tier 2 Hedging Amount).

   * Bulong will issue shares to all Noteholders who elect to
return their Notes and receive Tier 1 Notes and Tier 2 Notes
before a date described as the Expiration Date. The Expiration
Date will fall approximately 21 days after the Noteholders
receive notice that the Schemes have been approved by the Court
(if the Schemes are approved).

All principal amounts under the New Working Capital Facility
will be due to be repaid by no later than 31 July 2003, unless
Barclays agrees to extend the time for repayment of those
amounts.

The Tier 1 amounts will have a fixed term maturity and will be
repayable on 31 March 2012. Interest will accrue on the Tier 1
amounts at 12.5 percent per annum on a semi-annual basis. The
Tier 2 amounts will be cash flow contingent, meaning repayable
only to the extent that sufficient funds are available to
satisfy those amounts, and so with no fixed maturity date.
Interest will accrue on Tier 2 amounts at a rate of 12.5 percent
per annum on a semi-annual basis.

Amounts owing under the New Working Capital Facility and amounts
owing under any future or continuing hedging transaction between
the Bulong Companies and Barclays (that is, hedging transactions
that were not terminated under the Schemes) will be repaid in
priority to all amounts owing under the Notes, the Hedging Debt
and the Working Capital Facilities.

PROPOSED RELEASE OF PRESTON RESOURCES LIMITED GUARANTEES

Preston currently guarantees the obligations of its subsidiaries
to the beneficiaries under the Preston Nickel Security Trust.
Those beneficiaries include the Noteholders (including
Barclays), and Barclays separately in its capacity as provider
of the working capital and hedging facilities. Under the terms
of the Schemes, Preston will be released from all its
liabilities and obligations to Barclays and the Noteholders
under the security documents relating to the Bulong and
Marlborough nickel projects. The Company will continue to give a
limited number of continuing covenants. These continuing
obligations include:

   * only to the extent that Marlborough Nickel Pty Ltd
(Marlborough) is able to reimburse any costs or liabilities
incurred by Preston, Preston undertakes to ensure that
Marlborough complies with its obligations under the security
documents to which Marlborough is a party; and

   * an obligation by Preston to provide all reasonable
assistance, including access to documentation and personnel of
Preston and its advisers, to Perpetual Trustee Company Ltd (as
the security trustee under the Bulong and Marlborough security
documents) and Barclays in relation to the Bulong and
Marlborough nickel projects.

Preston will have no continuing financial obligations to
Barclays and the Noteholders under the security documents
relating to the Bulong and Marlborough nickel projects.

MARLBOROUGH NICKEL PTY LTD

Barclays has taken security over Marlborough's assets and the
shares in Marlborough held by Preston's 100 percent owned
subsidiary Preston Nickel Holdings Pty Ltd, to secure repayment
by Marlborough of the amounts it owes under the Marlborough
Working Capital Facility, and to secure repayment by the Bulong
Companies of the amounts owed by the Bulong Companies under the
Working Capital Facilities and Hedging Facility.

Management and Barclays have conducted preliminary discussion
relating to the Marlborough Project and the future management of
that project. Preston continues to indirectly own 100 percent of
the shares in Marlborough.

PROPOSED RESOLUTE LIMITED RELEASES

One of the conditions to the operation of the Schemes of
Arrangement is that a document called the Deed of Release and
Variation be executed by the Preston group of companies and
Resolute and certain subsidiaries of Resolute. Under the terms
of the Deed of Release and Variation (as currently proposed),
Preston and controlled entities will be released from certain
liabilities and obligations that arose under the sale agreement
for the Bulong Nickel Project dated 3 November 1998 (Bulong Sale
Agreement). Under the Bulong Sale Agreement, Preston owes
certain money to Resolute and is further obliged to issue a
number of fully paid ordinary shares to Resolute. Bulong also
owes certain amounts of money to Resolute in respect of services
provided to the Bulong Companies by Resolute under a technical
services agreement. In total, Preston and its controlled
entities currently owe Resolute (and its controlled entities) an
amount of approximately $60 million (which includes a
convertible loan amount of approximately $10,700,000 owed to
Macquarie Bank Limited). Repayment of that amount to Resolute is
subordinated to repayment of all amounts owed to the Noteholders
and all money owed to Barclays under the Working Capital
Facilities and the Hedging Facility.

Under the terms of the proposed Deed of Release and Variation,
the Preston group of companies would be released from their
obligations to pay Resolute the amounts owing to it, and
Resolute would agree to the cancellation of all the shares held
by Resolute in Preston and waive any rights to the issue of
further shares in Preston arising under the Bulong Sale
Agreement. Resolute currently holds 17,440,000 fully paid
ordinary shares in Preston. In return, the Preston group of
companies will release Resolute from its obligations and
warranties under the Bulong Sale Agreement.

Under the terms of the Deed of Release and Variation, Preston
would be released from its obligations under the convertible
loan agreement with Macquarie Bank Limited. The amounts
outstanding as at 30 June 2001 was $10 million plus accrued
interest of $700,000.

FUTURE PLANS

The annual general meeting of Preston shareholders will be
convened in the near future. At that meeting Preston
shareholders will consider the disposal of the Bulong nickel
project and other matters. Preston is continuing to work towards
the completion of all matters and has had preliminary
discussions with the ASX regarding the re-quotation of Preston's
shares. Preston's re-quotation will be subject to the successful
completion of the Schemes of Arrangement and certain other
conditions being met.


REINSURANCE AUSTRALIA: Provides Company Update
----------------------------------------------
The Reinsurance Australia Corporation Limited continues to
commute cedant relationships. One commutation has settled legal
disputes with a major cedant resulting in a substantial
reduction of the Company's liabilities as stated in its recently
published Financial Statements for the year ended 31 December
2001.

This result is pleasing, but the Board remains concerned about
the continuing risks of both adverse claims development in the
remaining book and unfavorable litigation outcomes. Directors
are also mindful of new prudential requirements
specified by the Australian Prudential Regulation Authority to
come into effect on 1 July 2002 and to be met by 30 June 2004.
Under these, authorized insurers will be required to establish a
prudential margin at a minimum confidence level of 75%. The
Directors see that margin as an appropriate minimum target for
the Company to adopt.

Due to the inherent uncertainties remaining in the Company's
business, Directors consider that the prudent course is to use
commutation gains in excess of known adverse developments to
establish a prudential margin. After the provision of a
prudential margin, the results of recent commutations will not
have any material effect on the Net Assets of the Company as
stated in the Financial Statements.


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


LAI SUN: Narrows Interim Loss
-----------------------------
Lai Sun Development narrowed its net loss by 74 percent to
HK$289.55 million in the six months to January 31, from HK$1.12
billion a year earlier.  Loss per share fell from 30 HK cents a
year ago to 8 HK cents.  No interim dividend was declared.

Operating profit stood at HK$155.69 million, compared with a
loss of HK$718.75 million in the same period a year ago.
Turnover shrank 32 percent to HK$546.51 million from HK$801.24
million. Finance costs were HK$306.23 million, compared with
HK$305.6 million a year earlier.


LUEN YICK: Winding Up Sought by Bun Kee
---------------------------------------
Bun Kee (International) Limited requests the winding up of Luen
Yick Water & Drainage Works Limited.  The petition was filed on
February 22, 2002, and will be heard before the High Court of
Hong Kong on June 12, 2002 at 9:30 am.

Bun Kee holds its registered office at 12th Floor, Phase 1,
Austin Tower, 22-26 Austin Avenue, Kowloon, Hong Kong.


NORTHEAST ELECTRICAL: Share Tradings Suspended
----------------------------------------------
Troubled H share Northeast Electrical Transmission &
Transformation Machinery Manufacturing was suspended from
trading in both Hong Kong and Shenzhen on Friday after
registering a loss for the third consecutive year.

Northeast Electrical first got into serious trouble when it
failed to repay US$43.1M in debts when they fell due in May last
year.  The creditor consortium, led by CICC Finance, has filed
bankruptcy suits against the H share in Hong Kong and on the
mainland.

The hearings are yet to take place as the creditors are said to
be considering the latest debt-settlement proposal put up to
them by Northeast Electrical. For more than three years,
Northeast Electrical has seen its financial position
progressively deteriorating. Up to the end of last year, it had
a combined loss of 1.31B yuan.  The company has blamed falling
product prices and fierce competition for the poor performance.


RANK SUN: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Rank Sun Development Limited will be
heard before the High Court of Hong Kong on June 12, 2002 at
9:30 am.

The petition was filed with the court on February 22, 2002 by
Double Chemicals & Dyestuffs Co., Limited whose registered
office is situated at 5th Floor, Sui Hong Industrial Building,
543-549 Castle Peak Road, Kwai Chung, New Territories, Hong
Kong.


UNISION-WATCH: Petition to Wind Up Scheduled for July
-----------------------------------------------------
The petition to wind up Unision-Watch Manufacturing Limited is
set for hearing before the High Court of Hong Kong on July 3,
2002 at 9:30 am.  The petition was filed with the court on March
19, 2002 by Asia Commercial Bank Limited whose registered office
is situated at 120 Des Voeux Road Central, Hong Kong.


WAH LEE: Enters Placing Agreement; Shares Trading Resumes
---------------------------------------------------------
The Board of Directors of Wah Lee Resources Holdings Limited
announced that the Company has been notified by Sourcebase
Developments Limited, the controlling shareholder of the
Company, that it entered into a placing agreement with
Interchina Securities Limited and Kingston Securities Limited on
19 April 2002. The Board will place up to an aggregate of
3,500,000,000 existing shares of HK$0.01 each in the Company
representing approximately 16.01% of the issued share capital of
the Company at the price of HK$0.03per Share to individual and
institutional investors who are independent of, and not
connected with, any of the directors, chief executive or
substantial shareholders of the Company or its subsidiaries or
any of their respective associates.

The Placing Price represents a discount of approximately 9.09%
to the closing price of HK$0.033 per Share on 18 April 2002, the
date immediately prior to the date of this Announcement, and a
discount of approximately 21.05 percent to the average closing
price of HK$0.038 per Share for the last ten trading days up to
and including 18 April 2002.

After the Placement completion, the shareholding of Sourcebase
and parties acting in concert with it in the Company will
decrease from approximately 61.73 percent to 45.72 percent.

At the date of this Announcement, the issued share capital of
the Company is HK$218,618,314 divided into 21,861,831,400 shares
of HK$0.01 each. In addition, as the date hereof, Sourcebase
beneficially owns 5,000,000,000 warrants which entitles the
holder thereof to subscribe for Shares at a price of HK$0.01 per
Share (subject to adjustment). If all the Warrants are exercised
in full, 5,000,000,000 Shares will be issued which will,
together with the 9,994,940,000 Shares held by Sourcebase after
the completion of the Placing, represent approximately 55.82% of
the enlarged issued share capital of the Company upon exercise
of all Warrants. The Board has been advised by Sourcebase that
it has no present intention to dispose further Shares.

At the request of the Company, dealing in the Shares on the
Stock Exchange was suspended with effect from 9:30 am on 19
April 2002. Application has been made to the Stock Exchange to
resume trading in the Shares from 9:30 am on 22 April 2002.


WINSAN (CHINA): Widens Operations Loss to HK$439,138
----------------------------------------------------
Winsan (China) Investment Group Company Limited announced on 19
April 2002:

(stock code: 85)
Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Neither
Review of Interim Report by: N/A
                                               (Audited)
                              (Audited)        Last
                              Current          Corresponding
                              Period           Period
                              from 1/1/2001    from 1/1/2000
                              to 31/12/2001    to 31/12/2000
                              ('000)           ('000)
Turnover                       : 240,376          395,133
Profit/(Loss) from Operations  : (439,138)        (80,844)
Finance cost                   : (32,433)         (29,928)
Share of Profit/(Loss) of Associates     : N/A              N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities            : N/A              N/A
Profit/(Loss) after Tax & MI   : (479,400)        (111,145)
% Change over Last Period      : N/A
EPS/(LPS)-Basic                : (44.0 cents)     (10.7 cents)
         -Diluted              : N/A              N/A
Extraordinary (ETD) Gain/(Loss): N/A              N/A
Profit/(Loss) after ETD Items  : (479,400)        (111,145)
Final Dividend per Share       : NIL              NIL
(Specify if with other options): N/A              N/A
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


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


BANK INTERNASIONAL: Widjaja Submits Remaining Ownership to IBRA
---------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and the Eka
Tjipta Widjaja family announced that they have signed an
agreement to surrender the family's remaining ownership of PT.
Bank Internasional Indonesia Tbk to IBRA.

The signing was held on Wednesday, 17 April in Jakarta with The
Chairman of IBRA, I Putu Gede Ary Suta representing IBRA and
Franky Oesman Widjaya representing the Eka Tjipta Widjaja
family.

The surrender of the Eka Tjipta family ownership in BII follows
the Financial Sector Policy Committee (FSPC) decision concerning
BII's restructuring program. The main point of the FSPC decision
was that the Eka Tjipta Widjaja family and the Sinar Mas Group
of companies must agree to surrender their remaining ownership
in BII to IBRA prior to the planned BII rights issue.

By this shares transfer, IBRA's ownership in BII increases from
57 percent to 75 percent while the Eka Tjipta Widjaya family and
Sinar Mas Group ownership decreases from 18 percent to 0
percent. The public holds the remainder of BII's shares.


DUTA PERTIWI: Pefindo Downgrades Credit Ratings to `idCCC'
----------------------------------------------------------
Pefindo downgraded its bond and corporate credit ratings of PT
Duta Pertiwi Tbk. (DUTI) to "idCCC" from "idBB-". This action
reflects the Company's high probability of not being able to
make payment of its maturing bonds of IDR447.65 billion on April
17, 2002 and IDR345.5 billion on August 4, 2002.

Despite the Company's recent effort to start discussion on the
proposal of debt extension and partial debt retirement, there is
a greater pressure to find a more permanent solution to the debt
repayment that meets the Bondholders' terms and conditions.

DUTI is a diversified property developer engaging in commercial
mixed-used development, landed residential, office building and
hotel. The Company is also the property arm of Sinar Mas Group
(SMG) and was publicly listed at the JSX since November 1994.
SMG is one of Indonesia's largest and most diversified group of
companies, consisting of more than two hundred companies, which
are organized into four core businesses: agribusiness, pulp and
paper, financial services, and property development.

A negative outlook is assigned to the above rating, which
ultimately raises the probability of default within the next few
weeks.


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


DAI-ICHI KATEI: Tokyo Court Approves Rehab, Awaits Plan
-------------------------------------------------------
The Tokyo District Court has approved the rehabilitation
procedures under the Civil Corporate Rehabilitation Law of
failed consumer electronics retailer Dai-Ichi Katei Denki Co,
Japan Today reported.

Dai-Ichi Katei said it would submit a restructuring plan to the
court by July 17. The Tokyo-based retailer said two of its
affiliates also received similar court approval to start
rehabilitation procedures under the law.

Dai-Ichi Katei Denki, together with Dai-Ichi Credit, filed for
bankruptcy protection with the Tokyo District Court on April 17,
leaving behind debts totaling Y33.9 billion. The electronics
retailer posted a pretax loss of Y1.99 billion for the fourth
straight year, with sales of Y27.60 billion.

The Tokyo bourse will delist the Company's shares on July 17.


DAIEI INC: Will Unify Employment System
---------------------------------------
Ailing supermarket operator Daiei Inc will make fundamental
changes to its employment system, scraping boundaries between
full-time regular employees and part-timers, the Nihon Keizai
Shimbun reported, citing Company sources.

The changes are intended to give highly motivated employees a
chance to excel and to help reinvigorate the Company as a whole.

The move will involve classifying employment contracts into
three categories, depending on such factors as work hours and
whether or not employees are willing to work at a different
Daiei outlet.

Under the new system, employees belonging to any of the three
contract categories will be able to switch to a different
contract type upon meeting certain conditions, the report added.

Daiei Inc. revealed Friday a consolidated net loss of Y332.51
billion for the business year that ended in February, blaming
the losses on increased restructuring costs. The Company plans
to return to profitability in the current business year with the
help of financial support from its creditors, UFJ Bank, Sumitomo
Mitsui Banking Corp. and Mizuho Corporate Bank. It expects to
reduce its interest-bearing group debts from the current Y1.66
trillion to Y1.21 trillion by the end of next February.


DAIMARU INC: Retail Store Operator Reveals Loss
-----------------------------------------------
Department store operator Daimaru Inc incurred a consolidated
net loss of Y19.1 billion in the just-ended business year,
compared with a profit of Y2.8 billion the previous year, Kyodo
News reported.

Despite brisk department store operations, the Osaka-based
Company fell into the red for the year through February, as it
booked an extraordinary loss of Y61.8 billion for one-time
charges to cover reserve shortages for retirement allowances.

Daimaru - http://www.daimaru.co.jp- is now one of Japan's
largest department store operators with about 15 upscale stores,
primarily in Western Japan, and a few stores located in
Australia and Singapore.


DAIWA BANK: Sells World Cup Weather Derivatives
-----------------------------------------------
Daiwa Bank Holdings Inc began selling to businesses "weather
derivatives" contracts to offset potential losses linked to
heavy rain during the World Cup, the Japan Today reported.

Buyers of the contracts are expected to include hotels near
teams training camps, restaurants and vendors who might be hit
if rain keeps fans from coming to see the training in May. The
World Cup football finals, co-hosted by Japan and South Korea,
will kick off on May 31 and end June 30.

Under the contracts, Daiwa Bank and Asahi Bank will pay up to Y5
million per unit contact to buyers of the contracts if it rains
for more than four-five days during the camps of up to 25 days.


DANTANI CORP: Housing Materials Maker Goes Bust
-----------------------------------------------
The Kokura branch of the Fukuoka District Court declared housing
materials maker, Dantani Corp, bankrupt Friday, the Japan Today
reported.

The decision came after Dantani filed for voluntary bankruptcy
with the District Court the same day, leaving liabilities of
Y31.8 billion.

Dantani is listed on the First Section of the Tokyo Stock
Exchange (TSE).


MIZUHO HOLDINGS: FSA to Probe Banking Fiasco in May
----------------------------------------------------
Japan's Financial Services Agency (FSA) will conduct a special
inspection of Mizuho Holdings Inc in May to look into its
massive computer glitch afflicting two group banks, Japan Today
reported, citing Financial Services Minister Hakuo Yanagisawa.

"It is necessary for us to obtain a first-hand explanation from
them on the spot," Yanagisawa told a regular news conference.

The decision comes more than two weeks after the incident marred
the launch of a new business structure at Mizuho and cast fresh
doubts on the ailing banking sector. The computer problems have
yet to be completely resolved.

Analysts have said the computer trouble may be a symptom of far
more fundamental problems at Mizuho, created after the merger of
three of Japan's biggest debt-ridden banks, Fuji Bank, Dai-Ichi
Kangyo Bank (DKB) and the Industrial Bank of Japan, and now the
world's biggest bank group by assets.

Mizuho said it believed problems in a system that linked two
host computers that of Fuji Bank and DKB, caused the glitches.

Mizuho Bank's computer glitches affected about 2.5 million
transactions, prevented customers from withdrawing or performing
other operations at its 7,000 automatic teller machines and
caused tens of thousands of double withdrawals from accounts.


NIPPON TELEGRAPH: Will Fire 17,000 Workers to Revive Business
-------------------------------------------------------------
Japan's top telecommunications company Nippon Telegraph and
Telephone Corp. will eliminate 17,000 jobs, or 7.8 percent of
its workforce, as part of a three-year plan to revive its
business.

According to an Associated Press report, the overhaul also calls
for a withdrawal from unprofitable ventures and the sale of
properties and healthy subsidiaries by March 2005.

The Company also stated it plans to buy back its own shares for
the first.

NTT has been under intense government pressure to streamline its
operations and lower interconnection rates it charges other
telecom companies that use its fixed telephone lines. The
Company's cost-cutting steps are expected to lower its capital
spending by 400 billion yen ($3.08 billion) to Y2.2 trillion
($16.9 billion) in the three-year period, and reduce debt by
Y1.3 trillion ($10 billion) to Y6.4 trillion ($49 billion).

The telecom giant expects a net loss of 865 billion yen ($6.65
billion) for the fiscal year ended March 31.


SOFTBANK CORP: Group Will Offer Y7.5 Web Calls to U.S.
------------------------------------------------------
The Softbank group will begin on April 25 an Internet-based
telephone service offering three-minute calls to the United
States for 7.5 yen, the Japan Times reports.

BB Phone will this month begin so-called Internet protocol
telephone services in Japan, enabling subscribers to talk to
nonsubscribers within Japan for 7.5 yen for three minutes, said
the group, which includes Softbank Corp., Yahoo! Japan Corp. and
BB Technologies.

BB Phone will also enable subscribers to speak to each other
free of charge, the report adds.

Yahoo! BB is a high-speed Web connection service based on
conventional telephone lines.

Last week, Internet investor firm Softbank Corp. has sold 11.5
million shares of Yahoo Inc. to U.S. phone-service provider SBC
Communications for $171 million in order to cut its interest-
bearing debt.

The Company has been hurt by investment losses on its global
share holdings since the downturn in the technology sector in
2001.


SUMITOMO HEAVY: Merging Crane Ops With Hitachi Construction
-----------------------------------------------------------
Sumitomo Heavy Industries Ltd have agreed with Hitachi
Construction Machinery Co Ltd to combine their crawler-crane
operations into an 50/50 joint venture to be set up in July, the
Nihon Keizai Shimbun reported, citing sources at the companies.

The new firm, to be capitalized at Y1 billion, will become
Japan's biggest manufacturer of such cranes with about 90 staff
initially.

The total number of models at the two companies will be nearly
halved from about 30 to cut production costs by 20 percent.


TOKYU STORE: Posts Y11.06B Loss
-------------------------------
Tokyu Store Chain Co, a supermarket chain affiliated with Tokyu
Corp, posted a consolidated net loss of Y11.06 billion in the
year ended February 28 against a profit of Y879 million the
previous year.

According to a Japan Today report, the net loss was due mainly
to an extraordinary loss of Y22.34 billion from covering a
shortfall in its employee retirement allowance reserves.

Tokyu Store Chain Co., Ltd. was established in 1956 to operate a
chain of 88 supermarkets, mainly in Tokyo and the surrounding
Kanto area. The company has nine consolidated companies, all
based in Japan. Tokyu Corporation, a railway company, is the
major shareholder with 21.27 percent of issued stock.


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


DAEWOO MOTOR: Creditors to Delay Sale Accord
--------------------------------------------
A final agreement for General Motors Corp to buy core assets of
South Korea's Daewoo Motor Co will be delayed for a few more
days due to the time it takes to compile a contract.

"Yes, the signing date has been delayed due to the amount of
time it takes to put together the main contract," Shim Sang-
hoon, a spokesman for Korea Development Bank, the major creditor
of the bankrupt auto maker, told Reuters.

The signing of the final agreement had been scheduled for April
23.

"We cannot say when, but we expect the signing to take place in
the near future," Sang-hoon said.

The new company is expected to issue lenders $1.2 billion in
preferred equity and shoulder some $300 million of debt.


DAEWOO MOTOR: GM Will Exclude Takeover of U.S. Unit
---------------------------------------------------
General Motors Corp will take over 10 of Daewoo Motor's 24
overseas operations but will not include Daewoo Motor America in
its pending deal to buy the Korean car maker, USA Today
reported, citing an unnamed South Korean newspapers as saying.

Daewoo's US headquarters officials said they do not know what
the future holds. The Company's US dealers have joined a group
that has been raising money for a possible lawsuit.

Creditors of Daewoo Motor and General Motors are set to sign a
final takeover contract on Daewoo Motor's core assets this week.


HYNIX SEMICON: Micron Deal Nears Completion
-------------------------------------------
Hynix Semiconductor Inc. and U.S. chipmaker Micron Technology
Inc. are expected to sign a memorandum of understanding (MOU)
this week over the trouble-laden alliance deal that could be
worth $4 billion, Hynix creditor sources said Sunday.

According to a report from the Digital Chosun, Lee Duk-hun,
president of Hanvit Bank, one of Hynix's creditor banks, and
Park Jong-sup, CEO of Hynix, have carried out last-minute talks
with Micron on Friday and Saturday last week, reaching
settlements on major pending issues.

As a result, Hynix creditors will hold a plenary meeting this
week to scrutinize the final agreement before deciding whether
to ratify the agreement.

The report said that the creditors and Micron have agreed to
valuate the price of the Micron shares, through which the US
firm will be paying for the acquisition of Hynix's memory chip
assets, at about US$1 to US$3 higher than the share's current
market price of US$29.5. Micron's share value stayed close to
around US$40 until early March but recently fell to US$29
apiece.

Korean creditors of Hynix also agreed to extend a total of
US$1.5 billion in fresh loans to the new company Micron plans to
set up after acquiring Hynix's DRAM chip plants.


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


BERJAYA GROUP: U.S. Subsidiary Files Chapter 11 Protection
----------------------------------------------------------
U.S. restaurant chain, Roadhouse Grill Inc, a Berjaya Group Bhd
subsidiary, is under Chapter 11 bankruptcy, New Strait Times
reports, referring to Berjaya's Nasdaq-listed Roadhouse Grill's
announcement last week.

"Chapter 11 will allow the Company to continue operating while
dealing with its debts," Berjaya Group said, adding that it has
presented debt-restructuring plans to Florida Bankruptcy Court.

"The Company has already successfully negotiated with most of
its creditors to restructure and repay its debts. One group of
unsecured creditors refused to settle out of court for past-due
invoices, thereby forcing Roadhouse Grill into Chapter 11.

"We are in a better position than most companies entering
Chapter 11 because we have already presented the court with a
plan  to satisfy creditors. Most companies present these plans
several months after filing," President and Chief Executive
Officer Ayman Sabi said.

Roadhouse Grill, whose shares lost 81 percent over the last 12
months, gained .01 to .31 following the Chapter 11 announcement.

"We plan to use this time in Chapter 11 to complete the
voluntary reorganization program that we began 14 months ago,
which is nearing completion," Sabi concluded.


LIEN HOE: No Change in Loan Stocks Defaulted Status
---------------------------------------------------
Lien Hoe Corporation Berhad announced that there is no change to
the status with regard to the default on the Redeemable Secured
Loan Stocks Due August 2000 save for those announced previously
on 20 March 2002.

On March 20, the Universal Trustee gave (Malaysia) Berhad notice
that it has taken out foreclosure proceedings by Originating
Summons in the Johor Baru High Court seeking an order to auction
Kompleks Lien Hoe, Johor Baru. However, a copy of the sealed
Originating Summons has yet to be served on the Company.


OLYMPIA INDUSTRIES: Unit Faces Glastech's Writ of Summons
---------------------------------------------------------
The Board of Olympia Industries Berhad announced that the
Company's 71 percent-owned subsidiary, Mascon Sdn Bhd has
received a Writ of Summons on 17 April 2002 filed by Glastech
(Malaysia) Sdn Bhd. The amount claimed is RM2,462,779.40
together with interest at the rate of 8 percent per annum on the
said sum from 8 January 2002 until the full settlement.

The details of circumstances leading to the filing of the
Summons are:

   a) By a letter of award dated 2 May 1997, Mascon has
appointed the Plaintiff as a sub-contractor to supply and
install curtain wall, aluminium and glazing works, skylights and
canopies for the proposed 52 floors development of a luxury
hotel, offices, apartments and penthouse for Kuala Lumpur
Landmark Sdn Bhd known as the Duta Grand Hyatt Project for a
total sub-contract sum of RM23,353,000.00;

   b) The above sub-contract was subsequently terminated due to
the termination of the main contract for the Duta Grand Hyatt
Project on or about 18 July 1998; and

   c) The amount claimed represents the balance contract sum for
work done prior to the termination of the sub-contract.

The total cost of investment of the Company in Mascon amounts to
RM30,655,896.00. The claims have no material financial and
operational impact on the OIB Group. This is because Mascon has
been incurring losses and is in a shareholders' deficit position
and thus have no positive contribution to the OIB Group.

Mascon has instructed its solicitors to file a Memorandum of
Appearance with the view to defend the matter.


PANGLOBAL BERHAD: KLSE Grants Further Time Extension Approval
-------------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Panglobal Berhad (PGB), announced that the Kuala Lumpur Stock
Exchange (KLSE) has granted a further extension of time until 25
April 2002 (Extension) to obtain the relevant approvals pursuant
to Practice Note 4/2001 of the Listing Requirements of KLSE.

The Troubled Company Reporter Asia Pacific said in February that
PanGlobal has applied to the Kuala Lumpur Stock Exchange for a
further extension of time until 25 April 2002 to obtain the
relevant approvals pursuant to PN4/2001.


PICA (M) CORP.: Faces Litigation Over Defaulted Loan Payment
------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad
made this announcement for public release:

1. That the Company and its wholly owned subsidiary, Pica First
Credit Sdn. Bhd. had been served a writ of summons by RHB Bank
Bhd on 17 April 2002 claiming for the principal sum of RM4
million allegedly arising from a revolving credit facility
granted by the said financial institution to Pica First Credit
Sdn. Bhd, of which the Company acted as the guarantor. The
maturity date of the term loan facility was on 30 March 2001 and
the Plaintiff is claiming for the outstanding principal sum
together with default interest at the rate of 3.5 percent above
the Plaintiff's base lending rate;

2. Another writ of summons was also served on the Company on the
same date by RHB Bank claiming a principal sum of RM6,907,941.60
allegedly arising from an overdraft facility. RHB Bank claimed
that the facility expired on 31 March 2001 and the Plaintiff is
claiming for the outstanding principal sum together with default
interest at the rate of 3.5 percent above the Plaintiff's base
lending rate;

3. The total alleged sum of the two action represents about 9
percent of the net tangible assets of the Company of
RM121,000,000.00 as at the date of the latest audited accounts
i.e. 31/December/2000;

4. The Company shall take appropriate steps to defend the action
and/or approach the Plaintiff for further discussions on the
matters arising on a without prejudice basis and hopes to be
able to resolve the matters amicably.


PILECON ENGINEERING: Hires Mr Ban Hock as New CEO
-------------------------------------------------
Pilecon Engineering Berhad posted this notice:

Date of change : 19/04/2002
Type of change : Appointment
Designation    : Chief Executive Officer
Directorate    : Executive
Name           : PEE BAN HOCK
Age      : 44
Nationality    : Malaysian
Qualifications :

MCE Grade 1
HSC Full Certificate
Bachelor of Accounting (Hons) - University Malaya

Working experience and occupation:

Mr. Pee Ban Hock worked as an Audit Senior with Hanafiah Raslan
Mohamed (now called Arthur Andersen) in 1982 until 1986.

Subsequently, he served as a Corporate Finance Executive with
AMMB and Corporate Planning Manager with Temerloh Rubber Estates
Bhd. For the period from 1989 until 1999, Mr. Pee held the post
of Senior General Manager in the Finance Division of Multi-
Purpose Holdings Berhad (MPHB) Group and various directorships
as well as a member of various management committees within the
MPHB Group.

Prior to joining the Company, Mr. Pee acted as a Financial and
Management Consultant on a freelance basis and served as a
member of Investment Committee of Pheim Unit Trusts Berhad.

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Profile

The Company underwent a corporate financial and debt
restructuring exercise in 1999 to address its financial
commitments. The capital raising exercise involved rights issue
(RI) and issue of redeemable secured floating rate notes (RSFN).
While the RI was completed in April 2000, the RSFN still remains
outstanding.


SRIWANI HOLDINGS: KLSE Gives Regularization Plan Extension
----------------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Sriwani Holdings Berhad, announced that the High Court of
Malaya had granted SHB and certain of its subsidiaries (Scheme
Companies) an extension of time of six months from 18 October
2001 to convene meetings with their respective creditors under
the Proposed Scheme.

On behalf of SHB, CIMB announced that the aforesaid extension of
time has expired on 17 April 2001 and the Scheme Companies from
the High Court of Malaya will not seek a further extension of
time as the Scheme Companies are currently in the process of
restructuring their debts under the purview of the Corporate
Debt Restructuring Committee.

In addition, CIMB on behalf of SHB, announced that the Kuala
Lumpur Stock Exchange has on 18 April 2002, granted SHB a
further extension of four (4) months from 23 January 2002 to 22
May 2002 to submit to the relevant authorities its plan to
regularize its financial condition.


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


MAYNILAD WATER: Secures $100M Loan Payment Extension
----------------------------------------------------
Maynilad Water Services, Inc., a subsidiary of Benpres Holdings
Corp, has secured an extension for the payment of the loan worth
US$100 million bridge the water concessionaire secured from a
group of international banks, Business World reported.

MWSI President Rafael M. Alunan III said the Company was allowed
to defer payments for the loan, which was supposedly due in
February, until September this year.

"We renewed it and it was extended. Our deadline has been
rescheduled six months from March," Mr. Alunan said.

Maynilad obtained the US$100 million financing in 1999 from
Citibank NA, BNP Paribas, KVC Bank, Barclays, Tokai Bank and
Fortis Bank. The company has since extended payments of the loan
thrice.

Alunan said Maynilad's rate rebasing process, which will allow
it to recoup some foreign exchange losses, is facing delays and
this may result in Maynilad being unable to resume concession
payments to the government by June.


METRO PACIFIC: Offers to Swap Property to Pay P1.5B Loan
--------------------------------------------------------
Metro Pacific Corp. (MPC) has offered the state-owned Social
Security System (SSS) one of three prime lots in the Bonifacio
Global City, a commercial and residential complex, as payment
for its P1.5 billion maturing loan, the Philippine Star
reported.

MPC's P1.5 billion loan came from its guarantee for the
flotation of long-term commercial papers (LTCPs) by its majority
owned subsidiary Bonifacio Land Corp., which in turn manages the
development of Global City.

Sources involved in the negotiation revealed that the property
firm has offered SSS the choice pick between three parcels of
land located in the Big Delta portion of the Global City. The
sizes of the land parcels range from 7,500 square meters to
8,300 square meters.

The source revealed that negotiations were at a standstill
because SSS was hesitant to receive land as payment for the loan
considering its own worsening liquidity problems.

MPC has been negotiating for better terms with its creditors as
it fights to trim down its P8 billion debt.


NATIONAL BANK: Tan Set to Turn Over Control to Government
---------------------------------------------------------
Business tycoon Lucio Tan is prepared to sign government's
reverse rehabilitation plan for Philippine National Bank (PNB)
as soon as the Senate finance committee finishes its ongoing
investigation on the proposal, Business World reports.

Mr. Tan currently owns roughly 67 percent of PNB. The government
owns 16 percent, and the rest is publicly held.

PNB's rehabilitation plan involves swapping the P25 billion
(about US$491.30 million) emergency loan extended by the Bangko
Sentral ng Pilipinas (Central Bank of the Philippines, or BSP)
and Philippine Deposit Insurance Corp. (PDIC) in 2000 for
increased government equity in PNB.

Some loans owed by government agencies to the bank will also be
retired as part of the swap arrangement.

After the debt-to-equity swap, both the government and Mr. Tan
will each end up owning 45 percent of PNB.

The reverse privatization plan also calls for PNB to be
rehabilitated through the infusion of fresh capital and the
entry of new senior management.

The rehabilitation plan is urgently needed for PNB to raise up
to P10 billion in fresh capital to solve its bad-loan problem.

The Senate is currently investigating government's alleged
bailout of the bank when PDIC and the BSP granted the P25
billion emergency loan to the bank when it experienced massive
deposit withdrawals. The Senate has committed to finish its
inquiry by the end of the month.

BSP officials also said last week that PNB is also losing P200
million monthly due to interest payments for its P23.9 billion
in outstanding emergency loans from PDIC and the BSP.

PNB incurred a net loss of P4.5 billion last year.


UNION CEMENT: Plans to Borrow P750M for Debt Refinancing
--------------------------------------------------------
Union Cement Corp intends to secure a P750 million syndicated
loan to refinance maturing debt this year, AFX Asia reports.

Union Cement Vice President and Treasurer Eduardo Sahagun said
that Security Bank would lead the syndicated loan, which will
refinance part of this existing debt.

The Company plans to settle P1.5 billion in total debt this year
to bring down its total debt load to P1.7 billion.

Bulk of Union Cement's debts are long-term commercial papers
worth about P600 million maturing on December 20.


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


ASIA PULP: U.S. Trial Expected in May
-------------------------------------
Debt-ridden Asia Pulp & Paper Co. Ltd., the largest pulp and
paper company in Asia outside of Japan, could go on trial as
soon as late May for allegedly misleading investors to prop up
its share price, Reuters reports.

An amended class-action suit consolidating several shareholder
complaints dating back to last August was filed last week in
Manhattan Federal Court against APP, several of its top
executives, and its former auditor Arthur Andersen.

The suits alleged that between August 1998 and April 2001, APP
misrepresented or failed to disclose certain financial
information, including two risky billion-dollar currency swap
transactions that caused the company to lose $220 million.

APP has 30 days to answer or move to dismiss the complaint,
which accused it of overstating its assets, net worth and
ability to pay down debt and of underestimating financial
liabilities.

The Company called a debt moratorium in March 2001 as its
operations tottered under the weight of a liquidity crunch,
falling pulp and paper prices and ratings downgrades. Its debts
are estimated at about $13.4 billion and are constantly
increasing.

The New York Stock Exchange delisted APP last July. The
Company's Indonesian subsidiaries, Indah Kiat and Tjiwa Kimia,
were suspended from the Jakarta Stock Exchange for failing to
submit their latest financial statements.


KEPPEL TELECOM: Faces Warning From Singapore Exchange
-----------------------------------------------------
The Singapore Exchange Ltd. Friday publicly reprimanded Keppel
Telecommunication & Transportation Ltd. for poor disclosure, the
Business Times reported Saturday.

The Exchange said by failing to disclose details of a
controversial interest-free loan of US$80 million granted by
Keppel Corp. to Keppel T&T shareholders Philip and Victor
Friedman, Keppel T&T had breached certain rules in the listing
manual. Such rules refer to disclosable transactions in an
acquisition or takeover.

After investigating Keppel Corp.'s role in the incident, the SGX
said it now regards the matter as closed, the paper said.

The loan to the Friedmans has come under intense scrutiny over
the past few months, and was one of the reasons why minority
shareholders in March rejected a Keppel Corp. proposal to take
Keppel T&T private.

Keppel T&T earlier said that it is back in the black when it
reported a first quarter net profit of S$2.7 million. The profit
was due mainly to higher contributions from mobile phone
operating unit MobileOne. The Company's data centers also
managed to slash their operating losses.

At the end of 2001, Keppel T&T had negative working capital, as
current liabilities were S$718.96 million while total current
assets were only S$287.48 million.


SEMBCORP INDUSTRIES: Will Sell 20% Stake in Singapore Computer
--------------------------------------------------------------
SembCorp Industries Ltd has agreed to sell its remaining 20
percent stake in Singapore Computer Systems to Green Dot Capital
Pte Ltd for S$53 million, or S$1.73 per share, AFX Asia reports.

The sale is in line with the non-core asset divestment program
of SembCorp Industries as it seeks to focus its operations on
utilities, engineering & construction, environmental
engineering, logistics and marine engineering.

The sale will result in an exceptional gain of S$23 million.

SembCorp Industries and Green Dot are both units of Singapore
Technologies Pte Ltd.

SemCorp - http://www.sembcorp.com.sg- is Singapore's largest
engineering and construction contractor. The company's total
current assets as of December 2000 stood at US$1.48 billion,
against liabilities of US$1.83 billion.


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


BANGCHAK PETROLEUM: Seeks Govt Assistance to Raise Capital
----------------------------------------------------------
Bangchak Petroleum Plc needs government aid to raise capital as
part of an attempt to reduce interest payments and reverse
losses, Bangkok Posts reports, quoting company President Narong
Boonyasaguan.

"We need new capital so we can service the debts and stay in
business," the president said.

Mr Narong together with Maj-Gen Chamlong Srimuang, a former
Bangkok governor, has a meeting with Prime Minister Thaksin
Shinawatra on Thursday to renew a call for the government to
provide Bangchak with Bt3 billion in new capital.

"Issuing bonds for debt repayment or refinancing would not
resolve Bangchak's debts totalling Bt23.9 billion," Mr Narong
said, noting that Mr Thaksin promised to look at appropriate
ways to bail out the company.

Bangchak was Bt2.99 billion in the red last year due to the
fallout following the Sept 11 terrorist attacks in the United
States, which led to global oil prices moving sharply higher.
The company's annual interest burden stood at Bt1.3 billion,
despite refinancing the principal last year. The interest burden
this year is between Bt1.1 billion and Bt1.2 billion at adjusted
rates of 5-6 percent, although the company plans to issue
debentures to refinance the loans.

"Unfortunately, it is quite late for us to raise the issue. We
should have asked the government to help the company raise
capital long ago," Mr Narong said.

He added that had Bangchak been wholly owned by private
interests it would have sought a debt write-down from its
creditors.


DATAMAT PUBLIC: Appoints Audit Committee, Notes Duties
------------------------------------------------------
The Board of Directors Meeting No.5/2545 of Datamat Public
Company Limited's held on April 10, 2002 passed resolution
appointing the Audit Committee, issuing these details:

1. Name of members of the Audit Committee are:

   * Mr. Pisit Jirapinyo          Remaining terms of holding
    office 2 Years
   * Mr. Thavisak Na Takuathung   Remaining terms of holding
    office 2 Years
   * Mr. Miguel Angel Aerni       Remaining terms of holding
    office 2 Years

Chairman of the Audit Committee and Secretary to the Audit
Committee to be appointed later.

2. The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the board of directors
on:

   1) Review that a listed company's financial statement are
correct and sufficient.

   2) Review that a listed company has adequate and effective
internal control and internal audit systems.

   3) Review that a listed company follows all SET's regulation
and the relevant laws.

   4) To consider, select and propose the external auditor and
audit fee.

   5) To consider the connected transaction or any activities
that may lead to a conflict of interest  be adequately and
correctly disclosure.

   6) To produce audit committee report and disclose in the
listed company's annual report, the report must be signed by the
Chairman of audit committee.

   7) To consider other matters as defined by the board of
directors.

The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.


PRASIT PATANA: SET Posts `NR' Sign
----------------------------------
The Stock Exchange of Thailand (SET) first posted an `NP'
sign (Notice Pending) on Prasit Patana Public Company Limited
(PYT) on 4 March 2002 because it had failed to submit its
financial statement for the period ending 31 December 2001 by
the specified deadline. The SET posted an `SP' (Suspension)
sign on 11 March 2002 because PYT failed to submit its
financial statement within five working days after the SET first
posted an `NP' sign against its securities.

However, PYT has publicly released to the SET and
investors its financial statement, the SET has lifted an `NP'
sign posted and replaced it with an `NR' sign on the securities
of PYT effective from 22 April 2002 onward. However,
the SET still posted an `SP' sign on the securities of PYT
because PYT is in the process of implementation of a
rehabilitation plan .


SINO-THAI RESOURCES: Independent Director Dies
----------------------------------------------
Sino-Thai Resources Development Public Company Limited informed
that Khun Pinit Ampornpisit, its Independent Director and
Chairman of Audit Committee has died on April 17, 2002.

In this regard, the Company is processing the registration of
the change in Director and Audit Committee at Commercial
Registration Department, Ministry of Commerce.

On March, TCR-AP published Phillip Securities (Thailand) Public
Co., Ltd. Financial Advisor's report on the Company's actual
performance compared with the projection on the Company's
Rehabilitation Plan in compliance with the Stock Exchange of
Thailand requirements to avoid grounds for delisting.


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 newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***