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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, March 4, 2005, Vol. 8, No. 45

                            Headlines

A U S T R A L I A

ATLANTIS TRAVEL: Resolves to Wind Up Company
AUTODATA DIGITAL: Sets Final Meeting March 10
BUTTERELL HOLDINGS: Receiving Proofs of Claim Until March 10
DAWKEN PTY: To Hold Meeting March 10
DC GIBSON: Liquidator to Give Winding Up Account

DICK HERBERT: Lays Out Agenda of Meeting
EBEK PTY: To Contest Tax Demand
FOUR SQUARE: To Hear Liquidator's Report March 16
J&E CONSTRUCTIONS: Completes Winding Up Process
KARL SULEMAN: Ex-director Faces Fraud Charges

LIMOUSINES FOR ALL: Final Meeting Fixed on March 10
MAKEDA PTY: Sets March 9 as Date of Final Meeting
MAYFIELDS CORDIALS: Decides to Undergo Voluntary Liquidation
MONTGOMERY HOLDINGS: Members Pass Winding Up Resolution
NATIONAL AUSTRALIA: To Increase Variable Lending Rates

PARIS JADE: Executes Deed of Arrangement
PETER & SON: To Convene Final Meeting March 11
PHILBUILD PTY: Liquidator to Lay Account on Winding Up
QUANTUM LEAP: To Wind Up Voluntarily
SLINGO & WILLIAMS: Members Opt for Voluntary Liquidation

VTEL PRODUCTS: Court Names Provisional Liquidator
WALTER CONSTRUCTION: Workers Return to Zetland Building Site
WEALTH ESSENTIALS: Appoints Liquidator to Wind Up Company
WESTSIDE TRUCKS: Members, Creditors to Meet March 9


C H I N A  &  H O N G  K O N G

A-LEVEL EXPRESS: Court Sets Winding Up Hearing on March 16
BALECA MEDICAL: Creditors Meeting Slated for March 8
DIPLOCACUS LIMITED: Schedules Annual Meeting on March 11
FORTUNA INTERNATIONAL: Clarifies Macau Daily News Article
KARMAN PROPERTIES: Court to Hear Petition March 16

MAXSON INTERNATIONAL: Creditors' Proofs of Claim Due March 18
NEW WORLD: Seals Tenancy Deal with NWTCL
PERFECT PRINTINGS: Winding Up Hearing Slated for April 13
SILVERLUX INTERNATIONAL: Enters Winding Up Proceedings
TIMBERLAND INDUSTRIAL: Appoints Committee of Inspection


I N D O N E S I A

BANK GLOBAL: Finance Ministry to Pay IDR498.15 Bln to Depositors
BANK MANDIRI: Proposes Schemes to Settle High NPLs
TELEKOMUNIKASI INDONESIA: To Build New Fiber Optic Network
TOTAL E&P: Bankruptcy Case to End Next Week


J A P A N

DAIEI INCORPORATED: Foreigners Lose Out as Saga Nears End
DAIEI INCORPORATED: To Welcome Two Managing Directors from IRCJ
ESUSHIEMUKOSAN K.K.: Enters Bankruptcy
HAYASHIYA K.K.: Falls Into Bankruptcy
JAPAN POST: To Close 28 Unprofitable Leisure Units

KAMMATSU SHOJI: Declared Bankrupt
MITSUBISHI FUSO: Donates Trucks for Tsunami Relief Program
MITSUBISHI MOTORS: May Boost U.S. Output by 30%
SEIBU RAILWAY: Arrested Tycoon Allegedly Falsified Financials
URUSHIHARA K.K.: Begins Bankruptcy Proceedings


K O R E A

HYNIX SEMICONDUCTOR: Returns to Profit in 2004
JINRO LIMITED: Valued at KRW3.6 Trillion by Creditor


M A L A Y S I A

ANTAH HOLDINGS: SC Says No to Unit's Proposed Listing
INTAN UTILITIES: Extension of Public Spread Requirement to End
NAUTICALINK BERHAD: To Implement Restructuring Plan Soon
PAN MALAYSIA: Issues Update on Material Litigation
RHB CAPITAL: Bank Negara OKs Possible Partnership with Dallah


P H I L I P P I N E S

COLLEGE ASSURANCE: Pension Fund Arm Pares 2004 Losses
HACIENDA LUISITA: Decides to Negotiate with Workers to Mend Row
MANILA ELECTRIC: Cuts Generation Charge by 37.5 Cents
METRO PACIFIC: Issues Statement of Beneficial Ownership
NATIONAL POWER: PSALM Seeks to Speed Up Asset Sale Through IPARP

PHILIPPINE LONG: Earmarks Php40 Bln for Voice, Data Services


S I N G A P O R E

CHINA AVIATION (S): Complies with Bourse's Listing Manual
CITIRAYA INDUSTRIES: Details Investment Agreement
GLOBAL VOICE: Unveils 2004 Full Year Results
IONICS EMS: Releases Full Year Financial Statement
KOH BROTHERS: Shareholders Approve Resolution at Meeting

SOFTBANK INVESTMENT: Changes Subsidiary Status
STARTECH ELECTRONICS: Clarifies FY2004 Pre-Tax Losses


T H A I L A N D

ASIA HOTEL: SEC Concludes Company Need Not Amend FS
BANGKOK STEEL: Asks SET for Financials' Submission Extension
CENTRAL PAPER: SEC Requires Amendment of Financials
NATURAL PARK: Submits Audited, Consolidated Financial Statements
SIAM AGRO: Unveils 2004 Financial Statement

THAI GERMAN: Unveils Audited, Consolidated Yearly FS
THAI ELECTRONIC: Releases Audited, Consolidated Yearly FS
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ATLANTIS TRAVEL: Resolves to Wind Up Company
--------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Atlantis Travel (Fairfield) Pty Limited (In Liquidation) A.C.N.
080 128 561 duly convened and held at 22 Yalumba Place, Edensor
Park NSW 2176 on Thursday, January 27, 2005 at 9:00 a.m. a
Special Resolution that the Company be wound up voluntarily was
passed by members and the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 31st day of January 2005

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


AUTODATA DIGITAL: Sets Final Meeting March 10
---------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Autodata Digital Systems Pty Ltd (In Liquidation)
trading as Autodata Solutions will be held at the offices of
Jirsch Sutherland, Level 2, 84 Pitt Street, Sydney NSW 2000 on
March 10, 2005 at 10:00 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted, the property of the Company disposed and
the hearing of any explanations that may be given by the
Liquidator.

Dated this 31st day of January 2005

Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


BUTTERELL HOLDINGS: Receiving Proofs of Claim Until March 10
------------------------------------------------------------
Take notice that creditors of Butterell Holdings Pty Limited (In
Liquidation) A.C.N. 000 795 326, whose debt or claims have not
already been admitted, are required on or before March 10, 2005
to submit particulars of their debts or claims and of any
security held by them to me and, if subsequently required by
notice in writing from me, must formally prove their debts or
claims and establish any title they may have to priority by
statement in writing. If they do not comply with this notice
they will be excluded from:

(a) the benefit of any distribution made before their debts or
claims are proved or their priority is established; and

(b) objecting to the distribution.

Dated this 31st day of January 2005

A. W. Butterell
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


DAWKEN PTY: To Hold Meeting March 10
------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Dawken Pty Limited (In
Liquidation) A.C.N. 000 643 952 will be held at the offices of
Harwoods Chartered Accountants, First Floor 19-21 Watt Street,
Gosford NSW 2250 on March 10, 2005 at 10:30 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 25th day of January 2005

J. L. Harwood
Liquidator
Harwoods
Chartered Accountants
First Floor, 19-21 Watt Street,
Gosford NSW 2250


DC GIBSON: Liquidator to Give Winding Up Account
------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act a final meeting of members of DC Gibson Pty Ltd (In
Voluntary Liquidation) A.C.N. 002 217 674 will be held at 49
Bultje Street, Dubbo, at 6:00 p.m. on March 31, 2005.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
assets of the Company have been disposed of, and to receive any
explanation of the account.

Dated this 24th day of January 2005

Robert Olsson Wright
Liquidator


DICK HERBERT: Lays Out Agenda of Meeting
----------------------------------------
Notice is given that meetings of the members of Dick Herbert And
Investments Pty Limited (In Liquidation) A.C.N. 000 505 233
Dick Herbert Pty Limited (In Liquidation) A.C.N. 000 315 855
will be held concurrently at 8 Auckland Street, Newcastle, NSW,
2300 on March 8, 2005 at 10:00 a.m.

AGENDA

(i) To lay the Liquidator's accounts before the members showing
how the winding up has been conducted and the property of the
companies has been disposed of, and to give any explanations as
required;

(ii) Any other business.

Dated this 1st day of February 2005

Timothy James Cuming
Liquidator
PricewaterhouseCoopers
8 Auckland Street,
Newcastle NSW 2300


EBEK PTY: To Contest Tax Demand
-------------------------------
Ebek Pty Ltd has decided to contest a winding up action
initiated against it by the Tax Office, The Age reports.

The decision came five weeks after John Elliott's creditors
rejected the businessman's proposal to settle debts of more than
AU$9.4 million.

Ebek, a Company wholly owned by the Elliott family trust and
which was going to fund Mr. Elliott's now-defunct settlement, is
being pursued by the Tax Office for AU$146,624.

Ebek wants the Tax Office to cut its demand by AU$93,210, the
sum of input tax credits that Ebek has claimed for legal costs
that it paid on Mr. Elliott's behalf as he fought an insolvent
trading case in the Victorian Supreme Court.

The Australian Securities and Investments Commission
successfully sued Mr. Elliott and two fellow directors of Water
Wheel Holdings for allowing the Company to trade when it could
not pay its debts. But the Tax Office has disallowed Ebek's
claims for paying Mr. Elliott's legal costs.

The Tax Office filed a winding up action against Ebek on January
21, just one week before Mr. Elliott's creditors knocked back
his plan for Ebek to pay AU$300,000 in full settlement of his
debts.


FOUR SQUARE: To Hear Liquidator's Report March 16
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a final meeting of the members of Four Square Stores
(Nsw) Pty Limited (In Liquidation) A.C.N. 000 341 042 will be
held at the offices of GHK Green Krejci, Level 9, 179 Elizabeth
Street, Sydney NSW on Wednesday, March 16, 2005 at 9:30 a.m.,
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 31st day of January 2005

Peter Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


J&E CONSTRUCTIONS: Completes Winding Up Process
-----------------------------------------------
Take note that the affairs of J&E Constructions Pty Limited (In
Liquidation) A.C.N. 061 340 494 are now fully wound up and
pursuant to Section 509(1) of the Corporations Act, a meeting of
the Company and its creditors will be held at the offices Burton
Glenn Allen on Tuesday, March 22, 2005 at 10:00 a.m.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of and giving explanations thereof.

Dated this 31st day of January 2005

Peter G. Burton
Brian H. Allen
Joint Liquidators
c/- Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089
Telephone: (02) 9904 4644
Facsimile: (02) 9904 9644


KARL SULEMAN: Ex-director Faces Fraud Charges
---------------------------------------------
Mr. Karl Suleman appeared in the Central Local Court in Sydney
Thursday on 26 charges under the Crimes Act 1900 (NSW) (the Act)
following an investigation by the Australian Securities and
Investments Commission (ASIC).

Mr. Suleman, a former director of Karl Suleman Enterprises Pty
Limited (KSE) and the Froggy group of companies, was charged
with 15 counts of making false statements.

ASIC alleges Mr. Suleman's actions induced 15 investors to enter
into agreements and invest AU$3.185 million in KSE's supermarket
trolley collection business. It is alleged that the revenue
generated by KSE's supermarket trolley collection business was
never sufficient to fund the promised returns to investors.

Mr. Suleman was also charged with 11 counts of using false
documents, which induced one investor to invest AU$1 million in
KSE and its supermarket trolley collection business.

The alleged offences occurred between April 2000 and July 2001.

Mr. Suleman has not yet entered a plea and the matter will
return to the Downing Centre Local Court on 12 April 2005.

The magistrate granted bail subject to the following conditions:

(1) the defendant is to report daily to police;

(2) the defendant not leave the city of Sydney without court
approval;

(3) in the event that the Supreme Court of NSW releases the
defendant's passport, the defendant is to surrender forthwith
his passport to ASIC;

(4) the defendant is not to apply for any other passport; and

(5) the defendant is not to approach any points of overseas
departure and otherwise not leave Australia.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Background

Mr. Suleman was involved in the business of trolley collection
services for supermarkets located between Cairns and Adelaide,
from at least 1993. The supermarkets paid Mr. Suleman an agreed
fee, out of which he paid sub-contractors to do the work of
collecting the trolleys, and infrastructure costs.

Mr. Suleman was the sole director of KSE which was incorporated
in December 1999 to be the corporate management vehicle for
Suleman's expanding trolley collecting business.

From December 1999 until November 2001, investments were sought
from the public in the trolley collection business. These
investments took the form of a contract entitled 'Financial
Investment Agreements', entered into between an investor and
KSE.

On 12 November 2001, Mr. Neil Cussen and Mr. Paul Weston were
appointed joint administrators of KSE, and on 7 December 2001
they were appointed the joint liquidators.

Mr. Cussen and Mr. Weston concluded that the revenue generated
by the trolley collection business was never sufficient to fund
the returns promised to, and paid to, investors pursuant to the
agreements, and that repayments to existing investors were paid
out of new investors funds under a pyramid style scheme.


LIMOUSINES FOR ALL: Final Meeting Fixed on March 10
---------------------------------------------------
A final meeting of members and creditors of Limousines For All
Occasions Pty Ltd (In Liquidation) A.C.N. 095 329 249 will be
held at the offices of Crouch Insolvency, Level 5, 82 Elizabeth
Street, Sydney NSW on March 10, 2005 at 11:00 a.m. for the
purpose of attending to statutory duties.

Dated this 8th day of February 2005

Nicholas Crouch
Liquidator


MAKEDA PTY: Sets March 9 as Date of Final Meeting
-------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Makeda Pty Ltd (In Liquidation) A.C.N. 085 247 525
will be held at the offices of Brooke Bird & Co, Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, on
Wednesday, March 9, 2005 at 9:30 a.m., for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of and of hearing any explanations that may be given by
the Liquidators.

Dated this 20th day of January 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Telephone: (03) 9882 6666


MAYFIELDS CORDIALS: Decides to Undergo Voluntary Liquidation
------------------------------------------------------------
At a General Meeting of Mayfields Cordials Pty Ltd A.C.N. 000
226 693, duly convened and held at 222 Anson Street, Orange on
January 27, 2005, the following Special Resolution passed:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Notice is also given that creditors having claim against the
Company should furnish particulars of that claim to the
Liquidator within twenty-one days of this date, otherwise
distribution of the assets will take place without regard to
such claims.

Dated this 27th day of January 2005

Derek C. Pigot
Liquidator
Derek Pigot & Associates
222 Anson Street, (PO Box 143),
Orange NSW 2800


MONTGOMERY HOLDINGS: Members Pass Winding Up Resolution
-------------------------------------------------------
Take notice that at an extraordinary general meeting of
shareholders of Montgomery Holdings Pty. Limited duly convened
and held at the office of Messrs W. M. Samuel, Martin &
Rogerson, Chartered Accountants, 54 Goulburn Street, Crookwell,
on the 31st day of January, 2005, the resolutions set out below
were duly passed:

SPECIAL RESOLUTION

That the Company be wound up by a Member's Voluntary
Liquidation.

ORDINARY RESOLUTIONS

(i) That Gerald Charles Spackman, a partner of W. M. Samuel,
Martin & Rogerson, Chartered Accountants, 54 Goulburn Street,
Crookwell, be appointed liquidator of the Company.

(ii) That the liquidator be entitled to charge fees to the
Company for carrying out his duties as liquidator at the rate
prescribed by the Institute of Chartered Accountants in
Australia.

Dated this 31st day of January 2005

Gerald Charles Spackman
Liquidator


NATIONAL AUSTRALIA: To Increase Variable Lending Rates
------------------------------------------------------
Following the Reserve Bank announcement on March 1 to increase
official interest rates, the National Australia Bank announced
that the interest rate applying to National variable rate home
loan products will increase by 25 basis points from March 7,
2005.


National's standard variable home loan rate will now be 7.32%.

Interest rates applying to National's 1 year introductory
variable rate home loan will increase by 24 basis points to
5.99% from March 7, 2005.

Over recent months the National has increased deposit rates.
Effective Monday, March 7 term deposit rates include:

- 30 Day Term Deposit (AU$100,000 - AU$250,000) -- 5.10%
- 5 Month Term Deposit (AU$20,000 - AU$50,000) -- 5.40%
- 10 Month Term Deposit (AU$100,000 - AU$500,000) -- 5.50%

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


PARIS JADE: Executes Deed of Arrangement
----------------------------------------
Notice is given under Section 450B that Paris Jade International
Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N. 101 440
920 executed a Deed of Company Arrangement on January 24, 2005.

A copy of the Deed may be inspected at the office of Antony de
Vries and Riad Tayeh, Level 3, 95 Macquarie Street, Parramatta
NSW 2150.

Dated this 25th day of January 2005

Riad Tayeh
Joint Deed Administrator


PETER & SON: To Convene Final Meeting March 11
----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a final meeting of the creditors and
members of Peter & Son Cleaning Pty Ltd (In Liquidation) A.C.N.
074 882 803 will be held at the offices of WalterTurnbull,
Chartered Accountants, Level 17, 55 Clarence Street Sydney, NSW
2000 on March 11, 2005 at 10:00 a.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and of hearing any explanations
that may be given by the liquidator.

Dated this 8th day of February 2005

David Watson
Liquidator
WalterTurnbull
Chartered Accountants
Level 17, 55 Clarence Street,
Sydney NSW 2000


PHILBUILD PTY: Liquidator to Lay Account on Winding Up
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Philbuild Pty Limited (In
Liquidation) A.C.N. 000 926 283 will be held at the offices of
Harwoods Chartered Accountants, First Floor 19-21 Watt Street,
Gosford NSW 2250 on March 10, 2005 at 10:30 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 25th day of January 2005

M. A. Coleman
Liquidator
Harwoods
Chartered Accountants
First Floor, 19-21 Watt Street,
Gosford NSW 2250


QUANTUM LEAP: To Wind Up Voluntarily
------------------------------------
At a general meeting of the members of Quantum Leap Consultancy
Pty Limited (In Liquidation) A.C.N. 003 610 124 duly convened
and held at 68 Dorcas Street Southbank Vic 3006 on January 31,
2005, the special resolutions set out below were duly passed:

SPECIAL RESOLUTIONS:

(A) That the Company be wound up voluntarily and Paul Jeffery of
Crispin & Jeffery, Chartered Accountants, Level 2, 57 Grosvenor
Street, Neutral Bay, New South Wales, be appointed Liquidator
for the purpose of such winding up.

The resolution was unanimously carried.

(B) That on the winding up of the Company, (subject to the
payment of the debts and liabilities of the Company and the cost
of Liquidation and if necessary), the assets may be distributed
amongst the Members in Specie, the whole or in part according to
their rights and interest in the Company.

The resolution was unanimously carried.

Dated this 31st day of January 2005

Ian Robin Heming
Director
c/- Crispin & Jeffery
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW
Telephone: (02) 9908 4744
Facsimile: (02) 9953 8951


SLINGO & WILLIAMS: Members Opt for Voluntary Liquidation
--------------------------------------------------------
At a General Meeting of members of Slingo & Williams Pty Limited
A.C.N. 000 052 915 duly convened and held at 1st Floor 379 Kent
Street Sydney NSW 2000 on January 14, 2005, the following
Special Resolution was passed:

That the Company be wound up voluntarily and that Brent
McLauchlan be appointed liquidator for the purposes of such
winding up and that the liquidator be and is hereby authorized
to distribute in specie such assets of the Company as he may
determine.

Dated this 27th day of January 2005

John Keith Slingo
Director
c/- Peter Walker Partners
1st Floor, 379 Kent Street,
Sydney NSW 2000


VTEL PRODUCTS: Court Names Provisional Liquidator
-------------------------------------------------
Take notice that by an Order of the Supreme Court of New South
Wales, Equity Division, made on January 24, 2005, Deryk Andrew
was appointed Provisional Liquidator of VTEL Products Australia
Pty Limited (In Provisional Liquidation) A.C.N. 098 546 242.

Deryk Andrew
Provisional Liquidator
Bentleys MRI Sydney
Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office,
Sydney NSW 1230


WALTER CONSTRUCTION: Workers Return to Zetland Building Site
-------------------------------------------------------------
Fifty former workers and subcontractors of failed Walter
Construction Group has returned to Sydney building project after
clinching an accord with the financier, relates the Australian
Associated Press.

Last week, the Construction Forestry Mining and Energy Union
(CFMEU) sealed a deal with the Bank of Scotland, which was
financing the Victoria Park building project at Zetland after
workers staged a demonstration at the site for four weeks.

The agreement would see some 30 former direct Walter employees
being paid in full all wages and entitlements. The deal would
also provide payment to subcontractors on the site who employ
200 workers.

However, workers are still refusing to work on former Walter-run
Sydney Water sites in western Sydney and the Illawarra and two
NSW Health projects on the central coast until the NSW
government guarantees the workers full entitlements.

More than 300 workers in NSW and Queensland were retrenched last
month, a week after the Company, was handed over to
administrators KordaMentha.

Walter went into administration with debts of more than AU$100
million in early February when its German parent Company Walter
Bau AG filed for insolvency over credit problems.


WEALTH ESSENTIALS: Appoints Liquidator to Wind Up Company
---------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the sole member of Wealth Essentials Aust Pty Ltd (In
Liquidation) A.C.N. 108 015 710 held on January 25, 2005, it was
resolved that the Company be wound up voluntarily.

At a meeting of creditors held on the same day pursuant to
Section 491, it was resolved that for such purpose, Messrs Clyde
Peter White and Philip Newman of HLB Mann Judd, Chartered
Accountants, Level 1, 160 Queen Street, Melbourne be appointed
joint and several Liquidators.

Dated this 25th day of January 2005

P. Newman
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne 3000


WESTSIDE TRUCKS: Members, Creditors to Meet March 9
---------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Westside Trucks Pty Limited (In Liquidation) A.C.N.
082 770 349 will be held at Hall Chadwick Level 29, 31 Market
Street, Sydney, NSW, 2000 on March 9, 2005 at 11:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the Company on completion of all duties.

(3) Any other business.

Dated this 1st day of February 2005

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


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


A-LEVEL EXPRESS: Court Sets Winding Up Hearing on March 16
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of A-
Level Express (HK) Limited by the High Court of Hong Kong
Special Administrative Region was on December 16, 2004 presented
to the said Court by the Petitioner, Sky Genius (Hong Kong)
Limited, whose registered office is situated at G11-12, G/F.,
Good Harvest Air Freight Centre, 70-78 Shun Wong Toi Road,
Tokwawan, Kowloon, Hong Kong.


The said Petition is to be heard before the Court at 9:30 am on
March 16, 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

Michael Li & Co.
Solicitors for the Petitioner
14th Floor, Printing House
6 Duddell Street
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of the
15th day of March 2005.


BALECA MEDICAL: Creditors Meeting Slated for March 8
----------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the Hong
Kong Companies Ordinance, a meeting of the creditors of Baleca
Medical Limited will be held at Meeting Room 1 on 5/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong at
11:30 a.m. on March 8, 2005 for the purposes of considering
matters in relation to Sections 199, 241, 242, 243, 244, 255A
and 283 of the Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 7/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 12:00 noon on
March 7, 2005.

Dated this 25 day of February 2005

Chen Chih
Director
Baleca Medical Limited


DIPLOCACUS LIMITED: Schedules Annual Meeting on March 11
--------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the annual meeting of the
members of Diplocacus Limited (In Creditors' Voluntary
Liquidation) will be held at 27/F., Alexandra House, 16-20
Chater Road, Central, Hong Kong on March 11, 2005 at 10:00 a.m.

It will be followed by a meeting of the creditors of the Company
to be held at the same place at 10:30 a.m., for the purpose of
receiving an account of the liquidators showing their acts and
dealing and the conduct of the winding-up of the above Company
during the year to December 16, 2004.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company.

Forms of proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged at the above address not later than 48
hours before the time for holding the members' meeting and
creditors' proxies not later than 4:00 p.m. on the day before
the meeting.

Dated this 25th day of February 2005

Jacky C. W. Muk
Joint and Several Liquidator


FORTUNA INTERNATIONAL: Clarifies Macau Daily News Article
---------------------------------------------------------
Fortuna International Holdings Limited advised the Hong Kong
Stock Exchange that in response to certain articles appearing in
various Hong Kong newspapers recently referring to a declaration
made by Mr. Fok Kin Man in relation to the right to use and
manage the Hotel as reported by Macau Daily News on February 20,
2005.

The Directors have noted the decrease in the price and increase
in the trading volume of the Shares on 21st February 2005.

Trading in the Shares on the Stock Exchange was suspended
effective 9:30 a.m. on February 22, 2005 pending the release of
this announcement. Application has been made by the Company for
the resumption of trading of the Shares on the Stock Exchange
effective 9:30 a.m. on March 3, 2005.

To view a full copy of the announcement, click
http://bankrupt.com/misc/FORTUNAINTERNATIONAL030305B.pdf

CONTACT:

Fortuna International Holdings Limited
Suite 3301 Tower 1,
Lippo Centre 89 Queensway
Hong Kong
Telephone: 23335195
Fax: 27640614


KARMAN PROPERTIES: Court to Hear Petition March 16
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Karman Properties Limited by the High Court of Hong Kong was on
January 10, 2005 presented to the said Court by Ho Chiu Sheung
of 8/F., Rear Portion, Pak Cheung Building, 63A Shantung Street,
Mongkok, Kowloon, Hong Kong.

The said petition is to be heard before the Court at 9:30 a.m.
on March 16, 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of March
15, 2005.


MAXSON INTERNATIONAL: Creditors' Proofs of Claim Due March 18
-------------------------------------------------------------
Notice is hereby given that the creditors of Maxson
International Limited (In Members' Voluntary Liquidation), which
is being voluntarily wound up, are required (if they have not
already done so), on or before the close of business on March
18, 2005, to send in their names, addresses and particulars of
their debts or claims, and the name and address of their
solicitors, if any, to the undersigned and Rainier Hok Chung
Lam, the Joint and Several Liquidators of the above Company at
22nd Floor, Prince's Building, Central, Hong Kong.

If so required by notice in writing from the said Liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Dated this 25th day of February 2005

John James Toohey
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


NEW WORLD: Seals Tenancy Deal with NWTCL
----------------------------------------
New World TMT Limited (NWD) advised the Hong Kong Stock Exchange
that it entered into the Tenancy Agreement with New World Tower
Company Limited (NWTCL) on March 2, 2005.

NWTCL is a wholly owned subsidiary of NWD, the controlling
shareholder of the Company, and the entering into of the Tenancy
Agreement constitutes a continuing connected transaction for the
Company under the Listing Rules. Given that the revenue and
consideration ratios are more than 0.1% but less than 2.5%, the
Tenancy Agreement is subject to the reporting, announcement and
annual review requirements, and is exempt from independent
shareholders' approval under the Listing Rules.

TENANCY AGREEMENT

Date: March 2, 2005

Parties:

Tenant: the Company

Landlord: New World Tower Company Limited (NWTCL), a property
investment Company and a wholly owned subsidiary of the
controlling shareholder of the Company, New World Development
Company Limited (NWD).

Premises Leased: Room 2008, 20th Floor, New World Tower, 18
Queen's Road Central, Hong Kong.

Term of Lease: three years commencing from 1 February 2005 to 31
January 2008 (both dates inclusive).

Rental: HK$150,920 per month, inclusive of air-conditioning and
management charges, which is determined with reference to market
rate.

MAXIMUM AGGREGATE ANNUAL VALUE

Taking into account of possible adjustment by the Landlord on
air-conditioning and management charges, the annual cap in
respect of the Tenancy Agreement will be HK$1,860,000.

REASONS FOR THE TRANSACTION

The existing office space of the Company is rented from an
independent third party and the relevant tenancy agreement will
expire in April this year. Upon entering into of the new tenancy
agreement with NWTCL, the Company will move to the new office
premises which is much smaller in size. As compared with the
existing monthly rental (inclusive of air-conditioning and
management charges) of HK$402,653, the new tenancy will result
in monthly saving of about HK$250,000.

The directors of the Company (including the independent non-
executive directors) are of the view that the terms of the
Tenancy Agreement are on normal commercial terms and are fair
and reasonable and in the
interests of the shareholders of the Company.

CONNECTION BETWEEN THE PARTIES

By virtue of being a wholly owned subsidiary of NWD, the
controlling shareholder of the Company, NWTCL is a connected
person of the Company and the entering into of the Tenancy
Agreement constitutes a continuing connected transaction for the
Company under the Listing Rules. Given that the revenue and
consideration ratios are more than 0.1% but less than 2.5%, the
Tenancy Agreement is subject to the reporting, announcement and
annual review requirements, and is exempt from the independent
shareholders' approval under the Listing Rules.

INFORMATION ON THE COMPANY

The Company is principally engaged in the development,
investment, operation and/or management of telecommunications,
media and technology businesses in Hong Kong and the PRC.

By Order of the Board
Wong Chi-Chiu, Albert
Chief Executive Officer
Hong Kong, March 2, 2005


PERFECT PRINTINGS: Winding Up Hearing Slated for April 13
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Perfect Printings Limited by the High Court of Hong Kong Special
Administrative Region was on February 7, 2005 presented to the
said Court by Perfect Printings, Limited whose registered office
is situated at Block C, 9th Floor, Man Foong Industrial
Building, 7 Cheung Lee Street, Chai Wan, Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
April 13, 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

Knight & Ho
Solicitors for the Petitioner
Rooms 2207-2210, 22nd Floor, World-Wide House
19 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of the 12th day of April 2005.


SILVERLUX INTERNATIONAL: Enters Winding Up Proceedings
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Silverlux International Limited by the High Court of Hong Kong
Special Administrative Region was on February 4, 2005 presented
to the said Court by JAS Forwarding (H.K.) Limited, whose
registered office is situated at Unit B, 5th Floor, Modern
Terminals Warehouse Building, Phase 1, Berth One, Kwai Chung
Container Terminals, Kwai Chung, New Territories, Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
April 6, 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

Edward C. T. Wong & Co.
Solicitors for the Petitioner
Rooms 1602-3, 16th Floor, Vicwood Plaza
199 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear on the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of April
5, 2005.


TIMBERLAND INDUSTRIAL: Appoints Committee of Inspection
-------------------------------------------------------
Timberland Industrial Limited posted a notice of appointment of
a Committee Of Inspection on January 6, 2005 with the following
details:

Members of a Committee of Inspection

(1) Smurfit Munksjo Paper GmbH & Co KG
(2) Aluminium Feron GmbH & Co KG
(3) Tabercolor, S.A.

Dated this 25th day of February 2005

Roderick John Sutton
Joint and Several Liquidator


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


BANK GLOBAL: Finance Ministry to Pay IDR498.15 Bln to Depositors
----------------------------------------------------------------
Indonesia's Ministry of Finance will dispense around IDR498.15
billion on March 9 to pay 713 depositors of the recently closed
Bank Global, reports the Jakarta Post.

The ministry's general director for financial institutions
Darmin Nasution said on March 2 that according to the
Development Finance Comptroller (BPKP) and the finance
ministry's guarantee implementation unit (UP3), 713 of the 890
accounts, which amounted to IDR505.13 billion, were eligible for
payout under the blanket guarantee program.

The remaining 177 accounts will not be included in the payout as
they are linked to the bank's management, together with the
accounts of depositors who still have liabilities with the bank,
pending further verification.

All in all, BPKP and UP3 received information from 9,872
accounts worth IDR1.25 trillion from Bank Global for review.

Earlier, the ministry reviewed 1,707 accounts worth IDR5.74
billion, and stated that the government's blanket guarantee
program would cover 1,685 accounts worth IDR1.89 billion. As of
Feb. 24, the government has paid IDR2380 million to 202 account
holders.

Bank Indonesia suspended Bank Global's operations for one month
before officially closing it down on Jan. 13, due to failing
capital and marked evidence of bank fraud activities.

CONTACT:

PT Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
Fax: +62 21 2511214
Web site: http://www.bni.co.id


BANK MANDIRI: Proposes Schemes to Settle High NPLs
--------------------------------------------------
State-owned Bank Mandiri said it proposed some schemes to the
government to settle the high non-performing loans (NPL) of
several state-owned companies, reports Asia Pulse.

Bank Mandiri President E.C.W. Neloe said the bank's non-
performing credits total IDR1.3 trillion in 12 state-owned
companies. He proposed a 50 % cut off the debt principal, or
selling borrowers' assets, but the State Minister for State
Enterprises has not yet given its approval.

According to Mr. Neloe, PT Merpati Nusantara Airlines has the
largest non-performing loan of the 12 companies.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


TELEKOMUNIKASI INDONESIA: To Build New Fiber Optic Network
----------------------------------------------------------
PT Telekomunikasi Indonesia (Telkom) intends to build a new
fiber optic network this year, to strengthen telecommunications
in Java, Sumatra and Kalimantan, reports the Jakarta Post.

According to Telkom business and service director Suryatin
Setiawan, the planned fiber optic cable, which would be planted
under the seabed, would link Jakarta, Pontianak in West
Kalimantan and Batam, adding that such project is an alternative
if difficulties arise from installing a land network.

Mr. Suryatin said that the project, which was targeted to better
telecommunication connections among the three islands (Java,
Sumatra, Kalimantan), was advantageous to improving defense
infrastructure as it is more secure from enemy attacks than
other networks.

The new fiber optic project costs IDR300 billion, and bidding on
the project will begin next month.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/


TOTAL E&P: Bankruptcy Case to End Next Week
-------------------------------------------
The bankruptcy case between Total E&P Indonesie and its two
contractors will come to an end, as both sides presented their
conclusions on March 2, the Jakarta Post reports.

In this last hearing before the handing down of the verdict on
March 8, Total E&P maintained that there were no grounds for the
court to grant bankruptcy proceedings on the Company. Company
lawyer Todung Mulya Lubis said at the Jakarta Commercial Court
that there was no substantial evidence to prove that Total E&P
was bankrupt.

OC Kaligis lawyers who represented contractors PT Istana Karang
Laut (IKL) and PT Sanggar Kaltim Jaya (SKJ) said that since
TOTAL E&P did not pay its debts to the contractors on time, the
Company should be considered bankrupt.

The two contractors had filed a bankruptcy petition against
Total E&P on Jan. 14, for a claim of IDR36.7 billion payable to
SKJ, and IDR29.5 billion payable to IKL, as reported in an
investigative audit performed on the Company.

CONTACT:

Total E&P Indonesie
Plaza Kuningan Manara Utara
JL. H.R Rasuna Said Kav C.11-14
P.O Box 1010
12940 Jakarta, Indonesia
Phone: + 62 21 523 1999
Fax:   + 62 21 523 1888


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


DAIEI INCORPORATED: Foreigners Lose Out as Saga Nears End
---------------------------------------------------------
Foreign consortiums seeking to be the key investor for ailing
Daiei Incorporated are left out in the cold as a Japanese group
is likely to be formally declared the winning bidder, Reuters
reports.

A consortium led by Japanese trading house Marubeni Corporation
was reportedly chosen by the state-backed Industrial
Revitalization Corporation of Japan (IRCJ) as the winner of the
sponsorship tender for the troubled retailer's rehabilitation.
The IRCJ is expected to formally declare the Marubeni-led
consortium as Daiei's key sponsor this week.

Officials from the IRCJ and the Marubeni group declined to
comment. Daiei said a decision had yet to be made.

Meanwhile, IRCJ's selection of Marubeni over foreign bidders
such as U.S. buyout firm Ripplewood Holdings and Wal-Mart Stores
Inc. has sparked speculation that Japan's biggest restructuring
deals are marked out for Japan Incorporated itself.

The IRCJ's decision to go with Marubeni comes as the conclusion
of another high-profile restructuring deal pitting foreign
suitors against their domestic counterparts waits in the wings.

CONTACT:

The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: http://www.daiei.co.jp


DAIEI INCORPORATED: To Welcome Two Managing Directors from IRCJ
---------------------------------------------------------------
Two executives from the state-backed turnaround agency will soon
join Daiei Incorporated, according to Japan Today.

The Industrial Revitalization Corporation of Japan (IRCJ) has
decided to send two of its managing directors to the troubled
retailer, in a bid to speed up the Company's rehabilitation.

The IRCJ is expected to dispatch Masahiro Matsuoka and Shoichiro
Onishi to Daiei.

The IRCJ decided on Dec. 28 to assist Daiei after the giant
retailer turned to it for help last October.


ESUSHIEMUKOSAN K.K.: Enters Bankruptcy
--------------------------------------
Esushiemukosan K.K. has entered bankruptcy with total
liabilities of US$252.88 million, says Teikoku Databank America.

The building and house sales agent is based in   Kita-Ku, Tokyo
114-0002.

For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.


HAYASHIYA K.K.: Falls Into Bankruptcy
-------------------------------------
Hayashiya K.K. has fallen into bankruptcy with total liabilities
of US$57.69 million, according to Teikoku Databank America.

The firm, engaged in the wholesale trade of ceramic, stone and
clay products for construction, is based in Abashiri-shi,
Hokkaido 093-0004.

For more information visit http://www.teikoku.com/or contact
office@teikoku.com or 1-212-421-9805.


JAPAN POST: To Close 28 Unprofitable Leisure Units
--------------------------------------------------
Japan Post will shut down 28 of its 120 leisure accommodation
units in Japan ahead of its privatization process in April 2007,
according to The Japan Times.

Of the 28 money-losing facilities, Japan Post plans to close
five in fiscal 2005 and 23 in fiscal 2006.

Currently, Japan Post owns 97 facilities for customers of its
life insurance services, and 23 units for customers of its
postal savings services.

The firm disclosed that the insurance-related facilities
incurred an estimated pre-tax loss of JPY17.1 billion in fiscal
2004. However, they are expected to rake a JPY600-million profit
in fiscal 2009 due to rationalization effects.

Postal savings-related facilities are estimated to have booked a
pretax loss of JPY9.5 billion in fiscal 2004. They are forecast
to post a JPY100 million in fiscal 2006.

The government has formulated a policy of closing or selling all
the remaining accommodation facilities owned by Japan Post
within five years of the April 2007 start to the 10-year
privatization process.

CONTACT:

Japan Post
1-3-2 Kasumigaseki, Chiyoda-ku
Tokyo 100-8798, Japan
Phone: +81-3-3504-4357
Fax: +81-3-3504-5399


KAMMATSU SHOJI: Declared Bankrupt
---------------------------------
Lumber and bamboo wholesale trader Kammatsu Shoji K.K. has been
declared bankrupt, says Teikoku Databank America.

The Company, located in Kishiwada-shi, Osaka 596-0011, left
total liabilities of US$288.46 million.

For more information visit http://www.teikoku.com/or contact
office@teikoku.com or 1-212-421-9805.


MITSUBISHI FUSO: Donates Trucks for Tsunami Relief Program
----------------------------------------------------------
Mitsubishi Fuso Truck Thailand (MFTT), a subsidiary of Japan-
based Mitsubishi Fuso Truck and Bus Corporation, donated five of
its popular Canter light-duty trucks to the Rajaprajanugroh
Foundation to assist in the reconstruction of Thai regions
affected by the Tsunami. A small ceremony was held at the Royal
foundation's headquarters in Bangkok on February 15, 2005.

When handing over the vehicles to Mr. Kwankeaw Vajarodaya, the
Chairman of the Foundation, MFTT President and Chief Executive
Officer Tetsuo Matsuzawa said: "We are very happy that we can
help the foundation to carry on and even expand its important
work in Thailand. Doing business for us also means to act as a
good corporate citizen in the communities we live and work in.
This is why we did not hesitate to help." Present at the modest
ceremony was also Atsushi Sakai, General Manager of Mitsubishi
Fuso Truck and Bus Corporation (MFTBC).

All the trucks have been delivered with a flatbed body and
registration. In addition, Mitsubishi Fuso will use its network
in Thailand, which has been expanded recently, to service the
vehicles for the next two years. Initially, the robust and
versatile trucks will be used to transport food, medicine and
general supplies. The high payload capacity of the vehicles
makes them ideal also for transporting construction materials.

The Rajaprajanugroh Foundation was established under the
gracious initiative and spontaneous support of His Majesty the
King of Thailand. It signifies the royal concern and care for
the welfare of his people. Ever since a tropical storm razed the
Southern part of Thailand back in 1962, the foundation provides
assistance to disaster victims in Thailand.

Since mid-2004, Mitsubishi Fuso Trucks Thailand is a wholly
owned subsidiary of MFTBC Japan. The Company is offering a full
range of commercial vehicles from 3.5 tons and higher to the
Thai market.

MFTBC is the leading Asian truck and bus manufacturer. Since
March 2004, the Company is a fully consolidated subsidiary of
DaimlerChrysler AG, which owns 65% of MFTBC. At present,
Mitsubishi group companies continue to own 35%.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: May Boost U.S. Output by 30%
-----------------------------------------------
Mitsubishi Motors Corporation (MMC) aims to beef up car and
truck production at its U.S. factory by up to 30 percent as the
embattled automaker adds models to counter a continuing sales
slump, Bloomberg reports.

President Osamu Masuko said MMC's facility at Normal, Illinois
is capable of manufacturing as many as 130,000 vehicles
annually. He, however, did not say when the U.S. plant is
expected to operate at full capacity.

MMC, which is reeling from a spate of defect cover-up scandals
and recalls, is using a JPY540 billion (US$5.16 billion) cash
injection from investors and banks to trim debt and design new
models.

The Japanese automaker is working to increase sales in the U.S.
after a 53-percent drop in the past two years.

MMC, the fifth-largest and only unprofitable automaker in Japan,
builds the Galant sedan, the Endeavor sport-utility vehicle, the
current Eclipse coupe and the Eclipse Spyder convertible at the
Illinois factory.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


SEIBU RAILWAY: Arrested Tycoon Allegedly Falsified Financials
-------------------------------------------------------------
Railway tycoon Yoshiaki Tsutsumi was arrested Thursday over
accusations that he authorized the falsification of financial
statements at Seibu Railway Company, reports Associated Press.

Tokyo prosecutors detained Mr. Tsustumi, former chairman of
Seibu railway and its controlling shareholder Kokudo
Corporation, for allegedly breaching the securities and exchange
law.

Prosecutors also raided the offices of Seibu Railway to gather
evidence on whether Mr. Tsutsumi and other executives tampered
with share-ownership documents.

Mr. Tsutsumi, who was once listed at Forbes' magazine as one of
the world's richest people in the 1990's, was suspected of
conspiring with several executives to falsify Seibu Railway's
financial statement. The executives were believed to have
underreported Kokudo's stake in the railway firm and its sale of
Seibu railway shares.

Prosecutors said Mr. Tsutsumi was most likely involved in the
illegal sale of 180 million Seibu Railway shares in September
2004, to reduce Kokudo's stake in the railway Company.

Seibu Railway said it is taking the criminal investigation
seriously.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


URUSHIHARA K.K.: Begins Bankruptcy Proceedings
----------------------------------------------
Glove manufacturer Urushihara K.K. has begun bankruptcy
proceedings, according to Teikoku Databank America.

The firm, headquartered in Higashikagawa-Shi, Kagawa 769-2702,
has total liabilities of US$47.12 million.

For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.


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


HYNIX SEMICONDUCTOR: Returns to Profit in 2004
----------------------------------------------
Hynix Semiconductor Inc. reported a net profit of KRW1.7
trillion for 2004, offsetting a KRW1.7 trillion loss in 2003,
Asia Pulse reports.

In a filing to the Korea Stock Exchange, the Company's 2004
operating profit amounted to KRW1.8 trillion, from KRW259
billion losses in 2003. Sales also increased 62 % to KRW5.9
trillion. The turnaround is due in part to an increase in
dynamic random access memory (DRAM) chips and other value-added
products.

But the Company's net income for the fourth quarter of 2004 fell
64.9 % to KRW186.1 billion, while sales in the same quarter
dropped 13 % to KRW1.3 trillion.

Hynix sold its non-memory unit to Citigroup Inc. for KRW954. 3
billion (with KRW379.3 billion assumed debt) last October as
part of its restructuring plan. Proceeds from the sale would
allow the Company to invest in new chip plants, but its weak
fourth quarter profits indicated a decline in market demand.

Main creditor Korea Exchange Bank and other creditors own 81 %
of Hynix after several bailout packages to keep the Company
afloat.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax:   82-2-3459-5987/8
Web site: http://www.hynix.com


JINRO LIMITED: Valued at KRW3.6 Trillion by Creditor
----------------------------------------------------
Jinro Company Ltd.'s main creditor Goldman Sachs said that the
Company is worth KRW3.6 trillion, apparently higher than its
previous estimate of KRW2.5 trillion, reports the Financial
Times.

Goldman Sachs managing director Jason Maynard said that Jinro's
value improved due to higher cash flow and availability of tax
credits which could be used to offset future liabilities,
therefore Goldman Sachs estimated the Company's value to be at
KRW3.6 trillion. This means that local bidders such as Lotte and
Doosan would be able to offer more for Jinro than foreign
bidders such as Newbridge Capital, JP Morgan Partners and CVC.

If the Company were sold for KRW3 trillion, it would be the
first time that creditors of a South Korean Company would
recover all their investments.

But according to people familiar with the matter, buyers are
unlikely to bid more than KRW3 trillion because under South
Korean law, creditors cannot say no to a bid that meets their
debt claim in full.

People close to the deal said bidders were unlikely to offer
more than KRW3,000 billion because under South Korean law,
creditors cannot refuse an Offer that meets their debt claim in
full.

Merrill Lynch, which is managing the sale, had no comment on the
matter.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
South Korea
Telephone: +82 2 520 3114
           +82 2 520 3453
Web site: http://www.jinro.co.kr/


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


ANTAH HOLDINGS: SC Says No to Unit's Proposed Listing
-----------------------------------------------------
Antah Holdings Berhad said that the Securities Commission
rejected the proposed listing of the Company's unit Antah
Healthcare Group Berhad on the Mesdaq market, reports the Star
News.

In the Company's statement to the Bursa Malaysia Securities
Berhad (Bursa Securities), the SC thought that Antah Healthcare
was not eligible for listing under Rule2.2.2 of the Listing
Requirements of Bursa Securities for the Mesdaq market.

According to Rule 2.2.2, Mesdaq will consider the quantitative
and qualitative aspects of an applicant in evaluating the
applicant's suitability for listing in the market.

The Company said that its unit, Antah Healthcare Group Berhad,
is expected to appeal the Securities Commission's decision.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur, Malaysia
Phone: 03-20849000
Fax:   03-20949940


INTAN UTILITIES: Extension of Public Spread Requirement to End
--------------------------------------------------------------
Intan Utilities Berhad (Intan) announced that the Bursa Malaysia
Securities Berhad (Bursa Securities) on Feb. 3, 2005, granted
an extension of time of about 3 months to March 29, 2005 for the
Company to comply with the public shareholding spread
requirement pursuant to Paragraph 8.15(1) of the Listing
Requirements.

The Company's Public Spread of as at Nov. 22, 2004 comprises
21.98% of the issued and paid-up share capital held by 755
public shareholders (a shortfall of 3.02% and 245 public
shareholders from the minimum issued and paid-up share capital
requirement to be held by public shareholders and public
shareholding requirement of 1,000 shareholders under the Bursa
Securities Listing Requirements respectively).

As announced to Bursa Securities on Jan. 10, 2005, Vista Meranti
Sdn Bhd (VM), a substantial Company shareholder, obtained
the approval of the Securities Commission for an extension of
time to March 29, 2005 for VM to take appropriate steps, which
include arrangement with certain institutions/individuals, to
place out an appropriate quantum of Company shares to meet the
Public Spread.

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur, Malaysia
Phone: 03-2935 8888
Fax:   03-29358043
Web site: http://www3.jaring.my/intan


NAUTICALINK BERHAD: To Implement Restructuring Plan Soon
--------------------------------------------------------
In compliance with Practice Note No. 4/2001, Nauticalink Berhad
announced that following the announcement made on Jan. 24, 2005
on the approvals obtained at the Extraordinary General Meeting,
and the Court Convened Meeting of Shareholders and of Scheme
Creditors held on Jan. 20, 2005, the implementation of the
approved corporate restructuring scheme will begin upon
obtaining the sanction of the High Court of Malaya in accordance
with Section 176 (3) of the Companies Act, 1965.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: 03-40431005
Fax:   03-40431058


PAN MALAYSIA: Issues Update on Material Litigation
--------------------------------------------------
Pan Malaysia Holdings Berhad refers to the announcement on Dec.
9, 2004 concerning the suit filed on May 17, 1996 in the Kuala
Lumpur High Court by Loyal Design Sdn Bhd (LDSB), wholly
owned subsidiary of Malayan United Industries Berhad (MUI),
against the Company and all its then existing directors, for
breach of directors' duties in conducting Company affairs during
the period involved with the takeover offer by MUI through LDSB
in respect of the Company. The suit also seeks to declare,
inter-alia, that various options granted by the Company under
the Company's Executive Share Option Scheme are void.

The matter is scheduled for further case management on Tuesday,
March 29, 2005.

CONTACT:

Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Phone: (60) 3244-1470
Fax:   (60) 3244-7789


RHB CAPITAL: Bank Negara OKs Possible Partnership with Dallah
-------------------------------------------------------------
RHB Capital Berhad said on March 2 it will start talks with
Saudi Arabia-based Dallah Albaraka Group for a possible
partnership, reports Dow Jones.

Bank Negara, Malaysia's central bank, gave its approval for RHB
Capital to start negotiations with Dallah Albaraka, which might
result in Dallah's direct equity participation of up to 30% in
the share capital of the Company's unit, RHB Islamic Bank.

This means that foreigners may have more freedom to invest in
the Islamic banking units of Malaysian banks. This is in line
with central bank governor Zeti Akhtar Aziz's plan for local
banks with Islamic banking units to partner with foreign
companies.

CONTACT:

Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 9287 8888
Fax:   +60 3 9280 6507


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


COLLEGE ASSURANCE: Pension Fund Arm Pares 2004 Losses
-----------------------------------------------------
The pension fund unit of embattled pre-need firm College
Assurance Plans Philippines Inc. (CAP) has trimmed its net loss
for 2004 on reduced operating expenses, Business World reports.

In its unaudited financial statement lodged at the Securities
and Exchange Commission (SEC), Comprehensive Annuity Plans and
Pension Corp (CAP Pension) said it booked a net loss of
Php422.156 million in 2004, which is more than 40 percent lower
than the net loss of Php742.425 million posted in 2003.

CAP Pension's statement of income and retained earnings shows
that the Company's revenues hit Php427.45 million in 2004, down
20.38 percent from its income of Php536.903 million the previous
year.

Data show that realized gross income, which covers the Company's
collection for plans it sold, was lower at Php382.981 million,
from Php458.727 million.

Income from CAP's trust fund was likewise reduced, to Php15.153
million from Php45.3 million, while the interest income of the
Company was also lower at Php7.88 million from Php16.763
million. Income from rent, meanwhile, slightly decreased to
Php13.176 million from Php14 million while miscellaneous income
increased to Php8.24 million from Php2.09 million.

The Company's operating expenses, on the other hand, decreased
to Php857.665 million, from Php1.285 billion in 2003.

While expenses related to plan benefits went up to Php659.706
million from Php481.952 million, its trust fund expenses went
down sharply to Php38.389 million from Php107.246 million the
previous year.

Likewise, the Company's direct costs decreased to Php326.932
million from Php385.547 million, while general and
administrative expenses also fell to Php276.789 million from
Php390.479 million.

The Company's assets decreased slightly to Php8.642 billion from
Php8.938 billion, while its liabilities remained almost the same
at Php10.059 billion from Php10.007 billion.

CAP First Vice-President Bobby Caf‚ declined to comment on CAP
Pension's unaudited financial statement.

CAP Pension's dealer's license, which it needs to sell plans to
the public, expired last September 30. To date, the SEC has not
renewed the Company's dealer's license after it found out that
the firm failed to make deposits in its trust fund.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


HACIENDA LUISITA: Decides to Negotiate with Workers to Mend Row
---------------------------------------------------------------
The management of Hacienda Luisita Incorporated (HLI) will defer
plans to temporarily halt operations of its milling unit Central
Azucarera de Tarlac to give way to negotiations with workers,
Business World reports.

The HLI management decided on the move in an attempt to settle
the ongoing labor row with the Central Azucarera de Tarlac Labor
Union (CATLU).

Church representatives from the Catholic Bishops Conference of
the Philippines (CBCP) and representatives from the military had
mediated in negotiations between the workers and management of
the Cojuangco-owned sugar milling Company.

Earlier, the Company declared a "dead season" in the plantation
because of insufficient raw materials to mill. The management
had planned to temporarily cease operations in the milling
Company for a period not exceeding six months from March 1. he
period of suspension will depend on milling agreements with
planters outside the Hacienda Luisita.

Meanwhile, the Labor department has ordered as final and
executory its Jan. 14 resolution of the labor dispute, ordering
a Php15 wage increase to some 750 milling workers for a period
of two years and the payment of a one-time lump sum of
Php12,500.

Labor Sec. Patricia Sto.Tomas has also ordered the dismissal of
35 union officers for leading an illegal strike on Nov. 6, 2004.

The HLI management has already offered to reinstate 18 of the 35
union officers in an effort to peacefully settle the issue. The
union, however, is pressing for the reinstatement of all 35
workers.


MANILA ELECTRIC: Cuts Generation Charge by 37.5 Cents
-----------------------------------------------------
Manila Electric Company (Meralco) customers will enjoy a 37.5
centavos per kwh reduction in the generation charge reflected in
their March 2005 bills.

The utility Company said this was a result of higher levels of
dispatch of the IPPs in February. Following the automatic
adjustment mechanism approved by ERC in October last year, the
generation charge in customers' bills move on a month basis
depending on the cost of generation supplied by Napocor and the
IPPs the previous month.

System loss, another pass-through charge, also adjusts monthly
depending on generation cost. With the reduction in generation
cost, correspondingly, system loss charges for all customer
groups are also lower this March.

Meralco also emphasized that, in fact, despite the collection of
a 9.29 centavos deferred accounting adjustment approved by the
ERC last January 25, 2005, the February 2005 generation charge
was still lower compared to the January 2005 figure.

Meralco attributed the hefty 37.5 centavos reduction in
generation charge to the improved dispatch of the IPPs which
translates to lower cost of generation per kWh. Records show
that of the three major IPPs supplying power to MeraLco, First
Gas Sta. Rita was dispatched at higher than contracted level.
Had all the IPPs been run at contract levels and beyond, further
savings could have been enjoyed by the customers.

"We have said all along that once our IPPs are dispatched at
contracted levels the cots of generation will definitely go down
and this will eventually result to lower electricity bills,"
said Meralco VP for Corporate Communication Elpi Cuna, Jr.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


METRO PACIFIC: Issues Statement of Beneficial Ownership
-------------------------------------------------------
Further to Circular for Brokers Nos. 251-2005 dated January 19,
2005, 323-2005 dated January 24, 2005 and 901-2005 dated
February 21, 2005, Metro Pacific Corporation (MPC) furnished the
Exchange a copy of the Statement of Changes in Beneficial
Ownership of Securities (SEC Form 23-B) of Mr. Edward Tortorici,
a director of the Company, reporting changes in his
shareholdings for January and February 2005.

A copy of the said document shall be made available at
http://bankrupt.com/misc/tcrap_metropacific030405.pdf.

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL POWER: PSALM Seeks to Speed Up Asset Sale Through IPARP
----------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
has begun due diligence process for National Power Corporation's
(Napocor) power generation assets, The Manila Times reports.

PSALM on Wednesday formally invited potential bidders and other
investors to participate in an Investor Preliminary Asset Review
Process (IPARP), which is expected to accelerate efforts to
privatize the generation assets of Napocor.

PSALM Vice President for Asset Valuation and Disposal Froilan A.
Tampico explained that the IPARP, which is not actually part of
the bidding process, will allow potential bidders to have a
better assessment of their target power plants through site
visits and access to the plant data.

The due diligence period consumes the greatest amount of time in
the bidding schedule, but with IPARP, bidders are expected to
take up less time for due diligence activities during the formal
bid process.

The IPARP for a particular power plant will end upon the
commencement of the formal due diligence on that plant, which
will coincide with the start of the formal bidding process as
announced through the publication of an Invitation to Bid.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468


PHILIPPINE LONG: Earmarks Php40 Bln for Voice, Data Services
------------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) is allocating
some Php30 billion to Php40 billion to enhance its voice and
data services, The Philippine Star reports.

PLDT is spending up to Php40 billion in the next three years to
transform the network into one that is based on Internet
Protocol (IP) and capable of carrying both voice and data.

According to PLDT chairman Manuel Pangilinan, PLDT is set to
commence the upgrade to an IP-based network and boost broadband
capabilities.

The migration to an IP-based network will cost around US$50
incremental per subscriber, although PLDT may have to spend less
because of its existing infrastructure part of which can be
utilized for the shift.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


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

CHINA AVIATION (S): Complies with Bourse's Listing Manual
---------------------------------------------------------
Pursuant to Rule 704(11) of the Listing Manual of the Singapore
Exchange Securities Trading Limited, the Singapore Stock
Exchange (SGX) confirm that none of the persons holding
managerial positions in China Aviation Oil (Singapore)
Corporation Ltd or any of its principal subsidiaries is related
to a Director or Managing Director and Chief Executive Officer
or substantial shareholder of the Company.

Adrian Chang
Company Secretary
March 2, 2005

CONTACT:

China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/


CITIRAYA INDUSTRIES: Details Investment Agreement
-------------------------------------------------
The Board of Directors of Citiraya Industries Ltd. provided
further details of the rationale for the entering into of the
Investment Agreement with the investment consortium led by Mr.
Koh Boon Hwee and NewSmith Capital Partners (Asia) Pte Ltd. (the
Consortium).

The Board of Directors sought and obtained the suspension of
trading of the shares of the Company as a result of multiple
concurrent investigations being carried out in relation to the
Company by the CPIB and, subsequently, the CAD.  The Company
also appointed independent investigators from Ntan Corporate
Advisory (Ntan) to carry out an investigation into the matter.
The law firm of Drew & Napier LLC was also engaged to assist in
the matter.  A committee comprising the independent non-
executive directors of the Company was set up and Ntan only
reports to that committee with respect to the investigations.

As the extent of the issues faced by the Company and the
potential impact of the transactions being investigated on its
business and financial position were not clear, the suspension
of trading in its shares was the most prudent and sensible
course to adopt until a clearer picture emerged.

The investigations have been intensively pursued and some 40
people have been interviewed by teams from Ntan and Drew &
Napier.  While investigations are still ongoing, the initial
picture that has emerged indicates that frequent irregularities
in dealing with materials received by the Company may have taken
place over an extended period of time.  This picture is based
substantially on discussions with individuals at this period of
time.  This picture is based substantially on discussions with
individuals at this point and will have further to be verified.

Some of the Company's customers have, since the carrying out of
investigations by the CPIB and CAD became public, become
concerned about the existence of such irregularities and as a
result have suspended new business with the Company.  There has
therefore been an erosion of confidence, which, if not urgently
addressed, may result in business being routed to competitors on
a permanent basis.

Based on discussions management has held with customers, it was
unlikely that confidence would be restored without a significant
change in management.  The situation was aggravated by the fact
that the CEO of the Company, Mr. Ng Teck Lee, has been out of
reach for some weeks.

To view a full copy of the press release, click
http://bankrupt.com/misc/CITIRAYAINDUSTRIES030305.pdf

CONTACT:

Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Telephone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com


GLOBAL VOICE: Unveils 2004 Full Year Results
--------------------------------------------
Global Voice Group Limited (GV) formerly Horizon Education &
Technologies Limited (Horizon), the Singapore listed owner and
operator of fibre networks across Europe, announced in a press
release its financial results for the year ended December 31,
2004.

The figures announced are attached to this press release and
show that the acquired European businesses of Global Voice
Networks, which now comprise the entire business of GV, have
achieved and exceeded the forecast figures published in the
circular relating to the reverse takeover of Horizon, issued on
September 30, 2004

Mr. Noel Meaney, GV's Chief Executive Officer, said "I am
pleased to announce that our businesses in Europe, which now
represent the entire business of GV, surpassed their forecast
revenue by more than 15%, to achieve revenues of Euros 20,4
million  (S$43.7 million (S$: Euros, 2.1395)).

When consolidated with the results of the former Horizon
businesses this resulted in revenues of Euros 21 million (S$
44.95 million). Further, the EBITDA performance of our European
businesses of E6.98 million reflected a 28.3% improvement over
the forecast, on the back of increased revenue and reduced
operational costs.

These results were achieved from strong sales in our traditional
product line, namely the leasing and sale of fiber and private
fiber networks to corporate clients.

Moving forward, we believe this product line will be
supplemented by our major product growth area, namely sales of
on-line business continuity and information management products,
which we began implementing and selling in late 2004.

Looking ahead, our priority will be the continued execution of
our strategy of exploiting our network asset base by
aggressively growing our core business and actively developing
selective third party business alliances. Further, recent market
initiatives have shown a number of new applications which
require the use of fiber and which we expect will contribute to
our continued growth."

Deputy Chairman Christopher Nightingale observed "Within our
core data services business we are encountering larger
requirements than we predicted and there is no sign of this
abating as the need for secure data management expands.

Our business prospects are growing and evolving as we encounter
additional needs for our fibre networks such as FTTH (Fibre to
the Home) provided by specialist companies and the cable
operators who do not have the capacity required to roll out
these services.

According to industry analysts IDC, the storage service market
will be worth over US$10 billion in 2005. This growth is fuelled
by increasing demand for information lifecycle management (ILM),
regulatory compliance, business continuity, and storage
consolidation from GV's target industry sectors such as
pharmaceutical, public sector, and banking and finance."

Mr Nightingale also pointed to the recent increase in merger and
acquisition activity within the sector, such as Verizon's US$5.3
bn offer for MCI and Cable and Wireless's recent acquisition of
UK DSL provider Bulldog Communications as a sign of returning
confidence.

About Global Voice Group (GV)

Established in early 2002, and listed on the Singapore Stock
Exchange in 2004 through the reverse takeover of Horizon, GV
owns and operates highly secure optical fibre networks and duct
infrastructure across 14 leading European cities including:
Frankfurt, Munich, Berlin, Stuttgart, Hanover, Hamburg,
Dusseldorf Cologne, Amsterdam, Rotterdam, The Hague, Utrecht,
London & Dublin.

GV's city networks were designed and built to provide access to
all key locations within a city including business and
industrial parks, educational centres, financial centres,
Government buildings and Internet exchanges. GV's networks were
constructed to consist of an average of 6 sub-ducts throughout
each city and usually one sub-duct per city containing an
average of 432 strands of optical fibre.

Since its foundation, GV's strategy has been to exploit the high
fibre density and prime city locations of its network assets, by
capitalising on the competitiveness, security and reach that its
networks can provide to its clients and partners alike.

GV's core business is the delivery of Business Continuity and
Information Management products to the regulated industries. GV
provides its clients with end-to-end regulatory compliant data
storage solutions including On-line Data Storage, Backup and
Restore, Data Archiving and Content Management Services.

GV's customers include many large German banks, Cable &
Wireless, KLM, the City of Rotterdam and the University of
Frankfurt.

The Company financial headquarters are located in Singapore and
its operational headquarters are in Frankfurt, Germany. GV has
sales and engineering offices in Dublin, Amsterdam, Berlin and
Stuttgart.

For further information, please contact:

John Holland
Edelman
Telephone: 6733 1110 ext 237
E-mail: john.holland@edelman.com

Diane Hodnett
Global Voice AG
Telephone: +496990554000
E-mail: diane.hodnett@globalvoice.com
Web site: http://www.globalvoice.com

To view a full copy of the full year results click
http://bankrupt.com/misc/AnnouncementGVN280205.pdf


IONICS EMS: Releases Full Year Financial Statement
--------------------------------------------------
Ionics EMS Inc. furnished to the Singapore Stock Exchange (SGX)
a copy of its Full Year Financial Statements and Dividend
Announcement.

The balance sheets and statements of cash flows for the years
ended December 31, 2004 and 2003 disclosed decreases or
increases in assets and liabilities as compared with the same
period last year due to the following:

General

Effective January 1, 2004, the Company changed its functional
currency from Philippine peso to US dollar as a result of the
change in the underlying transactions and events affecting the
Company. The Company's reporting currency is Philippine peso.
The primary guidelines followed in translating the 2004
financial statements information from US dollar to Philippine
peso follows:

(1) Assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of that balance
sheet. The closing rate for 2004 is PhP56.341
to US$1.

(2) Income and expenses for each income statement are translated
at the monthly average exchange rate for the period.

(3) Capital stock and additional paid in capital stock are
translated at historical rate.

(4) All resulting exchange differences are recognized as a
separate component of the stockholders' equity under the
"Exchange Reserve" account.

To view a full copy of the financial statement and dividend
announcement, click
http://bankrupt.com/misc/IONICESEMS030105.pdf

CONTACT:

Ionics EMS Inc
Fusion Street, PEZA
Light Industry & Science Park,
Barrio Diezmo
Cabuyao, Laguna
Philippines
Web site: http://www.ionics-ems.com
          http://www.ionicsgroup.com


KOH BROTHERS: Shareholders Approve Resolution at Meeting
--------------------------------------------------------
The Board of Directors of Koh Brothers Group Limited advised the
Singapore Stock Exchange (SGX) that the resolution set out in
the Notice of Extraordinary General Meeting dated February 7,
2005 in respect of the Acquisition was approved by shareholders
at the Meeting Wednesday morning.

The Board also wishes to announce that the group has entered
into a supplemental agreement to the Sale and Purchase Agreement
dated December 21, 2004 in respect of the Acquisition with Mr.
Koh Tiat Meng under which an adjoining strip of land to the
Property shall be included as part of the Acquisition. This
strip of land is about 146 square metres and is expected to be
surrendered to the Government for road widening purposes.

The purchase consideration payable by the group for the
Acquisition remains at S$7,200,000.00. In addition, the
timeframe under the Sale and Purchase Agreement has been
extended from March 15, 2005 to April 30, 2005 for the
satisfaction of the following conditions to the completion of
the Acquisition:

(i) The issuance of a qualifying certificate by the Controller
of Housing for the purchase of the Property; and

(ii) The grant of provision planning permission by the Urban
Redevelopment Authority for the proposed development on the
Property.

By order of the Board
Koh Brothers Group Limited
Lee Suyin
Company Secretary
March 2, 2005

CONTACT:

Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
Singapore 348639
Telephone: 65 62898889
Fax: 65 68415400
Web site: http://www.kohbrothers.com


SOFTBANK INVESTMENT: Changes Subsidiary Status
----------------------------------------------
Softbank Corporation advised the Singapore Stock Exchange (SGX)
on the change in subsidiary status following new share issues by
Softbank Investment Corporation.

Softbank Investment Corporation (head office): Minato Ward,
Tokyo,

Representative: Yoshitaka Kitao, SBI), a subsidiary of Softbank
Finance Corporation (wholly owned subsidiary of Softbank Corp.

Head office: Minato Ward, Tokyo,

Representative: Yoshitaka Kitao, SBF), which is the Operating
Holding Company for financial business operations in the
SOFTBANK Group, has approved at its board meeting a plan to
issue new shares and a plan to sell the newly issued shares.

The new share issue by SBI will reduce the ratio of SBF's equity
holdings in SBI. As a result, the status of SBI will change from
the Company's subsidiary to the Company's affiliated Company
under the equity method. Therefore, consolidated subsidiaries of
the Company operating under the wings of SBI will be excluded
from the scope of consolidation of the Company.

(i) Outline of capital increase planned by SBI

(1) New share issues via public subscription (subscription open
to general investors)

Number of shares to be newly issued: common shares: 1,250,000
shares

Issue price: to be determined on a day between March 7 (Monday),
2005 and March 9 (Wednesday), 2005, in accordance with
provisions set under 14-7-2 of the fair practice rules of the
Japan Securities Dealers Association.

(2) Sale of new shares (sale by over-allotment)

Number of shares for sale: common shares up to 187,500 shares

Sales price: to be determined (Sales price is to be the same as
issue price under public subscription as explained in (1).

(3) New share issue through third-party allotment
(Capital increase through third-party share allotment; shares
are to be allotted to third parties in line with new share sales
as explained in (2))

Number of shares to be newly issued: common shares 187,500
shares

Issue price: Issue price is to be the same as issue price under
public subscription as explained in (1).

(ii) Change in subsidiary status

(1) Outline of subsidiary whose status is to be changed under
new share issue plan

Softbank Investment Corporation (SBI)

Address: Roppongi 1-6-1, Minato Ward, Tokyo

Name of representative: Yoshitaka Kitao

Capital: JPY8.5 billion (as of the end of September 2004)

Business line: comprehensive financial services

To view a full copy of the press release, click
http://bankrupt.com/misc/SOFTBANKCORPORATION


STARTECH ELECTRONICS: Clarifies FY2004 Pre-Tax Losses
-----------------------------------------------------
The Board of Directors of Startech Electronics Limited (SEL or
the Group) issued to the Singapore Stock Exchange (SGX) a
clarification to the article entitled "Startech remains in
negative equity for 2nd consecutive year" of The Business Times
dated March 2, 2005.

In the article, it was mentioned that "Startech managing
director Lim Tai Toon had previously forecasted pre-tax losses
of less than $2 million for 2004, and profits of at least $3
million for 2005".

The Board wishes to clarify that the previously forecasted pre-
tax losses of less than $2 million for 2004, and profits of at
least $3 million for 2005 are pro-forma results assuming that
all entities proposed to be acquired have been operating within
the Group since the beginning of 2004.

Although the agreements to acquire the TRM entities have been
signed, they are still subject to approval by SEL shareholders,
and the respective authorities. At this time, the acquisitions
have not been completed.

By Order of The Board
Lim Tai Toon
Managing Director

CONTACT:

Startech Electronics Ltd
11 Collyer Quay
The Arcade #13-01
Singapore 049317
Telephone: 65 62200762
Fax: 65 62202839
Web site: http://www.startechgrp.com


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

ASIA HOTEL: SEC Concludes Company Need Not Amend FS
---------------------------------------------------
The Stock Exchange of Thailand (SET) posted an NR (Notice
received) sign on the securities of Asia Hotel Public Company
Limited (ASIA) effective from the morning session of March 2,
2005 to announce that the SET has received the Securities and
Exchange Commission's (SEC) conclusion that it is not necessary
to amend ASIA's financial statements on the issues so stated by
the Company's auditor.

However, the SET has still suspended trading on the securities
of ASIA until the causes of delisting are eliminated.

Previously, the SET had posted the NP (Notice pending) sign on
Asia Hotel Public Company Limited (ASIA) effective from the
morning session of March 1, 2005.

This is because in the Company's audited financial statements
for the period ending December 31, 2004 as submitted to the SET,
the Company's auditor issued a disclaimer of opinion on the
financial statements and the SET was waiting for the SEC's
conclusion on this matter.

CONTACT:

Asia Hotel Public Company Limited
296 Phayathai Road, Phaya Thai Bangkok
Telephone: 0-2215-0808
Fax: 0-2215-4360
Website: www.asiahotel.co.th


BANGKOK STEEL: Asks SET for Financials' Submission Extension
------------------------------------------------------------
Bangkok Steel Industry Public Company Limited has the duty to
submit the audited financial statement ended December 31, 2004
within 60 days to the Securities and Exchange Commission (SEC).

Since there are some issues in the notes to the financial
statement, which Bangkok Steel has to discuss with the auditor
before submitting the mentioned statement to the SEC, the
Company is unable to submit the said FS in the stipulated time,
that is March 1, 2005.

The Company therefore asks for the Stock Exchange of Thailand's
(SET) permission to postpone the submission of FS and will try
to reach a conclusion with the auditor and submit it to the SEC
within March 31, 2005.

Your permission to the postponement would be highly appreciated.

Yours sincerely,
Economic Intellect Co., Ltd.
C.J. Morgan Co., Ltd.
Plan Administrators

CONTACT:

Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Web site: http://www.bangkoksteel.co.th


CENTRAL PAPER: SEC Requires Amendment of Financials
---------------------------------------------------
Central Paper Industry Public Company Limited (CPICO) has
submitted to the Stock Exchange of Thailand (SET) its audited
financial statements for the period ending December 31, 2004.

As the Company's auditor issued a disclaimer of opinion on the
financial statements, it can be considered that the numbers,
which represent the Company's financial status and operating
outcome as presented in their financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.

Due to these discrepancies, the Securities and Exchange
Commission (SEC) required the Company to amend its financial
statements on the issues raised by its auditor.

Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of CPICO on March 2, 2005 to enable
shareholders and general investors to have sufficient time to
scrutinize the auditor 's report on the audited of its financial
statements.

However, the SET will post an NP (Notice Pending) sign on March
3, 2005 until CPICO has the opportunity to submit its amended
financial statements or the SEC concludes that it will not be
necessary to amend its financial statements.

The SET has still suspended trading on the securities of CPICO
in view of the fact that CPICO must prepare a rehabilitation
plan.

CONTACT:

Central Paper Industry Public Company Limited
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9


NATURAL PARK: Submits Audited, Consolidated Financial Statements
----------------------------------------------------------------
Natural Park Public Company Limited submitted to the Stock
Exchange of Thailand (SET) its audited, consolidated yearly
financial statement.

Audited (In thousands)
Ending 31 December

                           For year              Year
                           2004                  2003

Net profit (loss)          (586,424)             352,824

EPS (baht)                    (0.07)             0.04

Auditors Opinion: Unqualified Opinion

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Mr.Paisarn Tangyuenyong and
Mr.Thowthawal Subhavanich
Director

To view a full copy of the financial results, click
http://bankrupt.com/misc/naturalpark1.doc
http://bankrupt.com/misc/naturalpark2.xls
http://bankrupt.com/misc/naturalpark3.doc

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


SIAM AGRO: Unveils 2004 Financial Statement
-------------------------------------------
Siam Agro-Industry Pineapple And Others Public Co., Ltd.
released to the Stock Exchange of Thailand (SET) a summary of
its audited yearly financial statements.

Audited (In thousands)
Ending 31 December

                              For year              Year
                              2004                  2003

Net profit (loss)             16,025                10,597

EPS (baht)                      0.53                0.35

Auditors Opinion: Unqualified Opinion with an emphasis of
matters.

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

For more information, see
http://bankrupt.com/misc/siamagro1.doc
http://bankrupt.com/misc/siamagro2.xls
http://bankrupt.com/misc/siamagro3.doc

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Web site: http://www.saico.co.th


THAI GERMAN: Unveils Audited, Consolidated Yearly FS
----------------------------------------------------
Thai-German Products Public Company Limited submitted to the
Stock Exchange of Thailand (SET) a copy of its audited,
consolidated yearly financial statement.

Audited (In thousands)
Ending December 31, 2004

                      For year                Year
                      2003                    2004

Net profit (loss)     (499,095)               0

EPS (baht)            (26.55000)              0.00000

Auditors Opinion: Unqualified Opinion with an emphasis of
matters.

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

The Company disposed the whole of its investment in the
subsidiary on December 30, 2003.

"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Mr.Apinun Ratchatasombat
Authorized to sign on behalf of the Company

To view a full copy of the financial statement, click
http://bankrupt.com/misc/thaigerman1.DOC
http://bankrupt.com/misc/thaigerman2.XLS
http://bankrupt.com/misc/thaigerman3.XLS

CONTACT:

Thai-German Products Pcl
99 Huaypong-Nongbon Road,
Tambol Huaypong, Amphur Muang Rayong
Telephone: 0-3868-4901-5
Fax: 0-3868-4906
Web site: http://www.tgpro.co.th


THAI ELECTRONIC: Releases Audited, Consolidated Yearly FS
---------------------------------------------------------
Thai Electronic Industry Public Company Limited furnished the
Stock Exchange of Thailand a summary of its audited and
consolidated yearly financial statement for the period ended
December 31, 2004.

Audited (In thousands)
Ending 31 December

                      For year                Year
                      2004                    2003

Net profit (loss)     (53,501)                (51,609)

EPS (baht)            (1.46000)               (1.55000)

Auditors Opinion: Unqualified Opinion with an emphasis of
matters

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Mr. Vichien Phongsathorn, Mrs. Duangthip Eamrungroj
Director
Authorized to sign on behalf of the Company

To view a full copy of the financial statement, click
http://bankrupt.com/misc/thaielectronic1.doc
http://bankrupt.com/misc/thaielectronic2.xls
http://bankrupt.com/misc/thaielectronic3.doc

CONTACT:

Thai Electronic Industry Pcl
1/10 Moo 4, Bangchan Industrial Estate,
Bang Kapi, Bangkok
Telephone: 0-2517-1276-8, 0-2517-1936
Fax: 0-2517-1937, 0-2518-1471




* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613    (-5.15)       18.72
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Sunrise Co., Ltd.                4830    (-100.79)    130.2

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99

JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92
YCS Corporation Bhd             YCS         28.34      160.27

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46
Informatics Holdings Ltd         INFO        26.82      62.92

THAILAND
--------

Asia Hotel PCL                  ASIA       (-26.62)      96.21
Asia Hotel PCL                  ASIA/F     (-26.62)      96.21
Bangkok Rubber PCL              BRC        (-41.29)      80.14
Bangkok Rubber PCL              BRC/F      (-41.29)      80.14
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
National Fertilizer PCL         NFC        (-91.34)     293.84
National Fertilizer PCL         NFC/F      (-91.34)     293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25



                            *********


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., Frederick, Maryland USA. Lyndsey
Resnick, Faith Marie Bacatan, Reiza Dejito, Erica Fernando,
Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***