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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

             Wednesday, May 11, 2005, Vol. 8, No. 92

                            Headlines

A U S T R A L I A

21 C TECHNOLOGY: Final Meeting Set May 12
ADVANCED FLUID: Fixes Final Meeting Date May 12
ALL TRAVEL: Members, Creditors to Meet May 13
ANA RESTAURANT: Lays Out Final Meeting Agenda
ACOSTA CONSTRUCTION: To Hear Liquidator's Report May 13

BELLWAY PTY: Members Agree to Wind Up Company
C.K.S. PERSONNEL: To Declare Dividend May 27
COOMBES PROPERTIES: Final Meeting Set May 18
CTSA PTY: Liquidator to Explain Winding Up Account
CUSTOM REFRIGERATION: Hires Nicholas Malanos to Wind Up Company

D.C. HURSTVILLE: Names Deryk Andrew Official Liquidator
HUMPHRESTON HOUSE: Members' Meeting Slated for May 16
INVESTMENT MORTGAGE: Liquidator to Lay Account on Winding Up
KANSKI DATA: Members Appoint Liquidator
KNIGHTS INSOLVENCY: Posts Transition of Appointments Update

MBK AUSTRALIA: Members Pass Winding Up Resolution
MITSUBISHI AUSTRALIA: Revs Up Sales Torque
MULTIPLEX: Fitch Assigns Ratings to MPT CMBS Issuer 2005-1
NATIONAL AUSTRALIA: Fitch Affirms 'AA' Ratings
NATIONAL AUSTRALIA: Tax Faux Pas Adds to Forex Scandal

NATIONAL AUSTRALIA: Workers' Fate Lies in Stewart's Hands
NATURE KNOWS: Lays Out Final Meeting Agenda
OSTAHAY PTY: To Convene Final Meeting May 19
PAUL SEGAERT: Taps Liquidator from Grant Thornton
PEACHBUN PTY: Receivers Appointed

SOUTH COAST: Court Issues Winding Up Order
* ASIC Campaign Sends a Warning to Bankrupts


C H I N A  &  H O N G  K O N G

BLANDOR INTERNATIONAL: Sets Creditors Meeting May 18
CHINA SOUTHERN: China Set to Liquidate Assets
FALCON INTERNATIONAL: Names Official Liquidators
IA NETWORKING: Provisional Liquidators Appointed
JEMAR INVESTMENTS: Creditors' Proofs of Claims Due June 6

MAN KEE: Winding Up Hearing Slated for June 1
M. PARIS: To Convene Creditors Meeting May 8
VASO INTERNATIONAL: Appoints Provisional Liquidators
VERTEX COMMUNICATIONS: Q1 Net Loss Narrows to HK$6.4 Mln
YING WAH: Begins Bankruptcy Proceedings


I N D O N E S I A

BANK INTERNASIONAL: Moody's Rates Subordinated Debt B2
BANK MANDIRI: Government to Oust Execs Named as Suspects
BANK NEGARA: S&P Revises Outlook to Positive from Stable
PERTAMINA: Secures IDR3.3 Trillion for Oil Importation


J A P A N

DAIEI INCORPORATED: METI OKs Tax Breaks Under Revival Law
JAPAN AIRLINES: Completes US$5.3-Bln Deal with Boeing
JAPAN TOBACCO: Overseas Sales to Overtake Domestic
MITSUBISHI MOTORS: To Recall More Magna, Verada Sedans
MITSUBISHI MOTORS: Develops Anti-allergen Filter for Car Aircon

OLYMPUS CORPORATION: Sees Profit After Reorganization
RESONA HOLDINGS: Outside Directors Lead IT Integration
* Central Bank Unwilling To Pay Off Debts of Bankrupt Firms


K O R E A

DONGWON INVESTMENT: FSS Investigates KRW900-Mln Embezzlement


M A L A Y S I A

AMSTEEL CORPORATION: Bank OKs Proposed Extension to Redeem Debts
ANTAH HOLDINGS: Posts Default Status Update
AYER HITAM: Court Approves Summary Judgment on Pending Case
LANKHORST BERHAD: Fails to Comply with Requirements
MECHMAR CORPORATION: Loan Repayment Dates Remain Unchanged

MYCOM BERHAD: Completes Proposed Disposal of Property
PAN MALAYSIA: Issues Shares Buy Back Notice
PANTAI HOLDINGS: Repurchases Extra Shares
POS MALAYSIA: Set To List More Shares
PUNCAK NIAGA: Unit Enters Into SA with Government


P H I L I P P I N E S

ATLAS CONSOLIDATED: Snags Mines Bureau Approval
GOLBON GARMENTS: Workers Seek Entitlements
MAYNILAD WATER: Planned Borrowing Likely to Widen Deficit
NATIONAL POWER: Seven Firms Qualify for Calaca Bidding
PACIFIC PLANS: Mulls Equity Hike in Four Years

PICOP RESOURCES: To Hold Annual Stockholders Meeting June 29


S I N G A P O R E

APBT MYANMAR: Court Fixes Hearing Date on May 20
CHINA AVIATION (S): Court Junks CAOHC's Petition for Immunity
KCH LIMITED: Enters Winding Up Process
THAKRAL CORPORATION: To Release 1Q/FY2005 Results on May 19
UMR ASIA: Proofs of Debt, Claims Due June 6

WEE POH: To Seek Assistance for More Accurate Disclosure
WOON CONTRACTOR: Creditors, Contributories May Appear at Hearing


T H A I L A N D

KRUNG THAI: Suspends Investment Scheme in China
NATURAL PARK: Unveils Scope Audit Committee's Duties
TPI POLENE: TRIS Assigns BBB- Rating

     -  -  -  -  -  -  -  -

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


21 C TECHNOLOGY: Final Meeting Set May 12
-----------------------------------------
Notice is given that a final meeting of the members and
creditors of 21 C Technology Corporation Pty Limited (In
Liquidation) A.C.N. 092 128 839 will be held at Rodgers Reidy,
Level 8, 333 George Street, Sydney on Thursday, May 12, 2005 at
10:00 a.m.

The purpose of the meeting is:

(a) To receive an account from the Liquidator.

(b) A resolution to destroy the books & records of the company.

(c) To consider any other business.

Geoffrey Reidy
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


ADVANCED FLUID: Fixes Final Meeting Date May 12
-----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Advanced Fluid Engineering Pty Limited (In Liquidation)
A.C.N. 083 593 542 will be held at the offices of Jirsch
Sutherland & Co - Wollongong, Level 3, 6-8 Regent Street,
Wollongong NSW on May 12, 2005 at 11:00 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 of and of hearing any explanations that may be given by
Liquidator.

Dated this 12th day of April 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: 02 4225 2545
Facsimile: 02 4225 2546


ALL TRAVEL: Members, Creditors to Meet May 13
---------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of All Travel Connections Pty Limited (In Liquidation)
A.C.N. 079 203 311 will be held at the offices of Jirsch
Sutherland Chartered Accountants, Level 2, 84 Pitt Street,
Sydney NSW 2000 on May 13, 2005 at 11:30 a.m. for the purpose of
having an account laid before the members and creditors showing
them 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 Liquidator.

Dated this 12th day of April 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


ANA RESTAURANT: Lays Out Final Meeting Agenda
---------------------------------------------
Notice is hereby given that a Final Meeting of the Members of
ANA Restaurant Pty Limited (In Liquidation) will be held at the
office of PKF Chartered Accountants, Level 10, 1 Margaret
Street, Sydney on May 12, 2005 at 9:30 a.m.

AGENDA

To lay before the Meeting the Liquidator's Account showing how
the winding up has been conducted and the property of the
company has been disposed of and giving any explanation thereof,
pursuant to Section 509 of the Corporations Law.

Proxies intended for use at the Meeting should be lodged at the
office of PKF Chartered Accountants, Level 1, 1 Margaret Street,
Sydney not later than 4:00 p.m. the business day prior to the
meeting.

Dated this 29th day of March 2005

John Lord
Liquidator
PKF
Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000


ACOSTA CONSTRUCTION: To Hear Liquidator's Report May 13
-------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Acosta Construction Pty Limited (In Liquidation) A.C.N. 052
206 425 will be held at Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000 on Friday, May 13, 2005 at 9:30 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for 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.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Thursday, May 12, 2005.

Dated this 4th day of April 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


BELLWAY PTY: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Bellway Pty Limited (In Liquidation) A.C.N. 008 454 582 held on
April 6, 2005, it was resolved that the company be wound up
voluntarily and that for such purpose R. M. Sutherland was
appointed Liquidator of the company.

Dated this 6th day of April 2005

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


C.K.S. PERSONNEL: To Declare Dividend May 27
--------------------------------------------
A first and final dividend is to be declared on May 27, 2005 for
C.K.S. Personnel Pty Ltd (In Liquidation) A.C.N. 083 225 307.

Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 31st day of March 2005

V. R. Dye
Joint and Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road,
Hawthorn 3122


COOMBES PROPERTIES: Final Meeting Set May 18
--------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of the members of
Coombes Properties Pty Limited (In Liquidation) A.C.N. 001 228
851 will be held at the offices of KPMG at Level 15, 10 Shelley
Street Sydney NSW 2000, on May 18, 2005 at 1:00 p.m. for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 1st day of April 2005

John O'Donnell
Liquidator
KPMG
10 Shelley Street,
Sydney NSW 2000


CTSA PTY: Liquidator to Explain Winding Up Account
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of CTSA
Pty Ltd (In Liquidation) A.C.N. 084 844 860 will be held at the
offices of Horwath Melbourne, Level 5, 114 William Street,
Melbourne Victoria 3000, on May 13, 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 Joint and Several Liquidators.

Dated this 29th day of March 2005

Laurence A. Fitzgerald
Joint and Several Liquidator
Horwath Melbourne Partnership
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


CUSTOM REFRIGERATION: Hires Nicholas Malanos to Wind Up Company
---------------------------------------------------------------
Notice is hereby given that at a meeting of members and of
creditors of Custom Refrigeration Pty Limited A.C.N. 003 706 821
held on March 30, 2005 at 10:00 a.m. the following special and
ordinary resolutions respectively were passed:

That the company be wound up voluntarily and that Ian Purchas
and Nicholas Malanos be appointed Liquidators of the company.

Dated this 30th day of March 2005

Nicholas Malanos
Joint Liquidator
c/- Star Dean-Willcocks
Chartered Accountants
Level 1, 32 Martin Place,
Sydney NSW 2000
Telephone: 9223 2932


D.C. HURSTVILLE: Names Deryk Andrew Official Liquidator
-------------------------------------------------------
Take notice that by an Order of the Supreme Court of New South
Wales, Equity Division, made on March 24, 2005, Deryk Andrew was
appointed Official Liquidator of D.C. Hurstville Pty Limited (In
Liquidation) A.C.N. 086 405 772.

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


HUMPHRESTON HOUSE: Members' Meeting Slated for May 16
-----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of Members of
Humphreston House Pty Ltd (In Voluntary Liquidation) A.C.N. 004
607 461 will be held at the office of the Liquidator, 1st Floor,
Lexen Building, 200 Malop Street, Geelong on Monday, May 16,
2005 at 11:00 a.m. for the purpose of having an account laid
before them, showing the manner in which the winding up has been
conducted and the property of the company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 30th day of March 2005

Geoff Ridgeway
Liquidator
Jenkins Peake & Co
Chartered Accountants
PO Box 1570, Geelong 3220
Telephone: (03) 5223 1000
Facsimile: (03) 5221 4938


INVESTMENT MORTGAGE: Liquidator to Lay Account on Winding Up
------------------------------------------------------------
Notice is given that a final meeting of members of Investment
Mortgage Finance Pty Limited (in liquidation) will be held at
the offices of Ernst & Young, Level 37, 680 George Street,
Sydney NSW 2001 on Friday, May 20, 2005 at 10:00 a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 19th day of April 2005

Keiran Hutchison
Liquidator
Investment Mortgage Finance Pty Limited (In Liquidation)
Ernst & Young
Level 37, 680 George Street,
Sydney NSW 2001
Telephone: (02) 9248 4057


KANSKI DATA: Members Appoint Liquidator
---------------------------------------
Notice is hereby given that at a meeting of members of Kanski
Data Management Pty Ltd (In Liquidation) A.C.N. 080 721 759
pursuant to Section 491(1) of the Corporations Act 2001 duly
convened and held on March 24, 2005 it was resolved that the
company be wound up voluntarily.

For such purposes Steven Nicols of Nicols & Brien, Level 2, 350
Kent Street, was confirmed as Liquidator by creditors pursuant
to Section 497(1) at a meeting of creditors held later that same
day.

Dated this 24th day of March 2005

Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: 9299 2289
Facsimile: 9299 2239,
Web site: http://www.bankrupt.com.au


KNIGHTS INSOLVENCY: Posts Transition of Appointments Update
-----------------------------------------------------------
As foreshadowed in its ASX announcement of Friday, May 6, 2005,
Knights Insolvency Administration Limited and John Schmierer
have brought proceedings in the Supreme Court to effect the
resignation of Mr. Schmierer as an insolvency administrator and
the appointment of Knights nominees in replacement.

This application has been successful. The Court accepted the
resignation of Mr. Schmierer as insolvency administrator for all
appointments he previously held (other than those held jointly
with Adrian Duncan) and ordered the appointment of Knights
executive director, Dennis Offermans, and other Knights staff as
replacement insolvency administrators. Accordingly, the conduct
of all appointments previously held by John Schmierer alone or
jointly with other Knights staff are now under the control of
current Knights staff.

Proceedings under which Knights have sought orders requiring
Adrian Duncan to comply with his contractual obligations to
resign as insolvency administrator and appoint other Knights
nominees in the same manner as that undertaken with John
Schmierer also came before the Court on Monday. An initial
timetable for the conduct of these proceedings has been set by
the Court with Knights to lodge its statement of claim in the
proceedings by Friday, May 13, 2005. These proceedings relate to
all appointments held by Adrian Duncan alone or jointly with
John Schmierer or other Knights staff. An application by Knights
to extend the time for compliance with notices issued by Mr.
Duncan requiring the production of books and records relating to
15 appointments held by Mr. Duncan was not accepted by the
Court.

Knights will continue to keep the market informed regarding
developments in relation to the transition of these
appointments.

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/


MBK AUSTRALIA: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
MBK Australia Resorts Pty Limited (In Voluntary Liquidation)
A.C.N. 003 715 919 duly convened and held on March 31, 2005, a
Special Resolution that the company be wound up voluntarily was
passed by members and Masaaki Furukawa appointed liquidator.

Dated this 1st day of April 2005

Masaaki Furukawa
Liquidator
c/- Mitsui Australia
Level 46, Gateway, 1 Macquarie Place,
Sydney NSW 2000
E-mail: skearney@mitsui.com
Web site: http://www.mcgrathnicol.com.au


MITSUBISHI AUSTRALIA: Revs Up Sales Torque
------------------------------------------
Mitsubishi Motors Australia is targeting drivers who like
acceleration and towing capacity with the release of its new car
later this year, The Age says.

The marketing campaign aims to cast off long-established myths
about Holden and Ford cars and how much muscle they can actually
ripple.

Mitsubishi Chief Engineer Lee Kernich said the carmaker wants to
inform the public that the Mitsubishi car already has the
highest towing capacity for a vehicle without extra parts like
trailer brakes.

Mr. Kernich said that Mitsubishi avoided some of the more costly
technical features like double overhead camshafts, variable
valve timing and variable manifolds.

"Some competitors have introduced these technical features but
we can't see any link between them and sales."

But power would be important, he said. "Our job is to sell
excitement."

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


MULTIPLEX: Fitch Assigns Ratings to MPT CMBS Issuer 2005-1
----------------------------------------------------------
Fitch Ratings, the international rating agency, has assigned
Multiplex MPT CMBS Issuer Ltd's commercial mortgage backed
securities CMBS Series 2005-1 notes carrying a final maturity
date of November 2009 expected ratings as follows:

AUD343 million Class A: 'AAA'
AUD61m Class B: 'AA'
AUD54m Class C: 'A'
AUD51m Class D: 'BBB', and
AUD28m Class E: 'BBB-' ('BBB minus')

Total issuance for this CMBS Series 2005-1 is AU$537 million.
Consecutively with the rating of CMBS Series 2005-1 Fitch
Ratings has also assigned ratings to Multiplex MPT CMBS Issuer
Ltd's commercial mortgage backed securities CMBS Series 2005-2
(see separate press release) for a total amount of AU$463
million. Issuance for both series of notes totals AU$1 billion.

The sponsor of this transaction is the Multiplex Property Trust
(MPT) part of the Multiplex Group, listed on the Australian
stock exchange. MPT is accessing the capital markets for the
first time and will use the proceeds to refinance existing bank
debt facilities and for general working capital purposes.

The notes are supported by a collateral property pool comprising
eight high quality commercial properties located in Australian
capital cities. The portfolio contains 245,344sqm of net
lettable area and benefits from a high level of diversification
of tenants and lease maturities.

The expected 'AAA' rating assigned to the Class A notes is based
on:
- the quality of the underlying property collateral;
- the geographic diversification within the collateral pool;
- the well diversified tenant mix;
- the weighted average unexpired lease term of approximately 4.9
years;
- the interest rate hedging policy and interest rate hedges
provided by ANZ Banking Group Limited (ANZ)(rated 'AA-(AA
minus)/F1+') and The Royal Bank of Scotland (rated 'AA+/F1+');
- debt sizing at Fitch stresses interest rates;
- the overcollateralisation provided by a conservative LVR;
- the liquidity facility provided by ANZ;
- the quality of the transaction manager and the property
managers; and
- a sound legal structure.

The expected ratings assigned to other subordinate Classes of
notes are based on all the strengths supporting the Class A
notes; however, the advance rates and LVRs vary for each class
of notes.

The full presale issue report is available on Fitch's web site
www.fitchratings.com.au and www.fitchratings.com.

CONTACT:

Multiplex Group
Level 4 , 1 Kent Street,
SYDNEY , NSW, AUSTRALIA, 2000  
Telephone: (02) 9256 5000  
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au/


NATIONAL AUSTRALIA: Fitch Affirms 'AA' Ratings
----------------------------------------------
Fitch Ratings, the international rating agency, has affirmed the
ratings of National Australia Bank (NAB) at Long-term 'AA', with
a 'Stable' Outlook, Short-term 'F1+', Individual 'A/B' and
Support '2' following a review of the bank.

The Long-term, Short-term and Individual ratings reflect NAB's
generally robust credit risk management framework, its strong
ability to generate capital internally and the prominence and
diversity of its banking and fund management business. Several
incidents affected NAB's performance in FY04: these include
losses totaling AUD360 million from unauthorized foreign
currency options trading, a number of changes in management,
large software write-offs and, post-year end, a self-insured
theft from one of the bank's Irish subsidiaries.

However, taking a forward-looking approach, Fitch believes that
these events could have a silver lining in the bank's
recognition of the need for reform. The sale of its Irish
assets, and the amalgamation of NAB's two remaining UK banks,
Yorkshire and Clydesdale, is indicative of the streamlining and
simplification process that is taking place across the
organization.

NAB's FY04 net income fell 11% to AU$3.56 billion, in part due
to the incidents referred to above. Looking forward, the bank's
FY05 earnings will be impacted by restructuring costs and the
theft from Northern Bank Limited of approximately AU$60million.
Furthermore, as with all Australian banks net interest margins
are likely to be pressured by increased competition for loans
and retails deposits. However, asset quality remains sound: at
30 September 2004 gross impaired assets accounted for a low
0.51% of gross loans. NAB also maintains solid capitalization,
with a Tier 1 capital ratio of 7.3% at end-FY04.

NAB is Australia's largest banking group by assets, with a
material presence in both New Zealand and the UK. Fitch believes
the bank's UK operations provide a point of differentiation and
a diversity of income sources that its major bank peers do not
possess.

Copies of the report are available on the agency's subscription
web site, www.fitchresearch.com, or from the London Ratings Desk
(E-mail: ratingsdesk@fitchratings.com/Phone:
+44 (0)20 7417 6300).

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/


NATIONAL AUSTRALIA: Tax Faux Pas Adds to Forex Scandal
------------------------------------------------------
National Australia Bank (NAB) is expected to pay back a total of
AU$10 million to its clients after a taxing error was
discovered, according to The Advertiser.

NAB was found to have been overcharging fees and taxes for the
past five years. The flaw was unearthed a few months ago as the
bank focused on compliance issues following last year's foreign
exchange controversy.

NAB said a system error caused the bank to collect bank account
debit (BAD) tax on non-check accounts.

The bank reported the mistake to the corporate regulator
immediately and is keeping the Australian Securities and
Investments Commission abreast of how it is managing the issue.

NAB said it has already crested a team to work through check
accounts to identify and reimburse affected customers.


NATIONAL AUSTRALIA: Workers' Fate Lies in Stewart's Hands
---------------------------------------------------------
National Australia Bank (NAB) chief executive John Stewart will
unveil the next stage of his revival scheme when he announces
NAB's Australian restructure along with its interim profit
today, The Australia says.

Mr. Stewart will give the outline of the restructuring, as well
as an indication of the likely provisions for massive job cuts.

The integration of the bank's corporate and retail banking and
wealth management operations is expected to lead to the loss of
around 2500 to 3000 full-time Australian jobs.

Last March, the bank foreshadowed AU$266 million in provisions
for its European revamp, to be included in today's result. The
European workforce will be slashed by 15 percent, or 1700
people, as NAB seeks AU$285 million in annual cost savings.

On the positive side of the ledger, the bank will benefit from
the AU$1.1 billion profit from the sale of its Irish businesses.

Meanwhile, analysts forecast NAB's half-year profits would fall
from AU$1.85 billion to AU$1.56 billion, with margins lowering
by 12 basis points.


NATURE KNOWS: Lays Out Final Meeting Agenda
-------------------------------------------
Notice is given that the final meeting of members and creditors
of Nature Knows Best Pty Limited (In Liquidation) A.C.N. 072 873
146 will be held at Level 1, 32 Martin Place, Sydney, NSW, on
Thursday, May 19, 2005 at 9:00 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 4th day of April 2005

Ron Dean-Willcocks
Nature Knows Best Pty Limited (In Liquidation)


OSTAHAY PTY: To Convene Final Meeting May 19
--------------------------------------------
Notice is given that the final meeting of members and creditors
of Ostahay Pty Limited (In Liquidation) A.C.N. 003 567 897 will
be held at Level 1, 32 Martin Place, Sydney, NSW, on Thursday,
May 19, 2005 at 9:30 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 4th day of April 2005

Ron Dean-Willcocks
Liquidator
Ostahay Pty Limited (In Liquidation)


PAUL SEGAERT: Taps Liquidator from Grant Thornton
-------------------------------------------------
Notice is hereby given that at a meeting of creditors of Paul
Segaert Pty Limited (In Liquidation) (Receivers & Managers
Appointed) formerly trading as LIDCO A.C.N. 000 031 685
A.B.N. 88 000 031 685 convened pursuant to Section 439A of the
Corporations Act 2001 held on Friday, March 18, 2005, it was
resolved that the company be wound up and pursuant to Section
446A(4) of the Corporations Act 2001, Paul Andrew Billingham and
Trevor Mark Pogroske of Grant Thornton, Level 17, 383 Kent
Street, Sydney NSW 2000 were appointed Liquidators.

Dated this 30th day of March 2005

P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


PEACHBUN PTY: Receivers Appointed
---------------------------------
Notice is hereby given that Richard Albarran and Geoffrey
McDonald were appointed Receivers of Peachbun Pty Ltd (Receivers
Appointed) A.C.N. 105 077 138 on March 10, 2005 by Thunder
Enterprises Pty Ltd pursuant to the powers contained in a Deed
of Charge, Registered Charge No. 1036468.

Dated this 29th day of March 2005

Richard Albarran
Receiver
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


SOUTH COAST: Court Issues Winding Up Order
------------------------------------------
On March 31, 2005, the Supreme Court of New South Wales made an
Order that South Coast Breads Pty Limited (In Liquidation)
A.C.N. 105 211 907 be wound up by the Court and appointed me to
be Liquidator.

Dated this 1st day of April 2005

Andrew Leslie Smith
c/- PPB
Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


* ASIC Campaign Sends a Warning to Bankrupts
--------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced the initial results of a campaign targeted at
bankrupts managing corporations.

To ensure that undischarged bankrupts are not continuing to put
companies, employees, creditors and customers at risk, ASIC is
carrying out random assessments. Over the last three months ASIC
has made direct contact with over 112 individuals who were
company directors at the time they were declared bankrupt.

ASIC is closely scrutinizing 10 of the subjects targeted as a
result of the campaign, who may become the subject of
prosecution action. The preliminary results of ASIC's campaign
has found that 102 of the bankrupts were complying with their
obligations under the law.

ASIC investigators have conducted visits to residential and
company addresses associated with bankrupts in Sydney,
Melbourne, Brisbane, the Gold Coast, Canberra, Perth, Darwin,
Adelaide and Geelong together with other regional centers.

"The aim of the campaign is to reiterate to bankrupts that they
are disqualified from managing corporations, to ensure they are
not in fact managing corporations and to take action against
those unwilling to comply with their obligations under the law,"
ASIC's Director of Complaints Compliance Actions, Mr. Adrian
Borchok said.

ASIC is not responsible, nor is it the aim of this campaign, to
regulate bankrupts or their estates. The Insolvency and Trustee
Services Australia is responsible for the administration and
regulation of the personal insolvency system in Australia.

The Corporations Act 2001 stipulates that an undischarged
bankrupt is disqualified from managing a corporation. An
undischarged bankrupt is thereby prohibited from making or
participating in making decisions that affect the whole, or a
substantial part, of the business of a corporation.

"ASIC receives numerous complaints about bankrupts who continue
to act as company directors thereby putting the company and its'
employees, customers and creditors at risk," Mr. Borchok said.

"This campaign aims to head off potential misconduct by visiting
bankrupts promptly, reiterating the messages relating to
disqualification already given to them by their trustees and,
most importantly, establishing whether they are continuing to
control the company."

"The initial results have been promising. Most of the
individuals we have visited have been keen to cooperate and have
provided information to establish that they are no longer
involved in the company nor in a management role."

"At the same time, there are always some bad apples out there
and these are the ones we will be concentrating on. This will
often result in criminal action," Mr. Borchok said.

The penalty for managing a corporation whilst a bankrupt is a
$5,500 fine or one year imprisonment, or both.

"Our goal is to get in early and prevent things going wrong. We
will also be focusing on follow-up. The mere fact that we have
paid you one visit and were satisfied does not mean that we
won't be knocking on your front door again six weeks later," Mr.
Borchok added.

Over the past 12 months, ASIC has referred 17 cases to the
Commonwealth Director of Public Prosecutions in relation to
bankrupts allegedly managing corporations, and obtained
convictions over six offences. A further 10 cases are presently
before the courts.


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


BLANDOR INTERNATIONAL: Sets Creditors Meeting May 18
----------------------------------------------------
Notice is hereby given that pursuant to Rule 114(3) of the
Companies (Winding-Up) Rules, the meeting of the creditors of
Blandor International Limited will be held at 12/F., Bel Trade
Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong at
10:45 a.m. on May 18, 2005 for the purpose, in each case, of
appointing a liquidator to fill the vacancy of the office of a
liquidator.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at 12/F., Bel
Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong
Kong, not later than 4:00 p.m. on the day before the meetings.

Dated this 6th day of May 2005

For and on behalf of
MASARU IWAI ENTERPRISES (HONG KONG) LIMITED
LIU MING HUI
Director
(a creditor of the Company)


CHINA SOUTHERN: China Set to Liquidate Assets
---------------------------------------------
China is getting ready to liquidate the assets of failed broker
China Southern Securities, in its biggest move to clean up an
ailing industry, China Daily reports.

The government two weeks ago decided to close the firm, which is
one of the biggest brokerages in the country.

Regulators and the Shenzhen government formed a working team to
seize the brokerage in an unprecedented move in early 2004,
citing mismanagement and "irregularities".

Since April 29, the working team commissioned the Shenzhen
government to invite intermediaries to set up the group to help
liquidate the brokerage's CNY10 billion (US$1.2 billion) debts.

Institutional and individual creditors are advised to claim
money owed by Southern Securities from May 19 to August 19.


FALCON INTERNATIONAL: Names Official Liquidators
------------------------------------------------
Falcon International Group Limited with registered office
located at Rm 503, 5/F, Silvercord Tower 2, 30 Canton Rd, Tsim
Sha Tsui, Kln has on March 4, 2005 appointed Provisional
Liquidators Kelvin Edward Flynn and Cosimo Borrelli, both of RSM
Nelson Wheeler Corporate Advisory Services Limited.

The Provisional Liquidators' Address is at 7th Floor, Allied
Kajima Building, 138 Gloucester Road, Hong Kong.

Dated this 6th day of May 2005.

E T O'CONNELL
Official Receiver


IA NETWORKING: Provisional Liquidators Appointed
------------------------------------------------
IA Networking Limited with registered office located at Units
1001-1004, 238 Nathan Road, Hong Kong has on March 4, 2005
appointed Provisional Liquidators Kelvin Edward Flynn and Cosimo
Borrelli, both of RSM Nelson Wheeler Corporate Advisory Services
Limited.

The Provisional Liquidators' Address is at 7th Floor, Allied
Kajima Building, 138 Gloucester Road, Hong Kong.

Dated this 6th day of May 2005.

E T O'CONNELL
Official Receiver


JEMAR INVESTMENTS: Creditors' Proofs of Claims Due June 6
---------------------------------------------------------
Notice is hereby given that the creditors of Jemar Investments
Limited, which is in Members' Voluntary Liquidation, are
required (if they have not already done so), on or before 5:00
p.m. on June 6, 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 Liquidators of the said
Company.

If so required by notice in writing from the said Liquidators,
they are personally or by their solicitors to come in 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
deemed to waive all of such debts or claims and the Liquidators
will be entitled, seven days after the above date, to distribute
any and all surplus assets or funds available or any part
thereof to the members.

Dated this 6th day of May 2005

LEE CHUEN KEI
Joint and Several Liquidator
Unit A, 9/F., Two Chinachem Plaza
68 Connaught Road Central
Hong Kong


MAN KEE: Winding Up Hearing Slated for June 1
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of Man
Kee Plumbing & Drainage Works Limited by the High Court of Hong
Kong Special Administrative Region was on March 31, 2005 present
to the said Court by Yau Pak Lam of Room 1801, Block F, Tin
Chung Court, Tin Shui Wai, New Territories, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 am on
June 1, 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.

LAU, CHAN & KO
Solicitors for the Petitioner
4th & 15th Floor, Wings Building
110-116 Queens Road Central
Hong Kong
Tel: 2543 5666 Fax: 2543 5783
REF: MC/2421/2003

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 31st day of May
2005.


M. PARIS: To Convene Creditors Meeting May 8
--------------------------------------------
Notice is hereby given that pursuant to Rule 114(3) of the
Companies (Winding-Up) Rules, the meeting of the creditors of M.
Paris Hong Kong Limited will be held at 12/F., Bel Trade
Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong at
11:15 a.m. on May 18, 2005 for the purpose, in each case, of
appointing a liquidator to fill the vacancy of the office of a
liquidator.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at 12/F., Bel
Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong
Kong, not later than 4:00 p.m. on the day before the meetings.

Dated this 6th day of May 2005

For and on behalf of
MASARU IWAI ENTERPRISES (HONG KONG) LIMITED
LIU MING HUI
Director
(a creditor of the Company)


VASO INTERNATIONAL: Appoints Provisional Liquidators
----------------------------------------------------
Vaso International Limited with registered office located at
Unit 3508, 35/F, Tower Two, Lippo Centre, No 89 Queensway,
Admiralty, Hk has on March 4, 2005 appointed Provisional
Liquidators Kelvin Edward Flynn and Cosimo Borrelli, both of RSM
Nelson Wheeler Corporate Advisory Services Limited.

The Provisional Liquidators' Address is at 7th Floor, Allied
Kajima Building, 138 Gloucester Road, Hong Kong.

Dated this 6th day of May 2005.

E T O'CONNELL
Official Receiver


VERTEX COMMUNICATIONS: Q1 Net Loss Narrows to HK$6.4 Mln
---------------------------------------------------------  
Vertex Communications & Technology Group Limited (8228) posted a
net loss of HK$6.405 million for the first quarter of 2005,
compared to a net loss of HK$7.845 million for the same quarter
of 2004.

The LPS was HK$0.013. No dividend was declared.

CONTACT:

Vertex Communications & Technology Group Limited
Room 2703, China Merchants Tower
Shun Tak Centre
168-200 Connaught Road Central
Hong Kong


YING WAH: Begins Bankruptcy Proceedings
---------------------------------------
Notice is hereby given that a Bankruptcy Order against Mak Ying
Choi trading as Ying Wah Decoration Engineering were made on
April 27, 2005.

All debts due to the estates should be paid to the undersigned.

Dated this 6th day of May 2005.

E.T. O'CONNELL
Official Receiver


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


BANK INTERNASIONAL: Moody's Rates Subordinated Debt B2
------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Bank
Internasional Indonesia's (BII) IDR1.42 trillion (USD150
million) subordinated notes due in 2015. The rating outlook is
positive.

The rating is underpinned by the subordinated status of the
notes and the bank's own capacity to service its debt
obligations given its moderate liquidity, but offset by its
improving profitability and recapitalized balance sheet. The
rating also anticipates financial and technology support
from one of the bank's major shareholders, Temasek Holdings of
Singapore. The backing of financially strong and reputable
shareholders provides greater comfort of available support to
BII.

The subordinated notes represent unsecured, subordinated
obligations of the bank, and are issued through the bank's
Cayman Islands branch. The notes also contain a step up interest
rate feature in 2010 if the notes are not redeemed. In
liquidation, the ranking of the notes is subordinated to the
claims of depositors and senior obligations. The bank may redeem
the notes, subject to the prior approval of Bank Indonesia: (1)
upon tax changes; (2) following a Change of Control; or (3) at
the option of the bank on the call date. The purpose of the
issuance is to strengthen and diversify the bank's capital base.

BII is the sixth largest bank in the country with a 3% deposit
market share. At end-2004, it had assets of IDR36 trillion. In
December 2003, the Sorak consortium (comprising of Temasek with
50% ownership in the consortium, Kookmin Bank of Korea 25%, ICB
Financial Group Holdings 20% and Barclays Bank of UK 5%)
acquired 51% of BII. The consortium's stake has since been
increased to 56.88%.

Bank Internasional Indonesia's other ratings are: issuer rating
of B2; long-term/short-term deposit of B3/Not Prime and bank
financial strength rating of E+. The issuer and long-term
deposit ratings carry a positive outlook but all other ratings
carry a stable outlook.

CONTACT:

Bank Internasional Indonesia
Phone: (62-21) 318-3888
Email: cs@bii.co.id
Web Site: http://www.bii.co.id/


BANK MANDIRI: Government to Oust Execs Named as Suspects
--------------------------------------------------------
The Indonesian government may replace bank directors who are
declared suspects in an ongoing investigation on loans extended
by Bank Mandiri, Reuters News reports.

Minister of State Enterprises Sugiharto said that they plan to
replace any of Bank Mandiri's top officials if they are named
suspects in alleged fraud on IDR1.99 trillion in loans extended
by the bank to ineligible private companies. The bank had
already suggested replacing board directors and its
commissioner.

The Financial Times earlier reported that authorities were
looking into the possibility that the bank extended loans in
exchange for bribes from corporate debtors who wanted special
treatment.

According to deputy attorney general for special crimes
Hendarman Supandji, the AGO is set to name suspects in the case
soon, some of which would be coming from Bank Mandiri.

The Bank Mandiri probe comes after President Susilo Bambang
Yudhoyono came into power last year, in line with the
administration's campaign to fight graft and corruption.

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


BANK NEGARA: S&P Revises Outlook to Positive from Stable
--------------------------------------------------------
Standard & Poor's Ratings Services (S&P) said that it revised
the outlook on its counterparty credit rating on PT Bank Negara
Indonesia (Persero) Tbk (BNI) to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' long-term
rating and 'B' short-term rating on the bank, as well as its
'B+' issue rating on the bank's US$145 million senior notes due
2007 and 'B-' ratings on the bank's USD150 million and USD100
million subordinated notes due 2012 and 2013, respectively.

The outlook revision reflects Standard & Poor's expectations
that the bank is likely to solidify its improved credit
fundamentals, including its loan quality and profitability, over
the short term.

"BNI's net interest income (NII) margin, while not expected to
increase substantially further, is likely to remain healthy
around its current levels, supported mainly by relatively better
yields from its consumer and small and midsize enterprise (SME)
loans," said Standard & Poor's credit analyst Adrian Chee.

BNI's capitalization, as denoted by its ratio of adjusted common
equity to assets, improved to 8.6% in 2004 and is expected to
remain satisfactory, underpinned by its strong profitability.
The bank's strengthening performance in the coming months will
support the case for an upgrade of the credit ratings.

The bank's loan quality improved in 2004, as demonstrated by its
ratio of gross non-performing assets (NPA; includes non-
performing loans, part of restructured loans and foreclosed
properties) to gross loans, which strengthened to 7.56% from
9.22% at December 2003 and 10.22% at 2002. The bank's net NPA
ratio declined to 2.4% in 2004 from 4.3% in the previous year.
With the bank's continued focus on lending to the relatively
lower risk consumer and SME segments, this is expected to
support the bank's improving credit profile. The bank's overall
loan portfolio quality, however, continues to be influenced by
the risky operating environment, Mr. Chee noted.

In 2004, BNI's profitability, as measured by its ratio of net
interest income to average assets (NII margin), strengthened to
5.14%, from 3.89% in 2003 and 3.24% in 2002. Its after-tax
return on average assets (ROAA) also rose to 2.34% in 2004, from
0.64% in 2003.

The improvement in NII margin is mainly attributed to the bank's
active downward management of its cost of deposits, leveraging
on its wide branch outreach in the country for low-cost funds,
as well as strong 24% growth in its loan portfolio. Loan assets,
however, constitute about 43% of the bank's asset base. BNI is
99% owned by the government of Indonesia (foreign currency
B+/Positive/B; local currency BB/Positive/B).

CONTACT:

PT Bank Negara Indonesia Terbuka
Jl Jenderal Sudirman Kav 1
Jakarta, 10220 Indonesia
Phone: +62 21 251 1946
Fax:   +62 21 251 1961


PERTAMINA: Secures IDR3.3 Trillion for Oil Importation
------------------------------------------------------
The Indonesian government has dispensed IDR3.3 trillion to
state-controlled PT Pertamina, to enable the firm to import
much-needed crude oil in the January-May period, reports the
Jakarta Post.

According to the Coordinating Minister for Economic Affairs
Aburizal Bakrie, the funds came from the government's emergency
reserves to help Pertamina secure 20 days' supply of fuel.

The Company has been cash-strapped since it has spent its entire
fuel subsidy of IDR19 trillion as set aside in the initial state
budget for the year, giving way to concerns of an impending fuel
shortage.

Even with critics saying that the proposed IDR3.3 trillion
injection is not enough to cover the Company's needs (as it
usually spends around IDR7-10 trillion in monthly oil imports
alone), the government also decided to pay IDR1.2 trillion a
month to Pertamina, said Mr. Bakrie, although he did not
elaborate as to where the funds would be generated.

Based on current global oil prices, the government would also
assess the Company's monthly cash flow needs.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


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


DAIEI INCORPORATED: METI OKs Tax Breaks Under Revival Law
---------------------------------------------------------
The Ministry of Economy, Trade and Industry (METI) has approved
an application filed by Daiei Incorporated for tax breaks needed
for its rehabilitation plan, Kyodo News reports.

The supermarket chain operator will be entitled to tax relief as
well as simplified procedures in the courts of rehabilitation
while it implements the revival plan through February 2008.

The rehabilitation scheme includes JPY400.4 billion in debt
waivers from its 10 major creditors and issuance of new shares
worth JPY112 billion to be bought by Advantage Partners,
Marubeni and the Industrial Revitalization Corporation of Japan.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


JAPAN AIRLINES: Completes US$5.3-Bln Deal with Boeing
-----------------------------------------------------
Japan Airlines Corporation (JAL) has sealed US$5.3 billion worth
of contracts for 30 Boeing 787 Dreamliner and 30 737-800
passenger airlines, Today News reports.

Chigaco-based Boeing said that JAL also has options for 20 more
787s and 10 more 737s.

JAL is one of the 20 airlines that have announced orders and
commitments for 255 Dreamliners.

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929


JAPAN TOBACCO: Overseas Sales to Overtake Domestic
--------------------------------------------------
Japan Tobacco Inc. (JT) sees its overseas cigarettes sales
exceeding domestic figures for the first time in the current
fiscal year, Bloomberg reports, citing the Nihon Keizai Shimbun.

The daily reported that JT's Japan sales will dip 8.5 percent to
195 billion cigarettes in the year, while foreign sales are
expected to climb 4.3 percent to 222 billion cigarettes.

The cigarette maker reportedly attributes the domestic sales
slump to increasing health-consciousness among Japanese and its
handover of rights to sell Marlboro brand cigarettes in Japan.

JT, the world's third-biggest cigarette maker, this month gave
up its right to sell Marlboro cigarettes to bigger rival Philip
Morris International Inc.

CONTACT:

Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com


MITSUBISHI MOTORS: To Recall More Magna, Verada Sedans
------------------------------------------------------
Mitsubishi Motors Australia is extending a recent recall of its
Magna and Verada sedans and wagons (Diamante in New Zealand) to
fix a potential problem that could lead to a fuel leak, the
Stuff reports.

Last year, the company issued the recall on cars built between
November 3, 1999, and August 21, 2002.

That has now been extended to include cars built as early as
April 28, 1999.

The Company said there is a possibility that a silencer pad in
the engine bay might retain moisture and if it is in contact
with the under-bonnet fuel pipe, could result in corrosion and
eventual perforation of the fuel pipe, causing a fuel leak.

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: Develops Anti-allergen Filter for Car Aircon
---------------------------------------------------------------
Mitsubishi Motors (TSE: 7211) announced on May 9 that it has
developed the world's first anti-allergen filter for car air
conditioners, according to Japan Corporate News Network.

Based on Mitsubishi Heavy Industries' (TSE: 7011) proprietary
technology Allergen Clear Filter, the new product can
effectively degrade and inactivate mites, pollens and allergens
using enzymes and urea.

This three-layer filter is optimal for in-vehicle use with its
improved heat resistance.

Mitsubishi Motors will adopt the new filter to its special model
that will hit the market shortly.


OLYMPUS CORPORATION: Sees Profit After Reorganization
-----------------------------------------------------
Olympus Corporation expects to return to profit this year after
reorganizing its unprofitable digital camera business, Bloomberg
News reports.

The Company forecasted a net income of JPY23 billion ($218
million) for the year ending March 2006, versus a loss of
JPY11.8 billion a year earlier.

Olympus expects its imaging division to have a JPY13 billion
operating loss in the six months ending September 30 and post a
JPY2 billion profit in the second half.

For the year ended March 31, the Company's net loss totaled
JPY11.8 billion, or 44.98 yen a share, compared with a profit of
JPY33.6 billion, or 126.96 yen, a year earlier. Sales rose 28
percent to JPY813.5 billion from JPY633.6 billion.


RESONA HOLDINGS: Outside Directors Lead IT Integration
------------------------------------------------------
Outside directors of Resona Holdings Inc. are stepping up
efforts to integrate the information technology systems of
Resona Bank and Saitama Resona bank by September, reports the
Daily Yomiuri.

A team of outside board members leads the jockeying for power
between the two banks, something that has plagued past mergers
of banks.

Resona Holdings President Kenji Kawada, who heads the taskforce
to integrate the systems, worked during the Golden Week holidays
to prepare for the merger.

The task force has already changed the system for the former
Asahi Bank's 177 outlets and all of Saitama Resona's outlets to
a new system. The team will integrate in five stages the
remaining 167 outlets of the former Daiwa Bank by September.

The integration of the systems of megabanks, which have an
enormous number of customers, is not only time-consuming and
costly, but also a power struggle that can draw national
attention.

The integration forces employees of the merger partner whose
system has been changed to adjust to a new way of working, which
can undermine their cooperation in driving the new entity's
business.

CONTACT:

Resona Holdings, Inc.
Address:  2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


* Central Bank Unwilling To Pay Off Debts of Bankrupt Firms
-----------------------------------------------------------
The People's Bank of China (PBC) will not pay off large debts
owned by bankrupt companies and is working on related financial
provisions, Xinhuanet News reports, citing Vice Governor Xiang
Junbo.

Mr. Chen Xiaoyun, Director of the central bank's law department,
said in early April that PBC is doing some research work on
draft of bankruptcy provisions concerning financial
institutions.

"The bankruptcy process of financial institutions, relating to
financial stability and public interest protection, should be
participated in by finance supervisory departments," Mr. Chen
said.

The central bank wants to shift off the burden through the
implementation of new laws and establishment of a more
reasonable system with regard to financial bankruptcy. Senior
officials of the PBC have again claimed that the bank will not
continue indefinitely to pay back the debts of bankrupted
financial companies, the report said.


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


DONGWON INVESTMENT: FSS Investigates KRW900-Mln Embezzlement
------------------------------------------------------------
South Korea's antitrust watchdog, the Financial Supervisory
Service (FSS), is looking into an alleged embezzlement of KRW900
million at Dongwon Investment Trust Management Co., Asia Pulse
reports.

The unnamed employee allegedly pocketed the money by tampering
with the firm's accounting books before investing the funds in
stocks and derivatives. The investment led to a KRW800 million
loss to the Company's asset management unit, Dongwon Financial
Holding Co.  

The FSS is conducting a series of investigations on all 46 asset
management firms in the country to check their internal fund
management procedures, on an increase of embezzlement cases
where company employees get company funds for their own personal
use. The investigation is set to conclude at the end of the
month.

CONTACT:

Dongwon Investment Trust Management Co.,
(150-010) 14th Floor Dongwon Securities building
Yoido-Dong Youngdeungpo-Ku Seoul
Phone: 82-2-786-0021
Fax: 82-2-786-9036
Web site: http://www.dwtrust.co.kr


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


AMSTEEL CORPORATION: Bank OKs Proposed Extension to Redeem Debts
----------------------------------------------------------------
Amsteel Corporation Berhad announced that in respect to the
Company's debt and corporate restructuring exercise, Bank Negara
Malaysia had on May 6, 2005 approved the proposed extension of:

1. The March 31, 2005 redemption date of zero-coupon redeemable
secured MYR-denominated bonds, and

2. The March 31, 2005 redemption date of the zero-coupon
redeemable secured USD-denominated consolidated & rescheduled
debts.

The Company now seeks the Securities Commission's approval for
the proposed extension.

CONTACT:

Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 2155/2161 3166
Fax:   +60 3 2162 3448


ANTAH HOLDINGS: Posts Default Status Update
-------------------------------------------
Antah Holdings Berhad announced that pursuant to Practice Note
1/2001 of the Bursa Malaysia Securities Berhad, the Company has
issued an update on its defaults in payment to various financial
institutions as of April 30, 2005.

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_antahh051005.xls

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


AYER HITAM: Court Approves Summary Judgment on Pending Case
-----------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad announced that in the
case of Alliance Bank Malaysia Berhad, Eon Bank Berhad, Malayan
Banking Berhad & Kewangan Bersatu Berhad against the Company and
its wholly owned subsidiary Motif Harta Berhad for a claim of
MYR23,870,518.32 plus interest and costs,  the Court allowed the
Plaintiffs' Application for summary judgment.

The Company currently seeks legal advice on the matter, and will
announce further developments in due course.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax:   +60 3 2031 6920


LANKHORST BERHAD: Fails to Comply with Requirements
---------------------------------------------------
Lankhorst Berhad announced that on May 9, 2005, the Company was
publicly reprimanded by the Bursa Malaysia Securities Berhad
(Bursa Securities) for failure to issue an immediate
announcement on the winding-up petition served to its
subsidiary, Lankhorst Pancabumu Contractors Berhad on Feb. 15,
2005. The Company released a statement on the matter 6 days
later, on Feb. 21, 2005.

Bursa Securities imposed the public reprimand on the Company
after considering such relevant factors as the fact that
Lankhorst Berhad had been previously reprimanded two times for
the same action, failing to release immediate announcement of a
winding-up petition served on its other subsidiaries.

The Company is being warned by Bursa Securities of its
responsibility to maintain proper corporate standards, so as to
be deemed as a trustworthy company.

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax:   03-50313036


MECHMAR CORPORATION: Loan Repayment Dates Remain Unchanged
----------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad announced that in
accordance with Practice Note 1/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, the Company and its
subsidiaries are paying their loan installments based on agreed
repayment schedules. Attached is a list of the Company's loans:

http://bankrupt.com/misc/tcrap_mechmar051005.xls

CONTACT:

Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Phone: +60 3 5569 2828
Fax:   +60 5569 1316


MYCOM BERHAD: Completes Proposed Disposal of Property
-----------------------------------------------------
Mycom Berhad announced that in relation to its last announcement
on the proposed disposal of freehold property by Company
subsidiary Electprops 69 Limited (South Africa) and the proposed
disposal of plantation lands by the Company's sub-subsidiary,
Tingkayu Plantation Berhad, the Securities Commission (SC) had
on May 6, 2005 approved the Company's application for a waiver
from obtaining approval on the proposed disposals.

The Company obtained the waiver on May 9, 2005, deeming the
proposed disposals completed effective May 6, 2005.

The Company will issue an announcement on its proposed disposal
of plantation lands in due course.

CONTACT:

Mycom Berhad
Level 23, Menara Olympia
Jalan Raja Chulan
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2072 3993
Fax:   +60 3 2072 3996


PAN MALAYSIA: Issues Shares Buy Back Notice
-------------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of shares
it had bought back on May 9, 2005 to the Bursa Malaysia
Securities Berhad.
  
Date of buy back: 09/05/2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units):          2,735,000

Minimum price paid for each share purchased (MYR):      0.460

Maximum price paid for each share purchased (MYR):      0.480

Total consideration paid (RM):                1,290,854.50

Number of shares purchased retained in treasury
(units):  2,735,000

Number of shares purchased which are proposed to be cancelled
(units):       0

Cumulative net outstanding treasury shares as at to-date
(units): 34,690,500

Adjusted issued capital after cancellation
(no. of shares) (units): 0

CONTACT:

Pan Malaysia Corporation Berhad
Jalan P Ramlee, Kuala Lumpur
50250 Malaysia
Phone: +60 3 2031 6722
Fax:   +60 3 2031 1299


PANTAI HOLDINGS: Repurchases Extra Shares
-----------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 9,
2005.

Date of buy back: 09/05/2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units):             55,000

Minimum price paid for each share purchased (MYR):      1.030

Maximum price paid for each share purchased (MYR):      1.040

Total consideration paid (MYR):                   57,235.62

Number of shares purchased retained in treasury
(units):  55,000

Number of shares purchased which are proposed to be cancelled
(units):

Cumulative net outstanding treasury shares as at to-date
(units): 28,944,200

Adjusted issued capital after cancellation
(no. of shares) (units):

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Malaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


POS MALAYSIA: Set To List More Shares
-------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 120,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Thursday, May 12, 2005, 9:00 a.m.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax:   +60 3 2166 2266


PUNCAK NIAGA: Unit Enters Into SA with Government
-------------------------------------------------
Puncak Niaga Holdings Berhad announced that the Company's
subsidiary, Syarikat Bekalan Air Selangor Berhad (SYABAS)
entered into a subscription agreement (SA) with the Minister of
Fiannce, Inc. (MOF) to subscribe 655,000,000 redeemable
cumulative preference shares (RPS) to be issued at a price of
MYR655,000,000.00.

The execution of the Subscription Agreement forms part of the
MYR2.9 billion financial support provided by the Malaysian
Federal Government to undertake the privatization awarded to
SYABAS, pursuant to the terms of the Concession Agreement dated
Dec. 15, 2004 between SYABAS, the Federal Government and the
State Government of Selangor.

The salient terms of the Subscription Agreement are as follows:

1. MOF has agreed to subscribe for a total of 655,000,000 RPS of
MYR0.01 each in SYABAS, to be issued at an issue price of
MYR1.00 per RPS (i.e. a premium of RM0.99 per RPS) within a
period of four years, from 2007 until 2011.

2. The RPS is not convertible into ordinary shares of SYABAS but
may be redeemed by SYABAS beginning Dec. 31, 2021 until Dec. 31,
2025, i.e. in five equal tranches of MYR131 million for each of
the years.

3. All other terms as are privately agreed between SYABAS and
MOF.

The Subscription agreement is not expected to affect the
Company's earnings for the financial year ended Dec. 31, 2005 in
any way.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Malaysia
Phone: 03-20318648
Fax:   03-20784386
Web site: http://www.puncakniaga.com.my


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


ATLAS CONSOLIDATED: Snags Mines Bureau Approval
-----------------------------------------------
Atlas Consolidated Mining and Development Corporation has
recently received approval from the Mines and Geo-sciences
Bureau (MGB) on a mineral production sharing agreement (MPSA)
for the Carmen orebody, Asia Pulse says.

The MGB also approved Atlas' environmental protection and
enhancement program, which will address environmental concerns
related to the reopening of the mine.

The approval of Atlas' MPSA, which conformed with the
government's call for the revitalization of the mining industry,
will allow the firm to reopen the mine.

Atlas president Alfredo Ramos said the mine can restart copper
production shortly because facilities already exist.

Mr. Ramos added the mine will create some 2,700 new jobs, which
will benefit the ailing Philippine economy.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


GOLBON GARMENTS: Workers Seek Entitlements
------------------------------------------
The Angeles City Council is preparing a resolution to require
Golbon Garments Company to settle its obligations with 600
workers laid off after it declared bankruptcy, SunStar Daily
relates.

The 600 employees are now pressing for their rightful benefits,
which the Company has not yet paid.  

The Golbon factory shut down after the Holy Week. The sudden
closure worried displaced workers, as they believe factory
equipment will be brought out, leaving them with nothing to
guarantee payment of their claims of separation pay and other
entitlements.

But the city council vowed they will exhaust all legal means for
the workers to get a "fair and square" solution to their plight.

The Golbon Garments Factory is the same firm that lost Php3.3
million in payroll money to a band of robbers armed with high-
powered guns and grenades in December last year.


MAYNILAD WATER: Planned Borrowing Likely to Widen Deficit
---------------------------------------------------------
The national government will incur a substantial debt once the
court approved the rehabilitation plan of Maynilad Water
Services Inc., according to The Manila Times.

Under Maynilad's revival plan, government agency Metropolitan
Waterworks and Sewerage System (MWSS) will borrow US$31 million
from the World Bank to fund the water utility firm's capital and
operating expenses. Maynilad will only begin to remit loan
repayments to MWSS from 2013, after all debts to other creditors
have been paid.

As a result, the debt-laden national government will be forced
to cover the planned borrowing from the World Bank even before
2013. This new borrowing, if approved, will also enjoy sovereign
guarantee from the government.

MWSS had earlier asked the government to borrow US$125 million
for Maynilad's Revenue Generation and Service Improvement
Project and include it in the World Bank's country assistance
strategy (CAS). The request, however, still awaits approval from
the Office of the Government Corporate Counsel (OGCC), as
suggested earlier by the National Economic and Development
Authority.

CONTACT:

Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines


NATIONAL POWER: Seven Firms Qualify for Calaca Bidding
------------------------------------------------------
Four foreign and three local firms will formally bid for the
National Power Corporation's (Napocor) coal-fired Calaca power
plant in Batangas, reports Business World.

The 600-megawatt power facility will be auctioned on June 15
after the seven firms asked the government to extend the due
diligence process.

The Calaca power plant is the second largest Napocor asset that
would be privatized after the 600-megawatt Masinloc facility,
which was sold in December for US$561.74 million.

After Calaca, the Power Sector Assets and Liabilities Management
Corp. (PSALM) will also bid out the Pantabangan and Masiway
facilities with capacities of 10 megawatts and 12 megawatts
respectively.

The assets disposal is part of the government's plan to sell 70
percent of its total generating capacities this year.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


PACIFIC PLANS: Mulls Equity Hike in Four Years
----------------------------------------------
Pacific Plans Inc. is keen on raising its capital to Php1
billion in four years as part of its rehabilitation, according
to The Philippine Star.

The besieged pre-need provider intends to raise Php500 million
to Php1 billion and continue as a separate company from its
spin-off firm, Lifetime Plans.

Pacific Plans said it is fully committed to meeting obligations
to planholders. It is confident it can recover if given
sufficient time to map out its rehabilitation.

Aside from the Php250 million Alfonso Yuchengco had committed
out of his personal funds, Pacific Plans also disclosed it was
in talks with several financial institutions to provide up to
Php300 million in funds it needs to stay afloat pending approval
of its rehabilitation plan.

To provide additional liquidity, Pacific Plans also plans to
issue preferred convertible shares at 11-percent interest. These
preferred shares shall be fully retired in five years. It,
likewise, intends to seek the renewal of its dealer's license to
allow it to offer education plans.

Pacific Plans earlier filed for payments suspension and
rehabilitation with a Makati City Regional Trial Court, saying
it could not meet future claims due to soaring tuition fees.


PICOP RESOURCES: To Hold Annual Stockholders Meeting June 29
------------------------------------------------------------
At the regular meeting of the Board of Directors of PICOP
Resources Inc. held on March 16, 2005, the Board of Directors
fixed the date of Picop Resources Inc. annual stockholders'
meeting on June 29, 2005 and the record date on May 27, 2005.

Transfer books will be closed as of Record Date.

CONTACT:

Picop Resources
2/F, Moredel Building
2280 Pasong Tamo Extension, Makati City
Phone:  813-2081/5308/5309
Fax No/s:  893-7195
E-mail Address:  srmo@i-next.net
Web site:  http://www.srmo-law.com


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


APBT MYANMAR: Court Fixes Hearing Date on May 20
------------------------------------------------
Notice is hereby given that a Petition for the winding up of
APBT Myanmar Pte Ltd (formerly known as Vredelco (Myanmar) Pte
Ltd) by the High Court was on April 29, 2005 presented by Asia-
Pacific Bulk Terminal (Holdings) Pte Ltd (In Compulsory
Liquidation) (RC No. 199507394W) of 1 Shenton Way #10-09,
Singapore 068803, a creditor.

The said Petition is to be heard before the Court sitting at
10:00 a.m. on Friday, May 20, 2005.

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

A copy of the said 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.

The Petitioner's address is 1 Shenton Way #10-09, Singapore
068803.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

Drew & Napier LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Drew &
Napier LLC a notice in writing of his intention to do so.

The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the abovenamed, not later than twelve o'clock noon of
May 19, 2005.


CHINA AVIATION (S): Court Junks CAOHC's Petition for Immunity
-------------------------------------------------------------
China Aviation Oil Holding Company (CAOHC) failed to gain the
approval of the High Court of Singapore on its petition to claim
state immunity in a lawsuit related to the US$550 million
collapse of its unit, China Aviation Oil (Singapore) Corp.,
Reuters reports.

A consortium of Indonesian investors, Satya Capital, filed the
lawsuit.  Satya is seeking for damages from CAOHC and CAO
Singapore for reneging on a deal to buy a 20.6 percent stake in
Singapore Petroleum Co. in November.

CAOHC argued that the petition was not under the jurisdiction of
Singapore courts as it was a department of the Chinese
government.  Singapore law states that the court would not have
been able to hear a suit against the Chinese government. But
CAOHC's petition for the case to be dismissed, has been rejected
by the city-state's court on Monday.

"It is clear that the acts alleged ... would have been
supervised by the Chinese government. [CAOHC] is therefore
entitled to invoke state immunity against the jurisdiction of
this court," Reuters quoted an affidavit filed on April 27 by
lawyers acting for the Beijing firm.

The fall of CAO Singapore has raised questions over the
corporate governance of Chinese companies listed abroad. An
investment banker said that rejection of the petition clearly
shows that foreign investors may have little chances of support
when things go wrong.

Lawyers for both Satya and CAOHC were not available for comment.  
The companies are scheduled to meet again on June 26.

CONTACT:

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


KCH LIMITED: Enters Winding Up Process
--------------------------------------
At an Extraordinary General Meeting of KCH Limited held on May
9, 2005, the shareholders of the Company passed a special
resolution for the members' voluntary winding-up of the Company.

The Company is a subsidiary of Oversea-Chinese Banking
Corporation Limited (OCBC).

The Statutory Declaration of Solvency of the Company duly
executed by the Board of Directors, in compliance with the
Companies Act, Cap. 50, has been lodged with the Accounting and
Corporate Regulatory Authority.

The voluntary liquidation of the Company is part of the ongoing
rationalization of the OCBC Group and is not expected to have
any material impact on the net tangible assets or earnings per
share of OCBC Group for the financial year ending December 31,
2005.


THAKRAL CORPORATION: To Release 1Q/FY2005 Results on May 19
-----------------------------------------------------------
The Board of Directors of Thakral Corporation Ltd advised the
Singapore Stock Exchange (SGX) that the Company intends to
release its results for the fourth quarter and the full year
ended March 31, 2005 after 5:05 p.m. on May 19, 2005.    

George Lau   
Executive Vice President   
09-May-2005  

CONTACT:

Thakral Corporation Limited
20 Upper Circular Road
#03-06 The Riverwalk
Singapore 058416
Telephone: 65 63368966
Fax: 65 63367225
Web site: http://www.thakral.com


UMR ASIA: Proofs of Debt, Claims Due June 6
-------------------------------------------
Notice is hereby given that the creditors of UMR Asia Pacific
Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily are required on or before June 6, 2005 to
send in their names and addresses and particulars of their debts
or claims, and the names and addresses of their solicitors (if
any) to the undersigned, the Liquidators of the said Company.

If so required by notice in writing by the said Liquidators are,
by their solicitors or personally, to come in and prove their
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 6th day of May 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


WEE POH: To Seek Assistance for More Accurate Disclosure
--------------------------------------------------------
Further to the announcements made on February 7, 2005 and May 5,
2005, the Directors of Wee Poh Holdings Limited, provided the
Singapore Stock Exchange (SGX) with more information to enhance
clarity relating to the announcement made on May 5, 2005.

The pro forma net profit after tax for FY2004 of $3,488,000 in
our announcement dated February 7, 2005 included a reversal of
net liabilities of WPC of $5.5 million as of July 1, 2003. After
further deliberation, the Company took the view that such
reversal of net liabilities should not be considered in
computing the financial effects of this Disposal.

Accordingly, in the revised announcement dated May 5, 2005, it
was adjusted to a pro forma net loss after tax of $2,000,000.
Going forward, the Company will seek assistance from its
professional advisors, where required, to ensure accurate
disclosure of any pro forma financial effects.

Shareholders should also note that the pro forma financial
effects are purely for illustrative purposes only and do not
reflect the future actual financial position of the Company.

By Order of the Board Dated
9 May 2005

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg


WOON CONTRACTOR: Creditors, Contributories May Appear at Hearing
----------------------------------------------------------------
Notice is hereby given that a petition for winding up of Woon
Contractor Pte Ltd by the High Court was on April 27, 2005,
presented by Soon Li Heng Civil Engineering Pte Ltd (RC No.
199406923E), a company incorporated in the Republic of Singapore
and having its registered office at 11 Defu Lane 6, Singapore
539370, a creditor, and that the said petition is directed to be
heard before the Court at 10:00 am on May 20, 2005.

Any creditor or contributory of the said company desiring to
support or oppose the making of an order on the 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 it by the undersigned
on payment of the regulated charge for the same.

The Petitioners' address is 11 Defu Lane 6, Singapore 539370.

The Petitioners' solicitors are Messrs Tan Kok Quan Partnership
of 5 Shenton Way, #29-00 UIC Building, Singapore 068808.

Messrs Tan Kok Quan Partnership
Solicitors for the Petitioners

Note:

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

The notice must state the name and address of the person, or if
a firm, the name and address of the firm and must be signed by
the person or 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 twelve o'clock noon
of May 19, 2005 (the day before the day appointed for the
hearing of the Petition).


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


KRUNG THAI: Suspends Investment Scheme in China
-----------------------------------------------
Krung Thai Bank Public Company Limited provided the Stock
Exchange of Thailand (SET) an update regarding the signing of
three Memorandums of Understanding, which marked the Co-
operation among Krung Thai Bank Public Company Limited, Charoen
Pokphand Group Company Limited, C.P. Seven-Eleven Public Company
Limited, and Trinity Wattana Public Company Limited as per MoU
dated June 28, 2004.

(1) Co-investment in Business Development Bank (BDB) in People's
Republic of China, among KTB, BDB and Charoen Pokphand Group
Company Limited (CP) Investment scheme in banking business in
China is being suspended.

(2) Co-investment in Krung Thai Asset Management Public Company
Limited (KTAM), among KTB, KTAM, CP, and Trinity Wattana Public
Company Limited KTB will focus on boosting and developing
financial products through KTAM, as a result, KTB will continue
maintaining its 100 percent stake in KTAM.

(3) Business co-operation between KTB and C.P. Seven-Eleven
Public Company Limited.

Both parties have agreed to further explore business
opportunities, which provide mutual benefits on a commercial
basis.

Yours sincerely,

Krung Thai Bank Public Company Limited
Suwit Udomsab
Senior Executive Vice President

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Web site: http://www.ktb.co.th
  

NATURAL PARK: Unveils Scope Audit Committee's Duties
----------------------------------------------------
Natural Park Public Company Limited furnished the Stock Exchange
of Thailand (SET) the results of its Board of Directors meeting
held on May 9, 2005.

The company advised the SET that the resolution to appoint a
Chairman of the Audit Committee as well as appointment of
members of the audit committee were duly passed.

Names of members of the Audit Committee are as follows:

(1) Mr. Chaiwat Atsawintarangkun

(2) Mr. Thavisakd Tanta-Nanta

(3) Mr. Peerapong Thungkasemwathana

Effective from May 12, 2005

(4) Names of members of the Audit Committee are as follows:

                             Remaining terms of holding office

Chairman of the Audit Committee:
Mr. Chaiwat Atsawintarangkun:             2 years

Member of the Audit Committee:
Mr. Thavisakd Tanta-Nanta:                 2 years

Member of the Audit Committee:
Mr. Peerapong Thungkasemwathana            2 years

(5) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the Company's board
of directors as follows:

(1) To review the sufficiency, credibility and objectivity of
the financial reporting.

(2) To review the adequacy and effectiveness of internal control
systems and internal audit functions.

(3) To review compliance with the Securities and Exchange Acts,
Regulations of the SET, and any other relevant laws.

(4) To consider and advise the appointment of the external
auditors including the audit fee by considering the
creditability.

(5) To consider compliance with all connected transaction
disclosures or the conflict-of-interests disclosures.

(6) To take care of any other matters assigned to it by the
board of directors.

(7) To report the activities of the audit committee in the
company's annual report.

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

Mr. Sermsin Samalapa
President & Chief Executive Office

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   


TPI POLENE: TRIS Assigns BBB- Rating
------------------------------------
TRIS Rating affirms a company rating of BBB- to TPI Polene PLC
(TPIPL). The rating takes into consideration the increasing
demand for cement in the domestic market, the company's strong
position as the third largest cement producer in Thailand and
its position as the leader in low density polyethylene (LDPE)
market in Thailand.

However, these strengths are partially offset by the cyclical
nature of both the cement and petrochemical industries, the
company's rather high debt level, and its pending qualified
auditor's report concerning the total amount of outstanding
debt.

According to the auditor's report, the total liability to all
creditors recorded by the company and its subsidiaries, which
includes accrued default interest payable, exceeds the total
claims made by all creditors under the Master Restructuring
Agreement.

However, certain individual creditors have filed claims
exceeding the liability recorded for these creditors by the
company. The rating assigned by TRIS Rating is based on the
management's claim that the differences between the amount of
debts claimed by the creditors and that, which was reported by
the company, are the result of the use of different methods to
calculate interest. Any significant change in the amount of
debts reported by the company would impact the rating assigned
by TRIS Rating.

In 2004, TPIPL's cement sales grew more slowly than its major
competitors, Siam Cement PLC (SCC) and Siam City Cement PLC
(SCCC), which showed strong volume growth of around 10% and
value growth of around 20%.

TPIPL's lower growth was due to an unplanned interruption in two
production lines, which happened at the same time as the planned
maintenance schedule of the third line.

All three production lines halted for one month, cutting
production by around 700,000 tons. Without the stop, sales
growth would likely have been in line with its peers. TPIPL
should be able to fully utilize its production capacity in 2005
to serve rising domestic demand for cement, which is expected to
increase by 10%-15%. Currently, the cement and LDPE plants are
running close to full capacity.

To complete an expansion of cement plant line 4 will cost TPIPL
approximately THB6,000 million more and will require approval
from the creditors; thus, the uncertainty for this project
remains high.

In addition, the dispute between TPIPL and its equipment
suppliers, Krupp Polysius AG and Projecktall Industrieberatung
GmbH, is still under the court process.

Though its debt level declined significantly in 2004, the level
is still considered high. In addition, lower interest expenses
resulting from principal reduction will be partially offset by
the increase in the rate of interest from MLR +0.5% (for baht
debt) and LIBOR +2% (for foreign debts) in 2004 to MLR +1.5% and
LIBOR +3% for 2005-2007.

Moreover, extension fees of 0.5%, 0.75%, and 1.0% of outstanding
principal will be assessed for 2005, 2006, and 2007,
respectively. Thus, the earnings before interest, tax,
depreciation and amortization (EBITDA) interest coverage ratios
are expected to remain at around 3-5 times over the next few
years. However, the company can improve its earnings by further
reducing selling and administrative costs, which are relatively
high compared with its peers.

Rating Outlook

TRIS Rating raises the outlook of TPIPL to positive from stable.

The positive outlook reflects TPIPL's improved financial
position after it raised THB11,000 million in new equity during
January 2004 to repay existing debt. Though its profitability
did not improve much in the last year due to unplanned
interruptions at two of its cement plants, TRIS Rating expects
that the company should be able to improve its operating income
over the next few years.

A rating upgrade will be considered if the company is able to
sustain its improving operating performance and lower its debt
to an acceptable level for a higher rating. Success in
refinancing existing debt to match its internal cash generation
would also be a positive rating factor.

CONTACT:

TPI Polene Public Company Limited   
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5100, 0-2678-5000   
Fax: 0-2678-5001-5   
Web site: http://www.tpipolene.com




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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
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites Lao, Faith Marie S. Bacatan,
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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