---

        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, June 22, 2005, Vol. 8, No. 122

                            Headlines

A U S T R A L I A

AM CORPORATION: 737 Investors File Class Action Suit
ARCHITECTURAL WATERPROOFING: To Declare Dividend July 1
ARISTOCRAT LEISURE: To Resist Application to Access Documents
AUBURN INDUSTRIAL: Final Meeting Slated for June 30
AUSTRAL COAL: Centennial Allots New Shares

BRYABOUT PTY: Fixes June 27 as Final Meeting Date
COSTOSO PTY: Members Pass Wind-up Resolution
DURBRIDGE PTY: Liquidator to Lay Account on Winding Up
E.R. BLADWELL: Members, Creditors to Meet June 27
GRATIAN PTY: Lays Out Final Meeting Agenda

H.C.L.I. PTY: Liquidator to Detail Final Wind-up Account
HOME OWNERS: Lays Out Agenda of Final Meeting
INTERNATIONAL WINE: To Pay Final Distribution for 2004-05
JBM ENTERPRISES: To Hear Liquidator's Report
MISON SOFTEK: Court Issues Winding Up Order

MODENA HOMES: Members Pass Wind-up Resolution
MOOLBONG PTY: Final Meeting Slated for June 27
MOTOR GROUP: Bargain Hunters Grab Last of MG Rovers
MULTIPLEX: Strikes Deal with Top U.K. Union
MULTIPLEX: Notes Full Year Distribution Record Date

NAILBAR FRANCHISING: Enters Winding Up Process
PARMALAT AUSTRALIA: Premium Milk Allowed to Pursue Talks
QANTAS AIRWAYS: Zylotech, Siemens Team to Win Security Contract
RMG LIMITED: Debt Collector Buys Back Client List
SPORTSVIEW.COM.AU: Names Stephen T. Bennett Liquidator

SUTTON & PEREY: Fixes Final Meeting Date July 1
TACIT GROUP: Secret Vote Delays Sale
TAS TRADING: Wraps Up Winding Up Process
UNIVERSAL CONSULTANCY: Served with Winding Up Order
WEST-SMASH PTY: To Declare Dividend June 28

W&W TINYOW: To Declare Dividend June 28


C H I N A  &  H O N G  K O N G

401 HOLDINGS: Shares Delisted June 21
BANK OF COMMUNICATIONS: HKSE OKs Listing
BANK OF COMMUNICATIONS: Launches Structural Deposit Products
CHINA CONSTRUCTION: Launches Security Probes
GEM INDUSTRIAL: Court Issues Winding Up Order

GOLDEN TIME: Winding Up Hearing Set for July 6
HONGKONG CONSTRUCTION: Details Proposed Reorganization Scheme
INDUSTRIAL AND COMMERCIAL: Postpones Bad Debt Auction
JDC CORPORATION: Court Appoints Liquidator
KAR LUNG: Schedules Winding Up Hearing July 6

MOULIN GLOBAL: Creditor Banks Seeks HK$94-Mln Repayment
NEWHABIT.COM LIMITED: Winding Up Hearing Slated for July 20
SHANGHAI MERCHANTS: Ex-Chief Faces Extra Court Charge by ICAC
SPAN TRADING: Enters Winding Up Process
TOPVIEW LIMITED: Court Issues Winding Up Notice

ZIDA COMPUTER: Notes Unusual Volume Movement


I N D O N E S I A

BANK MANDIRI: More Directors May Be Named Suspects in Scam
CIPUTRA DEVELOPMENT: Seeks to Convert Part of Debt Into Shares
PERTAMINA: Wants to Borrow up to IDR6.7 Trillion
SEKAR LAUT: Hopes to Complete Debt Restructuring Soon
TELEKOMUNIKASI INDONESIA: Probe Launched on Graft Suspicions


J A P A N

HAGI INTERNATIONAL: Seeks Court Protection
HONMA GOLF: Enters Bankruptcy
JAPAN AIRLINES: Ups Code Share Flights with Korean Air
KOKUDO CORPORATION: Posts Negative Net Worth in FY/2004
SEIYU LIMITED: Faces Delisting in Europe

SOFTBANK CORPORATION: Selling Softbank Internet Units


K O R E A

CHOHUNG BANK: Sees No Redundancies in Merger with Shinhan Bank
SAMSUNG CARD: Opens KRW30-Bln Credit Line with RBS


M A L A Y S I A

ANCOM BERHAD: Posts Shares Buy Back Notice
BOX-PAK: Aims to Return to Black in 2 Years
I-BERHAD: Buys Back 25,000 Shares
JASATERA BERHAD: Bourse Delists Securities
KEMAYAN CORPORATION: Submits Investigative Audit to SC

METROPLEX BERHAD: Failed to Pay MYR8 Mln to Danaharta
OCEAN CAPITAL: Securities Delisted from Exchange
PROMTO BERHAD: SC Says Mandatory Takeover of PSMAR Not Required
UNITED CHEMICAL: Court Approves Extension of Meeting Dates


P H I L I P P I N E S

COLLEGE ASSURANCE: Execs Scolded for Failing to Address Woes
HIDDEN VALE: SEC Denies Hidden Vale Plea for Reduced Penalties
PILIPINO TELEPHONE: Asks NTC to Reconsider Ruling on Sun's 24/7
RB VALDERRAMA: Awaits Termination of Liquidation Proceedings
SEAFRONT RESOURCES: Sees Profits Plunging This Year


S I N G A P O R E

DIGILAND INTERNATIONAL: Cancels Capital Reduction Application
HAVERINE PTE: Proofs of Claim Due July 15
HIANGKIE INDUSTRIES: Wind-up Petition Hearing Slated for July 1
HOUR GLASS: Australian Unit Placed in Voluntary Liquidation
IRE CORPORATION: Buyer Reaches Sale Deal of IRE Beijing

UNITED FIBER: Repays Loan from Cornell
SP CORPORATION: Places Hong Kong Unit in Voluntary Liquidation


T H A I L A N D

COMMERCIAL INSURANCE: To Determine Fate in Two Weeks
EASTERN WIRE: Bourse OKs New Securities' Listing
PRASIT PATANA: Shareholders Approve Capital Reduction
THAI HEAT: Reduces Par Value of Authorized Share

     -  -  -  -  -  -  -  -

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

AM CORPORATION: 737 Investors File Class Action Suit
----------------------------------------------------
Around 737 investors on June 9 lodged a class action suit to
recover their money directly from the managers of AM
Corporation's now-defunct Lifetrack superannuation fund,
according to Money Management News.

The investors, who have lost significant amounts of money when
the fund was closed, are seeking compensation running into tens
of millions of dollars through the class action, filed in the
NSW Supreme Court.

The investors' lawyer Goldman Partners senior associate David
Goldman said the figure sought would defend on the final number
of investors who joined the class action, which has been planned
since 2003 and brought against AM Corporation founder David
Smith and a former director of the Lifetrack supperannuation
fund, Alan Rich.

Mr. Goldman said the investors claim the management of AM
Corporation made misleading representations to induce them to
enter or continue their investments in Lifetrack's traded
policies funds, and also mismanaged the funds themselves.

He said the investors allege that from around 2000, AM
Corporation's management knew the traded policies funds, which
used life insurance policies as their underlying investment,
were in trouble. But it wasn't until around 2002 that investors
were told there were problems. Further they are claiming that
when they were told, the information provided was inadequate.

The investors' allegations of mismanagement stem from their view
that AM Corporation kept insufficient liquidity for running the
fund and failed to adequately diversify investments, the lawyer
said.

Mr. Goldman claimed AM Corp has spent too much money buying life
insurance policies through a related party. He also claimed the
funds were inadequately diversified because most of the policies
it acquired were issued by MLC and AMP.

In August 2003, David Smith and Alan Rich were banned by the
Australian Prudential Regulation Authority (APRA) and the
Australian Securities and Investments Commission from being
directors or officers of companies holding an Australian
financial services license for ten years. LifeTrack was also
ordered to pay $1 million to APRA in settlement of any potential
civil penalty actions.

CONTACT:

Goldman Partners
Level 6
456 Lonsdale Street
Melbourne VIC 3000
Phone:  03 9600 2410
Fax:  03 9600 2412
E-mail:  info@goldmanpartners.com.au
Web site:  http://www.goldmanpartners.com.au


ARCHITECTURAL WATERPROOFING: To Declare Dividend July 1
-------------------------------------------------------
A first and final dividend is to be declared to priority
unsecured creditors on July 1, 2005 for Architectural
Waterproofing (Australia) Pty Limited (In Liquidation).

Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.

Dated this 10th day of May 2005

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150
Telephone: (02) 9689 2266


ARISTOCRAT LEISURE: To Resist Application to Access Documents
-------------------------------------------------------------
Lana O'Shanassy, who purports to represent a group of problem
gamblers, has filed an application in the Federal Court of
Australia to obtain access to documents held by Aristocrat
Leisure Limited.

The application has also been made in respect of 19 other
respondents including State Governments, Gaming Machine
Manufacturers and Industry Associations.

Aristocrat is seeking legal advice and will resist the
application.

About the Company

Aristocrat's principal activities are the design, development,
manufacture and marketing of gaming machines, software, systems
and other related equipment and services. Its games include
Poker, Keno-Bingo and 243 Ways. Systems developed include System
6000S (Casino Management System), Dacom Smartplay, DACOM 5000E
and Computa Game.

Services provided include technical support, training and
documentation, hotline support, sales support and gaming
analysis. The Group also provides consulting services such as
venue analysis, commercialized project management, specialized
gaming training and Aristocrat gaming analysis.

The Group operates in Australia, North America, South America,
Japan, New Zealand, Europe, and in the Asia Pacific region.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


AUBURN INDUSTRIAL: Final Meeting Slated for June 30
---------------------------------------------------
Notice is given that a final meeting of the members of Auburn
Industrial Estate Pty Ltd (In Voluntary Liquidation) will be
held at Level 22, 50 Bridge Street Sydney on June 30, 2005 at
10:00 a.m.

The purpose of the meeting is to receive the account showing how
the winding up has been conducted and the property of the
company has been disposed of, and to receive any explanation of
the account.

Dated this 10th day of May 2005

A. R. M. Macintosh
Liquidator
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9650 2144


AUSTRAL COAL: Centennial Allots New Shares
------------------------------------------
Centennial Coal refers to the Appendix 3B lodged on March 16,
2005 regarding new shares to be issued as a result of the scrip
share offer for Austral Coal Limited.

Centennial confirmed that it has allotted a further 645,679
ordinary shares resulting from acceptances for Austral shares
received up to June 15, 2005. This represents the fifth
allotment under the offer. In total 63,503,107 fully paid
ordinary shares have been issued under the offer to-date.

These new shares rank pari passu with existing shares.

As a result of the above noted allotment, the total number of
fully paid ordinary shares in issue is now 268,456,342.

CONTACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


BRYABOUT PTY: Fixes June 27 as Final Meeting Date
-------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Bryabout
Pty Ltd will be held at the offices of Kellaway Cridland Pty
Ltd, Chartered Accountants, 48 Hunter Street, Sydney on Monday,
June 27, 2005 at 12:15 p.m. for the purposes of laying before
the meeting the Liquidator's final accounts and report and
giving any explanation thereof.

Dated this 12th day of May 2005

Peter Kellaway
Liquidator
Kellaway Cridland Pty Ltd
Level 4, 48 Hunter Street,
Sydney NSW 2000


COSTOSO PTY: Members Pass Wind-up Resolution
--------------------------------------------
At a general meeting of the members of Costoso Pty Limited (In
Liquidation) duly convened and held at 50 Belmore Street,
Yarrawonga Victoria, on May 11, 2005, the special resolution set
out below was duly passed:

That the company be wound up voluntarily.

Dated this 11th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


DURBRIDGE PTY: Liquidator to Lay Account on Winding Up
------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
Durbridge Pty Limited (In Liquidation) will be held at the
offices of RSM Bird Cameron Partners, 103-105 Northbourne
Avenue, Turner ACT 2612, on Monday, June 27, 2005 at 10:00 a.m.
for the purpose of laying before the meetings the liquidator's
final accounts and reports and give an explanation thereof.

Dated this 16th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


E.R. BLADWELL: Members, Creditors to Meet June 27
-------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
E.R. Bladwell (Golden Plains) Pty Ltd (In Liquidation) will be
held at the offices of RSM Bird Cameron Partners, 103-105
Northbourne Avenue, Turner ACT 2612, on Monday, June 27, 2005 at
10:30 a.m. for the purpose of laying before the meetings the
liquidator's final accounts and reports and give an explanation
thereof.

Dated this 16th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


GRATIAN PTY: Lays Out Final Meeting Agenda
------------------------------------------
Notice is given that a final meeting of the members and
creditors of Gratian Pty Ltd (In Liquidation) will be held at
Suite 5, 32 Thesiger Court, Deakin ACT on Thursday, June 23,
2005 at 10:00 a.m.

AGENDA

(1) To receive an account showing how the winding up has been
conducted and the property of the company has been disposed of;
and

(2) To receive any explanation in relation to the winding up.

Dated this 24th day of May 2005

H. J. Kazar
Liquidator
c/- Sims Partners
PO Box 211, Deakin West ACT 2600


H.C.L.I. PTY: Liquidator to Detail Final Wind-up Account
--------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
H.C.L.I. Pty Ltd (In Members' Voluntary Liquidation) will be
held at the offices of MPR Group, Level 11, 499 St Kilda Road,
Melbourne Vic 3004, on June 23, 2005, at 11:00 a.m., for the
purpose of laying before the meetings the liquidator's final
accounts and reports and give an explanation thereof.

Dated this 2nd day of May 2005

Marc Peskett
Liquidator
MPR Group Pty Ltd
Level 11, 499 St Kilda Road,
Melbourne Vic 3004


HOME OWNERS: Lays Out Agenda of Final Meeting
---------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Home Owners Warehouse Pty Limited (In Liquidation) will be held
at Ngan & Co., Level 5, 49 Market Street, Sydney NSW 2000 on
Tuesday, June 28, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.

(2) To consider any other business brought before the meeting.

Dated this 12th day of May 2005

P. Ngan
Liquidator


INTERNATIONAL WINE: To Pay Final Distribution for 2004-05
---------------------------------------------------------
The listed International Wine Investment Fund (IWI: the Wine
Fund) has announced a final distribution of 6.50 cents per unit
for the six-month period ending June 30, 2005.

The latest distribution, which follows the payment in February
this year of the interim distribution of 4.50 cents per Unit -
will be paid on Friday, August 26, 2005.

The total distribution of 11.00 cents per Unit for the full
2004-05 year is a 10% increase on the 10.00 cents per Unit paid
out in the previous 12 months.

The unaudited net tangible asset (NTA) bacj=king per unit of the
Wine Fund as at the end of May 2005 was AU$2.82, reflecting a
steady increase over the course of the year in the value of the
Wine Fund's investment in Constellation Brands Inc. and other
listed wine investments.

Non-Eligibility to Distribution for Unitholders Participating in
the Unit Redemption Offer

Unitholders who elect to redeem all or part of their units under
Unit Redemption Offer will not be eligible to participate in
respect of those units redeemed in the the Unit Redemption Offer
in the final distribution for the year ending June 30, 2005 as
the Unit Redemption Offer price already includes the value of
this year's capital growth and earnings.

Unitholders who do not elect to participate in the Unit
Redemption Offer will receive a distribution in the ordinary way
in respect of the final distribution for the year ending June
30, 2005.

In the event the number of Unit Redemption Offer acceptances
exceeds the limited of 40 million units, the Unit Redemption
Offer will be suspended and all Unitholders will be entitled to
participate in the final distribution for the year ending June
30, 2005. Berren then will take steps to wind up the IWIF on an
orderly basis.

Record Date

The record date for the payment of the final distribution by the
Wine Fund will be Thursday, June 30, 2005.

Ex-Distribution Date

The ex-distribution date for the distribution is Friday, June
24, 2005.

Distribution Reinvestment Plan

The Wine Fund's distribution reinvestment plan will not operate
for the 2004-05 final distribution.

CONTACT:

International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm


JBM ENTERPRISES: To Hear Liquidator's Report
--------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
JBM Enterprises Pty Ltd (In Liquidation) will be held at the
offices of RSM Bird Cameron Partners, 103-105 Northbourne
Avenue, Turner ACT 2612, on Monday, June 27, 2005 at 11:30 a.m.
for the purpose of laying before the meetings the liquidator's
final accounts and reports and give an explanation thereof.

Dated this 16th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


MISON SOFTEK: Court Issues Winding Up Order
-------------------------------------------
On May 9, 2005 the Supreme Court of New South Wales made an
Order that Mison Softek Pty Ltd (In Liquidation) be wound up and
appointed M. J. M. Smith to be Official Liquidator.

M. J. M. Smith
Official Liquidator
c/- Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


MODENA HOMES: Members Pass Wind-up Resolution
---------------------------------------------
At a general meeting of the members of Modena Homes Pty Limited
(In Liquidation) duly convened and held at RSM Bird Cameron
Partners, Level 1, 103-105 Northbourne Avenue, Turner ACT 2612,
on May 4, 2005 the special resolution set out below was duly
passed:

That the company be wound up voluntarily.

Dated this 11th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


MOOLBONG PTY: Final Meeting Slated for June 27
----------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
Moolbong Pty Ltd (In Liquidation) will be held at the offices of
RSM Bird Cameron Partners, 103-105 Northbourne Avenue, Turner
ACT 2612, on Monday, June 27, 2005 at 11:00 a.m. for the purpose
of laying before the meetings the liquidator's final accounts
and reports and give an explanation thereof.

Dated this 16th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


MOTOR GROUP: Bargain Hunters Grab Last of MG Rovers
---------------------------------------------------
Motor Group Australia (MGA) sold the last of its 185 unsold MG
Rover cars last week at auctions held simultaneously by Bonhams
and Goodman in Sydney, Melbourne, Adelaide and Perth, The
Australian relates.

All the cars offered were sold, fetching between 62 percent and
78 percent of their on-the-road retail prices.

MG TF roadsters sold for up to $45,000, with an average price
for TF 160 models of $42,000 and the TF 135 model fetching an
average of $40,600.

Rover 75 sedans sold for an average of $39,000 and MG ZT sports
sedans fetched $43,000 for V6 versions and $60,800 for the few
V8 versions on sale. A prototype supercharged MG ZT V8 that was
under development when the company folded went for $69,630, and
MG ZR hot hatches that were to have been launched in May sold
for $27,000. Three high performance Noble sports cars sold for
$130,000 each.

The auction prices did not include warranty and on-road costs.

MGA went into administration in April after the British carmaker
MG Rover collapsed with debts now estimated at $3.33 billion.


MULTIPLEX: Strikes Deal with Top U.K. Union
-------------------------------------------
In a bid to strengthen its pledge to complete the controversial
Wembley Stadium project on schedule, the Multiplex Group has
inked an agreement with the most powerful union in the U.K.,
according to the Sydney Morning Herald.

Officials from the U.K.'s Amicus and GMB unions reached an
agreement with Multiplex executives on June 13, which guarantees
work will be completed on one component of the project in return
for financial incentives for the workers.

Amicus is the largest union representing manufacturing workers
in the UK. It was created from the amalgamation of the EETPU -
the electricians and plumbers union - and the MSF - which
represented skilled and professional staff in the engineering
industry. GMB represents metalworkers.

Multiplex, has set itself a deadline of March to finish the
GBP1.16 billion ($2.74 billion) project, has suffered hefty
losses arising from difficulties with the project.

While the stadium is due for completion in March, Multiplex has
yet to set a specific date but has said it planned to begin a
staged handover from January.

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/


MULTIPLEX: Notes Full Year Distribution Record Date
---------------------------------------------------
Multiplex Group on Friday advised in accordance with Rule 3.20
and Appendices 3A and 6A of the Listing Rules that:

(1) The Record Date for the interim distribution for the period
ending June 30, 2005 will be 5 pm Sydney time on June 30, 2005.

(2) It is presently estimated that the distribution rate per
stapled security will be 14 cents. This distribution rate may
change once Multiplex Group's accounts are finalized and the
audit of these accounts is completed.

(3) The estimated distribution of 14 cents per stapled security
is comprised of a distribution of 14 cents from Multiplex
Property Trust.

(4) Payment of the distribution will be made on or before August
31, 2005.

The operation of the Distribution Reinvestment Plan (DRP) has
been suspended until further notice. In the event that the DRP
is reactivated for future distributions and a securityholder
election remains in place, then the securityholder will
automatically be included in the DRP until such time as a DRP
election variation form is received by Mutliplex Group security
registrars.

The following are the key corporate dates for the remainder of
2005.

Announcement of
Full Year Results                      August 118, 2005

Multiplex Group Annual Report
Sent to Securityholders                Mid Sept. 2005

Annual General Meeting                 November 2, 2005


NAILBAR FRANCHISING: Enters Winding Up Process
----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Nailbar Franchising Pty Limited (In Liquidation) duly convened
and held at 74 Queen Street, Woollahra NSW 2025 on Monday, May
9, 2005 at 8:30 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 10th day of May 2005

Gregory J. Parker
Liquidator
Parker Advisory
Level 5, 49 Market Street,
Sydney NSW 2000


PARMALAT AUSTRALIA: Premium Milk Allowed to Pursue Talks
--------------------------------------------------------
A group representing 300 southeast Queensland dairy farmers has
been permitted to continue collective negotiations with Parmalat
Australia, says ABC News Online.

Premium Milk's existing authorization was due to expire at the
end of the month and it is seeking approval to continue until
2010.

The Australian Competition and Consumer Commission has granted
interim authorization while it considers the application.

The chairman of Premium Milk, Pat Rowley, says he expects the
group will be granted full authorization in due course.

"I do not think there is any great difference between what we
have been doing over the last five years and our position going
forward," Mr. Rowley said.

Parmalat Australia has been slowly recovering and has now erased
the uncertainty created by its troubled Italian parent.

CONTACT:

Parmalat Australia Ltd
South Brisbane, Queensland,
Australia


QANTAS AIRWAYS: Zylotech, Siemens Team to Win Security Contract
---------------------------------------------------------------
Zylotech announced that its Tier 1 Integrator/Distributor,
Siemens Limited has been selected as the successful tendered,
with Zylotech's video surveillance products at core, by Qantas
Airways Limited for an important Airport Security Application
upgrade at specific Australian airports.

Siemens (and its wholly owned subsidiary, Alarmcom Pty Ltd) and
Zylotech responded to a Qantas tender. The tender called for
leading-edge digital, IP (Internet Protocol) based video
surveillance and recording technology, and specified
requirements for a totally integrated and nationally supported
state-of-the-art solution and Zylotech is pleased that both
Qantas and Siemens have selected Zylotech, an Australian
Technology Showcase Company, to provide a significant portion of
the core technology solution.

Zyulotech's technology/solution was selected by Siemens in their
winning prime tender bid to Qantas, by being state-of-the-art
equipment and price competitive, whilst delivering highest
quality video with ease of integration with Siemen's technology
and solution to meet the exigencies of its passenger airport
raceways applications.

For Zylotech, the teaming with Siemens to win this initial
important Qantas contract is of significant importance, as
Siemens are a global leader in electrical engineering and
electronics with more than 430,000 employees in over 190
countries and a vast range of both senior government corporation
clients.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


RMG LIMITED: Debt Collector Buys Back Client List
-------------------------------------------------
Pert debt collector Keith John has moved to take over the
remains of his old family business RMG Limited from its
administrators, The West Australian says.

Mr. John and his new business partner, Mark Street, are buying
back the business and client list of RMG, which collapsed in
early April.

The Company called in joint administrators Wayne Benton and Rod
Slattery of PPB after incurring AU$21 million in debt.

The business partners are expected to pay well under 10 percent
of the AU$3 million that the John family received when they
vended their business into RMG in 2000.

RMG then was on an aggressive national expansion that included
the acquisition of the John's family business, Pioneer Credit,
and big-ticket Perth debt collection group Laurens & Munns,
which is believed to have had a price tag of more than AU$3
million.

However, the consolidated group struggled as RMG quit its
original plans of expanding business nationwide and instead
attempted to create a debt collection operation centered in
Melbourne. Mr. John and Mr. Street then decided to leave the
troubled RMG, which abandoned Pioneer Credit in favor of its
national brand.

RMG had more than 60 staff in Perth when it took over Laurens &
Munns and Pioneer Credit but numbers had slipped to around 15 by
the time administrators took control. The workforce had recently
shrunk to four as a result of the administrators' bid to cut
labor costs.

Pioneer Credit would be taking on three of the remaining staff,
giving the combined group a total of about 25 staff.

Mr. John considered the remnants of RMG's WA operation as
valuable because it had a list of familiar clients which would
fit perfectly into the Pioneer Credit business.

CONTACT:

RMG Limited
Level 1, 363 King St
Melbourne
VIC, 3000
Phone: +61 1300 135 284
Fax: +61 3 9326 4616
E-mail: contact@rmg.com.au
Web site: http://www.rmg.com.au/


SPORTSVIEW.COM.AU: Names Stephen T. Bennett Liquidator
------------------------------------------------------
Notice is hereby given that at a General Meeting of
Sportsview.Com.Au Pty Ltd (In Liquidation) held on April 29,
2005.

It was resolved that the company be wound up by Members'
Voluntary Liquidation and that for such purpose, Stephen T.
Bennett be appointed liquidator.

Stephen T. Bennett
Liquidator
Bentleys MRI Canberra
Level 1, 13 London Circuit,
Canberra ACT 2601


SUTTON & PEREY: Fixes Final Meeting Date July 1
-----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Sutton & Perey
Proprietary Limited (In Liquidation) will be held at the offices
of Bush & Campbell Pty Ltd, Accountants, of 30 Blake Street,
Wagga Wagga on July 1, 2005 at 9:00 o'clock in the forenoon for
the purpose of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.

Dated this 10th day of May 2005

David R. Pyke
Liquidator
Bush & Campbell Pty Ltd
Accountants
30 Blake Street,
Wagga Wagga NSW 2650


TACIT GROUP: Secret Vote Delays Sale
------------------------------------
The proposed asset sale of Tacit Group to software firm Bravura
Solutions is now on hold amid disapproval of a 17-percent
stakeholder, according to The Independent.

The embattled information technology firm has decided to sell
its assets to Bravura, six weeks after losing a major client.

The planned divestment will leave the Company a shell with
AU$50.81 million accumulated losses in New Zealand.

No 8 Ventures No 1 Fund, a 17-percent stakeholder in Tacit
Group, objected to the sale. It stands to lose its initial
investment, worth between AU$3 million and AU$4 million.

Despite this, No 8 lost its board representation on Tacit last
year. Other directors, including Tacit founders and shareholders
Jan and Murray Hilder and Chairman Trevor Perry, also stand to
lose millions.

Tacit's shareholders recently voted on the sale but won't reveal
the result. A settlement date for the conditional sale is still
to be decided.

CONTACT:

Tacit Group Limited
PO Box 33 656
Auckland 9,New Zealand
Phone Number: 64 094896174
Fax Number: 64 9 4896172
Web site: http://www.tacitgroup.com


TAS TRADING: Wraps Up Winding Up Process
----------------------------------------
Take note that the affairs of Tas Trading Pty Limited (In
Liquidation) 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 of Burton Glenn Allen,
Chartered Accountants, Level 2, 57 Grosvenor Street, Neutral Bay
NSW 2089 at 10:30 a.m. on June 24, 2005.

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 10th day of May 2005

Brian H. Allen
Peter G. Burton
Liquidators
Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089


UNIVERSAL CONSULTANCY: Served with Winding Up Order
---------------------------------------------------
On May 9, 2005 the Supreme Court of New South Wales made an
Order that Universal Consultancy Services Pty Limited (In
Liquidation) be wound up by the Court and appointed Stephen Jay
to be Liquidator.

Stephen Jay
Official Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 103, 1st Floor,
Wollundry Chambers,
Johnston Street,
Wagga Wagga NSW 2650


WEST-SMASH PTY: To Declare Dividend June 28
-------------------------------------------
A first and final dividend is to be declared on June 28, 2005 in
respect of West-Smash Pty Ltd (In Liquidation).

Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.

Dated this 24th day of May 2005

Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Telephone: (02) 6247 5988


W&W TINYOW: To Declare Dividend June 28
---------------------------------------
A first and final dividend is to be declared on June 28, 2005 in
respect of W&W Tinyow Pty Ltd (In Liquidation) formerly trading
as Wings TPT Trading Division.

Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.

Dated this 24th day of May 2005

Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200,
Canberra ACT 2601
Telephone: (02) 6247 5988


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

401 HOLDINGS: Shares Delisted June 21
-------------------------------------
The Stock Exchange of Hong Kong Limited (the Exchange) announced
that the listing of the shares of 401 Holdings Limited (In
Compulsory Liquidation) (the Company) will be cancelled with
effect from 9:30 a.m. on June 21, 2005 in accordance with the
delisting procedures stipulated in Practice Note 17 to the
Listing Rules (the Delisting Procedures).  

Practice Note 17 to the Listing Rules formalizes the procedures
to be adopted to delist long-suspended companies.

Dealings in the Company's shares have been suspended since March
28, 2003.  Accordingly, dealings in the Company's shares have
effectively been suspended for over 26 months.  

The Company was put into the third stage of the Delisting
Procedures on May 19, 2004.  Pursuant to the Delisting
Procedures, at the end of the third stage, which in the case of
the Company was November 18, 2004 (the Deadline), where no valid
proposals have been received for resumption, the listing of the
Company's shares will be cancelled.  

Following the suspension in trading in the Company's shares and
before the Deadline, two resumption proposals were submitted to
the Exchange.  However, the Exchange decided that the resumption
proposals were not viable.  By the end of the Deadline, the
Company has failed to provide a valid proposal for resumption.

The Exchange has notified the Company of its obligation under
paragraph 3.1 of Practice Note 17 to issue an announcement
informing the public of the cancellation of the listing of its
shares on the same day of this announcement.

The Exchange advises shareholders of the Company who have any
queries about the implications of the delisting to obtain
appropriate professional advice.

CONTACT:

401 Holdings Limited
Shun Tak Centre, 200 Connaught Road
Central, Hong Kong
Telephone: +852 2363 8301
Fax: +852 2363 8192


BANK OF COMMUNICATIONS: HKSE OKs Listing
----------------------------------------
Market participants are requested to note that Bank of
Communications Co., Ltd. has been approved for listing.  

In a disclosure to the Hong Kong Stock Exchange, trading in its
H shares will commence at 9:30 a.m. on Thursday, June 23, 2005
under the following particulars:

Stock Code      Stock Short Name        Board Lot

3328            BANKCOMM                1,000 H shares

CONTACT:

Bank of Communications
20 Pedder Street, Central,
Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk


BANK OF COMMUNICATIONS: Launches Structural Deposit Products
------------------------------------------------------------
The Bank of Communications Co. Ltd. (3328) (BoComm) offers 2
structural deposit products on June 20, which are denominated in
greenback and Hong Kong dollar respectively, Infocast reports.

The longest deposit term is 24 months, with the annual interest
rate peaking at 6.23 percent for the deposit linked with the
Euro-US dollar exchange rate, while the maximum interest rate
for the deposit linked with HIBOR is 4 percent.  

Treasurer Edmund Kin-sang Lai predicted that Euro may have
support at the US$1.2 level in the short run but a drop below
this level in the long run is a possibility. Nevertheless, he
added that it is unlikely for Euro to drop below US$1.


CHINA CONSTRUCTION: Launches Security Probes
--------------------------------------------
China Construction Bank (CCB), which plans to list shares in
Hong Kong before the end of this year, announced 31 illegal
cases at its branches since the beginning of the year, The China
Daily reports.

The cases were uncovered in a probe in April and May in which
more than 120,000 out of its total of 410,000 employees were
audited. The early detection prevented losses of up to CNY36.4
million (HK$34.19 million), the bank said.

Former Chairman Zhang Enzhao resigned in March after he was
accused of receiving kickbacks from loans he personally
sanctioned to property developers in the 1990s when he was head
of the lender's Shanghai branch.

Mr. Zhang is currently under investigation by the Central
Commission for Disciplinary Inspection, Construction Bank said.

The bank agreed to sell a 9 percent stake to Bank of America
Friday for US$2.5 billion (HK$19.5 billion). The U.S. bank
pledged to subscribe to a further US$500 million of Construction
Bank's shares during its initial public offering (IPO), which
could come as early as November this year.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


GEM INDUSTRIAL: Court Issues Winding Up Order
---------------------------------------------
Gem Industrial Limited, whose place of business is located at
Room 701-2, 7/F, Wayson Commercial House, 68-70 Lockhart Road,
Wanchai, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 8, 2005.

Date of Presentation: February 23, 2005.

Dated this 17th day of June 2005

ET O'Connell
Official Receiver


GOLDEN TIME: Winding Up Hearing Set for July 6
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Golden Time Restaurant Limited by the High Court of Hong Kong
was on May 6, 2005 presented to the said Court by Ho Fung Kwan
of Room A5, 3/F., Fuk Ming Building, 32-40 Fuk Tsun Street,
Kowloon, Hong Kong.  

The said petition is to be heard before the Court at 9:30 a.m.
on July 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.

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 July 5, 2005.


HONGKONG CONSTRUCTION: Details Proposed Reorganization Scheme
-------------------------------------------------------------
The Board of Directors of HongKong Construction (Holdings)
Limited announces that it intends to put forward to the
Shareholders the Proposed Reorganization which will involve (i)
the Capital Reduction; and (ii) the Share Premium Cancellation.

The Proposed Reorganization is conditional on, among other
things, the approval by the Shareholders and confirmation of the
Proposed Reorganization by the Court.

A circular setting out details of the proposed reorganization
and containing a notice convening the Extraordinary General
Meeting will be dispatched to the Shareholders in due course.

For more information, go to
http://bankrupt.com/misc/tcrap_hkconstruction0621.pdf

CONTACT:

Hong Kong Construction (Holdings) Ltd.
801-802 East Ocean Centre
98 Granville Road
Kowloon, Hong Kong  
Phone: 23693949  
Fax: 27212526  
Web site: http://www.hkconstruction.com


INDUSTRIAL AND COMMERCIAL: Postpones Bad Debt Auction
-----------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) has delayed a
CNY400 billion (US$48.3 billion) bad debt auction after some
loans were "misclassified", Bloomberg News reports.

ICBC stands accused of secretly adding a batch of class-five
loans - those deemed least likely to be collected - into a batch
of higher-grade, class-four loans set for auction this past
weekend.

The People's Bank of China halted the auction on June 17 and
rescheduled it to this weekend, according to asset management
company Huarong Asset Management Company Corporation.

ICBC transferred $30 billion of bad loans to Huarong last month
and is reorganizing ahead of a public share sale, after the
government in April agreed to bail out the bank with $15
billion.

Both the central bank and ICBC declined to comment.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


JDC CORPORATION: Court Appoints Liquidator
------------------------------------------
Kong Chi How, Johnson, of 8/F., Wing On Centre, 111 Connaught
Road Central, Hong Kong hereby give you notice that it has been
appointed Liquidator of JDC Corporation (General Contractor) by
an Order of the High Court dated May 27, 2005 without a
committee of inspection.

Dated this 17th day of June, 2005

Kong Chi How, Johnson
Liquidator


KAR LUNG: Schedules Winding Up Hearing July 6
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of Kar
Lung Industrial Company Limited by the High Court of Hong Kong
Special Administrative Region was on May 6, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on July 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.

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 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 sof 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 July 5, 2005.


MOULIN GLOBAL: Creditor Banks Seeks HK$94-Mln Repayment
-------------------------------------------------------
In a disclosure to the Hong Kong Stock Exchange, Moulin Global
Eyecare Holdings Limited has received demand letters from a
total of 16 Bank Creditors (in respect of bank borrowings of the
Company) requiring repayment of an aggregate sum of
approximately HK$946 million.

The Company is continuing its discussions with its Bank
Creditors in relation to an informal or formal standstill with
them pending the results of the investigation by the independent
financial adviser (IFA) and the submission of a recapitalization
proposal from Anglo Chinese by way of a rights issue, other
issue of securities, asset sales or the introduction of a
strategic investor.

As at the latest practicable date for the purposes of this
announcement, the Group, including bank borrowings of Eye Care
Centers of America, had unaudited aggregate bank borrowings of
some HK$5.3 billion.

For more information, go to
http://bankrupt.com/misc/tcrap_moulin0621.pdf

CONTACT:

Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road
Kowloon Bay, Kowloon, H.K.  
Phone: 27073800  
Fax: 21487272  
Web site: http://www.moulin.com.hk


NEWHABIT.COM LIMITED: Winding Up Hearing Slated for July 20
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Newhabit.com Limited by the High Court of Hong Kong Special
Administrative Region was on May 26, 2005 presented to the said
Court by The World Realty Limited whose registered office is
situated at Top Floor, Chinachem Golden Plaza, 77 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on July 20, 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.

Ford, Kwan & Company
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
No. 77 Mody Road, Tsimshatsui East
Kowloon, Hong Kong
Phone: 2366 0688   
Fax: 2722 0736

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 July 19, 2005.


SHANGHAI MERCHANTS: Ex-Chief Faces Extra Court Charge by ICAC
-------------------------------------------------------------
The former chairperson of publicly listed Shanghai Merchants
Holdings Limited, awaiting trial in connection with suspected
share manipulation, faced an additional charge of perverting the
course of justice by seeking to interfere with a prosecution
witness, the Hong Kong's Independent Commission Against
Corruption (ICAC) announced on Monday.

Mr. Mo Yuk-ping, 43, charged by the ICAC, appeared before the
Eastern Magistracy this (Monday) morning on one count of doing
an act (acts) tending and intended to pervert the course of
public justice.

Magistrate Mr. Ian Candy adjourned the case until June 28, 2005,
pending transfer to District Court. The defendant was granted
cash bail of $10,000.

The charge alleged that between July 1 and November 6, 2003, Mo,
with intent to pervert the course of public justice, had done an
act (a series of acts), which had a tendency to pervert the
course of public justice.

Mo was alleged to have sought to have a person induce another to
make a false statement to the ICAC.

Senior Assistant Director of Public Prosecutions Richard
Turnbull, assisted by ICAC officer Kenny Wong, represented the
prosecution.

This press release was lifted from ICAC at
http://www.icac.org.hk/

CONTACT:

Shanghai Merchants Holdings Limited
Rooms 2808-10, 28th Floor
Wing On House,
71 Des Voeux Road Central
Hong Kong  
Phone: 28935898  
Fax: 28933773  


SPAN TRADING: Enters Winding Up Process
---------------------------------------
Span Trading Limited, situated at Room 701-2 7/F, Wayson
Commercial House, 68-70 Lockhart Road, Wanchai, Hong Kong was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
June 8, 2005.

Date of Presentation: Februar 23, 2005.

Dated this 17th day of June 2005

ET O'Connell
Official Receivers


TOPVIEW LIMITED: Court Issues Winding Up Notice
-----------------------------------------------
Topview Limited, whose place of business is located at c/o
Ansbacher (BV1) Limited, Wickhams Cay P.O. Box 659, Road Town
Tortola, British Virgin Islands was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on June 8, 2005.

Date of Presentation of Petition: February 16, 2005.

Dated this 17th day of June 2005

ET O'Connell
Official Receiver


ZIDA COMPUTER: Notes Unusual Volume Movement
--------------------------------------------
The Stock Exchange of Hong Kong has received a message from Zida
Computer Technologies Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The board of directors of Zida Computer Technologies Limited
noted on Tuesday an increase in the volume of the Company's
shares and wishes to state that the Board is not aware of any
reasons for such increase.

The Directors confirm that save as announced by the Company
dated 15 June 2005, they are not aware of any reasons for the
increase in trading volume of the shares of the Company and
there are no negotiations and agreements relating to intended
acquisitions or realizations which are discloseable under Rule
13.23 of the Listing Rules, neither are the Directors aware of
any matter discloseable under the general obligation imposed by
Rule 13.09 of the Listing Rule, which is or may be of a price-
sensitive nature.

Made by the order of the Board of Zida Computer Technologies
Limited, the directors of which individually and jointly accept
responsibility of the accuracy of this statement.

For the year ended March 31, 2004, Zida Computer posted a net
loss of HK$9.88 million, versus a net loss of HK$28.83 million,
related Chong Hing Securities Ltd.

As at the date of this announcement, the Board comprises Mr. Ng
Chun For Henry, Mr. Ian Ng and Mr. Chan Kwai Ping Albert as
executive Directors; Mr. Mak Wah Chi as non-executive Director
and Mr. Cheng Yuk Wo, Mr. Ng Hoi Yue and Mr. Tsang Kwok Ming
Rock as independent non-executive Directors.

By order of the Board
Zida Computer Technologies Limited
Chan Kwai Ping Albert
Director
Hong Kong, 20 June 2005

CONTACT:

Zida Computer Technologies Limited
28/F, Henry House
42 Yun Ping Road
Causeway Bay
Hong Kong  
Phone: 22766000  
Fax: 24560717  
Web site: http://www.zida.com


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

BANK MANDIRI: More Directors May Be Named Suspects in Scam
----------------------------------------------------------
In recent updates on the lending scam involving state-owned Bank
Mandiri, a government anti-corruption team said that they may
have more suspects in the bank's board of directors, reports the
Jakarta Post.

According to the team's coordinator Hendarman Supandji, the
inclusion of other bank directors as suspects in the lending
scandal, especially those who had been long with the bank and
may have known about or been involved in the scam, would depend
on the investigation's progress.

Efforts to uncover more suspects were hindered by the refusal of
detained bank president E.C.W. Neloe and vice president I Wayan
Pugeg to name other directors who were involved in the scam. The
two officials had been detained since May 17, 2005.

Agus Martowardojo, who was also questioned as a former bank
executive, since he was the managing director for the bank's
risk management and credit restructuring from 1999 to 2000,
replaced Mr. Neloe as the president of Bank Mandiri.

Mr. Supandji said that prosecutors would continue to detain Mr.
Neloe and Mr. Pugeg for 20 days.

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


CIPUTRA DEVELOPMENT: Seeks to Convert Part of Debt Into Shares
--------------------------------------------------------------
Property development firm PT Ciputra Development Tbk more than
half of its IDR1.3 trillion into shares in an effort to reduce
its massive debt, Asia Pulse reports.

The Company, with a total debt of IDR3.3 trillion, wants to
restructure 75% of its IDR1.3 trillion debt by converting it
into shares, while the remaining 25% will be paid with assets,
according to Company secretary Tulus Sentosa.

Ciputra creditors have approved the debt restructuring, which
would reduce the Company's total debt from IDR3.3 trillion to
IDR855 billion, while capital would increase from IDR806 billion
to IDR1.9 trillion.

PT Ciputra Development Tbk was founded by real estate
businessman Ir. Ciputra, and was established as a property
development company on Oct. 22, 1981. The Company engages in
housing and commercial activities, as well as other activities
together with its subsidiaries.

The Company listed its shares in the Jakarta and Surabaya Stock
Exchange in 1994 and 1996 to obtain investment & working
capital, as well as encourage the public to participate in its
development.

CONTACT:

PT Ciputra Development Terbuka
Jalan Prof Dr Satrio Kav 6
Jakarta, 12940
Indonesia
Phone: +62 21 522 5858/21 522 6868
Fax:   +62 21 520 5262/21 527 4125
Email: investor@ciputra.com
Web site: http://www.ciputra.com


PERTAMINA: Wants to Borrow up to IDR6.7 Trillion
------------------------------------------------
State oil and gas firm PT Pertamina is trying to borrow from
IDR4.8 trillion to IDR6.7 trillion from local banks in order to
import more oil, reports the Hong Kong Standard.

The firm needs the funds in order to purchase fuel from abroad
to replenish its depleted oil reserves from a stock level of 17
days to a safer stock level of 20 days. The company suffered
cash flow problems when the government did not immediately
transfer fuel subsidies to enable it to import much needed oil.

Pertamina president Widya Purnama said that the firm's gasoline
was severely depleted, enough for less than 13 days, while
diesel oil stocks were adequate for only 15 days and kerosene
stocks could cover 25 days. The Company expects to raise its
stock levels by June 25.

Mr. Purnama added that increased domestic fuel consumption
attributed to the reduction of fuel stocks, together with the
late distribution of subsidies by the government for oil
imports. Pertamina imported only 250,000 barrels per day for the
month of June, compared to over 430,000 barrels per day last
March.

Due to its tight cash flow position, the firm had to ask its
suppliers to delay deliveries, as it first had to pay its bills
for the months of April and May.

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


SEKAR LAUT: Hopes to Complete Debt Restructuring Soon
-----------------------------------------------------
Confectionary firm PT Sekar Laut Tbk hopes to end the
restructuring of its IDR3.6 trillion and IDR31 billion debts to
foreign and domestic creditors very soon, reports Asia Pulse.

The Company reached an agreement with Singapore creditors, where
its debt would be converted into shares. The process is awaiting
the completion of legal matters such as the change in the
Company's statute, according to finance director John Canfi
Gozal. The agreement was facilitated by lead manager BNP Paribas
Singapore and Bank Negara Indonesia.

Once the debt restructuring is complete, the shares of the
former owner would be reduced from 71.4% to 25%.

PT Sekar Laut was established in 1976, and was listed in the
Jakarta and Surabaya Stock Exchange on Sept. 8, 1993. The
company produces crackers using modern technology, which are
marketed for the local and export market. The company has been
developing and producing tomato sauce, chili sauce, ready to use
seasoning, and snack which are marketed under the FINNA brand
name.

CONTACT:

Sekar Laut Tbk.
l. Raya Darmo
No. 23 - 25 Surabaya
60265 Indonesia
Phone: (021)5704988; (031)5671371
Fax:   (021)5704989; (031)5672318
Email: sekarlaut@sekar.co.id
       sekarint@cbn.net.id
Web site: http://www.sekar.co.id


TELEKOMUNIKASI INDONESIA: Probe Launched on Graft Suspicions
------------------------------------------------------------
Another company that may face the heat for corruption is state-
owned telecommunications firm PT Telekomunikasi Indonesia
(Telkom), when an investigation into the firm's operations
uncovered "management irregularities," Xinhua News reports.

A special government anti-corruption team headed by Mr.
Hendarman Supandji is ready to launch an investigative probe
into the firm, suspected of illegal corruption activities. Mr.
Supandji had already reported several cases of corruption in the
firm to President Susilo Bambang Yudhoyono.

Telkom executives said that they were unaware of any probe being
made on the firm, but Company spokesman Mondaryarso said that if
there were cases of corruption, then they would not hinder the
legal proceedings.

The anti-graft team is expected to name suspects as early as
next week, after gathering more information from witnesses.

The investigation on corruption in state-owned firms is part of
President Yudhoyono's promise to clean up graft in one of the
world's 10 most corrupt countries.

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/


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

HAGI INTERNATIONAL: Seeks Court Protection
------------------------------------------
Hagi International University in Yamaguchi Prefecture will seek
protection from creditors under the Corporate Rehabilitation Law
due to lack of students, the Asahi Shimbun reports.

The private university, burdened with debts of about JPY3
billion, held a board meeting on Monday and officially decided
to file for rehabilitation at the Tokyo District Court on June
21.

CONTACT:

Hagi International University   
5000 Urata, Chinto
Hagi-shi, Yamaguchi
Japan 758-8585  
Phone: +81-838-24-4000
Fax: +81-838-24-4090  
E-Mail info@hagi.ac.jp
  

HONMA GOLF: Enters Bankruptcy
-----------------------------
Honma Golf Co. Ltd. has begun bankruptcy proceedings, says
Teikoku Databank America.

The company's principal activity is the manufacture, wholesale
and retail of golf clubs, golf wear, and other related goods and
purchased merchandise. It operates 117 direct-run outlets
throughout Japan. The Group is also involved in golf course
operations and golf club management.

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

CONTACT:

Honma Golf Co., Ltd.
35-10 Kaminoge 4-Chome
Setagaya-Ku 158-8551, Tokyo 158-8551
Japan
Phone: +81 3 5707 8000
Fax: +81 3 5707 7072


JAPAN AIRLINES: Ups Code Share Flights with Korean Air
------------------------------------------------------
Japan Airlines (JAL) and Korean Air Lines (KAL) have agreed to
expand their code share flight operations to include flights
from Hiroshima and Kagoshima in Japan to Seoul from August 2nd,
2005.

As a result, the number of Japanese cities linked to Korea by
JAL's network will increase from eight to nine. Passengers
traveling between the two countries will be able to choose from
216 flights per week up from 210 flights per week (on a one-way
basis).

The new code share agreement will increase the number of JAL/KAL
code share routes from four to six and the total number of
weekly code share flights from 64 per week to 76 on a one-way
basis. The Hiroshima-Seoul route will continue to be operated by
JAL aircraft and crew, whereas flights on the Kagoshima-Seoul
route will be operated by KAL.

On August 1st 2004, the two carriers started code share flights
from Komatsu, Niigata and Sapporo in Japan to Seoul. From March
27th this year the airlines opened a fourth code share flight
between Nagoya (Chubu) and Busan.

JAL and KAL plan to further expand their code share operations
between Japan and Korea to continue to contribute to the
development of exchanges of people, culture and commerce.

For further information contact:

geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate/

For more information, go to
http://bankrupt.com/misc/tcrap_jal062105.pdf

This is a Company press release.


KOKUDO CORPORATION: Posts Negative Net Worth in FY/2004
-------------------------------------------------------
Kokudo Corporation and Prince Hotels Inc., a part of the Seibu
Railway Co. group, each had a negative net worth in the business
year ended March 31, Kyodo News reports.

Kokudo's obligations exceeded assets by JPY16 billion and Prince
Hotels' liabilities totaled JPY900 million in excess of its
assets.

The two companies will be forced to alter its turnaround plans
developed in March, which call for Seibu Railway's partial
absorption of Kokudo and Prince Hotels.

Mergers between firms in negative net worth are basically
prohibited under the Commercial Code.

CONTACT:

Seibu Railway Co. Ltd.
1-11-1, Kusunokidai
Tokorozawa, Saitama 359-8520, Japan  
Phone: +81-42-926-2035
Fax: +81-42-926-2237


SEIYU LIMITED: Faces Delisting in Europe
----------------------------------------
Seiyu Limited will delist its shares from the Frankfurt,
Dusseldorf, and the pan-European Euronext exchanges in October
this year due to low trading volumes there, Kyodo News reports.

Seiyu runs 400-plus stores, including supermarkets and
department stores. Merchandise includes food, apparel, and
household goods (some under the Martha Stewart Everyday brand or
SEIYU's own brands).

CONTACT:

Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/


SOFTBANK CORPORATION: Selling Softbank Internet Units
-----------------------------------------------------
Softbank Corporation hereby announces that Softbank Finance
Coproration (Head office: Minato-ku, Tokyo; Representative
Director: Yoshitaka Kitao), our wholly owned subsidiary, has
sold all the units of both Softbank Internet Technology Funds 1
and 2, as follows. The net proceeds will be applied to our
business fund and others.

1. Outlines of the sale:

(1) Units of contribution sold:

     250 units of SOFTBANK INTERNET TECHNOLOGY FUND 1
     250 units of SOFTBANK INTERNET TECHNOLOGY FUND 2

(2) Sales price:  50.5 billion yen in total

(3) Buyer:  SOFTBANK INVESTMENT CORPORATION

2. Effect on consolidated financial results

Gains on sale of investment securities would be recognized
approximately 9.8 billion yen on a consolidated basis in the 1st
quarter of the fiscal year ending March 31, 2006.

CONTACT:

Softbank Corporation
24-1, Nihonbashi-Hakozakicho,
Chuo-ku, Tokyo 103-8501, JAPAN
Phone: 81-3-5642-8000
Web site: http://www.softbank.co.jp/english/index.html

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

CHOHUNG BANK: Sees No Redundancies in Merger with Shinhan Bank
--------------------------------------------------------------
South Korea's Shinhan Financial Group said that there will be no
preplanned downsizing in the upcoming merger of Chohung Bank and
Shinhan Bank in September, reports the Korea Times.

According to Shinhan chairman Ra Eung-chan, adjustments would be
made based on "reasonable evaluation standards," dismissing
rumors that Shinhan Bank would have top priority in the alleged
downsizing.

To prepare for the merger, the financial group organized a four-
month training march for employees of both Chohung Bank and
Shinhan Bank, which started this month and is set to end in
September. The march had the goal of promoting cooperation and
understanding among the two banks' employees, as well as those
of its affiliates, as they would be joined together in one roof
very soon.

The financial group also held academic seminars, sports events,
and integrated the banking system of both banks in order to
facilitate a smoother integration of the two banks.

Shinhan Financial Group took over Chohung Bank in July 2003, and
decided to seek integration between the two banks in a two-year
"dual bank" period, before going into the merger itself.

CONTACT:

Chohung Bank
South Korea
E-mail:   zpwcho2@chohungbank.co.kr
Web site: http://www.chohungbank.co.kr/


SAMSUNG CARD: Opens KRW30-Bln Credit Line with RBS
--------------------------------------------------
South Korean credit card firm Samsung Card said that it has
opened a KRW304-billion credit line with the Royal Bank of
Scotland Group (RBS), Asia Pulse reports.

Under the agreement, Samsung Card will be able to raise as much
as KRW304 billion for two years. It plans to raise KRW202.7
billion at the one-month London interbank offered rate (LIBOR)
plus 0.5 percentage point. Last month, the credit card firm
raised KRW101.34 billion in a similar deal with RBS.

The credit card firm has also raised KRW304 billion in an asset
securities sale at LIBOR plus 0.3 percentage point last March;
the Company was aided by a KRW1.2 trillion bailout from major
creditor Samsung Electronics Co. and three affiliates.

Samsung Card posted a net loss of KRW1.49 trillion for the
quarter ended March 31, 2005, despite setting aside loan loss
provisions on unpaid bills. The Company's net loss made to
increase credit card firms' combined loss to KRW1.12 trillion
compared to last year's KRW93.1 billion net loss last year,
according to a statement by the Financial Supervisory Service.

CONTACT:

Samsung Card Co. Ltd.
West Wing, Eunseok bldg.,
1-7, Yeonji-Dong, Jongro-Gu,
Seoul, South Korea 110-754
Phone: +82-2-1588-8700
Fax:   +82-2-756-8942
Web site:
http://www.samsungcard.co.kr/home/com_infomation/eng/index.htm


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

ANCOM BERHAD: Posts Shares Buy Back Notice
------------------------------------------
Ancom Berhad disclosed the details of its shares buy back on
June 20, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 20/06/2005

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

Total number of shares purchased (units):             41,900

Minimum price paid for each share purchased (MYR):      0.630

Maximum price paid for each share purchased (MYR):      0.660

Total consideration paid (MYR):

Number of shares purchased retained in treasury
(units):  41,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 10,202,700

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

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor, Malaysia
Phone: 03-77252888
Fax:   03-77257791
Web site: http://www.ancom.com.my


BOX-PAK: Aims to Return to Black in 2 Years
-------------------------------------------
Box-Pak (Malaysia) Bhd hopes to return to the black by 2007 on
the back of its booming Vietnam operations, according to
FinancialDaily.

Company Executive Director Tan Kim Seng said Box-Pak would
benefit from Vietnam's growing economy and hoped sales in that
country would reach between RM40 million and RM50 million in two
years.

Mr. Tan also touched on the possibility of Box-Pak exploring the
China market if the opportunity arose.

Box-Pak booked a net loss of RM1.48 million in FY04 against a
net profit of RM5.05 million in FY03 despite an 11.89 percent
rise in revenue to RM51.76 million from RM46.26 million
previously.

The decrease in net profit was due to increase in cost of raw
materials, especially paper material costs, weak selling prices
and initial set-up cost in Vietnam and Johor.

Mr. Tan said Box-Pak's outlook for FY05 would be challenging as
the market for corrugated carton boxes is expected to be soft.
But in the near-term, the firm would focus on cutting costs, and
increasing efficiency and productivity to balance out the
increasing costs and sluggish market.

Box-Pak saw the expansion of its operations in Johor and Vietnam
as necessary despite the bearish outlook as it would seek new
opportunities in other regions to increase its income.

CONTACT:

Box-Pak (Malaysia) Berhad
Lot 4, Jalan Perusahaan 2,
68100 Batu Caves, Selangor,
Malaysia.
Phone: 603-61896688, 61890471, 61897192 (10 Lines)
Fax: 603-61892515
Web site: http://www.boxpak.com.my/


I-BERHAD: Buys Back 25,000 Shares
---------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of its shares buy back on June 20, 2005.

Date of buy back: 20/06/2005

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

Total number of shares purchased (units):             25,000

Minimum price paid for each share purchased (MYR):      0.795

Maximum price paid for each share purchased (MYR):      0.795

Total consideration paid (MYR):                   20,027.24

Number of shares purchased retained in treasury
(units): 25,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,781,000

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

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax:   03-7845 4514
Web site: http://www.i-digital.com


JASATERA BERHAD: Bourse Delists Securities
------------------------------------------
Jasatera Berhad announced that after consulting with the
Securities Commission and considering all the facts, Bursa
Malaysia Securities Berhad (Bursa Securities) decided to de-
list the Company's Securities from the Official List of
securities, as its financial condition does not warrant
continued listing on the Official List.

The Company's securities were removed from the Official List
of Bursa Securities on Tuesday, June 21, 2005, 9:00 a.m.

With respect to the Company securities that are deposited with
the Bursa Malaysia Depository Sdn Bhd (Bursa Depository), such
securities may continue to remain deposited with the Depository,
notwithstanding the de-listing of the Company's securities from
the Official List. Alternatively, Company shareholders who
intend to hold their securities in the form of physical
certificate can withdraw these securities from their Central
Depository System accounts with Bursa Depository, at anytime
after the Company's securities of the Company are de-listed from
the Official List, by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax:   603-7332607


KEMAYAN CORPORATION: Submits Investigative Audit to SC
------------------------------------------------------
Kemayan Corporation Berhad announced that an investigative audit
on the Company conducted by appointed auditors Messrs Montiero &
Heng was completed on June 15, 2005.

A copy of the completed audit was furnished to the Securities
Commission (SC) on the same day.

The summarized audit findings as extracted from the report
prepared by the auditors is attached as Appendix 1.

The Company will review past losses incurred and the audit
findings in detail, and will take the necessary steps to recover
such losses.

To view a copy of Appendix 1, click on:

http://bankrupt.com/misc/tcrap_kemayan062105.doc

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax:   +60 7 236 5307


METROPLEX BERHAD: Failed to Pay MYR8 Mln to Danaharta
-----------------------------------------------------
Metroplex Berhad announced that on June 14, 2005, Danaharta Urus
Sdn Berhad served the Company and its subsidiary Metroplex
Holdings Sdn Berhad (MHSB) with a writ of summons (dated May 25,
2005) for the following claims:

a) payment of MYR8,330,171.88 (principal sum of MYR5.1 million,
which includes capitalization of interest of MYR100,000 plus
accrued interest of MYR3,230,171.88) as at Feb. 28, 2005;

b) interest on MYR8,330,171.88 at 2% per annum above Malayan
Banking Berhad's base lending rate, (currently at 6%) on monthly
rests, from March 1, 2005 until date of realization;

c) legal costs; and

d) other relief as the Kuala Lumpur High Court deems fit.

3 Circumstances leading to the filing of the Writ:

Bank Bumiputra Malaysia Berhad (now known as Bumiputera-Commerce
Bank Berhad) had on Jan. 21, 1997 granted to MHSB Banking
Facilities of MYR5.0 million, secured by a Corporate Guarantee
provided by the Company. On Jan. 1, 2000, plaintiff Danaharta
Urus Sdn Berhad acquired present and future rights, title and
interest over the Facilities granted to MHSB by the bank.

On May 23, 2005, the plaintiff through its solicitors had
demanded the Company and its unit to pay the said sum claimed
but both firms failed to pay the said sum.

Metroplex Berhad and MHSB have instructed its solicitors to file
for appearance and discuss the next steps to be taken in the
case.

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911


OCEAN CAPITAL: Securities Delisted from Exchange
------------------------------------------------
Ocean Capital Berhad announced that after consulting with the
Securities Commission and considering all the facts, Bursa
Malaysia Securities Berhad (Bursa Securities) decided to de-
list the Company's Securities from the Official List of
securities, as its financial condition does not warrant
continued listing on the Official List.

The Company's securities were removed from the Official List
of Bursa Securities on Tuesday, June 21, 2005, 9:00 a.m.

With respect to the Company securities that are deposited with
the Bursa Malaysia Depository Sdn Bhd (Bursa Depository), such
securities may continue to remain deposited with the Depository,
notwithstanding the de-listing of the Company's securities from
the Official List. Alternatively, Company shareholders who
intend to hold their securities in the form of physical
certificate can withdraw these securities from their Central
Depository System accounts with Bursa Depository, at anytime
after the Company's securities of the Company are de-listed from
the Official List, by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.

CONTACT:

Ocean Capital Berhad
No. 43B, 2nd Floor Changkat
Bukit Bintang 50200
Kuala Lumpur, Malaysia
Phone: 03-21480700
Fax:   03-21454825


PROMTO BERHAD: SC Says Mandatory Takeover of PSMAR Not Required
---------------------------------------------------------------
Promto Berhad announced that in relation to the Company's
proposed restructuring scheme, the Company was seeking a
proposed exemption to make a mandatory takeover offer on the
remaining shares of PSM Alliance Resources Sdn Berhad (PSMAR)
not already owned by the Company.

The Securities Commission (SC) had via a letter dated June 16,
2005 (that the Company received a day later) informed the
Company that such proposed exemption was not necessary as PSMAR
is not subject to the application of the Malaysian Code on
Takeovers & Mergers 1998, pursuant to Practice Note 1.2 of the
Code.


UNITED CHEMICAL: Court Approves Extension of Meeting Dates
----------------------------------------------------------
United Chemical Industries Berhad announced that on June 20,
2005, the Malaya High Court of Ipoh granted an extension to the
court order that had expired on June 3, 2005 for the Company to
hold court-convened shareholders/creditors' meetings pursuant to
Section 176(1) of the Companies Act, 1965.

The extension for the Company to hold the court-convened
meetings is for a further 6 months up to Dec. 3, 2005.

CONTACT:

United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malaysia
Phone: 603-2619055
Fax:   603-2610502


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

COLLEGE ASSURANCE: Execs Scolded for Failing to Address Woes
------------------------------------------------------------
Officials of the embattled College Assurance Plan (Philippines)
Inc. (CAP) were reprimanded for failing to resolve its financial
woes, relates SunStar Daily.

During an inquiry conducted by the Senate trade and commerce
committee, Senator and Committee Chairman Manuel "Mar" Roxas III
and Sergio Osmena III said the CAP management should have acted
on its cash flow issues right away.

The committee was tasked to look into the complaints of CAP plan
holders on the failure of the agency to pay them for the tuition
of their children.

Sen. Roxas stressed one of CAP's problems is its insufficient
trust fund. He refused to accept CAP's claim that tuition fee
increase is the primary reason why it cannot meet its obligation
to planholders.

A report by the Securities and Exchange Commission (SEC) reveal
that the money in CAP's trust fund is only Php4.7 billion, well
below its Php25-billion maturing plans.

Senator Osmena, for his part, said CAP officials did not resolve
the problem even if the company has received many complaints
from the plan holders.

He said he received reports that CAP was able to collect Php30
billion from the plan holders but many of the maturing plans
have remained unpaid.

He asked the committee to subpoena CAP director Ricky Sobrepena
to explain the company's moves to address the complaints.

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


HIDDEN VALE: SEC Denies Hidden Vale Plea for Reduced Penalties
--------------------------------------------------------------
A plea lodged by Hidden Vale Sports Club Inc. to have its
Php275,000 penalty lowered to Php40,000 was rejected by the
Securities and Exchange Commission (SEC), BusinessWorld says.

The corporate watchdog earlier suspended the company's
registration statement and permit to sell securities. It also
gave the Pampanga-based sports club operator 60 days to settle
the assessed penalty of Php275,000 and to comply with other
requirements.

The penalty is broken down into Php225,000, or Php75,000 each,
for the three quarters Hidden Vale did not submit reports last
year and Php50,000 for not informing the SEC it had named a new
president.

If Hidden Vale fails to comply with the directives, the SEC said
it would immediately revoke its registration and permit. The
club will have to refund in full the money of its investors
within 10 days after the revocation of its registration and
permit.

CONTACT:

Hidden Vale Sports Club
Zeppelin Street Balibago
Angeles City, Pampanga
PHILIPPINES


PILIPINO TELEPHONE: Asks NTC to Reconsider Ruling on Sun's 24/7
---------------------------------------------------------------
Pilipino Telephone Corp. (Piltel) has requested the National
Telecommunications Commission (NTC) to suspend Sun Cellular's
"24/7" unlimited call and text scheme or at least limit the
offering to off-peak hours, reports The Philippine Daily
Inquirer.

Piltel claimed NTC's May 23 order breached a constitutional
provision granting equal rights to the "prior operator".

The telecommunications firm added that NTC failed to settle the
issue raised by other operators on that Sun Cellular, the mobile
brand of Digitel Mobile Philippines Inc., violated NTC standards
on network quality. It said the NTC order instead set up new
rules.

The NTC order allowed phone companies to set their own standards
for every innovative price offer.

Two competitors of Sun Cellular, Piltel and Globe Telecom Inc.,
complained Sun Cellular connected only 38 out of 100 calls on
the first attempt and automatically cut off calls after five
minutes.

Sun Cellular's 24/7 effectively introduced a new pricing
standard in October 2004 when it sold unlimited within-network
calls and text messaging for 30 days for Php350, and Php100 for
seven days.

The new tariff allowed the company to increase subscribers to
1.7 million from 700,000 at end-September.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


RB VALDERRAMA: Awaits Termination of Liquidation Proceedings
------------------------------------------------------------
Please take notice that on June 17, 2005 at 8:30 a.m. the motion
for Approval of Final Project of Distribution of the Assets and
Termination of the Liquidation Proceedings of the Rural Bank of
Valderrama (Antique), Inc. will be submitted to the Liquidation
Court (RTC 6th Judicial Region, Branch 17, of San Jose, Antique,
Sp. Proc. No. 291) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


SEAFRONT RESOURCES: Sees Profits Plunging This Year
---------------------------------------------------
Yuchengco Group firm Seafront Resources Corp. (SRC) said its is
delaying expansion plans due to sluggish market conditions and
an expected drop in income this year, Today News reveals.

The firm is targeting a Php2-million profit, down from last
year's Php7.59 million, which owed to one-time gains from the
sale of its unit at the Philippine Stock Exchange Center and
other properties.

But even without the Php9.15-million gain from the sale of its
former 280-square-meter office to Eastern Construction Co., the
firm would have earned an estimated Php3.72 million this year.

Rizalino Navarro, SRC chair, said the Php2 million-worth net
income would be derived from interest income. This as the 434-
hectare Hermosa Ecozone project is expected to provide returns
only after five years.

The company, which holds an 11.5 stake in Hermosa, has spent
Php72 million of its Php100-million investment in the ecozone.

The industrial zone is included in the first phase of the
project. For land acquisition and conversion alone, the company
would need Php360 million. The second part of the ecozone would
include an 18-hole golf course.

For the construction of the golf course, the company is
negotiating with a Korea-based investor, Korean Resort Service
Corp. (Koresco).

Hermosa Ecozone Development Corp. (HEDC), an SRC subsidiary,
would contribute the Php198-million property for the golf course
while Koresco would infuse Php298 million, thus enabling the
Korean firm to own 60 percent.

Meanwhile, the last phase of the ecozone would include the
residential part of the development. The residential area would
mostly be composed of high-end multilevel and single-detached
homes.

CONTACT:

7/F, KMT Condominium Bldg.
ADB Ave., Ortigas Center, Pasig City
Phone No/s:  637-2917/4032/4362/5799
Fax No/s:  634-6066
E-mail Address:  seafront@broline.com


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

DIGILAND INTERNATIONAL: Cancels Capital Reduction Application
-------------------------------------------------------------
The Directors of Digiland International Limited informed the
Singapore Stock Exchange (SGX) that the Company has on June 20,
2005 withdrawn its application in the High Court of the Republic
of Singapore for the Court to confirm the capital reduction
exercise approved by shareholders at the extraordinary general
meeting of the Company (EGM) held December 30, 2004.

The Directors are of the view that any proposed capital
reduction exercise should now be considered in light of the
proposed Scheme of Arrangement with Creditors under Section 210
of the Companies Act (Cap 50) (the Scheme) as announced on 13
June 2005.

A circular will be dispatched to shareholders in due course to
obtain shareholders approval to rescind the special resolution
passed on December 30, 2004 in respect of the proposed capital
reduction exercise.

By Order of the Board
Lim Koon Hock
Company Secretary
Digiland International Limited
20 June 2005

CONTACT:

Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Telephone: 65 67889898
Fax: 65 63691613
Web site: http://www.digiland.com.sg


HAVERINE PTE: Proofs of Claim Due July 15
-----------------------------------------
Notice is hereby given that the creditors of Haverine Pte Ltd
(In Members' Voluntary Liquidation), which is being voluntarily
wound up, are required, on or before July 15, 2005 to send in
their names and addresses, with particulars of their debts and
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the liquidator of the said company.

If so required by notice in writing by the said liquidator, 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
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 14th June 2005.

Chua Keng Khng
Liquidator
89 Short Street
#08-11 Golden Wall Centre
Singapore 188216


HIANGKIE INDUSTRIES: Wind-up Petition Hearing Slated for July 1
---------------------------------------------------------------
Notice is hereby given that a Petition for a Winding Up of
Hiangkie Industries Pte Ltd (In Judicial Management) by the High
Court, was on May 16, 2005 presented by the Judicial Managers of
HiangKie Industries Pte Ltd (under Judicial Management), a
company incorporated under the laws of Singapore and having its
registered office at 10 Collyer Quay, #21-01 Ocean Building,
Singapore 049315.

The Petition is directed to be heard before the Court sitting at
the High Court, Singapore at 10:00 in the forenoon on Friday,
July 1, 2005.

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

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

The Petitioner's address is 10 Collyer Quay, #21-01 Ocean
Building, Singapore 049315.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Dated this 14th day of June 2005.

Messrs Rajah & Tann
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioners' solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, 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 12 o'clock noon of June
30, 2005 (the day before the day appointed for the hearing of
the Petition).


HOUR GLASS: Australian Unit Placed in Voluntary Liquidation
-----------------------------------------------------------
The Hour Glass Limited advised the Singapore Stock Exchange
(SGX) that The Watch Gallery Pty Ltd, its inactive wholly owned
subsidiary company in Australia, has been placed under members'
voluntary liquidation.

The voluntary liquidation will not have any impact on the net
tangible assets and earnings per share of the Group.

None of the Directors or substantial shareholders of the Company
have any interest, direct or indirect, in the above transaction.

CONTACT:

The Hour Glass Limited
302 Orchard Road #11-01
Tong Building
Singapore 238862
Telephone: 65 67872288
Fax: 65 67328683
Web site: http://www.thehourglass.com/


IRE CORPORATION: Buyer Reaches Sale Deal of IRE Beijing
-------------------------------------------------------
Further to the announcement made on June 16, 2005 regarding the
sale of IRE Construction Engineering Material (Beijing) Co. Ltd.
(IRE Beijing), the Board of Directors of IRE Corp. Ltd. provided
to the Singapore Stock Exchange (SGX) further clarification.

The sale consideration of IRE Beijing was agreed after
negotiation on a willing buyer and willing seller basis.  The
Board has taken into below factors for the consideration on the
sale.

(i) IRE Beijing has a negative shareholders' funds as at
December 31, 2003; and

(ii) IRE Beijing has long outstanding debts with its creditors
and foresees difficulty in collecting from its overdue debtors.

The sale is not expected to have material impact on the net loss
per share or net tangible liabilities per share of the company
for the financial year ending December 31, 2005.

A copy of the Sales and Purchase Agreement is available for
inspection during normal business hours at the registered office
of the company for three months from June 16, 2005.

CONTACT:

IRE Corporation Limited
1 Sophia Road #05-03
Peace Centre
Singapore 228149
Telephone: 65 63371295
Fax: 65 63374225
Web site: http://www.ire.com.sg


UNITED FIBER: Repays Loan from Cornell
--------------------------------------
Further to the announcements dated and December 7 and 28, 2004,
the Board of Directors of United Fiber System Ltd (UFS)
disclosed that the company has on June 14, 2005 issued an
Advance Notice for SG$1,000,000 to Cornell pursuant to the
Equity Line (the Advance) as partial repayment of the $7.5m Loan
Note (the Series One Loan Note). With this repayment, $6.8m of
the Series One Loan Note has been repaid.

Following the 3-day pricing period, the exercise price for the
Advance has been determined to be SG$0.3789, which is not lower
than 94% of the volume weighted average price of the Company's
shares traded on June 13, 2005 of SG$0.4031.

To expedite the settlement of shares under the Advance, the
Company shall borrow 2,639,218 shares from its controlling
shareholder, Tektronix Industries Limited (Tektronix), to
deliver to Cornell. Tektronix will not receive any financial
benefit, directly or indirectly, from such arrangement. The
shares delivered comprise 0.14% of the Company's issued and
paid-up share capital.

Save as disclosed above, none of the Directors, controlling
shareholders or substantial shareholders of the Company has an
interest, direct or indirect, in the above transactions.

By Order of the Board
Kishore Dass
Chief Executive Officer
20 June 2005    


SP CORPORATION: Places Hong Kong Unit in Voluntary Liquidation
--------------------------------------------------------------
The Board of Directors of SP Corporation Limited informed the
Singapore Stock Exchange (SGX) that its wholly owned subsidiary
incorporated in Hong Kong, BPL Engineering (HK) Limited
(BPLENG), which has been dormant since 2002, has been placed
under voluntary liquidation.

The above liquidation is not expected to have any material
impact on the net tangible assets and earnings per share of the
Group for the financial year ending 31 December 2005.

SP Corporation Limited is a subsidiary of Tuan Sing Holdings
Limited.

The Company is a diversified marketing, engineering and
industrial services group with subsidiaries involved in Tyre and
Auto Products (Globaltraco International Pte Ltd and Singapore
Bandag Pte Ltd), Commodities & Specialty Products Trading (SP
Resources International Pte Ltd and SP Global International Pte
Ltd), and Energy and Engineering Services (SP Mining &
Engineering Pte Ltd and Soil & Foundation Pte Ltd).

Submitted by
Chia Hue Siew
Company Secretary

By Order of the Board
20 June 2005

CONTACT:

SP Corporation Limited (formerly: SPP Limited)
9 Oxley Rise
#03-02 The Oxley
Singapore 238697
Telephone: 65 62237211
Fax: 65 62241085


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

COMMERCIAL INSURANCE: To Determine Fate in Two Weeks
----------------------------------------------------
Troubled Commercial Insurance Co. Ltd. submitted a
rehabilitation plan Monday to speed up settlement of outstanding
claims and increase its capital, Bangkok Post relates.

Following the submission of the plan, the company still has to
wait for at least two weeks in order to know if it could resume
operations.

According to Chumluang Chatsuwan, the deputy director-general of
the Insurance Department, Commercial Insurance submitted all
required information including a pledge to increase new capital
by about THB200 million to pay claims and boost its capital
funds.

About two weeks ago, regulators ordered for the ailing insurer
to suspend operations until it could settle THB120 million in
outstanding claims and improve its capital funds. During that
time, the insurance firm was prohibited to sell new policies.

The department's director-general, Potjanee Thanavaranit has
also said earlier that Commercial Insurance would be permanently
closed, and its clients would be transferred to General
Insurance Association should it fail to satisfy the regulators.

The insurer was ordered to submit a rehabilitation plan
following a flood of complaints over unpaid claims that came
despite warnings from the department about its negative capital
funds.

Mr. Chumluang, appointed chief of the working committee to
consider the business rehab plan of Commercial Insurance said,
the committee would look into the company's ability to pay
outstanding bills to 2,000 customers who had filed complaints to
the Insurance Department.


EASTERN WIRE: Bourse OKs New Securities' Listing
------------------------------------------------
The Stock Exchange of Thailand (SET) has granted a listing of
certificates representing the rights to purchase shares
(warrants) of Eastern Wire Public Company Limited No.1 (EWC-W1)
from June 23, 2005.

The SET has allowed warrants of EWC amounting 24,973,711 units
to be traded on the SET under the sector of warrants to
subscribe common shares using the trading name of EWC-W1
commencing from June 23, 2005 onwards.

Note: Please see the description, condition and major
characteristics of warrants to purchase ordinary shares of EWC-
W1 in SET information Management System (SETSMART).

CONTACT:

Eastern Wire Pcl   
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0058-66   
Fax: 0-2937-0067


PRASIT PATANA: Shareholders Approve Capital Reduction
-----------------------------------------------------
The shareholders of Prasit Patana Public Company Limited
informed the Stock Exchange of Thailand that the company passed
the following resolutions during its Extraordinary Shareholder
Meeting held on Monday, June 20, 2005 at 2:00 p.m. at the 9th
Floor Meeting Room, Car Park Building, Phyathai 2 Hospital, 943
Phahonyotin Rd., Samsennai Sub-District, Phyathai District,
Bangkok 10400:

Agenda 1  

The Shareholders' adopted the Minutes of General Shareholders'
Meeting for the year 2005, dated April 28, 2005

Agenda 2

The Meeting approved the amendment of the Article # 17 as
proposed to accommodate the revision in the directors' powers
and authorities with the following Conditions:

"Two directors sign together as authorized signatories and affix
company's stamp and the Board of Directors has the authority to
appoint authorized signatories"

Agenda 3  

The Meeting approved the registered capital reduction from
existing THB4,330,118,800 (Four Billion Three Hundred and Thirty
Million One Hundred and Eighteen Thousand Eight Hundred Baht) to
the registered and paid-up capital of THB1,732,047,520 (One
Billion Seven Hundred and Thirty Two Million  Forty  Seven  
Thousand Five Hundred and Twenty Baht).

The methodology of capital reduction is achieved through the
reduction of par value. The par value would be decreased from
THB10 to THB4; the amount of the decreased capital of
THB2,598,071,280 (Two Billion Five Hundred Ninety Eight Million
Seventy One Thousand Two Hundred and Eighty Baht) will be used
to reduce the accumulated loss.

The Meeting also approved the amendment of Memorandum of
Association #4 to accommodate registered capital reduction as
follows:

# 4 Registered Capital: THB1,732,047,520 (One Billion Seven
Hundred and Thirty Two Million Forty Seven Thousand Five Hundred
and Twenty Baht).

Divided into 433,011,880 Shares (Four Hundred Thirty Three
Million Eleven Thousand Eight Hundred and Eighty Shares)

Par Value                       Baht  4  (Four Baht)

Categorized into:

Common Shares: 433,011,880 Shares (Four Hundred Thirty Three
Million Eleven Thousand Eight Hundred and Eighty Shares)

Preferred Shares: Nil

Agenda 4  

The Meeting approved the change in par value from THB4 Baht
(Four Baht) to THB1 (One Baht) per share; and approved the
amendment of Memorandum of Association # 4 to reflect the change
in par value as follows:

# 4 Registered Capital THB1,732,047,520 (One Billion Seven
Hundred and Thirty Two Million Forty Seven Thousand Five Hundred
and Twenty Baht)

Divided into 1,732,047,520 Shares (One Billion Seven Hundred and
Thirty Two Million Forty Seven Thousand Five Hundred and Twenty
Shares).

Par Value: Baht 1 (One Baht)

Categorized into

Common Shares: 1,732,047,520 Shares (One Billion Seven Hundred
and Thirty Two Million Forty Seven Thousand Five Hundred and
Twenty Shares).

Preferred Shares: Nil

For your kind acknowledgement,

Faithfully yours,
Mr. Kraivin Srikravin
Board Director

CONTACT:

Prasit Patana Public Company Limited   
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok    
Telephone: 0-2617-2444
Fax: 0-2617-2463   
Web site: http://www.pyathai.com
  

THAI HEAT: Reduces Par Value of Authorized Share
------------------------------------------------
Thai Heat Revival Company as the rehabilitation plan
administrator of Thai Heat Exchange Public Company Limited
informed the Stock Exchange of Thailand (SET) that it had
decreased the par value of its 61,985,800 authorized share from
THB10.00 per share to THB1.00 per shares and paid up capital
become THB61,985,800.

The company has registered to the ministry of commerce on June
15, 2005.

Please convey this information to investors.

Yours Sincerely,

Surin Wanpensakul
Director

CONTACT:

Thai Heat Exchange Pcl   
1364 Ramkhamhaeng Road,
Suan Luang Bangkok    
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5   
Fax: 0-2318-2655, 0-2319-4268   
Web site: http://www.thaiheat.com
  







                            *********


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, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

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

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

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

                 *** End of Transmission ***