---

        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

             Thursday, January 26, 2006, Vol. 9, No. 019
    
                                Headlines

A U S T R A L I A

AIR NEW ZEALAND: To Trim U.S. Flights
AUSTRALIAN CREDIT: To Hold Final Meeting on Feb. 7
AUSTRALIAN HOT: Members Agree to Wind Up Firm
BR CONSULTING: To Pay Dividend to Creditors
CENTRAL VIC: Placed Under Voluntary Liquidation

DAROBRIL PTY: Liquidator To Give Wind-Up Report
DREAM GROUP: Inability to Pay Debts Prompts Wind Up
ELECTRICAL & REFRIGERATION: Appoints Official Liquidator
ENVIRONMENTAL SOLUTIONS: Reinstated on the ASX
ER DUDDY: Prepares to Distribute Assets

FUPS PTY: To Declare Final Dividend
GEOFF LOWRY: Shuts Down Business
HMA SERVICES: Liquidator to Report on Company Wind-Up
JOONDALUP COMMERCIAL: Decides to Close Operations
LIGHTMOVES STAFF: Members Favor Liquidation

MARINE FARMS: To Pay Dividend on Feb. 1
MORESROOM PTY: Members Agree to Wind Up Business
MR. QUANDT: Opts to Close Business
PARAGON HAIR: Names Anthony Cant as Liquidator
SANTOS LIMITED: Revenue Up 64% to Record AU$2.46 Bln

SANTOS LIMITED: AU$225-Mln Exploration Focuses on LNG & Oil
STEPHEN JAMIESON: Wind-Up Process Completed
SWITCHED ON: Liquidator to Explain Wind-Up
TEXRON HOLDINGS: Members Pass Winding Up Resolution
WESTPOINT GROUP: Unit Found Insolvent Before Administration


C H I N A  &  H O N G  K O N G

ARCHITECTURAL PRECAST: Creditor Files Winding Up Petition
ASSOCIATE MARBLE: Creditors to Meet on Feb. 1
DON FRANCO: Creditors' Meeting Slated for Feb. 9
ENRICH INVESTMENT: Court Enters Wind-Up Order
FAMILY LIMITED: Commences Winding Up Process

PLEXWOOD LIMITED: Creditors to Meet on Feb. 10  
SMART FAME: Decides to Close Operations
TAK SING: Court to Hear Wind-Up Petition Feb. 22
TOP FAITH: Company Gets Wind-up Order
TOTAL PROPERTY: Creditors' Meeting Scheduled on Feb. 10

WEITONG TRANSPORTATION: Court Declares Firm Bankrupt
WORLDWIDE TRANSPORT: Meeting of Creditors Slated for February 10


I N D I A

DEVARSA GASCHEM: Board Meeting Fixed On Jan. 27
GANESH BANK: Merger with Federal Bank Approved
MILLENIUM CYBERTECH: Penny Stock Manipulation Suspected
MOSCHIP SEMICONDUCTOR: Grants Stock Options to Employees
SINGER INDIA: Unveils Outcome of Board Meeting

VANS INFORMATION: Board Approves Capital Restructure


I N D O N E S I A

MERPATI NUSANTARA: Reminds Government of Promised Aid
PERUSAHAAN LISTRIK: Director Named as Suspect in Graft Case


J A P A N

HITACHI LIMITED: To Set Up New Company With Triple Win
HITACHI LIMITED: Launches "BladeSymphony" in Korea
JAPAN AIRLINES: Refund Passengers For Cut Flights
JAPAN BROADCASTING: To Trim Workforce by Over 1,000
LIVEDOOR CO.: Appoints Kozo Hiramatsu as New President

LIVEDOOR CO.: Crisis Prompts Calls for More Oversight
LIVEDOOR CO.: Shares Trade for First Time Since Probe
MITSUBISHI FUSO: Names Jay Johnson as Corporate General Manager
PIONEER CORPORATION: To Delist From New York Stock Exchange


K O R E A

HANARO TELECOM: Issues New Share and Capital Stock  
INDUSTRIAL BANK: Moody's Assigns D- Rating to BFSR


M A L A Y S I A

BUKIT KATIL: Provides Updates on Defaulted Loan Facilities  
CONSOLIDATED FARMS: Claimant Demands MYR8,769.20 Plus Interest
COMPUGATES HOLDINGS: Incorporates Dormant Subsidiary
KEMAYAN CORPORATION: Unit to Face Court Over Unpaid Taxes
K.P. KENINGAU: Bourse Removes Securities from List

MAGNUM CORPORATION: Shares Up for Listing, Quotation Today
MAGNUM CORPORATION: Holds Share Buy Back
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
ORISOFT TECHNOLOGY: Net Loss Widens in 3Q/FY05
PACIFIC & ORIENT: Repurchases Ordinary Shares

PILECON GEOTECHNICS: Wind-Up Petition May Bring in Losses
RASHID HUSSAIN: Converts ICULS to Ordinary Shares
TAMAN BANDAR: Court Orders Interim Stay for Wind-Up Petition
TIMER STEEL-FAB: Wind-Up Petition Hearing Set March 15
TRANSOCEAN HOLDINGS: Books MYR1,206,000 Net Loss in 2Q/FY05
WONG ENGINEERING: Buys Back 21,000 Ordinary Shares


P H I L I P P I N E S

EXPORT AND INDUSTRY: Shareholders OK Php3-Bln Capital Hike
LAFAYETTE MINING: To Appeal Penalty for Mine Spill
NATIONAL BANK: Keen on U.S. Expansion
NATIONAL FOOD: Public Urged to Monitor Rice Prices  
NATIONAL FOOD: Steps Up Campaign to Cut Rice Imports

NATIONAL POWER: Buys Time for Transition Supply Deal
NATIONAL POWER: Php363-Mln Coal Contracts Up for Grabs


S I N G A P O R E

ASAHI KEIKI: Intends to Pay Dividend to Creditors
CHINA AVIATION (S): Ex-CEO Paid Huge Salary Amid Losses
HOTEL MIDDLE: Creditors' Proofs of Claim Due Feb. 20
INFORMATICS HOLDINGS: Seeks Advice to Counter Lawsuit
INFORUM PAC-RIM: To Declare Dividend

KHENG SENG: Court Orders Liquidation
MARCOBILT DEVELOPERS: Schedules Final Meeting Next Month
SHENJU PTE: Receiving Proofs of Claim Until Feb. 20


T H A I L A N D

RS PROMOTION: Eyes Business Expansion
THAI AIRWAYS: Australian Exit Alarms Phuket

     -  -  -  -  -  -  -  -

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

AIR NEW ZEALAND: To Trim U.S. Flights
-------------------------------------
Air New Zealand plans to suspend flights to Los Angeles during  
the off-peak season due to lack of passenger demand, Reuters  
reports.

In order to curb losses, the national flag carrier said that it  
will stop flying the route between April and October but would  
keep its daily services from Auckland.

In 2002, Air NZ restructured to a no-frills domestic service.   
It is presently working on cutting costs on its services to and  
from Australia, and is upgrading its long-haul fleet as part of  
a recovery from near-collapse in 2001.

Troubled Company Reporter - Asia Pacific reported last month  
that Air NZ proposed to outsource its heavy maintenance engine  
work with the loss of 110 jobs.

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
e-mail: enquiry@computershare.co.nz  
Web site: http://www.airnz.co.nz/


AUSTRALIAN CREDIT: To Hold Final Meeting on Feb. 7
--------------------------------------------------
A final meeting of the members of Australian Credit Union  
Historical Co-operative Limited will be held for the parties to  
receive the liquidator's final account on how the Company was  
wound up and how its property was disposed of.

The meeting will be held on February 7, 2006, at 10:00 a.m., at  
the offices of Smith Hancock, Level 4, in 88 Phillip Street,
Parramatta.

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


AUSTRALIAN HOT: Members Agree to Wind Up Firm
---------------------------------------------
After their extraordinary general meeting on December 20, 2005,  
the members of Australian Hot Rod Club Pty Limited resolved to  
voluntarily wind up the Company's operations.

Subsequently, Stephen Robert Dixon and Laurence Andrew  
Fitzgerald were appointed as joint and several liquidators.

Stephen R. Dixon
Laurence A. Fitzgerald
Joint Liquidators
Horwath BRI (Vic) Pty Limited Chartered Accountants
Level 30, The Rialto, 525 Collins Street
Melbourne Vic 3000


BR CONSULTING: To Pay Dividend to Creditors
-------------------------------------------
BR Consulting Pty Limited will declare a first and final  
dividend on February 3, 2006.

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

A. d'Aloia
Liquidator
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000


CENTRAL VIC: Placed Under Voluntary Liquidation
-----------------------------------------------
Members and creditors of Central Vic Insulations Pty Limited  
held a meeting on December 20, 2005, and agreed to wind up the  
Company voluntarily.

Moreover, the parties appointed Andrew Stewart Reed Hewitt as  
liquidator to oversee the wind-up operations.

Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street,
Melbourne Vic 3000


DAROBRIL PTY: Liquidator To Give Wind-Up Report
-----------------------------------------------
Members of Darobril Pty Limited will convene on February 7,  
2006, at 11:00 a.m., to receive the liquidator's report showing  
how the Company was wound up and how its property was disposed  
of.

Russel Peake
Liquidator
Jenkins Peake & Co. Chartered Accountants
PO Box 1570, Geelong 3220
Phone: 03 5223 1000  
Fax: 03 5221 4938


DREAM GROUP: Inability to Pay Debts Prompts Wind Up
---------------------------------------------------
Dream Group Pty Limited has determined that, due to its  
inability to pay its debts, a voluntary wind-up of its business  
operations is appropriate and necessary.

In that regard, Robert Moodie was appointed to oversee the  
Company's liquidation activities.

Robert Moodie
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


ELECTRICAL & REFRIGERATION: Appoints Official Liquidator
--------------------------------------------------------
Members of Electrical & Refrigeration Contractors Pty Limited  
resolved on December 21, 2005, to wind up the Company's  
operations.

A meeting of creditors was held on the same day.  Subsequently,  
Leonard A. Milner was appointed as liquidator.

Leonard A. Milner
Liquidator
Venn Milner & Co.
Suite 1, 43 Railway Road
Blackburn Vic 3130


ENVIRONMENTAL SOLUTIONS: Reinstated on the ASX
----------------------------------------------
Environmental Solutions International Limited was reinstated on  
the Australian Stock Exchange on January 19, 2006.

The Company has released a short form prospectus to remove  
restrictions on the sale of shares, which were issued without  
disclosure in December 2005.

In the prospectus, the Company invited investors to apply for up  
to 200,000 shares at 10 cents each to raise AU$20,000.  There  
are 227,434,974 shares quoted.

The company's shares were suspended from trading on the ASX on  
November 17, 2004, and administrators were appointed two days  
after.  On September 30, 2005, creditors approved an amended  
Deed of Company Arrangement, in connection with the  
restructuring and recapitalization of the Company, including the  
settlement of all outstanding creditor claims.

The new board, composed of Gregory Fendis, Sachlan Fraval and  
Faldi Ismail, plans to develop the Company's Enersludge  
technology for processing and dewatering waste sludge.


ER DUDDY: Prepares to Distribute Assets
---------------------------------------
After a general meeting on ER Duddy Pty Limited, the members of  
ER Duddy Pty Limited resolved to close the Company's business  
operations and distribute the proceeds of its assets.

Joanne Kelly
Liquidator
Paul & Brett Services Proprietary
286 Conadilly Street,
Gunnedah NSW 2380


FUPS PTY: To Declare Final Dividend
-----------------------------------
FUPS Pty Limited will declare its first and final dividend on  
January 31, 2006.

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

Paul Sweeney
Terry Van der Velde
Liquidators
SV Partners
16/120 Edward Street,
Brisbane, Queensland 4000


GEOFF LOWRY: Shuts Down Business
--------------------------------
The members of Geoff Lowry Design Pty Limited convened on  
December 22, 2005, and concurred that the Company should wind up  
its operations.

The Company's creditors appointed Clyde Peter White and Philip  
Newman as liquidators at a creditors' meeting held that same  
day.

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


HMA SERVICES: Liquidator to Report on Company Wind-Up
-----------------------------------------------------
A final meeting of the members and creditors of HMA Services Pty  
Limited will be held on February 8, 2006, at 10:00 a.m.

At the meeting, the Company's liquidator, I. J. Purchas, will  
report the activities that took place during the wind-up period  
as well as the manner by which the Company's property was  
disposed of.

I. J. Purchas
Liquidator
c/o Level 1, 32 Martin Place
Sydney NSW


JOONDALUP COMMERCIAL: Decides to Close Operations
-------------------------------------------------
At Joondalup Commercial Food Equipment Pty Limited's meeting on  
December 15, 2005, creditors resolved that it is in the  
Company's best interests to liquidate its operations.

Kim David Holbrook was appointed to oversee the wind-up.

Kim D. Holbrook
Holbrook & Associates Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001


LIGHTMOVES STAFF: Members Favor Liquidation
-------------------------------------------
On December 16, 2005, members of Lightmoves Staff Plan Pty  
Limited convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- Gregory Stuart Andrews be appointed to supervise the wind-
      up activities.

Greogry S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544


MARINE FARMS: To Pay Dividend on Feb. 1
---------------------------------------
Marine Farms Research and Development Pty Limited will declare a  
first and final dividend on February 1, 2006.

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

Oren Zohar
Liquidator
KordaMentha
Phone: 08 9221 6999


MORESROOM PTY: Members Agree to Wind Up Business
------------------------------------------------
Members of Moresroom Pty Limited held a meeting on December 15,  
2005, and agreed on the Company's need to liquidate.

Creditors named Andrew Stewart Redd Hewitt to manage the  
Company's wind-up activities at a creditors' meeting held later  
that day.

Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000


MR. QUANDT: Opts to Close Business
----------------------------------
On December 16, 2005, members and creditors of Mr. Quandt Pty  
Limited agreed that a voluntary wind-up of the Company is  
necessary and in its best interests.

As a result, Ozem Kassem was appointed as official liquidator.

Ozem Kassem
Liquidator
Bentleys MRI Sydney
Business Recovery & Insolvency Partnership
Level 8, Carrington House
50 Carrington Street, Sydney NSW


PARAGON HAIR: Names Anthony Cant as Liquidator
----------------------------------------------
At a meeting of the members of Paragon Hari & Beauty Pty Limited  
on December 23, 2005, Anthony Robert Cant was appointed to  
supervise the Company's wind-up activities.

Anthony R. Cant
Liquidator
Romanis Cant Chartered Accountants
106 Hardware Street, Melbourne


SANTOS LIMITED: Revenue Up 64% to Record AU$2.46 Bln
----------------------------------------------------
Santos Limited recorded a AU$2.46 billion sales revenue for  
2005.  This figure is up 64% from the AU$1.5 billion which the  
Company achieved in 2004.

The result was driven by a 19% increase in production -- 56.0  
million barrels of oil equivalent (mmboe) -- together with  
continuing higher oil and gas prices.  This full-year production  
was ahead of Santos' initial and revised 2005 targets of 54.0  
mmboe and 55.0 mmboe respectively.

Fourth quarter 2005 production of 14.8 mmboe was 15% higher than  
the output during the same period in 2004.  This increase  
reflects the new projects commissioned during 2005, including  
Mutineer-Exeter and John Brookes offshore Western Australia,  
together with the acquisitions of Fairview in southwest  
Queensland and increased interests in the Otway basin in  
Victoria.

The AU$679 million sales revenue during the fourth quarter was  
the second highest ever reported by Santos and was 39% ahead of  
the previous corresponding period in 2004.  This revenue figure  
is 11% below the record for the third quarter of 2005 due to the  
timing of LPG liftings and the seasonal factors, which impact on  
gas sales.

The average realized gas price in the fourth quarter of AU$3.80  
and oil price of AU$79.97 (US$59.85) were 12% and 41% higher  
respectively compared with the previous corresponding period.

Santos' managing director, John Ellice-Flint, said that the  
record revenue is an outstanding result and testament to the  
strategy of growing the business outside of the traditional  
eastern Australian gas assets.

"The oil, condensate and LPG contribution from projects such as  
Mutineer-Exeter, offshore Western Australia, and the first phase  
of the Bayu-Undan project, offshore Darwin, have significantly  
changed the profile of the company at a time of sustained high  
commodity prices," Mr. Flint explained.

Moreover, Mr. Flint added that the Company's outlook "is for  
further production growth in 2006 to between 60 and 61 mmboe as  
we bring further new projects into production, including the LNG  
phase of Bayu-Undan, Casino offshore Victoria, and Oyong in East  
Java."

Other developments during the last quarter of 2005 include:

   * Completion of the acquisition of the minority interests in
     Tipperary Corporation for US$466 million (AU$612 million),
     which delivers an approximate 75% operated interest in
     the Fairview coal seam gas field in Queensland;

   * The award of the NT/P69 block in the Timor Sea to Santos
     (40%) and ConocoPhillips 60%), which contains the Lynedoch
     gas resource and is immediately adjacent to the recent
     Caldita gas discovery;

   * Completion of construction of onshore gas processing
     facilities and the ramp-up of production from the John
     Brookes field in the Carnarvon Basin, offshore Western
     Australia;

   * Significant progress on the Casino gas development offshore
     Victoria, with the laying of the pipeline in preparation
     for first gas ahead of schedule early in 2006;

   * Commissioning of the Bayu-Undan LNG plant at Wickham Point
     near Darwin, with first cargos of LNG now expected ahead of
     schedule by early February 2006; and

   * Progress on the Oyong project offshore East Java, with the
     completion of development drilling and ongoing conversion
     works on the Floating Storage and Offtake vessel (FSO)
     and the production barge.  Due to the timing of the
     conversion of these vessels, first oil production is now
     expected late in the first half of 2006 and the total
     project cost is forecast to increase by approximately 30%
     to US$130 million.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SANTOS LIMITED: AU$225-Mln Exploration Focuses on LNG & Oil
-----------------------------------------------------------
For 2006, Santos Limited will focus its 25-well, high-impact  
exploration program on liquefied natural gas and oil.

The total 2006 expenditure across the Company's Australian and  
overseas exploration areas is forecast at AU$225 million,  
compared with the AU$187 million spent on exploration in 2005.

To reflect the widening geographical nature of Santos'  
exploration portfolio, 17 of the 25 wildcat wells will be  
drilled outside Australia.  This includes eight wells in the  
Company's core Indonesian area, two in its emerging Timor-
Bonaparte region, and seven in Santos' new areas of interest  
like Egypt and the shallow water Gulf of Mexico in the United  
States.

In Australia, two wells will be drilled in the Carnarvon Basin,  
offshore Western Australia, one well in Queensland's Bowen  
Basin, two in the Otway Basin, and three in the onshore
Cooper Basin.

Materiality is weighted towards the third and fourth quarters of  
2006 when the Lynedoch and Evans Shoal South prospects will be  
drilled in the Timor-Bonaparte, along with exploration wells in  
the Kutei and East Java basins in offshore Indonesia.

In the past year, Santos has increased its acreage position in  
Australia and the U.S., and, as part of building a stronger  
international business, acquired exploration acreage in  
Kyrgyzstan and Egypt.

In total, over 35,000 square kilometers of new acreage was  
incorporated into the Santos exploration portfolio last year.


STEPHEN JAMIESON: Wind-Up Process Completed
-------------------------------------------
Members of Stephen Jamieson Pty Limited convened on December 15,  
2005, to liquidate the Company's business operations.

Subsequently, the members named Paul Driver to administer the  
wind-up activities.

Paul Driver
Liquidator
c/o Hardwicke's Chartered Accountants
6 Phipps Close, Deakin ACT 2600


SWITCHED ON: Liquidator to Explain Wind-Up
------------------------------------------
The members and creditors of Switched On Living Pty Limited will  
convene on February 3, 2006, at 9:00 a.m., to receive the  
liquidator's account regarding the Company's completed wind-up  
and disposal of property.

Stephen Baker
Liquidator
Stephen Baker & Co.
Suite 2, 98 Woolwich Road
Woolwich NSW 2110


TEXRON HOLDINGS: Members Pass Winding Up Resolution
---------------------------------------------------
On December 22, 2005, members of Texron Holdings Pty Limited  
agreed that a voluntary wind-up of the Company is necessary and  
in its best interests.

As a result, Stephen Robert Dixon and Laurence Andrew Fitzgerald  
were appointed to supervise the Company's wind-up activities.

Stephen R. Dixon
Laurence A. Fitzgerald
Joint Liquidators
Horwath BRI (Vic) Pty Limited Chartered Accountants
Level 30, The Rialto, 525 Collins Street
Melbourne Vic 3000


WESTPOINT GROUP: Unit Found Insolvent Before Administration
-----------------------------------------------------------
Administrators of Westpoint Group say that the group's funding  
arm, Bayshore Mezzanine, may have been insolvent for eight  
months before their appointment, The West Australian reports.

According to The West Australian, Bayshore Mezzanine raised  
AU$36 million from 380 investors for a residential project in  
Melbourne.  PricewaterhouseCoopers Australia administrators say  
that there is evidence suggesting it may have been insolvent as  
early as April 2005.

A report by PwC also states that there is evidence to support  
potential legal action against the Company's Board, noting that  
the risks associated with lending money to the project developer  
were not properly managed by Bayshore.  

PwC, which was called in last December, has recommended that  
Bayshore be liquidated.


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

ARCHITECTURAL PRECAST: Creditor Files Winding Up Petition
---------------------------------------------------------
Redland-GRC Joint Venture Ltd has filed a winding up petition  
against Architectural Precast Limited on December 16, 2005.

The Petition will be heard before the High Court of Hong Kong  
Special Administrative Region on February 8, 2006, at 9:30 a.m.

Creditors or contributories who wish to support or oppose the  
Petition may appear in Court at the time of the hearing.

Any person who intends to appear at the hearing must serve a  
written notice of his intention not later than 6:00 p.m. on  
February 7, 2006, to:

     Messrs. Deacons
     Solicitors for the Petitioner
     5th Floor, Alexandra House
     18 Chater Road
     Central, Hong Kong


ASSOCIATE MARBLE: Creditors to Meet on Feb. 1
---------------------------------------------
Pursuant to Section 241 of the Hong Kong Companies Ordinance, a  
meeting of Associate Marble Maintenance And Service Co.  
Limited's creditors will be held at 11:00 a.m. on February 1,  
2006, at Room 1903, 19/F, World-Wide House, 19 Des Voeux Road in  
Central Hong Kong.  At the meeting, the creditors will consider  
and, if deemed appropriate, approve the Company's voluntary  
wind-up.

The creditors will also name joint and several liquidators to  
oversee the wind-up activities.

Proxies who will vote on behalf of creditors must be lodged no  
later than 4 p.m. on January 31, 2006, at the meeting location.


DON FRANCO: Creditors' Meeting Slated for Feb. 9
------------------------------------------------
The creditors of Don Franco (HK) Company Limited will meet at  
9:30 a.m. on February 9, 2006, at the High Court, High Court  
Building, No. 38, in Queensway, Hong Kong, to determine whether  
or not to appoint liquidators of the company.


ENRICH INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------  
Enrich Investment Limited presented a petition to wind up its  
operations on November 15, 2005.

Accordingly, on January 11, 2006, The High Court of the Hong  
Kong Special Administrative Region Court of First Instance  
entered its wind-up order pertaining to the Company.

CONTACT:

Enrich Investment Limited
Rm 1901 Nam Wo Hong Building
No. 148 Wing Lok Street
Sheung Wan
Hong Kong


FAMILY LIMITED: Commences Winding Up Process
--------------------------------------------
Family Limited has received a wind-up order from the High Court  
of the Hong Kong Special Administrative Region Court of First  
Instance on January 11, 2006.

The company's registered office is located at Shop 7 G/F Rica  
Victoria No. 28 Java Road, in North Point, Hong Kong.


PLEXWOOD LIMITED: Creditors to Meet on Feb. 10  
----------------------------------------------  
Pursuant to Section 241 of the Hong Kong Companies Ordinance, a  
meeting of Plexwood Limited's creditors will be held at 2:30  
p.m. on February 10, 2006, at 5th Floor, Allied Kajima Building,  
138 Gloucester Road, in Wanchai, Hong Kong.  At the meeting, the  
creditors will vote on the Company's voluntary wind-up.
  
The creditors will also name joint and several liquidators to  
oversee the wind-up activities.
  
Proxies who will vote on behalf of creditors must be lodged no  
later than 12:00 p.m. on February 9, 2006, at the meeting  
location.


SMART FAME: Decides to Close Operations
---------------------------------------
A winding up petition was served on Smart Fame Industrial  
Limited on November 14, 2005.

On January 11, 2006, the High Court of the Hong Kong Special  
Administrative Region Court of First Instance released an order  
to wind up the Company.

CONTACT:

Smart Fame Industrial Limited
G/F Nos. 263-365 Ki Lung Street
Shamshuipo Kln


TAK SING: Court to Hear Wind-Up Petition Feb. 22
------------------------------------------------  
Yue Fai Construction Equipments Company presented a petition for  
the winding up of Tak Sing Construction Works Limited on  
December 29, 2005.

The Petition will be heard before the High Court of Hong Kong  
Special Administrative Region on February 22, 2006, at 9:30 a.m.

Creditors or contributories of Tak Sing who wish to support or  
oppose the Petition may appear in Court at the time of the  
hearing.  A written notice of the creditor's or contributory's  
intention must be sent not later than 6:00 p.m., on February 21,  
2006, to:  
  
     William Sin & So
     Solicitors for the Petitioner  
     Room 401, 4th Floor
     United Chinese Bank Building
     31-37 Des Voeux Road
     Central, Hong Kong


TOP FAITH: Company Gets Wind-up Order
-------------------------------------
The High Court of the Hong Kong Special Administrative Region  
Court of First Instance has entered an order approving Top Faith  
Technology Development Limited's wind-up.

CONTACT:

Top Faith Technology Development Limited
Flat 7 17th Floor Blk A Wah Tat Ind
Ctr Nos. 8-10 Wah Sing St Kwai
Chung, New Territories


TOTAL PROPERTY: Creditors' Meeting Scheduled on Feb. 10  
-------------------------------------------------------  
The creditors of Total Property Services Limited will meet at  
2:45 p.m., on February 10, 2006, at the 5th Floor, Allied Kajima  
Building, 138 Gloucester Road, in Wanchai, Hong Kong, to  
consider the Company's voluntary liquidation.  They will also  
name joint and several liquidators for the Company's wind-up.

Creditors may vote either in person or by proxy, who must be  
lodged no later than February 9, 2006.


WEITONG TRANSPORTATION: Court Declares Firm Bankrupt
----------------------------------------------------
A bankruptcy order against Weitong Transportation Company was  
issued on January 9, 2006.  All debts due to the estate should  
be paid to the official receiver, ET O'Connell.


WORLDWIDE TRANSPORT: Meeting of Creditors Slated for February 10
----------------------------------------------------------------  
A meeting of Worldwide Transport (Far East) Limited's creditors  
will be held on February 10, 2006, at 3:00 p.m., so that they  
may approve the Company's plan to wind-up its operations  
voluntarily.  At the meeting -- which will take place at the 5th  
Floor, Allied Kajima Building, 138 Gloucester Road, in Wanchai,  
Hong Kong -- the creditors will also appoint the Company's joint  
and several liquidators.  
   
A person who would vote on a creditor's behalf must be lodged by  
February 9, 2006, at the meeting's location.


=========
I N D I A
=========

DEVARSA GASCHEM: Board Meeting Fixed On Jan. 27
-----------------------------------------------
A meeting of the Board of Directors of Devarsa Gaschem Limited  
will be held on January 27, 2006, to consider:

   1. the approval of the account for the quarter ended
      December 31, 2005; and

   2. the status of Amalgamation of Confidence Cylinders &  
      Petrochem Pvt Ltd with the Company.

CONTACT:

Devarsa Gaschem Ltd
Jijamata nagar, Next to RCF Gate No. 2,  
Mahul Gaon, Chembur Rd  
Mumbai 400074   
Maharashtra  


GANESH BANK: Merger with Federal Bank Approved
----------------------------------------------
On January 24, 2006, the Government of India approved the scheme  
for the amalgamation of The Ganesh Bank of Kurundwad Ltd., with  
The Federal Bank Ltd.  

All of The Ganesh Bank's branches will function as branches of  
The Federal Bank, effective January 25, 2006.

Customers, including depositors of The Ganesh Bank will be able  
to operate their accounts as customers of The Federal Bank.  The  
Federal Bank is making necessary arrangements to ensure that  
service, as usual, is provided to the customers of The Ganesh  
Bank.

In accordance with the Scheme of Amalgamation, if any surplus  
remains after meeting all the liabilities from the realization  
of assets of The Ganesh Bank, the shareholders may receive pro-
rata payment.  
  
CONTACT:

The Ganesh Bank of Kurundwad Ltd.  
Laxmi Road, Near Jain Basti  
Taluka Shirol  
Kurundwad  
Kohlapur- 416 106   
Phone: 02322- 44213  

Reserve Bank of India  
Central Office, Post Box 406  
Mumbai 400001  
Phone: 2266 0502  
Fax: 2266 0358, 2270 3279  
E-mail: helpprd@rbi.org.in     
Web site: http://www.rbi.org.in    


MILLENIUM CYBERTECH: Penny Stock Manipulation Suspected
-------------------------------------------------------
On January 24, 2006, The Securities and Exchange Board of India  
issued these orders in the matter of Millennium Cybertech Ltd.:

   a) Millennium Cybertech Ltd. is directed not to issue any
      equity shares or any other instrument convertible into
      equity shares or will not alter its capital structure;

   b) The promoters of Millennium Cybertech Ltd. viz, CornHill
      Trading Company Ltd., Cute Productions Pvt. Ltd. and
      Stardom Trading Company Pvt. Ltd. are ordered not to buy,
      sell or deal in securities of Millennium Cybertech Ltd.
      directly or indirectly;

  c) Private corporate shareholders of Millennium Cybertech Ltd.
     viz, Ampu Traders Pvt. Ltd., Rajput Textiles Ltd., Jupiter
     Securities & Properties Pvt. Ltd. and Camcon Engineers Ltd.
     are directed not to buy, sell or deal in securities of  
     Millennium Cybertech Ltd. directly or indirectly;

  d) Clients Amar Adhav, Umesh Choukekar, Deepak Todkar, Deepak
     Narvekar, New Leader Trading Co Pvt. Ltd., Fineline
     Mercantile Co. Pvt. Ltd., Rightstar Trading Co. Ltd.,
     Santosh Pawar, Rajkishore Singh, Sharpline Trading co. Pvt.
     Ltd., Interlink Financial Services Ltd., Ritedeal Trading
     Co. Pvt. Ltd., Stockholm Mercantile Co. Pvt. Ltd., Sandeep
     Kadam and Jayesh Waghela, are directed not to buy or deal
     in any securities, directly or indirectly;

  e) Clients Shree Ambey Textiles Pvt. Ltd. and Goldcity Exports
     Pvt. Ltd. are directed not to buy, sell or deal in
     securities of Millennium Cybertech Ltd. directly or
     indirectly;

  f) Clients Harish Sujan, Ghanshyam Sujan, Neel Sujan,
     Ramsudhakaran Menon, Shantha Bai, Bernard D'Souza, Rajendra
     Adukia and Abhayraj Rampher Shukla are directed not to buy
     sell or deal in securities of Millennium Cybertech Ltd.
     directly or indirectly;

  g) Stock brokers viz. Indiabulls Securities Ltd., Jaypee
     Capital Services Ltd., Fortis Securities Ltd., Vijay
     Bhagwandas and Company, Insight Share Brokers Pvt. Ltd. and
     Joindre Capital Services Ltd. are directed not to buy, sell
     or deal in securities of Millennium Cybertech Ltd. directly
     or indirectly;

  h) Further, a separate order has been issued against stock
     broker Galaxy vide order no. WTM/GA/MIRSD/46/1/06 dated
     January 24, 2006 for the alleged involvement in penny
     stocks as a whole; and

  i) The Depositories, NSDL and CDSL will not give effect to  
     any transfer of shares of Millennium Cybertech Ltd. lying
     in the beneficial owner accounts of the promoters, private
     corporate shareholders, and clients.

These directions will take effect immediately and will be in  
force until further orders.

Millennium is a small cap company whose financial performance  
has consistently been lackluster through five quarters ended  
September 30, 2005.  Its share price, which was ruling around  
INR18 and INR23 during the period June 2004 to March 2005,  
suddenly rose at the level of INR66 at the end of May 2005. The  
share price suddenly exhibited a spurt priced at around INR65 to  
INR240 between June 1, 2005 and September 30, 2005.  The rise in  
the share price was also accompanied by an increase in the  
trading volumes.  The share prices are currently hovering around  
INR2.49 with a face value of INR1.  The sudden transient spurt  
in the share price, without a backup of commensurate financial  
performance and absence of any positive corporate announcements  
makes the rise appear artificial.

The promoters of the company have offloaded shares during the  
period of the price rise both through market as well as through  
a web of off market transactions in a cosy arrangement between a  
set of interconnected clients.  All these clients have also  
appeared in the orders passed by SEBI in the case of IFSL Ltd,  
Mega Corporation Ltd. and Karuna Cables Ltd. bringing out their  
involvement in the trading in such scrips.  Clearly there  
appears to be an elaborate and crafty scheme designed by a set  
of people, collectively and carefully masterminding the  
manipulation of shares of low cap companies at the cost of the  
lay investors.  The artifice employed by the promoters in the  
case of Millennium Cybertech Ltd. appears to have been a  
standard one followed in the case of several small cap companies  
viz IFSL Ltd, Mega Corporation Ltd. and Karuna Cables Ltd.  
against which SEBI has already passed orders.  It has all the  
ingredients of a penny stock manipulation.


MOSCHIP SEMICONDUCTOR: Grants Stock Options to Employees
--------------------------------------------------------
Moschip Semiconductor Technology Ltd's Compensation Committee  
resolved on January 24, 2006, to grant eligible employees an  
aggregate of 27,000 stock options under the Moschip Stock Option  
Plan - 2001 & 2002, at a price of INR41.50 per option (Closing  
Price as of January 23, 2006, at the Bombay Stock Exchange).

These options will be endowed to employees after a year, equally  
in a span of four years from the date of grant, and can be  
exercised within five years from the date of the endowment.

Moschip Semiconductor has been struggling to lift its weak  
financial performance and overcome stiff competition in the past  
two years.

In the first quarter of the current fiscal year, the Company  
booked a net loss of INR13.12 million.

CONTACT:

Moschip Semiconductor Technology Ltd
8-2-685/1/1, Road No.12, Banjara Hills,  
Hyderabad - 500 034
Phone: +91 40 2337 9440
Fax: +91 40 2337 9439
e-mail: financials@moschip.com  
Web site: http://www.moschip.com   


SINGER INDIA: Unveils Outcome of Board Meeting
----------------------------------------------
The Board of Directors of Singer India Limited will convene a  
meeting on January 31, 2006, to consider and record the  
unaudited financial results for the quarter ended December 31,  
2005.
  
On January 23, 2006, the Board has accepted the resignation of  
two members, Stuti Narain Kacker and Rajiv Sud.

Furthermore, the Board has accepted the resignation of M/s BSR &  
Co. Chartered Accountants as auditors of the Company.  The Board  
also proposed the appointment of M/s Walker, Chandiok & Co as  
statutory auditors for the remaining part of the financial year  
2005-2006, subject to the approval of members.

CONTACT:

Singer India Limited
A-26/4, Mohan Co-op. Ind. Area,  
2nd Floor, Guru Angad Dev Bhawan  
New Delhi 110044   
India
Phone: 56179293 51679294     
Fax: 51679295


VANS INFORMATION: Board Approves Capital Restructure
----------------------------------------------------
The Board of Directors of Vans Information Limited met on  
January 24, 2006, and approved:

    1. The reduction and reorganization of the capital of the
       Company, which includes write-off of accumulated losses
       as on March 31, 2005, and issue of 1% Cumulative
       Redeemable Preference Share, subject to approval of the
       Company's shareholders.  Consequent on the
       reorganization, the issued, subscribed and paid-up  
       capital of the Company will be reorganized from  
       INR6,12,22,000 divided into 61,22,000 equity shares of   
       INR10 each, to INR1,72,23,000 divided into 17,23,200
       equity shares of INR10 each and 15,50,000 Cumulative  
       Redeemable Preference shares of INR10 each;

    2. The Company's merger with Inhouse Creations Pvt Ltd, as
       based on the draft Scheme of Arrangement and
       Amalgamation.  The merger is still subject to the
       approval of shareholders.

CONTACT:

Vans Information Ltd  
35-C, Popular Press Building,  
Pandit Madan Mohan Malaviya Road, Tardeo  
Mumbai 400034  
Maharashtra  
Phone: 24960300  
Fax: 24945294


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

MERPATI NUSANTARA: Reminds Government of Promised Aid
-----------------------------------------------------
PT Merpati Nusantara Airlines called the government's attention  
to stick to its promise to help turn the Company around, Asia  
Pulse says.

According to Asia Pulse, the Indonesian Government and House of  
Representatives agreed last year to increase efforts to save the  
troubled domestic airline, which could not pay its debts due to  
financial woes.

The Government had promised to inject up to IDR400 billion into  
the Company.  However, since it is also cash-strapped, the  
Government said it would disburse the amount in installments,  
and initially meted out IDR75 billion for the Company to  
continue its business.

Asia Pulse relates that the Commission VI Deputy Chairman said  
that the Government will be asked for a cash advance or asked to  
seek a strategic partner in order to keep Merpati afloat.

CONTACT:

Merpati Nusantara Airlines  
Jl. Angkasa Blok B-15 Kav. 2-3  
Jakarta 10720 - Indonesia  
Tel: (021) 6548888  
Fax: (021) 6540620  
E-mail: marketing@merpati.co.id


PERUSAHAAN LISTRIK: Director Named as Suspect in Graft Case
-----------------------------------------------------------
Police arrested PT Perusahaan Listrik Negara Primary Energy  
Director Ali Herman on January 23, 2006, for his alleged role in  
a 2004 generation project, the Jakarta Post reports.

Investigation Chief Benny Mamoto told the Post that Mr. Herman  
was detained following the arrest of another PLN director, Agus  
Darmadi, for allegations of graft.

The Post recounts that PLN bought three generators to provide  
additional power for the 2004 National Games in Palembang,  
Indonesia.  However, in an audit by the Supreme Audit Agency, it  
was discovered that the generator prices were marked up by more  
than IDR122 billion.  It is believed that Mr. Darmadi bought  
second-hand generators, yet listed them in PLN's accounting  
books as new.

Businessman Johannes Kennedy Aritonang, owner of PT Cipta Guna  
Mandiri, which sold the generators to PLN, was also arrested for  
his role in the project.  The investigation is still ongoing,  
and police will summon others who may have been involved in the  
case, the Post adds.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id


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

HITACHI LIMITED: To Set Up New Company With Triple Win
------------------------------------------------------  
Hitachi Limited and Hitachi Triple Win Corporation entered into  
a basic agreement to establish an entity that will provide  
finance and human resources shared services for the Hitachi  
Group.

The Hitachi Group is implementing various measures as part of a  
company-wide effort to increase management efficiencies.  The  
establishment of the new company will streamline finance and  
human resources processes and procedures.  The new company will  
also plan to provide services to other corporate groups by  
making use of the Hitachi Group's accumulated expertise in  
finance and human resources administration.

The Agreement provides for these basic terms:

1. Schedules for Corporate Split and Establishment of the New
   Company

   Late January 2006 - Conclusion of Corporate Split Plan
   (Hitachi and Hitachi Triple Win)

   Mid-February 2006 - Approval of Corporate Split Plan by
   General Meeting of Shareholders (Hitachi Triple Win)

   April 1, 2006 - Date of Corporate Split and New Company
   Establishment

   April 3, 2006 - Date of Registration of Corporate Split and
   New Company Establishment

   Hitachi will split the relevant business without the approval
   of the Corporate Split Plan by the General Meeting of
   Shareholders, pursuant to the Article 374-6, Paragraph 1 of
   the Commercial Code of Japan.

2. Method Used for Corporate Split and Establishment of New
   Company

   A new company will be formed by a corporate split procedure.
   Hitachi's Human Capital Solution Center and Hitachi Triple
   Win's Finance Shared Service Division will be transferred to
   a new company jointly established by the two companies
   through a joint corporate split.  Then, the new company will
   become a 100% subsidiary of Hitachi, Ltd.

3. Stock allocation

   (a) Number of Shares to Be Allocated

       Hitachi and Hitachi Triple Win will receive 9,800 shares
       and 4,200 shares of common stocks of the new company,
       respectively.

   (b) Calculation Methods

       Hitachi and Hitachi Triple Win have confirmed assets and
       liabilities of the businesses to be split, and have
       agreed on this stock allocation ratio based on the net
       asset value method:

               Hitachi: Hitachi Triple Win = 7:3

4. Payments

   There is no payment with regard to the allocation of shares.

5. Rights and Obligations to be Transferred

   Hitachi and Hitachi Triple Win will transfer the assets,
   liabilities, intellectual properties, and contractual status
   relating to the businesses to be split as of the day before
   the date of registration of corporate split.

                      About Hitachi, Ltd.

Hitachi Limited, headquartered in Tokyo, Japan, is a leading  
global electronics company with approximately 347,000 employees  
worldwide.  Fiscal 2004 (ended March 31, 2005) consolidated  
sales totaled 9,027.0 billion yen ($84.4 billion).  The company  
offers a wide range of systems, products and services in market  
sectors including information systems, electronic devices, power  
and industrial systems, consumer products, materials and  
financial services.

                   About Hitachi Triple Win

Hitachi Triple Win Corporation, headquartered in Tokyo, Japan,  
is a shared-service company who mainly provides financial and  
accounting affairs services such as book-keeping, journal  
entries, receipts and disbursements, fixed assets administration  
to Hitachi group companies and several other companies.

CONTACT:

Hitachi Limited  
4-6, Kanda-Surugadai, Chiyoda-ku  
Tokyo 101-8010, Japan  
Phone: +81-3-3258-1111  
Fax: +81-3-3258-2375


HITACHI LIMITED: Launches "BladeSymphony" in Korea
--------------------------------------------------
Hitachi Limited will launch a new integrated service platform  
"BladeSymphony" in Korea. LG Hitachi Limited, a joint company of  
LG Corporation and Hitachi Limited, will provide BladeSymphony  
in the country.

Hitachi announced in a press release that it is attempting to  
promote sales of its blade server products, which are aimed at  
corporations and organizations such as public institutions and  
Internet service companies, in order to achieve a 15% share of  
the Korean blade server market by 2009.

As part of the global development of its IT platform business,  
and following the launch of its server systems business in North  
America announced last November, Hitachi is now planning to  
develop its server systems business in Korea, an internet-
advanced country whose enterprise systems market is expected to  
grow, focused around BladeSymphony.

The BladeSymphony product series has been available on the  
Japanese market since its original launch in 2004.  More than  
100 systems have been shipped as alternatives to mainframes and  
UNIX units for mission critical applications in industries such  
as finance and telecommunications.

Hitachi is collaborating with LGH in the planning of business  
strategy, including sales, marketing, and the development of  
customers and business partners, as well as the establishment of  
a support structure to deliver high-quality service.  Hitachi  
also provides LGH with technical support, sharing its  
accumulated knowledge on system consulting and management.   
Hitachi will continue to actively expand its server systems  
business in Korea in cooperation with LGH.

The major benefits of Hitachi's BladeSymphony include:

1. Multi-platform capability for server consolidation

   * Supports the latest Microsoft Windows Server 2003 and Red
     Hat Enterprise Linux

   * Accommodates both the Intel Xeon Processor and the Intel
     Itanium Processor in the same chassis

   * Easy and flexible server management with Hitachi's
     management software  
   
2. Adoption of the latest technologies

   * The world's first unique hardware-based virtualization
     working with Intel Virtualization Technology on Intel
     Itanium Processor, making full use of computing resources

   * Ability for both scale up and scale out for performance
     enhancement and optimization

   * The world's first adoption of FSB 667 MHz Intel Itanium
     Processor based server module  


JAPAN AIRLINES: Refund Passengers For Cut Flights
-------------------------------------------------
Japan Airlines Corporation has paid US$430 each to 800  
passengers because of flights that were canceled due to human  
error, UPI Business News reports.
  
Flights 74 and 76 of JAL subsidiary JALways, which were  
scheduled to fly Sunday from Tokyo to Honolulu, initially were  
delayed because of heavy snowfall.  However, the flights were  
later canceled due to error on the part of JAL employees.

Because of heavy snowfall, 120 international flights to and from  
Narita Airport were canceled on Saturday and Sunday, forcing  
more than 10,000 travelers to stay overnight at the airport.

CONTACT:   

Japan Airlines Corporation    
2-4-11, Higashi-shinagawa, Shinagawa-ku    
Tokyo 140-8605, Japan    
Phone: +81-0120-25-5931  


JAPAN BROADCASTING: To Trim Workforce by Over 1,000
--------------------------------------------------------
Japan Broadcasting Corporation will cut its workforce by 1,200,  
over a three-year period due to a drop in viewer fee revenue,  
The Asahi Shimbun reports.

Asahi Shimbun says that the public broadcaster also plans to  
reduce satellite broadcasts.

According to reports, the Company's fee revenue for fiscal 2006  
was projected at JPY594 billion, which is JPY47 billion less  
than fiscal 2004's level.  The Company hopes to rebound to  
JPY614 billion by fiscal 2008.

CONTACT:

Japan Broadcasting Corporation (Nippon Hoso Kyokai)  
2-2-1, Jinnan, Shibuya-ku  
Tokyo, 150-8001, Japan  
Phone: +81-3-3465-1111  
Fax: +81-3-3469-8110  
Web site: http://www.nhk.or.jp


LIVEDOOR CO.: Appoints Kozo Hiramatsu as New President
------------------------------------------------------
Livedoor Co. has appointed Executive Vice President Kozo  
Hiramatsu as new president, replacing Takafumi Horie, who is  
under arrest for Securities and Exchange Law violations, The  
Mainichi Daily News reports.

The Company said that officer Fumito Kumagai has also been  
appointed a representative director as of Tuesday.

Before coming to Livedoor, Mr. Hiramatsu set up an accounting  
software firm called Yayoi.  He worked for consumer electronics  
giant Sony between 1973 and 1986.

Meanwhile, Bloomberg News reported that the shares of Livedoor  
affiliates rose on Tuesday for the first time since prosecutors  
raided the Company's headquarters on January 16.  The search  
triggered a drop in Japanese stocks that led the exchange to  
stop trading for the second time in its history.

CONTACT:   
   
Livedoor Co., Ltd.   
Roppongi Hills Mori Tower 38th Floor   
6-10-1 Roppongi   
Minato-ku, Tokyo   
Japan   
e-mail: info@livedoor.jp  

LIVEDOOR CO.: Crisis Prompt Calls for More Oversight
----------------------------------------------------
The arrest of Livedoor Co.'s top executives has prompted calls  
to improve the capacity of Japan's financial regulators, The  
Wall Street Journal reports.

According to The Journal, after the arrests of Livedoor's chief  
executive officer, Takafumi Horie, and three other company  
officials, the Japanese Government considers expanding the  
Securities Exchange and Surveillance Commission (SESC) to  
protect investors at a time when rising share prices are  
attracting more ordinary people into the stock market.

The Journal relates that SESC's role was probed last week after  
prosecutors found problems at Livedoor and raided its  
headquarters.  Normally, the SESC finds problems at firms and  
recommends them to prosecutors for formal investigation.  But in  
Livedoor's case, the prosecutors acted first, creating an  
embarrassment for SESC regulators.
  
Investigators believe that the executives are to blame for the  
unfolding financial scandal, including dubious corporate  
takeover deals and allegations of falsifying financial figures  
in 2004.   
  
LIVEDOOR CO.: Shares Trade for First Time Since Probe
-----------------------------------------------------  
Livedoor Co. shares traded normally on Wednesday, clearing a  
backlog of orders that forced the Tokyo Stock Exchange to  
shorten trading hours to ease the burden on its systems,  
Bloomberg News relates.

The company's stock tumbled 80% since the January 16 raid,  
wiping out JPY586 billion (US$5.1 billion) of market value.

Livedoor, which has been placed under watch for possible  
delisting, ousted its president, Takafumi Horie, on Tuesday  
after he was arrested with three other senior executives for  
violating securities laws.

MITSUBISHI FUSO: Names Jay Johnson as Corporate General Manager
---------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation has appointed Jay  
Johnson as Corporate General Manager of Procurement and Supply.

In his new position, Mr. Johnson is responsible for leading the  
company's efforts to achieve the highest levels of quality and  
efficiency in all purchasing activities.  He reports directly to  
Harald Boelstler, MFTBC president and chief executive officer.

Mr. Johnson, a 19-year veteran of the automotive industry, most  
recently served as Director of International Procurement &  
Strategy for DaimlerChrysler in Auburn Hills, Mich., U.S.A.   
Before that, he was the Executive General Manager of Supply for  
Mitsubishi Motors Corporation in Tokyo.  Previously, he held a  
variety of positions in supply and materials management with  
DaimlerChrysler and the Chrysler Group.  Before joining  
Chrysler, Mr. Johnson worked at Honda of America in Marysville,  
Ohio.  He holds a Bachelor of Science degree in Industrial  
Management and a Master of Science in Industrial Administration  
from Purdue University.

Mr. Johnson succeeds Karl Deppen, who has been promoted to  
Director of Operations, Strategy and B2B for DaimlerChrysler's  
Global Purchasing & Supply organization.

Mitsubishi Fuso Truck & Bus Corporation is one of Asia's leading  
commercial vehicle manufacturers.  DaimlerChrysler AG owns 85%  
of MFTBC shares.  The remaining 15% of shares continue to be  
held by various Mitsubishi group companies.  Mitsubishi Fuso is  
an integral part of DaimlerChrysler's Commercial Vehicles  
Division.

CONTACT:

Mitsubishi Fuso Truck & Bus Corporation  
2-16-4, Kounan, Minato-ku,   
Tokyo 108-8285  
Japan  
Web site: http://www.mitsubishi-fuso.com  

PIONEER CORPORATION: To Delist From New York Stock Exchange
-----------------------------------------------------------  
As disclosed on December 8, 2005, Pioneer Corporation has  
proceeded with the delisting of its American Depositary Receipts  
from the New York Stock Exchange.  

The United States Securities and Exchange Commission approved  
the delisting effective at the opening of business (New York  
time) on January 23, 2006, and the delisting of the Company's  
ADRs from the New York Stock Exchange took effect at the same  
time.

With respect to the ADR program, the Company plans to commence  
the termination process.  However, there will be no effect on  
the rights of ADR holders at this time.  The Company plans to  
notify its ADR holders separately regarding the termination  
process of the ADR program.

For ADR holders with any inquiries, please contact:

Citibank, N.A.  
Shareholder Services
P.O. Box 43077
Providence, Rhode Island 02940-3077, U.S.A.
Phone: +1-877-248-4237 (toll-free)
Fax: +1-201-324-3284
e-mail: citibank@shareholders-online.com
Web site: http://www.citigroup.com/adr

For further information, please contact:

Shareholder Relations Group, Finance and Accounting Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-4926
Fax: +81-3-3495-4431
e-mail: pioneer_shr@post.pioneer.co.jp
Web site: http://www.pioneer.co.jp/ir-e/

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

HANARO TELECOM: Issues New Share and Capital Stock  
--------------------------------------------------
Hanaro Telecom Inc. reported it has issued new shares in  
relation to the merger with Korea Thrunet Co., citing these  
details:

     Increase in Shares and Capital Stock of Hanaro (the   
                   surviving company)

       -- Number of new shares issued: 1,217,832 common shares  
    
       -- Total number of shares after the issuance:
463,353,012     
          common shares  
        
       -- Listing date of new shares on the Korea Exchange  
           (KOSDAQ Market): January 18, 2006

       -- Total capital stock after the merger:      
          KRW2,316,765,060,000

       -- Among 1,217,832 shares newly issued, 79,029 common  
          shares owned by foreign investors of Thrunet are  
          included.

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,  
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com


INDUSTRIAL BANK: Moody's Assigns D- Rating to BFSR
--------------------------------------------------
Moddy's Investors Service has upgraded Industrial Bank of  
Korea's financial strength rating (BFSR) of D- from E+.

The A3 senior debt rating and the A3/Prime -2 long-term/ short-
term deposit ratings of the bank are unaffected.  The outlook  
for the financial strength rating is positive and the outlook  
for all other ratings is stable.  This action concludes the  
review initiated on September 22, 2005.

The upgrade in the BFSR reflects the bank's success in improving  
asset quality and maintaining a stable financial profile.  IBK  
has now dealt with the high delinquencies in its credit card  
portfolio which negatively impacted the bank over the past two  
years.  

In addition, Moody's notes that the bank continues to update its  
credit systems and early warning procedures, and believes this  
will assist the bank in dealing with any future downturns in  
asset quality.  

In Moody's opinion, the bank has improved its economic capital  
solvency levels, although it is still towards the lower end of  
the peer group due to a relatively higher level of precautionary  
loans.

Maintaining stable asset quality is still the main challenge  
facing the bank, given continued weaknesses at some SMEs, which  
have been affected by sluggish domestic demand, the strong won  
and high oil costs.

However, there are certain mitigating factors, such as the high  
levels of collateral held, the granularity of IBK's loan  
portfolio and its long-term relationship with clients.  In  
addition, recent signs of improvements in domestic consumption  
could help some SMEs recover.

The bank could see further upward pressure on the financial  
strength rating if in the future it is able to maintain the  
current levels of asset quality and profitability.

Industrial Bank of Korea, established in 1961, is the second  
largest of the three policy banks.  It plays an important policy  
function providing working capital loans and facility loans to  
SMEs, funded by deposits, borrowings and Small and Medium  
Industry Finance Bonds.

The Industrial Bank of Korea Act, under which the bank operates,  
states that the government must maintain the reserves of IBK.  
The IBK Act provides for the bank's policy function and strong  
sovereign support.  The government controls 66.7% of the bank  
through direct holdings (51.0%), Export-Import Bank of Korea  
(3.2%) and Korea Development Bank (12.5%).  As of December 31,  
2004, the bank had KRW77tn in total assets.


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

BUKIT KATIL: Provides Updates on Defaulted Loan Facilities  
----------------------------------------------------------
Bukit Katil Resources Berhad updates on these loan facilities:

   -- Bumiputra Commerce Bank Berhad

      The application by the bank to enter summary judgment  
      against Bukit Katil was allowed by the Learned Senior    
      Assistant Registrar on July 16, 2004.

   -- OCBC Bank (Malaysia) Berhad

      OCBC Bank (Malaysia) Berhad has obtained an order for sale  
      on November 14, 2003, on Omega Bricks Sdn Bhd's land held  
      under Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol,  
      Daerah Krian, Negeri Perak.  Hearing of the Application  
      for Execution of Order for Sale has been postponed to  
      December 5, 2005.

      OCBC Bank (Malaysia) Berhad has also obtained a winding-up  
      petition under Section 218(2) of the Companies Act, 1965  
      on October 6, 2003, and was served on Bukit Katil on  
      November 14, 2003.  The High Court on September 8 allowed  
      the bank's application for the winding-up petition.  

      The Company has already filed a Notice of Appeal to
the      
      Court of Appeal against the decision of the High Court.     
      The High Court on October 6, 2005, granted a stay of the  
      winding-up order for a period until August 18, 2006  
      pursuant to the powers of the High Court provided for in  
      Section 243 of the Companies Act, 1965.

   -- Alliance Merchant Bank Berhad

      No date has been set to consider the Bank's application  
      for summary judgment.

   -- Perbadanan Kemajuan Negeri Pahang

      Bukit Katil is a defendant in suit being initiated by  
      Perbadanan Kemajuan Negeri Pahang for breach of a Call  
      Option Contract.  On April 19, 2004, a final judgment was  
      granted by the High Court for MYR14.0 million against the  
      Bukit Katil, inclusive of interest until the date of full  
      settlement.

      An application in relation to a proposed debt-
      restructuring scheme has been submitted to the Securities  
      Commission on December 16, 2005 for all the above  
      liabilities.

The details on all facilities currently defaulted by Bukit Katil  
is available free of charge at:

   http://bankrupt.com/misc/BukitKatilResources012406.pdf

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940


CONSOLIDATED FARMS: Claimant Demands MYR8,769.20 Plus Interest
--------------------------------------------------------------
Consolidated Farms Berhad has been named defendant in a Writ of  
Summon filed by General Labels & Labelling (M) Sdn. Bhd. on  
October 28, 2005.  

The suit was filed in the Magistrate Court of Kuala Lumpur and  
served on Confarm on January 16, 2006.

General Labels had claimed for the amount of MYR8,769.20 from  
Confarm, together with interest of 1.5 percent per month or 18  
percent per annum from the date of filing of the Writ until full  
resolution, costs and any other relief to be granted by the  
Court.

The Court will hear the case on March 16, 2006.

On November 23, 2005, the High Court of Malaya at Kuala Lumpur  
granted Confarm a restraining and stay order (RO) for a period  
90 days effective from November 26, 2005.
  
CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,  
Desa Sri Hartamas,  
50480 Kuala Lumpur  
Telephone: 03-23001199   
Fax: 03-23002299


COMPUGATES HOLDINGS: Incorporates Dormant Subsidiary
----------------------------------------------------   
On January 20, 2006, Compugates Holdings Berhad (Compugates) has  
incorporated a wholly owned subsidiary known as Compugates  
International Sdn Bhd (CISB).

CISB's registered office is located at C15-1, Level 15, Tower C,  
Megan Avenue II, 12 Jalan Yap Kwan Seng, 50450 Kuala Lumpur.

CISB has an authorized share capital of MYR2,500,000.00  
comprising 2,500,000 ordinary shares of MYR1.00 each and a paid-
up capital of MYR2.00.

CISB is presently dormant and its intended business activity is  
to carry on the trading, marketing and distribution of imaging,  
information technology and communication-based products overseas  
in the financial year 2006.


KEMAYAN CORPORATION: Unit to Face Court Over Unpaid Taxes
---------------------------------------------------------
Coral Land Corporation Sdn Bhd (CLCSB), a subsidiary of Kemayan  
Corp. Berhad received on January 23, 2006 a writ of summon from   
Kerajaan Malaysia, Lembaga Hasil Dalam Negeri of Tingkat 16  
Kanan, Blok 8A, Kompleks Bangunan Kerajaan, Jalan Duta, 50600  
Kuala Lumpur for the:

   (a) Sum of MYR2,087,813.86;

   (b) Interest at the rate of 8% per annum from the date of  
       judgment until date of realization;

   (c) Costs; and

   (d) Such other relief as the Honorable Court may deem fit and  
       proper.

The above claims are in respect of the outstanding taxes for  
Years of Assessment 1993 to 1998 and the said claims have  
already been provided for in the financial accounts.

CLCSB is currently undergoing a corporate and debt restructuring  
scheme.

CLCSB is engaging solicitor to defense the claims.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor  
Telephone: 07-2362390   
Fax: 07-2365307


K.P. KENINGAU: Bourse Removes Securities from List
--------------------------------------------------
Bursa Malaysia Securities Berhad has decided to delist the  
securities of K.P. Keningau Berhad.

The decision came after having considered all the facts and  
circumstances of the matter including the written  
representations made by the Company on November 11 to 14, 2005  
respectively and in consultation with the Securities Commission.

Also, the bourse found the Company does not have an adequate  
level of financial condition to warrant continued listing on the  
Official List of Bursa Securities.

In this respect, the securities of the Company will be removed  
from the Official List of Bursa Securities at 9:00 a.m. on  
Wednesday, February 8, 2006.

Notwithstanding the de-listing of the securities of the Company,  
the said securities may remain deposited with Bursa Malaysia  
Depository Sdn Bhd (Bursa Depository).  It is not mandatory for  
the securities of a Company, which has been delisted to be  
withdrawn from Bursa Depository.

Nevertheless, shareholders who wish to hold their securities in  
the form of physical certificates can apply to withdraw their  
securities from their Central Depository System accounts  
maintained with Bursa Depository at anytime after the date of  
de-listing of the securities of the Company by submitting the  
application form for withdrawal in accordance with the  
prescribed procedures of Bursa Depository.  Shareholders of the  
Company can contact any Participating Organization of Bursa  
Securities and/or Bursa Depository's helpline at 03-20347711 for  
information on the withdrawal procedures.

The Company is also required by Bursa Securities to communicate  
the decision on the de-listing to its shareholders and this  
would be complied with accordingly.  

Further, notwithstanding and upon the de-listing of securities  
of KPK, the Company will continue to exist as an unlisted entity  
and would still be able to proceed with its corporate  
restructuring to regularize its financial condition but subject  
to participation of a suitable white knight.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,  
Selangor  
Telephone: 03-7784 3922  
Fax: 03-7784 1988


MAGNUM CORPORATION: Shares Up for Listing, Quotation Today
----------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Magnum  
Corporation Berhad's additional 124,000 new ordinary shares of  
MYR0.50 each issued pursuant to the Employees' Share Option  
Scheme effective today, January 26, 2006.

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885


MAGNUM CORPORATION: Holds Share Buy Back
----------------------------------------
Magnum Corporation Berhad unveiled the results of its recently  
concluded share buy back.

Date of buy back: January 24, 2006

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

Total number of shares purchased (units): 337,400

Minimum price paid for each share purchased (MYR): 1.920

Maximum price paid for each share purchased (MYR): 1.950

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 337,400

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

Cumulative net outstanding treasury shares as at to-date  
(units): 96,667,300

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

MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad's additional 149,000 new ordinary  
shares of MYR0.10 each issued pursuant to the Employees' Share  
Option Scheme will be granted listing and quotation by Bursa  
Malaysia Securities Berhad on Friday, January 27, 2006.

CONTACT:  
  
Maxis Communications Bhd  
Level 18, Menara Maxis  
Kuala Lumpur City Centre  
Off Jalan Ampang  
50088 Kuala Lumpur  
Malaysia  
Phone: 03-23307000  
Fax: 03-2330059


ORISOFT TECHNOLOGY: Net Loss Widens in 3Q/FY05
----------------------------------------------
Orisoft Technology Berhad has released its unaudited third  
quarter financial report for the financial period ended November  
30, 2005.

         Summary of Key Financial Information
         November 30, 2005
          
        Individual Period              Cumulative Period  
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding  
                  Quarter                        Period   
    30/11/2005    30/11/2004      30/11/2005     30/11/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  

    1,853         1,034           4,437          3,120
  
(2) Profit/(loss) before tax  

    -1,521         -667            -1,888         -845
  
(3) Profit/(loss) after tax and minority interest  

    -1,521         -667            -1,888         -845
  
(4) Net profit/(loss) for the period

    -1,521         -667            -1,888         -845
  
(5) Basic earnings/(loss) per shares (sen)  

    -3.04          -1.33            -3.78         -1.69
  
(6) Dividend per share (sen)  

    0.00            0.00             0.00          0.00
  
    As at end of               As at Preceding
    Current Quarter            Financial Year End  

(7) Net assets per share (MYR)   
  
    0.1470                     0.1846

For a full copy of the Company's financial statement free of  
charge, go to:
       
http://bankrupt.com/misc/OrisoftTecnologyOrisoftQtrReportNov2005
.xls


PACIFIC & ORIENT: Repurchases Ordinary Shares  
---------------------------------------------
Pacific & Orient Berhad held a share buy back on January 24,  
2006 with these results:  

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

Total number of shares purchased (units): 79,000

Minimum price paid for each share purchased (MYR): 1.770

Maximum price paid for each share purchased (MYR): 1.780

Total consideration paid (MYR): 141,231.19

Number of shares purchased retained in treasury (units): 79,000

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

Cumulative net outstanding treasury shares as at to-date  
(units): 5,513,656

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

Pacific & Orient Bhd    
11th Floor, Wisma Bumi Raya,  
No 10, Jalan Raja Laut,  
PO Box 10953,  
Kuala Lumpur Wilayah  
Persekutuan 50730  
Malaysia
Telephone: 03-26985033    
Fax: 03-26944209


PILECON GEOTECHNICS: Wind-Up Petition May Bring in Losses
---------------------------------------------------------
Pilecon Geotechnics Sdn Bhd has been served with a winding-up  
petition on January 24, 2006.

The petition was filed by Dolomite Readymixed Concrete Sdn Bhd  
against PGSB.  

Dolomite, PGSB's ready mixed concrete supplier, has claimed for  
a sum of MYR37,060.83 as at December 5, 2005 together with  
continuing interest on MYR23,209.00 accruing at the rate of 1.5%  
per mensum calculated from December 6, 2005 until full  
realization and costs of MYR735.00 due and owed by PGSB under a  
judgment dated August 17, 2004.

The total cost of investment in PGSB: MYR20.0 million.

In the event the winding-up petition succeeded, there would be  
an estimated exceptional loss of MYR9.1 million and the piling  
and foundation works would be carried out by another subsidiary  
of the Company as the Company is equipped with the necessary  
expertise and technical capability in the sector.

PGSB is expected to incur legal fees of approximately  
MYR6,000.000.

The amount of interest claimed is 1.5% per mensum continuing  
interest on MYR23,209.00 calculated from December 6, 2005 until  
full realization.

The winding petition will be heard on March 8, 2006.

PGSB with its solicitors will be taking the appropriate actions  
in response to the winding up petition.

CONTACT:

Pilecon Geotechnics Sdn Bhd    
2, Jalan U1/26, Seksyen U1, HICOM Glenmarie Industrial Park,  
Shah Alam Selangor 40150 Malaysia
Telephone: 03-79825055,03-78041888    
Fax: 03-79825055,03-78041888


RASHID HUSSAIN: Converts ICULS to Ordinary Shares
-------------------------------------------------
Bursa Malaysia Securities Berhad will grant listing and  
quotation of Rashid Hussain Berhad's additional 190,949 new  
ordinary shares of MYR1.00 each issued pursuant to the  
conversion of MYR215,773 nominal value of Irredeemable  
Convertible Unsecured Loan Stocks-B 2002/2012 into 190,949 new  
ordinary shares on January 27, 2006.

CONTACT:

Rashid Hussain Berhad    
9th Floor, RHB 1, 424,  
Jalan Tun Razak, Kuala Lumpur Wilayah  
Persekutuan 50400  
Malaysia
Telephone: 03-92852233    
Fax: 03-92848949


TAMAN BANDAR: Court Orders Interim Stay for Wind-Up Petition
------------------------------------------------------------
Puan Asnah Bt Mohd Salleh' has filed a winding-up petition  
against Taman Bandar Baru Masai Sdn Bhd (formerly known as  
Bandar Baru Masai Sdn Bhd) (TBBM).

TBBM's solicitor have handed the sum of MYR186,455.10 to the  
official receiver instead to Puan Asnah's solicitor.

As a matter of prudence, TBBM has also filed an appeal to the  
Court of Appeal against the winding-up order on January 13,  
2006.  

In addition, Creative Ascent (being the sole shareholder/holding  
company of TBBM) has also filed an application to the High Court  
to stay the winding-up under Section 243 of the Companies Act  
1965 on January 16, 2006, notwithstanding that the payment was  
already settled by the Company to the Official Receiver on  
January 13, 2006.

The aforesaid application to stay the winding-up proceedings  
filed on January 16, 2006, was heard on January 24, 2006, which  
the same judge of the High Court has granted an Interim Stay  
pending the hearing of the permanent disposal of matter on March  
21, 2006.  The Interim Stay in effect, stopped the winding-up  
order from being operative pending the March 21, 2006, hearing  
or the adjournment date thereof.


TIMER STEEL-FAB: Wind-Up Petition Hearing Set March 15
------------------------------------------------------
Prestar Resources Berhad (Prestar) has filed a winding up  
petition against Timer Steel-Fab (Malaysia) Sdn Bhd (TSF).

On August 30, 2005, PESB obtained an Allocator against         
TSF in the High Court at Kuala Lumpur in the sum of        
MYR35,704.00 inclusive of allocator fee of MYR2,650.30.

On November 7, 2005, PESB via its solicitors, Messrs.       
Skrine, had served a demand dated November 7, 2005 on TSF         
at TSF's registered office and demand TSF to make payment         
of the sum of MYR35,704.00 being the amount due and owing         
by TSF to PESB as at November 7, 2005 pursuant to the         
Allocator.

More than three (3) weeks had lapsed since PESB served the  
demand, but TSF has neglected to pay or satisfy the aforesaid  
sum or any part thereof or to make any offer to PESB to secure  
or compound thereof.

PESB had on December 12, 2005 filed a Winding-Up Petition        
on TSF at the High Court at Kuala Lumpur.

The High Court has fixed the hearing for the winding-up petition  
on March 15, 2006.

CONTACT:

Timer Steel-Fab (M) Sdn Bhd    
No. 5-G-4, Jalan Kuchai Lama, Kuala Lumpur
Wilayah Persekutuan 58200
Malaysia
Telephone: 03-79823088    
Fax: 03-79820533


TRANSOCEAN HOLDINGS: Books MYR1,206,000 Net Loss in 2Q/FY05
-----------------------------------------------------------
Transocean Holdings Bhd has released its unaudited second  
quarter report for the financial period ended November 30, 2005.

               Summary of Key Financial Information
               September 30, 2005
          
        Individual Period              Cumulative Period  
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding  
                  Quarter                        Period   
    30/11/2005    30/11/2004      30/11/2005     30/11/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue  

    10,526        10,939          24,230         22,286
  
(2) Profit/(loss) before tax  

    -1,202        -317            -1,603         -892
  
(3) Profit/(loss) after tax and minority interest  

    -1,206        -168            -1,675         -572
  
(4) Net profit/(loss) for the period

    -1,206        -168            -1,675         -572
  
(5) Basic earnings/(loss) per shares (sen)  

    -4.16         -0.58            -5.78         -1.97

(6) Dividend per share (sen)  

    0.00          0.00             0.00           0.00

    As at end of               As at Preceding
    Current Quarter            Financial Year End
  
(7) Net assets per share (MYR)   
  
    0.5600                     0.6200

View a full copy of the financial statement for free at:

http://bankrupt.com/misc/TransoceanHoldingsFY2006Q2InterimFinanc
ialReport.pdf

CONTACT:

TransOcean Holdings Berhad    
Wisma Transocean,  
No. 46, Weld Quay,  
Penang 10400
Telephone: 04-2622518    
Fax: 04-2614843


WONG ENGINEERING: Buys Back 21,000 Ordinary Shares
--------------------------------------------------
Wong Engineering Corporation Berhad conducted a shares buy back  
on January 24, 2006.

The details are:  
    
Date of buy back: January 24, 2006

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

Total number of shares purchased (units): 21,000

Minimum price paid for each share purchased (MYR): 0.360

Maximum price paid for each share purchased (MYR): 0.370

Total consideration paid (MYR): 7,729.67

Number of shares purchased retained in treasury (units): 21,000

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

Cumulative net outstanding treasury shares as at to-date  
(units): 1,592,700

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

CONTACT:

Wong Engineering Corporation Bhd
Lot 24, Jalan Hi-Tech 4, Kulim Hi-Tech Park,
Kulim Kedah 09000 Malaysia
Telephone: 04-4031788
Fax: 04-4031799


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

EXPORT AND INDUSTRY: Shareholders OK Php3-Bln Capital Hike
----------------------------------------------------------
A proposal to increase Export and Industry Bank's capital by  
Php3 billion has won shareholders' approval, reports The  
Philippine Daily Inquirer.  The infusion will increase the  
bank's capital to Php7.5 billion.

The new funds will come from major stockholders, led by the  
Lippo and Yao groups, together with Extra Year Investments Ltd.

Exportbank President Banjamin Castillo told the Inquirer that  
the recapitalization would boost the bank's capital base in  
preparation for the implementation of new International  
Accounting Standards next year.

CONTACT:  

Export and Industry Bank   
30 Paseo de Roxas Ave. cor. Jupiter St.,   
Makati City, Metro Manila   
e-mail: expertinfo@exportbank.com.ph    
Web site: http://exportbank.com.ph     


LAFAYETTE MINING: To Appeal Penalty for Mine Spill
--------------------------------------------------
Australia's Lafayette Mining Limited will appeal the Php10.4-
million (US$197,944) fine imposed by the Philippine government  
for two mine spill accidents last year, Asia Pulse reports.

The government has earlier suspended the Lafayette's operations  
at the Rapu-rapu mine until the miner meets conditions imposed  
by the regulator after the miner allegedly released cyanide into  
local waters, says Asia Pulse.

But Lafayette insists the levels of cyanide found by initial  
testing by the regulator were of a much higher level than could  
have been caused by the spills and a new testing method had now  
been agreed.   The Company believes the environmental impact of  
the spills had been blown out of proportion and the matter had  
become a "political football".

According to Asia Pulse, Lafayette is working to expand its  
tailings storage facility to prevent further spills and to meet  
a list of conditions to reassure its financiers ahead of  
reopening the mine next month.

The Company is expected to lodge an appeal against the penalty  
within this week on the advice of its newly appointed local  
management team.

CONTACT:

Lafayette Mining Limited  
Suite 1, Level 5  
189 Flinders Lane  
Melbourne  
Australia VIC 3000  
Telephone: +61 (0)3 9654 6044  
Facsimile: +61 (0)3 9654 6010  
E-mail: info@lafayettemining.com   
Web site: http://www.lafayettemining.com   


NATIONAL BANK: Keen on U.S. Expansion
-------------------------------------
Philippine National Bank wants to put up more branches in the  
United States to further strengthen its remittance operations,  
The Manila Standard reveals.

The Manila Standard says PNB was considering three to five more  
branches or remittance centers in the U.S.  The bank is also  
planning to reopen its Paris operations.

PNB is the market leader in the remittance business in the  
Philippines.  The bank accounts for 23% to 25% of the remittance  
operations in the country.  It has 99 remittance centers  
worldwide, 87 of them are in the U.S.

PNB is positive it will achieve its net income target of Php600  
million in 2005 after posting a profit of Php454 million in the  
first nine months.  It booked a 26% hike in interest income to  
Php7.731 billion in the first nine months from Php6.116 billion  
last year.

However, PNB is not allowed to declare dividends until it has  
enjoyed profits in the next four to five years.  The bank is  
well ahead of its rehabilitation program but needs to secure  
regulators' approval before it can distribute dividends.

CONTACT:  

Philippine National Bank   
Pres Diosdado P Macapagal Boulevard   
PNB Financial Center   
Pasay 1300   
Philippines   
Phone: +63 2 891 6040   
Fax: +63 2 551 5187   
Web site: http://www.pnb.com.ph


NATIONAL FOOD: Public Urged to Monitor Rice Prices  
--------------------------------------------------
While it is the responsibility of the National Food Authority to  
monitor and regulate the NFA rice business, NFA 8 Regional  
Manager Benjamin Marta also encourages the buying public to be  
watchful over the price of NFA rice which is being sold at  
P18.00 per kilo, nationwide, reports The Philippine Information  
Agency.

Aside from the price of government rice, the public is also  
urged to report any violations committed by NFA rice retailers,  
which include the diversion of stocks, no valid NFA license,  
non-display of price tags, short weighing, and the use of ganta  
or other instruments in violation of the standard weight  
measurement which is by kilogram.

Mr. Marta also added that his agency regularly deploys an  
enforcement team to check on supply and price trends, as well as  
ensure that the commodity reaches the target beneficiaries and  
not diverted and tagged as commercial rice.

Furthermore, Mr. Marta warned those who will be caught with the  
violations that administrative fines will be imposed, along with  
the cancellation of license depending on the number of times the  
violation has been committed.

Meanwhile, the NFA director informs that the agency is still  
waiting for the arrival of NFA Iron-Fortified Rice (IFR) from  
Vietnam.

The importation of iron-fortified rice is in compliance of the  
Food Fortification Program, which requires that rice and other  
food commodities be fortified with vitamin A, iron and other  
nutrients.

CONTACT:  

National Food Authority   
101 E. Rodriguez Sr. Ave.,   
Quezon City, 1100   
Philippines   
Web site: http://www.nfa.gov.ph/   


NATIONAL FOOD: Steps Up Campaign to Cut Rice Imports
----------------------------------------------------
The National Food Authority has urged the public to eat more  
corn than rice to help reduce the volume of rice imported from  
other countries, The Philippine Information Agency reports.

NFA wants to ensure that the people have enough supply of rice.

Records show that about 60% of the province's more than 1.2  
million people eat rice while 40% eat corn.  Consumption depends  
on the prevailing costs in the market although some 20% prefer  
rice because of the small difference in the cost per kilogram  
between rice and corn.  One kilo of corn costs Php16.50 while  
that of NFA rice is Php18.

But the PIA reveals the price of corn could increase in February  
and March because of last year's poor harvest. At the moment,  
NFA-accredited rolling stores across the province have sold some  
48,582 bags of rice.

This year, the food agency aims to distribute about 275,000  
bags, 65,000 more than last year's volume.

The NFA has been incurring losses from importing rice at a high  
cost and selling them at lower than market rates.


NATIONAL POWER: Buys Time for Transition Supply Deal
----------------------------------------------------
The National Power Corporation has filed an urgent motion with  
the energy regulator to give it and Manila Electric Company more  
time to discuss their transition supply deal, BusinessWorld  
reports.

The state power firm asked the Energy Regulatory Commission to  
extend the deadline, originally set on January 20, to March 21  
so the two parties could settle "numerous and complex issues"  
surrounding the contract, BusinessWorld says.

The Troubled Company Reporter - Asia Pacific earlier reported  
that the bilateral power supply contract between the two ended  
on Dec. 31, 2004. But on Jan. 4, 2005, the ERC mandated the two  
firms to continue talks pending the consummation of a transition  
supply contract to avoid power outages in Meralco's franchise  
area.  

The ERC, as reported, acknowledged that it cannot force Meralco  
and Napocor into signing the deal.  The regulator can only make  
sure there is normal delivery of power to consumers.

CONTACT:  

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


NATIONAL POWER: Php363-Mln Coal Contracts Up for Grabs
------------------------------------------------------
National Power Corporation is inviting bidders for the supply  
and delivery of 120,000 metric tons of coal to its Thermal Power  
Plant in Naga, Cebu, The Philippine Star relates.

According to The Star, the state-owned power firm will bid out  
Php363-millon worth of coal contracts on February 28, 2006, for  
the Cebu plant's April to December use.

Napocor is encouraging local coal suppliers to attend a pre-bid  
conference on February 15 at the Company's compound in Quezon  
City.

Napocor is exploring the possibility of increasing the volume of  
local coal that is being used to run its coal-fired power  
plants, The Star says.  Currently, the firm is blending 10% of  
local coal every month to generate power from its coal-fired  
facilities.

The power firm is looking at a 30/70 blend and eventually a  
50/50 blend of local and imported coal.

Napocor started the pre-blending of local coal in Pagbilao power  
plant, one of Napocor's independent power producers (IPPs).   
Pagbilao power station consists of two 367.5 megawatt (MW) coal-
fueled generating units or a total of 735-MW generating  
capacity.  It utilizes about 30,000 tons of coal per month.


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S I N G A P O R E  
=================

ASAHI KEIKI: Intends to Pay Dividend to Creditors
-------------------------------------------------
Creditors of Asahi Keiki Singapore Pte Limited are required to  
submit their proofs of claim on February 20, 2006, to:

Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Failre to comply with the requirement will exclude creditors  
from the benefit of the Company's dividend.


CHINA AVIATION (S): Ex-CEO Paid Huge Salary Amid Losses
-------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited paid its  
former chief executive officer huge compensation at the same  
time the Company revealed significant losses from fuel  
derivatives trading, the Standard relates.

CAO's 2004 annual report revealed Chen Jiulin was paid 80% of  
his salary as compensation plus a 20% bonus, amounting to a  
total of SGD500,000 after he was axed from his position at CAO  
in November 2004.  Eight CAO directors, however, did not receive  
directors' fees that same year, the paper says.

CAO reported that it lost up to SGD892.17 million trading duel  
derivatives, and was subject to investigation by police and the  
Singapore Exchange.  The Company was able to stay afloat with he  
help of its creditors who agreed to write off part of its debt,  
and by investors who were interested to buy a stake.
  
According to the Standard, CAO has scheduled its annual general  
meeting on February 3, 2006, to approve its 2004 results,   
reappoint external auditor Ernst & Young, and discuss anout  
proper compensation for its directors.

CONTACT:  

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


HOTEL MIDDLE: Creditors' Proofs of Claim Due Feb. 20
----------------------------------------------------
Hotel Middle East Management, which is preparing to declare a  
dividend, has required its creditors to submit proofs of claim  
by February 20, 20006, to:

Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

In default thereof, creditors will be excluded from benefiting  
from the dividend.


INFORMATICS HOLDINGS: Seeks Advice to Counter Lawsuit
-----------------------------------------------------
On September 23, 2005, Informatics Holdings Limited received a  
letter of demand from Instituto Informatics Mexico S.A. de C.V.,  
claiming compensatory damages against the Company.

Acting on legal advice, Informatics claims it has grounds to  
refute the claim by IMX.  According to its counsel, the Company  
also has a counterclaim against IMX.

On January 21, 2006, Informatics received notice that IMX had  
filed a petition with the New York Supreme Court to seek  
arbitration of the dispute between the two parties. Prior to  
that, the New York Courts ordered Informatics to explain why  
arbitration is not necessary.

Informatics will seek further legal advice on how to proceed,  
and will post future developments in the case.

CONTACT:     
    
Informatics Holdings Limited     
Informatics Campus     
12 Science Centre Road     
Singapore 609080     
Phone: 65 6562 5625     
Fax:   65 6565 1371     
Web site: http://www.informaticsgroup.com    
  

INFORUM PAC-RIM: To Declare Dividend
------------------------------------
Inforum Pac-Rim Pte Limited notifies parties-in-interest of an  
intended dividend to be declared at the Singapore High Court.

Creditors are rquired to submit their proof of claims by  
February 3, 2006 to:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118


KHENG SENG: Court Orders Liquidation
------------------------------------
On January 13, 2006, the Singapore High Court ordered the wind-
up of Kheng Seng Realty (1968) Private Limited.

All creditors of the Company should file their proof of claims  
with:

The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

All debts due to the Company should be forwarded to the  
Liquidator.


MARCOBILT DEVELOPERS: Schedules Final Meeting Next Month
--------------------------------------------------------
Members of Marcobilt Developers Pte Limited will met on February  
21, 2006, at 10:00 a.m. to:

      -- get an account of the manner of the Company's wind-
up      
         and property disposals; and
      -- hear the liquidators' explanation on the wind-up  
         actions taken.

Members entitled to attend and vote at the meeting can appoint  
another person or persons as his proxy to attend the meeting and  
vote in his stead.

CONTACT:

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators
C/o 138 Cecil Street, #15-00 Cecil court
Singapore 069538


SHENJU PTE: Receiving Proofs of Claim Until Feb. 20
---------------------------------------------------
Creditors of Shenju (Singapore) Pte Limited, whose debts or  
claims have not already been submitted, must submit thier proofs  
of claim by February 20, 2006 to:

Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Failure to comply with the requirement will excluded creditors  
from the benefit of the Company's dividend distribution.


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

RS PROMOTION: Eyes Business Expansion
-------------------------------------
RS Promotion Public Co. Ltd. has hinted at plans to boost its  
core music business, The Nation reports.

Part of the plan is to introduce a group of new young artists  
and teenage television programs to build up the firm's teen  
music and media business, the paper says.  RS Promotion has also  
restructured its management in order to positively implement its  
new program.

Despite its proposed expansion, RS stressed it will still focus  
on its core business -- music.  The Company hopes to see its  
media operations generate revenues this year.

CONTACT:

R.S. Promotion Public Company Limited
Chetchotisak Building, 419/1 Ladphrao 15,
Ladphrao Road, Chomphon, Chatuchak Bangkok
Telephone: 0-2511-0555
Fax: 0-2511-2324
Web site: http://www.rs-promotion.com


THAI AIRWAYS: Australian Exit Alarms Phuket
-------------------------------------------
Thai Airways International Public Co. Limited's planned  
suspension of Australian services worries Phuket authorities,  
Bangkok Post reveals.

Phuket authorities say the carrier's plan to discontinue direct  
flights to Australian routes will inconvenience tourists.  

Phuket, which is trying to revive its tourism industry after the  
2004 tsunami disaster, is concerned Thai Airways' move might  
discourage Australian tourists to visit the spot.
  
Director of the Tourism Authority of Thailand's Region 4  
Southern Office, Suwalai Pinpradab, told the Post that Australia  
had become a prime market for Phuket in the post-tsunami period.  
Australians are now the second largest arrivals group after  
South Koreans, surpassing those from Europe who normally top the  
list.

Figures released by the Immigration Bureau show Australian  
arrivals at Phuket airport totaled 43,083 in the first 10 months  
of last year.  The figure constitutes 10.41% of all  
international arrivals.

However, Thai Airways is firm on its decision to abandon the  
route because of mounting losses.  The airline will carry a  
heavy financial burden if it still services the flights despite  
increasing losses.

Vasing Kittikul, Executive Vice-President for Thai Airways'  
commercial department pointed out that local authorities and the  
tourism industry have not provided assistance to enable Thai  
Airways to stay afloat.

Phuket authorities will keep on prodding Thai Airways to retain  
the flights.  They plan to hold a meeting with the airline to  
discuss about keeping the service.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173





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

Troubled Company Reporter -- Asia Pacific is a daily newsletter  
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, Erica Fernando, Freya Natasha Fernandez, and Peter A.  
Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or  
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