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

                     A S I A   P A C I F I C

             Monday, March 20, 2006, Vol. 9, No. 056


                            Headlines

A U S T R A L I A   &   N E W  Z E A L A N D

A&D PORTER: Undergoes Liquidation Proceedings
AGENIX LIMITED: Plans to Sell Non-Core Businesses
AIRSIY PTY: Members to Receive Wind-up Details
AZON PTY: Enters Voluntary Liquidation
CAIRNS CAREER: Creditors' Claims Due on March 22

CARTER HOLT: Rank Crosses 90% Threshold and Completes Takeover
COLES MYER: Myer Family to Hold on to Coles Stake
COUNTIES LIVESTOCK: Prepares for Liquidation
CRISP & WINSPEAR: Winds Up Operations
EDITH COWAN UNIVERSITY: Budget Deficit Reaches AU$20 Million

EJ AND VA SIBLEY: To Hold Final Meeting Today
EMU BREWERY: Creditors Agree on Liquidation
EVANS & TATE: Set for Turnaround After AU$44.4 Mln Net Loss
J. SPENCER: Names David Scott as Liquidator
KIMSEED ENVIRONMENTAL: Receivers Step Aside

KIWIMARK LIMITED: Court to Hear Liquidation Petition Next Week
LJ HOLDINGS: Liquidator to Distribute Assets
MAXIM INVESTMENTS: Court Sets Liquidation Hearing Next Week
MERTON HOLDINGS: Members to Convene in Final Meeting  
MEARBANI CONSTRUCTION: Court Issues Wind-up Order

MOBILE LABOUR: Inability to Pay Debts Leads to Wind-up
MURPHY MANAGEMENT: Decides to Close Business Operations
NATIONAL MEDICAL: Appoints Official Receivers
PORTO SARDEGNA: Members Opt to Wind Up Firm
QANTAS AIRWAYS: Denies Switzerland Outsourcing Speculations

QANTAS AIRWAYS: Strike Threat Still Looms
ROBINSON OSTRICH: Faces Liquidation Proceedings
SYVRET PTY: Creditors OK Liquidators' Appointment
T&O's SPECS: Fixes Liquidation Hearing on April 13
TELSTRA CORPORATION: Board Wants Shareholders Warned

TELSTRA CORPORATION: Dividend Cut Threat Looms and Affects Stock
TOMDICK PTY: To Distribute First Dividend
VALCAT PTY: Placed Under Voluntary Liquidation
Y.O. INTERNATIONAL: Liquidator to Discuss Wind-up Report


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Signs Electronic Payment Service Agreement
AW BOON: Schedules Final Meeting on April 10
BANK OF CHINA: Awards Surecomp QA Services Contract
DELTA INTERNATIONAL: Names Official Liquidators
DELTA LAND: Appoints Wilson Wing Sang Chan as Liquidator

FORLUXE FINANCE: Members and Creditors Meeting Fixed on March 24
GRACE SEMICONDUCTOR: Wants to Postpone Debt Repayment After Loss
HONG KONG ENGINEERING: To Hold Final Meeting on April 22
GINGER CREATIVE: Court Issue Wind-Up Order
GUANGSHEK ENGINEERING: Schedules Wind-up Hearing on April 19

KOWLOON ESTATES: Enters Voluntary Liquidation
LUEN NGAI: Set to Close Business
KWONG YENG: Liquidator to Present Wind-up Report
LEESON STRATEGIC: Commences Winding Up Proceedings
LEESON ORGANIZATION: Members Resolve to Wind Up Firm

MING KONG: Winding Up Hearing Fixed on May 10
SHIOZUMI ASSET: To Hold Final Meeting on April 18
SHUN FAT: Cheung Sui Hung Lodges Liquidation Petition


I N D I A

BHARAT PETROLEUM: To Commission Bina Refinery by 2009
BHARAT PETROLEUM: Sees First-Time Loss for Full-Year 2006
BRITISH INDIA: Government to Revive Two Mills
HINDUSTAN ORGANIC: Fitch Says Revival Plan Approval is Positive
* Government Revives 13 More Sick State Firms


I N D O N E S I A

BANK MANDIRI: Judges in Mandiri Graft Case Questioned


J A P A N

ASAHI MUTUAL: To Resume Dividend Payments Soon
LIVEDOOR CO.: Another Buyer Shows Interest in Fuji Stake
LIVEDOOR CO.: Prosecutors Want to Keep Two Ex-Execs Detained
SANYO ELECTRIC: Forms Joint Venture with Quanta Computer


K O R E A

KOREA EXCHANGE: Union Supports DBS Bank Bid
SAMSUNG CARD: Raises US$300 Million Via ABS Sale


M A L A Y S I A

APEX EQUITY: Buys Back MYR3,117 Worth of Shares
ASIAN PAC: Warrants 2001/2006 Expires on April 15
AVANGARDE RESOURCES: Appeals Against Bourse Delisting
AYER MOLEK: Proposes Rights and Bonus Issue
KUB MALAYSIA: Taps ZRP as Legal Counsel

LANKHORST BERHAD: Resists Bourse Delisting
MALAYSIA AIRLINES: Boosts Partnership with Air France
MALAYSIA AIRLINES: To Stop 'Supersavers' Scheme
NALURI CORPORATION: Seeks New Authority to Purchase Own Shares
NALURI CORPORATION: Sells Treasury Shares

POLYMATE HOLDINGS: Unit Receives Statement of Claim
TALAM CORPORATION: 7% ICULS to Lapse on April 19


P H I L I P P I N E S

COLLEGE ASSURANCE: Planholders Ask Court to Lift Stay Order
LAFAYETTE MINING: Does Not Have Capital to Rehabilitate Mines
LEPANTO CONSOLIDATED: Ups Number of Common Shares for Trading
MAYNILAD WATER: Cuts Rate by 24 Centavos for April-June Quarter
PHILIPPINE AIRLINES: Slows Down Expansion Due to Loss of Pilots


S I N G A P O R E

ADINC.COM PRIVATE: To Pay Dividend on March 24
ALUMCOAT PRIVATE: Enters Wind-Up Process
FHTK HOLDINGS: SGX-ST OKs Listing and Quotation of Shares
GUTHRIE BATAM: Faces Wind-Up Proceedings
SINGAPORE SHUTTLE: Receiving Proofs of Debt Until April 17


T H A I L A N D

THAI AIRWAYS: Analysts Bullish on Recovery

     - - - - - - - -

============================================
A U S T R A L I A   &   N E W  Z E A L A N D
============================================

A&D PORTER: Undergoes Liquidation Proceedings
---------------------------------------------
The members of A&D Porter Pty Limited convened at an
extraordinary general meeting on February 16, 2006, and agreed
to wind up the Company's operations voluntarily.

Subsequently, William Bernard Abeyratne and Loke Ching Wong were
appointed as joint and several liquidators.

Contact: William B. Abeyratne
         Loke Ching Wong
         c/o Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone: 9696 2885


AGENIX LIMITED: Plans to Sell Non-Core Businesses
-------------------------------------------------
Agenix Limited's Board of Directors is currently evaluating the
disposal of its non-core human health and animal health
diagnostic test businesses, the Company reveals in a press
release dated March 17, 2006.

Funds from the prospective sale of these businesses and a
private placement will be applied towards achieving a commercial
outcome for ThromboView(R) and implementation of key initiatives
towards developing a broad pipeline of monoclonal antibody based
products, the release says.

The placement has raised AU$3.0 million before costs from the
placement of 13.6 million shares at AU$0.22.  The shares were
placed with institutions and sophisticated investors introduced
by Intersuisse Limited.

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labelled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs
110 staff and sells its products to more than 50 countries.  
ThromboView is a registered trademark of AGEN Biomedical.
  
Coming from a AU$161,000 net profit in 2002, Agenix ended 2003
with a AU$811,000 net loss, owing to huge R&D expense on
Thromboview.  By August 2004, the Company had announced a
AU$14.3 million loss for the six months ending June 30, 2004,
largely due to increased investments and one-off items including
legal fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.  Milton was sold in February 2005, but the
Company still suffers from continued losses.  In the Company's
report on its financials for the period ending June 30, 2005,
net loss was pegged at AU$12 million.


AIRSIY PTY: Members to Receive Wind-up Details
----------------------------------------------
The final meeting of the members of Airsiy Pty Limited is slated
for March 21, 2006, at 11:00 a.m., to get an account of the
manner of the Company's wind-up and property disposal from
Liquidator J. M. Casey.

Contact: J. M. Casey
         Liquidator
         35 Barrett Drive
         Lennox Head, New South Wales 2478
         Australia


AZON PTY: Enters Voluntary Liquidation
--------------------------------------
The sole member of Azon Pty Limited decided to wind up the
Company's business operations voluntarily, and appointed Mark
Francis Xavier Mentha to act as liquidator.

Contact: Mark Francis X. Mentha
         Liquidator
         KordaMentha
         Level 24, 333 Collins Street
         Melbourne, Victoria
         Australia


CAIRNS CAREER: Creditors' Claims Due on March 22
------------------------------------------------
Creditors of Cairns Career Training Incorporated, whose claims
have not already been admitted, are required to submit their
formal proofs of claim by March 22, 2006, to Liquidator I. D.
Jessup.

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

Contact: I. D. Jessup
         Liquidator
         Jessup & Partners
         PO Box 936, Earlville
         Queensland 4870, Australia
         Telephone: 07 4033 1349
         Fax: 07 4033 1649


CARTER HOLT: Rank Crosses 90% Threshold and Completes Takeover
--------------------------------------------------------------
Rank Group Investments Limited has moved to complete its
NZ$3.3 billion takeover of forest products company Carter Holt
Harvey Limited.

Rank Group, which is an investment vehicle owned by Graeme Hart,
has crossed the 90% threshold required to compulsorily acquire
the remaining shares.  Rank now intends to mop up the
minorities.

Mr. Hart's NZ$2.75-a-share offer for the remaining Carter Holt
shares he did not already own closes on March 21, 2006.

Mr. Hart initially had a 50.5% stake in Carter Holt, buying from
International Paper Co. in August 2005 for NZ$2.50 a share.

The Troubled Company Reporter - Asia Pacific reported on
February 2, 2006, that Rank Group was able to increase its stake
in the Company to 85.7%, at the same share price.  Rank Group
then offered to purchase the remaining 14.3% of Carter Holt for
an increased share price of NZ$2.75.

By March 9, Rank Group owned nearly 88% of the Company.

ShareChat relates that Carter Holt will cease trading on the
stock exchange on March 27 as Rank Group moves towards gaining
full control of the Company.

Headquartered in Auckland, New Zealand, Carter Holt Harvey
Limited -- http://www.chh.com/-- is a forest products company  
in the Australasia region, with significant interests in wood
products, pulp, paper and packaging, supported by forests.  
Leading Carter Holt Harvey brands include Bestwood, Customwood,
Ecoply, Kopine and Pinex, and the Company's packaging can be
found in most supermarket aisles.  Carter Holt Harvey is listed
on both the NZX and ASX, and employs approximately 10,500
people across New Zealand, Australia and Asia.  Carter Holt
Harvey's troubles began when its wood businesses started facing
a challenging environment.  In July 2005, the Company confirmed
that Plymill's financial performance was being adversely
affected by import competition, a softening Australian housing
market and increased costs.  In August, following a
consultation process at the Tokoroa Plymill, Carter Holt
Woodproducts announced a restructure plan that will result in
around 40 redundancies.  Carter Holt immediately became
vulnerable to takeover when its controlling shareholder,
International Paper, was sold out to Graeme Hart's Rank Group.  
Almost immediately, Mr. Hart offered full control.  Most
recently, Mr. Hart has crossed the 90% stake threshold for a
compulsory takeover.

Carter Holt turned a profit of NZ$130 million in the 2005
calendar year, which is a 77% decline compared to the previous
year's profit of NZ$569 million.


COLES MYER: Myer Family to Hold on to Coles Stake
-------------------------------------------------
The Myer family intends to keep its stake in Coles Myer Limited
even after the Myer part of the business has been sold off,
Namnews.Org reports.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2006, the Myers hold 3% to 4% of Coles Myer, estimated
to be at AU$400 million and AU$500 million.  The Myer family
owned the Myer Limited store chain before it was sold to Coles
Myer in 1984.

Coles Myer has just sold the 61-store chain and its flagship
store in Bourke Street, Melbourne, for AU$1.4 billion in
aggregate to private equity firm Newbridge Capital LLC, along
with American parent company Texas Pacific Group.

The Myer family has at least 5% stake in Newbridge, valued at
AU$65 million.

The Namnews report quotes a spokesman for the Myers as saying
that the family regarded its stakes in Coles Myer and Newbridge
as "separate and distinct investments and intends to manage them
accordingly."

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in  
Australia and New Zealand and employs with over 165,000 staff.  
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been  
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its   
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In March 2006, after months of negotiations, Coles
Myer sold the 61-store Myer chain to Newbridge Capital and to
the former Myer store owners, the Myer family, for AU$1.4
billion.


COUNTIES LIVESTOCK: Prepares for Liquidation
--------------------------------------------
On January 31, 2006, the Accident Compensation Corporation has
filed an application to liquidate Counties Livestock Transport
Limited with the High Court of Auckland.

The High Court will hear the application on April 20, 2006, at
10:00 a.m.

Any person planning to appear on the hearing must file an
appearance not later than April 18, 2006.

Contact: Dianne s. Lester
         Solicitor for the Plaintiff
         Maude & Miller
         Second Floor, McDonald's Building, Cobham Court
         P.O. Box 50-555 or D.X. S.P. 32-505, Porirua City
         New Zealand


CRISP & WINSPEAR: Winds Up Operations
-------------------------------------
After their general meeting on February 13, 2006, the members of
Crisp & Winspear Pty Limited decided to voluntarily wind up the
Company's operations and liquidate its assets.


EDITH COWAN UNIVERSITY: Budget Deficit Reaches AU$20 Million
------------------------------------------------------------
Edith Cowan University is suffering from budget problems and may
be letting go of some staff, ABC News Online reports.

ABC News has been told that the University, which is one of the
largest in Perth, is facing a AU$20 million budget shortfall and
is anticipated to cut about 100 jobs.  Enrolments at ECU have
fallen significantly in 2006 and the University is facing large
budget cuts, with Commonwealth funding linked to sponsored
places.

The Tertiary Education Union said that ECU's budget woes
indicate a turmoil facing Australia's tertiary education sector.
The Union believes that only a change of government can fix the
problem.

Located in Perth, Western Australia, Edith Cowan University --
http://www.ecu.edu.au/-- is a market leader in education for  
the service professions.  The University's international
enrolments exceed 3,000 with students originating from more than
80 countries.  ECU's origins go back to 1902 when it began as a
teaching college.  Today it is Western Australia's second
largest university with almost 23,000 students.


EJ AND VA SIBLEY: To Hold Final Meeting Today
---------------------------------------------
The members of EJ and VA Sibley Pty Limited will convene today,
March 20, 2006, to receive Liquidator John Park's account
regarding the Company's completed wind-up and disposal of
property.

The members will also consider any other matters that may be
brought before the meeting.

Contact: John Park
         Liquidator
         KordaMentha (Queensland)
         22 Market Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3225 4900
         Fax: (07) 3225 4999


EMU BREWERY: Creditors Agree on Liquidation
-------------------------------------------
The creditors of Emu Brewery Mezzanine Limited held a meeting on
February 15, 2006, and agreed on the Company's need to
liquidate.  They named Martin Jones and Darren Weaver as joint
and several liquidators.

Contact: Martin Jones
         Darren Weaver
         Joint Liquidators
         Ferrier Hodgson Chartered Accountants
         Level 26, 108 St. George's Terrace
         Perth, Western Australia 6000


EVANS & TATE: Set for Turnaround After AU$44.4 Mln Net Loss
-----------------------------------------------------------
Evans & Tate Limited has reported a net loss of AU$44.4 million
-- after one-off charges of AU$30.4 million -- for the half-year
period ended December 31, 2005, against a AU$3.6 million net
profit in the corresponding period in 2004.

The decline is also duplicated in total revenue, which fell to
AU$45.9 million from AU$49.6 million in the previous period.

The wine-maker blames the significant losses suffered by its
United Kingdom business as a result of fierce competition and
the loss of market share.  However, Evans & Tate notes that it
had begun making significant progress in its overall turnaround
strategy.

Evans & Tate Chief Executive Officer Martin Johnson said that
the Company was set to meet the realities of the current wine
market.  He said after a detailed review of the Company's
operations, the management has refined its strategy to focus on
the premium wine segment where it can target high margin
business.

Evans & Tate has rigorously cut costs to meet current price
pressures and closed loss making operations, Mr. Johnson added.  
He also noted that, finally, it had taken steps to reduce its
debt.

As previously reported by the Troubled Company Reporter -- Asia
Pacific on March 15, 2006, Evans & Tate confirmed that it will
sell its Mildura winery to U.K.'s Neqtar for AU$22 million, plus
options.  The move also paved the way to a distribution
relationship with HwCg, Neqtar's subsidiary.  HwCg runs a wine
import and distribution business that supplies more than 2.5
million cases of wine from around the world to UK retailers.

Mr. Johnson underscored the importance of the U.K. wine market.

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.  

In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm  
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at discount, and
cut the carrying value of certain wineries.  In July 2005, Evans
& Tate has secured an additional AU$10 million in short-term
working capital from ANZ.  In January 2006, Evans & Tate
announced that it was selling off its Griffith Winery to boost
capital, but not without borrowing another AU$12 million.  The
Company is still seeking for buyers.  In February 2006, Evans &
Tate shed 20 jobs as part of a restructure that it said was
expected to result in cost savings of about AU$2.5 million a
year.


J. SPENCER: Names David Scott as Liquidator
-------------------------------------------
Members of J. Spencer (Builder) Proprietary Limited resolved on
February 17, 2006, to wind up the Company's operations.

David H. Scott was appointed to supervise the wind-up activities
of the Company.

Contact: David H. Scott
         Liquidator
         Jones Condon Chartered Accountants
         77 Station Street, Malvern
         Victoria 3144, Australia


KIMSEED ENVIRONMENTAL: Receivers Step Aside
-------------------------------------------
On February 10, 2006, Geoffrey Frank Totterdell and Martin
Russell Brown ceased to act as the receivers and managers of the
property of Kimseed Environmental Pty Limited.


KIWIMARK LIMITED: Court to Hear Liquidation Petition Next Week
--------------------------------------------------------------
An application to liquidate Kiwimark Limited has been filed with
the High Court of Christchurch on February 23, 2006, by Calais
Properties Limited.

The Petition will be heard before the High Court on March 27,
2006, at 10:00 a.m.

Persons wishing to appear at the hearing may file an appearance
not later than 23, 2006.

Contact: Mark Henderson
         Solicitor for the Plaintiff
         Corcoran French, Barristers & Solicitors,
         217 Gloucester Street
         P.O. Box 13-001, Christchurch
         New Zealand
         Telephone: (03) 379 4660
         Facsimile: (03) 379 4614


LJ HOLDINGS: Liquidator to Distribute Assets
--------------------------------------------
After a general meeting on February 14, 2006, the members of LJ
Holdings Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets disposal.

F. W. Collins and A. R. Bottomer were appointed as joint and
several liquidators of the Company.

Contact: A. R. Bottomer
         F. W. Collins
         Joint Liquidators
         PO Box 1596, Cairns
         Queensland 4870, Australia


MAXIM INVESTMENTS: Court Sets Liquidation Hearing Next Week
-----------------------------------------------------------
The liquidation hearing for Maxim Investments Limited will be
heard before the High Court of Christchurch on March 27, 2006.

An appearance must be filed not later than March 23, 2006, in
order for an interested person to attend a hearing.

Contact: Hellaby Holdings Limited
         Kensington Swan
         Solicitors

         G. P. Blanchard
         Solicitor for the Plaintiff
         18 Viaduct Harbour Avenue, Auckland
         New Zealand


MERTON HOLDINGS: Members to Convene in Final Meeting  
----------------------------------------------------
A final meeting of the members of Merton Holdings Pty Limited
will be held on March 21, 2006, at 8:00 a.m.

At the meeting, liquidator Jane Merton 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.

Contact: Jane Merton
         Liquidator
         57 Vista Street, Sans Souci
         New South Wales 2219, Australia


MEARBANI CONSTRUCTION: Court Issues Wind-up Order
-------------------------------------------------
On February 17, 2006, the Federal Court of Australia ordered the
winding up of Mearbani Construction Pty Limited, and appointed
Stephen James Parbery as liquidator of the Company.

Contact: Stephen J. Parbery
         Liquidator
         PPB Chartered Accountants and Business Reconstruction
         Specialists
         15th Floor, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 4955
         Fax: (02) 9221 1310


MOBILE LABOUR: Inability to Pay Debts Leads to Wind-up
------------------------------------------------------
At an extraordinary general meeting of the members of Mobile
Labour Pty Limited on Feb. 16, 2006, it was agreed that the
Company wind up its business voluntarily due to its inability to
pay its debts.

Vincent Heufel was then appointed as the Company's liquidator.

Contact: Vincent Heufel
         Liquidator
         Heufel Partners
         20 Kemp Street, Wallsend
         New South Wales 2287, Australia


MURPHY MANAGEMENT: Decides to Close Business Operations
-------------------------------------------------------
Members of Murphy Management Pty Limited held a general meeting
on February 21, 2006, and agreed to:

  -- voluntarily wind up the Company's business operations; and

  -- appoint Susan Carter and Jason Bettles as liquidators for
     the wind-up.

Contact: Jason Bettles
         Susan Carter
         Liquidators
         Worrells Solvency & Forensic Accountants
         Level 6, Fifty Cavill Avenue
         Surfers Paradise, Queensland
         Australia


NATIONAL MEDICAL: Appoints Official Receivers
---------------------------------------------
On February 14, 2006, Richard Albarran and Geoffrey McDonald
were appointed to act as the receivers and managers of National
Medical Developments Pty Limited.

Contact: Richard Albarran
         Geoffrey McDonald
         Receivers
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


PORTO SARDEGNA: Members Opt to Wind Up Firm
-------------------------------------------
At an extraordinary general meeting of the members of Porto
Sardegna Pty Limited on February 15, 2006, it was agreed that a
voluntary wind-up of the Company is appropriate and necessary.

Peter Paul Krecji was appointed as liquidator for the wind-up.

Contact: Peter P. Krecji
         Liquidator
         GHK Green Krecji
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


QANTAS AIRWAYS: Denies Switzerland Outsourcing Speculations
-----------------------------------------------------------
Speculations abound that Qantas Airways is looking at
Switzerland as the new heavy maintenance hub for its 11-Airbus
A330 fleet.

Last week, Qantas had shelved plans to send its wide-body jet
maintenance operations and 2,500 jobs to Asia, and instead
decided to keep them in Australia, through consolidated
operations.  This decision, the Sydney Morning Herald says, has
fuelled talks that Qantas could also use the former Swissair
maintenance subsidiary SR Technics to maintain its fleet of 12
A380 superjumbos, which will be delivered from next year.

However, Qantas has denied the reports that it is permanently
outsourcing heavy maintenance for its Airbus A330s.

Qantas' executive engineering manager, David Cox, had confirmed
that the airline is talking to SR Technics and other vendors
regarding some A330 heavy maintenance work required later this
year.  Yet, he clarified that the airline had always used
external providers in the early days of a new aircraft's
maintenance program.

Mr. Cox explained that Qantas' A330 fleet is "a young and still
relatively small fleet."  Yet, he said Qantas was already
looking for longer-term onshore options for future Airbus
maintenance.

The Australian Associated Press cites Mr. Cox as revealing that
if Qantas achieves the efficiency improvements it expects at its
Brisbane B767 base, the airline will invest in A330 heavy
maintenance at that facility.

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.  Qantas started having problems in 2003 with
the ill effects of the Iraq War and the SARS outbreak, on top of
the already difficult period following the events of the 9/11
terrorist attacks, the Afghanistan war and the terror threats,
which lead to a downturn in bookings to other Asian countries,
and affecting most of European routes as well.  The adverse
effects also affected other areas of the business including
Qantas Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China. In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.  

By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the Airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year. The latest
round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the Airline's heavy maintenance works
overseas.


QANTAS AIRWAYS: Strike Threat Still Looms
-----------------------------------------
Qantas Airways may still face an industrial action from
maintenance workers despite its decision not to send heavy
maintenance jobs overseas, The Australian relates.

Unions are still unhappy about the airline's decision to close
the Sydney maintenance base and cut 480 jobs.

At least one union, the Australian Manufacturing Workers Union,
says it is planning an industrial action if the airline
continues with its cost-cutting plans.  The AMWU's unhappiness
is mirrored at the Australian Licensed Aircraft Engineers
Association, which stands to lose 227 jobs in the restructure.

            Sydney Maintenance Base Will Stay Closed

As reported by the Troubled Company Reporter - Asia Pacific,
Qantas had originally planned to send 2,500 jobs offshore to cut
costs.  However the airline announced that, it would send its
maintenance work to Avalon, Victoria instead, closing its Sydney
maintenance base and cutting jobs.

Qantas Chief Executive Officer Geoff Dixon said that moving the
work overseas would have produced bigger savings overall but a
successful Australian restructuring had the benefit of
significant savings while preserving a much desired skills base
in this country.  Mr. Dixon, though, had not ruled out sending
jobs offshore if the restructure failed to meet the global
benchmarks.

Union officials met with Qantas heads to discuss an alternative
proposal that would save jobs by boosting efficiency and
productivity.  However, Qantas bluntly ascertained that the
Sydney maintenance closure would not be reversed.

                          Legal Action

Furthermore, Qantas is facing a legal action in Federal Court
from pilots attempting to stop a deal with Jetstar, which they
believe will undercut wages and conditions.  The Australian and
International Pilots Association is alleging that the closure of
a second officer base in Melbourne is linked to the start-up of
Jetstar International, a claim Qantas categorically denies and
says it will rigorously defend.

Mr. Dixon also wrote to the pilots this week warning them that
high oil prices meant changes in the airline would accelerate
and they were not immune.

Qantas' head of industrial relations, Kevin Brown, said that he
believed the facts on which the pilots' action was based were
wrong and that it would fail.

"Our view is that their argument is spurious," Mr. Brown said,
noting that second officers flew on international A330-300
services, not the domestic A330-200s headed to Jetstar.  He
added that the airline was due to renegotiate an enterprise
agreement with pilots at the end of this year and was likely to
seek productivity improvements rather than wage cuts.

Asked about potential industrial action by maintenance unions,
he said it would not change the end result. "We're not going to
reopen Sydney because of that."

                          *   *   *   *

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.  Qantas started having problems in 2003 with
the ill effects of the Iraq War and the SARS outbreak, on top of
the already difficult period following the events of the 9/11
terrorist attacks, the Afghanistan war and the terror threats,
which lead to a downturn in bookings to other Asian countries,
and affecting most of European routes as well.  The adverse
effects also affected other areas of the business including
Qantas Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China. In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.  

By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the Airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year.  The
latest round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the Airline's heavy maintenance works
overseas.


ROBINSON OSTRICH: Faces Liquidation Proceedings
-----------------------------------------------
The Environment Canterbury has filed a petition to liquidate
Robinson Ostrich Farms Limited on January 31, 2006, at the High
Court of Christchurch.

The application will be heard before the High Court of
Christchurch on March 27, 2006 at 10:00 a.m.

Any person wishing to appear on the hearing of the application
must file an appearance no later than March 23, 2006.

Contact: R. A. Fraser
         Solicitor for the Plaintiff
         Credit Services (NZ) Limited
         Level Six, 138 Victoria Street, Christchurch
         New Zealand


SYVRET PTY: Creditors OK Liquidators' Appointment
-------------------------------------------------
Members of Syvret Pty Limited convened on February 15, 2006, to
wind up the Company's operations.

In addition, Christopher Michael Williamson and Kimberley Andrew
Strickland were appointed as joint and several liquidators for
the wind-up.  The Company's creditors confirmed the liquidator's
appointment at a creditors' meeting held later that day.

Contact: Kimberley A. Strickland
         Christopher M. Williamson
         Joint Liquidators
         Level 12, 40 St. George's Terrace
         Perth, Western Australia 6000
         Australia


T&O's SPECS: Fixes Liquidation Hearing on April 13
--------------------------------------------------
The High Court of Auckland received on November 22, 2005, a
petition to liquidate T&O's Specs Builders Limited.

The petition was filed by Accident Compensation Corporation and
will be heard before the High Court on April 13, 2006, at 10:00
a.m.

Any person wishing to appear at the hearing must file an
appearance not later than April 11, 2006.

Contact: Dianne S. Lester
         Solicitor for the Plaintiff
         Maude & Miller
         Second Floor, McDonald's Building, Cobham Court
         P.O. Box 50-555 or D.X. S.P. 32-505, Porirua City
         New Zealand


TELSTRA CORPORATION: Board Wants Shareholders Warned
----------------------------------------------------
Telstra Corporation's board of directors wants the prospectus
for full privatization to carry warnings to investors about the
massive risk of over-regulating, The Age reports.

Telstra chairman Donald McGauchie intends to outline why the
company plans to fight the Australian Competition and Consumer
Commission in court and what it sees as the disastrous impact of
Government decisions in a letter to shareholders along with the
prospectus for the sale of the final and third tranche of
Telstra shares, the report says, citing the Financial Review.

The Federal Government, however, thinks that Telstra is focusing
so heavily on the Company's difficulties, and told Telstra to
issue bland warnings and general statements of fact in the fine
print instead.

The Troubled Company Reporter - Asia Pacific had earlier
reported about Telstra's row with Communications Minister Helen
Coonan.  Senator Coonan's latest moves against the telco's favor
includes unveiling a strategy to reform the media sector as a
step towards the digital television switch in 2012, which plan
involves a ban on a fourth commercial TV network; threatening to
use Government funds to support a semi-national broadband
telecommunications network in competition with Telstra; refusing
to exempt Telstra's planned higher-speed network from key
regulations; and rejecting Telstra's Local Presence Plan.

Headquartered at Melbourne, in Victoria, Australia, Telstra  
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TELSTRA CORPORATION: Dividend Cut Threat Looms and Affects Stock
----------------------------------------------------------------
Telstra Corporation Chief Financial Officer John Stanhope told
an investment conference in London last week that future
dividends could be impacted by negative outcomes of regulatory
issues still to be resolved, given the billions of dollars the
Company wants to spend on capital works.

Mr. Stanhope disclosed at the Citigroup Investment Conference
that for Telstra shareholders, the Company intends to pay 28
cents per share, fully franked dividend, for the next three
years, including the current financial year, subject to the
normal board considerations.

Mr. Stanhope said that if Telstra gets "a horrendous regulatory
outcome, the board will have to reconsider that particular
dividend payment."

               Telstra is Blackmailing Government

According to IT Wire, Mr. Stanhope's revelation have generated a
storm of controversy leading Telstra's competitors to accuse the
telco of trying to blackmail the Government to ease on
regulatory moves.

The Competitive Carriers' Coalition, for one, seized on Mr.
Stanhope's remarks saying "Telstra knows that lowering dividends
means that there will be no chance of privatization in the
Government's timetable."

CCC executive director, David Forman, believes that Telstra is
trying "to dress up this attack on competition as providing
certainty, but by now everyone can see it for what it is -- a
bald-faced attempt to turn back the clock."

                      Telstra Shares Plunge

Moreover, The Age relates that Telstra shares stumbled to the
worst level in more than eight years on March 17, 2006, as fears
grew that Australia's number one telco might cut its future
annual dividend payout to shareholders.  Telstra closed at
AU$3.71, hitting a day low of AU$3.70, after losing six cents.

It was the stock's lowest level since December 12, 1997, when it
reached AU$3.62.

Speculations put it that an increasing number of Telstra
watchers are questioning the sustainability of its current 28
cents per share annual dividend payout.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TOMDICK PTY: To Distribute First Dividend
-----------------------------------------
Tomdick Pty Limited will declare its first dividend today, March
20, 2006.

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

Contact: Dean R. McVeigh
         Liquidator
         Foremans Business Advisors (Southern) Pty Limited
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia


VALCAT PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At a general meeting on Valcat Pty Limited, members concurred
that it is in the Company's best interests to liquidate its
operations.

Gess Michael Rambaldi and Andrew Reginald Yeo were appointed to
oversee the wind-up.

Contact: Gess M. Rambaldi
         Andrew R. Yeo
         Liquidators
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


Y.O. INTERNATIONAL: Liquidator to Discuss Wind-up Report
--------------------------------------------------------
A final meeting of Y.O. International Pty Limited will be
conducted today, March 20, 2006.  

Liquidator R. J. May will present his final account regarding
the Company's wind-up operations at that meeting.

Contact: R. J. May
         Liquidator
         KPMG
         Level 30, Central Plaza One
         345 Queen Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3233 3111


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

AGRICULTURAL BANK: Signs Electronic Payment Service Agreement
-------------------------------------------------------------
China's leading online e-commerce firm Alibaba.com and the
Agricultural Bank of China has signed an agreement to cooperate
on electronic payments, Xinhuanet relates.

The agreement will help enterprises and individuals to reduce
online trade credit risks and improve the e-commerce market in
China.

Alibaba runs online commerce sites that link foreign buyers with
Chinese wholesalers, while the Agricultural Bank of China has
about 30,000 branches with the leading e-bank network in the
country.

Headquartered in Beijing China, Agricultural Bank of China  
-- http://www.abchina.com/-- is the one of the "big four"   
banks in the People's Republic of China.  It was founded in  
1949, and has its headquarters in Beijing and has branches  
throughout mainland China, and also in Hong Kong and  
Singapore.  It employs over 300,000 people.  As of 2004 it had  
an annual turnover of US$13.3 billion.  By the end of 2005, the  
Agricultural Bank of China became the second largest bank in  
China in terms of total assets, which had hit CNY4.88 trillion  
(US$605 billion), second only to the Industrial and Commercial  
Bank of China.  Agricultural Bank of China is the remaining of  
the Big Four state-owned banks that as not yet received a state  
bailout.  The other three members of the Big Four State-owned  
banks -- the Bank of China, China Construction Bank, and  
Industrial and Commercial Bank of China -- have already received  
a combined US$60 billion in capital injections from the Chinese  
government in the past two years.  Agricultural Bank anticipates  
completing its financial restructuring in 2006.  However, it  
still awaits the Chinese central government's decision on  
bailout funds.


AW BOON: Schedules Final Meeting on April 10
--------------------------------------------
The final meeting of the members of Aw Boon Haw Foundation
Limited will be held at 13/F., Sun House, 181 Des Voeux Road
Central, Hong Kong, on April 10, 2006, at 10:00 a.m.

The meeting was set for the creditors to get Joint Liquidators'
Leung Kent Ning Louis and Au Yang Sun Fat's account on the
Company's wind-up and property disposal.


BANK OF CHINA: Awards Surecomp QA Services Contract
---------------------------------------------------
The Bank of China signed a Quality Assurance Services agreement
with leading software solutions provider Surecomp on Thursday
last week.

Surecomp stated in a press release that the agreement includes
the implementation of automated testing tools developed by
Mercury Interactive - the global leader in Business Technology
Optimization (BTO) software and services - and a comprehensive
range of IT support services.

One of the major building blocks in the Bank of China's drive to
build a market-driven, client-oriented, world-class financial
services institution, with a robust corporate governance
structure capable of delivering outstanding performance over a
long-term, is the establishment of a dedicated Quality Control
Center.  The first Chinese bank to institute a dedicated Quality
Control Center, the department will govern and manage the Bank's
IT solutions and optimize application quality, performance, and
availability.

Established in 1912, Bank of China has built an enviable
reputation as a major driving force in promoting China's
economic and social progress through its active involvement in
the country's international trade and financial activities.  
This is aptly demonstrated by the appointment of Bank of China's
as the official bank of the 2008 Beijing Olympics.

Surecomp is a market pioneer with a proven track record for
delivering innovative solutions to major banks and financial
services providers worldwide.


DELTA INTERNATIONAL: Names Official Liquidators
-----------------------------------------------
Delta International Limited was placed in liquidation on
February 28, 2006, by a special resolution passed by the
shareholders.

As a result, Kevin Chung Ying Hui was appointed as liquidator.

Contact: Kevin Chung Ying Hui
         16th Floor, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


DELTA LAND: Appoints Wilson Wing Sang Chan as Liquidator
--------------------------------------------------------
The shareholders of Delta Land Limited held a meeting on
February 28, 2006, and agreed on the Company's need to
liquidate.  They then named Wilson Wing Sang Chan to oversee the
Company's wind-up activities.

Contact: Wilson Wing Sang Chan
         Liquidator
         23rd Floor
         Wheelock House
         20 Pedder Street
         Hong Kong


FORLUXE FINANCE: Members and Creditors Meeting Fixed on March 24
----------------------------------------------------------------
The meetings of the members and creditors of Forluxe Finance
Limited will be held for them to consider the resignation of
Tong Yat Hung as liquidator, and appoint Stephen Briscoe in his
place.

The members' meeting will be held on March 24, 2006, at 3:00
p.m., and the creditors' meeting will take place on the same day
at 3:30 p.m.


GRACE SEMICONDUCTOR: Wants to Postpone Debt Repayment After Loss
----------------------------------------------------------------
Grace Semiconductor Manufacturing Corporation, China's second-
biggest supplier of made-to-order chips, is seeking to delay
payment on $680 million of loans after failing to turn a profit,
Bloomberg News relates.

Grace Semiconductor asked seven banks including China
Construction Bank Corporation, Shanghai Pudong Development Co.
and Industrial and Commercial Bank of China to agree to a debt
reorganization by March 25, 2006.

The banks were requested to extend the Company's payment
deadline to prevent loans becoming overdue if a reorganization
agreement isn't reached.  

Three of the creditor banks have signaled support for the
proposal.  State-owned Semiconductor Manufacturing International
Corporation, chaired by Grace Semiconductor's co-founder Jiang
Mianheng, will grant $190 million in loans convertible into
shares.

According to Bloomberg News, Grace Semiconductor is unprofitable
as market leader Taiwan Semiconductor Manufacturing Co. drives
down industry prices with more efficient factories.  The
Company, which is seeking to raise $1.8 billion from selling
shares in Hong Kong and New York, has delayed the offering three
times.  The firm has originally planned to list as early as
2004.

Grace Semiconductor Manufacturing Corporation
-- http://www.gsmcthw.com/-- is a pure integrated circuit  
foundry Company that specializes in Integrated Circuit
fabrication.  Grace is located in the Zhangjiang Hi-Tech Park in
Pudong, Shanghai, with a total land area of 240,000 square
meters and a first-phase investment of $1.63 billion.  Two fabs
based on 12-inch wafer specifications have been constructed.  
Currently, Fab 1A(8") is in full production, and has been since
Grace's grand opening on September 23rd, 2003.  It reaches a
monthly capacity of 27,000 8" wafers in the second half of 2004.


HONG KONG ENGINEERING: To Hold Final Meeting on April 22
--------------------------------------------------------
A final meeting of the shareholders of Hong Kong Engineering
Holding Limited will be reconvened and held at Unit G, 12/F.,
Seabright Plaza, 9-23 Shell Street, North Point, Hong Kong on
April 22, 2006, at 11:00 o'clock in the morning.

At the meeting, the members will receive Liquidator Chan Sek
Kwan Rays' final account showing how the Company was wound up
and how its property was disposed.  They will also discuss on
whether the books, accounts and documents of the Company will be
retained by the Liquidator and be destroyed three months after
the Company is dissolved.


GINGER CREATIVE: Court Issue Wind-Up Order
------------------------------------------
Ginger Creative Solutions Limited has presented a petition to
wind up its operations.

On March 8, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up the Company.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


GUANGSHEK ENGINEERING: Schedules Wind-up Hearing on April 19
------------------------------------------------------------
On February 20, 2006, Hung Yuen Engineering Company filed a
petition with the High Court of Hong Kong to wind-up Guangshek
Engineering Company Limited.

The application will be heard before the High Court on April 19,
2006, at 9:30 a.m.

Persons interested to appear at the hearing may file an
appearance not later than April 18, 2006.

Contact: Thomas E Kwong
         for Director of Legal Aid
         27/F., Queensway Government Offices
         66 Queensway, Hong Kong


KOWLOON ESTATES: Enters Voluntary Liquidation
---------------------------------------------
At a meeting of Kowloon Estates Limited on February 28, 2006,
the members agreed to voluntarily wind up the Company's
operations.

Wilson Wing Sang Chan of 16th Floor, Ocean Centre, Harbour City,
Canton Road, Kowloon, Hong Kong, was nominated to act as
liquidator for the wind-up.


LUEN NGAI: Set to Close Business
--------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance entered a wind-up order pertaining to
Luen Ngai Decoration Company Limited on March 8, 2006.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,  
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


KWONG YENG: Liquidator to Present Wind-up Report
------------------------------------------------
A final meeting of the members of Kwong Yeng Company Limited
will be held on April 11, 2006, at 10:00 a.m.

At the meeting, Liquidators Natalia Seng Sze Ka Mee and Cynthia
Wong Tak Yee 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.

Contact: Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Joint & Several Liquidators
         Level 28, Three Pcific Place
         1 Queen's Road East, Hong Kong


LEESON STRATEGIC: Commences Winding Up Proceedings
--------------------------------------------------
Members of Leeson Strategic (H.K.) Limited held a meeting on
February 27, 2006, and agreed that the Company be wound up
voluntarily and Lam Ying Sui be appointed as liquidator.

They also agreed that the audit of the Liquidator's accounts of
receipts and payments would not be required.

Contact: Lam Ying Sui
         Room 1005 Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong
        

LEESON ORGANIZATION: Members Resolve to Wind Up Firm
----------------------------------------------------
Members of Leeson Organization Holding Limited held a meeting on
February 27, 2006, and agreed that:

  -- the Company be wound up voluntarily;

  -- Lam Ying Sui, of Room 1005 Allied Kajima Building, 138
     Gloucester, Road, Wanchai, Hong Kong, be appointed as
     Liquidator's for the purpose of such winding up; and

  -- the audit of the liquidator's accounts of receipts and
     payments will not be required.


MING KONG: Winding Up Hearing Fixed on May 10
---------------------------------------------
On March 3, 2006, Thomas E. Kwong filed an application to wind
up Ming Kong International Trading Company Limited with the High
Court of Special Administrative Region.

The Application will be heard before the High Court on May 10,
2006, at 27/F, Queenseay Government Office, Queensway, Hong
Kong.


SHIOZUMI ASSET: To Hold Final Meeting on April 18
-------------------------------------------------
A final meeting of the members of Shiozumi Asset Management
(H.K.) Limited will be held on April 18, 2006, for them to
receive the liquidator's final account showing how the Company
was wound up and how its property was disposed of.

At the meeting, they will also discuss on whether the books,
accounts and documents of the Company will be retained by the
joint liquidators, Chan Shu Kin and Chow Chi Tong, and be
destroyed three months after the Company is dissolved.

Contact: Chan Shu Kin
         Chow Chi Tong                  
         Joint and Several Liquidators
         9/F., Tung Ning Building
         249-253 Des Voeux Road Central
         Hong Kong


SHUN FAT: Cheung Sui Hung Lodges Liquidation Petition
-----------------------------------------------------
Cheung Sui Hung has filed with the High Court of Hong Kong an
application to liquidate Shun Fat Woodwork Company Limited.

The petition will be heard before the High Court on April 12,
2006, at 9:30 a.m.

Any person interested to appear on the hearing must file an
appearance not later than April 11, 2006.

Contact: Betty Chan
         for Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong
         Telephone: (852) 2126 6731
         e-mail: ladinfo@lad.gov.hk


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

BHARAT PETROLEUM: To Commission Bina Refinery by 2009
-----------------------------------------------------
State-run Bharat Petroleum will raise US$2.33 billion to
commission its 120,000-barrel-per-day Bina Refinery by year
2009, Oil and Gas Journal reports.

Bharat Petroleum had earlier announced that it will hold an
initial public offering of equity for the Bina facility in about
two years, the Journal says.

Oil & Gas Journal says that the plans come as one of Bharat
Petroleum's rivals, Hindustan Petroleum Corporation Limited,
unveiled similar investment decisions.  Bharat Petroleum is
stepping up efforts to compete with the tight oil market in
order to curb huge losses resulting from government subsidies on
fuel products.

Moreover, the Company is also getting ready to invest INR15
billion during fiscal 2006-07 to expand its retail network,
liquefied petroleum gas capacity, and Mumbai-Delhi product
pipeline.

                     About Bharat Petroleum  

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.  On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd.  In  
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss.  By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.  
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005.  Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel.  On February 20, 2006, the Petroleum Ministry, however,
has proposed an increase of INR3 per liter each in petrol and
diesel prices and INR20 per cylinder increase in liquefied
petroleum gas price to save the oil companies from going
bankrupt.   


BHARAT PETROLEUM: Sees First-Time Loss for Full-Year 2006
---------------------------------------------------------
Bharat Petroleum Corporation expects to book a full-year net
loss in fiscal 2006 for the first time since its establishment,
The Economic Times reveals.

Bharat Petroleum marketing director S Radhakrishnan forecasts
that the Company will report a 2006 net loss of more than
INR2,500 crore (US$560 million) due primarily to selling cheap
fuel and soaring crude oil costs.  

Mr. Radhakrishnan also reveals that the Company's losses on the
sale of all fuels are likely to be around INR40 billion in the
current fiscal year.  

Newly installed Petroleum Minister Murli Deora had warned Prime
Minister Manmohan Singh that state oil companies Bharat
Petroleum, Hindustan Petroleum and IBP Limited could collapse if
they are not bailed out soon, as reported in the March 15, 2006,
edition of the Troubled Company Reporter - Asia Pacific.

Mr. Deora asked the Government to offer a revival package to the
oil firms, which could run into catastrophic losses in the next
few years.  The package, according to Mr. Deora, should include
a bigger subsidy for liquefied petroleum gas and kerosene to
allow the firms to recover losses for selling fuel at lower-
than-market prices.

                     About Bharat Petroleum  

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.  On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd.  In  
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss.  By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.  
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005.  Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel.  On February 20, 2006, the Petroleum Ministry, however,
has proposed an increase of INR3 per liter each in petrol and
diesel prices and INR20 per cylinder increase in liquefied
petroleum gas price to save the oil companies from going
bankrupt.   


BRITISH INDIA: Government to Revive Two Mills
---------------------------------------------
The Government is seeking the advise of merchant bankers on
convincing private players to run two British India Corporation
mills, Bharat Textile reports.

As part of British India's revival plan, the Government will
create a special purpose vehicle that will oversee the Company's
Cawnpore Woollen Mills in Kanpur and New Egerton Woollen Mills
at Dhariwal in Punjab.  The two mills are currently operational
and are engaged in wool spinning and weaving, as well as
blending of various textile items.

The Government will also ask merchant bankers to assist in
identifying and selecting asset values, legal advisers,
accountants and other intermediaries and coordinate their work
under the guidance of the Government.  The bankers would also be
required to make a presentation before an inter-ministerial
group on the basis of their expressions of interest, which are
to be submitted this month.

The inter-ministerial panel will further evaluate the parties
based on their presentation and shortlist them for the purpose
of opening their financial bids.

The British India Corporation Ltd was taken over by the
Government of India in 1981 through the acquisition of all
private shares.  The Company has two woolen mills  -- Cawnpore  
Woollen Mills Branch (Lalimli) at Kanpur in Uttar Pradesh and
New Egerton Woollen Mills Branch at Dhariwal in Punjab -- under
its direct control.  It also has two cotton subsidiaries, Elgin
Mills Co. Ltd. and Cawnpore Textiles Ltd., at Kanpur in Uttar  
Pradesh.  The Board for Industrial and Financial Reconstruction
sanctioned a rehabilitation scheme for the Company.  The
resources for the Scheme are to be largely generated through
sale of surplus assets.  Since the sale process has been held up
for more than two years due to non-receipt of required
permission from the State Government of Uttar Pradesh, the
Government has considered running the mills through a joint
venture.


HINDUSTAN ORGANIC: Fitch Says Revival Plan Approval is Positive
---------------------------------------------------------------
Fitch Ratings on Friday said that the Indian cabinet's recent
approval of Hindustan Organic Chemicals Limited's revival
package is a positive development.  On September 1, 2005, Fitch
assigned an expected National Short-term rating of
'F1+(ind)(so)' to the INR1-billion Non Convertible Debenture
programme.  The rating is based solely on the unconditional and
irrevocable guarantee extended by the Government of India.

Hindustan Organic is a Board of Industrial and Financial
Reconstruction registered company.  The financial restructuring
package has been cleared by the Cabinet Committee on Economic
Affairs based on the recommendations of the Board for
Reconstruction of Public Sector Enterprises.  The package
consists of grants aggregating INR750 million and subscription
by way of non cumulative redeemable preference shares
aggregating INR1,750m by the GoI.

Fitch notes that though the proposal technically still needs an
approval from the BIFR, the agency expects the approval to be
given soon.  Hindustan Organic expects to incur net losses this
fiscal year ending 31 March 2006.  Fitch, however, notes that
Hindustan Organic plans to initiate operational restructuring at
its two units as part of the revival package in a bid to make
the company viable as a standalone entity.

Hindustan Organic Chemicals Ltd was incorporated on December 12,
1960, as wholly owned enterprise of Government of India.  It has
two manufacturing units, namely, phenol complex at Cochin and an
integrated Nitro Aromatic Complex at Rasayani.  The Company
produces a wide range of products including phenol, acetone,
aniline and others.  It has continuously paid dividend for over
20 years till 1997-98.  Due to reduced protection from imports,
poor market condition and excessive manpower and interest cost,
the company had been reporting losses since 1997-98.  A
financial restructuring package was proposed in 2002 to help the
Company turn its business around.


* Government Revives 13 More Sick State Firms
---------------------------------------------
Finance Minister P Chidambaram revealed that 13 sick public
sector undertakings are now being revived at a cost of INR6,100
crore, The Statesman relates.

The 13 PSUs are reportedly among the 28 units recommended for
revival by the Board for Reconstruction of Public Enterprises.  
The remaining units will be later revived one by one after
rehabilitation of the first 13 state firms is commenced.

The revival package includes a cash component of INR1,675 crore
and the remaining INR4,000-odd crore would be a way of writing
off loans.  A large portion of the cash component would
subsequently be returned by sale of assets and through internal
accruals, Mr. Chidambaram said.

Meanwhile, Mr. Chidambaram refuted claims that Government was
closing down public sector units and said, on the contrary, it
was reviving them.


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

BANK MANDIRI: Judges in Mandiri Graft Case Questioned
-----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
February 21, 2006, that the South Jakarta District Court
dismissed charges of fraud against three former directors of
state-owned PT Bank Mandiri.

Presiding Judge Gatot Suhartono acquitted Bank Mandiri's former
chief operating officer, Edward C. Neloe; former risk management
director, I Wayan Pugeg; and former corporate and government
affairs director, M. Sholeh Tasripan, of fraud charges, stating
that a lack of evidence failed to prove that the three directors
committed graft, resulting in state losses.

Yet, the case has taken a new twist this month when the Attorney
General's Office alleged that Judge Suhartono, together with
Judge I Ketut Manika and Judge Machmud Rachini, committed
technical errors when reaching their verdict, the Jakarta Post
says.

On March 9, 2006, The Judicial Commission questioned the three
judges regarding their verdict on the graft case and launched an
interrogation.  A meeting will follow the interrogation where
the Judges will hand out a final decision.

Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's  
largest and best capitalized bank in terms of assets, loans and
deposits, provides comprehensive financial services to more than
six million corporate and individual consumers, as well as small
and medium-sized enterprises in Indonesia.  Its total assets as
of March 31, 2002 were IDR261.9 trillion, roughly 24% of the  
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements.
  
Bank Mandiri's troubles began in December 1999, when the state
bank, which combined four other state banks, posted losses
totaling IDR6.8 trillion (US$942 million) during the first two
months of operation.  In September 2003, Bank Mandiri asked the
approval of shareholders to hold a quasi-reorganization so that
it can pay dividends to shareholders in 2004.  Before the quasi-
reorganization, there had been loss accumulation worth IDR163
trillion.  As of September 2005, Bank Mandiri's non-performing
loans comprised 24.57% of its total loans.  Accumulated  
unresolved debts and higher interest rates led to the 7.49%
increase in the bank's non-performing loans.  Subsequently, Bank
Mandiri is subject to special monitoring by the central bank due  
to its high level of non-performing loans, although it can still
extend credit to borrowers.  In December 2005, Bank Mandiri
reported that its third-quarter net profits plummeted 56.7% to  
IDR610.7 billion (US$60.86 million) from IDR1.41 trillion in the
same period in 2004.  In February, the bank sought the
Government's help to resolve its non-performing loan problems
and to approve its plan to set up a debt management agency
together with Bank Negara Indonesia, as a state finance law and
a finance ministry regulation prohibit state banks from writing
off debts without permission from the Finance Minister.


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

ASAHI MUTUAL: To Resume Dividend Payments Soon
----------------------------------------------
Asahi Mutual Life Insurance Company will resume paying dividends
to its individual policyholders this year, Crisscross Nees
reports.

According to unnamed company sources, Asahi will be able to pay
dividends to its policyholders for the business year 2005,
ending March 31, 2006, as a result of increased share prices and
favorable market conditions.

Crisscross relates that this is the first time in the last five
years that the Company is able to pay dividends.

                      About Asahi Mutual

Headquartered in Tokyo, Japan, Asahi Mutual Life Insurance
Company -- http://www.asahi-life.co.jp/-- is a Japanese life  
insurance Company that focuses on individual life insurance.  
The Group also sells non-insurance products provided by its
partners and provides investment trust products.

The Troubled Company Reporter - Asia Pacific reported on
November 11, 2005, that Standard & Poor's Ratings Services
raised by three notches its long-term counterparty and financial
strength ratings on Asahi Mutual to 'BB-' from 'B-'.

Moody's Investors Service, on the other hand, had placed the B3
insurance financial strength rating of Asahi Mutual Life
Insurance Company (Asahi Life) on review for possible upgrade.

The upgrades were a result of the Company's continued reduction  
in asset risks, efforts to improve business efficiencies by  
moderating the declines in in-force business and sales force  
turnovers, and stringent restructuring measures.

Moody's noted that Asahi Life's current rating reflects the  
risks inherent in its investment portfolios and its weak capital  
position, which was eroded by large investment losses.  
Additionally, the rating considers the company's relatively  
heavy negative spread burden, which together with declining  
business in-force has limited Asahi's flexibility to organically  
grow its capital levels.  


LIVEDOOR CO.: Another Buyer Shows Interest in Fuji Stake
--------------------------------------------------------
London-listed Crosby Capital has expressed interest in buying
Fuji Television Network's 12.75% stake in struggling Japanese
Internet portal Livedoor Company Limited.

Also acquired in acquiring the Fuji TV stake is Japanese cable
broadcaster

As reported by the Troubled Company Reporter - Asia Pacific on
March 17, 2006, Fuji Television plans to sell its stake in
Livedoor to Usen Corporation.

                       About Livedoor

Tokyo-based Livedoor Company Limited --
http://corp.livedoor.com/en/-- is an Internet company that  
provides out portal site "livedoor", corporate web solutions,
data center and IP telephony business.  The Company was the
focus of an accounting scandal when it was discovered that the
Company had concealed a JPY1 billion loss for the financial year
ended September 2004 by manipulating its financial statements.
Livedoor president Takafumi and other former executives were
arrested in January this year for their alleged role in the
accounting scandal.  
  

LIVEDOOR CO.: Prosecutors Want to Keep Two Ex-Execs Detained
------------------------------------------------------------
The Tokyo District Public Prosecutors Office filed a complaint
on March 16, 2006, after the Tokyo District Court granted the
requests of Livedoor Company Limited's former chief financial
officer, Ryoji Miyauchi, and former operating officer, Osanari
Nakamura, to post bail.

The prosecutors wanted to keep Messrs. Miyauchi and Nakamura
detained.

The Court, however, dismissed the Prosecutors' complaints
against its release ruling.  Subsequently, the two former
executives were released on March 17.

The Troubled Company Reporter - Asia Pacific reported on
March 17 that the Court had denied the request of Livedoor's ex-
president, Takafumi Horie, and director Fumito Kumagai to be
released on bail, while granting those made by Mr. Miyauchi, Mr.
Nakamura and former director Fumito Okamoto.  

The prosecutors did not include Mr. Okamoto in their complaint.

                         About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is engaged in the Internet  
related business.  It is involved in many sectors, including out
portal site "livedoor", financial business, corporate web
solutions, data center and IP telephony business.  Last year,
Livedoor's office was raided by prosecutors on suspicions of
accounting fraud.  Company executives were alleged to have
relayed false information on a merger, with the intent to boost
the stock price of a Company subsidiary.  Livedoor's stock price
plunged on allegations that the Company concealed a huge JPY1
billion loss for the financial year ended September 2004.  


SANYO ELECTRIC: Forms Joint Venture with Quanta Computer
--------------------------------------------------------
Sanyo Electric Company Limited plans to form a joint venture
with Taiwan's Quanta Computer Inc. to manufacture flat-screen
televisions, AFX News relates.

In a statement released by Sanyo, the joint venture would make
use of Sanyo's research and development teams and manufacturing
sites, and its global sales and service network, as well as
Quanta's manufacturing base and China supply chain.

Sanyo Electric's president, Toshimasa Iue, said that putting
together the two firms will increase value for shareholders.  
However, no other details of the joint venture were released as
the companies are still conducting due diligence.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Company, Limited,  
-- http://www.sanyo.com/-- is one of the world's leading makers  
of consumer electronics products.  On November 21, 2005, Moody's
Investors Service downgraded Sanyo's long-term ratings to Baa2
from Baa1, while placing these ratings on review for possible
further downgrade.

Moody's says that it is possible for Sanyo to return to
profitability if its mid-term business plan is implemented.  
Sanyo's business portfolio, in the rating agency's opinion, was
too diversified for its relatively weak capital base, ranging
from AV (audio visual) products, home appliances,  
batteries, commercial-use air-conditioning systems and
semiconductors to the finance business.


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

KOREA EXCHANGE: Union Supports DBS Bank Bid
-------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
March 15, 2006, DBS Bank had confirmed that it had submitted a
bid to acquire Lone Star Fund's 51% stake in Korea Exchange
Bank.

The labor union at Korea Exchange has expressed full support for
Singaporean DBS Bank's bid to purchase the controlling stake in
the Korean lender over other Korean bidders, the Korea Times
relates.

DBS Bank had indicated that if selected as a strategic partner
for Korea Exchange, it will play a role as a long-term strategic
investor in South Korea, and promised to ensure independent
operation of the Korean lender.  The Korea Exchange Bank's union
leader, Kim Ji-sung, said that they respect DBS Bank's plan.

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it anks
sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.


SAMSUNG CARD: Raises US$300 Million Via ABS Sale
------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
November 23, 2005, that Samsung Card issued US$300 million worth
of three-year asset-backed securities, placed by Standard
Chartered.  

The ABS was then issued with a yield 17 basis points above the
London Interbank Offer Rate.  The proceeds were used to fund
operations, including car leasing and sales on credit.

In a recent report, Samsung Card Co. has raised US$300 million
by selling asset-backed securities in Tokyo, Yonhap News
relates.  

The three-year debt was sold at London Interbank Offered Rate
plus 0.17 percentage point.  The card company did not disclose
where the proceeds would go.

The ABS was rated "AAA" by the Standard and Poor's and Moody's
Investors Service.  

Headquartered in Seoul, Korea, Samsung Card,   
-- http://www.samsungcard.co.kr/-- formerly the No.1 credit  
card issuer, fell to the third place after Kookmin Card and LG
Card, following a liquidity crunch in 2003, because of a rise in
overdue credit card bills.  Samsung Card suffered an 18%
increase in net loss for 2005 to KRW1.31 trillion.


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

APEX EQUITY: Buys Back MYR3,117 Worth of Shares
-----------------------------------------------
On March 16, 2006, Apex Equity Holdings Berhad bought back 7,000
ordinary shares for a total cash consideration of MYR3,116.67.

The minimum price paid for each share purchased was MYR0.440 and
the maximum was MYR0.450.

After the purchase, the cumulative outstanding treasury shares
have reached 2,780,000.

On March 15, 2006, the Company bought back 18,000 ordinary
shares for MYR8,026.51, according to a report by the Troubled
Company Reporter - Asia Pacific.  
  
Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is  
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.  
Operations of the Group are principally carried out in Malaysia.  
The Company has suffered five consecutive years of losses
beginning 2001.  It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005,
which is an improvement from the fourth quarter 2004 net loss of
MYR76,596,000.


ASIAN PAC: Warrants 2001/2006 Expires on April 15
-------------------------------------------------
Asian Pac Holdings Berhad's Warrants 2001/2006 will expire at
5:00 p.m. on April 15, 2006.

The Company informs warrant holders that those warrants not
exercised on the expiry date will lapse and become null and void
and will then cease to be exercisable.  The Expired Warrants
will be removed from the Official List of Bursa Securities on
April 17, 2006.

As of March 10, 2006, none of the Warrants have been exercised
and the total number of outstanding Warrants is 170,602,799.

To facilitate the exercise of subscription rights of the
warrants, the trading of warrants on Bursa Securities will be
suspended from 9:00 a.m. on March 30, 2006, until the April 15,
2006.  Hence, the last trading day for trading of the Warrants
will be on March 29, 2006.

The exercise price of the Warrants 2001/2006 is MYR0.25 for each
new Asianpac Share.  This exercise price has taken into account
the adjustment that was made in conjunction with Asianpac's
corporate restructuring scheme.

Remittance for the exercise price must be made in full payable
in Ringgit Malaysia by banker's draft, banker's demand or
cashier's order drawn on a bank operating in Malaysia or by
money order or postal order issued by a post office in Malaysia.

Headquartered in Kuala Lumpur, Malaysia, Asian Pac Holdings
Berhad -- http://www.asianpac.com.my-- is principally engaged  
in the underwriting of general insurance.  Its other activities
include provision of stockbroking and nominee services,
investment and development of properties and investment holding.  
Despite its healthier profits, Asian Pac's balance sheet has
remained burdened by its hefty accumulated losses, which
amounted to MYR506.48 million as of March 1, 2005.  To address
this, Asian Pac is currently undertaking a corporate-
restructuring exercise, which includes several proposed land
acquisitions to improve its high gearing level and to address
the accumulated losses.


AVANGARDE RESOURCES: Appeals Against Bourse Delisting
-----------------------------------------------------
Avangarde Resources Berhad has submitted its appeal to Bursa
Malaysia Securities Berhad in the hopes of maintaining its
listing status on the stock exchange.

In view of the appeal, the Bursa Securities' Appeals Committee
has deferred the scheduled listing of the Company pending the
decision on the appeals.

Avangarde had earlier been served with a five-market day notice
saying that its entire issued and paid-up share capital would be
removed from the Official List of Bursa Securities on March 22,
2006, as it has failed to meet with the requirements of Bursa
Malaysia.

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  


AYER MOLEK: Proposes Rights and Bonus Issue
-------------------------------------------
On March 15, 2006, Ayer Molek Berhad proposed to undertake:

   -- a Renounceable Rights Issue of 23,400,000 new ordinary
      shares of MYR1.00 each in Ayer Molek on the basis of 13
      rights shares for every one existing ordinary share of
      MYR1.00 each held at an indicative issue price of MYR1.00
      per rights share;

   -- a Bonus Issue of 35,100,000 new Ayer Molek shares on the
      basis of three new shares for every two rights shares
      subscribed by existing Ayer Molek shareholders and their
      renouncees pursuant to the Proposed Rights Issue; and

   -- an amendment to the Memorandum and Articles of
      Association of the Company.

The Proposed Rights Issue and Proposed Bonus Issue are
undertaken to address the minimum issued and paid-up capital of
the Company pursuant to Paragraph 8.16A of the Listing
Requirements of the Securities Exchange.

The proceeds from the Proposed Rights Issue will be utilized for
working capital and business expansion purposes, which is
currently being formulated by the Company.

The purpose of the Proposed Amendment is to facilitate the
Proposed Bonus Issue, such that the Bonus Shares are allowed to
be distributed, not only to ordinary shareholders of the
Company, but also to the renouncees and underwriters who have
successfully subscribed for the Rights Shares pursuant to the
Proposed Rights Issue and were allotted the Rights Shares.

The Company expects to complete the undertakings by the second
quarter of 2007.

Alliance Merchant Bank has been appointed to advise on the
Proposals.

The complete details of the proposal as stated in the press
release is available for free at:

   http://bankrupt.com/misc/tcrap_ayermolek031706.pdf

Headquartered in Kuala Lumpur, Malaysia, Ayer MolekRubber
company Berhad is principally engaed in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.  Ayer Molek has incurred substantial losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.  


KUB MALAYSIA: Taps ZRP as Legal Counsel
---------------------------------------
The Board of Directors of KUB Malaysia Berhad disclosed that the
Company has entered into transactions with Zul Rafique &
Partners with regard to the firm's employment as legal counsel
to the Company.  The total value of the transactions up to
March 16, 2006, is MYR303,000.

Zul Rafique & Partners is now one of the panel lawyers of the
Company that provide legal services necessary for the Company's
day-to-day operations.

The transactions had been entered in the normal course of
business and had been established under negotiated terms.

Contact: Zul Rafique & Partners
         Legal Counsel
         Suite 17.01, 17th Floor Menara Pan Global,
         No.8 Lorong P. Ramlee, 50250 Kuala Lumpur,
         Malaysia

Headquartered in Kuala Lumpur, Malaysia, KUB Malaysia Berhad --
http://www.kub.com.my/home.html-- provides information and  
communications technology, liquefied petroleum gas, property
engineering and construction, provision of education and
training, food and beverages.  Other activities include
investment holding, manufacturing of mild steel pipes and
garments, oil palm plantation, trading of consumer products and
advertising/event management services.  The Company is currently
focusing on its restructuring plan aimed at turning its business
around from a series of past losses.


LANKHORST BERHAD: Resists Bourse Delisting
------------------------------------------
Bursa Malaysia Securities has decided to remove Lankhorst Berhad
from the official list on March 22, 2006, due to the Company's
failure to issue annual audited accounts, annual report and
quarterly reports within the timeframes stated and have not
issued the financial statements after more than six months from
the expiry of the timeframe.

Lankhorst, however, appealed against the Bourse's decision,
saying it has a Restraining Order granted by the High Court of
Kuala Lumpur to facilitate the finalization of the group's
proposed restructuring scheme.

The Company has been advised by its lawyers that the Restraining
Order will apply to any proceedings being taken or to be taken
by Bursa Securities against the Company, including delisting
proceedings.

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply. The Company has
been incurring a string of losses and its unit's are facing
winding up actions.


MALAYSIA AIRLINES: Boosts Partnership with Air France
-----------------------------------------------------
Embattled Malaysia Airlines is forging an alliance with Air
France KLM beyond their current code-sharing relationship,
although no timetable for the deal has been fixed, The Star
reports, citing Malaysia Airlines managing director Idris Jala.

Mr. Jala also disclosed that the national flag carrier is
planning to boost its bilateral code-sharing arrangements and
joining alliances with other airlines.

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2005, that Malaysia Airlines plans to meet Air France
executives to seek support for its entry into the SkyTeam global
alliance -- a bid to boost competitiveness -- as it is the only
regional airline that is not part of a global alliance.   

SkyTeam, which currently has nine members, is one of the three
main global air alliances.  The others are Star Alliance and
OneWorld.

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties, and is set to report a net loss of MYR1.3 billion
for the nine month to December 31, 2005, due to high fuel and
operating costs, and unprofitable routes.  Early March 2006, it
unveiled a radical rescue plan to raise MYR4 billion in order to
stay afloat and return to profitability by next year.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging whistle-blowing and stop corporate
sponsorship.


MALAYSIA AIRLINES: To Stop 'Supersavers' Scheme
-----------------------------------------------
The Government last week asked Malaysia Airlines to stop
offering its "Supersavers" package starting today, March 20,
2006, Asia Pulse reports.

The Scheme, which gives 50% discount off the normal domestic
fares, was introduced to make up for low sales period and
targeted at a unique customer segment, which wants low price and
"value-for-money" offers.

Losses incurred by the cessation of the promo will be shouldered
by the Government, Asia Pulse says.  The Government's decision
to stop the Scheme is aimed at ensuring that domestic aviation
services remained competitive.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2006, the Government has permitted Malaysia Airlines
to give up many of its loss-making domestic routes, including
non-key services, to budget carrier AirAsia.

The two airlines will have to decide between themselves on which
routes will be handed over to AirAsia, the report said.

Under the Government's decision, Malaysia Airlines and AirAsia
are given the flexibility to determine the flight frequencies,
capacity distribution, type of aircraft and fares subject to the
supervision of the Transport Ministry, Asia Pulse says.

The Government has also asked the two carriers to work together
to determine the definition of trunk and non-trunk routes.  They
were also told to discuss capacity distribution and optimum
flight frequencies for trunk routes.

The two carriers are to submit their findings to the government
before March 27, 2006, for a final decision.

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties, and is set to report a net loss of MYR1.3 billion
for the nine month to December 31, 2005, due to high fuel and
operating costs, and unprofitable routes.  Early March 2006, it
unveiled a radical rescue plan to raise MYR4 billion in order to
stay afloat and return to profitability by next year.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging whistle-blowing and stop corporate
sponsorship.


NALURI CORPORATION: Seeks New Authority to Purchase Own Shares
--------------------------------------------------------------
The Board of Directors of Naluri Corporation Berhad reveals that
the Company intends to seek the approval of its shareholders for
a fresh authority to purchase its own shares at the forthcoming
general meeting of the Company.

The Proposed New Authority is conditional upon Atlan Properties
Sdn Bhd, a major shareholder of Naluri with total equity
interests of approximately 35.56% in Naluri, and its parties
acting in concert obtaining an exemption from the obligation to
undertake mandatory offers on all the remaining ordinary shares
of MYR1.00 each in Naluri not already owned by Atlan Properties
and its parties acting in concert upon the purchase of Naluri
Shares by Naluri pursuant to its new proposed share buy-back
scheme under Practice Note 2.9.10 of the Malaysian Code on Take-
Overs and Mergers, 1998.

Headquartered in Kuala Lumpur, Malaysia, Naluri Corporation
Berhad -- formerly known as Naluri Berhad -- is an investment
holding company.  Other activities include property investment,
construction, resort development, hotel services, wholesaler and
retailer of duty free and non-dutiable merchandise,
manufacturing and distribution of automotive parts and hardware
products, tour and travel services, letting of properties, hire
and drive services and advertising and promotion services.  The
Company has suffered financial difficulties due to its
substantial bank borrows and huge losses.  In 2001, the firm
shifted its investment in ailing Malaysian Airlines for its
20.09% stake to fast-growing industries, in a bid to improve its
financial performance.


NALURI CORPORATION: Sells Treasury Shares
-----------------------------------------
On March 16, 2006, Naluri Corporation Berhad resold and
cancelled 69,051,700 treasury shares.

After the transaction, the Company's adjusted issued capital was
pegged at 621,465,820.

Headquartered in Kuala Lumpur, Malaysia, Naluri Corporation
Berhad is -- formerly known as Naluri Berhad -- is an investment
holding company.  Other activities include property investment,
construction, resort development, hotel services, wholesaler and
retailer of duty free and non-dutiable merchandise,
manufacturing and distribution of automotive parts and hardware
products, tour and travel services, letting of properties, hire
and drive services and advertising and promotion services.  The
Company has suffered financial difficulties due to its
substantial bank borrows and huge losses.  In 2001, the firm
shifted its investment in ailing Malaysian Airlines for its
20.09% stake to fast-growing industries, in a bid to improve its
financial performance.


POLYMATE HOLDINGS: Unit Receives Statement of Claim
---------------------------------------------------
Polymate Holdings Berhad's wholly owned subsidiary, ABI Malaysia
Sdn Bhd, on March 14, 2006, was served a Writ of Summons and
Statement of Claim dated February 24, 2006, by Pacific Trustees
Berhad in relation to Islamic debt security of MYR82,305,000.00
plus cost issued by HSBC Bank Malaysia Berhad.

Polymate Holdings Berhad is involved in the manufacturing and
marketing of lead acid batteries for the automotive and related
industries.  Its other activities include manufacturing and
dealing of plastic articles and products, corrugated carton
boxes and related products, manufacturing and trading of door
closers and trading of building materials, investment holding
and provision of corporate and financial support services.  The
Group operates in Malaysia, Australia, New Zealand and Europe.  
Polymate Holdings is in the process of working out possible
plans to regularize its condition.  Operations in its ailing
subsidiaries will be revived when a workable restructuring
scheme is formalized with its lenders and when fresh working
capital can be injected into the operations.


TALAM CORPORATION: 7% ICULS to Lapse on April 19
------------------------------------------------
The 7% nominal value Irredeemable Convertible Unsecured Loan
Stocks 2003/2006 worth MYR690,640 issued by Talam Corporation
Berhad will mature on April 19, 2006.

As of February 28, 2006, MYR6,000 nominal value of ICULS
2003/2006 have been converted into fully paid ordinary shares of
MYR1.00 each and the amount outstanding for ICULS 2003/2006 is
MYR684,640.

On the Expiry Date, the remaining outstanding ICULS 2003/2006
shall be automatically converted into fully paid ordinary shares
of MYR1.00 each on the basis of MYR1.00 nominal value of ICULS
2003/2006 for every one new ordinary share.

The new Shares arising from the conversion of the ICULS
2003/2006 which have been deposited into the CDS account with
the Bursa Malaysia Depository Sdn Bhd shall be credited directly
into the CDS account of the holders of ICULS 2003/2006 and a
notice of allotment stating the number of Shares credited into
the CDS account will be issued to the holders of ICULS
2003/2006.  No physical share certificate will be issued to
these holders of ICULS 2003/2006.

Within 10 market days from the Expiry Date or within such period
as may be prescribed by Bursa Malaysia Securities Berhad, the
Company will:

   -- allot and issue the new ordinary shares arising from the
      conversion of ICULS 2003/2006;

   -- dispatch a notice of allotment to the Holders of ICULS
      2003/2006; and

   -- make an application for the quotation of such new
      ordinary shares.

The new shares issued and allotted upon conversion of the ICULS
2003/2006 will rank pari passu in all respects with the existing
shares in issue at the conversion date, except that they will
not be entitled to any dividends, rights, allotments and other
distributions declared, paid or made by reference to the record
date which is prior to such conversion date.

Accordingly, the ICULS 2003/2006 will be removed from the
Official List of Bursa Securities on Thursday, April 20, 2006.

The Third and Last Interest Payment will be made on April 19,
2006,for the period commencing from April 20, 2005 to April 19,
2006, to the holders of ICULS 2003/2006 on April 12, 2006.

The last trading date and time of the ICULS 2003/2006 will be on
March 31, 2006.  The trading of ICULS 2003/2006 will be
suspended from April 3, 2006, until the April 19, 2006.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.  The Company
has accumulated mounting losses and debt in the past few years.  
In a bid to cut back on its borrowings, the firm has agreed to
sell off some of its assets.  The sales are expected to slash
the Company's short-term debts, which amounted to MYR1.8 billion
as of January 31, 2005.


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

COLLEGE ASSURANCE: Planholders Ask Court to Lift Stay Order
-----------------------------------------------------------
Planholders of College Assurance Plans Philippines, Inc.,
requested the Supreme Court on March 16, 2006, to lift the stay
order suspending CAP's payments to planholders, The Manila Times
reports.

Around 336 petitioners, represented by the Syquia Pascual-Lopez
and Santos Law Firm, filed a complaint against CAP and Makati
Regional Trial Court Judge Romeo F. Barza, who entered the Stay
Order.  The petitioners claim that they are among 780,603
planholders who were defrauded by the pre-need firm, the Times
relates.

The Manila Bulletin recounts that in September 2005, the Makati
RTC had granted a stay order allowing CAP to temporarily suspend
payments to its planholder creditors so that it could initiate a
rehabilitation.  CAP was also prohibited from paying its
outstanding liabilities as of Sept. 8, 2005 -- the date it filed
a rehabilitation plan.

According to the Bulletin, the petitioners stressed that the
relationship between CAP and its planholders is one of trust,
and not a debtor-creditor relationship as assumed by the lower
court, hence its assets cannot be declared as corporate assets
unless benefits are met, citing Section 1, Rule 2 of the Interim
Rules of Procedure on Corporate Rehabilitation.  They also asked
that the court recognize the findings of the Securities and
Exchange Commission, which supposedly discovered fraud in the
Company's transactions.

The Bulletin also relates that the petitioners asked the High
Court to nullify the appointment of receiver Mamerto A. Marcelo,
Jr., as the rehabilitation court may not appoint rehabilitation
receiver when a previous intra-corporate dispute for an
appointment for receiver was filed prior to the rehabilitation
proceeding.

Citing CAP counsel Gilbert Reyes, the Manila Times reports that
the petitioners' complaint has no basis since the lower court
imposed the stay so that the Company could begin its
rehabilitation.  The lower court will decide on the Company's
proposed rehabilitation plan within 18 months.  Judge Barza
ruled that the CAP planholders have to wait until 2012 before
they could receive any payments from the Company.

                           About CAP

College Assurance Plans Philippines, Incorporated --
http://www.cap.com.ph/-- began in 1980 with the birth of its  
mother company - College Assurance Plan. CAP has since expanded
its business to the areas of Pre-need Pension, Distance
Learning, Health Maintenance, Life Insurance, Information
Technology, Financing, Communications and General Insurance.

As of end-2003, CAP's trust fund deficiency amounted to PHP17.2
billion.  According to the Securities and Exchange Commission,
the pre-need firm's trust fund assets, managed by trustee banks,
had not grown sufficiently to match its total actuarial reserve
liabilities (ARL), or its net liability to plan holders worth
PHP25.6 billion.  CAP recorded a PHP2.8 billion loss in 2003, up
from PHP403.3 million in 2002.

As stated in a September 5, 2005 report by Troubled Company
Reporter - Asia Pacific, CAP blamed its financial difficulties
on the Securities and Exchange Commission's imposition of the
Pre-need Uniform Chart of Accounts (PNUCA) in 2002, claiming
that the PNUCA resulted in CAP's "bloated yet theoretical" trust
fund deficiency.  The SEC suspended the Company's license in
2004 due to its alleged trust fund deficiency from the
application of the PNUCA.  CAP filed a rehabilitation petition
with the Makati Regional Trial Court last year.


LAFAYETTE MINING: Does Not Have Capital to Rehabilitate Mines
-------------------------------------------------------------
Lafayette Mining Philippines, Inc., does not have the funds
required to rehabilitate its mines in Rapu-Rapu, Albay, the
Manila Times reports, citing Company lawyer Joselito Sarmiento.

Mr. Sarmiento also disclosed to the Albay provincial council
that the Company's new management is currently reviewing the
Company's rehabilitation costs before its six-year mining permit
expires.

The Albay provincial board council summoned Mr. Sarmiento and
other Lafayette Mining officials to clarify reports that the
Company management was hired to improve its image, and to
explain why the Company did not pay taxes.

Headquartered in Melbourne, Australia, Lafayette Mining, Inc. --   
http://www.lafayettemining.com/-- has been listed on the  
Australian Stock Exchange since August 1997.  It focuses on
developing a polymetallic project involving copper, gold, zinc
and silver on the Island of Rapu-Rapu in the Philippines.  

The Department of Environment and Natural Resources former
secretary Mike Defensor closed Lafayette Mining in 2005 when the
Company's mine tailings were accidentally spilled into the Albay
Gulf last October, killing thousands of fish and destroying the
livelihood of fishermen in the area.  The Company was also fined
PHP10.7 million for violating the Clean Water Act and its
environmental compliance certificate.


LEPANTO CONSOLIDATED: Ups Number of Common Shares for Trading
-------------------------------------------------------------
On November 3, 2005, Lepanto Consolidated Mining Company listed
4,264,671,951 common shares -- divided into 2,558,803,769 Class
"A" Shares and 1,705,868,182 Class "B" shares -- with a par
value of PHP0.10 per share, to cover a 1:5 pre-emptive rights
offering to all stockholders of record as of September 21, 2005.  
The shares were offered at PHP0.20 per share.

Lepanto Consolidated sent a letter to the Philippine Stock
Exchange on March 10, 2006, stating that 47,544 shares were
added to the Company's 4,264,099,773 fully paid shares.  The
47,544 shares were broken down into 42,554 Class "A" shares, and
4,990 Class "B" shares.   Hence, Lepanto Consolidated has a
total of 4,264,147,317 fully paid common shares and 524,634
partially paid common shares.

The additional fully paid 47,544 common shares will be traded
beginning today, March 20, 2006.

                         About Lepanto

Lepanto Consolidated Mining Company --   
http://www.lepantomining.com/-- was incorporated primarily to
be involved in the exploration and mining of gold, silver,
copper, lead, zinc and all kinds of ores, metals, minerals, oil,
gas and coal and their related by-products.  The Company was
incorporated in 1936 and until 1997 was operating an enargite
copper mine.  It shifted to gold bullion production in the same
year through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.
Lepanto sells its gold bullion production to London's Johnson
Matthey.  Lepanto is now one of the country's top producers of
gold and its by-products, copper and silver.  The Company also
has investments in other areas through its subsidiaries such as
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.  

The Troubled Company Reporter - Asia Pacific reported on January
27, 2006, that Lepanto Consolidated is working to recover from a
PHP400 billion loss incurred from the past two years due to
labor disputes.


MAYNILAD WATER: Cuts Rate by 24 Centavos for April-June Quarter
---------------------------------------------------------------
Beginning next month, Maynilad Water Services, Inc., will reduce
its Foreign Currency Differential Adjustment charge by PHP0.24,
due to the Philippine peso's rise against the U.S. dollar, ABS-
CBN News recounts.

This means that Maynilad's residential customers would enjoy a
reduced water bill next month.  The FCDA is a rate adjustment
used by utility firms to recoup losses from the fluctuations of
the Philippine peso against other currencies.

Citing MWSI, ABS-CBN News reports that customers will enjoy the
reduced rate from April to June, after which the rate may
change, depending on changes in the peso's rise against the
dollar.

Headquartered in Quezon City, Philippines, Maynilad Water
Services Incorporated distributes water to the western part of
Metro Manila.  The Company went under court rehabilitation in
2005 after it suffered financial difficulties due to heavy debt
burden and operational woes.


PHILIPPINE AIRLINES: Slows Down Expansion Due to Loss of Pilots
---------------------------------------------------------------
The lack of pilots has forced Philippine Airlines to downscale
its six-year expansion plan, which involves leasing new
airplanes, the Manila Standard relates.

PAL president Jaime Bautista told reporters that the Company was
scheduled to take delivery of four Airbus 319 planes starting
September for its domestic and international flights, but moved
the delivery of one aircraft to January 2007, since there are no
available pilots who could fly the aircraft.  He added that
PAL's expansion program would be 85% funded by European credit
firms, while the remaining 15% would be funded by equity.  The
Company's refleeting program is scheduled until 2008.

The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that the reduction of PAL's mission-critical
staff, especially the number of pilots, has reached "a critical
level," and that the aviation industry has required pilots to
give six months' notice before transferring airlines in an
effort to discourage them.  However, pilots just resign ahead of
time.  The industry proposed to pass a law that penalizes the
violation of the proposed moratorium by canceling the pilot's
license, aside from proposing an income tax holiday for local
pilots, who pay up to 32% income tax compared to overseas
workers who do not pay any taxes for their income from abroad.

Businessworld reports that PAL employs 450 of the total 700
pilots in the Philippines.  Since 2003, 75 pilots have left the
Company.

According to Mr. Bautista, PAL improved its programs in order to
attract pilots to stay on with the Company.  Retirement benefits
were increased by 50% for pilots approaching the age of 60, to
33-1/2 days for every year of service from 22-1/2 days.

PAL is expecting to see profit for the business year ending
March 31, 2006.  Last year, the Company earned PHP1.2 billion
net income, due to a 5% increase in passenger load factor in
spite of rising aviation fuel costs, Mr. Bautista said.

                            About PAL

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.  Following labor problems and its failure to
settle debts, PAL filed for rehabilitation in June 1998, and is
slated to complete its 10-year debt rehabilitation program in
2009.


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

ADINC.COM PRIVATE: To Pay Dividend on March 24
----------------------------------------------
Adinc.Com Pte Limited is set to distribute its first and final
dividend on March 24, 2006.

Contact: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         c/o 18 Cross Street #08-01
         Marsh & McLennan Centre, Singapore 048423


ALUMCOAT PRIVATE: Enters Wind-Up Process
----------------------------------------
On March 10, 2006, the Singapore High Court entered an order
winding up Alumcoat Private Limited.

Liquidator: Official Receiver
            The URA Centre
            Rodyk & Davidson
            Solicitors for the Petitioners
            East Wing #05-11/#06-11,
            45 Maxwell Road,
            Singapore 069118


FHTK HOLDINGS: SGX-ST OKs Listing and Quotation of Shares
---------------------------------------------------------
The Board of Directors of FHTK Holdings Limited discloses that
the Singapore Exchange Securities Trading Limited has granted
in-principle approval for the listing of and quotation for the
Company's option shares and the rights shares subject to these
conditions:

   (a) compliance with the SGX-ST's listing requirements and
       guidelines;

   (b) shareholders' approval for the Rights Issue;

   (c) shareholders' approval for the Options; and

   (d) shareholders' approval for the allotment of unsubscribed
       rights entitlements to certain persons.

The in-principle approval of the SGX-ST is not to be taken as an
indication of the merits of the grant of the Options and Rights
Issue.

Information on the details of the grant of the Options and the
Rights Issue will be provided in the circular to be dispatched
to shareholders in due course.

FHTK Holdings Limited - http://www.fhtk.com.sg/-- distributes    
fruits and agricultural products such as apples, banana,  
nectarines, pears and peaches through its own SunMoon brand.  
The Company's agricultural products division distributes fresh  
garlic as well as manufactures dehydrated garlic and onion  
products.  The Group currently leases and manages 18 plantations  
and totaling 1,630 hectares in the Shandong province in China.  


GUTHRIE BATAM: Faces Wind-Up Proceedings
----------------------------------------
On March 15, 2006, Guthrie Overseas Investments Private Limited
filed a wind-up petition against Guthrie Batam Resort Marketing
Services Private Limited

Guthrie Overseas filed the Petition on grounds of Guthrie
Batam's failure to satisfy Guthrie Overseas' statutory demand
for the payment of a certain debt amount, which demand was
served on February 6, 2006.   

The Wind-Up Petition is fixed for hearing on April 7, 2006.

Guthrie Batam's main business was the provision of marketing,
management, advisory and consultancy services to PT Guthrie Jaya
Indah Island Resort.  It has ceased to provide these services to
PT Guthrie or conduct any other business since the beginning of
January 2006.


SINGAPORE SHUTTLE: Receiving Proofs of Debt Until April 17
----------------------------------------------------------
Creditors of Singapore Shuttle Bus (Private) Limited are
required to send in their proofs of debt or claims against the
Company not later than April 17, 2006.

Failure to comply with the requirements will exclude the
creditors from the benefit of any distribution the company will
make.

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


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

THAI AIRWAYS: Analysts Bullish on Recovery
------------------------------------------
Market analysts believe that the future looks bright for ailing
Thai Airways International PLC after a difficult year of
skyrocketing oil prices and dwindling tourist arrivals, Dow
Jones reports.

The airlines' stock price has steadily climbed in the beginning
of the year to reflect the Company's recovery after the
devastating tsunami that hit Thailand in December 2004.

Earlier this month, Asia Plus Securities upgraded the Thai
Airways stock to "buy" from "sell" after talking to executives
and being impressed by the improving performance.  The house
raised its target price to THB54.1 from THB31.3.

Phatra Securities also raised its target price for the national
carrier in January to THB53 from THB45.

However, analysts note that the stock is still cheap, as Thai
Airways remains plagued with concerns of political interference
in its management, lack of transparency and uncertainty over its
leadership.

Dow Jones says that a search for a new president to replace
Kanok Abhiradee, who was suspended from his duties in August
just before the airline reported a massive loss for its fiscal
third quarter, has been fruitless so far.  With Thailand heading
into a new general election next month, amid public unrest, a
new president is unlikely to be appointed any time soon.

A selection committee had earlier rejected four candidates to
take over the president's post for having failed to answer the
question on how to manage the Company with good governance, and
how to address the problem of personal connections in the
Company.

Headquartered in Bangkok, Thailand, Thai Airways International
Public Company Limited -- http://www.thaiairways.com/-- is  
engaged in the operation of domestic and international air   
transportation service.  This includes support services such as
freight forwarding, warehousing, on-line ticketing, hotel and
restaurant operations, fuel storage and filling for aircraft at
the airport Air catering and fuel pipeline transportation.  The
Group also provides services in other type of transportation in
connection with the information technology services, distributes
computer services, flight reservation and other travel-related
services.  The company underwent a major business restructuring
last year after it plunged to a loss of THB4.78 billion in the
April-June period, canceling or reducing flights to unprofitable
routes, and adding more high-yield routes.  It also implemented
a more proactive marketing strategy with a focus on corporate
customers, in a bid to improve its passenger yield.





                            *********


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

The Troubled Company Reporter - Asia Pacific is a daily
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Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA.  
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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