/raid1/www/Hosts/bankrupt/TCRAP_Public/060411.mbx
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
Tuesday, April 11, 2006, Vol. 9, No. 072
Headlines
A U S T R A L I A & N E W Z E A L A N D
A.C.N. 099 497 748: Members Resolve to Cease Operations
AIR NEW ZEALAND: Re-establishes NZ Cargo business
ARISTOCRAT LEISURE: Buys Swedish Gaming Firm for AU$70 Mln
ARTHUR NICOL: Concludes Liquidation of Assets
AWB LIMITED: Deputy PM Says Government Transparent on Inquiry
BARRETT & GILCHRIST: Enters Voluntary Liquidation
BEAINI HOLDINGS: Receivers and Managers Step Aside
BERELA PTY: Liquidator to Present Wind-up Report
CATERPILLAR NEW ZEALAND: Prepares to Exit NZ Register
CLOUGH LIMITED: Wins AU$115-Mln Boddington Contract
DAVID REID: Winding Up Process Commenced
DODI PTY: Court Orders Winding Up
D.&S. LENDRUM: Liquidator Seeks Removal from NZ Register
GL TOMA: To Declare Dividend to Unsecured Creditors on April 12
HIDEOUT PTY: Crisp Cease to Act as Receiver and Manager
INDICON HOLDINGS: Members to Hear Liquidator's Wind-up Report
KATSOULIS GROUP: Prepares to Declare Dividend
KNAPP LEWER: Members Opt for Voluntary Liquidation
LIME SODA: Inability to Pay Debt Prompts Wind Up
MAITLAND REALTY: Liquidator Wants Firm Removed from Register
MCCLYMONT PTY: Appoints Official Liquidator
JA & FJ BROOKING: Liquidator Concludes Liquidation
MUSIC AUSTRALIA: Declares First and Final Dividend
NATIONAL AUTO CARE: Falls Into Receivership
OLIVER CONSULTING: Court Fixes April 24 as Hearing Date
PETERSON BUILDING: Liquidators to Present Wind-up Report
RESPONSIBLE NOMINEES: Members to Get Wind-up Report Today
SOYUZ INVESTMENTS: Court to Hear Petition on April 13
SR MCCUTCHEON: Members Resolve to Wind Up Firm
STURT& HELM PTY: Krecji Tapped to Handle Liquidation
TELSTRA GROUP: AU$300-Mln Stock Fraud Suit Continues
TRANSCO AUCKLAND: Court to Hear Liquidation Application April 20
WILALMA PTY: Members Agree to Have Business Liquidated
* Four Property Investment Companies Falls Into Liquidation
C H I N A & H O N G K O N G
ACTMEDIA.IMA LIMITED: Receiving Proofs of Claims Until April 22
BCCI FINANCE: IssueS Supplementary Dividends
CHINA INSURANCE: 2005 Net Loss Widens to HK$434 Mln
CODEBANK LTD: Court Hears Wind-up Petition
CYBER SOURCES: Receives Wind-up Order
DIAMOND TERM: Court to Hear Wind-up Petition on April 26
FLX LTD: Court Hears Petition to Wind up Firm
FOCUS ROLLER: Faces Possible Liquidation
HONOR SHARING: Wind-up Petition Hearing Fixed on May 10
JUMBO FORTUNE: Court to Hear Wind-up Petition on May 17
LION INTERNATIONAL: Court Releases Winding Up Order
NORMAN INSURANCE: Creditors to Prove Debts on April 28
POWERWAVE COMPANY: Court Hears Bid to Wind Up Firm
POWERWAVE MULTIMEDIA: Enters Winding Up Proceedings
SAMSUNG ASSET: Creditors to Prove Debts on May 8
SC AND PARTNERS: Wind-up Proceedings Commenced
STARTEC GLOBAL: Creditors to Meet on May 8
TCL CORPORATION: Xinhua Far East Cuts Credit Rating to BB
TCL MULTIMEDIA: Denies Acquisition by Philips
TOYOCOM LIMITED: Creditors to Prove Debts by May 4
TOYOTA TSUSHO: Creditors Proof of Debts Due on May 7
W.F. INDUSTRIAL: Enters Winding Up
WAH FUNG: Court Orders Winding-up
WHOLE LION LTD: Court Hears BOC's Wind-up Bid
I N D I A
COAL INDIA: Top Post Draws Few Takers
HIRAKUD INDUSTRIAL: Workers' Fate Hangs on SPS Steel's Bid
TRAVANCORE RAYONS: Banks Delay Revival
I N D O N E S I A
PERTAMINA: May Not Offer Additional Gas to Pupuk Kujang
J A P A N
AOYAMA KANZAI: Files for Court-led Rehabilitation
HUIS TEN: Visitors Down by 70,000 in 2005
KAJIMA CORPORATION: Eradicates Retirement Compensation System
KIMMON MANUFACTURING: IRCJ Completes Debt Payment
MISAWA HOMES: IRCJ Gets Debt Payment in Full
MITSUBISHI MOTORS: Settles Civil Suit in Belgium
PIONEER CORPORATION: Shifts Unit Shares to Omron
K O R E A
HYUNDAI MOTOR: Probe Casts Shadow Over Offshore Operations
HYUNDAI MOTOR: Chairman Chung Returns to South Korea
KOREA EXCHANGE: Union to Sue Lone Star
M A L A Y S I A
COMSA FARMS: Becomes Affected Issuer of Practice Note 17
FURQAN BUSINESS: Subsidiary Disposes Of Property
JIN LIN: Court Grants 150-day Restraining Order
KEMAYAN CORPORATION: SC OKs Waiver for Units' Planned Disposals
KILANG PAPAN: Bourse Disallows Appeal to Defer Delisting
MBF HOLDINGS: Court to Hear Case Against AmFinance on June 28
MENTIGA CORPORATION: Settles Affin Bank's MYR7-Mln Claim
PAN MALAYSIA: Pays MYR8,430 for 20,000 Shares
POHMAY HOLDINGS: To Exit Bursa Malaysia on April 20
PROMTO BERHAD: Bourse to Commence Delisting on April 20
SATERAS RESOURCES: Bourse Junks Appeal & Proceeds with Delisting
SETEGAP BERHAD: MITI Approves Equity Interest Disposals
P H I L I P P I N E S
BACNOTAN CONSOLIDATED: Defers Meeting Due to Lack of Quorum
EXPORT AND INDUSTRY: Disposes Of Remaining NPA Portfolio
LAFAYETTE MINING: Uncertainty Clouds Reopening
RB BALAYAN: Court OKs Ex Parte Petition for Assistance
RB DALAGUETE: Set to Pay Claimants on May 2
S I N G A P O R E
CEDAR ENTERPRISE: Proofs of Debt or Claim Due on May 7
DETAM CORPORATION: Court Orders Winding Up
GIAM KAY: Prepares to Distribute Dividend
LORDWAY LOGISTICS: Court Releases Wind-Up Order
NGEE LEONG: Begins Wind-Up of Operations
T H A I L A N D
THAI DURABLE: Details Issuance of Convertible Debentures
THAI DURABLE: Fixes Date to Determine Right to Share Issue
BOND PRICING: For the Week 10 April to 14 April 2006
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
A.C.N. 099 497 748: Members Resolve to Cease Operations
-------------------------------------------------------
The members of A.C.N. 099 497 748 Pty Limited held a meeting on
March 2, 2006, and agreed to shut down the Company's operations.
Glenn A. Crisp was named as liquidator to oversee the wind-up
process.
Contact: Glenn A. Crisp
Liquidator
c/o RSM Bird Cameron
Level 8, 525 Collins Street
Melbourne, Victoria 3000
Australia
Telephone: (03) 9286 1800
Fax: (03) 9286 1899
AIR NEW ZEALAND: Re-establishes NZ Cargo business
-------------------------------------------------
Air New Zealand re-established management of cargo on its
domestic network with the launch of its National Cargo business
this week.
Cargo capacity on the Air New Zealand domestic network had been
previously contracted to a NZ Post joint venture company, Pace.
The arrangement, which had been in place since 1999, was
discontinued by mutual agreement.
"Air New Zealand National Cargo will continue to provide an
extensive range of services to wholesale and commercial
customers as well as the general public," said Norm Thompson,
Group General Manager Shorthaul Airline.
"As we offer an airport-to airport service, customers who
require a door-to-door service can access these through courier
or freight forwarding companies.
"Alternatively, public customers can present their cargo at
National Cargo counters at all main and regional airports across
the country," Mr. Thomson said.
Headquartered in Christchurch, New Zealand, Air New Zealand
-- http://www.airnz.co.nz/-- is an international and domestic
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom. Air New Zealand also encompasses business units
providing engineering and ground handling services.
Subsidiaries extend to booking systems, travel wholesaling and
retailing services. In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes. It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.
ARISTOCRAT LEISURE: Buys Swedish Gaming Firm for AU$70 Mln
----------------------------------------------------------
Gaming machine manufacturer Aristocrat Leisure Limited has
acquired Swedish high technology gaming company EssNet
Interactive AB for about US$50 million, Agence France Presse
reports.
The takeover would give Aristocrat exposure to the fast-growing
interactive, server-based video lottery market.
EssNet Interactive develops, manufactures and markets next
generation interactive systems and video terminal hardware and
software.
Aristocrat said the acquisition, which is set for completion in
May, will allow it to use video lottery technology to accelerate
development of in-casino and cross-casino server-based content
delivery within traditional markets.
It said the technology is expected to propel growth in world
gaming markets over the next 10 years.
Aristocrat chief executive Paul Oneile said the acquisition
would provide an opportunity to enter a market segment where the
company does not currently compete.
Mr. Oneile said he expected demand for this type of product
would be especially significant in Europe and Asia in future
years.
Meanwhile, Aristocrat said it has also entered into a strategic
alliance agreement with Australian gaming company Tattersall's
Ltd, which will allow it to further develop the Interactive
technology. As part of the deal Tattersall sold its 25.16
percent stake in Interactive to Aristocrat.
Headquartered in New South Wales, Australia, Aristocrat Leisure
Limited -- http://www.aristocratgaming.com/-- is mainly
involved in the design, development, manufacture and marketing
of gaming machines, software, systems and other related
equipment and services. The Group also provides consulting
services such as venue analysis, commercialized project
management, specialized gaming training and Aristocrat gaming
analysis. The Group operates in Australia, North America, South
America, Japan, New Zealand, Europe, and in the Asia Pacific
region. The Company is plagued by a group action over the
timing of a profit warning back in November 2003 launched by
legal firm Maurice Blackburn Cashman and litigation company IMF
Australia Limited. The lawsuit alleges that the Company misled
shareholders by not keeping them fully informed before
disclosing earnings downgrades that wiped US$1.5 billion (AU$2
billion) from the Company's value in 2003. The lawsuit claims
damages of US$86.37 million (AU$115 million) for losses when
shareholders sold their stock.
ARTHUR NICOL: Concludes Liquidation of Assets
---------------------------------------------
An application to remove Arthur Nicol Limited from the New
Zealand Register has been filed by its liquidator on grounds
that the Company has:
-- ceased to carry on business;
-- discharged in full all their liabilities to all their
known creditors; and
-- distributed surplus assets in accordance with their
constitutions and the Companies Act 1993
Any objections to the removals must be delivered to the
Registrar of the Companies, Private Bag, Wellington by
April 28, 2006.
Contact: MR Curd Limited
Liquidator
PO Box 4646
Unit 11, Northcote Park 80 Grey Street
Palmerston North
New Zealand
Telephone: (06) 952 4646
Facsimile: (06) 952 4645
e-mail: office@mrcurd.co.nz
AWB LIMITED: Deputy PM Says Government Transparent on Inquiry
-------------------------------------------------------------
Testimony from senior ministers show that the Government is
committed to a thorough investigation of the alleged bribery at
AWB Limited, Dow Jones Newswires relates, citing Australian
Trade Minister and Deputy Prime Minister Mark Vaile.
Mr. Vaile, who appeared before the inquiry on Monday, assured
Prime Minister John Howard is willing to submit himself to the
investigation.
PM Howard has been asked to provide a written statement to the
inquiry by the close of trade today, April 11, 2006. He said he
will appear before the inquiry but hasn't yet been asked to do
so.
Led by former state judge Terence Cole, the inquiry is
investigating the potential criminality of US$221.7 million in
kickbacks by the former Australian Wheat Board to the regime of
fallen Iraqi leader Saddam Hussein during the United Nations
oil-for-food program.
About AWB
AWB Limited -- http://www.awb.com.au/-- is Australia's leading
agribusiness and one of the world's largest wheat marketing
companies. It is also one of Australia's top 100 publicly
listed companies. The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk. The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year. AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world. The company employs
more than 2,700 staff reaching over 100,000 customers. AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.
Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program. A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.
The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.
The "Cole Inquiry" is currently underway. The scandal is
anticipated to create great political repercussions to the
Australian Government, given the country's contribution to
military action against President Hussein in the 2003 invasion
of Iraq.
BARRETT & GILCHRIST: Enters Voluntary Liquidation
-------------------------------------------------
After their extraordinary general meeting on February 28, 2006,
the members of Barret & Gilchrist Builders Pty Limited decided
to voluntarily wind up the Company's operations.
Subsequently, Paul Vartelas was appointed as liquidator at a
creditors meeting held on the same day.
Contact: Paul Vartelas
Liquidator
B. K. Taylor & Company
8th floor, 608 St. Kilda Road
Melbourne, Australia
BEAINI HOLDINGS: Receivers and Managers Step Aside
--------------------------------------------------
On February 10, 2006, Murray Campbell Smith and Anthony Gregory
McGrath ceased to act as the receivers and managers of the
property of Beaini Holdings Pty Limited.
BERELA PTY: Liquidator to Present Wind-up Report
------------------------------------------------
The members of Berela Pty Limited will convene today,
April 11, 2006, to receive Liquidator Jason Bettles' account
On the Company's completed wind-up and disposal of property.
Contact: Jason Bettles
Liquidator
Worrells Solvency & Forensic Accountants
Level 6, 50 Cavill Avenue
Surfers Paradise, Queensland 4217
Australia
Web site: http://www.worrells.net.au/
CATERPILLAR NEW ZEALAND: Prepares to Exit NZ Register
-----------------------------------------------------
Caterpillar New Zealand Depositary Company wants to be removed
from the New Zealand Register following the completion of its
liquidation.
Any objection to the removal must be filed with the Registrar
not later than the April 28, 2006.
Contact: Terry Bastion
Liquidator
KBC House, 272 Karori Road
Karori, Wellington
P.O. Box 17-344, Karori Wellington
New Zealand
CLOUGH LIMITED: Wins AU$115-Mln Boddington Contract
---------------------------------------------------
Clough Limited, as part of a joint venture, has on Monday signed
a contract for the Boddington Gold Mine expansion project
securing revenue of around AU$115 million to the joint venture.
The contract involves the Engineering, Procurement and
Construction Management of gold and copper processing
facilities, capable of handling 35 million tonnes of ore per
annum.
The contracted entity is an unincorporated joint venture between
Aker Kvaerner Australia and Clough Murray & Roberts.
David Singleton, Chief Executive Officer and Managing Director
of Clough Limited said, "Clough, Murray & Roberts and Aker
Kvaerner have the skills to deliver what is one of the world's
largest gold plants, located in Western Australia. For Clough,
this is the product of our commitment to deliver world class
minerals projects in conjunction with Murray & Roberts. We are
also pleased to be working again with Aker Kvaerner with whom we
have had a good delivery record in the past."
The Boddington Project is located approximately 130 kilomter
south east of Perth in Western Australia. The development of
the project will run for approximately three years with
production expected in late 2008.
The project owner, Boddington Gold Mine Management Company, is a
joint venture between Newmont Mining Corporation and AngloGold
Ashanti Limited.
About Clough Limited
Headquartered in Perth, Western Australia, Clough Limited
-- http://www.clough.com.au/-- has built an international
reputation as one of Australia's foremost engineering,
construction and asset management groups.
Acknowledged as the intelligent engineer and constructor, the
business has matured from a small, privately owned building
firm, to a diversified public company providing services to the
onshore and offshore oil and gas, minerals, infrastructure and
property markets. The Group's turnkey services range from
complex front-end engineering design, construction, installation
and commissioning to long-term operations and asset maintenance.
The Company is currently halfway into its five-year plan to
transform itself, which included an organizational streamline,
and operational improvements. However, it has been racked with
outstanding losses and problematic contracts since the later
part of 2002. The Company recorded a AU$23 million half-year
loss for the six months ending December 31, 2005.
DAVID REID: Winding Up Process Commenced
----------------------------------------
Members of David Reid Motors (Ararat) Pty Limited held a general
meeting on March 1, 2006, and agreed to:
-- voluntarily wind up the Company's operations; and
-- appoint Peter Schulzer as liquidator for the wind-up.
Contact: Peter Schulzer
Liquidator
Unit 3, 6 Stephens Street
Caulfield, Australia
DODI PTY: Court Orders Winding Up
---------------------------------
On March 7, 2006, the Supreme Court of New South Wales ordered
the winding up of DODI Pty Limited, and appointed Chris
Chamberlain as liquidator.
Contact: Chris Chamberlain
Liquidator
c/o Nicholls & Co. Chartered Accountants
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga
New South Wales 2650
Australia
D.&S. LENDRUM: Liquidator Seeks Removal from NZ Register
--------------------------------------------------------
After having finalized the liquidation of D.&S. Lendrum Limited,
Liquidators Arron Leslie Heath and Michael Lamacraft will apply
for the removal of the firm from the New Zealand Register.
Objections to the removal must be filed with the Registrar of
Companies not later than April 28, 2006.
Contact: Arron Leslie Heath
Michael Lamacraft
Liquidators
Meltzer Mason Heath
345 Queen Street, Auckland
P.O. Box 6302,
Wellesley Street, Auckland
New Zealand
GL TOMA: To Declare Dividend to Unsecured Creditors on April 12
---------------------------------------------------------------
GL Toma Services Pty Limited will declare a first and final
dividend to its unsecured creditors on April 12, 2006.
Creditors who were not able to prove their claims will be
excluded from the benefit of the dividend.
Contact: Murray Godfrey
Liquidators
RMG Partners Chartered Accountants
Level 12, 88 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9231 0889
HIDEOUT PTY: Crisp Cease to Act as Receiver and Manager
-------------------------------------------------------
On March 3, 2006, Glenn Anthony Crisp ceased to act as the
receiver and manager of the property of The Hideout Pty Limited.
INDICON HOLDINGS: Members to Hear Liquidator's Wind-up Report
-------------------------------------------------------------
A final meeting of the members of Indicon Holdings Pty Limited
will be held today, April 11, 2006, for the parties to receive
Liquidator Murray Godfrey's final account showing how the
Company was wound up and how its property was disposed of.
Contact: Murray Godfrey
Liquidator
RMG Partners
Level 12, 88 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9231 0889
KATSOULIS GROUP: Prepares to Declare Dividend
---------------------------------------------
Katsoulis Group Pty Limited will declare a first and final
priority dividend on April 12, 2006, to the exclusion of its
creditors who were not able to prove their claims.
Contact: Peter J. Lanthois
Liquidator
KordaMentha
Level 4, 70 Pirie Street
Adelaide, South Australia 5000
KNAPP LEWER: Members Opt for Voluntary Liquidation
--------------------------------------------------
At a general meeting on March 1, 2006, members of Knapp Lewer
Pty Limited agreed that the Company must voluntarily commence a
wind-up of its operations.
Richard George Shoobridge was then appointed as liquidator.
Contact: Richard G. Shoobridge
Liquidator
Deloitte Touche Tohmatsu
Level 9, ANZ Centre, 22 Elizabeth Street
Hobart, Tasmania 7000
Australia
Telephone: (03) 6237 7000
Fax: (03) 6237 7001
LIME SODA: Inability to Pay Debt Prompts Wind Up
------------------------------------------------
Lime Soda Retail Group Pty Limited has determined that, due to
its inability to pay its debts, a voluntary wind-up of its
business operations is appropriate and necessary.
Geoffrey Reidy was appointed as Liquidator for the wind-up.
Contact: Geoffrey Reidy
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
MAITLAND REALTY: Liquidator Wants Firm Removed from Register
------------------------------------------------------------
Liquidator Russel Holmes has finalized the liquidation of
Maitland Realty Limited and has filed for the removal of the
Company from the New Zealand Register.
Any objection to the intended removal must be delivered to the
Registrar of Companies within 28 days from March 27, 2006.
Contact: Russell Holmes
Liquidator
MCCLYMONT PTY: Appoints Official Liquidator
-------------------------------------------
At a general meeting on March 6, 2006, the members of McClymont
Pty Limited resolved to close the Company's business operations
and distribute the proceeds of its assets.
Anthony M. Long was named as liquidator to manage the Company's
wind-up activities.
Contact: Anthony M. Long
Liquidator
c/o Boyce Chartered Accountants
19 Montague Street, Goulburn
New South Wales 2580, Australia
JA & FJ BROOKING: Liquidator Concludes Liquidation
--------------------------------------------------
The liquidator of JA & FJ Brooking Limited has applied for the
removal of the Company from the New Zealand Register on grounds
that the Company has:
-- ceased to carry on business;
-- discharged in full all their liabilities to all their
known creditors; and
-- distributed surplus assets in accordance with their
constitutions and the Companies Act 1993
Objections to the removal must be filed with the Registrar of
the Companies, Private Bag, Wellington by April 28, 2006.
Contact: MR Curd Limited
Liquidator
PO Box 4646
Unit 11, Northcote Park 80 Grey Street
Palmerston North
New Zealand
Telephone: (06) 952 4646
Facsimile: (06) 952 4645
e-mail: office@mrcurd.co.nz
MUSIC AUSTRALIA: Declares First and Final Dividend
--------------------------------------------------
Music Australia Guide Pty Limited will declare its first and
final dividend today, April 11, 2006.
Creditors who were not able to prove their claims will be
excluded from the benefit of the dividend.
Contact: Frank Lo Pilato
Liquidator
c/o RSM Bird Cameron Partners Chartered Accountants
GPO Box 200, Canberra
Australian Capital Territory 2601
Australia
Telephone: (02) 6247 5988
NATIONAL AUTO CARE: Falls Into Receivership
-------------------------------------------
On February 17, 2006, Andrew J. Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as the receivers and
managers of all assets and undertakings of National Auto Care
Pty Limited.
Contact: Andrew J. Love
Mark M. Taylor
Receivers and Managers
Level 17, 2 Market Street
Sydney, New South Wales 2000
Australia
Peter D. McCluskey
Receiver and Manager
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
OLIVER CONSULTING: Court Fixes April 24 as Hearing Date
-------------------------------------------------------
On March 15, 2006, the Accident Compensation Commission has file
with the High Court of Wellington an application to liquidate
Oliver Consulting Limited.
The Application will be heard before the court on
April 24, 2006, at 10:00 a.m.
Any person wishing to appear at the hearing must file an
appearance not later than April 21, 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
PETERSON BUILDING: Liquidators to Present Wind-up Report
--------------------------------------------------------
A final meeting of Peterson Building Services Pty Limited will
be conducted today, April 11, 2006.
At the meeting, Liquidators Peter Erskine and Peter Goodin will
present their final accounts regarding the Company's wind-up
operations.
Contact: Robyn Erskine
Peter Goodin
Joint and Several Liquidators
Brooke Bird & Co. Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Australia
Telephone: (03) 9882 6666
RESPONSIBLE NOMINEES: Members to Get Wind-up Report Today
---------------------------------------------------------
The members of Responsible Nominees Limited will hold a final
meeting today, April 11, 2006, to get an account of the manner
of the Company's wind-up and property disposal from Liquidators
Simon A. Wallace-Smith and Salvatore Algeri.
Contact: Salvatore Algeri
Simon A. Wallace-Smith
Liquidators
c/o Deloitte Touche Tohmatsu
180 Lonsdale Street, Melbourne
Victoria 3000, Australia
SOYUZ INVESTMENTS: Court to Hear Petition on April 13
-----------------------------------------------------
An application to liquidate Soyuz Investments Limited was filed
with the High Court of Auckland on December 20, 2005.
Subsequently, the Court will hear the application on April 13,
2006, at 10:00 a.m.
Any person wishing to appear at the hearing of the application
must file an appearance not later than April 11, 2006.
Contact: Commissioner of Inland Revenue
Plaintiff
Simon John Eisdell Moore
Solicitor for the Plaintiff
Crown Solicitor
Meredith Connell
Level Seventeen, Forsyth Barr Tower
55-65 Shortland Street
P.O. Box 2213 or D.X. C.P. 24-063
Auckland
New Zealand
Telephone (09) 336 7556
SR MCCUTCHEON: Members Resolve to Wind Up Firm
----------------------------------------------
At an extraordinary general meeting on March 2, 2006, the
members of SR McCutcheon & Sons Pty Limited decided to
voluntarily wind up the Company's operations.
Robert McCutcheon and Sidney E. McCutcheon were nominated as
liquidators of the Company.
Contact: Robert McCutcheon
Sidney E. McCutcheon
Liquidators
173 Darling Street, Dubbo
New South Wales 2830, Australia
STURT& HELM PTY: Krecji Tapped to Handle Liquidation
----------------------------------------------------
The members of Sturt Helm Pty Limited held a meeting on March 1,
2006, and agreed to shut down the Company's operations.
Peter Paul Krecji was named as liquidator to oversee the wind-up
process.
Contact: Peter P. Krecji
Liquidator
GHK Green Krecji
Level 9, 179 Elizabeth Street
Sydney, New South Wales 2000
Australia
TELSTRA GROUP: AU$300-Mln Stock Fraud Suit Continues
----------------------------------------------------
Sydney Federal Court Justice Murray Wilcox ordered Telstra Group
to hand over documents to lawyers representing shareholders of
the company in a AU$300 million securities class action filed
against it.
The documents referred to are messages and directives sent by
Chief Executive Sol Trujillo from July 1, 2005, the day he
assumed the post at Telstra.
About 100 Telstra shareholders are suing the company alleging
breach of stock exchange disclosure rules. They are represented
by law firm Slater & Gordon. The suit claimed the company made
selective disclosures by first briefing the journalists and the
government, about its financial woes last year before informing
the Australian stock exchange. Telstra is 51.8% owned by the
government.
Judge Wilcox said any communications touching on the secret
briefing to the government should be given to the shareholders'
lawyers. He also ordered that lawyers be given any
communications between members of the company's transition team,
which was deployed to help Mr. Trujillo in his new role. The
matter resumes May 12, 2006.
Telstra's stock closed at AU$5 on August 10, 2005, the day
before results were issued. It fell AU$0.18 on August 11, the
day the results were released to market. Weeks later, Telstra
warned profits could fall by up to 10% in the year to June 2006
and that it had underinvested in capital expenditures during the
previous three to five years.
Shareholders who bought Telstra shares between the release of
its annual results on Aug. 11 and the profit warning in the week
of September 5, 2005, claimed they were overcharged for being
kept in the dark about the firm's finances.
Slater and Gordon Spokesman Michael Salmon said early estimates
indicate shareholders were overcharged some AU$300 in the four-
week period alone. The law firm said anyone who bought
Telstrashares between August 11 and September 7, 2005, is
eligible to join the suit.
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.
TRANSCO AUCKLAND: Court to Hear Liquidation Application April 20
----------------------------------------------------------------
A petition to liquidate Transco (Auckland) Limited was filed
with the High Court of Auckland on December 23, 2005.
The Court will hear the application on April 20, 2006, at 10:00
a.m.
An appearance must be filed not later than April 18, 2006, in
order for any person to appear on the hearing of the
application.
Contact: Commissioner of Inland Revenue
Plaintiff
Jonathan Ridling
Solicitor for the Plaintiff
Auckland Service Centre, 17 Putney Way
P.O. Box 76-198, Manukau City
Telephone (09) 262 9227
WILALMA PTY: Members Agree to Have Business Liquidated
------------------------------------------------------
At Wilalma Pty Limited's general meeting on February 28, 2006,
members concurred that it is in the Company's best interests to
liquidate its operations.
Liquidator Richard Herbert Judson was appointed to oversee the
wind-up.
Contact: Richard H. Judson
Liquidator
Members Voluntarys Pty Limited
PO Box 819, Moorabbin
Victria 3189, Australia
* Four Property Investment Companies Falls Into Liquidation
-----------------------------------------------------------
The Supreme Court of New South Wales has ordered the winding up
of four companies involved in the construction and property
investment industry following an application by the Australian
Securities and Investments Commission.
John Lord, of PKF Chartered Accountants, was appointed
liquidator of Mortgage Finance Australia Pty Ltd, Australian
Synergies Group Pty Ltd, SS Solutions Pty Ltd and Orion Pacific
Real Estate Pty Ltd.
ASIC sought final orders that these four companies be wound up
on "just and equitable" grounds.
ASIC commenced an investigation into Mortgage Finance Australia,
and associated companies, in relation to funds raised by these
companies and difficulties experienced by investors in
recovering their investments.
ASIC's investigation found that in excess of AU$2,000,000 was
raised by Mortgage Finance Australia between June 2001 and May
2002 for an investment into the construction of a retirement
village at Currans Hill, New South Wales. The developers of the
retirement village have gone into liquidation and investors have
been unable to recover their investments. Mortgage Finance
Australia has been without office holders since 13th May 2005.
ASIC's investigation is continuing.
=================================
C H I N A & H O N G K O N G
=================================
ACTMEDIA.IMA LIMITED: Receiving Proofs of Claims Until April 22
---------------------------------------------------------------
Actmedia.Ima Limited will be receiving creditors proofs of debts
and claims until April 22, 2006.
Contact: E T O'connell
Official Receiver and Liquidator
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
BCCI FINANCE: Issues Supplementary Dividends
--------------------------------------------
BCCI Finance International Ltd issued its supplementary
dividends to its creditors at 3.8% on April 10, 2006.
Payment of the dividends will take place at:
27th Floor, Alexandra House
16-20 Chater Road, Central
Hong Kong
CHINA INSURANCE: 2005 Net Loss Widens to HK$434 Mln
---------------------------------------------------
China Insurance International Holdings Company Limited incurred
a net loss of HK$433.7 million for 2005, versus a net loss of
HK$22.94 million in the previous year.
The loss per share was HK$0.325. No final dividend was
declared.
About China Insurance International
Incorporated in Hong Kong and ultimately owned by the government
of the PRC, China Insurance International Holdings Company
Limited is the holding Company for a diversified insurance and
reinsurance financial services group operating throughout
Mainland China and in Hong Kong, with nationwide licenses in the
PRC for both life and general insurance. Operating subsidiaries
are engaged in life and general insurance underwriting,
reinsurance underwriting, reinsurance broking and asset
management. CIIH is effectively controlled (54.6%) by the state
of the PRC, while 36.0% of its shares are widely held through a
public listing in Hong Kong. ICBC (Asia), a Hong Kong publicly
listed subsidiary of the Industrial and Commercial Bank of China
(ICBC) owns 9.5%.
In January 2006, Fitch Ratings placed China Insurance
International Holding Co Ltd's Long-term rating of 'BBB-' and
the senior debt rating of 'BBB-' assigned to the guaranteed
issue of its wholly owned subsidiary CIIH (BVI) Ltd. on the
Rating Watch Negative (RWN). At the same time, the agency has
affirmed the ratings of China International Reinsurance Co Ltd
(CIRe) and Tai Ping Life Insurance Co Ltd (TPL) - both
subsidiaries of CIIH - at Insurer Financial Strength 'A-' (A
minus) and 'BBB+', respectively. The Outlook for the Insurer
Financial Strength ratings is Stable.
These rating actions follow the announcement on January 25,
2006, that the group expects its results for the year 2005 to be
materially and adversely affected by recognition of an
impairment of approximately HKD250 million in goodwill
associated with its 100% owned asset management subsidiary
CIGAML acquired in September 2002. The group has stated that,
as a result of this impairment, its consolidated net losses for
the year ended December 31, 2005 will significantly increase.
CODEBANK LTD: Court Hears Wind-up Petition
------------------------------------------
The application to wind up Codebank Ltd filed by Fong China Fai
Simon was heard by the High Court of Hong on March 29, 2006.
The Court received the petition to wind-up on January 6, 2006.
CYBER SOURCES: Receives Wind-up Order
-------------------------------------
A petition to wind up Cyber Sources Ltd was filed by Lee Hong
Yin John on February 3, 2006.
The Petition was heard by the Hong Kong Special Administrative
Region Court of First Instance on March 29, 2006.
DIAMOND TERM: Court to Hear Wind-up Petition on April 26
--------------------------------------------------------
Citideco Limited on March 2, 2006, filed a petition to wind up
Diamond Term Ltd.
The Petition will be heard before the High Court of Hong Kong at
9:30 a.m. on April 26, 2006.
Any creditor or contributory wishing to support or oppose the
making of a wind up order may appear at the hearing by himself
or by his counsel.
Contact: Fung Wong Ng & Lam
Solicitors for the Petitioner
Room 8, 4th Floor, New Henry House
10 Ice House Street
Central, Hong Kong
FLX LTD: Court Hears Petition to Wind up Firm
---------------------------------------------
The Court of First Instance heard a winding up petition against
FLX (H.K.) Ltd on March 29, 2006.
Tse Wing Kwai presented the Petition on January 7, 2006.
FOCUS ROLLER: Faces Possible Liquidation
----------------------------------------
The petition to wind up Focus Roller Shutter Ltd, which was
presented to the Court of First Instance, was heard on March 27,
2006.
HONOR SHARING: Wind-up Petition Hearing Fixed on May 10
-------------------------------------------------------
Shum Fai Nin on March 13, 2006, filed a petition to wind up
Honor Sharing Market Oriented (Intl) Holdings Ltd.
The Petition will be heard before the High Court of Hong Kong at
9:30 a.m. on May 10, 2006.
Any creditor or contributory wishing to support or oppose the
making of a wind up order may appear at the hearing by himself
or by his counsel.
Contact: Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
JUMBO FORTUNE: Court to Hear Wind-up Petition on May 17
--------------------------------------------------------
Man Financial Limited has filed a petition to wind up Jumbo
Fortune Ltd.
The Petition will be heard before the High Court of Hong Kong at
9:30 a.m. on May 17, 2006.
Any creditor or contributory wishing to support or oppose the
making of a wind up order may appear at the hearing by himself
or by his counsel.
Contact: Johnson Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
LION INTERNATIONAL: Court Releases Winding Up Order
---------------------------------------------------
The Court of First Instance has released a wind-up order for
Lion International Knitting Ltd on March 29, 2006.
The winding up petition was filed with the Court on February 3,
2006.
NORMAN INSURANCE: Creditors to Prove Debts on April 28
------------------------------------------------------
Norman Insurance Company (H.K.) Ltd will be receiving creditors'
proof of debts or claims on or before April 28, 2006.
Creditors are thereby requested to send in their particulars to
the solicitors and liquidators of the Company.
Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution the Company will
make.
Contact: Ying Hing Chiu
Chung Miu Yin, Diana
Joint Liquidators
28/F., Three Pacific Place
1 Queen's Road East
Hong Kong
POWERWAVE COMPANY: Court Hears Bid to Wind Up Firm
--------------------------------------------------
The Court of First Instance on March 29, 2006, heard a wind-up
petition against Powerwave Company Ltd on March 29, 2006.
The petition was lodged by Nanyang Commercial Bank on January
23 2006.
POWERWAVE MULTIMEDIA: Enters Winding Up Proceedings
---------------------------------------------------
Apetition to wind up Powerwave Multimedia Ltd filed by Nanyang
Commercial Bank was heard on March 29, 2006 by the Court of
First Instance, Hong Kong.
The petition to wind up was presented on January 23, 2006.
SAMSUNG ASSET: Creditors to Prove Debts on May 8
-------------------------------------------------
Samsung Asset Management (Asia) Ltd will be receiving creditors'
proof of debts or claims on or before May 8, 2006.
Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.
Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution the Company will
make.
Contact: Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building Central
Hong Kong
SC AND PARTNERS: Wind-up Proceedings Commenced
----------------------------------------------
On March 27, 2006, the Court of First Instance, Hong Kong, heard
a petition to wind up SC and Partners.
The petition to wind up was filed by Yuen Cheong Fire
Engineering Company on January 12, 2006.
STARTEC GLOBAL: Creditors to Meet on May 8
-------------------------------------------
Creditors of the Startec Global Communications (H.K.) Ltd will
meet at 8/F Richmond Commercial Building, 109 Argle Street,
Mongkok, Kowloon, Hong Kong on May 8,2006 at 3:00 p.m. for the
purposes of considering matters in relation to Sections 242 of
the Companies Ordinance.
TCL CORPORATION: Xinhua Far East Cuts Credit Rating to BB
---------------------------------------------------------
Xinhua Far East China Ratings has downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB". The ratings outlook remains negative.
The downgrade was prompted by TCL's poor performance in 3Q05 and
its projected losses for the full-year 2005. Meanwhile, the
downgrade reflects the structural impact on TCL's credit profile
of a more difficult operating environment for its TV and handset
businesses. Moreover, the rating action also considers TCL's
weak results from international business integration, as well as
its inexperience in international business management.
Xinhua Far East noted TCL's performance worsened significantly
in 2005, with its TV business in Europe and handset business in
the PRC contributing to most of the losses. TCL posted an EBIT
margin of negative 5.5% in 1-3Q05, compared to a marginal profit
in 2004. Meanwhile, tightened operating cash flow and elevated
financial leverage further deteriorated its financial profile.
TCL also announced a projected loss for full-year 2005.
Consumer demand for TVs is stagnant in European and North
American markets. Competition is intense and margins are being
squeezed. Amidst this environment, the Company has been slow to
launch marketable products to meet changing consumer
preferences. In the handset market, especially the domestic
market, the Company is facing fierce competition from both
foreign branded handsets and Original Design Manufacture (ODM)
products, while experiencing rising manufacturing costs as a
result of consumer demand for mobile handsets with more
sophisticated functionality.
The downgrade also reflects Xinhua Far East's view that TCL has
failed to achieve synergies from international business
integration and has experienced inefficiencies resulting from
the management of a more internationalized Company. High
overheads required to integrate the Company's acquired TV and
handset businesses have had a lingering negative effect on TCL's
overall performance. Meanwhile, the Company owns an excess of
business lines and faces significant challenges in fully
integrating and optimizing these resources, especially at a time
when the operating environment is difficult. Its business risks
may further increase if it decides to move upstream to produce
LCD TV components.
Nevertheless, Xinhua Far East notes TCL's positive efforts to
enhance performance. The establishment of TCL Group Finance
Co., Ltd. to save on funding costs, the distribution of new,
more marketable products, and actions to divest the electrical
accessories business to remedy working capital will benefit the
Company. The rating agency said it does not dismiss the
Company's upside potential if it improves its management
structure significantly.
About TCL Corporation
Headquartered in Guangdong Province, China, TCL Corporation
-- http://www.tcl.com-- Corporation is principally engaged in
the manufacture of TV sets and handset products. In 2005, TCL
recorded shipments of 23.0 million TV sets and 10.9 million
handsets. As of market close on April 6, 2006, the Company's
total market capitalization was RMB6.05 billion and its
investable capitalization stood at RMB 2.42 billion. The Group
has its nationwide sales and distribution network, with a
computer reaching across the whole country incorporating over
320 branches and business representative offices in over 10
countries. It currently expanding its brands in Vietnam, India
and Germany.
TCL MULTIMEDIA: Denies Acquisition by Philips
---------------------------------------------
TCL Multimedia Technology Holdings Limited denied newspaper
reports on Friday that Philips will acquire its shares at a
price of HK$1.422 per share, Infocast News relates.
TCL said that those reports are purely rumor and with no
substance.
About TCL Multimedia Technology
Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/-- is
formerly known as TCL International Holdings Limited. The
Group's principal activities are designing, manufacturing and
selling electronic products like colored TV, DVD players, VCD
players, home cinema hi-fi systems, mobile handsets, internet
related information technology products, refrigerators and
washing machines. Its other activity includes trading
electronic parts and components used in the production of color
television sets.
The Troubled Company Reporter - Asia Pacific reported on January
9, 2006, that China's TCL Multimedia Technology Holdings Ltd.
expects its money-losing North American and European operations
to break even this year, a half year behind previous targets,
citing TCL Multimedia Chairman Li Dongsheng. The North American
and European operations, which operate under the RCA and Thomson
brands, respectively, posted losses of about HK$30 million in
2005.
TOYOCOM LIMITED: Creditors to Prove Debts by May 4
--------------------------------------------------
Members of the Toyocom (H.K) Limited, having voluntarily wound
up, will be receiving proofs of claims and debts from the
creditors on or before May 4, 2006.
Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.
Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution the Company will
make.
Contact: Thomas Andrew Corkhill
Iain Ferguson Bruce
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street, Central
Hong Kong
TOYOTA TSUSHO: Creditors' Proof of Debts Due on May 7
-----------------------------------------------------
Toyota Tsusho Company (H.K.) Ltd will be receiving proofs of
claims and debts from the creditors on or before May 7, 2006.
Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.
Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution the Company will
make.
Contact: Tsunenaga Moriyama
Joint and Several Liquidator
Room 2702, 27/F., Block 1
Admiralty Centre
18 Harcourt Road
Admiralty, Hong Kong
W.F. INDUSTRIAL: Enters Winding Up
----------------------------------
Through a wind-up petition submitted on February 2006 from Bank
of China (H.K.) Ltd, the Hong Kong Special Administrative Region
Court of First Instance heard the petition to wind up W.F.
Industrial Ltd on March 29, 2006.
WAH FUNG: Court Orders Winding-up
---------------------------------
On January 27 2006, Polyplastics China Ltd presented a winding
up petition against Wah Fung Industries (Holdings) Ltd to the
Court of First Instance of Hong Kong.
The petition to wind up was heard by the Court on March 29,
2006.
WHOLE LION: Court Hears BOC's Wind-up Bid
-----------------------------------------
On March 29 2006, the Hong Kong Special Administrative Region
Court of First Instance ordered to hear a winding up petition
against Whole Lion Ltd.
The Petition to was filed by the Bank of China (H.K.) Ltd on
February 3, 2006.
=========
I N D I A
=========
COAL INDIA: Top Post Draws Few Takers
-------------------------------------
Coal India Limited failed to attract more potential candidates
for its chairman and managing directorial post, The Financial
Express says. Of the six candidates shortlisted, only three
turned up for interview last March 29, 2006.
The Public Enterprise Selection Board has conducted interviews
on the three candidates to replace incumbent CMD Shashi Kumar,
whose term ends in September this year.
Sources said even among the three interviewed, none had a
technical background, a skill considered a must for the top job
at Coal India.
Bharat Coking Coal CMD Partho Bhattacharya, director finance of
Nevyeli Lignite Prasanna Kumar and commercial director of
Kudremukh Iron Ore Company NS Sreeman were interviewed by PESB
on March 29. The other three candidates, including one from
GAIL, gave the interview a miss.
Sources said that although Mr. Bhattacharya of BCCL was the
frontrunner for the post, his finance background may pose a
hurdle. Mr. Kumar of NLC too has a finance background while Mr.
Sreeman is more a marketing person.
Headquartered in Kolkota India, Coal India Limited
-- http://www.coalindia.nic.in/-- is engaged in the mining of
coal, coal based products and mining consultancy. The Group was
incorporated under the Companies Act, 1956 and is wholly owned
by the Government of India. It recently turned around from
substantial losses in the past due to its e-auction revenues.
However, it is still saddled with labor problems involving its
senior staff.
HIRAKUD INDUSTRIAL: Workers' Fate Hangs on SPS Steel's Bid
----------------------------------------------------------
SPS Steel and Power Limited has decided to bid for sick state-
owned firm Hirakud Industrial Works, Business Line reports.
The fresh offer from SPS Steel came after the State Government
canceled an earlier tender awarded to Kolkota-based Varsha
Fabrics, which failed to make a committed payment within the
stipulated timeframe.
Hirakud Industrial employees are now hoping that SPS Steel will
succeed in its bid, as it promised that none of the former's
1,400 workers would be retrenched and their service conditions
would remain unchanged.
On their part, the workers' union representatives assured full
cooperation and productivity without any preconditions. They
expressed their confidence on SPS Steel's ability to turn round
the sick unit, as it has done with Durgapur-based Melcast India
Ltd.
The Government is still open for better offers from other
investors, though, and has fixed April 17, 2006, as the deadline
for submission of fresh bids.
Hirakud Industrial Works is a 34-year-old unit equipped to
manufacture machinery components, aluminium conductors and
transmission line towers. It is a sick State Government-owned
unit that is being divested as part of the public sector unit's
restructuring programme funded by the Department for
International Development of the United Kingdom.
TRAVANCORE RAYONS: Banks Delay Revival
--------------------------------------
The planned reopening of the Travancore Rayons Limited remains
uncertain as two of the firm's banks refuse to accept the
proposal, Business Line relates.
The stalemate continues even 20 months after the Company's
promoter, NDEE Group, had signed a restructuring agreement with
the State Government.
NDEE could not reach a one-time settlement because two members
of a four-bank consortium refuse to approve the reopening plan.
The said consortium is composed of:
* Indian Bank;
* Bank of India;
* State Bank of Travancore; and
* Canara Bank.
The consortium sources, however, said the banks were examining
the proposal.
Travancore Rayons' promoter has proposed to the banking group
that the Company would pay 10% of the total outstanding amount
for settling its account with the consortium. The company had
borrowed INR9 crore from four banks about 16 years ago and it
had repaid INR36 crore, so far. Yet the outstanding amount is
still a hefty INR36 crore.
Meanwhile, the Trade Unions have agreed in principle to accept
the terms and conditions proposed by the management for a long-
term settlement.
The Board for Industrial and Financial Reconstruction had
ordered the closure of the sick unit in 2002. It was at this
point the new promoter, the Coimbatore-based NDEE group, came
forward with a revival package and while it was under the
consideration of the State Government, the Kerala High Court
stayed the closure of the unit. The rehabilitation proposal
envisages that the promoter would invest INR530 crore spread
over a period of five years for modernization of the Company.
The Company is under lay-off for over two years now and about
1,200 workers are without wages. At present, the unit is
maintained by a skeleton staff of 70 people on a monthly wages
of INR750.
=================
I N D O N E S I A
=================
PERTAMINA: May Not Offer Additional Gas to Pupuk Kujang
-------------------------------------------------------
As reported by the Troubled Company Reporter on July 12, 2005,
PT Pertamina and four other state-owned firms namely Perusahaan
Litrick Negara, Perusahaan Gas Negara, Petrokimia Gresik and
Pupuk Kujang signed a contract with Energi Mega Persada in order
to sell gas to local consumers.
In an update on April 8, 2006, Antara News said that PT
Pertamina might find it hard to supply additional natural gas to
Pupuk Kujang IA because it could not risk being declared to have
defaulted on its obligations with other domestic consumers like
PT Krakatau Steel and PT PGN Tbk.
Previously, under Ministerial Decree No. Section 57/2005
Pertamina agreed to supply 30-34 million cubic feet of gas per
day to Pupuk Kujang IA until April 30, 2006.
Antara News relates that Pupuk Kujang management has decided to
continue the plant's operation and asked Pertamina to supply 42
million cubic feet of gas per day for the plant. Pertamina said
that it could only deliver 30 to 34 million cubic feet per day
for the fertilizer plant.
Pertamina has admitted that even if it did not meet Pupuk Kujang
IA's request, the gas producer was already facing a gas shortage
of 48 million cubic feet per day to meet demand in West Java.
About Pertamina
PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise. The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company. In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream. Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributors to Indonesia's decreased income for the
year. Indonesia's President Susilo Bambang Yudhoyono has
promised to expedite the overhaul of state oil firm PT Pertamina
in order to increase the country's fuel output. President
Yudhoyono said the Company's restructuring program is not
proceeding effectively, as the Company is still experiencing
many difficulties. He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases. On
March 8, 2006, the Indonesian government has appointed Pertamina
marketing director Ari Soemarno as Pertamina's new chief.
Because of Mr. Soemarno's vast experience in managing the
Company's imports and exports of crude oil and oil products, he
was considered the best candidate to replace Pertamina's
President Widya Purnama
=========
J A P A N
=========
AOYAMA KANZAI: Files for Court-led Rehabilitation
-------------------------------------------------
Aoyama Kanzai Co. has filed for court-led rehabilitation with
debts totaling JPY148.7 billion, Dow Jones relates, citing
credit research firm Teikoku Databank Ltd.
According to The Troubled Company Reporter - Asia Pacific, the
Hazama group was split into two entities in October 2003, with
Aoyama Kanzai Co. Ltd., now the parent of Hazama, inheriting the
group's real estate assets.
Although Hazama is contractually immune to the debt succeeded by
Aoyama Kanzai, the two companies are regarded as closely tied,
given their parent- subsidiary relationship.
HUIS TEN: Visitors Down by 70,000 in 2005
-----------------------------------------
The number of visitors at Huis Ten Bosch Co. fell by 70,000 from
1.95 million in 2005, the lowest since the park's opening in
1992.
The annual number of visitors at the theme park in Sasebo,
Nagasaki Prefecture, has continued to decline since it peaked at
3.8 million in 1996.
The Troubled Company Reporter - Asia Pacific reported on
September 29, 2005, that Huis Ten Bosch aims to boost the number
of visitors to 2.40 million in fiscal 2008 through March 2009
from the 2.02 million in fiscal 2004.
About Huis Ten Bosh
Headquartered in Nagasaki Japan, Huis ten Bosch is a popular
theme park, which imitates Holland villages. It's located in
Kyushu. It is a fun place for travelers to experience the
exotic culture and atmosphere of Europe.
The Troubled Company Reporter - Asia Pacific has reported on
July 5, 2004, that The Tokyo District Court has approved Huis
Ten Bosch Co.'s rehabilitation plan under the support of Nomura
Principal Finance Co., an investment firm controlled by Nomura
Holdings Inc. Huis Ten Bosch inked a rehabilitation sponsorship
contract with Nomura Principal in December 2003.
KAJIMA CORPORATION: Eradicates Retirement Compensation System
-------------------------------------------------------------
The Board of Directors of Kajima Corporation has resolved a
revised remuneration policy for directors, corporate auditors
and executive officers, which centers on a revision to the
retirement compensation system at the board of directors'
meeting held on March 14, 2006.
In a press statement, the Board has resolved to abolish the
retirement compensation system for the directors, the corporate
auditors and the executive officers as of the date of the
general stockholders' meeting scheduled in June this year. The
retirement compensation will be provided up to the amount
corresponding to the date of abolishment and will be paid to the
directors, the corporate auditors and the executive officers at
the time of their retirement from the position.
The Company is planning to implement this revision after it is
resolved at the general stockholders' meeting to be convened in
June this year and also at a board of directors' meeting to be
convened thereafter.
About Kajima Corporation
Tokyo-based Kajima Corporation -- http://www.kajima.co.jp/--
was founded in 1840 and quickly grew to become an industry
leader in the field of construction, where it has remained as
such ever since. Kajima Corporation is a leading contractor
in the construction industry, providing a full range of services
in Japan and countries around the globe. Kajima Corporation
has been experiencing losses due to poor operating performance
of its European construction subsidiary, and has disposed of
its loss-making units.
KIMMON MANUFACTURING: IRCJ Completes Debt Payment
-------------------------------------------------
The Troubled Company Reporter - Asia Pacific has reported
earlier that on January 28, 2004, The Industrial Revitalization
Corporation of Japan has approved an application for assistance
by Kimmon Manufacturing Company Limited under Article 22, Clause
3 of the Industrial Revitalization Corporation Act of 2003.
On March 30, 2004, the IRCJ reached agreement on the purchase of
Kimmon's debt under Article 25, Clause 1 of the same act and, on
September 29, a third-party capital increase was carried out.
In an update on March 31, 2006, The Industrial Revitalization
Corporation of Japan with the approval of the Industrial
Revitalization Committee, has received payment in full from
Kimmon Manufacturing Co., Ltd. and related companies for the
remaining debt held by the IRCJ in Kimmon. The payment received
by the IRCJ means that it no longer holds any debt or other
obligations of Kimmon.
The principal amount of Kimmon debt was JPY15,878 million, for
which the IRCJ paid JPY11,990 million to financial institutions.
Following debt forgiveness of JPY3,517 million in line with the
revitalization plan, JPY1,281 million of the remaining 12,361
million was handled through operating revenue, asset disposals
and other such methods. Following today's receipt by the IRCJ of
loan repayment of JPY11,080 million, payment has been received
in full for all outstanding debt.
Headquartered in Tokyo Japan, Kimmon Manufacturing Company
Limited -- http://www.kimmon.co.jp-- manufactures gas and water
meters. The products of the Group include liquid petroleum gas
meters, water and oil meters, optical instruments and
environmental equipment.
MISAWA HOMES: IRCJ Gets Debt Payment in Full
--------------------------------------------
The Industrial Revitalization Corporation of Japan has approved
on March 31, 2006, the transfer of debt and receipt of payment
in full for the debt that IRCJ had purchased as part of a
business revitalization plan for Misawa Homes Holdings Inc. The
payment received by the IRCJ means that it no longer holds any
debt or other obligations of Misawa Group companies.
The principle value of Misawa Group's debt was JPY43,411
million, for which the IRCJ paid JPY14,274 million to financial
institutions. Following debt forgiveness of JPY28,452 million in
line with the revitalization plan, JPY4,502 million of the
remaining balance of JPY14,960 million was handled through
business income, disposal of collateral and other such methods.
Following the receipt by the IRCJ of loan repayment of JPY10,458
million, payment has been received in full for all outstanding
debt.
Headquartered in Tokyo, Japan, Misawa Homes Co. Ltd
-- http://www.misawa.co.jp-- group's principal activities are
to design, manufacture, vending and construction of
prefabricated 'Misawa Homes', housing development and housing
industry-related businesses. It includes all aspects of home
care. The Group's operations are carried out through the
following divisions: housing, resort-related business, financing
and others. Housing includes construction, manufacturing and
sale of house and housing materials, housing research and
development, maintenance and extension of housing. Resort-
related business includes, operation of resorts and golf
courses, planning and sale of holidays. Financing include,
mortgages, vehicle leasing and credit loans. Others include
manufacturing plastic and rubber, satellite communications and
personal relations agency.
MITSUBISHI MOTORS: Settles Civil Suit in Belgium
------------------------------------------------
In December of 2002, Morkens Car Division, formerly a
distributor of Mitsubishi brand vehicles in Belgium, served
Mitsubishi Motors Corporation and its European subsidiary
Mitsubishi Motors Europe BV (MME) with a civil suit requesting
damages in relation to MME's unilateral canceling of a
distributor's agreement.
In a press release, six dealers affiliated with Morkens and six
independent dealers also filed a similar suit requesting
damages. On March 30, 2006, a settlement agreement was reached
between the parties involved.
All costs and charges related to these proceedings have already
been incorporated into MMC's earnings projections (consolidated
& unconsolidated) for the current fiscal year.
About Mitsubishi Motors
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base.
Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up defects and ill-
advised auto lending policies in the United States.
TCR-AP reported on March 31, 2006, that Moody's Investors
Service changed the outlook of Mitsubishi's Ba3 long-term debt
rating to stable from negative, which reflects Moody's
expectation that the Company's credit profile may continue
improving profitability recovering due to improved cost
structures and an increased market position due to global
introductions of new models.
PIONEER CORPORATION: Shifts Unit Shares to Omron
------------------------------------------------
Pioneer Corporation, in a press release, said it has reached an
agreement to transfer its entire shares of Pioneer Precision
Machinery Corporation to Omron Corporation.
The transfer will help Pioneer concentrate resources on
strategic business and improve management efficiency. The
specific conditions and schedule of the sale are under
discussion and will be finalized at a later date.
About Pioneer Corporation
Headquartered in Tokyo, Japan, Pioneer Corporation
-- http://www.pioneer.co.jp/-- manufactures consumer and
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers. Pioneer also makes video equipment and audio
products. Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.
Pioneer has more than 30 manufacturing facilities worldwide.
In February 2005, Standard & Poor's Ratings Services lowered its
long-term issuer credit and senior unsecured debt ratings on
Pioneer to 'BBB' from 'BBB+' reflecting substantial
deterioration in earnings in the Company's home electronic
business and weak prospects for early recovery in performance.
The rating action reflected the subsequent deterioration in cash
flow protection. By November 2005, S&P placed its 'BBB' ratings
on Pioneer on CreditWatch with negative implications following
the Company's yet weaker profit forecast for fiscal 2005 (ending
March 31, 2006). In December 2005, Pioneer announced business-
restructuring plans that involve improving management efficiency
through organizational restructuring. The Company dismantled
its current "internal Company" system as of Jan. 1, 2006, and
reorganized into a two-department set-up featuring the Home
Entertainment Business Group and the Mobile Entertainment
Business Group. All operations related to plasma displays, DVD
products and home audio products will be integrated into the
Home Entertainment Business Group. The Home Entertainment
Business Group staff, currently working at three locations, will
be consolidated at one location in Japan by 2007. As part of
Pioneer's efforts to reduce fixed costs for the entire group, it
is also consolidating its worldwide production sites from 40 to
about 30, and in this regard, cutting about 2,000 employees,
mostly at overseas production sites.
=========
K O R E A
=========
HYUNDAI MOTOR: Probe Casts Shadow Over Offshore Operations
----------------------------------------------------------
A widening prosecution probe into Hyundai Motor Group is having
an adverse effect on the group's overseas operations, Yonhap
News reports, citing group officials.
The Troubled Company Reporter - Asia Pacific reported on March
31, 2006, that prosecutors raided the headquarters of Hyundai
Motor Co., and three of its subsidiaries -- Glovis Co., Kia
Motors Corporation and Hyundai Autonet Co. -- on March 26, 2006,
as part of their investigation into the Hyundai Motor Group's
alleged involvement in a slush fund scandal and in illegal
political lobbying.
The TCR-AP recounts that prosecutors will summon this week
Hyundai Automotive Group Chairman Chung Mong-koo and his son
Chung Eui-sun to question them about slush funds created by
several of the group's subsidiaries.
Yonhap News relates that the world's seventh-largest automaker
by volume, which has a number of major events set for this
month, is on the verge to postpone overseas events as the top
members of its management are likely to cancel their
participation due to the continuing investigation.
The Group is scheduled to hold a groundbreaking ceremony on
April 18, 2006, for its second production plant in China, to be
attended by Mr. Chung and top government officials there. The
automaker may also reschedule a ceremony for a new production
plant in the Czech Republic on April 17, 2006.
Kia Motors Corporation, a unit of the Group, has already delayed
its groundbreaking ceremony for its first auto plant in the
United States originally slated for April 29, 2006. The
decision came a day after prosecutors began an investigation
into the allegations against the group.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. South Korea's number 1 carmaker,
Hyundai produces 14 models of cars and minivans, as well as
trucks, buses, and other commercial vehicles. The Company
reestablished itself as Korea's leading carmaker in 1998 by
acquiring a 51% stake in Kia Motors (since reduced to about
45%). Hyundai's exports include the Accent and Sonata, while
its Korean models include the Atos subcompact. The Company also
manufactures machine tools for factory automation and material-
handling equipment.
In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker. Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the Company. Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans. These include a recently announced Kia factory in the
U.S. and, of more concern, the W5 trillion-W7 trillion blast
furnaces planned by group Company INI Steel Co. The CreditWatch
listings will be reassessed within the following two months. If
purchase terms for Mando are solidified during that time, the
CreditWatch placement will be resolved. However if the
negotiations are prolonged, Standard & Poor's will affirm the
current 'BB+' ratings until further information is available.
HYUNDAI MOTOR: Chairman Chung Returns to South Korea
----------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
April 7, 2006, Hyundai Motor's chairman Chung Mong-koo has left
for the United States on April 2, 2006, to visit several
manufacturing and sales facilities in the country. Mr. Chung is
expected to be back on April 9, 2006.
In an update on April 7, 2006, Digital ChosunIlbo relates that
Hyundai Automotive Group chairman Chung Mong-koo was expected to
arrive at Incheon International Airport on April 8, 2006, at
5:15 a.m., on Korean Air flight KE012 from Los Angeles.
The TCR-AP added that the prosecution has secured the account
books of a Hyundai Automotive Group affiliate that contains
details about alleged slush funds.
Mr. Chung decided to return to South Korea when he learned that
prosecutors have acquired persuasive evidence that he was
involved in creating the slush funds and public opinion
increasingly turned against him.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. South Korea's number 1 carmaker,
Hyundai produces 14 models of cars and minivans, as well as
trucks, buses, and other commercial vehicles. The Company
reestablished itself as Korea's leading carmaker in 1998 by
acquiring a 51% stake in Kia Motors (since reduced to about
45%). Hyundai's exports include the Accent and Sonata, while
its Korean models include the Atos subcompact. The Company also
manufactures machine tools for factory automation and material-
handling equipment.
In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker. Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the Company. Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans. These include a recently announced Kia factory in the
U.S. and, of more concern, the W5 trillion-W7 trillion blast
furnaces planned by group Company INI Steel Co. The CreditWatch
listings will be reassessed within the following two months. If
purchase terms for Mando are solidified during that time, the
CreditWatch placement will be resolved. However if the
negotiations are prolonged, Standard & Poor's will affirm the
current 'BB+' ratings until further information is available.
KOREA EXCHANGE: Union to Sue Lone Star
--------------------------------------
The labor union at Korea Exchange Bank has accused Lone Star of
collecting some KRW376.2 billion in illegal transactions during
the process of acquiring Korea Exchange Bank, and has asked the
bank to sue Lone Star in order to have the money back, DongA.com
relates.
"If the Korea Exchange Bank does not file charges within 30
days, the labor union will file a lawsuit against Lone Star by
themselves," the labor union said.
The labor union alleged that Lone Star issued KRW268.75 billion
new shares to its subsidiary, LSF-KEB Holdings, in October 2003
at a discounted price of KRW1.075 trillion, or 4,000 per share,
when the regular price should have been 5,000 won per share.
The union said issuing shares at a discounted price was an act
of misappropriation and demanded Lone Star to return the extra
money obtained from the margin.
About Korea Exchange
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
ranks 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.
In March 2006, Standard & Poor's Ratings Services placed its
'BBB/A-2' counterparty credit ratings on Korea Exchange Bank,
and its rating on the bank's lower tier II subordinated bonds,
on CreditWatch with positive implications. The CreditWatch
placement is due to the increased likelihood that KEB will be
purchased by the stronger Kookmin Bank (A-/Stable/A-2).
U.S.-based Lone Star Funds designated Kookmin as the preferable
partner for its planned sale of its 50.53% stake in KEB.
Finalizing the Transaction may take a few months and there have
been several cases where negotiations with designated partners
collapsed. However, Standard & Poor's believes that the
likelihood that Kookmin will purchase KEB is relatively high,
given the strong intention by the bank's management and the
motivation of Lone Star Fund to complete the transaction soon.
===============
M A L A Y S I A
===============
COMSA FARMS: Becomes Affected Issuer of Practice Note 17
--------------------------------------------------------
In compliance with Practice Note No. 17/2005, the Board of
Directors of Comsa Farms Berhad disclosed that based on the
audited consolidated results of the Company for the financial
year ended March 31, 2005, as submitted to Bursa Securities on
April 5, 2006, the Group and Company had deficits in
shareholders' equity amounting to MYR19,011,000 and
MYR70,401,000, respectively.
The reason for the deficit in the adjusted shareholders' equity
is mainly due to the:
-- provision for doubtful debts of MYR74.7 million;
-- impairment loss on property, plant and equipment, or PPE
of MYR33.8 million;
-- writing off of PPE amounting of MYR16.0 million; and
-- loss arising from changes in fair value of biological
assets of MYR22.5 million.
As such, the Company is an Affected Listed Issuer pursuant to
Paragraph 2.1 of PN17/2005.
As an Affected Listed Issuer, Comsa is required to comply with
these conditions:
* submit a Regularization Plan to the relevant authorities
for approval or, where the relevant authorities' approval
are not required, obtain all other approvals necessary
for the implementation of the Regularization Plan within
eight months from the date of this First Announcement;
* implement the Regularization Plan within the timeframe
stipulated by the relevant authorities or where no
timeframe has been stipulated or allowed by the relevant
authorities, within the timeframe stipulated by Bursa
Securities;
* announce the status of the Company's plan to regularize
its condition on a monthly basis until further notice
from Bursa Securities; and
* announce its compliance or non-compliance with a
particular obligation pursuant to PN17/2005 on an
immediate basis.
Should the Company should fail to comply with the obligation to
regularize its condition, all of its listed securities shall be
suspended from trading on the fifth market day after expiry of
the Submission Timeframe or Implementation Timeframe, as the
case may be, and delisting procedures shall commence against the
Company.
Background
RHB Sakura Merchant Bank Berhad, on behalf of the Company, had
on September 29, 2004, December 31, 2004, announced that the
Company proposes to implement a renounceable rights issue of up
to MYR285,120,000 nominal value of 7.0% 5-year redeemable
convertible secured loan stocks at 100% of its nominal value on
the basis of MYR2.00 nominal value of RCSLS for every one
existing Comsa share on the entitlement date. The Proposed
Rights Issue was approved by Bank Negara Malaysia and Securities
Commission on February 22, 2005, and May 26, 2005, respectively.
Due to the adverse financial position of the Company, the
Proposed Rights Issue will be revised accordingly or aborted.
The Board of Directors of Comsa is currently deliberating on the
revision of the Proposed Rights Issue.
In addition, currently the Board of Directors of Comsa is also
evaluating various options in its endeavor to formulate a debt
restructuring scheme to regularize its financial condition.
Appropriate announcement on the revision of the Proposed Rights
Issue and the debt restructuring scheme shall be announced by
the Company in due course.
Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff. Its other activities include livestock,
aqua feedmilling, poultry feeding, hatchery operations, and
layer farming. The Company is currently plunged in crisis due
to its inability to meet its sinking fund payment, weak
operational cash flow vis-a-vis its debt level and poor showing
in terms of returns on investment since the commencement of the
modernization and expansion of its farms in 2000. Furthermore,
the poultry industry is presently confronted by the outbreak of
the avian influenza and rising raw material prices, which could
hurt Comsa's earnings and cash flow in the immediate term.
FURQAN BUSINESS: Subsidiary Disposes Of Property
------------------------------------------------
Furqan Business Organisation Berhad's subsdiairy, Austral Amal
Properties Sdn Bhd, had on April 6, 2006, entered into a Sale
and Purchase Agreement with Scanart Data System (M) Sdn Bhd.
Under the Agreement, Austral Amal will sell a piece of land, a
four-storey office and a warehouse complex in Bandar Petaling
Jaya, Daerah Petaling, Negeri Selangor Darul Ehsan measuring in
area approximately 8978.9484 square metres for a total
consideration of MYR15,100,000.00.
The said Disposal is part of the Proposed Disposal of Non-Core
Assets of Austral Amalgamated Berhad Group pursuant to the
Workout Proposal of AAB Group which were approved and
implemented under the Pengurusan Danaharta Nasional Berhad Act,
1998.
The details of the Workout Proposed had been disclosed in the
Information Circular to Shareholders of AAB dated October 8,
2002.
Austral Amal has obtained the approval from Pengurusan Danaharta
Nasional Berhad to sell the said Property and Danaharta has
agreed to accept a sum of MYR15,100,000.00 only as full and
final redemption of the said Property subject to the sum being
paid to Danaharta.
Austral Amal is a wholly owned subsidiary of Furqan Business and
was incorporated in Malaysia under the Companies Act, 1965, on
June 5, 1995. The authorized and issued and paid up capital of
Austral Amal is MYR100,000.00 divided into 100,000 ordinary
shares of MYR1.00 each and MYR2.00 divided into two ordinary
shares of MYE1.00 each, respectively.
The said Disposal will have no material effect on the earnings
per share, net assets per share, share capital and substantial
shareholders' shareholding of the Company for the year ending
December 31, 2006, as the book carrying value approximates the
corresponding debt amounts owing to Danaharta.
Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services. Other activities
include contractor, leasing and hire purchase financing
facilities. The Group's operations are substantially carried
out in Malaysia. The Company's lackluster business prospects
have taken their toll on Furqan Business' financial position as
its operating cash flow has persistently remained in negative
territory since 31 December 2002. Rating Agency Malaysia has
downgraded the rating of the Company's MYR37.66 million
Redeemable Convertible Loan Stocks, from BB3 to B1, with a
negative outlook. At the same time, the rating agency is
maintaining the Rating Watch on the Company, pending further
clarification on its recent corporate exercise to acquire a 7%-
stake in the Cepatwawasan Group. The downgrade is premised on
the deterioration in Furqan's business profile, especially in
its leasing business, which is currently the main revenue
contributor to the Group.
JIN LIN: Court Grants 150-day Restraining Order
-----------------------------------------------
The Kuala Lumpur High Court on April 7, 2006, has granted a 150-
day restraining order to Jin Lin Wood Industries Berhad and its
subsidiaries. The restraining order is effective from April 7,
2006, through September 4, 2006.
The Troubled Company Reporter - Asia Pacific on Mar 28, 2006,
reported that the solicitors of Jin Lin Wood Industries Berhad
filed an application to further extend the 120-day Restraining
Order issued by the Kuala Lumpur High Court on November 24,
2005. The Restraining Order was first entered in the Company's
favor on March 3, 2004, to facilitate its proposed restructuring
scheme, which was announced on February 9 that year.
Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products. The Company is also involved in
warehousing, chemical treatment and investment holding. Jin Lin
was listed in 2000, at the tail end of the timber price rally.
It went bust two years later, when demand for wood products and
their prices were at their cyclical lows. The Company's
management blamed the failure to "bad timing" as the company
came in when the market was going down. The Company hopes that
its proposed a restructuring scheme, which involves the change
of its core business from timber-based to the manufacturing of
granite and marble products, will be completed as early as this
year. The restructuring also involves schemes of arrangement
with shareholders and creditors, disposal of Jin Lin and shares
placement. The Proposed Restructuring Scheme is currently in
the implementation stage and awaits shareholders' approval. The
shareholders are expected to convene and discuss the
restructuring scheme in the second quarter of 2006.
KEMAYAN CORPORATION: SC OKs Waiver for Units' Planned Disposals
---------------------------------------------------------------
The Securities Commission has on April 7, 2006, approved Kemayan
Corporation's application for a waiver from having to seek the
SC's approval for the proposed disposal of properties by its
subsidiaries, Alrosa Sdn Bhd and Kemtrad Holdings Sdn Bhd.
On October 12, 2005, Alrosa Sdn Bhd had on Otcober 12, 2005,
inked a Sale and Purchase Agreement to sell the parcel of land
and two partially completed steel structured sheds in Jalan
Tuaran, District of Kota Kinabalu, Sabah to Hwa Sen Holdings Bhd
for a total of MYR6,600,000.00.
The disposal would allow Standard Chartered Bank Malaysia Berhad
to partially recover its debts from Alrosa in addition to the
new Ordinary shares of MYR1.00 each in Jawira Holdings Berhad
and the Irredeemable Convertible Unsecured Loan Stocks to be
issued to Standard Chartered under the proposed debt settlement,
which formed part of the Proposed Restructuring Scheme
undertaken by Kemayan and its scheme subsidiary companies.
On the other hand, Kemtrad Holdings had on October 18, 2005,
entered into a Sale and Purchase Agreement with NCT Forwarding &
Shipping Sdn Bhd for a proposed disposal of a parcel of land
together with an industrial building in Jalan Kolombong,
Kolombong Industrial Area, Inanam in the District of Kota
Kinabalu, Sabah measuring approximately 2.63 acres for a total
purchase consideration of MYR3,470,000.00.
The property disposal will allow Danaharta to partially recover
its debts from Kemtrad in addition to the new ordinary shares of
MYR1.00 each and the Irredeemable Convertible Unsecured Loan
Stocks in Jawira Holdings Berhad to be issued to Danaharta under
a proposed debt settlement, which formed part of the Proposed
Restructuring Scheme undertaken by Kemayan Corporation and its
scheme subsidiary companies, including Kemtrad.
Headquartered in Johor Darul Takzim, Malaysia, Kemayan
Corporation Berhad -- http://www.kemayan.com/-- develops,
constructs and manages properties. The firms' other activities
include the operation of resorts, cultivation of palm oil,
trading of office equipment and supplies and the provision of
management, engineering and investment holding services.
Kemayan has incurred hefty losses in the past due to stalled
development projects and lack of cash flow. These prompted the
Company to propose a restructuring scheme on June 29, 1999. The
Company believes that the significant interest savings arising
from the Proposed Restructuring Scheme would provide the Kemayan
Group with the financial ability to continue its operations on a
going concern basis and, in the long term, to regain profit. On
March 29, 2006, the Company was delisted from the Official List
of Bursa Malaysia Securities for failing to regularize its
financial condition within the prescribed time frame stipulated
by Bursa Securities.
KILANG PAPAN: Bourse Disallows Appeal to Defer Delisting
--------------------------------------------------------
Bursa Malaysia Securities Berhad will delist and remove the
securities of Practice Note 4/2001 company, Kilang Papan Seribu
Daya Berhad, from the Official List of Bursa Securities on April
20, 2006. The decision was reached after the Bourse's Appeals
Committee disallowed the Company's move to avert the delisting.
The Troubled Company Reporter - Asia Pacific reported on March
21, 2006, that the removal of Kilang Papan's securities from the
Official List of Bursa Malaysia Securities Berhad is deferred
pending the decision of an appeal lodged by the Company.
The TCRAP report also stated that the Bourse on March 10, 2006,
has opted to delist the Company due to its inadequate level of
financial condition. The delisting has been originally
scheduled for March 22, 2006.
About Kilang Papan Seribu Daya
Headquartered in Sabah, Malaysia, Kilang Papan Seribu Daya
Berhad engages in the manufacturing and marketing of timber and
timber related products; and trading of rubber wood products.
Its products, which include sawn timber and molded timber, are
exported to Japan, United States and Europe.
The Company fell into Special Administration on December 1999,
due to its catastrophic losses. In December 2002, the
Securities Commission approved the Company's debt-restructuring
scheme. In November 2005, Pengurusan Danaharta Nasional Berhad
terminated the Special Administrators appointment to the
Company. As the Proposed Restructuring Scheme to the Securities
Commission on June 21, 2004, was based on a Workout Proposal
formulated by the Special Administrators on May 28, 2004, the
existing Debt Restructuring Scheme was withdrawn by Am Merchant
Bank Berhad on behalf of the Special Administrators. On
December 22, 2005, the Company received a Notice to Show Cause
on De-listing of its securities from the Official List of Bursa
Securities. On March 10, 2006, Bursa Securities informed the
Company that its securities will be delisted from the Official
List on March 22, 2006. The delisting, which was deferred on
the Company's request, will proceed on April 22, 2006.
Meanwhile, the directors have made efforts to propose a
restructuring scheme and are awaiting the response from certain
creditors. The Company does not comply with Paragraph 3.04 of
the Bursa Malaysia Listing Requirements as the paid-up share
capital is MYR19,999,000 instead of MYR40,000,000. This
shortfall will be addressed upon implementation of a new Debt
Restructuring Scheme.
MBF HOLDINGS: Court to Hear Case Against AmFinance on June 28
-------------------------------------------------------------
The Kuala Lumpur High Court has adjourned for mention on
June 28, 2006, the pre-trial case management relating to MBf
Holdings Berhad's case against AmFinance Berhad.
On November 5, 2004, MBf Holdings and its subsidiaries, Alamanda
Development SDn Bhd and MBf Project Management Sdn Bhd served a
Writ of Summons against AmFinance Berhad.
The Writ was filed following a demand by the AmFinance on
October 18, 2004, in respect of debts allegedly owed by Alamanda
on loan facilities in the aggregate sum of MYR132.9 million as
of August 31, 2004, plus accrued interest at 2.5% above the Base
Lending Rate per annum and additional default interest of 1% per
annum on the principal sum of approximately MYR103.15 million,
from September 1, 2004, until date of full payment which were
purportedly guaranteed by MBf Holdings.
The Plaintiffs' claims are for the relief of:
-- a declaration that the Deed of Novation dated April 1,
2000, between MBF and Alamanda, and the Defendant is
void and unenforceable;
-- a declaration that the Deed of Novation dated April 1,
2000, between the 2nd Alamanda and MBf Project, and the
Defendant is void and unenforceable; and
-- a declaration that the Corporate Guarantees dated
September 14, 1996, January 16, 1997, January 17, 1997,
June 26, 1997, June 12, 2000 by MBf Holdings in favor of
the Defendant are void and unenforceable.
The Plaintiffs are advised that the action against the Defendant
is premised on a sound legal basis. Save as disclosed, the suit
does not have any material financial impact on the Plaintiffs.
Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes. Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding. The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.
Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group. Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965. MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action. The Scheme was
completed on June 30, 2003. Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies. The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business. However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.
MENTIGA CORPORATION: Settles Affin Bank's MYR7-Mln Claim
--------------------------------------------------------
Mentiga Corporation has on April 6, 2006, inked an agreement for
the full and final settlement of Affin Bank Berhad's MYR7-
million claim against the Company.
Under the terms of the Settlement Agreement, Mentiga is required
to make an initial payment of MYR2 million before April 15,
2006.
The balance sum of MYR5 million is to be repaid over three years
in six half-yearly installments:
* first installment of MYR835,000.00 by 1.10.2006;
* second installment of MYR835,000.00 by 1.4.2007;
* third installment of MYR835,000.00 by 1.10.2007;
* fourth installment of MYR835,000.00 by 1.4.2008;
* fifth installment of MYR835,000.00 by 1.10.2008; and
* the final installment sum of MYR825,000.00 by 1.4.2009.
In default of any single payment, Affin Bank Berhad reserves the
right to terminate this arrangement forthwith and the balance
Settlement Sum shall be forthwith payable together with interest
thereon at 8.0% p.a., compounded monthly, from date of the
notice of termination addressed to Mentiga to the date of full
payment.
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations. In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors. The Company has been suffering losses in
the past years and is currently working to avert a possible
delisting from the Official List of Bursa Malaysia Securities.
PAN MALAYSIA: Pays MYR8,430 for 20,000 Shares
---------------------------------------------
Pan Malaysia Corporation Berhad bought back 20,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR8,430.16 on April 7, 2006.
The minimum price paid for each share purchased was MYR0.410 and
the maximum was MYR0.420.
After the purchase, the cumulative outstanding treasury shares
have reached 57,481,400.
Pan Malaysia Corporation on March 27, 2006, bought back 327,600
ordinary shares of MYR0.50 each for a total cash consideration
of MYR139.240.75, the Troubled Company Reporter - Asia Pacific
reports.
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products. The Company also operates
departmental and specialty stores, construction and property
investment and investment holding. The Group operates in
Malaysia, Australia and the rest of Asia-Pacific. Pan Malaysia
has suffered consecutive losses in the past. In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.
POHMAY HOLDINGS: To Exit Bursa Malaysia on April 20
---------------------------------------------------
Bursa Malaysia Securities Berhad will proceed with the delisting
and removal of Pohmay Holdings Berhad's securities from the
Official List on April 20, 2006.
Bursa Securities disclosed on March 10, 2006, its decision to
delist the Company's securities. The Bourse on March 15, 2006,
deferred the delisting after Pohmay submitted its appeal against
the move.
However, after having considered all the facts and circumstances
of the matter, the Bourse has decided to delist Pohmay's
securities as the Company does not have an adequate level of
operations to warrant continued listing on the Bourse.
Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture. Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood. Its other activities
are cultivation and harvesting of rattan and investment holding.
Pohmay, a Practice Note 17 company, is a defendant of a wind-up
petition filed by AmBank (M) Berhad. The legal action is
expected to have a significant financial and operational impact
on the Company. The Company is negotiating with its lenders to
restructure the Group's loans and is actively working on various
schemes to alleviate the Group from its current financial
predicament.
PROMTO BERHAD: Bourse to Commence Delisting on April 20
-------------------------------------------------------
Promto Berhad's securities will be delisted and removed from the
Official List of Bursa Malaysia Securities on April 20, 2006.
The Troubled Company Reporter - Asia Pacific has reported that
on March 10, 2006, the Bourse announced its decision to delist
Promto's securities as:
-- Promto has failed to issue its Annual Audited Accounts
and Annual Reports for the financial years ended
December 31, 2002, 2003 and 2004, all the quarterly
reports for 2003 and 2004 and the quarterly report for
the period ended March 31, 2005 within the specific
timeframes; and
-- more than six months have lapsed from the expiry of the
relevant timeframes and the prescribed financial
statements have still not been issued.
Bursa Securities further reported on March 15, 2006, that given
that the Company had submitted its appeal against the decision
of Bursa Securities to de-list its securities from the Official
List of Bursa Securities, the removal of the securities shall be
deferred pending the decision on the appeal by Bursa Securities.
However, after thorough review of the matter, the Bourse has
decided to proceed with the delisting of the Company's
securities.
Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture. Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood. Its other activities
are cultivation and harvesting of rattan and investment holding.
Pohmay is a defendant of a wind-up petition filed by AmBank (M)
Berhad. The legal action is expected to have a significant
financial and operational impact on the Company. The Company is
negotiating with its lenders to restructure the Group's loans
and is actively working on various schemes to alleviate the
Group from its current financial predicament.
SATERAS RESOURCES: Bourse Junks Appeal & Proceeds with Delisting
----------------------------------------------------------------
The securities of Sateras Resources will be delisted and removed
from the Official List of the Bursa Malaysia Securities on April
20, 2006.
As reported by the Troubled Company Reporter - Asia Pacific, the
Bourse on March 10, 2006, decided to delist Sateras Resources on
March 22, 2006, over the Company's failure to issue annual
audited accounts and annual report for the financial year ended
March 31, 2004, within the timeframe.
Sateras had on March 17, 2006, appealed against Bursa
Securities' decision to de-list its securities from the Official
List of Bursa Securities. Subsequently, the removal of the
Company's securities was deferred pending the decision on the
appeal by Bursa Securities.
However, after having considered all facts and circumstances of
the matter, the Bourse has resolved that Sateras' appeal be
disallowed and has decided to proceed with the delisting.
About Sateras Resources
Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services. The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.
Sateras has been experiencing losses since 1997 and has negative
shareholders' funds as of the financial year ended March 31,
2002. Due to the economic turmoil, which hit the country in
1997-1998, the financial condition of the Group worsened and had
never recovered since then. The Sateras Group was highly geared
with total borrowings of MYR167.04 million as of March 2002.
With the contraction in the property market following the
prolonged weak capital market and the over supply of properties,
the Group's businesses were unable to generate sufficient
revenue and cash flow to service its debts obligations as and
when it fell due since 1998. The Company filed a Proposed
Restructuring Scheme in 2003 to revive its financial strength
through the injection of profitable and viable assets, providing
the Company's creditors and existing shareholders an avenue to
recover part of their debts or investments. The primary
objective of the Proposed Debt Settlement is to address its
financial predicament, to rescue the Company from the risk of
being de-listed. It is also intended to rescue the Company from
the likely event of being wound up or placed under a
receivership due to its inability to meet its financial
commitments.
SETEGAP BERHAD: MITI Approves Equity Interest Disposals
-------------------------------------------------------
The Ministry of International Trade and Industry has on April 4,
2006, approved the disposal of:
-- approximately 62.09% equity interest in Paving Plant and
Processes (M) Sdn Bhd; amd
-- 100% equity inyterests in Asphalt Industries Sdn Bhd.
The MITI's approval is, however, conditional upon the approval
of the Securities Commission and compliance with the guidelines
on the acquisition of interests, mergers and take-overs by local
and foreign interests.
About Setegap Berhad
Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities are construction and maintenance of roads,
railways and building, including services rendered on quarrying.
The Company's other activities include manufacturing and selling
offroad construction equipment, asphalt plants, mixing plants,
asphalt emulsions and premix. The Group also provides
mechanical and electrical services, leases machinery and
investment holding.
Tight policies implemented by the Government in containing the
effect of the financial crisis in 1997/98 had affected certain
sectors of the economy, inter-alia, the construction and
property sectors. As a result, the Company's cash flow and
profitability were adversely affected. In August 1999, Setegap
had sought the assistance of the Corporate Debt Restructuring
Committee set up by the Government with its secretariat at Bank
Negara Malaysia on the restructuring of the Company and certain
of its subsidiaries' debts amounting to MYR95.29 million. The
Company had in October 2000 entered into a debt restructuring
agreement with its creditors.
As an integral part of the Company's debt restructuring scheme
at that time, the Company proposed a rights issue of Setegap
Shares, a restricted issue of shares in Setegap and a private
placement to raise fresh equity capital to pay its financial
obligations. However, in light of the bearish market
conditions, which had adversely affected the Company's share
price between 2000 and 2001, the fund raising proposals were
aborted as the shares were being traded below par value.
As an alternative proposal to address the share price problem,
the Company undertook a fund raising exercise was to provide the
Group with additional working capital, repayment of bank
borrowings and to provide security for the performance bond
facilities necessary for its projects. In June 2003, the
proposals were aborted as Setegap's management's was of the
opinion that a more comprehensive proposal was required due to
the lack of contracts in the market. In addition, the current
poor financial health of the Company has further compounded the
problem of obtaining new contracts as the lack of sufficient
working capital has limited its ability to tender for new
contracts.
Due to the unsuccessful attempts by the Company to raise funds
to regularize its debt problems, the debt restructuring
agreement in October 2000 was technically in default in 2003.
Setegap and its subsidiaries had suffered losses for the past
four consecutive financial years since the financial year ended
December 31, 2002, which had consequently led to a negative
unaudited shareholders' fund of MYR98.25 million as of December
31, 2005.
The Board had on November 11, 2005, announced that the Company
had been served with a notice to show cause by Bursa Securities
on the delisting of the securities of the Company. Without a
scheme to regularize its financial position, Setegap will risk
being delisted. The current proposals will therefore be a
revitalization scheme for the Setegap Group.
=====================
P H I L I P P I N E S
=====================
BACNOTAN CONSOLIDATED: Defers Meeting Due to Lack of Quorum
-----------------------------------------------------------
Bacnotan Consolidated Industries informed the Philippine Stock
Exchange that the reason for the postponement of the
shareholders meeting slated for the third week of April to May
31, 2006, is the impending lack of quorum during the entire
month of April and the greater part of May.
About BCI
Makati-based Bacnotan Consolidated Industries, Incorporated,
Phinma Group's flagship company, was founded by a group of
industrialists led by the Escaler family in 1957. BCI is a
holding company that, through its operating subsidiaries, is
engaged primarily in the production, distribution and sale of
clinker, cement and concrete products. It also has an interest
in the paper and packaging industry and it has also ventured
into property development and reinforced steel bars
manufacturing.
The Company's principal source of revenue is from the cement
sales of its cement subsidiary. Historically, its cement
subsidiary has been responsible for at least 80% of its sales
revenues. It is primarily engaged in the quarrying, production,
distribution and marketing of portland and pozzolan cement.
EXPORT AND INDUSTRY: Disposes Of Remaining NPA Portfolio
--------------------------------------------------------
At a special meeting of the Board of Directors of Export and
Industry Bank, a resolution was passed approving the sale of the
Bank's remaining non-performing asset portfolio amounting to
PHP10.1 billion in favor of a subsidiary of Bayerische Hypo-und
Vereinsbank AG.
The Board, likewise, approved the appointment of Douglas Chew as
Executive Vice President, subject to confirmation by the Central
Bank of the Philippines and the Philippine Deposit Insurance
Corporation and effective upon issuance of the necessary work
permit from the appropriate government regulatory agencies.
Headquartered in Makati City, Manila, Exportbank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names. Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services. Under
an agreement dated December 29, 2005, the Philippine Deposit
Insurance Corp will extend a yearly financial aid of Php600
million to Exportbank. The Bank is saddled with the Php10
billion non-performing assets it inherited from Urban Bank when
the two banks merged in 2002.
LAFAYETTE MINING: Uncertainty Clouds Reopening
----------------------------------------------
The resumption of Lafayette Mining Incorporated's operations
still faces uncertainty despite the near completion of all
remedial measures related to a mine tailings spill last year,
Dow Jones reveals, citing a top Company official.
The Company's president and chief executive officer, Carlos
Dominguez said that Lafayette would leave the decision to the
government. Not until the Government gives the Company a go
signal would they be able to resume operations.
Lafayette will be able to complete all the required remediation
and conditions imposed by the government for the resumption of
safe mining operations by April 15, Mr. Dominguez told Dow
Jones.
Lafayette halted operations in November last year, following two
cyanide spills in October 2005 at its mine site, which resulted
in fish kill.
In January this year, the Department of Environment and Natural
Resources imposed a suspension order on the Company and was made
to pay a PHP11 million fine.
"The temporary lifting order that is expressly allowed under the
rules of the Pollution Adjudication Board is precisely for the
purpose of allowing the (processing) plant to operate on a
temporary basis so that the effectivity of the remedial measures
can be verified," Dow Jones quotes Mr. Dominguez as saying.
About Lafayette
Headquartered in Melbourne, Australia, Lafayette Mining,
Incorporated -- 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, through Lafayette Mining Philippines, Inc.
The Department of Environment and Natural Resources' former
secretary, Mike Defensor, closed Lafayette Philippines 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.
Troubled Company Reporter reported on April 7, 2006, that a
fact-finding body created by President Gloria Macapagal Arroyo
last month to investigate the recent mining spills at Lafayette
Mining Philippines, Incorporated, has sought a one-month
extension on the deadline given to conclude its investigation
and report its findings.
RB BALAYAN: Court OKs Ex Parte Petition for Assistance
------------------------------------------------------
The Philippine Deposit Insurance Corporation has filed an Ex
Parte Petition for Assistance in the Liquidation of Rural Bank
of Balayan, Batangas Incorporated pursuant to the New Central
Bank Act.
When the instant petition was called for initial hearing on
September 28, 2004, counsel for the petitioner, Atty. Arnulfo
Arias was present and the petition was called in open court if
there is any oppositor, but nobody appeared to oppose the same.
Thereafter, the petition was reset for hearing on October 20,
2004, since the Presiding Judge was on official leave.
On October 20, 2004, the case was reset on February 28, 2005,
since the Presiding Judge was attending the Convention of the
Philippine Judges Association.
The setting of February 28, 2005, however, was reset again to
April 11, 2005, considering that the petitioner and counsel are
absent.
On an April 11, 2005, hearing, the petitioner through counsel
proceeded to mark these documentary evidence to establish the
jurisdictional fact of the case:
Exhibit A - the petition consisting of eight useful
pages;
Exhibit B - Annex A attached to the record of this case,
which is the New Central Bank Act. Sec. 30;
Exhibit C - the Master Liquidation Plan for Closed Bank;
Exhibit D - the Monetary Board Memorandum Minutes dated
April 27, 2003, placing Rural Bank of Balayan
under receivership;
Exhibit E - the Receivership Report dated August 7, 2003
which is Annex D;
Exhibit E-1 - Certificate of Adoption for Resolution;
Exhibit E-2 - the Recommendation to place the Rural Bank of
Tuy and Rural Bank of Balayan under
Liquidation;
Exhibit F - the Order of Liquidation which is Annex "E";
Exhibit G - the Order of this Court setting this case for
initial hearing dated August 9, 2004;
Exhibit H - the Affidavit of Publication dated August 27,
2004;
Exhibit H-1 - the signature of the publisher Victorino Dela
Pena;
Exhibit H-2 - the Clippings attached to the said affidavit of
publication;
Exhibit I - Issue of Tambuling Batangas dated August 25,
2004;
Exhibit I-1 - the Noticed as published appearing on page 4 of
the said issue;
Exhibit J - the issue of Tambuling Batangas dated
September 1, 2004;
Exhibit J-1 - the notice as published in page 4 thereof;
Exhibit K - the issue of Tambuling Batangas dated
September 8, 2004; and
Exhibit K-1 - the notice as published in page 4 thereof.
Thereafter, the reception of evidence ex-parte was delegated to
the Branch Clerk of Court.
From petitioner's documentary evidence, it has been established
that Rural Bank of Balayan, Batangas Incorporated cannot resume
business with safety to their depositors, other creditors and
the general public and that it cannot be rehabilitated per
Resolution No. 2003-07-015 issued by Philippine Deposit
Insurance Corporation, the petitioner receiver of the subject
bank.
Pursuant to the said resolution, the Monetary Board of the
Central Bank of the Philippines issued an Order dated August 14,
2003 through the Acting Secretary Juan De Zuniga Jr., marked as
Exhibit F directing the receiver to proceed with the liquidation
of the subject bank.
Under the Sec. 30 of the New Central Bank Act, the receiver
determines that the institution cannot be rehabilitated or
permitted to resume business in accordance with the next
preceeding paragraph, the Monetary Board shall notify in writing
the board of directors of its findings and direct the receiver
to proceed with the liquidation of the institution. The
receiver shall:
(1) file ex-parte with the proper Regional Trial Court, and
without requirement of prior notice or any other action a
petition for assistance in the liquidation of the
institution pursuant to a liquidation plan adopted by the
Philippine Deposit Insurance Corporation for general
application for closed banks.
In view of the foregoing, this Court finds the Ex-Parte Petition
for Assistance in Liquidation of Rural Bank of Balayan Batangas,
Incorporated, in order and the same is hereby granted. There
receiver is hereby enjoined to comply strictly with the Master
Liquidation Plan for Closed Banks.
Accordingly, pursuant to a Master Liquidation Plan for Closed
Banks, let a copy of this Order be published once a week for two
consecutive weeks in a newspaper of general circulation in the
Province of Batangas and the same be posted in the premises of
Rural Bank of Balayan Batangas, Incorporated at the expense of
the petitioner.
Contact: Philippine Deposit Insurance Corporation
Liquidator
2228 Chino Roces Avenue
1231 Makati City
RB DALAGUETE: Set to Pay Claimants on May 2
-------------------------------------------
On February 2, 2006, the Liquidation Court, RTC 7th Judicial
Region, Branch 11, Cebu City, Special Proclamation No. 1750-CEB,
approved the Final Project of Distribution of the Assets of the
Community Rural Bank of Dalaguete (Cebu), Incorporated.
Check payments for approved claims will be released starting May
2, 2006, from Monday to Friday, 8:00 a.m. to 4:00 p.m. at the
Claims Settlement Department, 6th Floor, SSS Bldg., corner
Herrera and Ayala Avenue, Makati City.
For inquiries and assistance, creditors/claimants may contact
Imelda A. Barro or Ruben S. Castro at Telephone No. 841-4000
local 4773/4776.
=================
S I N G A P O R E
=================
CEDAR ENTERPRISE: Proofs of Debt or Claim Due on May 7
------------------------------------------------------
Creditors of Cedar Enterprise Solutions Singapore Private
Limited are required to prove their debt or claims not later
than May 7, 2006, to benefit from any distribution the Company
will make.
Contact: Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
Joint Liquidators
c/o 47 Hill Street #05-01,
Chinese Chamber of Commerce & Industry Building
Singapore 179365
DETAM CORPORATION: Court Orders Winding Up
------------------------------------------
On March 31, 2006, the Singapore High Court has ordered to wind
up Detam Corporation Asia Private Limited.
Contact: The Official Receiver
Liquidator
Insolvency & Public Trustee's Office
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118
GIAM KAY: Prepares to Distribute Dividend
-----------------------------------------
Giam Kay Tea Company (Private) Limited required the Company's
creditors to prove their claims not later than May 8, 2006, to
benefit from the dividend distribution the Company will make.
Contact: Goh Ngiap Suan
Liquidator
c/o Goh Ngiap Suan & Company
336 Smith Street
#06-308 New Bridge Centre
Singapore 050336
LORDWAY LOGISTICS: Court Releases Wind-Up Order
-----------------------------------------------
The Singapore High Court has served Lordway Logistics Private
Limited with a wind up order on March 31, 2006.
Contact: Jessica Chang of
Liquidator
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
NGEE LEONG: Begins Wind-Up of Operations
----------------------------------------
The Singapore High Court has commenced the winding up Ngee Leong
Corporation Private Limited on March 31, 2006.
Contact: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
===============
T H A I L A N D
===============
THAI DURABLE: Details Issuance of Convertible Debentures
--------------------------------------------------------
Thai Durable Group Public Company Limited issued details of the
issuance and offering of all types of named convertible
debentures which can be converted into ordinary shares.
The number of Convertible Debentures did not exceed
THB700,000,000 million. The maturity period for the CDs should
not be longer than five years from the date of issuance.
Exercise period is throughout the maturity period until the end
of the maturity period.
A unit of CD can be converted into newly issued ordinary and
Conversion Shares in a number equaling the par value of CDs
divided.
The Conversion Price for newly issued ordinary shares shall be
determined by the board of directors or any person assigned by
the Board of Directors. In this regard, the Conversion Price
shall not less than market price in accordance with the relevant
regulation of the Securities and Exchange Committee.
The CDs will be offered to specific investors under the Method
of the Securities and Exchange Commission Notification No.Kor
Jor 32/2544 regarding application for and approval of offer of
new debentures, dated October 19, 2001.
The CDs may be offered once or several times.
In case that all CDs are converted into 700,000,000 ordinary
shares, there is dilution effect to existing shareholders
because of a decrease in ownership or voting right of existing
shareholders as:
Issuing ordinary shares = 528,605,000 shares
Exercised shares from specific
investors (CDs) = 700,000,000 shares
Exercised shares from
existing shareholders = 105,721,000 shares
Existing shareholders
shares after exercising = 634,326,000 shares
Total shares after exercising = 1,334,326,000 shares
Existing shareholders
portion after exercising = 47.54%
It is expected that any effect on earning per share (EPS) will
occur in an initial period only. However, according to the
Company's operation plan in the future, the Company expects that
the earnings per share will increase to compensate the
shareholder for any a long-term effects.
Since the Company offers the Conversion Price at the rate high
or equal to a current market price and the offering is made to
the specific investors, therefore, the effect on the current
market price of shares may not occur.
Holders of CDs have the right or have no right to request to the
Maturity redemption of CDs prior to the Maturity Period,
provided:
-- that it shall be in accordance with the terms and conditions
of the CDs to be issued on each occasion; and
-- any circumstances as defined in Clause 35/5 of the Requiring
Issuance of the Securities and Exchange Commission
Notification of Newly Issued No. Kor Jor 32/2544 regarding
application for and approval Shares to Reserve of offer of
new debentures, dated October 19, 2001 for Conversion of
the Company's CDs.
Headquartered in Samut Prakarn, Thailand, Thai Durable Group
Public Co. Limited -- http://www.tdt.co.th-- is a well-
established textile manufacturer in Thailand. It offers a range
of products like yarns and fabrics made from cotton, polyester,
and rayon, and Garment including BedSheet,Table Cloth and
Uniforms. Thai Durable is currently in rehabilitation. Its
Securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.
THAI DURABLE: Fixes Date to Determine Right to Share Issue
----------------------------------------------------------
Thai Durable Group Public Company Limited previously advised on
the capital increase by right issue to the existing
shareholders.
The Company informed that determination of the right to
subscribe shares on the share register book has been moved to
May 10, 2006.
Headquartered in Samut Prakarn, Thailand, Thai Durable Group
Public Co. Limited -- http://www.tdt.co.th-- is a well-
established textile manufacturer in Thailand. It offers a range
of products like yarns and fabrics made from cotton, polyester,
and rayon, and Garment including BedSheet, Table Cloth and
Uniforms. Thai Durable is currently in rehabilitation. Its
Securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.
BOND PRICING: For the Week 10 April to 14 April 2006
----------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 9
Arrow Energy NL 10.000% 03/31/08 1
Babcock & Brown Pty Ltd 8.500% 12/31/49 8
Becton Property Group 9.500% 06/30/10 1
BIL Finance Ltd 8.000% 10/15/07 8
Bremer Park Ltd 7.000% 12/23/10 1
Capital Properties NZ Ltd 8.500% 04/15/07 9
Capital Properties NZ Ltd 8.500% 04/15/09 8
Capital Properties NZ Ltd 8.000% 04/15/10 8
Cardno Limited 9.000% 06/30/08 4
CBH Resources 9.500% 12/16/09 1
Chrome Corporation Ltd 10.000% 02/28/08 1
Clean Seas Tuna Ltd 9.000% 09/30/08 1
Djerriwarrh Investments Ltd 6.500% 09/30/09 4
EBet Limited 10.000% 11/29/06 25
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 03/15/11 8
Fletcher Building Ltd 7.800% 03/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 03/15/08 8
Fletcher Building Ltd 8.850% 03/15/10 8
Fernz Corp Ltd 8.560% 10/15/06 9
Futuris Corporation Ltd 7.000% 12/31/07 3
Gympie Gold Ltd 8.500% 09/30/07 1
Hy-Fi Securities Ltd 7.000% 08/15/08 8
Hy-Fi Securities Ltd 8.750% 08/15/08 10
Hutchison Telecoms Australia 5.500% 07/12/07 1
IMF Australia Ltd 11.500% 06/30/10 1
Infrastructure & Utilities NZ Ltd 8.500% 09/15/13 8
Infratil Ltd 8.500% 11/15/15 8
Kagara Zinc Ltd 9.750% 05/06/07 4
Kiwi Income Properties Ltd 8.000% 06/30/10 1
Longreach Group Ltd 10.000% 10/31/08 1
Minerals Corporation Ltd 10.500% 09/30/07 1
Nuplex Industries Ltd 9.300% 09/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 10
Primelife Corporation 9.500% 12/08/06 1
Primelife Corporation 10.000% 01/31/08 1
Salomon SB Australia 4.250% 02/01/09 8
Sapphire Securities Ltd 7.410% 09/20/35 7
Sapphire Securities Ltd 9.160% 09/20/35 9
Silver Chef Ltd 10.000% 08/31/08 1
Software of Excellence 7.000% 08/09/07 1
Sydney Gas Limited 12.000% 06/01/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 09/15/07 8
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 09/15/12 8
TrustPower Ltd 8.500% 03/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
Westpac Banking Corporation 6.250% 08/30/11 6
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 03/06/07 1
Asian Pac Bhd 4.000% 12/21/07 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 07/15/07 2
Crescendo Corporation Bhd 3.000% 08/25/07 1
Dataprep Holdings Bhd 4.000% 08/06/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
EG Industries Bhd 5.000% 06/16/10 1
Equine Capital Bhd 3.000% 08/26/08 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Gadang Holdings Bhd 2.000% 12/24/08 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 04/23/08 1
Hong Leong Industries Bhd 4.000% 06/28/07 1
Huat Lai Resources Bhd 5.000% 03/28/10 1
I-Berhad 5.000% 04/30/07 1
Insas Bhd 8.000% 04/19/09 1
Kamdar Group Bhd 3.000% 11/09/09 1
Killinghall Bhd 5.000% 04/13/09 2
Kosmo Technology Industrial Bhd 2.000% 06/23/08 5
Kretam Holdings Bhd 1.000% 08/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lebar Daun Bhd 2.000% 01/06/07 3
Lion Diversified Holdings Bhd 2.000% 06/01/09 3
Media Prima Bhd 2.000% 07/18/08 1
Mithril Bhd 3.000% 04/05/12 1
Mithril Bhd 8.000% 04/05/09 1
Mutiara Goodyear Development Bhd 2.500% 01/15/07 1
Naim Indah Corporation Bhd 0.500% 08/24/06 1
Nam Fatt Corporation Bhd 2.000% 06/24/11 1
Pantai Holdings Bhd 5.000% 03/28/07 2
Pantai Holdings Bhd 5.000% 07/31/07 2
Pelikan International Corp Bhd 3.000% 04/08/10 1
Poh Kong Holdings Bhd 3.000% 01/20/07 1
Prinsiptek Corporation Bhd 3.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Senai-Desaru Expressway Bhd 3.500% 12/09/16 73
Senai-Desaru Expressway Bhd 3.500% 06/09/17 72
Senai-Desaru Expressway Bhd 3.500% 12/08/17 74
Silver Bird Group Bhd 1.000% 02/15/09 1
Southern Steel 5.500% 07/31/08 1
Talam Corporation Bhd 7.000% 04/19/06 1
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Tap Resources Bhd 2.000% 06/29/06 1
Tenaga Nasional Bhd 3.050% 05/10/09 1
Tradewinds Plantations Bhd 3.000% 02/28/16 1
VTI Vintage Bhd 4.000% 08/22/06 1
WCT Land Bhd 3.000% 08/02/09 1
Wah Seong Corp 3.000% 05/21/12 4
YTL Cement Bhd 4.000% 11/10/15 1
SINGAPORE
---------
Rabobank Singapore 1.000% 11/03/13 73
Sengkang Mall 8.000% 11/20/12 1
Structural System Singapore 11.000% 06/30/07 1
Tampines Assets Ltd 5.625% 12/07/06 1
Tampines Assets Ltd 6.000% 12/07/06 1
Tincel Ltd 7.400% 06/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
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