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

      Friday, May 15, 1998, Vol. 1, No. 60

                    Headlines


C H I N A   &   H O N G   K O N G

DICKSON CONCEPTS: Barney's Deal Falls Through
GIORDANO INT'L: 1997 Results Announcement
K&P INTERNATIONAL: 1997 Results Announcement
KONG SUN HOLD: 1997 Results Announcement
MANSION HOLDINGS: Obtains Bank Approval on Restructuring
ONFEM HOLDINGS: Denies Press Reports
PAM & FRANK: Parallel Trading Ceases
PEREGRINE INVESTMENTS: Announcement on Warrants
SHOUGANG CENTURY: 1997 Results Announcement
SHOUGANG GRAND: 1997 Results Announcement
SHOUGANG INTERNATIONAL: 1997 Results Announcement


J A P A N  

YAMAICHI SECURITIES: Sells Philippine Stock Exchange Seat


K O R E A

KEOPYUNG GROUP: Would Give up Core Units to Save Hannam


S I N G A P O R E

TLB BULLION: Tat Lee Subsidiary Goes Under
TRANSPAC INDUSTRIAL: Shareholders Want to Liquidate Firm


T H A I L A N D

RATANAKOSIN INSURANCE: Former Executives to Face Charges


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

DICKSON CONCEPTS: Barney's Deal Falls Through
---------------------------------------------
Further to the announcement made on 15th September, 1997,
the Directors of Dickson Concepts (International) Limited
wish to announce that the definitive agreement dated 12th
September, 1997 signed between Dickson Concepts, Barney's
Inc. and its affiliates and The Official Committee of
Unsecured Creditors of Barney's Inc. was terminated on 12th
May, 1998.

This decision was made by the Official Committee of
Unsecured Creditors, and under the definitive agreement,
Dickson Concepts will receive a commitment fee of US$1.5
million.

It is expected that the Official Committee of Unsecured
Creditors will put forward its own reorganisation proposal
in due course. Should Barney's and the Official Committee
of Unsecured Creditors endorse or accept this proposal or
any alternative reorganisation proposal, Dickson Concepts
will have the right to consider that proposal and decide
whether to amend the terms of its own acquisition proposal.  
If Dickson Concepts chooses not to amend these terms,
Dickson Concepts will also be entitled to receive a
termination payment.

This announcement is being made solely for the purpose of
providing updated information to shareholders.

By Order of the Board

Edwin Ing
Executive Director and
Company Secretary
Hong Kong, 13th May, 1998

(SEHK 13-May-1998)


GIORDANO INT'L: 1997 Results Announcement
-----------------------------------------
For the period January 1, 1997 to December 31, 1997,
Giordano International Limited reports a profit of
HK$67,975,000 on turnover of HK$3,014,364,000. This
compares to a profit of HK$261,233,000 on turnover of
HK$3,522,047,000 for the corresponding 1996 period.
(SEHK 13-May-1998)


K&P INTERNATIONAL: 1997 Results Announcement
--------------------------------------------
For the period January 1, 1997 to December 31, 1997, K&P
International reports a profit of HK$14,297,000 on turnover
of HK$197,324,000. This compares to a profit of
HK$32,668,000 on turnover of HK$222,087,000 for the
corresponding 1996 period.
(SEHK 13-May-1998)


KONG SUN HOLD: 1997 Results Announcement
----------------------------------------
For the period January 1, 1997 to December 31, 1997, Kong
Sun Holdings Limited reports a loss of HK$10,947,000 on
turnover of HK$38,033,000. This compares to a loss of
HK$12,264,000 on turnover of HK$30,602,000 for the
corresponding 1996 period.
(SEHK 13-May-1998)


MANSION HOLDINGS: Obtains Bank Approval on Restructuring
--------------------------------------------------------
Mansion has obtained approval in principle from all its
banks of the Restructuring Proposal. The parties concerned
are in the course of preparing the necessary legal
documentations on the Restructuring Proposal.  It is
expected that the Final Agreements will be entered into on
15th May, 1998.

On 13th May, 1998, approval in principle of the
Restructuring Proposal has been given by all banks of
Mansion.  The parties concerned are in the course of
preparing the necessary legal documentations on the
Restructuring Proposal including, among others, an
agreement with Mansion and its banks for the release and
settlement of Mansion's outstanding bank loans (the "Bank
Compromise Agreement").  It is expected that the Final
Agreements will be entered into on 15th May, 1998.  If the
Final Agreements are not entered into by 15th May, 1998,
the Restructuring Proposal will lapse.  Further
announcements will be made by Mansion and Symphony as and
when appropriate.

By Order of the Board of    By Order of the Board of
Mansion Holdings Limited    Symphony Holdings Limited
Lee Sing Kau                Kam Suet Fan
Company Secretary           Company Secretary

Hong Kong, 13th May, 1998

(SEHK 13-May-1998)


ONFEM HOLDINGS: Denies Press Reports
------------------------------------
With reference to certain press articles appearing in the
edition of today's newspapers reporting that Mr. Fang
Dacheng, an Executive Director of the Company, has taken
money from the Company  or its subsidiaries for his
personal use ("the Articles"), the Board of Directors ("the
Board") of ONFEM Holdings Limited ("the Company") announces
that the aforesaid event as referred to in the Articles has
not occurred in the Company and its subsidiaries. The
Company has strict financial control systems and the
Company's financial position has not been affected. The
state of affairs of the Company for the year ended 31st
December, 1997 has been audited by our Auditors and the
final results of the Company has been announced on 27th
April, 1998.

The Company still has not received any official
confirmation in respect of the arrest of Mr. Fang Dacheng
in Beijing, the People's Republic of China and Mr. Fang
Dacheng is still uncontactable. The Company will keep the
public informed of the said confirmation.

   By Order of the Board
   Jia Yuan
   Managing Director

Hong Kong, 13th May, 1998

(SEHK 13-May-1998)


PAM & FRANK: Parallel Trading Ceases
------------------------------------
Members are requested to note that the parallel trading in
the ordinary shares of Pam & Frank International Holdings
Limited ("Pam & Frank") will cease after the close of
business today (14/5/98).  As from the close of business on
that day, the counter for trading in the shares (stock
code: 2950) of Pam & Frank as represented by old share
certificates (in the colour of grey) will be withdrawn and
trading in the shares of Pam & Frank will only be under
Stock Code:431, Stock Short Name: PAM & FRANK, Board Lot    
Certificate: 2,000, Colour: Green.

Members are requested to note that all old share
certificates of the Company, in the colour of grey, for any
number of shares will be deemed to be certificates, and
will be effective as document of title, for one half of
that number of shares.
(SEHK 13-May-1998)


PEREGRINE INVESTMENTS: Announcement on Warrants
-----------------------------------------------
This information release is made at the request of the
Stock Exchange.  The company is in insolvent liquidation
having been wound up by the Hong Kong court on 18 March
1998 on the ground that it is insolvent and unable to pay
its debts as they fall due.  Consequently, in the unlikely
event that warrant holders in respect of the above issue
seek to exercise their warrants before the expiry date on
15 May 1998 their exercise money will be returned to them.


David Richard Hague
Joint and Several Provisional Liquidator
Peregrine Investments Holdings Limited
(In Liquidation)

14 May, 1998

(SEHK 13-May-1998)


SHOUGANG CENTURY: 1997 Results Announcement
-------------------------------------------
For the period January 1, 1997 to December 31, 1997,
Shougang Concord Century Holdings Limited reports a net
loss of HK$24,938,000 on turnover of HK$1,483,952,000. This
compares to a profit of HK$29,683,000 on turnover of
HK$1,646,723,000 for the corresponding 1996 period.
(SEHK 13-May-1998)


SHOUGANG GRAND: 1997 Results Announcement
-----------------------------------------
For the period January 1, 1997 to December 31, 1997,
Shougang Concord Grand (Group) Limited reports a profit of
HK$40,465,000 on turnover of HK$42,598,000. This compares
to a profit of HK$115,880,000 on turnover of HK$77,834,000
for the corresponding 1996 period.
(SEHK 13-May-1998)


SHOUGANG INTERNATIONAL: 1997 Results Announcement
-------------------------------------------------
For the period January 1, 1997 to December 31, 1997,
Shougang Concord International Enterprises Company Limited
reports a profit of HK$2,091,000 on turnover of
HK$5,203,164,000. This compares to a profit of
HK$100,394,000 on turnover of HK$5,658,499,000 for the
corresponding 1996 period.
(SEHK 13-May-1998)


=========
J A P A N  
=========

YAMAICHI SECURITIES: Sells Philippine Stock Exchange Seat
---------------------------------------------------------
RCBC Retirement Fund, a fund administered by the Rizal
Commercial Banking Corp., has acquired Yamaichi Securities
Philippines Inc., including its membership seat with the
Philippine Stock Exchange. Yamaichi manager Cynthia Paras-
Santos told the Inquirer that Yamaichi and RCBC have
submitted the plan to amend the articles of incorporation
following the purchase of 99 percent of Yamaichi's capital
stock by RCBC Retirement Fund.

Yamaichi, formerly associated with Yamaichi Securities Co.
Ltd. of Japan, will be renamed Rizal Equities Inc. once the
plan to amend its articles of incorporation has been
approved by the Securities and Exchange Commission.

RCBC vice president Alberto Monreal has been designated the
new president of Yamaichi and corporate nominee with the
PSE, replacing Junji Okabayashi who has returned to Japan.

Paras-Santos said Yamaichi or Rizal Equities was working
double-time to source new clients following the shift of
its operations from a largely institutional-based brokerage
firm into a retail-based company.

Yamaichi Securities negotiated the sale of the company and
the PSE membership seat with RCBC early this year following
the directive from Yamaichi Securities of Japan to
liquidate all of its overseas operations.

Yamaichi, Japan's oldest brokerage firm, was forced to
close operations following the credit crunch, shrinking
business and scandals involving corporate racketeers. It
was the biggest postwar business failure in Japan's
history.
(Philippine Daily Inquirer 13-May-1998)


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

KEOPYUNG GROUP: Would Give up Core Units to Save Hannam
-------------------------------------------------------
The financially troubled Keopyung Group yesterday expressed
its willingness to give up its three core businesses
including Keopyung Sygnetics KP Co. in order to save its
financial unit, Hannam Investment Securities Co.

"We will do everything to prevent Hannam Investment from
collapsing in the wake of insolvency of our three
manufacturing subsidiaries," Nah Sun-joo, vice chairman of
the group, told reporters at the Financial Supervisory
Commission (FSC).

A thousand investors rushed to branches of Hannam, the
nation's fourth largest investment trust company based in
the southwestern city of Kwangju, to withdraw their
deposits one day after Keopyung's three affiliates went
bankrupt because of their inability to settle 1.3 billion
won in matured bills Monday. The three are trading arm
Keopyung Co., Keopyung Construction and Keopyung Fashion
(TCR-AP 13-May-1998).

The nation's 28th largest conglomerate announced Tuesday
its self-rescue measures to dispose of 15 out of 19
subsidiaries to keep the four key businesses. The four are
semiconductor making unit Keopyung Sygnetics, COSCO
Chemical Co., Keopyung Chemical Co. and Hannam Investment.
The group handed over another financial arm, Saehan
Merchant Banking, to the state-run Korea Development Bank
(KDB).

Now faced with a massive run on Hannam Investment, the
Keopyung Group was forced to change its earlier position
and committed to sell even another three core businesses to
avoid potential disruption of the financial unit.

Nah said that the group already exchanged a memorandum of
understanding (MOU) with a foreign company to sell its
stake in Keopyung Sygnetics in an attempt to attract
foreign capital. He revealed that the group is even
considering selling its whole stake in the semiconductor
unit to foreigners in a desperate effort to save Hannam
Investment. Hannam plans to secure 500 billion won in
preparation for a further run on its customers' deposits.

Heads of the nation's big three investment trust companies
yesterday decided to provide financial assistance worth 500
billion won by purchasing Hannam's bond holdings. The three
are Korea Investment Trust Co., Daehan Investment Trust Co.
and Citizens Investment Trust Management Co.

Jittery customers withdrew about 220 billion won Monday and
160 billion won Tuesday from Hannam, whose customers'
deposits are estimated at 4.4 trillion won.
(Korea Times 14-May-1998)


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

TLB BULLION: Tat Lee Subsidiary Goes Under
------------------------------------------
TLB Bullion & Futures, a wholly-owned subsidiary of Tat Lee
Bank, has gone into voluntary liquidation, the bank said
yesterday. TLB Bullion & Futures decided at its
extraordinary general meeting on May 8 to wind up the
company, and to appoint Hamish Alexander Christie as
liquidator.
(Singapore BusinessTimes 14-May-1998)


TRANSPAC INDUSTRIAL: Shareholders Want to Liquidate Firm
--------------------------------------------------------
A group of small shareholders of venture capital firm       
Transpac Industrial Holdings wants the company to be       
wound up and its assets liquidated. Alternatively, it wants
a change in Transpac's top management and a cost-cutting
programme, starting with the management fee paid to the
company's fund manager, Transpac Capital. The group plans
to bring up the matter at Transpac's annual general meeting
this morning. Their views were conveyed to BT yesterday in
a fax signed by two individuals, Ong Eng Hong and Patrick
Chia. The fax said: "The present team is evidently not
performing, in view of the company's poor results."

A string of failed investments in the region as well as
Singapore have resulted in write-downs and provisions which
left Transpac $35.8 million in the red last year. In the
stock market, Transpac fell 66 per cent to $1.30 at the
last count from a 12-month high of $3.86 in May last year.
In comparison, the market index fell 37 per cent over the
same period.

The company went public in March 1994 at $5 a share. Its
investment strategy was to take stakes in private companies
and make capital gains when they went public. But Transpac
made some bad bets. Among them were several Indonesian
investments, the worst of which was in agriculture-based PT
Sumber Subur Mas, which cost $11.08 million and was written
down to $863,459 in the latest annual report.

A cloud has also fallen over a $4.3 million stake in
Singapore discount retailing group Pisces. Though this was
reflected at cost in the annual report, Pisces has since
been placed under judicial management because it was unable
to meet its debts.

Transpac's major shareholders declined comment when
approached by BT. They include NTUC Income, which has a
14.87 per cent stake; Nomura Singapore Ltd, 14.8 per cent;
and POSBank, 5 per cent.

The man most likely to be grilled by shareholders will be
Transpac Capital president Christopher Leong, who is also a
Transpac director.

Transpac Capital is controlled by DBS Bank and NatSteel.
Besides handling Transpac's funds, it also manages some of
the massive cashflows generated by its two major
shareholders. NatSteel reported on Tuesday that it had
provided for a $115 million fall in the value of its
investments abroad, arising from a collapse in regional
asset values and currencies.
(Singapore BusinessTimes 14-May-1998)


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

RATANAKOSIN INSURANCE: Former Executives to Face Charges
--------------------------------------------------------
At least three former Ratanakosin Insurance executives will
face embezzlement charges following a preliminary
investigation into the collapse of the insurer, Commerce
Minister Supachai Panitchpakdi said yesterday. The
announcement of charges came as more than 100 former staff
staged a rally outside the Commerce Ministry demanding
payment of three months outstanding wages totalling 15
million baht.

A source from the Insurance Department alleged
Ratanakosin's former executives had embezzled money earned
from the firm's brandname royalty sales. The Commerce
Ministry revoked the licence of the financially troubled
Ratanakosin Insurance earlier this month after its two
rehabilitation plans were rejected by the Insurance
Department.
(Bangkok Post 14-May-1998)


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

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