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             A S I A   P A C I F I C      

      Thursday, May 28, 1998, Vol. 1, No. 68

                    Headlines


C H I N A   &   H O N G   K O N G

ANKOR GROUP: 1997 Results Announcement
BANK OF CREDIT AND COMMERCE: Liquidation May End Soon
CHARK FUNG SECURITIES: Collapse Sends Investors Running
CHINTEX OIL & GAS: Prolonged Suspension Status Report
EASY CONCEPTS: Shareholders Approve Reorganisation
ENGLONG INTERNATIONAL: Prolonged Suspension Status Report
FT HOLDINGS: 1997 Results Announcement
FAIRYOUNG HOLDINGS: Announces Disposal of Interests
KOSONIC INTERNATIONAL: Prolonged Suspension Status Report
MANDARIN RESOURCES: Prolonged Suspension Status Report
PACIFIC PORTS: Announces Reorganisation Completion
S. MEGGA: Prolonged Suspension Status Report
SIU FUNG CERAMICS: Prolonged Suspension Status Report
SWANK INTERNATIONAL: Prolonged Suspension Status Report
YAOHAN HONGKONG: Prolonged Suspension Status Report


I N D O N E S I A

BANK CENTRAL ASIA: Depositors Scramble to Withdraw Funds
UNUM NASIONAL: S&P Affirms 'N.M.' Rating


J A P A N  

DAIHATSU MOTOR: Toyota Buys Controlling Interest
HINO MOTORS: Toyota Buys Controlling Interest


K O R E A

DONG AH: Contracts Expected with Libya
LG GROUP: Possible Investment with Genting Group
MALAYSIA AIRLINES: Submitting New Restructuring Proposal
MING FUNG: Appointment of Provisional Liquidators
SAMSUNG ELECTRONICS: Sells Share in JV to Hewlett-Packard


P H I L I P P I N E S

PHILIPPINE AIRLINES: Labor Dispute Scares Investors


T H A I L A N D

AIG FINANCE: SET Lifts Suspension Sign


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

ANKOR GROUP: 1997 Results Announcement
--------------------------------------
For the period January 1, 1997 to December 31, 1997, Ankor
Group Limited announced a net loss of HK$39,379,000 on
turnover of HK$368,183,000. This compares to a net loss of
HK$42,634,000 on turnover of HK$470,188,000 for the
corresponding 1996 period.
(SEHK 26-May-1998)


BANK OF CREDIT AND COMMERCE: Liquidation May End Soon
-----------------------------------------------------
The seven-year-long liquidation of Bank of Credit and
Commerce International Hong Kong (BCCIHK) will hopefully
reach its end early next year, according to the special
manager of BCCIHK's liquidation. KPMG Peat Marwick partner
Nick Etches, who was yesterday appointed a provisional
liquidator of Ming Fung Group, said Ming Fung was much
smaller than BCCIHK and he believed its liquidation would
end before that of BCCIHK. He said all of BCCIHK's
depositors had got their money back. He is now working on
interest payments so that depositors might be able to
receive interest of 15 to 20 per cent on top of their
deposits.

He said the collapsed bank had continued to receive
repayments from some trade finance clients and now had $800
million which should be sufficient to make interest
payments.

However he said there were two claims against the bank
which could result in the liquidators having to pay out
some of that money and which could affect the amount of
funds available to pay interest to the depositors.
(South China Morning Post 27-May-1998)


CHARK FUNG SECURITIES: Collapse Sends Investors Running
-------------------------------------------------------
The collapse of Chark Fung Securities has encouraged a huge
number of smaller investors to withdraw shares held in
their brokers' accounts in the clearing system, as
confidence in local brokers plummets to new lows. Hong Kong
Clearing assistant director Betty Chan Shui-fong said it
yesterday received 8,900 withdrawal orders, markedly higher
than the usual 2,000 to 3,000 orders it received on any
given day.

Until recently, investors had to keep their shares in their
brokers' accounts in the clearing house, which meant if
their broker went bust their shares would be frozen.

When CA Pacific Securities collapsed in January, the
clearing house received a record 23,000 withdrawal orders
in a single day. It received 9,300 the day after the
collapse of Forluxe Securities this month.

"Withdrawals have been increasing recently. However, when
trading becomes more active again, investors will start
resubmitting shares to the clearing house as it is more
convenient for them [to do so]," Ms Chan said.

Partly in response to the problem of shares being frozen,
the clearing house launched a direct participation scheme
for investors that allows them to open holding accounts for
$200 a month.

The new service allows investors greater control of share
movements and provides enhanced legal protection. To date,
the clearing house has received only 392 applications from
investors for the service. Brokers said the lack of
interest was down to the high monthly cost.

Ms Chan said the lack of interest had nothing to do with
cost, but was linked to recent market conditions.
(South China Morning Post 27-May-1998)


CHINTEX OIL & GAS: Prolonged Suspension Status Report
-----------------------------------------------------
The Company has no operations or business. Results for the    
six months ended 30th September, 1997 were
announced on 8th December, 1997. The Company recorded no
turnover and a loss of HK$340,075 for the period.
(SEHK 22-May-1998)


EASY CONCEPTS: Shareholders Approve Reorganisation
--------------------------------------------------
The board of directors (`Directors') of Easy Concepts
Limited (the `Company') is pleased to announce that all
necessary resolutions of the shareholders of the Company to
approve the reorganisation of the Company and its
subsidiaries by means of a scheme of arrangement under
Section 166 of the Companies Ordinance (the `Scheme') were
passed by the requisite majorities at the court meeting and
extraordinary general meeting of the Company held today.
Under the Scheme, the Company will become an indirectly
wholly-owned subsidiary of a new holding company, Easy
Concepts International Holdings Limited (`Holdings') which
is incorporated in Bermuda with limited liability, and
shareholders of the Company will become shareholders of
Holdings and listings of shares of the Company on The Stock
Exchange of Hong Kong Limited (the `Stock Exchange') will
be withdrawn and replaced by listings of shares of
Holdings. Further details of the Scheme are set out in the
document despatched to the shareholders of the Company on
1st May, 1998 (the `Scheme Document').

The Scheme is subject to final approval from the High Court
of Hong Kong at a hearing of a petition to sanction the
Scheme. It is expected that such hearing will be on 8th
June, 1998. Implementation of the Proposal is also subject
to, amongst other matters, the Listing Committee of the
Stock Exchange granting the listing of, and permission to
deal in, the Holdings Shares.

Set out below is an extract (modified as appropriate) from
the Scheme Document regarding the change in financial year
of the Company and arrangements for the exchange of
certificates for Shares under the Scheme. Shareholders of
the Company are advised to refer to the Scheme Document for
further details of the Scheme and the action required to be
taken by them under the Scheme.

By Order of the Board
Easy Concepts Limited
Koon Wing Yee
President and Chief Executive Officer

Hong Kong 25th May, 1998

(SEHK 26-May-1998)


ENGLONG INTERNATIONAL: Prolonged Suspension Status Report
---------------------------------------------------------
The Company has been experiencing cash flow difficulties.
The Company's major banker, Ka Wah Bank Ltd, have demanded
repayment of a loan of HK$230 million and the Company
intends to dispose the Englong Commercial Building to repay
the loan. In addition, the Company is currently considering
an equity issue to raise funds to reduce the level of bank
debts. Company announced on 29th September, 1997 that it
recorded unaudited results of loss HK$9 million for the
six months ended 30th June, 1997.
(SEHK 22-May-1998)


FT HOLDINGS: 1997 Results Announcement
--------------------------------------
For the period September 1, 1997 to February 28, 1998, FT
Holdings International Limited reports a net loss of
HK$1,378,000 on turnover of HK$44,314,000. This compares to
a profit of HK$1,545,000 on turnover of HK$40,025,000 for
the corresponding 1996-1997 period.
(SEHK 26-May-1998)


FAIRYOUNG HOLDINGS: Announces Disposal of Interests
---------------------------------------------------
The directors of Fairyoung Holdings Limited (the
"Company") announces that the Transaction (as defined
below) has been completed on 20th May, 1998. Further to the
previous announcement of the Company dated 22nd April, 1998
in relation to the following two sale and purchase
agreements entered by the Company (together the
"Transaction"):

(i) with New World Infrastructure Limited, in respect of
304,470,000 shares in Pacific Ports Company Limited
("PPC"), being approximately 37.15 per cent. of the
existing shares of PPC, at a price of HK$1.15 at a total
consideration of approximately HK$350,140,500; and

(ii) with Maxwick Investment Limited, for the sale
of 53,730,000 shares in PPC, being approximately 6.56 per
cent. of the existing issued shares of PPC at a price of
HK$1.15 at a total consideration of HK$61,789,500.

The Directors announce that the Transaction has been
completed on 20th May, 1998 after the satisfaction of
various conditions. The principal conditions of the
Transaction which have been satisfied are as follows:

(i) the Company has obtained the shareholder approval as
required by the Rules Governing the Listing of Securities
on the Stock Exchange of Hong Kong Limited (for major
transactions of the Company); and

(ii) appropriate arrangements have been entered into
with the other shareholders in Fairyoung Port Investments
(Holdings) Limited, an indirect 42.59 per cent. associated
company of the Company, which inter alia, enabled the
Company to increase its attributable shareholding in PPC
from 31.18 per cent. to an indirectly held 43.71 per cent.
interest (being the proportionate interest in PPC
contracted by the Company to be sold pursuant to the
agreements of the Transaction).

By order of the Board
Fairyoung Holdings Limited
Calvin Tsao Ke Wen
Director

Hong Kong, 20th May, 1998
(SEHK 22-May-1998)


KOSONIC INTERNATIONAL: Prolonged Suspension Status Report
---------------------------------------------------------
The Company is experiencing liquidity problems resulting  
in substantial cessation in production. The Company
announced on 29th August, 1997 that a conditional and
subject to contract restructuring proposal was entered into
on 21st August, 1997. Subject to the satisfactory review
of the due diligence results by the potential investor and
agreement between the parties involved, the final terms of
the restructuring will be set out in a legally binding
agreement. The Company announced on 15th May, 1998, further
to the announcement on 24th March, 1998, that a board of
directors' meeting will be held on 8th June, 1998 to
approve the financial results for the year ended 30th
September, 1997 and announcement of such financial results
will be made on the same day.
(SEHK 22-May-1998)


MANDARIN RESOURCES: Prolonged Suspension Status Report
------------------------------------------------------
Provisional liquidators were appointed in July 1996. The
joint provisional liquidators of the Company announced on
30th March, 1998 that the Company recorded an unaudited
loss of HK$4.4 million for the six months ended 31st
December, 1997.
(SEHK 22-May-1998)


PACIFIC PORTS: Announces Reorganisation Completion
--------------------------------------------------
The Company has been informed that completion of the
Reorganisation and the Agreement has taken place on 20th
May, 1998. The Company has also been informed that the
Offer will be made by Seashore at a price of HK$1.15 per
share of the Company.

The Offer will only be conditional upon Seashore
having received acceptances of the Offer which, together
with the Shares already owned or agreed to be acquired by
Seashore or parties acting in concert with it, to result in
Seashore holding more than 50% of the voting rights of the
Company. If Seashore cannot receive acceptances of the
Offer which, together with the Shares already owned or
agreed to be acquired by Seashore or parties acting in
concert with it, to result in Seashore holding more than
50% of the voting rights of the Company, the Offer cannot
become unconditional and will lapse.

Further to the joint announcement made by the Company
and New World Infrastructure Limited (`NWI') dated 21st
March, 1998 and the announcement made by the Company on
22nd April, 1998, the directors of the Company (the
`Directors') wish to announce that they have been informed
that completion of a reorganisation (the `Reorganisation')
of Fairyoung Port Investments (Holdings) Limited and
its immediate subsidiaries, details of which are disclosed
in the announcement of Fairyoung Holdings Limited
(`Fairyoung') dated 21st March, 1998, took place on 20th
May, 1998. All the conditions to the sale and purchase
agreement (the `Agreement') entered into between Fairyoung,
Seashore Development Limited (`Seashore'), Angklong Limited
and NWI for the sale and purchase of 304,470,000 shares in
the Company have been fulfilled or waived by 20th May,
1998. Accordingly, completion of the Agreement took place
on 20th May, 1998. The Directors have been informed that a
conditional offer (the `Offer') for all the issued shares
in the Company not already owned, or agreed to be acquired,
by Seashore or parties acting in concert with it will
be made by Seashore at a price of HK$1.15 per share of the
Company.

The Offer will only be conditional upon Seashore having
received acceptances of the Offer which, together with the
shares already owned or agreed to be acquired by Seashore
or parties acting in concert with it, to result in Seashore
holding more than 50% of the voting rights of the Company.
If Seashore cannot receive acceptances of the Offer which,
together with the shares already owned or agreed to be
acquired by Seashore or parties acting in concert with it,
to result in Seashore holding more than 50% of the voting
rights of the Company, the Offer cannot become
unconditional and will lapse.

For further details of the Reorganisation and the Offer,
you are referred to the respective separate announcements
of Fairyoung and NWI which the Directors understand are to
be published on 22nd May, 1998.

Holders of shares in the Company should exercise caution in
dealing in the shares of the Company.

By Order of the Board
Edward Michael Rule
Chairman

Hong Kong, 21st May, 1998
(SEHK 22-May-1998)


S. MEGGA: Prolonged Suspension Status Report
--------------------------------------------
The Company requested a Holdings Ltd voluntary suspension
due to its auditors' concern on certain aspects of the
annual accounts for the year ended 30th June, 1997 and
the release of its results was delayed. The Company
has been in ongoing discussions with a number of potential
investors in regard to its financial restructuring. It is
expected that in principle agreements will be entered into
by early to mid-June 1998. Once in principle agreements
have been concluded, the directors of the Company intend to
request that trading in the Company's shares be resumed. On
31st March, 1998 the Listing Review Committee ruled that
trading in the Company's shares should resume on or before
22nd April, 1998. The Company announced on 28th April, 1998
that it has decided not to resume its share trading at this
time since they believe that if trading is resumed the
Company's restructuring may be jeopardized. The directors
of the Company will keep shareholders and investors
appraised of relevant information as and when appropriate.
(SEHK 22-May-1998)


SIU FUNG CERAMICS: Prolonged Suspension Status Report
-----------------------------------------------------
The Company is experiencing serious cashflow problems. The
Company announced on 14th May, 1998 that the restructuring
proposal is expected to be completed before the end of
August, 1998 and further announcement will be made as and
when appropriate. The directors of the Company intend to
request trading in the Company's shares be resumed
immediately after the restructuring proposals have been
completed, which is expected to be before the end of
August, 1998. On 28th April, 1998, the Listing Review
Committee resolved that the trading of the Company's shares
should be resumed no later than 12th May, 1998. The Company
has decided not to resume its share trading at this time
since they believe that a premature resumption of trading
will jeopardise the success of the restructuring proposals.
Company also announced that the audit for the years ended
31st December, 1996 and 31st December, 1997 is expected to
be completed by the end of May, 1998 and it is anticipated
that the audited results will be published by the end of
June, 1998.
(SEHK 22-May-1998)


SWANK INTERNATIONAL: Prolonged Suspension Status Report
-------------------------------------------------------
Two out of three non-executive directors resigned with
effect from 17th March, 1997 and their resignations related
to the contents of a draft investigation report prepared by
an independent accounting firm in respect of certain
allegations. Company announced on 19th May, 1998 that the
independent board committee has terminated its further
investigations in respect of matters arising from the KPMG
Report and has concluded that it is not possible on the
basis of the information available to substantiate the
allegations. Company also announced that the standstill
arrangements with the Group's lenders continue in effect
and that a longer term arrangement with lenders is being
considered and the release of the results for the year
ended 31st December, 1997 has been delayed to 31st July,
1998.  (SEHK 22-May-1998)


YAOHAN HONGKONG: Prolonged Suspension Status Report
---------------------------------------------------
Yaohan Japan Corp ("JCV"), a 2.38% shareholder of the  
Company's controlling shareholder, filed an application to
court for corporate restructuring as a result of financial
difficulties. The Company requested suspension on 18th
September, 1997 in order to assess the effect of YJC's
application. The Company announced on 10th February, 1998
that the board of directors has resolved to voluntarily
wind up the Company by reason of the Company's inability
to pay its debts. The joint and several liquidators
announced on 10th March, 1998 that an extraordinary general
meeting of shareholders and a meeting of creditors of the
Company were held on 9th March, 1998. During the meetings,
the provisional liquidators were nominated and confirmed as
joint and several liquidators of the Company and a
committee of inspection was appointed to assist and
supervise the joint and several liquidators. The
liquidators have been approached by a number of parties who
have expressed interest in exploring the possibility of
acquiring the Company. The liquidators have commenced
discussion with these parties. Further announcement will be
made as and when appropriate.  (SEHK 22-May-1998)


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

BANK CENTRAL ASIA: Depositors Scramble to Withdraw Funds
--------------------------------------------------------
Frantic depositors formed long lines at branches of
Indonesia's largest private bank, Bank Central Asia (BCA),
in Jakarta and other cities yesterday as rumours spread
that the bank was unable to pay depositors. The rush on the
bank capped several days of heavy withdrawals from BCA,
which is owned by business tycoon Sudono Salim -- better
known as Liem Sioe Liong -- and two of ousted president
Suharto's children, Sigit Hardjojudanto and Siti "Tutut"
Hardiyanti Hastuti Rukmana. BCA is, according to one
financial analyst, the "jewel" in the crown of the
diversified Salim Group, the country's top conglomerate.

Central Bank Indonesia governor Sjahril Sabirin said the
central bank would help inject one trillion rupiah (S$152.2
million) into BCA only if it required temporary funds.

Reports have said Mr Salim's son, Mr Anthony Salim, who
holds a 23.15 per cent stake in the bank, had committed a
replenishment of the bank's funds with US$100 million
(S$166 million) to strengthen BCA's capital structure.

On Sunday, BCA issued a press statement saying that 70 per
cent of the bank's shares were still owned by the Salim
group. It added that the bank remained "healthy" and could
raise liquidity loans from the central Bank Indonesia.  
(The Straits Times 27-May-1998)


UNUM NASIONAL: S&P Affirms 'N.M.' Rating
----------------------------------------
Standard & Poor's today affirmed the not meaningful
('N.M.') rating on Bank Umum Nasional (PT) (Bank Umum)
following the default by the bank on its obligations under
a structured finance transaction -- leased-back notes due
2004 -- issued by Ongko International Finance Co. B.V.
Under the terms of the transactions, US dollar-tenant lease
payments are payable by Bank Umum. Bank Umum's obligations
under the structured program appear to fall outside the
ambit of the Indonesian government's guarantee, noting the
involvement of related parties. Bank Umum is 51.06% owned
by Ongko Multicorpora (PT), part of the Ongko group.
Intercompany obligations are specifically excluded from the
ambit of the government's guarantee on foreign-currency and
rupiah-denominated claims by depositors and creditors. The
guarantee otherwise covers all obligations (excluding loan
capital and subordinated debt) of locally-incorporated
banks (excluding liquidated banks). In the case of foreign-
currency claims, however, payments under the guarantee may
be made in rupiah. The guarantee is in place for an initial
period of two years.

Bank Umum currently is under the administration of the  
Indonesian Bank Restructuring Agency (IBRA). The IBRA, a  
government body established in January 1998 to rehabilitate  
banks, brings banks under its control if it considers them  
vulnerable to adverse operating conditions, or if they
possess weakened financial profiles. The IBRA has wide-
ranging powers to restructure these banks, including
changing bank shareholders, the sale of assets, and
mergers. Standard & Poor's considers the placement of a
bank under the IBRA's regulatory supervision as a result of
the bank's financial condition as tantamount to regulatory
intervention. Thus, the counterparty ratings on those banks
are 'N.M.' The 'N.M." rating is assigned when a bank is
seized by a regulator due to its financial condition, Such
regulatory actions generally imply substantial uncertainty
about the issuer's ability to continue meeting financial
obligations.  (Asia Pulse 27-May-1998)


=========
J A P A N  
=========

DAIHATSU MOTOR: Toyota Buys Controlling Interest
------------------------------------------------
Toyota Motor Corp. plans to buy controlling interests in
both Daihatsu Motor Co. and Hino Motors Ltd., President
Hiroshi Okuda said Wednesday. Japan's largest automaker
currently owns 33.4% of Daihatsu and 20.1% of Hino. Toyota
has not yet decided, however, when it will boost its  
holdings in the two affiliates to 50% or more, Okuda noted.
The move seems aimed at improving the Toyota group's  
competitive edge through increased technical and personnel  
exchanges, responding to a worldwide trend toward
realignment in the automotive industry, analysts commented.
Toyota has already notified the two affiliates of its  
plans, Okuda said. The firm will begin by buying Daihatsu  
and Hino stock now held by financial institutions, he
added.  (Asia Pulse 27-May-1998)


HINO MOTORS: Toyota Buys Controlling Interest
---------------------------------------------
Toyota Motor Corp. plans to buy controlling interests in
both Daihatsu Motor Co. and Hino Motors Ltd., President
Hiroshi Okuda said Wednesday. Japan's largest automaker
currently owns 33.4% of Daihatsu and 20.1% of Hino. Toyota
has not yet decided, however, when it will boost its  
holdings in the two affiliates to 50% or more, Okuda noted.
The move seems aimed at improving the Toyota group's  
competitive edge through increased technical and personnel  
exchanges, responding to a worldwide trend toward
realignment in the automotive industry, analysts commented.
Toyota has already notified the two affiliates of its  
plans, Okuda said. The firm will begin by buying Daihatsu  
and Hino stock now held by financial institutions, he
added.  (Asia Pulse 27-May-1998)


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

DONG AH: Contracts Expected with Libya
--------------------------------------
The cash-strapped Dong Ah Construction Industrial Co. is
expected to win contracts for part of the Phase 2 and 3 of
the multibillion dollar waterway project in Libya,
officials said. According to the government and Dong Ah
officials, Al Gauodi, secretary of the Great Man-Made River
Authority of Libya in charge of the waterway projeect,
informed Korean Amb. to Tripoli, Kong Sun-sup, that his
government would select Dong Ah as the successful bidder.

Dong Ah's local offshoot, DAM (Dong Ah Middle East Co.),
jointly established by Dong Ah and the Great Man-Made River
Authority of Libya in 1993, has taken part in the bidding.  
Each partner has a 50 percent stake in the joint venture
company. If the DAM becomes the successful bidder, Dong Ah
will carry out the project as a subcontractor. Dong Ah had
already successfully carried out Phase I and II of waterway
projects in the North African nation, but has yet to
receive $200 million from its completed works.

Tripoli has recently asked Seoul to make clear the Korean
government's position on the future of the near-insolvent
parent of the construction company, the Dong Ah Group. In a
desperate bid to revive the construction firm, Dong Ah
Group Chairman Choi Won-suk resigned two weeks ago as the
group last week decided to sell its profitable units,
including Korea Express Co. In the meeting, Gauodi was also
quoted as saying, "We are feeling a sense of obligation to
choose Dong Ah which has successfully carried out Phase I
and II of waterway project."

His remarks drastically increases the possibility that Dong
Ah is sure to win the contract for the additional part of
the Phase II worth $1.3 billion and part of the Phase III
worth $1.2 billion, the officials said. At present, Dong Ah
Construction Industrial Co. and another Korean contractor,
Hyundai Engineering & Construction Co. and Dumez of France
are competing for one part of the seven in the Phase III of
the Libyan project, worth $5.1 billion.  (Korea Herald
28-May-1998)


LG GROUP: Possible Investment with Genting Group
------------------------------------------------
LG Group chairman Koo Bon-moo discussed investment
possibilities Wednesday with the visiting chairman of
Malaysia's Genting Group, that nation's fourth largest
conglomerate. Chairman Lin Gohtong expressed interest in
taking part in equity investment in LG's restructuring
plans, drawn to invite more foreign capital. Gohtong is one
of the world's wealthiest ethnic Chinese tycoon.
(Asia Pulse 27-May-1998)


MALAYSIA AIRLINES: Submitting New Restructuring Proposal
--------------------------------------------------------
Malaysia Airlines is submitting a fresh restructuring
proposal, according to economic adviser to the government
Daim Zainuddin. He said the new proposal differed from the
one that had been reported in the press, adding that the
restructuring exercise was not to bail out MAS executive
chairman Tajudin Ramli.

Daim, who officiated the 33rd annual general meeting of the  
Malay Chamber of Commerce, reiterated the government's
stand that it would only permit restructuring if it
benefited all the shareholders.

It had been reported that the restructuring exercise would  
enable MAS to reduce its liabilities and help Tajudin
settle his personal loans. The restructuring was said to
involve the sale of Malaysia Airlines aircraft to a new
company, MAS Capital, which would lease them back to MAS.

Tajudin has a 32 percent stake in Malaysia Airlines through  
his nearly 50 percent share in Malaysian Helicopter
Services Sdn Bhd.

Asked to confirm if he was submitting a new proposal to the  
government, Tajudin said: "Wait...wait." He allayed fears
that the restructuring exercise would be at the expense of
minority shareholders, saying: "That is something we will
never do. We will not disenfranchise anyone."
(Asia Pulse 27-May-1998)


MING FUNG: Appointment of Provisional Liquidators
-------------------------------------------------
Ming Fung Group is to be put up for sale after the
appointment yesterday of provisional liquidators to the
brokerage, whose collapse has sparked about 2,000
complaints from clients and compensation claims of up to
$500 million. Provisional liquidators from KPMG Peat
Marwick, appointed by the court, said they were seeking a
buyer for the group in an attempt to generate sufficient
assets to compensate the firm's clients. The compensation
claims are the largest flowing from a failed brokerage in
the 12 years of the unified stock exchange.

Ming Fung Group's majority shareholder and managing
director, Chan Kwong-hung, 61, was arrested by police on
Saturday in connection with an alleged theft of clients'
funds to cover his loss-making positions in his own futures
trading.

The group was engaged a wide range of business involving
securities trading and margin financing, futures trading,
leveraged forex trading and gold dealing.

The Securities and Futures Commission applied to the court
to wind up the group's four member companies, including
stockbroking arm Chark Fung Securities, futures trading arm
Winton Commence, leveraged forex company Ming Fung Bullion
and its margin financing company, Kee Fung Sing
International Finance.

Nick Etches, Gabriel Tam and Alan Tang, all of KPMG Peat
Marwick, were appointed as provisional liquidators of the
companies. The firm has 3,700 customers and 160 staff. Mr
Etches said they would be contacting clients and wanted to
maintain some staff to assist in the liquidation.

Commission chief counsel Raymond Tang said about 2,000
claims for compensation had been received, so far worth up
to $500 million.

Mr Etches said the vast majority of the claims were from
Chark Fung Securities and its margin financing company.

Stock exchange chief executive Alec Tsui Yiu-wa said the
exchange compensation fund had been enlarged from $480
million to $780 million after the collapse of CA Pacific
earlier this year prompted a $300 million injection by
regulators.

The futures exchange has received only three compensation
claims, totalling less than $1 million, the first such
claims since the 1987 crash.

Mr Etches said he had applied to freeze the bank accounts
of the group and had ordered the closure of the leveraged
forex company's remaining 40 open contracts.

Trading in securities and futures by the group was settled
on Monday, while its memberships have been suspended.

"The group's five offices will open for customers to
register claims against the companies," Mr Etches said.
"Investors are encouraged to do so as quickly as possible,
so that the provisional liquidators can work out the
position of how much the firm owed investors."

The commission's preliminary investigation showed the group
had a shortfall of $200 million.

Mr Etches said he had asked the Commercial Crime Bureau to
provide financial information about the group, which the
police had collected for its investigation. He expects to
get the information tomorrow.

He said the best solution would be for a buyer to take over
the group. It has eight licences, including three seats to
trade on the stock exchange. The others are a commodities
trading licence, a futures licence, a futures clearing
licence, a gold dealers licence and one for leveraged forex
trading.

"These licences are valuable for firms who want to start
business in Hong Kong and Asia," he said.

"I will contact some possible buyers who may be interested
in taking over the group."

A group of 80 of Ming Fung Group clients has formed a
committee, headed by Mr Wong Tze-cheong.

Mr Wong said they would meet tomorrow night and demand that
the Government inject more money into the compensation fund
to ensure all investors can get full compensation.
(South China Morning Post 27-May-1998)


SAMSUNG ELECTRONICS: Sells Share in JV to Hewlett-Packard
---------------------------------------------------------
Samsung Electronics Company said yesterday that it would
sell off its 45-percent share in Hewlett-Packard Korea, a
joint venture with U.S. computer giant Hewlett-Packard Co.  
A Samsung spokesman said the company has struck the $36-
million deal with Hewlett-Packard at the latter's U.S.
headquarters Wednesday to raise badly needed cash.  
Hewlett-Packard Korea was established in 1984 as a 55-45
joint venture between the U.S. and Korean electronics
makers. The company has 1,100 employees and recorded annual
sales of 898 billion won ($643 million) last year, two-
third of which from exports. The deal will make Hewlett-
Packard Korea a wholly owned subsidiary of the American
computer maker.

Despite the rupture of the joint venture, Samsung said it
would maintain close relations with Hewlett-Packard,
including regular consultation between the two company
heads.

The sell-off came as part of Samsung's efforts to attract
foreign capital, which will be used to improve its
financial structure and capital flow. Hit by the financial
crisis, which hit the nation late last year, Samsung and
other conglomerates were forced to unload subsidiaries and
other assets to help improve their financial standing.  
Samsung has actively sought to attract foreign capital,
resulting in successful inducement of $2.5 billion so far.  
It hopes to raise $5 billion in foreign funds by disposing
of its subsidiaries or capital tie-ups with foreign
business partners this year, a company official said. He
also said the deal will help galvanize domestic corporate
restructuring through mergers and acquisitions (M&As) by
foreign businesses operating in Korea.  (Korea Herald
28-May-1998)


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

PHILIPPINE AIRLINES: Labor Dispute Scares Investors
---------------------------------------------------
Philippine Airlines (PAL) yesterday called on the Labor
department to resolve a six-month old labor dispute, saying
the issue is scaring away potential investors. In a
statement, PAL said prospective investors have become
apprehensive over unconfirmed reports that the 600-strong
Airline Pilots Association of the Philippines (ALPAP) is
preparing to stage a strike soon.     

PAL said the strike threat is jeopardizing the airline's
negotiations with a number of prospective investors looking
to infuse fresh capital into the cash-strapped firm. The
company earlier reported a net loss of 4.7 billion
Philippine pesos (PhP) during the first nine months of its
fiscal year beginning April and ending December 1997. For
the past few months, the airline has begun looking for a
"strategic partner" which would help the company improve
its financial and operating performance.

A BusinessWorld source said among those investors jittery
about the strike were Northwest Airlines Corp., Deutsche
Lufthansa AG, Swissair and American Airlines.
(BusinessWorld 27-May-1998)


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

AIG FINANCE: SET Lifts Suspension Sign
--------------------------------------
The Stock Exchange of Thailand (SET) will lift the "SP"
(Suspension) sign on securities of AIG Finance (Thailand)
Public Company Limited (AIFT) (Prior name : Bangkok
Investment Public Company Limited (BIC)) effective
from 10 April, 1998 onward. The SET had first posted an
"SP" sign on the securities of AIFT since 6 August, 1997
because the company's operation was temporarily suspended
by Bank of Thailand (BOT) and Ministry of Finance
(MOF) in order to prepare rehabilitation plans aimed at
resolving liquidity problem within a firm.

Now, AIFT has publicly clarified information concerning its
rehabilitation plan was approved by the Financial Sector
restructuring Authority (FRA) and a Cabinet Minister of
Financial (MOF), allowing AIFT to resume business and
thereby AIFT commenced to resume its business since
8 April, 1998.

In addition, AIFT has also clarified its rehabilitation
plan, held a presentation for analysts on 15 May, 1998, as
well as submitted the summary of questions and answers to
the SET on 25 May, 1998. Therefore, the SET will lift the
temporary suspension on trading in the company's securities
effective from 28 May, 1998 onward.
(SET 26-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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