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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    =20
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             A S I A   P A C I F I C     =20

      Friday, May 29, 1998, Vol. 1, No. 69

                    Headlines


C H I N A   &   H O N G   K O N G

CA PACIFIC: Some Clients to Receive Compensation
CHARK FUNG SECURITIES: Some Clients to Receive Compensation
FT HOLDINGS: 1997 Results Announcement
FORLUXE SECURITIES: Some Clients to Receive Compensation
MING FUNG: Investors Register Claims on Collapsed Group


I N D O N E S I A

PT TELKOMSEL: Shareholders Take Action to Revamp Company


J A P A N =20

ISUZU MOTORS: Parent Pretax Profit Slides
KOREAN TRADING CORP: Declares Bankruptcy on Taiwan Scam=20
NISSAN DIESEL: Daimler-Benz Still Interested in Truck-maker
NISSAN MOTOR: Posts Loss on Failing U.S. Operations
SUZUKI MOTOR: Group Net Profit Down 10%


K O R E A=20

DONG AH: Assets of Chairman Choi Seized
HANWA GROUP: Sells Power Generating Division to AES
KIA MOTORS: Ford to Raise Capital for Kia
SAMSUNG MOTORS: Suspicions Grow on Company Sell-off


M A L A Y S I A

MALAYSIAN AIRLINE: Has Not Yet Submitted Proposal


P H I L I P P I N E S=20

PHIL NATIONAL CONSTRUCTION: Loans Erased for Privatization


T H A I L A N D=20

CHAROEN POKPHAND GROUP: Focusing on Core Agri-business
SBC PREMIER WARBURG: Parent Seeks Outstanding Shares

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C H I N A   &   H O N G   K O N G
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CA PACIFIC: Some Clients to Receive Compensation
------------------------------------------------
Some clients of failed brokerage CA Pacific are expected to=20
receive compensation of up to $200,000 for their losses,=20
under plans to be announced early next month, according to=20
legislator Chim Pui-chung. Mr Chim, re-elected last Sunday=20
as the representative for the financial services=20
constituency - a seat he has held for eight years -=20
yesterday met with Secretary for Financial Services Rafael=20
Hui Si-yan to discuss brokers' worries they may be asked to=20
help boost the compensation fund for clients of defaulting=20
brokers.

"The brokers think it is unfair for them to pay for those=20
who default," he said.

"On the other hand, the Government has indicated that the=20
stock exchange will use its $3 billion development fund,=20
which is built up from transaction levies paid by investors=20
and is not contributed to by brokers, [for any injections]=20
into the compensation fund."

The Government has also indicated that because some=20
defaults will affect confidence in the industry, it is=20
reasonable to ask brokers to contribute to the compensation=20
fund if needed.

In January, after the collapse of CA Pacific, the=20
Government announced that the $480 million compensation=20
fund would be enlarged to $1.08 billion with the stock=20
exchange and Securities and Futures Commission each=20
injecting up to $300 million.

"This $1 billion should be sufficient for the clients of CA=20
Pacific, Forluxe Securities and Chark Fung Securities," Mr=20
Chim said.

He said only CA Pacific's cash clients or margin clients=20
who had not used credit lines with the broker would receive=20
compensation of up to $200,000. Margin clients who bought=20
on credit would not receive compensation. "There are not a=20
lot of clients who fulfil this criteria, so the total=20
compensation amount would not be too high," Mr Chim said.
(South China Morning Post 28-May-1998)


CHARK FUNG SECURITIES: Some Clients to Receive Compensation
-----------------------------------------------------------
Some clients of failed brokerage CA Pacific are expected to=20
receive compensation of up to $200,000 for their losses,=20
under plans to be announced early next month, according to=20
legislator Chim Pui-chung. In January, after the collapse=20
of CA Pacific, the Government announced that the $480=20
million compensation fund would be enlarged to $1.08=20
billion with the stock exchange and Securities and Futures=20
Commission each injecting up to $300 million.

"This $1 billion should be sufficient for the clients of CA=20
Pacific, Forluxe Securities and Chark Fung Securities," Mr=20
Chim said. He said the compensation package for Forluxe=20
Securities and Chark Fung Securities may follow the CA=20
Pacific model.
(South China Morning Post 28-May-1998)


FT HOLDINGS: 1997 Results Announcement
--------------------------------------
For the period September 1, 1997 to February 28, 1998, FT=20
Holdings International Limited reports a net loss of=20
HK$1,378,000 on turnover of HK$44,314,000. This compares to=20
a profit of HK$1,545,000 on turnover of HK$40,025,000 for=20
the corresponding 1996-1997 period.
(SEHK 27-May-1998)


FORLUXE SECURITIES: Some Clients to Receive Compensation
--------------------------------------------------------
Some clients of failed brokerage CA Pacific are expected to=20
receive compensation of up to $200,000 for their losses,=20
under plans to be announced early next month, according to=20
legislator Chim Pui-chung. In January, after the collapse=20
of CA Pacific, the Government announced that the $480=20
million compensation fund would be enlarged to $1.08=20
billion with the stock exchange and Securities and Futures=20
Commission each injecting up to $300 million.

"This $1 billion should be sufficient for the clients of CA=20
Pacific, Forluxe Securities and Chark Fung Securities," Mr=20
Chim said. He said the compensation package for Forluxe=20
Securities and Chark Fung Securities may follow the CA=20
Pacific model.
(South China Morning Post 28-May-1998)


MING FUNG: Investors Register Claims on Collapsed Group
-------------------------------------------------------
Meanwhile, the Commercial Crime Bureau yesterday said it=20
had registered 2,012 investor claims for compensation=20
totalling about $490 million relating to the collapsed Ming=20
Fung Group. Ming Fung majority shareholder and managing=20
director Chan Kwong-hung was arrested by police on Saturday=20
for alleged theft of clients' funds to cover loss-making=20
positions on futures trading. Provisional liquidators from=20
KPMG Peat Marwick yesterday closed all five offices of the=20
group. Only a few customers submitted claims yesterday.

Democratic Party member Albert Chan Wai-yip has arranged a=20
committee comprising 80 Ming Fung customers. He said=20
hundreds more of the group's clients were expected to meet=20
tonight.

"We will urge the Government to investigate Ming Fung's=20
collapse, and to check whether the stock exchange or the=20
SFC have failed to comply with their duties," Mr Chan said.
(South China Morning Post 28-May-1998)


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I N D O N E S I A
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PT TELKOMSEL: Shareholders Take Action to Revamp Company
--------------------------------------------------------
The shareholders of cellular telephone operator PT=20
Telkomsel have set up a team to revamp the company and to=20
bolster its financial position, Commissioner Safwan=20
Natanagara said. He said the team would also assist the=20
company's board of directors in the running of the company=20
because they were not satisfied with the current system.

He said the team comprised 10 members, with four =20
representatives from PT Telkom and PT Indosat and two =20
appointed by PTT Nederland. Another shareholder, Setdco =20
Megacell Asia, was not represented in the team.

Safwan said the company's current level of credit to =20
customers was high. The figure amounted to 25 percent of=20
total income, indicating a weakness of the financial system=20
adopted by the company.

PT Telkomsel declined to disclose the amount of the income. =20
In 1997 the company posted a profit of Rp. 41 billion.
(Asia Pulse 28-May-1998)


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J A P A N =20
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ISUZU MOTORS: Parent Pretax Profit Slides
-----------------------------------------
Isuzu Motors Ltd. (7202) reported Wednesday that parent=20
pretax profit slid to 15.4 billion yen in the fiscal year=20
ended March 31, down 41% from fiscal 1996, while=20
consolidated net profit fell 37% to 6 billion yen.
The depressed profit figures for fiscal 1997 stem in large=20
part from declines in domestic sales of trucks.

With sales mired in a slump, Isuzu Motors is forecasting=20
red ink for the fiscal first half ending September - a=20
parent pretax loss of 7 billion yen, and a consolidated net=20
loss of 9.5 billion yen.
(Nihon Keizai Shimbun 28-May-1998)


KOREAN TRADING CORP: Declares Bankruptcy on Taiwan Scam=20
-------------------------------------------------------
The Korea Trading Corporation (KTC), the Japanese=20
distribution arm of the government's agriculture and=20
fisheries producers announced Tuesday that it is to declare=20
bankruptcy with unresolved debts of Y8.7 billion. Japan's=20
creditor banks are trying to link the insolvency with the=20
country's overall sovereign credit rating.=20

KTC brought exports of Korean products to Japan but was=20
swindled out of Y3.1 billion last year on pork imports from=20
Taiwan to Japan, when the goods were not delivered and=20
could not sustain this loss. KTC notified Korean and=20
Japanese banks that it could not pay Y5.1 billion of its=20
total debt, but the banks are insistent that as it is a=20
government owned agency then the government should foot the=20
bill.=20
(Digital Chosunilbo 27-May-1998)


NISSAN DIESEL: Daimler-Benz Still Interested in Truck-maker
-----------------------------------------------------------
The president of the German industrial giant Daimler-Benz,=20
Juergen Schrempp, yesterday said he did not rule out the=20
possible acquisition of Japanese truck-maker Nissan Diesel.

"Negotiations are complicated and we have been in talks for=20
some time now," Mr Schrempp told shareholders.

"Everything is possible in the next few months . . . We are=20
not ruling out an acquisition," he said. For the time=20
being, talks were concentrating on co-operation in certain=20
areas, Mr Schrempp said.=20

Japanese newspapers have said Daimler-Benz would take more=20
than half the outstanding shares in Nissan Diesel Motor,=20
the truck-making affiliate of Nissan Motor.=20
(South China Morning Post 28-May-1998)


NISSAN MOTOR: Posts Loss on Failing U.S. Operations
---------------------------------------------------
Nissan, Japan's second-largest vehicle maker behind Toyota,=20
has posted its fifth loss in six years as it failed to keep=20
pace with changing demand, sending its United States=20
operations into the red and its sales crashing in Japan.=20
Nissan posted a group net loss of 14 billion yen (about=20
HK$789.03 million) for the year to March 31, against a=20
profit of 77.7 billion yen previously. Sales fell 1.4 per=20
cent to 6.65 trillion yen, from 6.66 trillion yen.

Nissan's North American units, including Nissan North=20
America and Nissan Motor Manufacturing Corp USA, lost 80=20
billion yen - twice what the company expected - after the=20
company cut prices of mid-sized sedans.

Nissan's US inventory has been piling up to the point where=20
it will take six months to bring its stock down to normal=20
levels, according to analysts. The company has enough cars=20
to last 117 days, compared with 46 for Toyota and 39 for=20
Honda, analysts estimate. Seventy days was about normal, Mr=20
Izumura said.

In Japan, sales fell as Nissan stuck to sedans when car=20
buyers wanted sport-utility vehicles.

The company expects to break even this financial year on a=20
sales decline of 1 per cent to 6.5 trillion yen. It=20
expected to lose five billion yen on its US operations this=20
year - the first loss in five years - and make a five=20
billion yen profit on its European operations, which=20
include Nissan Europe and Nissan Motor Manufacturing (UK).

Nissan's plunging domestic sales compounded a 50 billion=20
yen loss on stocks the company holds in Japan's ailing=20
finance companies. Nissan's shares in affiliated=20
institutions such as Fuji Bank and Industrial Bank of Japan=20
fell below their purchase prices.

Nissan said it would cut its debt by between 200 billion=20
yen and 300 billion yen by the end of March next year, and=20
by a trillion yen by March 2001. "We've got to cut debt to=20
straighten out the company," Mr Hanawa said. Nissan said it=20
had 2.5 trillion yen in loans, bonds and other interest-
bearing liabilities, among the highest in Japan's vehicle=20
industry. Concern about the size of the company's debt and=20
its poor performance in the Japanese and US markets=20
prompted Standard & Poor's and Moody's Investors Service to=20
say they may lower Nissan's long-term debt rating.
(South China Morning Post 28-May-1998)


SUZUKI MOTOR: Group Net Profit Down 10%
---------------------------------------
Suzuki Motor Corp. (7269) Wednesday announced a 10% decline=20
in group net profit to 30.2 billion yen for fiscal 1997.=20
The weaker earnings were blamed on sluggish domestic sales=20
of passenger cars and higher costs for promotion and=20
depreciation. Return on equity fell 1.8 percentage points=20
to 8.3%.

Sales edged down 1% to 1.48 trillion yen. Passenger car=20
sales sank 5% to 947.5 billion yen, as a 15% decline in=20
domestic demand to 491,000 vehicles overwhelmed 12% growth=20
in exports. Operating profit dropped 16% to 49.7 billion=20
yen.

Marketing costs rose 18.3 billion yen due in large part to=20
higher spending on promotional activities to cope with=20
increasing competition. Depreciation costs climbed 7.5=20
billion yen.
(Nihon Keizai Shimbun 28-May-1998)


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K O R E A=20
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DONG AH: Assets of Chairman Choi Seized
---------------------------------------
It was learned that the creditor banks of Dong-Ah=20
Construction have seized the personal assets of Chairman=20
Choi Won-seok. The banks said Wednesday that among others=20
Choi's residence, real estate and automobiles have been=20
seized, and this action was carried out under the new=20
policy that owners of failed businesses must take=20
responsibility for their actions by foregoing their=20
personal fortune.=20

Creditor banks are also demanding that the presidents of=20
Dong-ah Construction's major subsidiaries be replaced.=20
(Digital Chosunilbo 27-May-1998)


HANWA GROUP: Sells Power Generating Division to AES
---------------------------------------------------
South Korea's Hanwha Group announced Thursday it has sold=20
the power generating division of Hanwha Energy Co. to the=20
the U.S.-based global power firm AES Corp.for US$874=20
million. The Hanwha deal is the largest sale in Korea since=20
domestic conglomerates began their selling spree of=20
affiliates and businesses, after the IMF reared its head.=20
It also marks the first acquisiton by a U.S. company.

Of the $874 million, which includes assets and operational =20
rights, $370 million will be paid to Hanwha Energy =20
immediately, a group spokesman said.

The two companies have been negotiating the business =20
takeover since March, and recently received approval from=20
the government, Korea Electric Power Corp. and creditor=20
banks. Under their agreement, Hanwha Corp. will still be in=20
charge of the expansion of 300,000 kilowatts of power to=20
the current 1.5 million kw plant in Inchon.

Hanwha Group said the sale of its power unit will help =20
solve its liquidity problems. Negotiations to sell its oil =20
refinery business to leading foreign oil companies are also=20
going smoothly, the spokesman said.

Hanwha Energy's assets totaled 91.4 billion won as of last =20
year. Its debts were 789,1 billion won, and total sales =20
equaled 344.5 billion won, generating a net profit of 20.5 =20
billion won.

Since December, the Hanwha Group has jettisoned its food =20
unit, Binggrae; the vernacular daily, Kyunghyang Shinmunm; =20
Hanwha-BASF Urethane, Hanwha-NSK Precision, Hanwha Baring's=20
machinery unit and Hanwha GKN. And Hanwha Chemical is=20
seeking a merger, and to sell several business units.=20
Hanwha Stores, Hanwha Land Development and Hanwha=20
Securities are negotiating with foreign companies to sell=20
off their real estate assets.
(Asia Pulse 28-May-1998)


KIA MOTORS: Ford to Raise Capital for Kia
-----------------------------------------
Paul Drenko, head of Ford Motor's Asia-Pacific operations,=20
said Wednesday that the U.S. automaker will actively=20
participate in raising capital for South Korea's Kia Motors=20
Corp.

Drenko reportedly delivered Ford's position in a meeting =20
with Kia officials, including Chairman Yoo Jong-ryul,=20
saying that it would form a consortium to acquire new=20
shares in Kia and become its biggest shareholder, but it=20
will leave management up to the Korean side.

Ford hopes domestic creditor banks will become involved in =20
the consortium, but if not, it will go overseas to attract =20
investors, Drenko said. Drenko added that Kia's liabilities=20
of 10 trillion won (US$7.22 billion) were still a stumbling=20
block, requesting the debts be lessened in the process of=20
resolving the Kia issue.=20

Kia Motors officials responded that they will reflect on =20
Ford's offer, noting that participation in raising capital=20
by Ford will greatly help Kia recover.
(Asia Pulse 28-May-1998)


SAMSUNG MOTORS: Suspicions Grow on Company Sell-off
---------------------------------------------------
Following the announcement of the breakdown of negotiations=20
between Samsung Motors and Ford has raised growing=20
suspicions that the company may be sold off or liquidated=20
it was learned Tuesday. Samsung faces problems from three=20
directions; government pressure to restructure, the=20
breakdown in talks with Ford and the huge investment debt=20
of W2.6 trillion. A Samsung spokesman said that the company=20
has no plans to abandon the car business, but in its May 6=20
announcement on restructuring the possibility of Samsung=20
Motors not being included in core businesses was alluded=20
to.=20

Currently Samsung faces three options; to take over Kia=20
Motors jointly with a foreign manufacturer, taking over Kia=20
alone or abandoning the car industry completely. Rumors say=20
that Samsung would like the first, but it is doubtful=20
whether a foreign company would want to take on two poorly=20
managed firms, additionally it is unlikely that Samsung=20
could handle Kia's W10 trillion in debts on its own without=20
special help from the government. Experts feel that Samsung=20
is most likely to fade slowly from what many say was an=20
ill-conceived venture.=20

Samsung Motors has paid in capital of just W800 billion=20
against its debts of W2.6 trillion and the slump in=20
semiconductor prices means that it is difficult for the=20
group to continue giving support. The company also has had=20
to pay W30 million to W40 billion in annual royalties to=20
Japan's Nissan and projections of 7,000 sales per month=20
have proved optimistic.=20
(Digital Chosunilbo 26-May-1998)


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M A L A Y S I A
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MALAYSIAN AIRLINE: Has Not Yet Submitted Proposal
-------------------------------------------------
Malaysian Airline System Bhd (MAS) has yet to submit a=20
restructuring proposal to the government, its executive=20
chairman Tajudin Ramli said. He said the company had only=20
discussed its restructuring with the government. It had not=20
submitted a proposal and was also not submitting a revised=20
proposal as had been reported, he told newsmen after a=20
preview of Celcom's new fleet of vehicles.

Tajudin said the objective of the proposal was to transform =20
the national carrier into a virtual airline, but he=20
declined to elaborate on what was a virtual airline.

He would only say that he noted Lufthansa and British =20
Airways were moving towards being virtual airlines. Tajudin=20
said there had not been a fixed deadline for the proposed=20
restructuring. He also said that the national carrier's=20
financial results were expected to be out on Saturday.
(Asia Pulse 28-May-1998)


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P H I L I P P I N E S=20
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PHIL NATIONAL CONSTRUCTION: Loans Erased for Privatization
----------------------------------------------------------
A recent administrative order (AO) issued by Malaca=A4ang
will allow the Philippine National Construction Corp.=20
(PNCC) to clean its books of some eight billion Philippine=20
pesos (PhP) in loan obligations to the government in=20
preparation for the firm's eventual privatization. At the=20
same time, PNCC will be earning another PhP12 billion which=20
it can use to modernize its systems and operations.=20

Through AO No.397, dated May 13, 1998, PNCC was allowed to=20
use its remaining receivables totalling PhP20 billion from=20
the Public Estates Authority (PEA) as payment for its=20
outstanding loans with various government financial=20
institutions (GFIs). PNCC's receivables from PEA stem from=20
the two parties' 1981 memorandum of agreement (MoA). The=20
MoA states that PEA will give PNCC ownership rights over=20
50% of the reclaimed land under the Manila-Cavite Coastal=20
Road and Reclamation project as payment for its services.=20
(BusinessWorld 28-May-1998)


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T H A I L A N D=20
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CHAROEN POKPHAND GROUP: Focusing on Core Agri-business
------------------------------------------------------
In rapid succession, the giant Charoen Pokphand (CP) group  =20
of Thailand has been selling its assets just so that it can=20
keep its profitable agri-business afloat.=20

Within a month, it has raised about US$223 million (S$370.1=20
million) by disposing of bits and pieces of its sprawling=20
business empire. Although the money is just a small=20
fraction of what it owes creditors, the timing is=20
important.=20

Tomorrow is D-day for its Hongkong-listed subsidiary CP=20
Pokphand. That's when it meets creditors to stave off=20
default on a US$93 million loan from a floating rate note.=20
Although the note issue matures in April 2000, some nervous=20
noteholders are asking for early redemption which CP=20
Pokphand has warned would force it to default.=20

Some news reports have put CP Pokphand's debt, in bank=20
loans and debt issues, at US$1 billion.=20

The painful decision to sell its non-core business and=20
concentrate on agri-business should also provide some=20
relief to the CP group's creditors. After all, the CP group=20
knows the agri-business best, having started out as a=20
humble chicken feed supplier decades ago.=20

In fact, another CP unit, PT Charoen Pokphand of Indonesia,=20
has asked creditors to defer for a year payment of a US$400=20
million debt.=20

The CP group is one of the largest foreign investors in=20
China, with over 200 ventures there ranging from property=20
to beer production. It even has operations in far-away=20
Turkey.=20

Apart from tomorrow's meeting to re-schedule the US$93=20
million note which might involve swapping debt for equity,=20
CP Pokphand has to worry about two other notes -- one worth=20
US$150 million and the other US$135 million -- in the=20
coming months.=20
(Singapore BusinessTimes 28-May-1998)


SBC PREMIER WARBURG: Parent Seeks Outstanding Shares
----------------------------------------------------
BC Warburg has approached the Financial Restructuring
Authority to purchase all outstanding shares in securities=20
firm SBC Premier Warburg. Presently SBC Warburg holds a 49%=20
stake in SBC Premier Warburg. The remaining shares were=20
held by Premier Finance, one of the 56 companies ordered=20
closed by the FRA last December. Shares held by the 56=20
closed companies in four securities subsidiaries will be=20
auctioned by the FRA on June 15.

Besides SBC Premier Warburg, the other three companies are=20
Cathay Capital, Nithipat Securities and DBS Sridhana.

The Securities and Exchange Commission has ordered that=20
securities licenses for other closed firms which have not=20
yet separated finance and securities operations into=20
distinct operations cannot be resold.

Narong Pattamasevi, deputy secretary-general of the FRA,=20
said SBC Warburg would have first rights to bid for shares=20
in SBC Premier Warburg because of a clause in its contract=20
with Premier Finance.

The FRA would accept the bid from SBC Warburg if it was the=20
highest offered.

Mr Narong said the book value of shares of the four=20
securities companies was about 900 million baht as of the=20
end of last year.
(Bangkok Post 27-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=20

Troubled Company Reporter -- Asia Pacific is a daily=20
newsletter co-published by Bankruptcy Creditors' Service,=20
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,=20
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  This material is=20
copyrighted and any commercial use, resale or publication=20
in any form (including e-mail forwarding, electronic re-
mailing and photocopying) is strictly prohibited without=20
prior written permission of the publishers.  Information=20
contained herein is obtained from sources believed to be=20
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $875 per month=20
delivered via e-mail.  Additional e-mail subscriptions for=20
members of the same firm for the term of the initial=20
subscription or balance thereof are $25 each.  For=20
subscription information, contact Christopher Beard at=20
301/951-6400.

      * * * End of Transmission * * *=20