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             A S I A   P A C I F I C      

      Monday, June 8, 1998, Vol. 1, No. 75

                    Headlines



C H I N A   &   H O N G   K O N G

ASSET MANAGEMENT: $19b Bond Sale to Buy Bad Loans
CA PACIFIC : Court Deals Blow to Creditors
CHINA EVERBRIGHT: Morgan Stanley Asia Reprimanded
CHUN FOO LIMITED: Winding-up Notice
DESIGNER'S LABELS: Winding-up Notice

FOUR SEASONS: Winding-up Notice
GEMING INDUSTRIAL LIMITED: Winding-up Notice
GLOBAL MARCH: Winding-up Notice
HING SING INVESTMENTS: Clients Call for Action
JOIN HO KNITTING: Winding-up Notice

KONG TAI INTERNATIONAL: 1997 Results Announcement
LI TAK HOLDINGS: Winding-up Notice
LONGING LIMITED: Notice of Creditors Meeting  
MEESPIERSON SECURITIES (ASIA): Will Close Retail Arm
SHING MEE HANDICRAFT: Winding-up Notice

TOBY-VSL LIMITED: Appointment of Liquidators
TURKEWAY DEVELOPMENT: Winding-up Notice
UNITED BASIC LASER: Voluntary Winding-up
WEALTHY SEAFOOD: Winding-up Notice
WELLVIEW INTERNATIONAL: Winding-up Notice
WING ON INTERNATIONAL: Reports Huge Losses for 1997


I N D O N E S I A

PT ASTRA INTERNATIONAL: Posts Losses for First Quarter


J A P A N  

MITSUI WHARF: Applies for Creditor Protection


K O R E A

DONG AH: New Chairman Offered Stock Options
HAEJO CONSTRUCTION COMPANY:  Liquidation Plan Approval
JINRO COORS: Decision on Takeover by End of Month


M A L A Y S I A

CHUNG WAH EMPORIUM SDN BHD: Winding-up Notice
GWMT SDN BHD: Winding-up Notice
MAXISHINE SDN BHD: Winding-up Notice
NAJWAR BUMI SDN BHD: Winding-up Petition
WESTMONT INDUSTRIES: Reports Huge Losses


P H I L I P P I N E S

PHIL NATIONAL BANK: Soros Interested in PNB holding


T H A I L A N D

ALPHATEC ELECTRONICS: Seeks Protection of New Laws
THAI MODERN: SEC Files Charges on Loan Statements


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

ASSET MANAGEMENT: $19b Bond Sale to Buy Bad Loans
-------------------------------------------------
Malaysia's newly formed Asset Management Company (AMC) will
raise 10 billion ringgit through bonds to fund the purchase
of bad loans from financial institutions, Deputy Prime
Minister Anwar Ibrahim said. Of the 10 billion ringgit, the
equivalent of US$1 billion to US$2 billion will be raised
from the international bond market in the form of a
government-guaranteed bond issue. The initial estimate of
the AMC's overall funding requirement is around 25 billion
ringgit, Mr Anwar said. The government will provide a
start-up grant of 50 million ringgit to the AMC, he said.


CA PACIFIC : Court Deals Blow to Creditors
------------------------------------------
A HK court yesterday decided to wind up CA Pacific
Securities and its financial unit, dealing a serious blow
to its creditors.

Judge Maria Yuen of the court of First Instance granted the
official liquidation of CA Pacific Securities at the
request of the Securities and Futures Commission (SFC).

Judge Yuen also granted liquidation of CA Pacific
Securities' unit, CA Pacific Finance, at the application of
its creditor, Asia Investment Management.

Thousands of investors have filed claims for losses
reportedly amounting to $360 million since the companies
collapsed in January. Following the failure, CA Pacific
director Jason Wong, 40, and his wife, Kong Suk-yee, 31,
were charged with false accounting.

There was no opposition to this, the first ever petition
brought by the SFC to wind up a company.

Tomorrow, the provisional liquidator will make an
announcement informing investors of the status of its work
so far, why shares have not been returned as well as
clarifying the title of the shares.

Controversy over the compensation package for clients of
collapsed finance house CA Pacific has intensified after it
emerged the payout will have to be divided between a
wildered pool of former clients.

During winding-up proceedings in court yesterday, the SFC
argued certain former clients of CA Pacific Futures might
be able to recoup losses from CA Pacific Securities.

The SFC said a report by provisional liquidators concluded
the two failed firms were so interwinded they operated
almost as one and suggested margin traders who had not used
their credit lines were entitled to compensation.

CA Pacific collapsed in January leaving 6,000 claims
seeking close to $500 million in compensation, Mr. Neoh
(SFC Chairman) said.

The aim of yesterday's court appearance was to decide
whether it was "just and equitable" to winding CA Pacific
Securities. Madame Justic Maria Yuen Ka-ning concluded that
it was before formalising the company's demise.


CHINA EVERBRIGHT: Morgan Stanley Asia Reprimanded
-------------------------------------------------
The Hong Kong Securities and Futures Commission
(SFC)reprimanded Morgan Stanley Asia for failure to
disclose information in connection with an injection of
assets last year into a Hong Kong red chip company China
Everbright IHD-Pacific.

The SFC said in the deal of raising HK$1.9 billion
(US$245.4 million) capital fund for Everbright , Morgan
Stanley Asia, who is the adviser of the deal , should have
disclosed more information about pending mainland
acquisitions and that China Everbright IHD Pacific was
expected to get approval shortly from Beijing to acquire a
stake in Everbright Bank of China.  SFC, in a strong worded
statement, said Morgan Stanley Asia "impugned its fitness
and properness to be registered."

Morgan Stanley Asia replied that "Morgan Stanley advised
its client to make the most conservative disclosure. Morgan
Stanley`s fear was that any more-positive statements could
be interpreted as falsely positive about the deal's
prospects, and an effort to talk up the share price."
   

CHUN FOO LIMITED: Winding-up Notice
-----------------------------------
A winding-up notice in the matter of Chun Foo Limited was
presented to the High Court of Hong Kong by Good Fit Shoes,
Court no. CWU 319/98 in the matter of companies Ordinance,
Cap. 32.


DESIGNER'S LABELS: Winding-up Notice
------------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 100 of 1998

Name of Company
The Designer`s Labels Ltd

Date of Order
May 27,98

Date of Presentation of Petition
February 16, 98


FOUR SEASONS: Winding-up Notice
-------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 188 of 1998

Name of Company
Four Seasons Restaurant Ltd

Date of Order
May 27,98

Date of Presentation of Petition
March 17, 98


GEMING INDUSTRIAL LIMITED: Winding-up Notice
--------------------------------------------
Hong Kong Standard of June 5 shows a notice dated the same
date that a petition was made to the High Court on the 22nd
day of May 1998 by Zhongshan Xiaolan Motor and Electrical
Appliance Company Limited whose office is situate at Light
Industry District at foot of Shako Bridge Xiaolan
Zhongzhan, China and Tamere Industries Limited whose
registered office is situated at 12th Floor, Foo Hoo
Centre, 3-3A, Austin Avenue, Tsim Sha Tsui, Kowloon, Hong
Kong, for the winding-up of the above named company. The
petition was directed to be heard before the court at 9:30
am on the 24th day of June 1998.


GLOBAL MARCH: Winding-up Notice
-------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 180 of 1998

Name of Company
Global March Limited

Date of Order
May 27,98

Date of Presentation of Petition
March 14, 98


HING SING INVESTMENTS: Clients Call for Action
----------------------------------------------
According to the SCMP of June 5, about 30 aggrieved clients
of troubled Hing Sing Investments protested outside the
stock exchange yesterday to complain about lack of action
in winning compensation from the brokerage. At least 100
clients are claiming about $40 million from the brokerage
following the shut-down of the brokerage's Kwun Tong branch
after an account manager at the branch disappeared with
client information in August last year. Hing Shing still
operates at its Admiralty headquarters and has promised to
compensate clients, but payments have not been made and
Hing Shing staff are said to be rude to clients.

It is said that Hing Shing has a proposal to repay clients
at currrent share prices, but clients demanded payment
based on prices last August, when the Hang Seng Index hit a
record high of 16,000. The regulators are following up the
case.


JOIN HO KNITTING: Winding-up Notice
-----------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 427 of 1998

Name of Company
Join Ho Knitting Ltd

Date of Order
May 27,98

Date of Presentation of Petition
August 15, 98


KONG TAI INTERNATIONAL: 1997 Results Announcement
-------------------------------------------------
Kong Tai International`s results announcement as at year
ended December 31, 1997 announced an operating loss of
HKD17 million with no final dividend pay out to
shareholders.  


LI TAK HOLDINGS: Winding-up Notice
----------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 187 of 1998

Name of Company
Li Tak Holdings Company Ltd

Date of Order
May 27,98

Date of Presentation of Petition
March 16, 98


LONGING LIMITED: Notice of Creditors Meeting  
--------------------------------------------
The creditors of the Longing Ltd, which is being wound up
voluntarily are requested to send in their names,
addresses, descriptions and full addresses of their
solicitors to the Provisional Liquidator of the company not
later than 24 hours before the time appointed for the
holding of the meeting.

The first creditors meeting of the company will be held on
June 16, 1998 to receive and consider a Statement of
Affairs of the Company, as well as to appoint Liquidator(s)
for the purpose of winding up the company.


MEESPIERSON SECURITIES (ASIA): Will Close Retail Arm
----------------------------------------------------
According to the SCMP of June 5, the above named European
brokerage is to shut its retail broking operation in Hong
Kong and calling on clients, mostly corporate clients, to
retrieve their shares and close their accounts while equity
research and sales departments become dormant.

The group's general manager said that the company is
scaling down their broking operations in Hong Kong and
refocusing on their core business such as commodities ad
derivatives trading and private banking. He said the
shutdown was triggered by failed talks last month to sell
the unit to existing senior management. He also said
MeesPierson would still keep about 220 staff members in
Hong Kong in other divisions. The brokerage is said to have
been profitable last year and the shutdown is an
unfortunate consequence of the difficult situation
brokerages have faced after the market crash last October.

The brokerage would keep its broking seats in the stock
exchange to facilitate trading in derivatives, such as
options and futures.

MeesPierson is the Hong Kong unit of Fortis Group - a
Belgium-Dutch bank and insurer. It opened in Hong Kong 20
years ago and has conducted retail broking in Hong Kong for
the past decade.


SHING MEE HANDICRAFT: Winding-up Notice
---------------------------------------
Notice of winding-up order dated May 27, 1998, was granted
in the high court of the Hong Kong Administrative Region
Court of First Instance, Companies Winding-up Proceedings
N0. 198 of 1998, for Shing Mee Handicraft Manufacturing
Limited.


TOBY-VSL LIMITED: Appointment of Liquidators
--------------------------------------------
Mr Dermot Agnew and Joseph Kin Ching Lo, both of Deloitte
Touche Tohmatsu, have been appointed Joint and Several
Liquidators of the above company by order of the Court of
First Instance of the High Court of HK dated the 20th day
of May 1998.


TURKEWAY DEVELOPMENT: Winding-up Notice
---------------------------------------
Notice dated June 5, 1998 posted on SCMP of the same day
says that a petition for the winding-up of the above named
company was presented to the High Court by So Man Wo
trading as Ngai Hing Company of 4th Floor, Unit E, Wing
Hong Factory Building, 18-26 Kwai Fung Crescent, Kwai
Chung, New Territories, Hong Kong. The petition is directed
to be heard before the court at 11:00 am on Wednesday, the
24th day of June 1998.


UNITED BASIC LASER: Voluntary Winding-up
----------------------------------------
A meeting of the creditors of United Basic Laser & Video
Company Limited will be held on 15th June 1998 to appoint
Joint and Several Liquidators and to consider further
matters relevant to the voluntary winding-up of the
company.


WEALTHY SEAFOOD: Winding-up Notice
----------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 190 of 1998

Name of Company
Wealthy Seafood Restaurant Limited

Date of Order
May 27,98

Date of Presentation of Petition
March 17, 98


WELLVIEW INTERNATIONAL: Winding-up Notice
-----------------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 182 of 1998

Name of Company
Wellview International Limited

Date of Order
May 27,98

Date of Presentation of Petition
March 16, 98


WING ON INTERNATIONAL: Reports Huge Losses for 1997
---------------------------------------------------
According to its latest annual report, Wing On Co
International, a retailer in Hong Kong, has had losses of  
HK$234.13 million last year, a double of the losses a year
earlier. Its restaurant has an operating losses of HK$14.06
million last year. In addition, it has made a HK$113.78
million provision for listed securities and its interest
borrowing has doubled to HK$123.66 million. These damages
caused a 79% dropped in attributable profit to $60 million.   


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

PT ASTRA INTERNATIONAL: Posts Losses for First Quarter
------------------------------------------------------
PT Astra International posed a 2.26 trillion rupiah
(US$196.1 million) loss for the first quarter of the year
as compared with a net profit of 119.8 billion profit last
year. Company officials explained that the loss was due to
foreign-exchange losses and a decline in sales.
Astra`s earnings come mainly from automotive, motorbike,
agriculture and plantation.


=========
J A P A N  
=========

MITSUI WHARF: Applies for Creditor Protection
---------------------------------------------
Mitsui Wharf Company, a port-harbor transport company in
Japan, has applied to Yokohama District Court for
protection from creditors as it undergoes restructuring. It
has outstanding debts of about 22.1 billion yen (US$159
million) and suffered a parent net loss of 6.38 billion yen
(in the year ended March 31), said Tokyo Shoko Research, a
private credit-research agency.

Mitsui is a member of the Taiyo Electric group of
companies. The company said it was a victim of fraud by
employees who have counterfeited more than three billion
yen of promissory notes in the company`s name.


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

DONG AH: New Chairman Offered Stock Options
-------------------------------------------
The Korea Times has reported that the creditors of the Dong
Ah Construction Industrial Co. have given the former Korean
Minister of Construction, Mr. Koh Byong-woo, a stock option
for 100,000 shares of the company as part of the conditions
for his taking over the chairmanship.

Although stock options are widely given in foreign
countries to provide the necessary incentive to top
managers to increase profits, the Korea Times suggests that
this is probably the first time that such an
arrangement has been public discussed in Korea.

Under the reported agreement, Mr. Koh is to reserve the
option to purchase shares at the current price anytime
after the Dong Ah Construction Industrial Co. is
normalized.


HAEJO CONSTRUCTION COMPANY:  Liquidation Plan Approval
------------------------------------------------------
The District Court in Pusan placed an announcement in the
Korean language Maeil Kyungje newspaper that it had
approved the liquidation plan of the Haejo Construction
Company of 399-3 Younsan-dong, Younje-gu, Pusan, Korea.  
The manager of the Haejo Construction Company is Mr. Kim
Jung-deuk of 570-2 Pugok-dong, Kuemjung-gu, Pusan, Korea.


JINRO COORS: Decision on Takeover by End of Month
-------------------------------------------------
Officials at the Jinro Group and its creditors banks have
reported that the final terms and conditions for the
takeover of the Jinro Coors Brewing Company (a Korean beer
maker) by its US joint venture partner Adolph Coors
Company will be announced on June 21.  According to the
Korea Herald, the Adolph Coors Company has reached a
conclusion on the terms of its investment in the Jinro
Group, and plans to present them to Jinro's creditor banks.  
These conditions from Coors will then be reviewed by the
Jinro Group creditor banks, and a decision will then be
made to sell off the Korean beverage company.  

Jinro Coors has debts of 770 billion won (or $550 million)
against 660 billion in capitol.  Creditor bank officials
expect the Adolph Coors Company to ask for a write-off of
Jinro's debts.  The decision to sell off Jinro Coors
Brewing Company to its US joint venture partner will be
made after comparing the amount of debts to be written off
as well as new investments from Coors.


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

CHUNG WAH EMPORIUM SDN BHD: Winding-up Notice
---------------------------------------------
Notice of Final Meeting has been released for the members'
voluntary winding-up of Chung Wah Emporium Sdn Bhd.


GWMT SDN BHD: Winding-up Notice
-------------------------------
Hong Leong Bank Bhd (petitioner) has on May 22, 1998,
served a notice of winding-up order against GWMT Sdn Bhd
(respondent).


MAXISHINE SDN BHD: Winding-up Notice
------------------------------------
The members of Maxishine Sdn Bhd has on May 27, 1998,
resolved to wind up the company voluntarily.


NAJWAR BUMI SDN BHD: Winding-up Petition
----------------------------------------
Philips Malaysia Sdn Bhd (petitioner) has on April 1, 1998,
presented a petition for the winding-up of Najwar Bumi Sdn
Bhd (respondent). A hearing was set for July 31, 1998.


WESTMONT INDUSTRIES: Reports Huge Losses
----------------------------------------
Westmont Industries Bhd, the parent company of one of
Malaysia`s main shipyards, Sabah Shipyards Sdn. Bhd.,
expects a loss of 715.7 million ringgit (US$182.3 million)
for fiscal year 1997. Such a loss represents more than the
entire value of its share capital and has taken up most of
Westmont Industries' cash reserve.  Financial executives
close to the company had rendered Westmont as technically
insolvent. Westmont also carries a debt load of nearly 780
million ringgit.

The loss was a surprise because Westmont had announced in
March 1997 that there was an unaudited profit of 63.4
million ringgit for 1996. Financial executives close to
Westmont said the big shift arose from the adoption of a
standard accounting practice. Also, many of the Westmont
complex transactions involving the construction of floating
electrical-generating plants have gone sour.

Sabah Shipyard is a major employer of Labuan, an island and
financial center off the coast of Borneo. The loss of
Westmont is expected to affect the local economy of Labuan.    

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

PHIL NATIONAL BANK: Soros Interested in PNB holding
---------------------------------------------------
International financier George Soros may be considering
acquiring the government's 45.5% stake in Philippine
National Bank (PNB), as Finance Secretary Salvador Enriquez
says. The Finance Secretary said he had been approached by
a member of Mr Soro's staff about a due diligence study of
PNB.

The administration of incoming president is eager to sell
the government's stake in PNB. Such a sale is among a
number of state holdings earmarked to go under the hammer.
According to some estimates, the government's PNB stake
could be worth six billion pesos.

Incoming Finance Secretary Edgardo Espiritu, a former
chairman of the bank and helped restructure its partial
privatisation, will help complete PNB's sale.

The bank, one of the country's biggest, was privatised two
years ago. Banking analysts say the bank has been
particularly hard hit by bad loans resulting from the Asian
financial crisis. Indosuez WI Carr Securities note in a
recent report on Philippine banks that "firms seeking debt
protection and filing for bankruptcy seemed to continually
cite PNB among creditors." The report also voiced concern
over the bank's strong growth in loans last year and its
exposure to property developers, which it had found to be
"disturbingly high" It forecasts PNB's net income for
this year to fall to 879 million pesos from 1.1 billion
last year.


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

ALPHATEC ELECTRONICS: Seeks Protection of New Laws
--------------------------------------------------
SCMP of June 5 reports that the above named has become the
first leading Thai firm to seek court protection under new
bankruptcy laws.

Six Alphatec creditors, the Bangkok Bank, Credit Agricole
Indosuez, ING Bank, Nakornthon Bank, Standard Chartered
Bank and Sumitomo Bank, want the company to be reorganized
behind the shield of laws similar to the United States'
Chapter 11 code that provides a firm with breathing space
to attempt recovery. The creditors asked the court to
approve Price Waterhouse as coordinator of the rescue
effort.

The court move comes after earlier attempts to push through
a restructuring plan were stymied by major shareholders led
by Mr Charn, Alphatec founder,who complained that Price
Waterhouse had overstated its problems. Alphatec has also
asked the stock exchange to hold off on a threat to delist  
if it failed to appoint a planner by yesterday. The shares
were suspended on July 25.

Alphatec was once hailed as a company that could drag
Thailand into cutting edge high-technology production with
its ambitious microchip plans, but Price Waterhouse
discovered that the company had been faking its profits for
years and Mr Charn resigned as executive chairman soon
after that. He had earlier failed to find partners to save
the company.

Alphatec owes its creditors about US$330 million and
admitted in March that it was "clearly insolvent." It was
starting to unravel even before the Thai baht tumbled.

Under the previous bankruptcy laws, liquidating a company
was a long and onerous process and rescue attempts were
often stymied, for example, by not permitting new investors
to be given any special safeguards. The new law is a big
step forward in this respect but has been criticised by
some as being too much in favour of creditors who want to
save an enterprise as a going concern.

Investment analysts have expressed that while worthy
attempts to lift broken Thai firms on to their feet should
be permitted, it may often be better to allow truly dead
ventures to be dismembered by their lenders fairly quickly,
allowing the assets to be recycled back.


THAI MODERN: SEC Files Charges on Loan Statements
-------------------------------------------------
Thailand`s Securities and Exchange Commission filed charges
against Thai Modern Plastic Industry PCL for understating
the amount of its outstanding loans in its financial
statement. Thai Modern Plastic has understated its
outstanding loans by 2.2 billion baht ($52.1 million) as of
December 31, 1997.


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 co-published by Bankruptcy Creditors' Service,
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

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