/raid1/www/Hosts/bankrupt/TCRAP_Public/980609.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Tuesday, June 9, 1998, Vol. 1, No. 76

                    Headlines


C H I N A   &   H O N G   K O N G

ALCO HOLDINGS: Fails to Disclose Connected Transactions
CA PACIFIC: Exchange Fund Faces $500m CA Pacific Bill
CITIC BEIJING: On Review for Possible Downgrade
CLIMAX INTERNATIONAL: Fourth Extension of Time for Proposal
HK YU KUN DEVELOPMENT: Winding-up Order

HUNG SUN BUILDING: Winding-up Order
LAI SUN DEVELOPMENT: Defaults on Singapore Land Site
MING FUNG GROUP: Brokerage Victims to Get Quicker Payment
PALADIN INTERNATIONAL: Winding-up Order
PEREGRINE INVESTMENTS: Liquidators Chase HK$23b in Assets

SING TAO HOLDINGS: Shares Fall Sharply as Buyout Talks End
WHARF HOLDINGS: Downgraded by Moody's
WISE OPTICAL: Winding-up Order
YUENFIELD LIMITED: Winding-up Order and Creditors Meeting


J A P A N  

ITOCHU: S&P Puts Top Five Traders on Watch
KANKAKU SECURITIES: Takeover by Dai-Ichi Kangyo Bank
MARUBENI: S&P Puts Top Five Traders on Watch
MITSUBISHI: S&P Puts Top Five Traders on Watch
MITSUI: S&P Puts Top Five Traders on Watch
SUMITOMO: S&P Puts Top Five Traders on Watch


K O R E A

DONG AH GROUP: Creditors say Korea Express to be Sold
DONG SHIN: Bankrupt Golf Course May Force U.S. Takeover
HANBO GROUP: Posco Cuts Hanbo Ties Amid Sales Downturn
HANIL PHARMACEUTICAL: Reports Loss
HYUNDAI GROUP: Credit Ratings Drop
LG GROUP: Credit Ratings Drop
POHANG IRON: Posco Cuts Hanbo Ties Amid Sales Downturn


M A L A Y S I A

AMALACE (M) SDN BHD: Winding-up Petition
ANSON PERDANA BHD: Half-year Results
ATLAN HOLDINGS BHD: Results Announcement
BINTANG VENUS SDN BHD: Winding-up Petition
HALIM SECURITIES: AMMB Seeks Legal Title to Halim Shares

HD CHINA INVESTMENTS: Members' Voluntary Liquidation
MBF CAPITAL BHD: Results Announcement
M&T RESOURCES SDN BHD: Winding-up Petition
MULTI WEBBING INDUSTRIES SDN BHD: Winding-up Order
OMEGA SECURITIES SDN BHD: Licence Revoked

OMRON MALAYSIA ELECTRONICS SDN BHD: Liquidation Notice
PIVOT GROUP SDN BHD: Winding-up Petition
UTAMA KARYA SDN BHD: Winding-up Petition
UTUSAN PRINTCORP SDN BHD: Winding-up Petition


P H I L I P P I N E S

PHILIPPINE ASSOCIATED SMELTING: Debt Scheme Proposal
PHILIPPINE PHOSPHATE: NDC Proposes Debt Condonation Scheme
VICTORIAS MILLING: Executives Face SEC Investigation


T H A I L A N D

CHAROEN POKPHAND: Faces US$1.2b of Debt
RATANAKOSIN INSURANCE: Lawsuits Allege Embezzlement


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

ALCO HOLDINGS: Fails to Disclose Connected Transactions
-------------------------------------------------------
Alco Holdings Limited, a consumer electronic listed company
in Hong Kong has failed to disclose connected transactions
to shareholders for more than five years.

The company has been supplying telephones and other
consumer products to three Venturer Group companies over
the past five years. The Group comprises Venturer
Electronics, Venturer Electronics UK and Venturer
Electronics De Chile, which are wholly or partly owned by
chairman and substantial shareholder Leung Kai-Ching `s son
David Leung. The sales of Venturer represented 4.53% of the
group's turnover for last year and the debt owed by
Venturer was HK$78.6 million, representing 36% of Alco`s
account receivable.

Hong Kong Stock Exchange is looking into the matter and
reserve the right to rake action against the company.

The minority shareholders demanded a full explanation from
Alco`s directors for its failure to disclose the connected
transactions and expressed concerns as to whether the
transactions were conducted under fair and reasonable
terms.  


CA PACIFIC: Exchange Fund Faces $500m CA Pacific Bill
-----------------------------------------------------
According to the Hong Kong Standard of June 6, provisional
liqudators of CA Pacific, Coopers & Lybrand, said that a
$500 million shortfall in the value of securities at the
collapsed CA Pacific Securities and CA Pacific Finance has
shrunk the amount available to clients of both companies to
only $900 million.

It was said that although claims from both cash and margin
clients of CA Pacific Securities appeared to be for $1.4
billion worth of securities, CA Pacific Securities and CA
Pacific Finance only held $1 billion worth of securities
between them and the banks still claimed to be owed $100
million.

It was also revealed that the companies are still owed
money by other companies within the group. CA Pacific made
a number of very large loans, the largest of which is an
unsecured $252 million loan.

Agreements signed with the two companies by clients do not
say clearly what the clients' rights are in the event of a
default, whether the basic rights of the clients is to get
their shares back or claim as an unsecured creditor for the
value of their shares. This fundamental question has to be
determined by the court. This will involve a considerable
number of applications to the High Court for rulings.


CITIC BEIJING: On Review for Possible Downgrade
-----------------------------------------------
The SCMP of June 6 reported that Citic Pacific's share
price fell sharply on June 5, falling 7.71% or $1.35 to
close at $16.15 - a new low for the year - after US credit
rating agency Moody's Investors Service placed parent,
Citic Beijing, and six other mainland controlled
investment arms on review for a possible downgrade.

Moody's said those companies faced an uncertain future as
their financial fundamentals deteriorated and their
strategic importance to government owners declined. It said
the PRC government's recent attempts at state sector
reforms and government restructuring made "government
support much less predictable", "the government's recent
decision to overhaul the investment and trust sector by way
of merger consolidation and closure has caused additional
uncertainties.

Citic Pacific managing director Henry Fan Hung-ling said
the finances of the two firms were independent. He said
that the company had not benefited from the upgrade of
ratings of Citic Beijing and will not be affected by its
downgrade.

Analysts yesterday said Citic Pacific had been under
selling pressure as the market was concerned about debt
levels. There were also intense market rumours that a
number of banks had dumped share they were
holding as collateral for chairman Larry Yung Chi-kin, who
with two other senior managers spent more than $10 billion
buying 330 million Citic Pacific shares, or 15.4% from the
parent company at $33 each in December 1996. The shares now
stand at less that half that acquisition price.

Stock Exchange records show Citic Hong Kong increased its
stake in Citic Pacific to 30.02 % from 29.52% by acquiring
10.68 million shares on Thursday.


CLIMAX INTERNATIONAL: Fourth Extension of Time for Proposal
-----------------------------------------------------------
According to a joint announcement from Climax
International, United Pacific Industries Ltd and Selma Ltd
to the HK Stock Exchange on June 4, 1998, the deadline for
Climax's debt restructuring proposal has been extended for
5 days until June 8, 1998.

As set out on April 16, 1998 between Climax, United Pacific
and Selma, a number of provisions of the Agreements are
consolidated on Climax reaching agreement with its banker
in respect of the restructuring of the indebtedness of
Climax in terms acceptable to UPI, within 30 days from date
of Agreement expired on May 10, 1998. The deadline has been
extended three times and expired on June 3, 1998. This is
the fourth time of extension as the proposal is in the
process of being finalized.  


HK YU KUN DEVELOPMENT: Winding-up Order
---------------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 189 of 1998

Name of Company
HK Yu Kun Development Co Limited

Date of Order
May 27,98

Date of Presentation of Petition
March 17, 98


HUNG SUN BUILDING: Winding-up Order
-----------------------------------
Hung Sun Building Construction Company Limited has received
a winding-up order dated May 27, 1998 at the Registered
Office: Rm 706-7, Hang Seng Building, 77 Des Voeux Rd.,
Central, HK. Date of Presentation of Petition : 11th
February 1998.


LAI SUN DEVELOPMENT: Defaults on Singapore Land Site
----------------------------------------------------
Lai Sun Development, a listed property developer in Hong
Kong and the Singapore joint-venture partner Eltech
Electronics have for the third defaulted payment for a
S$91.5 million (HK$416 million) government land site in
Singapore. As a result, they might loss all or part of
their S$22.9million down payment, plus possible punitive
interest of 9% annual interest charge (or three point above
prime, whichever is higher) for late payment.

Lai Sun and Eltech jointly set up a property company,
Kembangan Properties in Singapore and they have bid a
78,757 condominium site in Kembangan district of Singapore
last July at S$ 91.5 million.  Since then, property prices
slashed by about 20% in some district of Singapore and made
them more difficult to seek bank financing. They have made
three extensions to find a third partner willing to invest.
Sources said Lai Sun decided to cut its loss and dropped
the project altogether.


MING FUNG GROUP: Brokerage Victims to Get Quicker Payment
---------------------------------------------------------
According to the SCMP of June 6, sources said the
government will unveil next week new legislation which will
allow victims of collapsed brokerages to get compensation
soon after the brokerages' demise, before an accurate
picture of total client losses has been established. The
new legislation is expected to go before Legco next month
and will open the way for CA Pacific investors to receive
payment from the compensation fund almost immediately.

Under existing legislation, claimants must wait until all
compensation claims have been received and processed by the
stock exchange, a process that can last months, especially
when there are serious disputes over climant eligibility.

The SFC and Stock Exchange are expected to announce next
week investors of CA Pacific will receive a maximum payout
per client of slightly more than $150,000, lower than the
$200,000 estimated by authorities in January. The drop is
understood to be a result of the number of brokerage
collapses in the past few months and concerns that the
total payout will soon exceed the compensation fund's
resources. The government, SFC and stock exchange will
decide on a case-by-case basis the maximum amount to be
paid out per client of each failed brokerage; in the CA
pacific case, the payout range will be about 70% of clients
compensated in full. Sources confirmed cash clients and
margin clients who had not used their credit lines would be
eligible for compensation.

So far the SFC and the exchange have each injected $150
million, enlarging the compensation fund to $780 million.


PALADIN INTERNATIONAL: Winding-up Order
---------------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 186 of 1998

Name of Company
Paladin International Limited

Date of Order
May 27,98

Date of Presentation of Petition
March 16, 98


PEREGRINE INVESTMENTS: Liquidators Chase HK$23b in Assets
---------------------------------------------------------
The SCMP of June 8 says that, according to David Hague, a
partner of Price Waterhouse, which is provisionally in
charge of Peregrine's liquidation, the accountant has
worked its way through about 25% of the collapsed bank's
derivative portfolio, which had realised about $250
million of its assets, but there remained significant value
to be recovered from the bank's direct investment and bond
portfolios.

There is hope for the recovery of more than US$1 billion of
the bank's assets, but the first payment to creditors is
unlikely before next March. The adverse economic situation
in the region is going to have an impact on the recovery,
the total amount of which also depends on the time frame.

Mr. Hague said that third party creditors, which excludes
inter-company debts, are seeking about US$3 billion
(HK$23.4 billion), which is expected to far exceed realised
assets, and the final sum sought would vary as further
creditors claims were received or if there was a recovery
in the currencies of Indonesia and Thailand. He said that
there are thousands of creditors across the 200-entity
Peregrine group and warned that the liquidation process
could take up to five years to complete with the first
interim dividend to creditors of Peregrine Fixed Income and
Peregrine Investment Holdings not due before next March. Mr
Hague said the $250 million form the derivative business
was enough to organize the first payment to creditors.

As for whether legal action against former Peregrine
directors would be taken, Mr Hague said that a more
thorough examination would be necessay but a Commerzbank's
$40 million legal claim launched last month against
Peregrine Fixed Income was unlikely to succeed. The writ
alleges that Peregrine continued soliciting new business
hours before its collapse, ignoring the risk to
counterparties.

Mr Hague said negotiations on the sale of Peregrine's
viable business interests in Taiwan and Thailand were
"reasonably advanced" and a development could be expected
within the next month.


SING TAO HOLDINGS: Shares Fall Sharply as Buyout Talks End
----------------------------------------------------------
The SCMP of June 6 reports that shares in publisher Sing
Tao Holdings fell 35%, or 58 cents to $1.06 on heavy
trading of 5.34 million shares the day before, the first
day after it resumed trading and after news that property
developer Mingly had terminated share-purchase talks with
Sally Aw Sian, Sing Tao's controlling shareholder.

An analyst said that Sing Tao would post a loss in the six
months to March 31. He forecast that Sing Tao would post a
$59 million full-year attributable profit, against a $26.93
million attributable profit in 1996. Attributable profit
stood at $121.21 million in the half year to September 30,
1997.


WHARF HOLDINGS: Downgraded by Moody's
-------------------------------------
Moody`s Investors Service has downgraded Wharf Holdings, a
listed property investment firm in Hong Kong, from Baa1 to
Baa3 for its senior subordinated debt ratings and its
rating outlook as negative. Moody`s said after the opening
of Wharf Gateway II office and retail development in Tsim
Sha Tsui later this year, addition pressure would be
exerted on the rest of Wharf's Tsim Sha Tsui property
porfolio. The agency also said Wharf`s heightened
dependence on debt and tight liquidity will affect Wharf
once the property market get slump.

Standard & Poor`s also cut its assessment on Wharf last
month from A to A-minus.

Wharf executive director John Hung said the refinancing
need of the Wharf Group in 1998 is less than 10% of the
loan portfolio and some of the loans has already been
secured.


WISE OPTICAL: Winding-up Order
------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 191 of 1998

Name of Company
Wise Optical Manufacturing Co Ltd

Date of Order
May 27,98

Date of Presentation of Petition
March 18, 98


YUENFIELD LIMITED: Winding-up Order and Creditors Meeting
---------------------------------------------------------
Notice of winding-up order in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 141 of 1998

Name of Company
Yuenfield Limited

Date of Meeting
June 16,98
Creditors - at 10:am
Contributors - at 11:am


=========
J A P A N  
=========

ITOCHU: S&P Puts Top Five Traders on Watch
------------------------------------------
US ratings agency Standard & Poor's has placed Japan's top-
five trading houses on "credit-watch negative" and warned
the crisis in Indonesia was hitting them hard. The agency
will review the ratings of the companies.

Of the firms, only Mitsubishi has a long term rating of AA-
minus. Itochu and Marubeni have short-term corporate credit
ratings of A2, with Mitsui and Sumitomo on A1. However,
they are expected to maintain investment-grade ratings.


KANKAKU SECURITIES: Takeover by Dai-Ichi Kangyo Bank
----------------------------------------------------                  
The Kyodo News of June 5 reports Dai-Ichi Kangyo Bank (DKB)
will increase its equity stake in Kankaku Securities Co.
from 4.9% to 37.1% after DKB invests 30 billion yen in
Kankaku through a new-share issue slated for July 18. As a
result the DKB group, comprising 18 companies, will own a
majority 54.1% interest in Kankaku, a Kankaku official
said.

Kankaku has been losing money for the past seven years. In
the latest business year ended March 31, it reported 21.68
billion yen in consolidated pretax losses.

Kankaku also announced Friday that it will reduce capital
by some 20 billion yen and allocate this fund to reserves
that would be used to promote restructuring.


MARUBENI: S&P Puts Top Five Traders on Watch
--------------------------------------------
US ratings agency Standard & Poor's has placed Japan's top-
five trading houses on "credit-watch negative" and warned
the crisis in Indonesia was hitting them hard. The agency
will review the ratings of the companies.

Of the firms, only Mitsubishi has a long term rating of AA-
minus. Itochu and Marubeni have short-term corporate credit
ratings of A2, with Mitsui and Sumitomo on A1. However,
they are expected to maintain investment-grade ratings.


MITSUBISHI: S&P Puts Top Five Traders on Watch
----------------------------------------------
US ratings agency Standard & Poor's has placed Japan's top-
five trading houses on "credit-watch negative" and warned
the crisis in Indonesia was hitting them hard. The agency
will review the ratings of the companies.

Of the firms, only Mitsubishi has a long term rating of AA-
minus. Itochu and Marubeni have short-term corporate credit
ratings of A2, with Mitsui and Sumitomo on A1. However,
they are expected to maintain investment-grade ratings.


MITSUI: S&P Puts Top Five Traders on Watch
------------------------------------------
US ratings agency Standard & Poor's has placed Japan's top-
five trading houses on "credit-watch negative" and warned
the crisis in Indonesia was hitting them hard. The agency
will review the ratings of the companies.

Of the firms, only Mitsubishi has a long term rating of AA-
minus. Itochu and Marubeni have short-term corporate credit
ratings of A2, with Mitsui and Sumitomo on A1. However,
they are expected to maintain investment-grade ratings.


SUMITOMO: S&P Puts Top Five Traders on Watch
--------------------------------------------
US ratings agency Standard & Poor's has placed Japan's top-
five trading houses on "credit-watch negative" and warned
the crisis in Indonesia was hitting them hard. The agency
will review the ratings of the companies.

Of the firms, only Mitsubishi has a long term rating of AA-
minus. Itochu and Marubeni have short-term corporate credit
ratings of A2, with Mitsui and Sumitomo on A1. However,
they are expected to maintain investment-grade ratings.


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

DONG AH GROUP: Creditors say Korea Express to be Sold
-----------------------------------------------------
Representatives from Dong Ah's creditor banks contradicted
Friday's remarks by the group's new chairman, Mr. Koh
Byoung-woo, about not dismantling the group.  The Korea
Herald reported that the creditor banks made it clear that
they cannot accept Mr. Koh's position, and that the sell
off of Dong Ah's Korea Express was a precondition for the
provision of syndicated loans to Dong Ah.

Additionally, an official from the Seoul Bank (Dong Ah's
main creditor) said that Dong Ah has no other way but to
dispose of all of its subsidiaries in order to repay the 4
trillion won it owns.

Korea Express is the profitable logistics unit of Dong Ah,
which earned 8.8 billion won on turn over of 1.14 trillion
won last year.


DONG SHIN: Bankrupt Golf Course May Force U.S. Takeover
-------------------------------------------------------
Dong Shin Pharmaceutical Company, recently affected by the
bankruptcy of an affiliated golf club, Dong Shin Leisure,
is expected to be offered as a target for U.S. investors,
according to a report in the Korea Herald.  

Dong Shin Pharmaceutical is a company with annual sales of
$45 million and a producer of albumin, vaccines for a type
of encephalitis, and several antibiotics.  It is widely
recognized as a leading pharmaceutical firm with high
technical know-how.  However, the bankruptcy of Dong Shin
Leisure (a 45-hole golf course established just last March
and which sold memberships to the medical and
pharmaceutical community) was reportedly a great blow to
the parent Dong Shin Pharmaceutical Company.

The Korea Herald further reported that Mr. Yu Young-shik,
the chairman and major shareholder of Dong Shin
Pharmaceutical Company, has tried to strike a deal with
creditors in which the pharmaceutical firm would relinquish
all rights on the sale of the golf course if the banks
agreed to minimize the golf club's bankruptcy on the parent
Dong Shin Pharmaceutical Company.

The Korea Herald additionally quotes another local
pharmaceutical company source as saying that the Dong Shin
Pharmaceutical Company has already asked that creditors
postpone their recall of the principle loan, improving the
finances of the pharmaceutical company greatly.


HANBO GROUP: Posco Cuts Hanbo Ties Amid Sales Downturn
------------------------------------------------------
A spokesman said that South Korea's state-run Posco, one of
the most profitable corporations in the country, and the
world's second largest steel firm, would slim down and
scale back non-essential projects including a plan to build
a new mill.

To dispel misunderstanding and disputes among trading
partners abroad, the firm will also withdraw from Hanbo
Iron and Steel, which entrusted management to Posco early
last year when the parent Hanbo Group collapsed, leaving
the latter to be liquidated or sold off.

Hanbo's collapse under US$5.8 billion of debt revealed a
chain of corruption reaching into banks and top political
circles, and it is said that Posco's credit rating was
lowered last year because of negative implications from
Hanbo.

Posco officials declined to disclose details about the
firm's restructuring, but acknowledged the need to
implement cutbacks in the face of plunging sales. In the
past five years, the firm had expanded its facilities to
compete with Nippon Steel and its annual production
capacity topped 26 million tonnes, almost equalling Nippon
Steel's.


HANIL PHARMACEUTICAL: Reports Loss
----------------------------------
According to a Kyobo Securities' reports that out of eight
major pharmaceutical companies that settled their accounts
in March, only one company, Hanil Pharmaceutical, suffered
a loss.  Two pharmaceutical companies in the report had
increased profits and five other companies posted reduced
profits, but only the Hanil Pharmaceutical Company reported
a loss of 16.7 billion won.

Per the Korean language newspaper, Maeil Kyongje, the
Korean pharmaceutical industry has been pressured by
increases in imported raw material prices, rising interest
rates, and bankruptcies of wholesale distributors and
retail pharmacies.


HYUNDAI GROUP: Credit Ratings Drop
----------------------------------
According to the Korea Credit Information Company's just
released regular December credit rating analysis, 13 out of
14 of the Hyundai affiliates that were analysed and 4 out
of 4 of the LG evaluated affiliates received lower credit
ratings.  

According to an official at Korea Credit Information
Company quoted by the Korean language Maeil Kyungje,
Hyundai's lowered rank is due to the huge deficit made by
Hyundai Electronics, Co. and Daehan Aluminum Co. (also a
Hyundai affiliate) in addition to reduced cash flow of
Hyundai's several construction affiliates.

The Maeil Kyungje also reported that LG's lowered rank is
due increased foreign currency losses seen by LG Caltec and
its affiliates.  Furthermore, LG was also affected by its
manufacturing affiliates' debt ratio has increased from
350.7% to 514.9%, and reduced cash flow caused by poor
sales.


LG GROUP: Credit Ratings Drop
-----------------------------
According to the Korea Credit Information Company's just
released regular December credit rating analysis, 13 out of
14 of the Hyundai affiliates that were analysed and 4 out
of 4 of the LG evaluated affiliates received lower credit
ratings.  

According to an official at Korea Credit Information
Company quoted by the Korean language Maeil Kyungje,
Hyundai's lowered rank is due to the huge deficit made by
Hyundai Electronics, Co. and Daehan Aluminum Co. (also a
Hyundai affiliate) in addition to reduced cash flow of
Hyundai's several construction affiliates.

The Maeil Kyungje also reported that LG's lowered rank is
due increased foreign currency losses seen by LG Caltec and
its affiliates.  Furthermore, LG was also affected by its
manufacturing affiliates' debt ratio has increased from
350.7% to 514.9%, and reduced cash flow caused by poor
sales.


POHANG IRON: Posco Cuts Hanbo Ties Amid Sales Downturn
------------------------------------------------------
A spokesman said that South Korea's state-run Posco, one of
the most profitable corporations in the country, and the
world's second largest steel firm, would slim down and
scale back non-essential projects including a plan to build
a new mill.

To dispel misunderstanding and disputes among trading
partners abroad, the firm will also withdraw from Hanbo
Iron and Steel, which entrusted management to Posco early
last year when the parent Hanbo Group collapsed, leaving
the latter to be liquidated or sold off.

Hanbo's collapse under US$5.8 billion of debt revealed a
chain of corruption reaching into banks and top political
circles, and it is said that Posco's credit rating was
lowered last year because of negative implications from
Hanbo.

Posco officials declined to disclose details about the
firm's restructuring, but acknowledged the need to
implement cutbacks in the face of plunging sales. In the
past five years, the firm had expanded its facilities to
compete with Nippon Steel and its annual production
capacity topped 26 million tonnes, almost equalling Nippon
Steel's.


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

AMALACE (M) SDN BHD: Winding-up Petition
----------------------------------------
Silverstone Marketing Sdn Bhd (Petitioner) has on April 27,
1998 petitioned for the winding-up of Amalace (M) Sdn Bhd
(respondent). Hearing was set on 23/9/98.


ANSON PERDANA BHD: Half-year Results
-----------------------------------
Anson Perdana Bhd, a company listed on the KLSE, has
released its half-year results of RM22.27m losses for the
period ended Feb 28, 1998. Earnings per share has dropped
787.5%, from 3.2sen to a loss per share of 22.0sen for the
same period.


ATLAN HOLDINGS BHD: Results Announcement
----------------------------------------
Atlan Holdings Bhd, a company listed in the KLSE, has
released its annual losses of RM7.4mil for the year ended
Feb 28, 1998. Earnings per share dropped 952.9%, from
4.33sen to a loss per share of 36.93sen for the same
period.


BINTANG VENUS SDN BHD: Winding-up Petition
------------------------------------------
Commercial Plastics Industries Sdn Bhd (petitioner) has
petitioned for the winding-up of Bintang Venus Sdn
Bhd(respondent) on Feb 26, 1998. Hearing was set on June
23, 1998.


HALIM SECURITIES: AMMB Seeks Legal Title to Halim Shares
--------------------------------------------------------
Arab-Malaysian Merchant Bank Bhd yesterday applied to the
Kuala Lumpur High Court to obtain legal title to 40mil (80%
stake) Halim Securities Sdn Bhd shares which had been
pledged against a RM50mil loan obtained by Uniphoenix
Corporation BHD, the parent company of Halim Securities
that is listed on the KLSE. Halim Securities and Uniphoenix
now face winding-up petitions. Hearing will be on June 18.

Halim Securities is presently pending a winding-up petition
from Multi-Purpose Bank Bhd over a debt of RM15.9mil, which
hearing will be on June 23. Halim Securities' application
to strike out the petition shall be heard on June 9.


HD CHINA INVESTMENTS: Members' Voluntary Liquidation
----------------------------------------------------
A special resolution was passed on the June 1, 1998 by HD
China Investments Ltd for the engagement of its liquidator.


MBF CAPITAL BHD: Results Announcement
-------------------------------------
MBF Capital Bhd, a company listed in the KLSE, has released
its 3-months results for the period ended Mar 31, 1998.
During the first quarter of 1998, MBF made a post-tax
losses of RM117.8mil as compared to a loss of RM758.6mil
for the last quarter of 1997. EPS has improved from a loss
per share of RM0.98 for the last quarter of 1997, to RM0.15
for the first quarter of 1998.


M&T RESOURCES SDN BHD: Winding-up Petition
------------------------------------------
Knight Eagle Engineering Sdn Bhd (Petitioner) has on 6/5/98
petitioned for the winding-up of M&T Resources Sdn Bhd
(respondent). Hearing was set on 25/9/98.


MULTI WEBBING INDUSTRIES SDN BHD: Winding-up Order
--------------------------------------------------
Hong Leong Leasing Sdn Bhd (petitioner) has filed an order
for the winding-up of Multi Webbing Industries Sdn Bhd
(respondent) on May 29, 1998.


OMEGA SECURITIES SDN BHD: Licence Revoked
-----------------------------------------
The stockbroking licence of Omega Securities Sdn Bhd was
revoked yesterday by the Securities Commission for failure
to come up with a restructuring exercise by April 30, 1998.

Hwang DBS Sdn Bhd has agreed to the reimbursement of
Omega's clients by undertaking to pay them a total of
RM70mil.

The scheme will involve clients closing their accounts with
Omega and Hwang DBS, reimbursing each client a pre-
determined and pre-approved value for the net amounts owing
to them.

Only claims below RM100,000 shall be paid in full and
amounts exceeding that to be pro-rated in decreasing
percentages.


OMRON MALAYSIA ELECTRONICS SDN BHD: Liquidation Notice
------------------------------------------------------
A notice of members meeting on June 23, 1998 was posted for
the liquidation of Omron Malaysia Electronics Sdn Bhd.


PIVOT GROUP SDN BHD: Winding-up Petition
----------------------------------------
Woo Yoon Kok Trading (Petitioner) has on April 1, 1998
filed a winding-up petition against Pivot Group Sdn Bhd
(respondent). Hearing was set on July 31, 1998.


UTAMA KARYA SDN BHD: Winding-up Petition
----------------------------------------
Perwira Affin Bank Bhd (Petitioner) has petitioned for the
winding-up of Utama Karya Sdn Bhd (respondent) on May 29,
1998.


UTUSAN PRINTCORP SDN BHD: Winding-up Petition
---------------------------------------------
Skl Machinery Enterprise (M) Sdn Bhd (petitioner) has on
March 24, 1998 petitioned for the winding-up of Utusan
Printcorp Sdn Bhd (respondent). Hearing was set on June 26,
1998.


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

PHILIPPINE ASSOCIATED SMELTING: Debt Scheme Proposal
----------------------------------------------------
The National Development Co. (NDC) will try to woo the next
Congress to condone the bulk of the huge liabilities of
cash-troubled Philippine Phosphate and Fertilizer Corp.
(Philphos) and the Philippine Associated Smelting and
Refining Corp. (PASAR) to make them attractive for
privatization, according to a BusinessWorld report June 5.

NDC general manager Mariano Salazar yesterday told
reporters the debt condonation scheme -- trashed by the
last Congress due to the expected domestic costs to the
government -- seems the only option left to purge PASAR and
Philphos of its debts. He did not say, however, how much of
the loans needs to be written off, saying this will depend
on a comparative appraisal with existing assets.

As of end-November 1997, the outstanding loans of Philphos
and PASAR stood at 43.8 billion Philippine pesos (PhP) and
PhP30.7 billion, respectively.


PHILIPPINE PHOSPHATE: NDC Proposes Debt Condonation Scheme
----------------------------------------------------------
The National Development Co. (NDC) will try to woo the next
Congress to condone the bulk of the huge liabilities of
cash-troubled Philippine Phosphate and Fertilizer Corp.
(Philphos) and the Philippine Associated Smelting and
Refining Corp. (PASAR) to make them attractive for
privatization, according to a BusinessWorld report June 5.

NDC general manager Mariano Salazar yesterday told
reporters the debt condonation scheme -- trashed by the
last Congress due to the expected domestic costs to the
government -- seems the only option left to purge PASAR and
Philphos of its debts. He did not say, however, how much of
the loans needs to be written off, saying this will depend
on a comparative appraisal with existing assets.

As of end-November 1997, the outstanding loans of Philphos
and PASAR stood at 43.8 billion Philippine pesos (PhP) and
PhP30.7 billion, respectively.


VICTORIAS MILLING: Executives Face SEC Investigation
----------------------------------------------------
The SEC has ordered an in-depth investigation of former
officials of sugar giant Victorias Milling Co. Inc. for
submitting allegedly padded financial statements, according
to a report in RP News. The Commission en banc, the highest
policy-making body of the SEC, ordered the probe after the
preliminary investigation of its prosecution and
enforcement department showed probable cause for
prosecution.

The SEC was prompted to look into the documents submitted
by Victorias due to the findings of its former auditor,
Sycip, Gorres and Velayo Co. Inc., that Victorias
management submitted documents that overstated the
company's assets.

SEC Chair Perfecto R. Yasay Jr. said the investigation
would center on the possible violation of listing rules and
disclosure requirements, which prevented Victorias'
creditor-banks from foreseeing its financial difficulties.


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

CHAROEN POKPHAND: Faces US$1.2b of Debt
---------------------------------------
According to the Hong Kong Standard of June 6 Dhanin
Chearavanont, Thailand's second richest man, faced with
US$1.2 billion of overdue debts, has chosen to sell one of
his private companies to appease the creditors of his
public empire.

Mr Dhanin's vast conglomerate, Charoen Pokphand Group,
which controls more than 100 companies including the Hong
Kong listed C P Pokphand, said that it has sold Lotus
Superstore for US$181 million to Tesco, a London-based
supermarket chain with designs on emerging markets such as
Thailand.

Analysts said that the sale shows that Thailand's recession
had affected even the country's ultra rich. That they would
sell a company they never before shared with outsiders is
what should pique investors' interest.


RATANAKOSIN INSURANCE: Lawsuits Allege Embezzlement
---------------------------------------------------
The Insurance Department is acting as the plaintiff in 10
lawsuits alleging embezzlement by at least three former
executives of Ratanakosin Insurance Co, which was closed
last month. The Bangkok Post of June 6 reports that the
lawsuits, seeking damages of 40 million baht, were filed
with the Economic Crime Investigation Division by Banphot
Hongthong, director-general of the Insurance Department.
As many as 50 more lawsuits could be pending, Mr Banphot
said. According to the department's preliminary findings,
up to 200 million baht was embezzled from debt-ridden
Ratanakosin.

As of April 16, the company reported in its financial
statement that it had assets totalling 1.55 billion baht,
and liabilities of 860.53 million baht.

The department may sue Ratanakosin as bankrupt, so that it
can proceed with the next step to sell the company's assets
at auction to repay creditors.


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.

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

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

      * * * End of Transmission * * *