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

                               A S I A   P A C I F I C

            Tuesday, December 14, 1999, Vol. 2, No. 243

                                     Headlines


* C H I N A  &  H O N G  K O N G *

ACI GROUP (HONG KONG) LTD: Facing winding up petition
KEEP GAIN ENTERPRISES LTD: Facing winding up petition
TAIWAN MOBILE TEL.CO.: New Thai partner bringing capital
TSE SUI LUEN JEWELLERY: Cobra Tech. to make purchase offer
WISEARN ENTERPRISES LTD: Facing winding up petition


* I N D O N E S I A *

PT BAKRIE NIRWANA RESORT: IBRA to be majority shareholder


* K O R E A *

DAEWOO GROUP: Domestic creditors may up offer to foreigns
DAEWOO MOTOR: GM determined to acquire
HANBO IRON & STEEL CO.: Sell-off settlement by year-end
HANBO IRON & STEEL CO.: Capacity could be increased
SEOUL BANK: 3 foreign banks considering management offers


* M A L A Y S I A *

RENONG BHD: Disposing of non-core assets as part of rehab


* P H I L I P P I N E S *

CONNELL SECURITIES: SEC, PSE vie on receivership


* T H A I L A N D *

BANGKOK RANCH PLC: Creditors approve rehab plan
FINANCE ONE: Former president, fugitive arrested in UK


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

ACI GROUP (HONG KONG) LTD: Facing winding up petition
-----------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance
had scheduled a hearing for December 22 on the petition of
Mast Industries (Far East) Limited for the winding up of
ACI Group (Hong Kong) Limited. A notice of legal appearance
must be filed on or before December 21.

KEEP GAIN ENTERPRISES LTD: Facing winding up petition
-----------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance
had scheduled a hearing for December 22 on the petition of
Hollywood Palace Company Limited for the winding up of Keep
Gain Enterprises Limited. A notice of legal appearance must
be filed on or before December 21.

TAIWAN MOBILE TEL.CO.: New Thai partner bringing capital
--------------------------------------------------------
AP Power and Telecom Connection Consultant hopes to take a
combined 40 per cent stake in Tawan Mobile Telecom Co, the
marketing company for CDMA mobile phones. According to a
new shareholder structure submitted to the Communication
Authority of Thailand, the new partners will also inject
Bt500 million in fresh funds into the telecom company.
Tawan Mobile Telecom needs new partners to alleviate
financial difficulties.

A CAT source said Tawan Mobile Telecom's proposal submitted
last week did not provide many details of the two new
partners but said AP Power had investments in southern
Thailand.  Telecom Connection Consultant earlier asked the
CAT for permission to install and market a CDMA (Code
Division Multiple Access) network on the provinces. The
state agency rejected that proposal because it wanted to
invest in the project by itself.

The CAT asked Tawan Mobile Telecom to submit a new request
and give more details about AP Power and Telecom Connection
Consultant. The new request must include their investment
plans with Tawan Mobile Telecom to prove their strong
commitment.

Tawan Mobile Telecom is a joint venture between the CAT and
Tawan Telecom Co set up to market the state agency's CDMA
service.   Tawan Mobile Telecom started marketing the CDMA
service in April last year but only has 2,800 subscribers,
because the network covers only Bangkok and some central
areas of Thailand. It also has a low marketing budget.
Unable to overcome these obstacles, Tawan Mobile Telecom
plunged into financial problems and started looking for a
partner.

Last year Tawan Mobile Telecom sent the CAT a similar
partnership proposal with US-based telephone operator GTE.
The deal was endorsed, but the two companies made no
progress on the alliance, and GTE pulled out.  Next Tawan
Mobile Telecom approached a Taiwanese telecom operator with
the same deal and the same results.

Tawan Mobile Telecom is committed to securing 50,000
subscribers a year. If the subscriber level falls below 50
per cent of that level, the company will be fined Bt450 per
subscriber.  The CAT source said Tawan Mobile Telecom's
latest request would be sent to its board of directors to
amend the approved alliance between the telecom company and
GTE.

Recently the National Economic and Social Development Board
approved the CAT's spending another Bt1.2 billion to expand
the CDMA network into the provinces to give it wider
coverage. However, the expansion plan has not yet received
Cabinet approval. Expansion would take another one to two
years.  The source at the CAT said that the state agency
was hurrying to put Tawan Mobile Telecom's newest proposal
on the board's agenda to allow the CDMA project a rapid new
start.  (The Nation  13-Dec-1999)

TSE SUI LUEN JEWELLERY: Cobra Tech. to make purchase offer
----------------------------------------------------------
Cobra Technologies is to make an unconditional mandatory
cash offer for all the shares of the troubled jewellery
maker and retailer Tse Sui Luen Jewellery (International)
at 32 cents per share after failing to get an exemption
from Securities and Futures Commission (SFC).

The offer price is the same as the amount Cobra paid for
its 10.25 per cent interest in cash-strapped Tse Sui Luen
from Swiss banking Group UBS. And it represents a 10.3 per
cent premium to the closing price of 29 cents per share
quoted on the Stock Exchange of Hong Kong on 10 December.
Through its financial and investment adviser Somerley,
Cobra will also make an offer for 2.15 million options,
which have a subscription price of $2.79 apiece, at 1cent
each. In the meantime, Cobra will issue a cash offer for
3.69 million deed options and 22,220 preference shares,
both at 1 cent per piece.

Somerley said Cobra has sufficient financial resources to
satisfy full acceptance of the offers. A joint statement
released by Tse Sui Luen and Cobra yesterday informed that
Lau Chuk-kin, who is the managing director of Midas
Printing Group and formerly the chief executive officer of
Tse Sui Luen for six months in 1994, will be appointed to
the board three weeks from now.

Apart from Mr Lau, other new members will also be appointed
to the board in a bid to strengthen the management of Tse
Sui Luen and its subsidiaries.The anouncement said that
actions will be taken soon to streamline the operations of
the jewellery retailer and to improve the efficiency of its
operations, although no plan has been finalised yet.

Cobra confirmed that it will retain the listing of Tse Sui
Luen as well as its core business, which involves the
design, manufacture and sale of jewellery products, with a
strong focus on the mainland. Cobra guaranteed that it has
no plan to inject any material assets into Tse Sui Luen or
to procure the disposal of any material assets of the firm.
It is statutory under SFC's regulation for a shareholder to
make a general offer when its interest in a listed firm
exceeds the threshold of 35 per cent.

Since Cobra now owns 49.7 per cent of Tse Sui Luen, it was
compelled to make the general offer after it failed to get
an exemption from SFC.  Tse Sui Luen's turnover for the six
months to 31 August was $777.3 million while its losses
after taxation amounted to about $12 million.  (Hong Kong
Standard  13-Dec-1999)

WISEARN ENTERPRISES LTD: Facing winding up petition
---------------------------------------------------
The High Court of Hong Kar SAR, Court of First Intance has
scheduled a hearing for December 22 on the petition of
Gracechurch Limited for the winding up of Wisearn
Enterprises Limited. A notice of legal appearance must be
filed on or before December 21.


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

PT BAKRIE NIRWANA RESORT: IBRA to be majority shareholder
---------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) will become
a majority 51% shareholder of PT Bakrie Nirwana Resort
(BNR) after the latter's debt restructuring is complete.

The operator of tourist facilities is one of 20 largest
debtors now under the control of IBRA, which was set up by
the government to seek the recovery of non performing
credits of state, nationalized and liquidated banks.

IBRA and BNR, a subsidiary of Bakrie & Brothers (JSX:BNBR),
have signed an agreement to restructure BNR's debts of US$
161.4 million and Rp40 billion (US$5.71 million) to BDN,
BNI, Bank Bali, Bukopin and Bapindo.  Under the agreement,
the Bakrie family is offered the first opportunity to
acquire the company again from IBRA.  The restructuring
agreement also included debt rescheduling, and conversion
of debts to convertible bonds and to shares.  

Le Meredien International, a hotel operator, has pledged to
provide additional investment of US$ 5 million in BNR to
complete the construction of hotel facilities being built
by BNR.  (Asia Pulse  13-Dec-1999)


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

DAEWOO GROUP: Domestic creditors may up offer to foreigns
----------------------------------------------------------
Local creditors of the failed Daewoo Group are expected to
offer to take over a greater portion of the conglomerate's
foreign debts, as foreign creditors are opposed to an
earlier proposal to settle the debt problem, a source said
yesterday.

"We are open to further negotiations with foreign creditors
on the `haircut' ratio," said an official of the Corporate
Restructuring Coordination Committee, a private advisory
panel set up by local financial organizations. "Recovery
ratios presented to Daewoo's foreign creditors last week
can be readjusted through negotiations with them."

Domestic creditors and the committee will draw up a new
proposal depending on how foreign creditors will respond to
last week's offer, the official said.  His remark was seen
as hinting that domestic creditors and the government are
willing to buy more of Daewoo's debts owed to foreign
creditors.

Eager to settle Daewoo's bad foreign debts, a major
stumbling block to workout programs for its 12 units,
domestic creditors offered to buy them at a discount.
The domestic creditors and the government proposed to repay
18 percent of foreign loans to Daewoo Corp., 33 percent for
Daewoo Motor Co., 34 percent for Daewoo Electronics Co. and
65 percent for Daewoo Heavy Industries, Ltd. They also
offered to take over 30 percent to 90 percent of debts owed
by Daewoo's overseas subsidiaries to foreign creditors.

Of the four major Daewoo subsidiaries, foreign debts of
Daewoo Corp. and Daewoo Motor alone take up 85 percent of
the group's total foreign borrowing, amounting to around
$5.5 billion.  Although foreign creditors have yet to
respond to the proposal formally, they are reportedly
bucking against the lower-than-expected repayment ratios.
The foreign creditors are also reported to be taking legal
action to reclaim their loans made to the Daewoo
subsidiaries.

Analysts, however, said that the foreign creditors might
accept a new offer by the domestic creditors and the
government since they may lose all of their claims against
the troubled conglomerate if they remain opposed to the
debt settlement plan indefinitely.  The government and
local creditors have threatened to put Daewoo Corp. and
three major Daewoo units under court receivership if the
foreign creditors continue to refuse to accept the debt
workout programs for the 12 Daewoo units.

In Korea, a debt freeze is imposed on a company under court
receivership until the company turns around and a court
frees it. But the projected upward adjustment of repayment
ratios for foreign creditors is feared to stir controversy
over the equality of treatment.  If foreign creditors are
awarded with higher repayment ratios than their domestic
creditors, it will run counter to the principle of equal
treatment the government has pledged, the analysts said.

Meanwhile, the domestic creditors and the government
cancelled their plan to hold talks with foreign creditors
in New York Tuesday as the latter didn't respond to their
proposal.  CRCC Chief Oh Ho-keun and Daewoo officials were
supposed to meet with representatives of the foreign
creditors to settle Daewoo's foreign debt problem.
An official of the Financial Supervisory Commission said
that Daewoo's legal consultants in New York will instead
hold talks with the foreign creditors' steering committee.
(Korea Herald  13-Dec-1999, Korea Times  12-Dec-1999)

DAEWOO MOTOR: GM determined to acquire
--------------------------------------
General Motors (GM) of the United States is expected to
dispatch a negotiating team to Korea to kick off a series
of talks with the local government and the creditors' group
of the ailing Daewoo Motor in a bid to take over Korea's
second largest auto firm.

Observers said that the American automaker plans to demand
a sole negotiated contract to purchase stakes in Daewoo.
The local creditors' group, including Daewoo's major
creditor bank Korea Development Bank (KDB), said Sunday
that the creditors will forego any decision on the sales of
the firm for the time being, and instead focus on
reinforcing Daewoo Motor's management capability,
reshuffling exisiting top managers and finalizing the
workout plan.

A high-ranking official at the creditors' group said the
whole future of the Daewoo subsidiary will hinge upon the
proposal made by GM, going as far as to hint that an
international auction could be ruled out if the GM bid
meets the expectations of the government and creditors.
There were reports last week that in addition to GM, other
carmakers are interested in the Daewoo subsidiary. The
reports indicated that Ford of the United States,
DaimlerChrysler, and Hyundai and Samsung could establish
strategic alliances between or among them to participate in
the competition to take over Daewoo Motor.  (Digital
ChosunIlbo  12-Dec-1999)

HANBO IRON & STEEL CO.: Sell-off settlement by year-end
-------------------------------------------------------
The on-going negotiation to sell off the ailing Hanbo Steel
is likely to be settled before the end of this year.

The creditors' group of Hanbo said Monday that the sell-off
negotiation with the Nabors consortium, which is led by a
number investment firms from the US, has been going
smoothly, especially regarding the issues of the sale price
and retainment of employees. Sources close to the
negotiation said that the Nabors takeover of the steel firm
will be in the form of an asset acquisition with the total
amount at stake hovering around US$500 million. The
consortium intends to make the total payment in cash by the
end of February next year, the sources said.

Korea observers, however, pointed out that the sales
proceeds will leave as much as W7.4 trillion of Hanbo's
debts uncovered, hinting that the phenomenal amount may
have to be covered by the creditor banks and taxpayers.
Hanbo's creditor banks also commented that there are
several items in the negotiation that have yet to be
finalized including the issue of government tax write-offs
and rights to the exclusive use of a port near Hanbo's
plant.  (Digital ChosunIlbo  13-Dec-1999)

HANBO IRON & STEEL CO.: Capacity could be increased
---------------------------------------------------
Notwithstanding its imminent sale, Hanbo Iron and Steel Co.
may reactivate a portion of its idle production lines, as
demand for hot-rolled steel coils is expected to increase
further following a surge this year.

"Our current management is carefully weighing the idea of
restarting hot coil production lines," an official at the
steel company said yesterday. "The biggest problem is
raising the funds needed to run the production lines."

Hot coils are the main components in the production of
cold-rolled steel products, and Hanbo is capable of
producing 1.8 million tons of the coils annually. Prior to
the nation's economic crisis, Hanbo, which used to be one
of Korea's major suppliers of the steel coils, built a
mammoth production plant in central Korea, with a
production capacity of 7 million tons of crude steel and 9
million tons of steel products.

However, massive loans which the company used to finance
its plant construction led to its bankruptcy in late 1997,
and the failure has been cited as one of the main
contributors to the nation's economic crisis two years ago.
Since then, its creditors placed Hanbo under court
management, with the company still waiting for a buyer.
The failed steelmaker shut down its hot coil production
lines in July of last year and since then, Pohang Iron and
Steel Co., the world's largest steel company, has held a
monopoly on the product.

But this year, the nation's economic recovery has boosted
demand for cold-rolled steel products, as automobile, ship
and machinery makers raised production volume. In response,
Dongbu Steel and Hyundai Metal companies expanded their
output of cold-rolled steel products and heated up
competition to stock up on hot coils. Imports of hot coils
so far this year have surged 11 times compared to 1998.
In its recent outlook report on steel demand by domestic
industries, the Korea Steel Maker's Association projected
hot coil imports to total 3.6 million tons next year, or
300,000 tons more than this year. In 1998, hot coil imports
amounted to only 262,000 tons.

Hot coil prices, which slid to $180 per ton in the summer
of 1998, rose to $240 to $250 per ton this month and are
projected to rise further to around $300 next year,
according to the steelmaker's association.  (Korea Herald  
13-Dec-1999)

SEOUL BANK: 3 foreign banks considering management offers
---------------------------------------------------------
Three noted financial institutions from the United States
and Europe have begun detalied studies to undertake
commissioned management of the ailing Seoul Bank.

A high-ranking government official said Sunday that the
three unidentified firms have sent letters showing their
interest in the undertaking through Morgan Stanley, the
consulting agency assigned to choose the foreign firm to be
commissioned to manage the local bank. The government
official said the three firms will conduct an evaluation of
Seoul Bank's assets and will submit official proposals to
the state Financial Supervisory Commission (FSC) in the
middle of this month when the results of the asset
evaluation are expected.

Following an international bidding for the ailing bank held
by the government last year, HSBC Holdings was announced as
the likely new owner near the end of last year. However, at
the end of August this year, the government explained the
negotiation with HSBC was being abandoned and said that the
government would invest W4.5 trillion in public funds to
normalize operations at the bank prior to selling off at a
later stage.  (Digital ChosunIlbo  12-Dec-1999)


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

RENONG BHD: Disposing of non-core assets as part of rehab  
---------------------------------------------------------      
Renong Bhd has taken the first positive step to restructure
and dispose of its non-core assets, analysts said.

At this juncture, many analysts find it hard to tabulate a
final figure as to how cash-rich Renong will be following
the disposals.  But what they can clearly see is a more
focussed group, concentrating only on four main areas
rather than amassing in almost every sector.  The four core
areas are transportation, expressways, property
development, construction and engineering.

"Renong wants a healthy balance sheet and once the
restructuring is done, they can concentrate on their
businesses," said an analyst.

Renong boss Tan Sri Halim Saad said recently that the
company would dispose of its non-core assets comprising
Time Engineering Bhd, Crest Petroleum Bhd, Faber Group Bhd
and Commerce Asset-Holding Bhd.  In total, Renong's assets
were worth RM20bil before the 1997 economic crisis, but at
the height of the crisis the values fell to about RM4.1bil,
now with the recovery, the book value of the assets are
worth about RM8.4bil.

"Renong with its huge debts did not want to sell its assets
during the downturn for fear of firesale prices. The
economic recovery will enable Renong to fetch better prices
but the group must be content with current market prices
and not demand hefty premiums," said an analyst.  "If
Renong demands a high premium, it may take a long time for
them to dispose of their non-core assets, and the process
may end up like the long drawn Time Engineering Bhd
affair."

As for Time Engineering, Halim is calling for new bids as
he is unhappy with the three bids submitted by Maxis
Communications Bhd, Kejora Harta Bhd and Singapore
Technologies to the Corporate Debt Restructuring Committee
(CDRC).  Incidentally, a Maxis spokeperson said the company
would be announcing its plans on Tuesday and this had
triggered speculation that Maxis would be pulling out since
Halim said he was unhappy with the three bids. But there
are others saying that Maxis may be the winner in the end.

Time Engineering confirmed that Teleglobe Inc had emerged
as the latest bidder, while MCI Worldcome is another
interested party keen only in the fixed network.  All five
are only keen on the telecoms unit but Time Engineering is
also into power via EPE Power Corp Bhd. An analyst said
that the company may be keen to list EPE Power directly on
the KLSE instead of hiving it off.

"Renong is likely to fetch a good price for Crest Petroleum
Bhd, a company which swung back into the black in financial
year 1998. As at September 30, 1999, Crest's group net cash
position stood at RM6mil with a cash position of RM109mil,
which is commendable for a company in a capital intensive
industry. Crest also has a good customer base comprising
Petronas Carigali, Esso and Sarawak Shell," said an
analyst.

In the case of Faber, the analyst said Renong would be
better off selling this unit and concentrate on its core
competencies. On Commerce Asset-Holding, Renong has been
wanting to sell off its 12.4% stake in the group but has
yet to find a suitable buyer, said an analyst. Analysts are
also concerned about how Renong would resolve the default
in loan payments by Projek Usahasama Transit Ringan
Automatik Sdn Bhd (Putra).  While Halim said the government
was not likely to take a stake in Putra, sources close to
Renong were speculating otherwise.

"Most of Renong's projects are national projects, and the
government may decide to take a stake in Renong to offset
against default of loan payments. Putra has defaulted on
its loan payments and that is an avenue (for possible
government participation) since the concession agreement
provides for a takeover in case of default.  But the
government will not want to take over Putra, and it may opt
to take up some shares instead," the source said.

The CDRC is also looking at a plan to merge all the
transportation companies in the city.  The source said it
would be better for Renong to hive off most of its stake in
Putra rather than be a lead player as most rail operations
worldwide have proven to be unprofitable.  As for new
projects, the source said Renong stood a good chance of
securing the billion-ringgit pipewater project running from
Pahang to Singapore.

During the downturn, Renong suffered losses but has since
returned to profitability.  Renong recorded pre-tax profits
of RM56mil for first quarter to Sept 30, on the back of a
lower turnover of RM48.2mil.

"United Engineers (M) Bhd was the saviour for the group,
contributing the bulk of associated profits totalling
RM86mil. Despite the resolution of its debt issue, of which
Renong's portion totals RM5.5bil, we are still not excited
over Renong's share price, given its high dependence on the
prospects of UEM," said an analyst.

There are many others who are not recommending the stock,
citing the purchase of Renong by UEM two-and-a-half years
ago as inappropriate.  Renong may have a tough time
regaining investor confidence. If the company sticks to its
plan to dispose of its non-core and concentrate on its core
businesses, perhaps analysts may, over time, take a fresh
look at the stock.  (Star Online  13-Dec-1999)


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

CONNELL SECURITIES: SEC, PSE vie on receivership
------------------------------------------------
The Securities and Exchange Commission (SEC) is not about
to give in to the Philippine Stock Exchange's (PSE) request
for the recall of the bourse's appointment as liquidator-
receiver of brokerage firm Connell Securities.

In a recommendation to the Commission en banc -- the
highest policy- and decision-making body of the SEC --
markets and exchanges division chief Jose P. Aquino said
the SEC should deny the Philippine Stock Exchange's (PSE)
petition for the reconsideration of its appointment as
liquidator of Connell.  Earlier, the PSE said it lacked the
necessary manpower and experience to carry out the duties
and responsibilities as liquidator-receiver.

"Further, the Exchange would be in a conflict-of-interest
situation as it was our compliance and surveillance group
which audited Connell and recommended its liquidation," PSE
president Jose Luis U. Yulo, Jr. said.

The PSE instead, recommended the appointment of any of the
top five accounting firms as receiver-liquidator for
Connell.

"To protect the interest of the clients of Connell and to
ensure a fair and transparent process of liquidation, we
reiterate that it would be best to appoint ... accounting
firms as liquidator," Mr. Yulo said.

Connell Securities stopped its trading operations last May
15 as a result of the currency crisis. The ailing brokerage
firm has also sold its membership seat at the PSE to local
brokerage firm Coherco Securities of businessman Wilfred
Tan Co, owner of the Robinson's Handyman, Inc. chain of
stores for 27 million Philippine pesos (US$663,000 at
PhP40.695:US$1).

Connell has remained inactive since the economic crisis hit
its peak in August last year, which battered capital
markets all over the region.  Connell is the third broker
this year to cease operations after Malaysia-based Amsteel
Securities and Hong Kong-based Kerry Securities pulled out
of the PSE early this year.  (Business World  13-Dec-1999)


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

BANGKOK RANCH PLC: Creditors approve rehab plan
-----------------------------------------------
Creditors holding 93% of Bangkok Ranch Plc's shares have
approved the company's debt restructuring plan.

The debts totalling three billion baht will be resolved by
bringing in a new shareholder, repayment and rescheduling.
The company filed a petition to the Central Bankruptcy
Court last week, the final step in carrying out the plan,
following a vote by shareholders on Nov 22. The plan will
go before the court on Jan 10.

The new investors are companies associated with the Navis
Asia Fund, a private equity fund managed by Navis
Investment Partners (Asia) Ltd. Bangkok Ranch is a producer
and distributor of fresh and frozen duck and pre-cooked
products. It claims to be the largest exporter of duck meat
in Asia.  (Bangkok Post  13-Nov-1999)

FINANCE ONE: Former president, fugitive arrested in UK
------------------------------------------------------
Pin Chakrapak, the former president of Finance One and a
fugitive from Thai justice since last year, was arrested by
police in the United Kingdom yesterday, according to
Suchart Traiprasit, Director General of the Public
Prosecutors Department.

Pin, together with two former Finance One executives -
Thermchai Phiyawatana and Samran Kanokwatanawan - were
charged in August last year by Thai public prosecutors with
embezzlement in connection with their alleged role in loans
worth over 2 billion baht (US$54 million). Thai authorities
claim that the loans were illegally extended because they
did not have sufficient collateral.

Pin was arrested at an apartment in London reportedly
following a tip to Thai authorities of his whereabouts by
the US Federal Bureau of Investigation (FBI).

"The British officials arrested Pin at 0635 local time
(0635 GMT) on December 11 in a London apartment," an
official statement indicated, adding that Thailand would
seek extradition through an existing treaty. "This effort
to extradite Pin is not only to get the money for the Thai
people, but to show nobody is above the Thai law."

Finance One was the first Thai finance firm to collapse in
June 1997 at the onset of the economic crisis which later
swept the region.  The firm owes the central bank's
Financial Institutions Development Fund (FIDF) 47.5 billion
baht (US$1.2 billion).  He is also charged with breaching
the 1978 Finance, Securities and Credit Foncier's Act.

Pin fled Thailand to the United States in late 1998 and is
thought to have been shuttling between the United States,
Hong Kong and the United Kingdom since then, the statement
said.  Last month authorities narrowly missed arresting him
in Hong Kong, but he slipped the net and fled to mainland
China.

Bank of Thailand Assistant Governor Rathakorn Nimwatana
told Business Day yesterday that extradition proceedings
against Pin will begin immediately, adding that Thai
prosecutors will be leaving for London today.

"It is not possible right now to say how long extradition
proceedings will take because the matter will be considered
by a British court," Rathakorn said. "We hope and pray that
extradition won't take too long. "We have a strong case,
and the evidence is substantial," he added.

He confirmed that Thai authorities have been aware Pin
lived in the United States and traveled to Hong Kong and
London.  He said agents of the US Federal Bureau of
Investigation searched Pin's house in the United States on
December 10, but Pin was not there.

"Police earlier missed arresting Pin in Hong Kong by a
couple of hours - possibly because he was tipped ahead of
time".

Convictions on charges lodged against the three former
Finance One executives carry penalties of up to 10 years
imprisonment and fines to be set in accordance with the
amount of losses.  (Bangkok Post  13-Dec-1999)


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