SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Litigation Release No. 17458 / April 4, 2002

   Accounting and Auditing Release No. 1540 / April 4, 2002

   , Civil Action No. 98-0233 (TFH) (D. D.C.) (March 26, 2002)

      UNITED STATES DISTRICT COURT ENTERS $33 MILLION DEFAULT JUDGMENT
               AGAINST DEFENDANTS MIKO LEUNG AND SIT WA LEUNG

   On March 26, 2002, the United States District Court for the District
   of Columbia entered final judgments by default against defendants Miko
   and Sit Wa Leung. The Honorable Thomas F. Hogan, United States
   District Court Judge, ordered Miko and Sit Wa Leung to pay, jointly
   and severally, $16.24 million disgorgement plus prejudgment interest
   of $17.235 million. In addition, Judge Hogan ordered each defendant to
   pay a $100,000 civil money penalty, permanently enjoined each of them
   from future violations of the antifraud and other provisions of the
   federal securities laws, and barred both defendants from acting as
   officers or directors of public companies.

   The Commission filed its complaint on January 29, 1998, alleging
   that-between 1990 and 1993-Miko Leung, the former chairman and
   president of MTC Electronic Technologies, Inc.-whose common stock
   traded on Nasdaq-and his brother Sit Wa Leung, the former secretary
   and a board member of MTC, engaged in a false disclosure and
   accounting fraud scheme that culminated in a "pump and dump" stock
   manipulation. The Commission's complaint further alleged that the
   Leung brothers unjustly enriched themselves by more than $16 million
   by selling MTC stock, including approximately 1.5 million shares they
   had stolen from MTC.

   The defendants eluded service of process for three years and, on
   February 6, 2001, the court granted the Commission's motion to serve
   them by publication notice in Hong Kong. After the Commission served
   the defendants, they failed to answer the complaint.

   The court found that by virtue of their failure to defend, the
   defendants are deemed to have admitted the allegations in the
   Commission's complaint, and found that they violated Section 17(a) of
   the Securities Act of 1933, Section 10(b) of the Securities Exchange
   Act of 1934 and Exchange Act Rule 10b-5. The court also found that, in
   addition to his violations of the antifraud provisions of the federal
   securities laws, defendant Miko Leung violated Exchange Act Section
   13(b)(5) and Exchange Act Rules 13b2-1 and 13b2-2.