EAST Lancashire's wealthiest Asian, computer tycoon Tahir Mohsan, has lost more than a third of his estimated £175million fortune, according to a new survey.

According to the official Asian rich list, produced by the Eastern Eye newspaper, it has been a poor year for the managing director of Simonstone-based Time Computers.

A list of Britain's Richest Asian 200 will be printed in a special supplement on April 6 -- and it will make sorry reading for Mr Mohsan.

Eastern Eye says the 29-year-old millionaire has dropped out of the top ten richest Asians, falling to 15th in the league table with reduced fortunes of £115million.

In the past 12 months, Time Computers has gone through refinancing talks with banks, announced a string of redundancies and pulled out of the contract mobile phone business at many of its Time Talk outlets.

A spokesman for Time would neither confirm nor deny the figures produced by Eastern Eye. "Personal wealth is not something we will comment on," said public relations manager Ayshea Domun.

But publisher Gurmeet Khangura said the Asian community should be proud of a man who is one of the UK's youngest milionaire managing directors.

"Tahir has without a doubt been seen as a role model," he said. "His initiative and foresight within the IT field has taken his company to an international level. " But for Blackburn's elusive Lottery winner, Mukhtar Mohidin, who scooped £17.8 million in 1994, the year 2000 was something of an average one.

He has slipped four places down the league table to 83rd, but can console himself with the report that his fortune had risen by a million pounds to £21 million.

While a five per cent investment return is building society standard, Mr Mohidin has not had the roller-coaster ride that has confronted Mr Mohsan.

East Lancashire's other rich include former Burnley schoolboy Shami Ahmed, head of the Joe Bloggs fashion empire.

The 37-year-old, who now lives in Cheshire, is rumoured to be worth around £100m, with shares in the company valued at £10m.

Mr Ahmed went to Barden High School before joining the family firm.