Video that views fine in VLC - appears cropped in Premiere Pro/other suites

[supersi]

I have a video sent to me that views fine in VLC or Windows Media Player or Quicktime etc... but I want to edit it, using Adobe Premiere Pro 5.5
When I import it into Premiere the video is cropped - have a look at this
No matter what I do, for instance dragging the white frame box wider, the video still stays (proportionately) cropped inside the box.
Here are the video specs

Or is there a step(s) I need to take with sequence presets, or even earlier, before I even use Premiere to avoid the cropping issue?

[roma_turok]

In Premiere project files when you right click on video and select New sequence from clip
still cropped in new sequence?