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Tuesday, 28 April 09
S'PORE COURT RULES AGAINST DEUTSCHE ON ASSET SALE - REUTERS
Singapore's highest court has ruled that Deutsche Bank (DBKGn.DE) may have to pay unspecified damages to an investment firm as it did not get the best price for Indonesian assets that were sold in 2001 to settle a debt.
The case, which has its origins in the 1997/98 Asian financial crisis, involves a 40 percent stake in PT Adaro Energy (ADRO.JK), Indonesia's second-largest coal miner, and pits Germany's largest lender against Beckkett, a Singapore investment firm linked to Sukanto Tanoto, one of Indonesia's richest men.
The dispute involved claims and counterclaims in the tens of millions of dollars.
In a judgement on Monday, Singapore's Court of Appeal said Deutsche Bank did not take proper steps to sell a 74.2 percent stake in a firm called Swabara Mining at the best price. The shares had been pledged as security for a $100 million loan, court documents show.
The shares in Swabara, whose assets included the Adaro stake, belonged to Beckkett. The Swabara shares were sold by Deutsche for about $46 million to an investment firm linked to the Soeryadjayas, a wealthy Indonesian family.
The Singapore court ordered that Deutsche pay damages based on the valuation of the pledged shares, although it did not specify the amount. The compensation due to Beckkett will be assessed at a hearing before a registrar at a future date.
The court, however, also upheld Deutsche's claim that it suffered a loss of $86.9 million, which was the balance of the loan after the sale of the pledged shares plus interest and costs.
UBS analyst Andreas Bokkenheuser said in a note to clients on Tuesday the Singapore judgement created "an overhang" risk in that Beckkett's claim could be extended to Adaro.
The ruling may also delay an upcoming sale of a 17 percent stake in Adaro by a group of minority shareholders, UBS said.
Adaro's shares fell almost 2 percent on Tuesday after news of the judgement, versus a 1.3 percent gain in the Jakarta bourse .JKSE.
In a statement on Tuesday, Beckkett said the damages owed by Deutsche could be "in excess of $150 million" even after settling Deutsche's counterclaim in full.
Beckkett said it arrived at the figure after referencing Deutsche's own valuation of the assets held by Swabara.
Deutsche spokesman Michael West, however, described Beckkett's calculation as "entirely speculative".
"Beckkett has to still prove that it suffered a loss," Deutsche said in a statement. "Deutsche will present evidence for the first time to the court in support of its valuation of the shares" at the upcoming registrar's hearing, the bank said. (Additional reporting by Saeed Azhar; Editing by Neil Chatterjee & Ian Geoghegan)
Source: http://uk.reuters.com/article/oilRpt/idUKSIN46298020090428?pageNumber=2&virtualBrandChannel=0&sp=true
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Friday, 17 July 09
CHINA COAL-SPOT PRICES EDGE LOWER, SUPPLY APLENTY
China Mining reported that, spot prices in China's top coal shipping port Qinhuangdao edged lower from a week earlier, as supply grew, offsetting t ...
Friday, 17 July 09
THE NEW LAW OF MINERAL AND COAL MINING NO 4/2009 CREATE CONDUCIVE CLIMATE OF INVESTMENT IN INDONESIA
COALspot.com (Indonesia): The new Law of Mineral and Coal Mining No 4/2009, which replaces the old mining law No. 11/1967 has been signed by the Pre ...
Friday, 17 July 09
INDIA COAL TRADERS MUST OWN POWER, MINES - C&O BOSS
· Coal traders need to diversify to grow
· Coastal Energen to build first merchant power plant
· Tamil Nadu to see st ...
Friday, 17 July 09
CHINA SHENHUA ENERGY'S COAL OUTPUT SWELLS 17.6% IN H1
China Knowledge reported that, China Shenhua Energy Co Ltd, which is engaged in the coal mining, power generation and transportation businesses, on ...
Thursday, 16 July 09
CHINA ISSUES SECOND BATCH OF '09 EXPORT QUOTAS
China has issued 25 million tonnes of coal export quotas for the second batch this year, the National Development and Reform Commission said Wednesd ...
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- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
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- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- White Energy Company Limited
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- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Sical Logistics Limited - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
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- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
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- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
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- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
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