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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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Tuesday, 14 July 09
MMTC SAYS MAY RE-TENDER FOR 12.5 MLN T COAL
* KIS has demanded investigation into procurement
* MMTC says import delays could add to power shortages
Alibaba reported that, India's s ...
Tuesday, 14 July 09
NEWCASTLE WEEKLY COAL EXPORTS RISE 11%; SHIP QUEUE DECREASES
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, gained 11 ...
Monday, 13 July 09
EXPORT COAL PRODUCTION FROM MOOIPLAATS COULD START IN NOVEMBER
Mining Weekly reported that, South Africa-focused emerging miner Coal of Africa (CoAL) has completed a revised mining layout for its Mooiplaats ...
Monday, 13 July 09
NAPOCOR AWARDS 195,000 T COAL TO INDONESIAN FIRMS
ABC-CBN News reported that, Philippine electricity producer National Power Corp (Napocor) has awarded 195,000 tons in coal supply contracts to two I ...
Monday, 13 July 09
PAKISTAN TO IMPORT ABOUT 2.4 MILLION TONS OF INDONESIAN COAL AND 1.6 MILLION TON OF SOUTH AFRICAN COAL WITHIN NEXT 12 MONTHS
COALspot.com (Pakistan) : Pakistan has exported well over 12 million tons of cement while local sales have dropped a bit with the result 33 million to ...
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- Central Electricity Authority - India
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- OPG Power Generation Pvt Ltd - India
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- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
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- Eastern Energy - Thailand
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- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
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- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
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- MS Steel International - UAE
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- Bangladesh Power Developement Board
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- Commonwealth Bank - Australia
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- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
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- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
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- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
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- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- The University of Queensland
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
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- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Planning Commission, India
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- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
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- Lanco Infratech Ltd - India
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- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
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- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
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- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
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- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
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- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
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- White Energy Company Limited
- Australian Coal Association
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- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
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- Merrill Lynch Commodities Europe
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- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
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- PowerSource Philippines DevCo
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- Metalloyd Limited - United Kingdom
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- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
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- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
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- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
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- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
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- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
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