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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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Monday, 13 July 09
COAL SECTOR IN VIETNAM INCREASE THE TARGET 43 MILLION TONNES THIS YEAR
Asian Mining Stock reported that, there was a change in a very good Coal Mining Industries Group (TKV) that Vietnam has decided to increase coa ...
Saturday, 11 July 09
THE IMPORT OF STEAM COAL FROM INDONESIA & S/A TO INDIA WILL CONTINUE TO INCREASE - VISTAAR
COALspot.com ( Singapore): Vistaar Shipping, an experienced ship operator in Singapore said, The market continued to be soft this with doubts a ...
Friday, 10 July 09
DMO AND ICPR AIMED AT SECURING DOMESTIC COAL SUPPLY
COALspot.com (Indonesia): According to website of DGCMG, the implementation of coal Domestic Market Obligation (DMO) and the Indonesian Coal P ...
Friday, 10 July 09
INDONESIAN MINING LAW IN TRANSITION
Further to the enactment of Law No. 4 of 2009 on Mineral and Coal Mining (“Law 4/2009”), the enactment of various implementing regulatio ...
Thursday, 09 July 09
COAL EXPORTS TO CHINA MAY FALL AS PRICES, SHIPPING RATES RISE
CHINA'S appetite for Australian coal may fall in July and August from earlier highs, due to a recent recovery in regional prices and higher interna ...
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- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
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- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
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- ASAPP Information Group - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
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- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
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- Thiess Contractors Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
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