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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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Thursday, 09 July 09
GARDA LISTS SHARES IN LOCAL BOURSE
Local coal company PT Garda Tujuh Buana officially listed its shares in the Indonesia Stock Exchange (IDX).
The listing followed the company's p ...
Thursday, 09 July 09
COAL AND OIL GROUP TO INVEST $300 MN TO BUY SHIPS AND ACQUIRE COAL MINE
Coal & Oil Group is planning to invest around $300 million (around Rs 1,500 crore) to buy new ships and to acquire coal mines. The company is pl ...
Thursday, 09 July 09
NO TRADE ON AUSTRALIA'S ASX COAL FUTURES DEBUT
*ASX's deliverable thermal coal futures debut without trade
*ASX says futures could present new arbitrage opportunities
The debut of Australia ...
Wednesday, 08 July 09
GERMAN COAL PRODUCTION DECREASED BY 31% TO ROUND 3.4 MILLION TON IN 1Q 2009 - COAL IMPORTERS ASSOCIATION, HAMBURG
COALspot.com (Germany):
World Coal Market
According to analysis of VEREIN DER KOHLENIMPORTEURE E.V. , On a quantity basis the s ...
Wednesday, 08 July 09
HUADIAN POWER BUYS INTO COAL MINERS
Huadian Power International Corporation - China's largest independent power producerCannounced Tuesday in a filing to the Shanghai Stock Exchange ...
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- Wilmar Investment Holdings
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Minerals Council of Australia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
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