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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, 07 July 09
RICHARDS BAY TERMINAL COAL EXPORTS ROSE 7.2% IN JUNE
Richards Bay Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments rose 7.2 percent in June from a year earlier.
Export ...
Tuesday, 07 July 09
Q+A - INDONESIA MINING SECTOR FACES ELECTION RISKS - REUTERS
Indonesia has struggled to lure foreign investment to its mining sector in recent years, and the nationalist line on resource exploitation taken by ...
Tuesday, 07 July 09
INDIKA ENERGY COMPLETES THE ACQUISITION OF PETROSEA
TAMBANG reported that, PT Indika Energy, Tbk has officially announced that it has completed the acquisition of PT Petrosea, Tbk. from Clough Interna ...
Tuesday, 07 July 09
RUSSIAN AUDITORS ATTACK COAL EXPORTERS OVER PRICING
Russia's budget is losing substantial revenues because the country's exporters ship coal overseas at artificially low prices through various offsh ...
Tuesday, 07 July 09
RBCT COAL EXPORTS TO REMAIN BELOW CAPACITY IN 2009
Coal volumes railed to South Africa’s Richards Bay Coal Terminal are continuing to fall far short of the corridor’s nameplate yearly cap ...
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- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- White Energy Company Limited
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Planning Commission, India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Australian Coal Association
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- VISA Power Limited - India
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