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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 $150 million" even after settling Deutsche's counterclaim in full.
Beckkett said it arrived at the figure after referencing Deutsche's own valuation of the assets held by Swabara.
Deutsche spokesman Michael West, however, described Beckkett's calculation as "entirely speculative".
"Beckkett has to still prove that it suffered a loss," Deutsche said in a statement. "Deutsche will present evidence for the first time to the court in support of its valuation of the shares" at the upcoming registrar's hearing, the bank said. (Additional reporting by Saeed Azhar; Editing by Neil Chatterjee & Ian Geoghegan)
Source: http://uk.reuters.com/article/oilRpt/idUKSIN46298020090428?pageNumber=2&virtualBrandChannel=0&sp=true
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Tuesday, 07 July 09
TATA POWER AID THE INDONESIAN COAL MINES
BL reported that Mr Prasad Menon MD of TATA Power aid the Indonesian coal mines PT Kaltim Prima Coal and PT Arutmin Indonesia in which TATA Power ha ...
Tuesday, 07 July 09
ECONOMIC SURVEY 2008-09 OPEN UP COAL TO FUEL POWER PLANTS
TOI reported that the coal ministry's efforts at opening doors for full private entry through open bidding in coal mining got a boost, with the Eco ...
Tuesday, 07 July 09
POWER - STATION COAL MAY RISE ON CHINA DEMAND, SUPPLIES, UBS SAYS
Power-station coal prices in Asia may increase in 2010 because of higher demand from China, the second-largest energy-consuming nation, and supply c ...
Saturday, 04 July 09
FREIGHT FUTURE FOR 3 YEARS UNTIL 2012 WAS FAIRLY SOFT AROUND PANAMAX / US$ 16,000, SUPRAMAX / US$ 13,000 PER DAY
COALspot.com (Singapore): According to Vistaar shipping, an experinced ship operator in Singapore, the freight market was soft with bit nervousness ...
Saturday, 04 July 09
CHINA BUYS 17% OF MINER TECK RESOURCES FOR $1.5 BILLION
* To sell 17.2 percent stake to China Investment Corp
* To raise proceeds of C$1.74 bln
* Shares rise 3.2 percent (Adds details. In U.S. dol ...
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- Kapuas Tunggal Persada - Indonesia
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- Indian Oil Corporation Limited
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- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
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- The University of Queensland
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- Coal and Oil Company - UAE
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- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
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- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Australian Coal Association
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
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