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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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Saturday, 04 July 09
MINING CONTRACT SOUGHT FOR COAL AREA IN MASBATE
Because of its coal deposits, a town in Masbate is one of the sites in the country being sought out for exploration and development by mining compan ...
Saturday, 04 July 09
S. AFRICA'S RICHARDS BAY TO CAP NEW COAL VOLUMES, MININGMX SAYS
South Africa’s Richards Bay Coal Terminal is proposing restrictions on the quotas it awards to coal exporters from the so-called Phase 5 expansi ...
Saturday, 04 July 09
DALRYMPLE BAY COAL TERMINAL EXPANSION COMPLETE
BABCOCK & Brown Infrastructure has completed expansion of the Dalrymple Bay Coal Terminal (DBCT) near Mackay, Queensland.
The terminal is now ...
Friday, 03 July 09
CHINA SHENHUA TO DOUBLE COAL CAPACITY BY 2014-PAPER
China Shenhua Energy Co Ltd plans to double its annual coal production capacity by 2014 from this year's level, the China Securities Journal report ...
Friday, 03 July 09
UKRAINE CUTS COAL PRODUCTION 9.3 PERCENT IN H1
Ukraine reduced coal production approximately 9.3%, or by 3.673 million tonnes, to 35.879 million tonnes in the first half of 2009 compared to the s ...
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- Interocean Group of Companies - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
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