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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, 02 July 09
PETCOKE BOOMS AS CEMENT MAKERS TRY TO REPLACE COAL
* Cement makers led by Asia chase petcoke to replace coal
* Petcoke prices up $10/T Feb-Jun, set to rise further
* Domestic U.S. petcoke demand ma ...
Wednesday, 01 July 09
NEWCASTLE WEEKLY COAL EXPORTS RISE BY 12PCT
Bloomberg reported that Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, gained 12% last ...
Wednesday, 01 July 09
RS 6,000CR MMTC COAL IMPORT PLAN UNDER CLOUD
The plan of MMTC Ltd, a trading firm under the commerce ministry, to import coal worth Rs 6,000 crore has come under cloud, with the Central ...
Wednesday, 01 July 09
INDONESIAN FIRM BIDS FOR 130,000T COAL FOR NAPOCOR
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it received two bids from Indonesia's PT Trubaindo and its loc ...
Wednesday, 01 July 09
COAL PRICE INDEX TO BE LAUNCHED IN JULY
India will soon get a coal index to track the coal price movement in the country.
India's leading e-commerce company Mjunction Services Ltd will ...
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- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
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