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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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Wednesday, 01 July 09
COAL INDIA SEEKS FASTER APPROVALS, IMPORTS, OVERSEAS MINERS
Coal India Ltd., the world’s biggest coal producer, wants mining approvals sped up to help it boost production to meet a widening supply short ...
Tuesday, 30 June 09
ARCELORMITTAL, RIO, 8 OTHERS VIE FOR COAL INDIA MINES
Coal India Ltd. short-listed ArcelorMittal, Rio Tinto Group and eight other companies to develop its abandoned mines to help ease a shortage of coal ...
Monday, 29 June 09
INDONESIA PLANS 20 PCT FOREIGN MINING SALE LAW
Indonesia plans to require foreign investors in mining firms to gradually divest shares starting from the fifth year of commercial production, but m ...
Monday, 29 June 09
CHINA ENJOYS STABLE COAL ECONOMY IN THE FIRST FIVE MONTHS OF 2009
In the first five months of the year, China's raw coal production had continued to rise, and coal market stayed in a balance in terms of supply-dem ...
Monday, 29 June 09
GOVERNMENT FINE TUNES MINING LAW
The government is planning to require all foreign-owned mining companies to divest 20 percent of their businesses to local entities after five years ...
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- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
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- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
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- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
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