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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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Sunday, 28 June 09
INDIA CEMENTS TO INVEST RS 1,500 CR OVER 2 YEARS
Chennai-based India Cements is planning to invest around Rs 1,500 crore over the next two years for setting up a greenfield project in Rajasthan, po ...
Saturday, 27 June 09
HEAVY CONGESTION AT AUSTRALIAN PORTS REACHING ALL TIME HIGH TO 120 SHIPS IN EAST COAST AUSTRALIA - VISTAAR SHIPPING
COALspot.com (Singapore): The market this week was a bit soft and the BDI was down by almost 10 pct and closed at 3,703 points.
The drop in BDI i ...
Friday, 26 June 09
INDONESIA INVESTORS EYE BHP BILLITON COAL PROJECT
About four Indonesian investors are interested in taking over a coal project owned by BHP Billiton Ltd, a senior government mining official said.
...
Friday, 26 June 09
SOUTH AFRICA'S CONSULTING GROUP OPENS OFFICES IN CHINA, INDONESIA
Consulting engineering company SRK Consulting has opened new offices in Asia to cope with the growing demand for its services in the region.
The ...
Friday, 26 June 09
RUSSIA MECHEL TO DELIVER 2 MLN T COKING COAL TO ASIA
Russian steel and coal producer Mechel said on Thursday it had signed contracts to deliver about 2 million tonnes of coking coal concentrate to unna ...
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- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Planning Commission, India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
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