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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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Friday, 26 June 09
SA COAL EXPORTS UNLIKELY TO BREACH 65MT THIS YEAR
Coal volumes railed to South Africa’s Richards Bay Coal Terminal (RBCT) during the rain-affected first quarter of 2009 had fallen well short o ...
Friday, 26 June 09
BAYAN TARGETS GROSS PROFIT TO RISE BY 86.2 PERCENT
Local coal producer publicly listed PT Bayan Resources is targeting this year's gross profit to rise by 86.2 percent on the back of higher sales vo ...
Thursday, 25 June 09
INDIA'S ULTRATECH BUYS 500,000T S.AFRICA COAL
Indian cement maker Ultratech has bought 10 handymax cargoes of South African coal at $73.00-$74.00 a tonne CIF for July-September delivery, Indian ...
Wednesday, 24 June 09
NTPC BURNS MORE COAL TO PRODUCE ELECTRICITY
A tonne of coal is the same as another tonne of coal, you might think.
But power major NTPC Ltd is finding that this year’s coal is not yie ...
Wednesday, 24 June 09
NTPC, COAL INDIA TO BUY MINING ASSETS OVERSEAS
State-owned utility National Thermal Power Corporation (NTPC) and the largest coal producer Coal India are in advanced stages of acquiring mining as ...
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- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- The University of Queensland
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
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