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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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Tuesday, 23 June 09
NEWCASTLE WEEKLY COAL EXPORTS DECREASE 15%; SHIP QUEUE RISES
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, fell 15 percent last week while the numb ...
Tuesday, 23 June 09
NAPOCOR TO RE-TENDER FOR 195,000 T COAL IN JULY
Electricity producer National Power Corp. (Napocor) will hold a tender on July 15 to buy 195,000 tons of steam coal for its Sual power station, the ...
Monday, 22 June 09
ONE DIES IN KUTAI COAL TUNNEL COLLAPSE
The Jakarta Post reported that, A tunnel at a coal mine belonging to company PT Fajar Bumi Sakti in Kutai Kartanegara, East Kalimantan collapsed on ...
Monday, 22 June 09
THIS WEEK IS EXPECTED TO BE FIRM AND DEMAND OF SHIPS WOULD BE STRONG - VISTAAR SINGAPORE
COALspot.com (Singapore): The BDI up by 487 points over last week which is an increase of almost 13 pct. The increase is again mainly due to Ca ...
Monday, 22 June 09
CHINESE MAY COAL IMPORTS HIT RECORD 9.43 MILLION TONNES
Reuters quoted Custom Data showed that China's coal imports hit an all-time record of 9.43 million tonnes in May.
The figure surpasses the previ ...
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- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Australian Coal Association
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- White Energy Company Limited
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- The State Trading Corporation of India Ltd
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- Makarim & Taira - Indonesia
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- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
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- Eastern Energy - Thailand
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
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