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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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Saturday, 20 June 09
CHINA'S COAL IMPORTS UP AND EXPORTS DOWN
China’s coal import hit a new monthly high in May, while coal export slumped to a 11-year low, China Securities Journal reported today.
The ...
Friday, 19 June 09
COAL FORUM TO MEET IN BALI NEXT WEEK
Bali will host next week a Southeast Asian forum on coal, involving coal producers, consumers and government representatives.
The Indonesian Ener ...
Friday, 19 June 09
KARNATAKA POWER CORP BEGINS BLENDING INDONESIAN COAL
BL reported that the State Government owned power utility Karnataka Power Corporation Limited has begun blending imported Indonesian coal for its th ...
Thursday, 18 June 09
COAL MINING HALTS AFTER DEADLY BLAST - (UPDATE 2)
All mining activists in Sawahlunto, West Sumatra, are at a standstill after a major underground explosion killed at least 31 miners and buried 12 ot ...
Thursday, 18 June 09
INDIA'S HINDALCO CLOSE TO BUYING AUSTRALIA COAL MINE
India's largest aluminium maker Hindalco Industries is close to acquiring a coal mine in Australia, for about $70-$80 million, The Economic Times r ...
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- The Treasury - Australian Government
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
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