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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, 17 June 09
MINE BLAST KILLS NINE, BURIES DOZENS
A major mine explosion near Sawahlunto city, West Sumatra, Tuesday, killed at least nine people while more than 30 were buried and are feared ...
Tuesday, 16 June 09
INDIAN MINING WORKER ARRESTED IN BENGKULU
Forestry officials in Bengkulu Province, Sumatra, arrested one Indian national and two Indonesians on Sunday for unauthorized exploration in the ele ...
Tuesday, 16 June 09
INDIAN GOVERNMENT MAY ALLOW PRIVATE COMPANIES TO MINE COAL
The government is “strongly considering” to allow commercial coal mining by private companies in a bid to bridge the demand-supply gap, ...
Monday, 15 June 09
SAFRICA'S COAL TERMINAL EXPANSION DELAYED TO Q4
South Africa's Richards Bay Coal Terminal (RBCT) said on Monday the completion of a project to expand the export facility had been delayed to the f ...
Monday, 15 June 09
SHENHUA DENIES GIVING GROUND ON EXPORT COAL PRICE - REUTERS
China Shenhua Energy Co, the country's top coal producer, expects Japanese and South Korean clients to pay at least as much as Chinese customers fo ...
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- Semirara Mining and Power Corporation, Philippines
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- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
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- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Posco Energy - South Korea
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
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- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
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- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
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- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
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- Ministry of Mines - Canada
- Cement Manufacturers Association - India
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- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
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- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
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- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
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- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
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- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
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- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
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- Parliament of New Zealand
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- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
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- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
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- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
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- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
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- The University of Queensland
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- Australian Coal Association
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