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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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Monday, 15 June 09
POWER PLANT SUFFERS FROM COAL CRISIS - THE STATESMAN
The 3,000 mw NTPC-Kaniha power plant, the second biggest in the country, is facing an unprecedented coal crisis with stocks dipping to a low of only ...
Saturday, 13 June 09
CLEARLY THE DRIVER FOR DRY BULK MARKET SEEMS TO BE IMPORTS BY CHINA - VISTAAR SINGAPORE
COALspot.com (Singapore): The market saw mixed results last week. The beginning of the week saw the indices dropping including the futures , however t ...
Friday, 12 June 09
SOUTH SUMATERA SPEEDS UP INTERNATIONAL HARBOR CONSTRUCTION - TEMPO INTERACTIVE
The South Sumatera Government will speed up construction of the international harbor Tanjung Api-Api. The harbor is a strategic entry point for comm ...
Friday, 12 June 09
CHINA SHENHUA NOT EYEING NEW FOREIGN COAL MINES - MEDIA
China Shenhua Energy Co Ltd , the top Chinese coal miner, will not consider buying any major overseas mines before it starts operating the Watermark ...
Friday, 12 June 09
CHINA TOP POWER COS SIGN REGIONAL COAL DEALS - REUTERS
China's top five power generating groups have signed 2009 coal supply contracts with miners in Guizhou and Xinjiang, with prices up 4 percent on th ...
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- Australian Coal Association
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
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