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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, 12 June 09
MERCATOR LINES TARGETS 30 MILLION TONNE FROM MOZAMBIQUE COAL MINE - STEEL GURU
India’s second largest private shipping company Mercator Lines has targeted production of 30 million tonnes of coal from its Mozambique mine o ...
Friday, 12 June 09
THERMAL COAL PRICE REMAINS STABLE IN SHANXI - STEEL GURU
It is reported that coming into June, no major changes are seen in coal supply-demand relations in Shanxi province. Statistics of Qinhuangdao port, ...
Thursday, 11 June 09
PT NALCO PLANS TO CONSTRUCT COAL-FIRED POWER PLANT IN SOUTH SUMATRA - ENERGY BUSINESS REVIEW
PT Nalco (National Aluminium Company Limited), an Indian-based company, plans to construct a coal-fired power plant in South Sumatra. The company in ...
Thursday, 11 June 09
COAL PRODUCERS TO SEE BOOST IN DEMAND FROM ASIA PACIFIC - JAKARTA POST
The Jakarta Post reported that, at the recent 15th Coaltrans conference in Bali, we noted concerns related to rising oil prices at a faster pace tha ...
Wednesday, 10 June 09
BHP TO CUT 450 JOBS AT INDONESIAN COAL PROJECT - REUTERS
Reuters reported that, BHP Billiton Ltd will lay off all 450 workers at its Indonesian coal project after deciding not to go ahead with the pr ...
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- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
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