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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, 06 June 09
IS THE RECESSION OVER ? - CAPT. REDDY, VISTAAR SHIPPING
COALspot.com (Singapore): Is the recession over, that is what most analysts think and seems so from the Baltic Index rally and firm commodity ...
Saturday, 06 June 09
COAL PRICE HIT RECORD ON STRONG CHINA DEMAND - INVESTMENT WATCH
Investment watch reported that, “Coal price hit a new high of over $72 a tonne at Australia’s Newcastle Port, a benchmark for Asia, spur ...
Friday, 05 June 09
CEMENT INDUSTRY NEEDS POLICY ON FLY ASH
H.M. Bangur, President of Cement Manufacturers' Association, on the objectives and economic impact of the proposed national policy on utilisation o ...
Thursday, 04 June 09
PAKISTAN TO IMPORT MORE COAL FROM INDONESIA - SEATRADE
COALspot.com (Pakistan): Richards bay to Pakistan sea freight has touched US$ 20.00 for 40,000/10 pct steam size in June 2009. South African c ...
Thursday, 04 June 09
CHINA'S SHANXI PROVINCE CONSIDERS COAL FUTURES BOURSE - MINE WEB
Mine Web reported that, China hopes to establish a coal futures exchange to obtain more rights on international pricing.
China's largest coal pr ...
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- Sical Logistics Limited - India
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- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
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- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
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- Baramulti Group, Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Ministry of Transport, Egypt
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- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
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- Port Waratah Coal Services - Australia
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- Siam City Cement PLC, Thailand
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- Romanian Commodities Exchange
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- The University of Queensland
- Minerals Council of Australia
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- Jindal Steel & Power Ltd - India
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- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
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- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
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- LBH Netherlands Bv - Netherlands
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- Toyota Tsusho Corporation, Japan
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- MS Steel International - UAE
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
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- Indo Tambangraya Megah - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
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- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
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- Medco Energi Mining Internasional
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- Africa Commodities Group - South Africa
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- Bhoruka Overseas - Indonesia
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- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
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- The Treasury - Australian Government
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- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
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- Planning Commission, India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
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- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
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- Singapore Mercantile Exchange
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- Indonesian Coal Mining Association
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- Videocon Industries ltd - India
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- McConnell Dowell - Australia
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- The State Trading Corporation of India Ltd
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