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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, 03 June 09
KOSEP SEEKS UP TO 3 MLN TONNES OF COAL - REUTERS
Korea South-East Power Co Ltd (KOSEP) has issued four tenders seeking a total of 3 million tonnes of coal for delivery between 2009 to 2011, a tende ...
Wednesday, 03 June 09
POWER DEMAND TO BOOST INDIA COAL IMPORTS DURING MONSOON - STEELGURU
Reuters quoted Indian coal importers said that strong demand for power in India is likely to keep coal imports at the maximum level possible in the ...
Wednesday, 03 June 09
NAPOCOR EXTENDS COAL TENDER FOR SOLE BIDDER - ABS CBNNEWS
National Power Corp. (Napocor), the top Philippine electricity producer, has given the lone bidder at a tender for 195,000 tons of coal more time to ...
Wednesday, 03 June 09
NEWCASTLE COAL EXPORTS JUMP 20 PERCENT; SHIP QUEUE LENGTHENS - BLOOMBERG
Coal exports from Australia’s Newcastle, the world’s biggest export harbor for the fuel, jumped 20 percent last week while the number of ...
Wednesday, 03 June 09
IPL-2 OVER, INDIAN COAL LEAGUE BEGINS IN SOUTH AFRICA - ECONOMICTIME
Steel, cement and power companies, which have traditionally relied on cheap Indonesian coal to fuel their factories, are rushing to buy South Africa ...
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- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Planning Commission, India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- White Energy Company Limited
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Australian Coal Association
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
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