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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 $150 million" even after settling Deutsche's counterclaim in full.
Beckkett said it arrived at the figure after referencing Deutsche's own valuation of the assets held by Swabara.
Deutsche spokesman Michael West, however, described Beckkett's calculation as "entirely speculative".
"Beckkett has to still prove that it suffered a loss," Deutsche said in a statement. "Deutsche will present evidence for the first time to the court in support of its valuation of the shares" at the upcoming registrar's hearing, the bank said. (Additional reporting by Saeed Azhar; Editing by Neil Chatterjee & Ian Geoghegan)
Source: http://uk.reuters.com/article/oilRpt/idUKSIN46298020090428?pageNumber=2&virtualBrandChannel=0&sp=true
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Wednesday, 03 June 09
BUILDING A ROAD TO LINK 3 GIANTS - THE JAKARTA GLOBE
Madhu Koneru is building a road to the future that will bring together the financial heft of the Middle East, the technological know-how of a rising ...
Tuesday, 02 June 09
GOVT FINALIZING DMO MECHANISM, REFERENCE PRICE FOR COAL - THE JAKARTA POST
Indonesia, the world's largest thermal coal exporter, is finalizing regulations on a reference price on coal, on a domestic market obligation (DMO) ...
Tuesday, 02 June 09
CHINA OVERSEAS COAL DEMAND TO STAY BUOYANT-MINERS (REUTERS)
China's demand for overseas coal is expected to stay strong in the second half as long as prices of imported coal maintain a discount to domestic p ...
Tuesday, 02 June 09
INDONESIA'S COAL EXPORTS REACH US$ 3.44 BILLION SO FAR THIS YEAR - TRADINGCHARTS
Indonesia`s coal exports in the January-April 2009 period increased by 21.31 per cent to US$3.44 billion compared to US$2.83 billion in the same per ...
Tuesday, 02 June 09
INDONESIA'S BUKIT ASAM AGREES HIGHER COAL PRICES - REUTERS
Indonesian state coal miner PT Bukit Asam Tbk said it has agreed coal prices for two power plants owned by state electricity firm PT Perusahaan List ...
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- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- The University of Queensland
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
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