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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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Tuesday, 02 June 09
ADARO MAY RAISE COAL SALES TO CHINA, INDIA PLANTS - THE JAKARTA GLOBE
PT Adaro Energy, the country’s second-largest coal producer, may increase sales of power-plant coal to China and India on signs of a global ec ...
Monday, 01 June 09
LAHAT RELIES ON COAL FOR GROWTH
Lahat regency in South Sumatra spans 6,618.27 square kilometers, encompasses 19 districts and covers 528 subdistricts and villages. It is inhabited ...
Monday, 01 June 09
LANDED COST OF IMPORTED COAL HAS INCREASED BY 10 - 15% COMPARE TO EARLY THIS YEAR - PAKISTAN TRADERS
COALspot.com (Pakistan): Due to visiting non commercial vessels occupied commercial berths in Karachi port, coal carrying vessels were sufferi ...
Monday, 01 June 09
LAHAT RELIES ON COAL FOR GROWTH - THE JAKARTA POST
Lahat regency in South Sumatra spans 6,618.27 square kilometers, encompasses 19 districts and covers 528 subdistricts and villages. It is inhabited ...
Saturday, 30 May 09
THE CHINESE IMPORTS OF IRON ORE,COAL AND NICKEL ORE SEEMED TO BE STEADY - VISTAAR SINGAPORE
COALspot.com (Singapore): VISTAAR Shipping Pte Limited, an experienced ship operator from Singapore,said, the Baltic index rally continued this week ...
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- Timah Investasi Mineral - Indoneisa
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- Bulk Trading Sa - Switzerland
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- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
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- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
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- AsiaOL BioFuels Corp., Philippines
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- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
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- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
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- International Coal Ventures Pvt Ltd - India
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- Ministry of Transport, Egypt
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- Cigading International Bulk Terminal - Indonesia
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- Metalloyd Limited - United Kingdom
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- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
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- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
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- Formosa Plastics Group - Taiwan
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- Trasteel International SA, Italy
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- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Petron Corporation, Philippines
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- Therma Luzon, Inc, Philippines
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- Indogreen Group - Indonesia
- PTC India Limited - India
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- Cement Manufacturers Association - India
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- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
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- India Bulls Power Limited - India
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- Ministry of Mines - Canada
- Economic Council, Georgia
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- Indian Energy Exchange, India
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- Semirara Mining Corp, Philippines
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- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
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- Indian Oil Corporation Limited
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- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
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- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
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- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
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- Kalimantan Lumbung Energi - Indonesia
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- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- The University of Queensland
- Merrill Lynch Commodities Europe
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- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
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- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
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- Edison Trading Spa - Italy
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- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
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- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
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- Bhoruka Overseas - Indonesia
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- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
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- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
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