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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, 30 May 09
COAL INDIA SIGNS FUEL SUPPLY AGREEMENT WITH NTPC - SINDHTODAY
India’s largest coal miner Coal India Friday inked a much-awaited fuel supply agreement (FSA) with power generation major NTPC Ltd.
In the ...
Friday, 29 May 09
INDONESIA PLANS "CLEARING HOUSE" FOR COAL - ALIBABA
Alibaba reported that, Indonesia, the world's biggest thermal coal exporter, plans to set up an agency similar to a clearing house to trade stocks ...
Friday, 29 May 09
INDIKA EYES MORE ACQUISITIONS - THE JAKARTA POST
Having nearly completed the acquisition of engineering and mining company PT Petrosea, energy company PT Indika Energy is preparing for more acquisi ...
Friday, 29 May 09
PTBA PAYS DIVIDENDS OF RP 371.5 A SHARE - THE JAKARTA POST
The annual shareholders' meeting of state-controlled coal producer PT Tambang Batubara Bukit Asam (PTBA) approved on Thursday the allocation of 50 ...
Thursday, 28 May 09
INDIANS CHOOSE SOUTH AFRICA COAL OVER INDONESIAN - MINEWEB (REUTERS)
South African cargoes are about $4 a tonne cheaper than Indonesian coal, as a result India now prefers South Africa .
Indian imports of South Afr ...
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- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- The University of Queensland
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
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