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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, 27 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE 3.6% - BLOOMBERG
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 3.6 percent last week while the num ...
Wednesday, 27 May 09
EUROPEAN COAL PRICES FOR 2010 SETTLEMENT DROP TO 11-DAY LOW - BLOOMBERG
Benchmark European coal derivatives declined to an 11-day low as oil prices slumped.
Coal for delivery to Amsterdam, Rotterdam or Antwerp with se ...
Tuesday, 26 May 09
NEW MINING PERMITS TO BE OBTAINABLE WITHIN TWO WEEKS' TIME - MAJALAHTAMBANG
The Indonesian government is currently formulating a procedure for companies willing to obtain mining permits (IUP in its Indonesian abbreviation). ...
Tuesday, 26 May 09
KADIN CALLS FOR BIGGER RECOGNITION OF MINING SECTOR - MAJALAHTAMBANG
The Indonesian Chamber of Commerce and Industry (KADIN Indonesia) had called other sectors, particularly the forestry and the land administration se ...
Tuesday, 26 May 09
TUTICORIN PORT TO INVEST RS 700CR FOR COAL HANDLING FACILITIES
Business Standard reported that, The Tuticorin Port will develop coal handling facilities for state-run Neyveli Lignite Corporation (NLC) and Coasta ...
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- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
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