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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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Friday, 22 May 09
CHURCHILL DOUBLES INDONESIAN COAL PROJECT RESOURCE ESTIMATE - STEEL GURU
Mining Weekly quoted Churchill Mining as saying that the resource at its East Kutai coal project in Indonesia has more than doubled to 3.18 billion ...
Friday, 22 May 09
INDONESIA`S BUKIT ASAM TO HAVE POWER PLANT IN 2011 - ANTARA
The construction of a power plant in South Sumatra by coal mining company PT Tambang Batubara Bukit Asam will be completed in April 2011.
T ...
Friday, 22 May 09
NOBLE WINS CONTROL OF AUSTRALIA'S GLOUCESTER COAL - BLOOMBERG
Noble Group Ltd., a Hong Kong- based commodity supplier, won control of Australia’s Gloucester Coal Ltd. after last week raising its cash bid ...
Thursday, 21 May 09
FBR STARTS COVERAGE OF SHIPPING SECTOR - REUTERS
Friedman Billings Ramsey began coverage of the shipping industry, saying the sector, which is amidst a deep cyclical downturn, is poised for a recov ...
Thursday, 21 May 09
INDONESIAN COAL PRODUCTION IN Q1 BELOW TARGET - STEEL GURU
Mr Bambang Gatot Ariyono director for coal and mineral development at the Energy and Mineral Resources Ministry said that the coal production in the ...
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- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Planning Commission, India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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