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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, 20 May 09
COAL & OIL BAGS TWO CONTRACTS TO SUPPLY COAL TO CEMENT & SUGAR INDUSTRY IN INDIA
COALspot.com: According to website of Coal & Oil Company, Aditya Birla Group (Ultratech) have placed orders with Coal and Oil Company for supply ...
Wednesday, 20 May 09
CIL MAY URGE NEW GOVERNMENT TO HIKE COAL PRICE - STEELGURU
BL reported that soon after assuming office the new government may be faced with a proposal for an increase in prices of coal by Coal India Limited ...
Wednesday, 20 May 09
S.KOREA COAL IMPORTS IN APRIL DOWN 22 PCT Y/Y - REUTERS
South Korea's imports of heating coal in April fell 22 percent from a year earlier on bearish demand from domestic utilities, industry data showed ...
Wednesday, 20 May 09
THE WORLD'S TOP COAL TRADING COMPANIES - REUTERS
The international physical steam coal market has become increasingly liquid and tradeable during the past five years.
Physical global seaborne co ...
Wednesday, 20 May 09
SHIPPING INDEX RISES TO 7-MONTH HIGH AS CHINESE DEMAND ADVANCES - BLOOMBERG
The Baltic Dry Index, a measure of shipping costs for commodities, rose to a seven-month high in London on accelerating Chinese demand for iron ore. ...
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- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- The University of Queensland
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- The Treasury - Australian Government
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