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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, 16 May 09
FREIGHT MARKET HAS BEEN EXTREMELY BUOYANT - VISTAAR SINGAPORE
COALspot.com (Singapore): The week saw the BDI rally continuing and the market freight market has been extremely buoyant, VISTAAR Shipping Pte Limit ...
Friday, 15 May 09
INDIKA EXPECTS TO INCREASE COAL PRODUCTION BY 12.68% IN 2010 - THE JAKARTA POST
ENERGY and infrastructure company PT Indika Energy, the parent company of Indonesia's third largest coal producer PT Kideco Jaya Agung, expects its ...
Thursday, 14 May 09
INDONESIA 2009 COAL OUTPUT REVISED DOWN - REUTERS
* Indonesia coal output seen at 240 million tonnes in 2009
* Coal exports down 11.2 pct to 44.79 mln tonnes in Q1 2009
* Production down 1.4 pct t ...
Thursday, 14 May 09
PAKISTAN WILL IMPORT 3.2 MILLION TON OF COAL IN 2009 - SEATRADE
COALspot.com (Pakistan) - SEATRADE Group of pakistan a single largest imported coal supplier in Pakistan, forecasting Pakistan steam coal imports wi ...
Wednesday, 13 May 09
ADARO, ITM EXPECT COAL GROWTH IN 2009
Adaro, which has a market capitalization of $3.64 billion, sells to 48 customers in 18 countries worldwide, including power utilities Thai Power and ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
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- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
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- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
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- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
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- ICICI Bank Limited - India
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- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
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- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
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- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
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- PTC India Limited - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
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