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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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Tuesday, 12 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 ...
Tuesday, 12 May 09
BANPU'S PROFIT DOUBLES TO RECORD AFTER SALES JUMP - BLOOMBERG
BANPU Pcl, Thailand’s biggest coal producer, reported first-quarter profit more than doubled to a record after higher prices for the fuel boos ...
Tuesday, 12 May 09
COAL IN PLACE, GMR PLANS 2,000-MW THERMAL PLANT - BUSINESS-STANDARD
GMR ENERGY, a subsidiary of Bangalore-based infrastructure company GMR Infrastructure Ltd, is planning to set up a 2,000-Mw thermal power plant near ...
Monday, 11 May 09
SOUTH AFRICA PROBLEMS SLOW INDIA COAL BUYING - MINE WEB
Indian imports of South African coal are likely to be close to 12 million tonnes in 2009, up from 10 million last year.
Indian coal buyers were a ...
Saturday, 09 May 09
THE WEEK SAW BIT OF HECTIC ACTIVITY IN THE FREIGHT MARKET - VISTAAR SHIPPING
COALspot.com (Singapore) : VISTAAR Shipping Pte Limited, one of the experienced ship operator in Singapore, said, the week saw bit of hectic ac ...
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- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
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