We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 05 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE - BLOOMBERG
COAL shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 18 percent last week while the numb ...
Tuesday, 05 May 09
INDONESIA'S ADARO PAYS $78.6 MLN FOR COAL-BARGING FIRM - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, said late on Monday it paid $78.6 million for a 74 percent stake in Orchard ...
Tuesday, 05 May 09
PHILIPPINES SEMIRARA STILL EXPECTS HIKE IN COAL SALES - BUSINESS MIRROR
DESPITE the anticipated soft demand resulting from the prevailing global financial crisis, the country’s largest coal producer Semirara Mining ...
Monday, 04 May 09
VISTAAR SINGAPORE SAYS, THIS MONTH DRY BULK FREIGHT LIKELY TO COME DOWN
COALspot.com (Singapore) - VISTAAR shipping Services Pte Limited of Singapore, said, the beginning of last week started with bit of weakness an ...
Monday, 04 May 09
PNOC-EC TO GROW COAL OPERATIONS - PHILIPPINE DAILY INQUIRER
LISTED firm Philippine National Oil Co.-Exploration Corp. plans to expand its operations this year to ensure the steady supply of coal and fur ...
|
|
|
Showing 6771 to 6775 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
|
| |
| |
|
