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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, 29 April 09
NEW GOV'T REGULATION SHOULD INCORPORATE CONFLICT SETTLEMENT BODY - ICMA (MAJALAH TAMBANG)
A draft government regulation on mineral and coal is currently in a process of completion. The Indonesian Coal Mining Association (ICMA) proposed th ...
Tuesday, 28 April 09
WORLD THERMAL COAL PRICE EXPECTED TO CRASH - PURCHASING.COM
Macquarie Bank sees 50% drop to $60/ton in 2009
Macquarie Bank today forecast the 2009 average market price for world thermal coal at $60/ton, a ...
Tuesday, 28 April 09
THAI LANNA TO OPEN NEW INDONESIAN MINE BY Q3 - REUTERS
Thailand's Lanna Resources PCL LANN.BK said on Monday it planned to open a new coal mine in Indonesia by the third quarter of 2009 with an initial ...
Tuesday, 28 April 09
SOUTH AFRICAN EXPORT COAL RETREATS ON WEAKER EUROPEAN DEMAND - BLOOMBERG
Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, fell for a second co ...
Monday, 27 April 09
INDONESIA S.KALIMANTAN GETS COAL TRUCKS OFF PUBLIC ROADS - REUTERS
A local government in one of Indonesia's top coal-producing areas has banned coal and palm oil firms from using public roads because of the damage ...
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- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
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