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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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Sunday, 26 April 09
INDONESIAN GOVT SAYS COAL MINES CAUSE WEEKLONG FLOOD - THE JAKARTA POST
Samarinda administration in East Kalimantan admitted openly Thursday that the weeklong flood that paralyzed the city was caused by unruly management ...
Saturday, 25 April 09
FOREIGN SHARE DIVESTMENT STARTING THE 6TH YEAR OF PRODUCTION - MAJALAH TAMBANG
The government would set a divestment scheme for foreign miners, which would require companies to divest their ownership starting the 6th year of pr ...
Saturday, 25 April 09
INDO TAMBANGRAYA MEGAH ALLOCATED USD 126 MILLION FOR CAPITAL SPENDING - MAJALAH TAMBANG
Somyot Ruchirawat, President Director of PT Indo Tambangraya Megah, Tbk (ITMG), has announced the company's total dividend payment of Rp 1,345 per ...
Saturday, 25 April 09
MINING SECTOR IS STILL ON THE SURPLUS - THE JAKARTA POST
The global financial crisis is apparently also having an impact on the mining sector. People are thinking twice about investing in the mining sector ...
Saturday, 25 April 09
ADARO RUNS CATARACT OPERATION PROGRAM - THE JAKARTA POST
As part of its CSR program, thermal coal producer PT Adaro Indonesia has made cataract operations available to residents of Tandjung district, South ...
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- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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