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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, 25 April 09
KPC DEVELOPS EAST KALIMANTAN WITH GOVT - THE JAKARTA POST
Kaltim Prima Coal (KPC) focuses on several areas in its CSR projects to help the government increase the welfare of the community living around the ...
Friday, 24 April 09
NAPOCOR TO TENDER FOR 195,000 T COAL - ABS-CBNNEWS.COM
Top Philippine electricity producer National Power Corp. (Napocor) said on Friday it will hold a tender on May 20 to buy 195,000 tons of steam coal ...
Friday, 24 April 09
NTPC TO DELVE INTO CONTRACT MINING - ECONOMICTIMES
NTPC, India’s largest power producer, plans to cash in on its decades-old experience in handling coal mines by spinning off a separate u ...
Wednesday, 22 April 09
PROTECTED FORESTS FACING UNDERGROUND MINING THREAT - THE JAKARTA POST
The government is soon to issue a presidential regulation allowing mining companies to mine underground in protected forest areas, despite a recent ...
Tuesday, 21 April 09
MITRA RAJASA TO ACQUIRE TWO MINING COMPANIES - THE JAKARTA POST
PT Mitra Rajasa Tbk plans to acquire PT Realita Jaya Mandiri and PT Masindo Artha Resources in South Sumatra, which are worth around US$40 million.
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- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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