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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, 21 April 09
INDONESIAN GOVT TO ALLOW UNDERGROUND MINING IN PROTECTED FORESTS - THE JAKARTA POST
The government will issue a regulation allowing mining companies to carry out underground mining in protected forests.
"This regulation will ...
Tuesday, 21 April 09
INDONESIAN GOVT LIKELY TO MISS INVESTMENT TARGETS FOR ENERGY, MINING - THE JAKARTA POST
The total value of investments in energy and mining sectors by the end of the year is likely to be below the government’s target, as a result of ...
Monday, 20 April 09
INDONESIAN COAL MINING ASSOCIATION CALLED TO CONTROL MINERS - MAJALA TAMBANG
The Indonesian Coal Mining Association (ICMA) is called to expand its membership further in view of controlling the conduct of miners in the nationa ...
Monday, 20 April 09
BANPU PLANS TO SHIP 2 MLN T COAL TO CHINA IN 09 - REUTERS
Banpu, Thailand's largest coal miner, plans to increase coal shipments to China by about 30 percent to 2 million tonnes in 2009, company officials ...
Monday, 20 April 09
INDO TAMBANGRAYA 2009 OUTPUT TO GO UP 16% - THE JAKARTA POST
Indonesia's third largest coal producer, publicly listed PT Indo Tambangraya Megah (ITM), is targeting to raise production by 16 percent this year ...
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- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
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