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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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Monday, 13 April 09
INDIA'S NTPC FOURTH-QUARTER PROFIT RISES 30% ON POWER OUTPUT - BLOOMBERG
NTPC Ltd., India’s biggest electricity generator, said profit rose 30 percent in the fourth quarter after higher efficiency helped production. ...
Thursday, 09 April 09
INDONESIAN CILACAP, FISHERMEN PROTEST COAL BARGES ANCHORING IN BAY - THE JAKARTA POST
Fishermen in Cilacap, Central Java, have protested against the presence of dozens of coal barges lying at anchor in Teluk Penyu Bay, claiming they a ...
Thursday, 09 April 09
INDONESIA'S PLN (STATE ELECTRICITY COMPANY) TO SET POWER PURCHASE PRICES FOR INDEPENDENT PRODUCERS - THE JAKARTA POST
State power company PT PLN holds the mandate to set power purchase prices to buy electricity produced by its (IPP) business partners, aiming at flex ...
Wednesday, 08 April 09
ARCELORMITTAL BUYS STAKE IN COAL OF AFRICA - MINEWEB
Steel maker, ArcelorMittal SA, has acquired a 16.3 percent stake in Coal of Africa Ltd. for $44.98 million in cash.
ArcelorMittal SA, the South A ...
Wednesday, 08 April 09
EXPORTS AT AUSTRALIA NEWCASTLE COAL PORT FALL ON STORM -MINING-JOURNAL
Coal exports from Australia's Newcastle port, the world's largest coal export terminal, fell roughly 18% last week to a 4½-month low, as ro ...
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- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Australian Coal Association
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
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