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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, 06 April 09
RICHARDS BAY COAL TERMINAL EXPORTS ROSE 5 PERCENT IN MARCH - BLOOMBERG
South Africa’s Richards Bay Coal Terminal, the world’s largest coal-export facility, shipped 5 percent more coal in March than the same ...
Monday, 06 April 09
INDIA'S OSWAL CHEM EYES INDONESIAN COAL MINES -ECONOMICTIMES
Oswal Chemicals and Fertilisers (OCFL), part of Abhay Oswal-led Oswal group, has initiated talks with three separate Indonesian coal firms to ...
Thursday, 02 April 09
FOREIGNERS ALSO CHEER FOR INDONESIA'S THE NEW MINING LAW - MAJALA TAMBANG
Three mining giants, Australia's Rio Tinto along with Canada's Barrick Gold and Southern Arc, are among foreign corporations currently applying fo ...
Wednesday, 01 April 09
INDONESIAN GOVERNMENT REVISES MINING REVENUE TARGET DOWN 26% - THE JAKARTA POST
Government income from mining this year, excluding taxes, is expected to drop by about 26 percent to Rp 11 trillion ($957 million), primarily becaus ...
Wednesday, 01 April 09
INDONESIAN OFFICIAL CLAIMS NEW LEGISLATION IS VINDICATED AS OVERSEAS FIRMS LINE UP FOR MINING LICENSES - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry is expected to issue six mining licenses under the country’s new mining law over the next two months ...
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- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- White Energy Company Limited
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
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