We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 25 March 09
MINISTER ASKS ROYALTIES BE PAID IN COAL, NOT CURRENCY - THE JAKARTA POST
Coal companies could pay their royalties to the government in coal, rather than in rupiah, under a proposal made by Energy and Mineral Resources Min ...
Wednesday, 25 March 09
INDONESIA'S STATE ELECTRICITY COMPANY DEMAND FOR COAL TO SOAR NEXT YEAR AS POWER OUTPUT RISES - THE JAKARTA POST
State electricity company PT PLN will need more coal next year as it seeks to generate more power through new plants operated by its subsidiary PT I ...
Tuesday, 24 March 09
INDONESIA'S KPC AGREES FIRST MAJOR CHINA COAL DEAL - REUTERS
Indonesian miner PT Kaltim Prima Coal last week agreed its first major long-term deal to sell thermal coal to China, with 1 million tonnes to be shi ...
Tuesday, 24 March 09
INDONESIA ANTAM'S SETS ASIDE $37 MLN FOR COAL MINES - REUTERS
Indonesian state-owned miner, PT Aneka Tambang Tbk, has allocated $37 million for acquiring coal mines, the company said on Monday.
Antam said la ...
Monday, 23 March 09
NIPPON STEEL, BMA AGREE TO 57 PCT CUT IN COAL PRICE - REUTERS
Nippon Steel Corp has agreed with Australia's BHP Billiton Mitsubishi Alliance (BMA) to pay $128 to $129 per tonne for coking coal in the year from ...
|
|
|
Showing 6826 to 6830 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
|
| |
| |
|
