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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, 23 March 09
STRAITS TO SELL STAKE IN COAL ASSETS TO PTT -THEAUSTRALIAN.NEWS.COM
STRAITS Resources will sell a 60 per cent stake in its Indonesian coal assets to Thailand's PTT International Co. for $US335 million.
The transa ...
Monday, 23 March 09
BMA TAKES 60 PCT CUT IN JAPAN COKING COAL PRICE-CITI - REUTERS
BHP Billiton Mitsubishi Alliance (BMA), the world's top coking coal exporter, has agreed to accept a discount of around 60 percent for the steel-ma ...
Sunday, 22 March 09
SHENHUA ENERGY'S 2009 COAL PRODUCTION MAY GAIN 8% - BLOOMBERG
China Shenhua Energy Co., the nation’s biggest coal producer, may increase production of the energy fuel by about 8 percent this year, slower ...
Friday, 20 March 09
INDONESIA ORDERS TEMPORARY HALT AT BAYAN COAL MINE - REUTERS
Indonesia has ordered a coal mining unit of PT Bayan Resources to temporarily stop production for operating outside approved areas, a government off ...
Friday, 20 March 09
COKING-COAL PRICE STRUCK AT $115-$125, CITIGROUP SAYS - BLOOMBERG
BHP Billiton Ltd., the world’s largest miner, agreed with Nippon Steel Corp. to benchmark coking coal prices of $115 to $125 a metric ton, Cit ...
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- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Indika Energy - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
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