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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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Wednesday, 18 March 09
MANILA'S NAPOCOR SAYS BIDDING FOR 100,000T COAL FAILS - REUTERS
Top Philippine electricityproducer National Power Corp (Napocor) was unable to secure 100,000 tonnes of local coal for one of its power plantsfollow ...
Wednesday, 18 March 09
INDONESIA'S PLN APPOINTS KPC TO SUPPLY COAL - REUTERS
State electricity firm Perusahaan Listrik Negara (PLN) appointed PT Kaltim Prima Coal to supply 1 million tonnes of coal per annum to Tanjung Jati B ...
Monday, 16 March 09
TATA POWER HAS NO PLAN TO SELL STAKE IN INDONESIA BUMI MINES - BLOOMBERG
Tata Power Co., India’s biggest electricity generator outside state control, said it has “no intention” to sell its stake in two I ...
Monday, 16 March 09
ANTAM SELECTS PARTNERS FOR POMALAA POWER PLANT - THE JAKARTA POST
PT Aneka Tambang Tbk, Indonesia’s second-largest nickel producer, said it intended to develop a $300 million coal-fired plant in Pomalaa, Sout ...
Monday, 16 March 09
ADARO TO BOLSTER SUPPLY CHAIN THROUGH ACQUISITIONS - THE JAKARTA POST
PT Adaro Energy Tbk, Indonesia's second-largest coal producer, plans to acquire a coal barging and transshipment company to improve its supply chai ...
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- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Planning Commission, India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
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