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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, 16 March 09
COAL MINER BUKIT ASAM RECORDS 135% GAIN IN NET PROFIT FOR 2008 - THE JAKARTA GLOBE
Indonesia's state-owned coal miner PT Tambang Batubara Bukit Asam Tbk said its net profit jumped 135 percent last year, having sold more coal at hi ...
Saturday, 14 March 09
NATIONAL ALUMINIUM TO IMPORT COAL NEXT MONTH TO EASE SHORTAGE - BLOOMBERG
Bloomberg reported that, National Aluminium Co., India’s biggest alumina maker, plans to import as much as 150,000 metric tons of coal next mo ...
Friday, 13 March 09
VIETNAM APPROVES TWO COAL-FIRED POWER PLANTS TO MEET DEMAND -THANHNIENNEWS
Thanhnien News reported that, The government has approved a proposal to build two 2,400-megawatt coal-fired power plants in the provinces of Nam Din ...
Friday, 13 March 09
INDONESIAN STATE-RUN COMPANIES PROFIT MAY FALL 10% THIS YEAR -THANHNIENNEWS
Tanhnien news reported that, Indonesian state-run companies’ profits may fall about 10 percent this year as commodity prices decline, cutting ...
Thursday, 12 March 09
INDONESIA'S CIREBON ELEC IN TALKS ON COAL SUPPLIES - REUTERS
Reuters reported that, Indonesia's PT Cirebon Electric Power, an independent power producer, is in talks with a number of coal suppliers to seek a ...
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- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- London Commodity Brokers - England
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
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