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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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Thursday, 12 March 09
ANALYSIS-FIRST NEW JAPAN COAL DEAL MAY NOT SET BENCHMARK - FOREXPROS.COM
* Informal coal-deal practice may come to an end this year
* Buyers expected to ask for a discount
* Biggest losers may be Chinese coal suppli ...
Thursday, 12 March 09
DEPARTMENT RECEIVES REPORT FROM GEOLOGICAL BODY AND NEDO - ESDM
The Geological Body of the Department of Energy and Mineral Resources have presented their Joint Study on Evaluation of Coal Resources and Reserves ...
Wednesday, 11 March 09
TENAGA SHARES CLIMB AS LOWER COAL PRICES CUT COSTS - BLOOMBERG
Bloomberg reported that, Tenaga Nasional Bhd., Malaysia’s state-controlled utility, climbed the most in a month in Kuala Lumpur trading as coal ...
Wednesday, 11 March 09
POSCO WINS 63% CUT IN PULVERIZED COAL PRICES, MACQUARIE SAYS - BLOOMBERG
Bloomberg reported that, Posco, Asia’s third-biggest steelmaker, has settled the first pulverized coal contracts for 2009 at $90 a metric ton ...
Wednesday, 11 March 09
COAL EXPORTERS FEEL THE CHILL FROM ASIAN DOWNTURN -BUSINESS.SMH.COM
Business.smh.com reproted that, The demand for thermal coal - NSW's most valuable export - has begun to reduce dramatically in response to the need ...
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- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- The University of Queensland
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
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