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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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Sunday, 08 March 09
AUSTRALIA'S FELIX STUDYING COAL ACQUISITIONS IN INDIA, INDONESIA
Bloomberg reported that, Felix Resources Ltd., an Australian supplier of coal to Korea and Japan, is studying acquisitions of energy coal assets in ...
Saturday, 07 March 09
THERMAL COAL PRICES MAY DROP, STANDARD CHARTERED SAYS
Bloomberg reported that, Coal prices may decline as a slump in demand for the fuel outpaces cuts in production, Standard Chartered Plc said.
Exp ...
Friday, 06 March 09
STRAITS ASIA EYES 3RD MINE
Straitstimes reported that, Mining company Straits Asia Resources is on an expansion trail to more than double its output by 2012.
Amid the econo ...
Friday, 06 March 09
INDONESIA MAY MISS 2009 COAL OUTPUT TARGET-OFFICIAL
Indonesia, the world's top thermal coal exporter, may fail to achieve its coal production target this year as the global economic crisis dents dema ...
Friday, 06 March 09
POWER FIRMS HEAD TO INDONESIA FOR COAL
The Hindu Businessline reported that, The enactment of a new, more liberal, mining legislation in Indonesia is drawing coal-starved Indian power uti ...
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- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
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