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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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Friday, 06 March 09
CHURCHILL STARTS REVERSE DRILLING AT INDONESIAN COAL PROJECT
Miningweekly reported that, Aim-listed minerals explorer Churchill Mining on Thursday stated that reverse drilling at its East Kutai coal project (E ...
Thursday, 05 March 09
UAE FUND PLANS INDONESIA COAL RAIL LINK
News.alibaba reported that, A United Arab Emirates' fund signed a memorandum of understanding on Monday (2 March 2009) with an Indonesian prov ...
Thursday, 05 March 09
CHINA COAL-PRICES LITTLE CHANGED DESPITE PLUNGE ABROAD
China's spot coal prices were little changed from a week earlier, despite the sharp fall in the international market, and demand for coal remains s ...
Thursday, 05 March 09
RAK TO BUILD COAL FIRED POWER STATION
The National Ras al Khaimah, which is developing a coal mine in Indonesia, will build a coal-fired power plant in the emirate in the next two years ...
Wednesday, 04 March 09
COAL: GLOBAL DEMAND WEAKENS
The Jakarta Post reported that, While coal prices were stickier on the way down compared to other commodities like oil, the Newcastle price now sugg ...
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- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- MS Steel International - UAE
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- The University of Queensland
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
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