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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, 13 February 09
INDONESIA IS EXPECTED TO PRODUCE 225 MILLION TONES OF COAL IN 2009 - ENERGY MINISTRY
Indonesia, the world's top thermal coal exporter, will allocate 68.3 million tonnes of coal out of expected forecast production of 225 million ton ...
Friday, 06 February 09
INDONESIA'S COAL PORTS HAVE FORCED A RETHINK ON 'TRADITIONAL' HANDLING OPTIONS
Port Strategy reported that, Indonesia’s main coal-producing islands of Kalimantan, Sulawesi and Sumatra suffer from a scarcity of suitable la ...
Thursday, 22 January 09
MINISTER: MINING LAW PROHIBITS RAW MATERIAL EXPORT - ESDM
The Coal and Mining Law, approved during the House of Representatives plenary meeting on December 16, 2008 seeks to domestically increase mining com ...
Wednesday, 07 January 09
SOUTH KALIMANTAN COAL PRODUCTION EXPECTED TO INCREASE - ESDM
Coal production from the South Kalimantan region has the potential to increase in the next few years. Aside from the vast proven reserves of coal, s ...
Tuesday, 30 November 99
GLENCORE EXPECTS 2023 TRADING UNIT PROFITS OF UP TO $4 BLN - REUTERS
Glencore GLEN.L on Friday said it expects profits at its trading division this year of up to $4 billion, exceeding its long-term annual guidance.
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- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Australian Coal Association
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
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