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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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Saturday, 06 June 09
IS THE RECESSION OVER ? - CAPT. REDDY, VISTAAR SHIPPING
COALspot.com (Singapore): Is the recession over, that is what most analysts think and seems so from the Baltic Index rally and firm commodity ...
Saturday, 06 June 09
COAL PRICE HIT RECORD ON STRONG CHINA DEMAND - INVESTMENT WATCH
Investment watch reported that, “Coal price hit a new high of over $72 a tonne at Australia’s Newcastle Port, a benchmark for Asia, spur ...
Friday, 05 June 09
CEMENT INDUSTRY NEEDS POLICY ON FLY ASH
H.M. Bangur, President of Cement Manufacturers' Association, on the objectives and economic impact of the proposed national policy on utilisation o ...
Thursday, 04 June 09
PAKISTAN TO IMPORT MORE COAL FROM INDONESIA - SEATRADE
COALspot.com (Pakistan): Richards bay to Pakistan sea freight has touched US$ 20.00 for 40,000/10 pct steam size in June 2009. South African c ...
Thursday, 04 June 09
CHINA'S SHANXI PROVINCE CONSIDERS COAL FUTURES BOURSE - MINE WEB
Mine Web reported that, China hopes to establish a coal futures exchange to obtain more rights on international pricing.
China's largest coal pr ...
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- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
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