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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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Monday, 25 May 09
MMTC TO IMPORT 12.5 MN TN COAL FOR NTPC
India's State-run trading firm MMTC Ltd will import 12.5 million tonnes of coal this fiscal for the country’s largest power producer, NTPC. M ...
Saturday, 23 May 09
THE SPOT SUPRAMAX CONTINUED TO BE FIRM - VISTAAR SINGAPORE
COALspot.com (Singapore) : VISTAAR Shipping Pte Limited, an experienced ship operator from Singapore, said, the beginning of the week continued ...
Saturday, 23 May 09
INDONESIA'S COAL OUTPUT SLUMPS IN Q1 ON LOWER PRICES, FALLING DEMAND - THE JAKARTA GLOBE
Falling international coal prices, bad weather and other problems cut first-quarter coal output by 50 percent to 30 million tons against an initial ...
Saturday, 23 May 09
INDIAN GOVT PLANS TO BUILD FIVE COAL-BASED POWER PLANTS AT $3.5B TO END CRISIS - THE FINANCIAL EXPRESS
The government has started working on a plan to set up five coal-based power plants with combined capacity of 2,500 mega watt to solve the country' ...
Saturday, 23 May 09
INTERNATIONAL COAL VENTURES PVT LTD FORMED - INDIA SERVER
National Thermal Power Corporation Limited (NTPC Ltd), the largest thermal power generating company of India, has entered into a joint venture with ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
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- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
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- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
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- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
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- IHS Mccloskey Coal Group - USA
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- Semirara Mining Corp, Philippines
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- Siam City Cement PLC, Thailand
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- Gujarat Mineral Development Corp Ltd - India
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- Energy Development Corp, Philippines
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- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
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- IEA Clean Coal Centre - UK
- Parliament of New Zealand
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- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
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- Sakthi Sugars Limited - India
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- Global Green Power PLC Corporation, Philippines
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- Interocean Group of Companies - India
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- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
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- Bahari Cakrawala Sebuku - Indonesia
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- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
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- Timah Investasi Mineral - Indoneisa
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- Goldman Sachs - Singapore
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- McConnell Dowell - Australia
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- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
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- Ministry of Finance - Indonesia
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- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
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- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
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- Wood Mackenzie - Singapore
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- Jorong Barutama Greston.PT - Indonesia
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- Indian Oil Corporation Limited
- Wilmar Investment Holdings
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- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
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