We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 22 May 09
CHURCHILL DOUBLES INDONESIAN COAL PROJECT RESOURCE ESTIMATE - STEEL GURU
Mining Weekly quoted Churchill Mining as saying that the resource at its East Kutai coal project in Indonesia has more than doubled to 3.18 billion ...
Friday, 22 May 09
INDONESIA`S BUKIT ASAM TO HAVE POWER PLANT IN 2011 - ANTARA
The construction of a power plant in South Sumatra by coal mining company PT Tambang Batubara Bukit Asam will be completed in April 2011.
T ...
Friday, 22 May 09
NOBLE WINS CONTROL OF AUSTRALIA'S GLOUCESTER COAL - BLOOMBERG
Noble Group Ltd., a Hong Kong- based commodity supplier, won control of Australia’s Gloucester Coal Ltd. after last week raising its cash bid ...
Thursday, 21 May 09
FBR STARTS COVERAGE OF SHIPPING SECTOR - REUTERS
Friedman Billings Ramsey began coverage of the shipping industry, saying the sector, which is amidst a deep cyclical downturn, is poised for a recov ...
Thursday, 21 May 09
INDONESIAN COAL PRODUCTION IN Q1 BELOW TARGET - STEEL GURU
Mr Bambang Gatot Ariyono director for coal and mineral development at the Energy and Mineral Resources Ministry said that the coal production in the ...
|
|
|
Showing 6741 to 6745 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Parliament of New Zealand
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
|
| |
| |
|
