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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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Wednesday, 20 May 09
COAL & OIL BAGS TWO CONTRACTS TO SUPPLY COAL TO CEMENT & SUGAR INDUSTRY IN INDIA
COALspot.com: According to website of Coal & Oil Company, Aditya Birla Group (Ultratech) have placed orders with Coal and Oil Company for supply ...
Wednesday, 20 May 09
CIL MAY URGE NEW GOVERNMENT TO HIKE COAL PRICE - STEELGURU
BL reported that soon after assuming office the new government may be faced with a proposal for an increase in prices of coal by Coal India Limited ...
Wednesday, 20 May 09
S.KOREA COAL IMPORTS IN APRIL DOWN 22 PCT Y/Y - REUTERS
South Korea's imports of heating coal in April fell 22 percent from a year earlier on bearish demand from domestic utilities, industry data showed ...
Wednesday, 20 May 09
THE WORLD'S TOP COAL TRADING COMPANIES - REUTERS
The international physical steam coal market has become increasingly liquid and tradeable during the past five years.
Physical global seaborne co ...
Wednesday, 20 May 09
SHIPPING INDEX RISES TO 7-MONTH HIGH AS CHINESE DEMAND ADVANCES - BLOOMBERG
The Baltic Dry Index, a measure of shipping costs for commodities, rose to a seven-month high in London on accelerating Chinese demand for iron ore. ...
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- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Planning Commission, India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
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