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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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- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
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