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