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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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Saturday, 16 May 09
FREIGHT MARKET HAS BEEN EXTREMELY BUOYANT - VISTAAR SINGAPORE
COALspot.com (Singapore): The week saw the BDI rally continuing and the market freight market has been extremely buoyant, VISTAAR Shipping Pte Limit ...
Friday, 15 May 09
INDIKA EXPECTS TO INCREASE COAL PRODUCTION BY 12.68% IN 2010 - THE JAKARTA POST
ENERGY and infrastructure company PT Indika Energy, the parent company of Indonesia's third largest coal producer PT Kideco Jaya Agung, expects its ...
Thursday, 14 May 09
INDONESIA 2009 COAL OUTPUT REVISED DOWN - REUTERS
* Indonesia coal output seen at 240 million tonnes in 2009
* Coal exports down 11.2 pct to 44.79 mln tonnes in Q1 2009
* Production down 1.4 pct t ...
Thursday, 14 May 09
PAKISTAN WILL IMPORT 3.2 MILLION TON OF COAL IN 2009 - SEATRADE
COALspot.com (Pakistan) - SEATRADE Group of pakistan a single largest imported coal supplier in Pakistan, forecasting Pakistan steam coal imports wi ...
Wednesday, 13 May 09
ADARO, ITM EXPECT COAL GROWTH IN 2009
Adaro, which has a market capitalization of $3.64 billion, sells to 48 customers in 18 countries worldwide, including power utilities Thai Power and ...
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- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
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