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