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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, 13 May 09
COAL SUPPLY MAY BE VASTLY OVERESTIMATED - ABC SCIENCE
The world's coal supply suggests reserves may be vastly overestimated and we could be facing an unprecedented global energy crisis, according to a ...
Wednesday, 13 May 09
INDONESIA ADARO NET PROFIT, REVENUE TO RISE IN 2009 - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, expects double-digit growth in revenue and net profit this year, an officia ...
Wednesday, 13 May 09
ALPHA TO BUY RIVAL, CREATING NEW US COAL HEAVYWEIGHT - MININGWEEKLY.COM
Alpha Natural Resources, the biggest supplier of metallurgical coal in the US, has agreed to buy Maryland-based rival Foundation Coal for about $1,4 ...
Tuesday, 12 May 09
CHINA MINERS CUT COAL PRICE OFFER TO JAPAN UTILITIES - ALIBABA.COM
* Producers cut offer to $75.50 a tonne from over $80
* Negotiations may conclude soon as price gap narrows
* New offer at discount of about 43 pe ...
Tuesday, 12 May 09
INDO TAMBANGRAYA SEES 2010 COAL OUTPUT UP 25 PCT - REUTERS
Indonesian coal miner, PT Indo Tambangraya Megah (ITMG.JK), expects coal output to increase by up to 25 percent next year as production kicks in at ...
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- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
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- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
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- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
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- Energy Link Ltd, New Zealand
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- Petron Corporation, Philippines
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- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
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- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
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- Malabar Cements Ltd - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- SMC Global Power, Philippines
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- PTC India Limited - India
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- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
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- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
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- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
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- Sical Logistics Limited - India
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- Pipit Mutiara Jaya. PT, Indonesia
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- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Goldman Sachs - Singapore
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- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
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- TeaM Sual Corporation - Philippines
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- Trasteel International SA, Italy
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- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
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- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
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- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
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- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Heidelberg Cement - Germany
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- Chettinad Cement Corporation Ltd - India
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- Semirara Mining and Power Corporation, Philippines
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- Mintek Dendrill Indonesia
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- Antam Resourcindo - Indonesia
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- London Commodity Brokers - England
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
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- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
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