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