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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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Tuesday, 12 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 ...
Tuesday, 12 May 09
BANPU'S PROFIT DOUBLES TO RECORD AFTER SALES JUMP - BLOOMBERG
BANPU Pcl, Thailand’s biggest coal producer, reported first-quarter profit more than doubled to a record after higher prices for the fuel boos ...
Tuesday, 12 May 09
COAL IN PLACE, GMR PLANS 2,000-MW THERMAL PLANT - BUSINESS-STANDARD
GMR ENERGY, a subsidiary of Bangalore-based infrastructure company GMR Infrastructure Ltd, is planning to set up a 2,000-Mw thermal power plant near ...
Monday, 11 May 09
SOUTH AFRICA PROBLEMS SLOW INDIA COAL BUYING - MINE WEB
Indian imports of South African coal are likely to be close to 12 million tonnes in 2009, up from 10 million last year.
Indian coal buyers were a ...
Saturday, 09 May 09
THE WEEK SAW BIT OF HECTIC ACTIVITY IN THE FREIGHT MARKET - VISTAAR SHIPPING
COALspot.com (Singapore) : VISTAAR Shipping Pte Limited, one of the experienced ship operator in Singapore, said, the week saw bit of hectic ac ...
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- India Bulls Power Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
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