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