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