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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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Saturday, 09 May 09
CHINA PLANS TO BUILD COAL STOCKPILE BASES IN SHANDONG - BLOOMBERG
China, the world’s largest coal producer and consumer, plans to build stockpiles of the fuel in the eastern province of Shandong to ensure sup ...
Friday, 08 May 09
INDONESIAN STATE AUDIT BOARD COULD ONLY REACHED A SMALL NUMBER OF KP AND PKP2B - MAJALAHTAMBANG
THE LACK of personnel and the very limited time period have been the reasons why the 2nd semester of the special purpose audit for coal mining ...
Friday, 08 May 09
B.C.'S MINING INDUSTRY HIGH COAL PRICES TO RECORD 2008 PROFITS - PAGUNTAKA
AGGREGATE pre-tax earnings rose to $3.2 billion, the highest amount in the 41-year history of a PricewaterhouseCoppers survey.
B.C.’s minin ...
Thursday, 07 May 09
ASIA COAL-PRICES EASE TO NEAR $63 ON DEMAND CONCERNS - REUTERS
AUSTRALIAN thermal coal prices, a benchmark for Asia, edged lower to around $63 a tonne on concerns over demand, after hitting a two-week high of $6 ...
Thursday, 07 May 09
RICHARDS BAY COAL SHIPMENTS FALL MOST IN 9 MONTHS - BLOOMBERG
RICHARDS BAY Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments fell 24 percent last month, the biggest drop in nine mo ...
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- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
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