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