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