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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, 05 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE - BLOOMBERG
COAL shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 18 percent last week while the numb ...
Tuesday, 05 May 09
INDONESIA'S ADARO PAYS $78.6 MLN FOR COAL-BARGING FIRM - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, said late on Monday it paid $78.6 million for a 74 percent stake in Orchard ...
Tuesday, 05 May 09
PHILIPPINES SEMIRARA STILL EXPECTS HIKE IN COAL SALES - BUSINESS MIRROR
DESPITE the anticipated soft demand resulting from the prevailing global financial crisis, the country’s largest coal producer Semirara Mining ...
Monday, 04 May 09
VISTAAR SINGAPORE SAYS, THIS MONTH DRY BULK FREIGHT LIKELY TO COME DOWN
COALspot.com (Singapore) - VISTAAR shipping Services Pte Limited of Singapore, said, the beginning of last week started with bit of weakness an ...
Monday, 04 May 09
PNOC-EC TO GROW COAL OPERATIONS - PHILIPPINE DAILY INQUIRER
LISTED firm Philippine National Oil Co.-Exploration Corp. plans to expand its operations this year to ensure the steady supply of coal and fur ...
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- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Minerals Council of Australia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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