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