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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, 02 May 09
BUMI'S FIRST-QUARTER PROFIT RISES 21% ON COAL PRICE - BLOOMBERG
PT BUMI RESOURCES, Asia’s biggest exporter of power-station coal, said first-quarter profit rose 21 percent after it earned higher prices for ...
Saturday, 02 May 09
COAL PRICES TO RISE ON CHINESE SUPPLY, INDIAN DEMAND, UBS SAYS
Peter Hickson, an analyst with UBS AG in London, comments on prices for thermal coal, burned to generate power. He commented in a report today.
& ...
Friday, 01 May 09
DEUTSCHE, BECKKETT CLAIMING ADARO WIN - THE JAKARTA GLOBE
Both Deutsche Bank AG and Beckkett, an investment firm controlled by Indonesian tycoon Sukanto Tanoto, claimed victory on Tuesday after Singapore&rs ...
Thursday, 30 April 09
SAN MIGUEL IN TALKS TO BUY STAKE IN ADARO - REUTERS
San Miguel Corp is in talks to buy a stake worth about $500 million in Adaro Energy , Indonesia's largest coal producer by market value, the Philip ...
Wednesday, 29 April 09
BAYAN READY TO OPERATE WORLD'S LARGEST COAL QUALITY IMPROVEMENT FACILITY - MAJALAH TAMBANG
PT. Bayan Resources Tbk. (hereinafter referred to as Bayan), an Indonesian coal manufacturer, announced that they are ready to operate the world's ...
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- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
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