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