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