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