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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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Wednesday, 29 April 09
NEW GOV'T REGULATION SHOULD INCORPORATE CONFLICT SETTLEMENT BODY - ICMA (MAJALAH TAMBANG)
A draft government regulation on mineral and coal is currently in a process of completion. The Indonesian Coal Mining Association (ICMA) proposed th ...
Tuesday, 28 April 09
WORLD THERMAL COAL PRICE EXPECTED TO CRASH - PURCHASING.COM
Macquarie Bank sees 50% drop to $60/ton in 2009
Macquarie Bank today forecast the 2009 average market price for world thermal coal at $60/ton, a ...
Tuesday, 28 April 09
THAI LANNA TO OPEN NEW INDONESIAN MINE BY Q3 - REUTERS
Thailand's Lanna Resources PCL LANN.BK said on Monday it planned to open a new coal mine in Indonesia by the third quarter of 2009 with an initial ...
Tuesday, 28 April 09
SOUTH AFRICAN EXPORT COAL RETREATS ON WEAKER EUROPEAN DEMAND - BLOOMBERG
Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, fell for a second co ...
Monday, 27 April 09
INDONESIA S.KALIMANTAN GETS COAL TRUCKS OFF PUBLIC ROADS - REUTERS
A local government in one of Indonesia's top coal-producing areas has banned coal and palm oil firms from using public roads because of the damage ...
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- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
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