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