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