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