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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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Monday, 27 April 09
JSW ENERGY SET TO SNAP UP AFRICAN COAL MINE FOR $70 MN - ECONOMIC TIMES
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million ...
Monday, 27 April 09
INDONESIA MINING RULES MAY DETER INVESTORS-OFFICIALS - REUTERS
Indonesia's rules on foreign divestment of mining projects must be revised to address issues such as finding buyers if Southeast Asia's biggest ec ...
Monday, 27 April 09
UNDERGROUND MINING IN FOREST AREAS NOT SO SIMPLE - THE JAKARTA POST
The government's plan to issue a presidential decree allowing mining companies to mine underground in protected forest concession areas has resulte ...
Monday, 27 April 09
COAL PRICES ABOVE FUNDAMENTALS - STUFF.CO.NZ
Coal prices have defied the gravity of fundamental factors, supported by stockpiling prompted by cheaper prompt prices rather than a reflextion of a ...
Sunday, 26 April 09
MITRA HOPES TO SECURE DEALS WITH TWO COAL FIRMS BY JUNE - THE JAKARTA POST
An integrated oil and gas services company, publicly listed PT Mitra Rajasa, is expecting to seal acquisition deals with two coal companies in June, ...
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- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- White Energy Company Limited
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Indika Energy - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
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