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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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Sunday, 26 April 09
INDONESIAN GOVT SAYS COAL MINES CAUSE WEEKLONG FLOOD - THE JAKARTA POST
Samarinda administration in East Kalimantan admitted openly Thursday that the weeklong flood that paralyzed the city was caused by unruly management ...
Saturday, 25 April 09
FOREIGN SHARE DIVESTMENT STARTING THE 6TH YEAR OF PRODUCTION - MAJALAH TAMBANG
The government would set a divestment scheme for foreign miners, which would require companies to divest their ownership starting the 6th year of pr ...
Saturday, 25 April 09
INDO TAMBANGRAYA MEGAH ALLOCATED USD 126 MILLION FOR CAPITAL SPENDING - MAJALAH TAMBANG
Somyot Ruchirawat, President Director of PT Indo Tambangraya Megah, Tbk (ITMG), has announced the company's total dividend payment of Rp 1,345 per ...
Saturday, 25 April 09
MINING SECTOR IS STILL ON THE SURPLUS - THE JAKARTA POST
The global financial crisis is apparently also having an impact on the mining sector. People are thinking twice about investing in the mining sector ...
Saturday, 25 April 09
ADARO RUNS CATARACT OPERATION PROGRAM - THE JAKARTA POST
As part of its CSR program, thermal coal producer PT Adaro Indonesia has made cataract operations available to residents of Tandjung district, South ...
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- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Planning Commission, India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
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