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