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