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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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Saturday, 25 April 09
KPC DEVELOPS EAST KALIMANTAN WITH GOVT - THE JAKARTA POST
Kaltim Prima Coal (KPC) focuses on several areas in its CSR projects to help the government increase the welfare of the community living around the ...
Friday, 24 April 09
NAPOCOR TO TENDER FOR 195,000 T COAL - ABS-CBNNEWS.COM
Top Philippine electricity producer National Power Corp. (Napocor) said on Friday it will hold a tender on May 20 to buy 195,000 tons of steam coal ...
Friday, 24 April 09
NTPC TO DELVE INTO CONTRACT MINING - ECONOMICTIMES
NTPC, India’s largest power producer, plans to cash in on its decades-old experience in handling coal mines by spinning off a separate u ...
Wednesday, 22 April 09
PROTECTED FORESTS FACING UNDERGROUND MINING THREAT - THE JAKARTA POST
The government is soon to issue a presidential regulation allowing mining companies to mine underground in protected forest areas, despite a recent ...
Tuesday, 21 April 09
MITRA RAJASA TO ACQUIRE TWO MINING COMPANIES - THE JAKARTA POST
PT Mitra Rajasa Tbk plans to acquire PT Realita Jaya Mandiri and PT Masindo Artha Resources in South Sumatra, which are worth around US$40 million.
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- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- PTC India Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
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