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