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