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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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Tuesday, 21 April 09
INDONESIAN GOVT TO ALLOW UNDERGROUND MINING IN PROTECTED FORESTS - THE JAKARTA POST
The government will issue a regulation allowing mining companies to carry out underground mining in protected forests.
"This regulation will ...
Tuesday, 21 April 09
INDONESIAN GOVT LIKELY TO MISS INVESTMENT TARGETS FOR ENERGY, MINING - THE JAKARTA POST
The total value of investments in energy and mining sectors by the end of the year is likely to be below the government’s target, as a result of ...
Monday, 20 April 09
INDONESIAN COAL MINING ASSOCIATION CALLED TO CONTROL MINERS - MAJALA TAMBANG
The Indonesian Coal Mining Association (ICMA) is called to expand its membership further in view of controlling the conduct of miners in the nationa ...
Monday, 20 April 09
BANPU PLANS TO SHIP 2 MLN T COAL TO CHINA IN 09 - REUTERS
Banpu, Thailand's largest coal miner, plans to increase coal shipments to China by about 30 percent to 2 million tonnes in 2009, company officials ...
Monday, 20 April 09
INDO TAMBANGRAYA 2009 OUTPUT TO GO UP 16% - THE JAKARTA POST
Indonesia's third largest coal producer, publicly listed PT Indo Tambangraya Megah (ITM), is targeting to raise production by 16 percent this year ...
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- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
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