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