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