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