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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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Monday, 20 April 09
PT PAMAPERSADA SEES ITS REVENUE TO CLIMB BY 20% IN 2009 - STEELGURU
PT Pamapersada Nusantara, a unit of Indonesia's PT United Tractors, said that its 2009 profit will be similar to last year, even as it forecasts re ...
Monday, 20 April 09
NIPPON STEEL SEMI-SOFT COAL PRICE SAID TO DROP 67% - BLOOMBERG
Nippon Steel Corp., Japan’s largest mill, will pay up to 67 percent less for semi-soft coking coal this fiscal year, two industry executives w ...
Monday, 20 April 09
INTERNATIONAL INVESTORS SEEK TO SELL ADARO STAKES - MONEY.CNN
Some international investors in PT Adaro Energy ( ADRO.JK) have approached other companies to sell around a combined 17% stake in the coal miner via ...
Friday, 17 April 09
BHATIA COAL INDIA, VITOL IN DISPUTE - COAL JUNCTION
Bhatia Coal India, a subsidiary of the Bhatia International Group, terminated a coal supply contract with traders Vitol and has initiated arbitratio ...
Friday, 17 April 09
JSW TO BUY THERMAL COAL MINE IN AFRICA
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million tons, to min ...
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- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
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