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