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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, 13 April 09
INDIA'S NTPC FOURTH-QUARTER PROFIT RISES 30% ON POWER OUTPUT - BLOOMBERG
NTPC Ltd., India’s biggest electricity generator, said profit rose 30 percent in the fourth quarter after higher efficiency helped production. ...
Thursday, 09 April 09
INDONESIAN CILACAP, FISHERMEN PROTEST COAL BARGES ANCHORING IN BAY - THE JAKARTA POST
Fishermen in Cilacap, Central Java, have protested against the presence of dozens of coal barges lying at anchor in Teluk Penyu Bay, claiming they a ...
Thursday, 09 April 09
INDONESIA'S PLN (STATE ELECTRICITY COMPANY) TO SET POWER PURCHASE PRICES FOR INDEPENDENT PRODUCERS - THE JAKARTA POST
State power company PT PLN holds the mandate to set power purchase prices to buy electricity produced by its (IPP) business partners, aiming at flex ...
Wednesday, 08 April 09
ARCELORMITTAL BUYS STAKE IN COAL OF AFRICA - MINEWEB
Steel maker, ArcelorMittal SA, has acquired a 16.3 percent stake in Coal of Africa Ltd. for $44.98 million in cash.
ArcelorMittal SA, the South A ...
Wednesday, 08 April 09
EXPORTS AT AUSTRALIA NEWCASTLE COAL PORT FALL ON STORM -MINING-JOURNAL
Coal exports from Australia's Newcastle port, the world's largest coal export terminal, fell roughly 18% last week to a 4½-month low, as ro ...
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- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Planning Commission, India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Parliament of New Zealand
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
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