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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, 06 April 09
RICHARDS BAY COAL TERMINAL EXPORTS ROSE 5 PERCENT IN MARCH - BLOOMBERG
South Africa’s Richards Bay Coal Terminal, the world’s largest coal-export facility, shipped 5 percent more coal in March than the same ...
Monday, 06 April 09
INDIA'S OSWAL CHEM EYES INDONESIAN COAL MINES -ECONOMICTIMES
Oswal Chemicals and Fertilisers (OCFL), part of Abhay Oswal-led Oswal group, has initiated talks with three separate Indonesian coal firms to ...
Thursday, 02 April 09
FOREIGNERS ALSO CHEER FOR INDONESIA'S THE NEW MINING LAW - MAJALA TAMBANG
Three mining giants, Australia's Rio Tinto along with Canada's Barrick Gold and Southern Arc, are among foreign corporations currently applying fo ...
Wednesday, 01 April 09
INDONESIAN GOVERNMENT REVISES MINING REVENUE TARGET DOWN 26% - THE JAKARTA POST
Government income from mining this year, excluding taxes, is expected to drop by about 26 percent to Rp 11 trillion ($957 million), primarily becaus ...
Wednesday, 01 April 09
INDONESIAN OFFICIAL CLAIMS NEW LEGISLATION IS VINDICATED AS OVERSEAS FIRMS LINE UP FOR MINING LICENSES - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry is expected to issue six mining licenses under the country’s new mining law over the next two months ...
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- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- White Energy Company Limited
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- PTC India Limited - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
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