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