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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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Wednesday, 01 April 09
COAL FIRMS' PROFITS NOT EXPECTED TO GROW IN '09 - - THE JAKARTA POST (ANALYSTS)
Despite their windfall profits in 2008, analysts doubt that PT Bumi Resources Tbk or any other coal firms will post profit growth this year, with pr ...
Tuesday, 31 March 09
DEUTSCHE BANK TO ADD COAL, GAS, SHIPPING IN COMMODITY EXPANSION - BLOOMBERG
Deutsche Bank AG, after quadrupling revenue from commodities in two years, plans to add coal, European natural-gas and shipping to its business, ant ...
Monday, 30 March 09
CHINA SHENHUA SAYS AGREES DOMESTIC COAL DEALS - REUTERS
Chinese coal mining giant China Shenhua Energy Co has agreed long-term contracts with some Chinese power producers, its President Ling Wen said on M ...
Sunday, 29 March 09
SHENHUA ENERGY 2008 NET RISES 29% TO RECORD ON PRICES - BLOOMBERG
China Shenhua Energy Co Ltd., the nation’s biggest coal producer, said profit rose 29 percent to a record in 2008 after it increased productio ...
Friday, 27 March 09
SOUTH AFRICAN COAL EXPORTS EXPECTED TO RISE IN 2009, BUT RAIL WILL DETERMINE BY HOW MUCH - MININGWEEKLY
South Africa has an expanding coal-export terminal, but an uncertain rail capacity.
The mismatch is something South Africa cannot afford, given i ...
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- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Planning Commission, India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- The University of Queensland
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
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