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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, 25 March 09
MINISTER ASKS ROYALTIES BE PAID IN COAL, NOT CURRENCY - THE JAKARTA POST
Coal companies could pay their royalties to the government in coal, rather than in rupiah, under a proposal made by Energy and Mineral Resources Min ...
Wednesday, 25 March 09
INDONESIA'S STATE ELECTRICITY COMPANY DEMAND FOR COAL TO SOAR NEXT YEAR AS POWER OUTPUT RISES - THE JAKARTA POST
State electricity company PT PLN will need more coal next year as it seeks to generate more power through new plants operated by its subsidiary PT I ...
Tuesday, 24 March 09
INDONESIA'S KPC AGREES FIRST MAJOR CHINA COAL DEAL - REUTERS
Indonesian miner PT Kaltim Prima Coal last week agreed its first major long-term deal to sell thermal coal to China, with 1 million tonnes to be shi ...
Tuesday, 24 March 09
INDONESIA ANTAM'S SETS ASIDE $37 MLN FOR COAL MINES - REUTERS
Indonesian state-owned miner, PT Aneka Tambang Tbk, has allocated $37 million for acquiring coal mines, the company said on Monday.
Antam said la ...
Monday, 23 March 09
NIPPON STEEL, BMA AGREE TO 57 PCT CUT IN COAL PRICE - REUTERS
Nippon Steel Corp has agreed with Australia's BHP Billiton Mitsubishi Alliance (BMA) to pay $128 to $129 per tonne for coking coal in the year from ...
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- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Siam City Cement - Thailand
- MS Steel International - UAE
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
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