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