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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, 23 March 09
STRAITS TO SELL STAKE IN COAL ASSETS TO PTT -THEAUSTRALIAN.NEWS.COM
STRAITS Resources will sell a 60 per cent stake in its Indonesian coal assets to Thailand's PTT International Co. for $US335 million.
The transa ...
Monday, 23 March 09
BMA TAKES 60 PCT CUT IN JAPAN COKING COAL PRICE-CITI - REUTERS
BHP Billiton Mitsubishi Alliance (BMA), the world's top coking coal exporter, has agreed to accept a discount of around 60 percent for the steel-ma ...
Sunday, 22 March 09
SHENHUA ENERGY'S 2009 COAL PRODUCTION MAY GAIN 8% - BLOOMBERG
China Shenhua Energy Co., the nation’s biggest coal producer, may increase production of the energy fuel by about 8 percent this year, slower ...
Friday, 20 March 09
INDONESIA ORDERS TEMPORARY HALT AT BAYAN COAL MINE - REUTERS
Indonesia has ordered a coal mining unit of PT Bayan Resources to temporarily stop production for operating outside approved areas, a government off ...
Friday, 20 March 09
COKING-COAL PRICE STRUCK AT $115-$125, CITIGROUP SAYS - BLOOMBERG
BHP Billiton Ltd., the world’s largest miner, agreed with Nippon Steel Corp. to benchmark coking coal prices of $115 to $125 a metric ton, Cit ...
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- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
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