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