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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, 18 March 09
MANILA'S NAPOCOR SAYS BIDDING FOR 100,000T COAL FAILS - REUTERS
Top Philippine electricityproducer National Power Corp (Napocor) was unable to secure 100,000 tonnes of local coal for one of its power plantsfollow ...
Wednesday, 18 March 09
INDONESIA'S PLN APPOINTS KPC TO SUPPLY COAL - REUTERS
State electricity firm Perusahaan Listrik Negara (PLN) appointed PT Kaltim Prima Coal to supply 1 million tonnes of coal per annum to Tanjung Jati B ...
Monday, 16 March 09
TATA POWER HAS NO PLAN TO SELL STAKE IN INDONESIA BUMI MINES - BLOOMBERG
Tata Power Co., India’s biggest electricity generator outside state control, said it has “no intention” to sell its stake in two I ...
Monday, 16 March 09
ANTAM SELECTS PARTNERS FOR POMALAA POWER PLANT - THE JAKARTA POST
PT Aneka Tambang Tbk, Indonesia’s second-largest nickel producer, said it intended to develop a $300 million coal-fired plant in Pomalaa, Sout ...
Monday, 16 March 09
ADARO TO BOLSTER SUPPLY CHAIN THROUGH ACQUISITIONS - THE JAKARTA POST
PT Adaro Energy Tbk, Indonesia's second-largest coal producer, plans to acquire a coal barging and transshipment company to improve its supply chai ...
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- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
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