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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, 16 March 09
COAL MINER BUKIT ASAM RECORDS 135% GAIN IN NET PROFIT FOR 2008 - THE JAKARTA GLOBE
Indonesia's state-owned coal miner PT Tambang Batubara Bukit Asam Tbk said its net profit jumped 135 percent last year, having sold more coal at hi ...
Saturday, 14 March 09
NATIONAL ALUMINIUM TO IMPORT COAL NEXT MONTH TO EASE SHORTAGE - BLOOMBERG
Bloomberg reported that, National Aluminium Co., India’s biggest alumina maker, plans to import as much as 150,000 metric tons of coal next mo ...
Friday, 13 March 09
VIETNAM APPROVES TWO COAL-FIRED POWER PLANTS TO MEET DEMAND -THANHNIENNEWS
Thanhnien News reported that, The government has approved a proposal to build two 2,400-megawatt coal-fired power plants in the provinces of Nam Din ...
Friday, 13 March 09
INDONESIAN STATE-RUN COMPANIES PROFIT MAY FALL 10% THIS YEAR -THANHNIENNEWS
Tanhnien news reported that, Indonesian state-run companies’ profits may fall about 10 percent this year as commodity prices decline, cutting ...
Thursday, 12 March 09
INDONESIA'S CIREBON ELEC IN TALKS ON COAL SUPPLIES - REUTERS
Reuters reported that, Indonesia's PT Cirebon Electric Power, an independent power producer, is in talks with a number of coal suppliers to seek a ...
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- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
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