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