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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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Thursday, 12 March 09
ANALYSIS-FIRST NEW JAPAN COAL DEAL MAY NOT SET BENCHMARK - FOREXPROS.COM
* Informal coal-deal practice may come to an end this year
* Buyers expected to ask for a discount
* Biggest losers may be Chinese coal suppli ...
Thursday, 12 March 09
DEPARTMENT RECEIVES REPORT FROM GEOLOGICAL BODY AND NEDO - ESDM
The Geological Body of the Department of Energy and Mineral Resources have presented their Joint Study on Evaluation of Coal Resources and Reserves ...
Wednesday, 11 March 09
TENAGA SHARES CLIMB AS LOWER COAL PRICES CUT COSTS - BLOOMBERG
Bloomberg reported that, Tenaga Nasional Bhd., Malaysia’s state-controlled utility, climbed the most in a month in Kuala Lumpur trading as coal ...
Wednesday, 11 March 09
POSCO WINS 63% CUT IN PULVERIZED COAL PRICES, MACQUARIE SAYS - BLOOMBERG
Bloomberg reported that, Posco, Asia’s third-biggest steelmaker, has settled the first pulverized coal contracts for 2009 at $90 a metric ton ...
Wednesday, 11 March 09
COAL EXPORTERS FEEL THE CHILL FROM ASIAN DOWNTURN -BUSINESS.SMH.COM
Business.smh.com reproted that, The demand for thermal coal - NSW's most valuable export - has begun to reduce dramatically in response to the need ...
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- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
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