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