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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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Sunday, 08 March 09
AUSTRALIA'S FELIX STUDYING COAL ACQUISITIONS IN INDIA, INDONESIA
Bloomberg reported that, Felix Resources Ltd., an Australian supplier of coal to Korea and Japan, is studying acquisitions of energy coal assets in ...
Saturday, 07 March 09
THERMAL COAL PRICES MAY DROP, STANDARD CHARTERED SAYS
Bloomberg reported that, Coal prices may decline as a slump in demand for the fuel outpaces cuts in production, Standard Chartered Plc said.
Exp ...
Friday, 06 March 09
STRAITS ASIA EYES 3RD MINE
Straitstimes reported that, Mining company Straits Asia Resources is on an expansion trail to more than double its output by 2012.
Amid the econo ...
Friday, 06 March 09
INDONESIA MAY MISS 2009 COAL OUTPUT TARGET-OFFICIAL
Indonesia, the world's top thermal coal exporter, may fail to achieve its coal production target this year as the global economic crisis dents dema ...
Friday, 06 March 09
POWER FIRMS HEAD TO INDONESIA FOR COAL
The Hindu Businessline reported that, The enactment of a new, more liberal, mining legislation in Indonesia is drawing coal-starved Indian power uti ...
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- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
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- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
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