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