We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 27 February 09
WIKA TO ACQUIRE MINING COMPANY
The Jakarta Post reported that, Public listed state construction firm PT Wijaya Karya (Wika) is to acquire a mining contracting firm in the first se ...
Friday, 27 February 09
COASTAL ENERGEN INKS PACT WITH CHINESE FIRM FOR POWER EQUIPMENT
My Digital Fc reported that, Dubai-based Coal and Oil Group, which is setting up a 1,200MW thermal power plant in Tamil Nadu, has tied-up with China ...
Thursday, 26 February 09
GMR INFRA COMPLETES INDONESIAN BUY
Blonnet reported that, GMR Infrastructure Ltd today confirmed the acquisition of an Indonesian coal mining company for a consideration of $80 millio ...
Wednesday, 25 February 09
INDONESIAN GOVERNMENT TO REGULATE MINIMUM COAL SELLING PRICES
The Jakarta Post reported that, To complement the recent enactment of the new mining law, the government is preparing to introduce a coal pricing in ...
Thursday, 19 February 09
GEOTHERMAL ENERGY DOMINATES 10.000 MW POWER PROJECT - ESDM
The role of coal as a source of energy is superseded by geothermal energy to power the second phase of the 10.000 megawatt (MW) power plant project. ...
|
|
|
Showing 6861 to 6865 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Posco Energy - South Korea
- ASAPP Information Group - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
|
| |
| |
|
