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