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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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Friday, 13 February 09
INDONESIA IS EXPECTED TO PRODUCE 225 MILLION TONES OF COAL IN 2009 - ENERGY MINISTRY
Indonesia, the world's top thermal coal exporter, will allocate 68.3 million tonnes of coal out of expected forecast production of 225 million ton ...
Friday, 06 February 09
INDONESIA'S COAL PORTS HAVE FORCED A RETHINK ON 'TRADITIONAL' HANDLING OPTIONS
Port Strategy reported that, Indonesia’s main coal-producing islands of Kalimantan, Sulawesi and Sumatra suffer from a scarcity of suitable la ...
Thursday, 22 January 09
MINISTER: MINING LAW PROHIBITS RAW MATERIAL EXPORT - ESDM
The Coal and Mining Law, approved during the House of Representatives plenary meeting on December 16, 2008 seeks to domestically increase mining com ...
Wednesday, 07 January 09
SOUTH KALIMANTAN COAL PRODUCTION EXPECTED TO INCREASE - ESDM
Coal production from the South Kalimantan region has the potential to increase in the next few years. Aside from the vast proven reserves of coal, s ...
Tuesday, 30 November 99
GLENCORE EXPECTS 2023 TRADING UNIT PROFITS OF UP TO $4 BLN - REUTERS
Glencore GLEN.L on Friday said it expects profits at its trading division this year of up to $4 billion, exceeding its long-term annual guidance.
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- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
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