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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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Tuesday, 30 November 99
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Showing 6871 to 6871 news of total 6871 |
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- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Aditya Birla Group - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
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- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
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- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
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- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
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- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
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- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
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- Kapuas Tunggal Persada - Indonesia
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- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
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- Jindal Steel & Power Ltd - India
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- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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