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Friday, 01 May 09
DEUTSCHE, BECKKETT CLAIMING ADARO WIN - THE JAKARTA GLOBE
Both Deutsche Bank AG and Beckkett, an investment firm controlled by Indonesian tycoon Sukanto Tanoto, claimed victory on Tuesday after Singapore’s highest court ruled that while Deutsche Bank had not taken proper steps to sell a $100 million stake in Indonesia’s second-biggest coal mine, Deutsche could counterclaim as much as $86.9 million in losses.
The case is the result of an epic seven-year battle between two of Indonesia’s richest families for control of Adaro Indonesia — the country’s second-biggest coal mining company — that began in 2002 in the wake of the Asian financial crisis after a Beckkett company, Asminco, defaulted on the loan, made by Deutsche Bank.
Beckkett claimed that Deutsche had sold off the shares to a company controlled by Edwin Soeryadjaya, without informing Beckett and at an extreme discount.
The Singapore Court of Appeal ruled on Monday that Deutsche may have to pay unspecified damages for not getting the best price for the shares, which were sold for $46 million to a company controlled by Edwin, the owner of Astra International Group
'The claim by Beckkett is ridiculous and entirely speculative. Deutsche Bank will have the opportunity to present its evidence.'
Michael West
However, the court also ruled that the German bank had lost the balance of the loan, plus interest and costs totaling $86.5 million, in the wake of the default.
Both sides will go back to court in an attempt to assess damages, with Beckkett claiming Deutsche is liable for as much as $150 million.
Beckkett lost control of Adaro to Edwin when the German bank sold the shares it held as collateral for an Asminco loan worth $100 million to Dianlia Setyamukti, controlled by Edwin for $46 million.
Beckkett has repeatedly alleged in Singaporean and Indonesian courts that Deutsche Bank had sold the shares for far less than they were worth and has so far vainly sought to recover them through lawsuits.
Although a Singapore high court ruled in 2007 that Deutsche Bank had acted lawfully and in good faith in the sale of the Beckkett stake, the appellate court ruled it had not taken proper steps to sell the stake and that another hearing would be necessary to determine damages.
The court, however, did uphold Deutsche Bank’s claim of losses for the balance of the loan after the sale of the pledged shares and interest and costs, allowing both sides to claim victory.
Michael West, a Deutsche Bank spokesman, said in an e-mail to the Jakarta Globe that the court’s ruling was a confirmation that the bank had acted lawfully, allowing Deutsche to counterclaim the loan and other losses.
However, Rizal Maris, a Beckkett spokesman, also said in an e-mail to the Globe on Tuesday, that Deutsche Bank may have to compensate the company following the court verdict.
“Taking into account the accrued interest on $276 million until today and even after setting off the bank’s counterclaim in full, the amount of damages owing to Beckkett by the bank could still be in excess of $150 million,” Rizal said.
“The claim by Beckkett is ridiculous and entirely speculative,” West said. “Deutsche Bank will have the opportunity to present its evidence supporting its valuation.”
Source: http://www.thejakartaglobe.com/business/article/18082.html
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Tuesday, 02 June 09
ADARO MAY RAISE COAL SALES TO CHINA, INDIA PLANTS - THE JAKARTA GLOBE
PT Adaro Energy, the country’s second-largest coal producer, may increase sales of power-plant coal to China and India on signs of a global ec ...
Monday, 01 June 09
LAHAT RELIES ON COAL FOR GROWTH
Lahat regency in South Sumatra spans 6,618.27 square kilometers, encompasses 19 districts and covers 528 subdistricts and villages. It is inhabited ...
Monday, 01 June 09
LANDED COST OF IMPORTED COAL HAS INCREASED BY 10 - 15% COMPARE TO EARLY THIS YEAR - PAKISTAN TRADERS
COALspot.com (Pakistan): Due to visiting non commercial vessels occupied commercial berths in Karachi port, coal carrying vessels were sufferi ...
Monday, 01 June 09
LAHAT RELIES ON COAL FOR GROWTH - THE JAKARTA POST
Lahat regency in South Sumatra spans 6,618.27 square kilometers, encompasses 19 districts and covers 528 subdistricts and villages. It is inhabited ...
Saturday, 30 May 09
THE CHINESE IMPORTS OF IRON ORE,COAL AND NICKEL ORE SEEMED TO BE STEADY - VISTAAR SINGAPORE
COALspot.com (Singapore): VISTAAR Shipping Pte Limited, an experienced ship operator from Singapore,said, the Baltic index rally continued this week ...
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- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
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