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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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Saturday, 30 May 09
COAL INDIA SIGNS FUEL SUPPLY AGREEMENT WITH NTPC - SINDHTODAY
India’s largest coal miner Coal India Friday inked a much-awaited fuel supply agreement (FSA) with power generation major NTPC Ltd.
In the ...
Friday, 29 May 09
INDONESIA PLANS "CLEARING HOUSE" FOR COAL - ALIBABA
Alibaba reported that, Indonesia, the world's biggest thermal coal exporter, plans to set up an agency similar to a clearing house to trade stocks ...
Friday, 29 May 09
INDIKA EYES MORE ACQUISITIONS - THE JAKARTA POST
Having nearly completed the acquisition of engineering and mining company PT Petrosea, energy company PT Indika Energy is preparing for more acquisi ...
Friday, 29 May 09
PTBA PAYS DIVIDENDS OF RP 371.5 A SHARE - THE JAKARTA POST
The annual shareholders' meeting of state-controlled coal producer PT Tambang Batubara Bukit Asam (PTBA) approved on Thursday the allocation of 50 ...
Thursday, 28 May 09
INDIANS CHOOSE SOUTH AFRICA COAL OVER INDONESIAN - MINEWEB (REUTERS)
South African cargoes are about $4 a tonne cheaper than Indonesian coal, as a result India now prefers South Africa .
Indian imports of South Afr ...
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- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- PTC India Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
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