We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 6726 to 6730 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- VISA Power Limited - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
|
| |
| |
|
