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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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Wednesday, 27 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE 3.6% - BLOOMBERG
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 3.6 percent last week while the num ...
Wednesday, 27 May 09
EUROPEAN COAL PRICES FOR 2010 SETTLEMENT DROP TO 11-DAY LOW - BLOOMBERG
Benchmark European coal derivatives declined to an 11-day low as oil prices slumped.
Coal for delivery to Amsterdam, Rotterdam or Antwerp with se ...
Tuesday, 26 May 09
NEW MINING PERMITS TO BE OBTAINABLE WITHIN TWO WEEKS' TIME - MAJALAHTAMBANG
The Indonesian government is currently formulating a procedure for companies willing to obtain mining permits (IUP in its Indonesian abbreviation). ...
Tuesday, 26 May 09
KADIN CALLS FOR BIGGER RECOGNITION OF MINING SECTOR - MAJALAHTAMBANG
The Indonesian Chamber of Commerce and Industry (KADIN Indonesia) had called other sectors, particularly the forestry and the land administration se ...
Tuesday, 26 May 09
TUTICORIN PORT TO INVEST RS 700CR FOR COAL HANDLING FACILITIES
Business Standard reported that, The Tuticorin Port will develop coal handling facilities for state-run Neyveli Lignite Corporation (NLC) and Coasta ...
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- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
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