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.
|
|
Monday, 25 May 09
MMTC TO IMPORT 12.5 MN TN COAL FOR NTPC
India's State-run trading firm MMTC Ltd will import 12.5 million tonnes of coal this fiscal for the country’s largest power producer, NTPC. M ...
Saturday, 23 May 09
THE SPOT SUPRAMAX CONTINUED TO BE FIRM - VISTAAR SINGAPORE
COALspot.com (Singapore) : VISTAAR Shipping Pte Limited, an experienced ship operator from Singapore, said, the beginning of the week continued ...
Saturday, 23 May 09
INDONESIA'S COAL OUTPUT SLUMPS IN Q1 ON LOWER PRICES, FALLING DEMAND - THE JAKARTA GLOBE
Falling international coal prices, bad weather and other problems cut first-quarter coal output by 50 percent to 30 million tons against an initial ...
Saturday, 23 May 09
INDIAN GOVT PLANS TO BUILD FIVE COAL-BASED POWER PLANTS AT $3.5B TO END CRISIS - THE FINANCIAL EXPRESS
The government has started working on a plan to set up five coal-based power plants with combined capacity of 2,500 mega watt to solve the country' ...
Saturday, 23 May 09
INTERNATIONAL COAL VENTURES PVT LTD FORMED - INDIA SERVER
National Thermal Power Corporation Limited (NTPC Ltd), the largest thermal power generating company of India, has entered into a joint venture with ...
|
|
|
Showing 6736 to 6740 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Parliament of New Zealand
- White Energy Company Limited
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Planning Commission, India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
|
| |
| |
|
