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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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Friday, 22 May 09
CHURCHILL DOUBLES INDONESIAN COAL PROJECT RESOURCE ESTIMATE - STEEL GURU
Mining Weekly quoted Churchill Mining as saying that the resource at its East Kutai coal project in Indonesia has more than doubled to 3.18 billion ...
Friday, 22 May 09
INDONESIA`S BUKIT ASAM TO HAVE POWER PLANT IN 2011 - ANTARA
The construction of a power plant in South Sumatra by coal mining company PT Tambang Batubara Bukit Asam will be completed in April 2011.
T ...
Friday, 22 May 09
NOBLE WINS CONTROL OF AUSTRALIA'S GLOUCESTER COAL - BLOOMBERG
Noble Group Ltd., a Hong Kong- based commodity supplier, won control of Australia’s Gloucester Coal Ltd. after last week raising its cash bid ...
Thursday, 21 May 09
FBR STARTS COVERAGE OF SHIPPING SECTOR - REUTERS
Friedman Billings Ramsey began coverage of the shipping industry, saying the sector, which is amidst a deep cyclical downturn, is poised for a recov ...
Thursday, 21 May 09
INDONESIAN COAL PRODUCTION IN Q1 BELOW TARGET - STEEL GURU
Mr Bambang Gatot Ariyono director for coal and mineral development at the Energy and Mineral Resources Ministry said that the coal production in the ...
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- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- The University of Queensland
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
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