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