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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, 20 May 09
COAL & OIL BAGS TWO CONTRACTS TO SUPPLY COAL TO CEMENT & SUGAR INDUSTRY IN INDIA
COALspot.com: According to website of Coal & Oil Company, Aditya Birla Group (Ultratech) have placed orders with Coal and Oil Company for supply ...
Wednesday, 20 May 09
CIL MAY URGE NEW GOVERNMENT TO HIKE COAL PRICE - STEELGURU
BL reported that soon after assuming office the new government may be faced with a proposal for an increase in prices of coal by Coal India Limited ...
Wednesday, 20 May 09
S.KOREA COAL IMPORTS IN APRIL DOWN 22 PCT Y/Y - REUTERS
South Korea's imports of heating coal in April fell 22 percent from a year earlier on bearish demand from domestic utilities, industry data showed ...
Wednesday, 20 May 09
THE WORLD'S TOP COAL TRADING COMPANIES - REUTERS
The international physical steam coal market has become increasingly liquid and tradeable during the past five years.
Physical global seaborne co ...
Wednesday, 20 May 09
SHIPPING INDEX RISES TO 7-MONTH HIGH AS CHINESE DEMAND ADVANCES - BLOOMBERG
The Baltic Dry Index, a measure of shipping costs for commodities, rose to a seven-month high in London on accelerating Chinese demand for iron ore. ...
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- Planning Commission, India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- The University of Queensland
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
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