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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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Saturday, 16 May 09
FREIGHT MARKET HAS BEEN EXTREMELY BUOYANT - VISTAAR SINGAPORE
COALspot.com (Singapore): The week saw the BDI rally continuing and the market freight market has been extremely buoyant, VISTAAR Shipping Pte Limit ...
Friday, 15 May 09
INDIKA EXPECTS TO INCREASE COAL PRODUCTION BY 12.68% IN 2010 - THE JAKARTA POST
ENERGY and infrastructure company PT Indika Energy, the parent company of Indonesia's third largest coal producer PT Kideco Jaya Agung, expects its ...
Thursday, 14 May 09
INDONESIA 2009 COAL OUTPUT REVISED DOWN - REUTERS
* Indonesia coal output seen at 240 million tonnes in 2009
* Coal exports down 11.2 pct to 44.79 mln tonnes in Q1 2009
* Production down 1.4 pct t ...
Thursday, 14 May 09
PAKISTAN WILL IMPORT 3.2 MILLION TON OF COAL IN 2009 - SEATRADE
COALspot.com (Pakistan) - SEATRADE Group of pakistan a single largest imported coal supplier in Pakistan, forecasting Pakistan steam coal imports wi ...
Wednesday, 13 May 09
ADARO, ITM EXPECT COAL GROWTH IN 2009
Adaro, which has a market capitalization of $3.64 billion, sells to 48 customers in 18 countries worldwide, including power utilities Thai Power and ...
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- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- The University of Queensland
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- White Energy Company Limited
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
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