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