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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, 13 May 09
COAL SUPPLY MAY BE VASTLY OVERESTIMATED - ABC SCIENCE
The world's coal supply suggests reserves may be vastly overestimated and we could be facing an unprecedented global energy crisis, according to a ...
Wednesday, 13 May 09
INDONESIA ADARO NET PROFIT, REVENUE TO RISE IN 2009 - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, expects double-digit growth in revenue and net profit this year, an officia ...
Wednesday, 13 May 09
ALPHA TO BUY RIVAL, CREATING NEW US COAL HEAVYWEIGHT - MININGWEEKLY.COM
Alpha Natural Resources, the biggest supplier of metallurgical coal in the US, has agreed to buy Maryland-based rival Foundation Coal for about $1,4 ...
Tuesday, 12 May 09
CHINA MINERS CUT COAL PRICE OFFER TO JAPAN UTILITIES - ALIBABA.COM
* Producers cut offer to $75.50 a tonne from over $80
* Negotiations may conclude soon as price gap narrows
* New offer at discount of about 43 pe ...
Tuesday, 12 May 09
INDO TAMBANGRAYA SEES 2010 COAL OUTPUT UP 25 PCT - REUTERS
Indonesian coal miner, PT Indo Tambangraya Megah (ITMG.JK), expects coal output to increase by up to 25 percent next year as production kicks in at ...
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- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
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