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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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Tuesday, 12 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 ...
Tuesday, 12 May 09
BANPU'S PROFIT DOUBLES TO RECORD AFTER SALES JUMP - BLOOMBERG
BANPU Pcl, Thailand’s biggest coal producer, reported first-quarter profit more than doubled to a record after higher prices for the fuel boos ...
Tuesday, 12 May 09
COAL IN PLACE, GMR PLANS 2,000-MW THERMAL PLANT - BUSINESS-STANDARD
GMR ENERGY, a subsidiary of Bangalore-based infrastructure company GMR Infrastructure Ltd, is planning to set up a 2,000-Mw thermal power plant near ...
Monday, 11 May 09
SOUTH AFRICA PROBLEMS SLOW INDIA COAL BUYING - MINE WEB
Indian imports of South African coal are likely to be close to 12 million tonnes in 2009, up from 10 million last year.
Indian coal buyers were a ...
Saturday, 09 May 09
THE WEEK SAW BIT OF HECTIC ACTIVITY IN THE FREIGHT MARKET - VISTAAR SHIPPING
COALspot.com (Singapore) : VISTAAR Shipping Pte Limited, one of the experienced ship operator in Singapore, said, the week saw bit of hectic ac ...
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Showing 6761 to 6765 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- The University of Queensland
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
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