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