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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, 09 May 09
CHINA PLANS TO BUILD COAL STOCKPILE BASES IN SHANDONG - BLOOMBERG
China, the world’s largest coal producer and consumer, plans to build stockpiles of the fuel in the eastern province of Shandong to ensure sup ...
Friday, 08 May 09
INDONESIAN STATE AUDIT BOARD COULD ONLY REACHED A SMALL NUMBER OF KP AND PKP2B - MAJALAHTAMBANG
THE LACK of personnel and the very limited time period have been the reasons why the 2nd semester of the special purpose audit for coal mining ...
Friday, 08 May 09
B.C.'S MINING INDUSTRY HIGH COAL PRICES TO RECORD 2008 PROFITS - PAGUNTAKA
AGGREGATE pre-tax earnings rose to $3.2 billion, the highest amount in the 41-year history of a PricewaterhouseCoppers survey.
B.C.’s minin ...
Thursday, 07 May 09
ASIA COAL-PRICES EASE TO NEAR $63 ON DEMAND CONCERNS - REUTERS
AUSTRALIAN thermal coal prices, a benchmark for Asia, edged lower to around $63 a tonne on concerns over demand, after hitting a two-week high of $6 ...
Thursday, 07 May 09
RICHARDS BAY COAL SHIPMENTS FALL MOST IN 9 MONTHS - BLOOMBERG
RICHARDS BAY Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments fell 24 percent last month, the biggest drop in nine mo ...
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- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Minerals Council of Australia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
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