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