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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, 05 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE - BLOOMBERG
COAL shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 18 percent last week while the numb ...
Tuesday, 05 May 09
INDONESIA'S ADARO PAYS $78.6 MLN FOR COAL-BARGING FIRM - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, said late on Monday it paid $78.6 million for a 74 percent stake in Orchard ...
Tuesday, 05 May 09
PHILIPPINES SEMIRARA STILL EXPECTS HIKE IN COAL SALES - BUSINESS MIRROR
DESPITE the anticipated soft demand resulting from the prevailing global financial crisis, the country’s largest coal producer Semirara Mining ...
Monday, 04 May 09
VISTAAR SINGAPORE SAYS, THIS MONTH DRY BULK FREIGHT LIKELY TO COME DOWN
COALspot.com (Singapore) - VISTAAR shipping Services Pte Limited of Singapore, said, the beginning of last week started with bit of weakness an ...
Monday, 04 May 09
PNOC-EC TO GROW COAL OPERATIONS - PHILIPPINE DAILY INQUIRER
LISTED firm Philippine National Oil Co.-Exploration Corp. plans to expand its operations this year to ensure the steady supply of coal and fur ...
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- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Mercator Lines Limited - India
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