We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 6771 to 6775 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Planning Commission, India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
|
| |
| |
|
