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