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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, 02 May 09
BUMI'S FIRST-QUARTER PROFIT RISES 21% ON COAL PRICE - BLOOMBERG
PT BUMI RESOURCES, Asia’s biggest exporter of power-station coal, said first-quarter profit rose 21 percent after it earned higher prices for ...
Saturday, 02 May 09
COAL PRICES TO RISE ON CHINESE SUPPLY, INDIAN DEMAND, UBS SAYS
Peter Hickson, an analyst with UBS AG in London, comments on prices for thermal coal, burned to generate power. He commented in a report today.
& ...
Thursday, 30 April 09
SAN MIGUEL IN TALKS TO BUY STAKE IN ADARO - REUTERS
San Miguel Corp is in talks to buy a stake worth about $500 million in Adaro Energy , Indonesia's largest coal producer by market value, the Philip ...
Wednesday, 29 April 09
BAYAN READY TO OPERATE WORLD'S LARGEST COAL QUALITY IMPROVEMENT FACILITY - MAJALAH TAMBANG
PT. Bayan Resources Tbk. (hereinafter referred to as Bayan), an Indonesian coal manufacturer, announced that they are ready to operate the world's ...
Wednesday, 29 April 09
NEW GOV'T REGULATION SHOULD INCORPORATE CONFLICT SETTLEMENT BODY - ICMA (MAJALAH TAMBANG)
A draft government regulation on mineral and coal is currently in a process of completion. The Indonesian Coal Mining Association (ICMA) proposed th ...
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- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Planning Commission, India
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