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