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.
|
|
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 ...
|
|
|
Showing 6776 to 6780 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
|
| |
| |
|
