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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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Monday, 27 April 09
JSW ENERGY SET TO SNAP UP AFRICAN COAL MINE FOR $70 MN - ECONOMIC TIMES
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million ...
Monday, 27 April 09
INDONESIA MINING RULES MAY DETER INVESTORS-OFFICIALS - REUTERS
Indonesia's rules on foreign divestment of mining projects must be revised to address issues such as finding buyers if Southeast Asia's biggest ec ...
Monday, 27 April 09
UNDERGROUND MINING IN FOREST AREAS NOT SO SIMPLE - THE JAKARTA POST
The government's plan to issue a presidential decree allowing mining companies to mine underground in protected forest concession areas has resulte ...
Monday, 27 April 09
COAL PRICES ABOVE FUNDAMENTALS - STUFF.CO.NZ
Coal prices have defied the gravity of fundamental factors, supported by stockpiling prompted by cheaper prompt prices rather than a reflextion of a ...
Sunday, 26 April 09
MITRA HOPES TO SECURE DEALS WITH TWO COAL FIRMS BY JUNE - THE JAKARTA POST
An integrated oil and gas services company, publicly listed PT Mitra Rajasa, is expecting to seal acquisition deals with two coal companies in June, ...
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- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
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