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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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Sunday, 26 April 09
INDONESIAN GOVT SAYS COAL MINES CAUSE WEEKLONG FLOOD - THE JAKARTA POST
Samarinda administration in East Kalimantan admitted openly Thursday that the weeklong flood that paralyzed the city was caused by unruly management ...
Saturday, 25 April 09
FOREIGN SHARE DIVESTMENT STARTING THE 6TH YEAR OF PRODUCTION - MAJALAH TAMBANG
The government would set a divestment scheme for foreign miners, which would require companies to divest their ownership starting the 6th year of pr ...
Saturday, 25 April 09
INDO TAMBANGRAYA MEGAH ALLOCATED USD 126 MILLION FOR CAPITAL SPENDING - MAJALAH TAMBANG
Somyot Ruchirawat, President Director of PT Indo Tambangraya Megah, Tbk (ITMG), has announced the company's total dividend payment of Rp 1,345 per ...
Saturday, 25 April 09
MINING SECTOR IS STILL ON THE SURPLUS - THE JAKARTA POST
The global financial crisis is apparently also having an impact on the mining sector. People are thinking twice about investing in the mining sector ...
Saturday, 25 April 09
ADARO RUNS CATARACT OPERATION PROGRAM - THE JAKARTA POST
As part of its CSR program, thermal coal producer PT Adaro Indonesia has made cataract operations available to residents of Tandjung district, South ...
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- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- The University of Queensland
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
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