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