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, 25 April 09
KPC DEVELOPS EAST KALIMANTAN WITH GOVT - THE JAKARTA POST
Kaltim Prima Coal (KPC) focuses on several areas in its CSR projects to help the government increase the welfare of the community living around the ...
Friday, 24 April 09
NAPOCOR TO TENDER FOR 195,000 T COAL - ABS-CBNNEWS.COM
Top Philippine electricity producer National Power Corp. (Napocor) said on Friday it will hold a tender on May 20 to buy 195,000 tons of steam coal ...
Friday, 24 April 09
NTPC TO DELVE INTO CONTRACT MINING - ECONOMICTIMES
NTPC, India’s largest power producer, plans to cash in on its decades-old experience in handling coal mines by spinning off a separate u ...
Wednesday, 22 April 09
PROTECTED FORESTS FACING UNDERGROUND MINING THREAT - THE JAKARTA POST
The government is soon to issue a presidential regulation allowing mining companies to mine underground in protected forest areas, despite a recent ...
Tuesday, 21 April 09
MITRA RAJASA TO ACQUIRE TWO MINING COMPANIES - THE JAKARTA POST
PT Mitra Rajasa Tbk plans to acquire PT Realita Jaya Mandiri and PT Masindo Artha Resources in South Sumatra, which are worth around US$40 million.
...
|
|
|
Showing 6796 to 6800 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
|
| |
| |
|
