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