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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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Tuesday, 21 April 09
INDONESIAN GOVT TO ALLOW UNDERGROUND MINING IN PROTECTED FORESTS - THE JAKARTA POST
The government will issue a regulation allowing mining companies to carry out underground mining in protected forests.
"This regulation will ...
Tuesday, 21 April 09
INDONESIAN GOVT LIKELY TO MISS INVESTMENT TARGETS FOR ENERGY, MINING - THE JAKARTA POST
The total value of investments in energy and mining sectors by the end of the year is likely to be below the government’s target, as a result of ...
Monday, 20 April 09
INDONESIAN COAL MINING ASSOCIATION CALLED TO CONTROL MINERS - MAJALA TAMBANG
The Indonesian Coal Mining Association (ICMA) is called to expand its membership further in view of controlling the conduct of miners in the nationa ...
Monday, 20 April 09
BANPU PLANS TO SHIP 2 MLN T COAL TO CHINA IN 09 - REUTERS
Banpu, Thailand's largest coal miner, plans to increase coal shipments to China by about 30 percent to 2 million tonnes in 2009, company officials ...
Monday, 20 April 09
INDO TAMBANGRAYA 2009 OUTPUT TO GO UP 16% - THE JAKARTA POST
Indonesia's third largest coal producer, publicly listed PT Indo Tambangraya Megah (ITM), is targeting to raise production by 16 percent this year ...
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Showing 6801 to 6805 news of total 6871 |
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- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
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