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.
|
|
Monday, 20 April 09
PT PAMAPERSADA SEES ITS REVENUE TO CLIMB BY 20% IN 2009 - STEELGURU
PT Pamapersada Nusantara, a unit of Indonesia's PT United Tractors, said that its 2009 profit will be similar to last year, even as it forecasts re ...
Monday, 20 April 09
NIPPON STEEL SEMI-SOFT COAL PRICE SAID TO DROP 67% - BLOOMBERG
Nippon Steel Corp., Japan’s largest mill, will pay up to 67 percent less for semi-soft coking coal this fiscal year, two industry executives w ...
Monday, 20 April 09
INTERNATIONAL INVESTORS SEEK TO SELL ADARO STAKES - MONEY.CNN
Some international investors in PT Adaro Energy ( ADRO.JK) have approached other companies to sell around a combined 17% stake in the coal miner via ...
Friday, 17 April 09
BHATIA COAL INDIA, VITOL IN DISPUTE - COAL JUNCTION
Bhatia Coal India, a subsidiary of the Bhatia International Group, terminated a coal supply contract with traders Vitol and has initiated arbitratio ...
Friday, 17 April 09
JSW TO BUY THERMAL COAL MINE IN AFRICA
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million tons, to min ...
|
|
|
Showing 6806 to 6810 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
|
| |
| |
|
