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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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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 ...
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Showing 6806 to 6810 news of total 6871 |
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- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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