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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, 13 April 09
INDIA'S NTPC FOURTH-QUARTER PROFIT RISES 30% ON POWER OUTPUT - BLOOMBERG
NTPC Ltd., India’s biggest electricity generator, said profit rose 30 percent in the fourth quarter after higher efficiency helped production. ...
Thursday, 09 April 09
INDONESIAN CILACAP, FISHERMEN PROTEST COAL BARGES ANCHORING IN BAY - THE JAKARTA POST
Fishermen in Cilacap, Central Java, have protested against the presence of dozens of coal barges lying at anchor in Teluk Penyu Bay, claiming they a ...
Thursday, 09 April 09
INDONESIA'S PLN (STATE ELECTRICITY COMPANY) TO SET POWER PURCHASE PRICES FOR INDEPENDENT PRODUCERS - THE JAKARTA POST
State power company PT PLN holds the mandate to set power purchase prices to buy electricity produced by its (IPP) business partners, aiming at flex ...
Wednesday, 08 April 09
ARCELORMITTAL BUYS STAKE IN COAL OF AFRICA - MINEWEB
Steel maker, ArcelorMittal SA, has acquired a 16.3 percent stake in Coal of Africa Ltd. for $44.98 million in cash.
ArcelorMittal SA, the South A ...
Wednesday, 08 April 09
EXPORTS AT AUSTRALIA NEWCASTLE COAL PORT FALL ON STORM -MINING-JOURNAL
Coal exports from Australia's Newcastle port, the world's largest coal export terminal, fell roughly 18% last week to a 4½-month low, as ro ...
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Showing 6811 to 6815 news of total 6871 |
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- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
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