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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, 06 April 09
RICHARDS BAY COAL TERMINAL EXPORTS ROSE 5 PERCENT IN MARCH - BLOOMBERG
South Africa’s Richards Bay Coal Terminal, the world’s largest coal-export facility, shipped 5 percent more coal in March than the same ...
Monday, 06 April 09
INDIA'S OSWAL CHEM EYES INDONESIAN COAL MINES -ECONOMICTIMES
Oswal Chemicals and Fertilisers (OCFL), part of Abhay Oswal-led Oswal group, has initiated talks with three separate Indonesian coal firms to ...
Thursday, 02 April 09
FOREIGNERS ALSO CHEER FOR INDONESIA'S THE NEW MINING LAW - MAJALA TAMBANG
Three mining giants, Australia's Rio Tinto along with Canada's Barrick Gold and Southern Arc, are among foreign corporations currently applying fo ...
Wednesday, 01 April 09
INDONESIAN GOVERNMENT REVISES MINING REVENUE TARGET DOWN 26% - THE JAKARTA POST
Government income from mining this year, excluding taxes, is expected to drop by about 26 percent to Rp 11 trillion ($957 million), primarily becaus ...
Wednesday, 01 April 09
INDONESIAN OFFICIAL CLAIMS NEW LEGISLATION IS VINDICATED AS OVERSEAS FIRMS LINE UP FOR MINING LICENSES - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry is expected to issue six mining licenses under the country’s new mining law over the next two months ...
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Showing 6816 to 6820 news of total 6871 |
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- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
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