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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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Wednesday, 25 March 09
MINISTER ASKS ROYALTIES BE PAID IN COAL, NOT CURRENCY - THE JAKARTA POST
Coal companies could pay their royalties to the government in coal, rather than in rupiah, under a proposal made by Energy and Mineral Resources Min ...
Wednesday, 25 March 09
INDONESIA'S STATE ELECTRICITY COMPANY DEMAND FOR COAL TO SOAR NEXT YEAR AS POWER OUTPUT RISES - THE JAKARTA POST
State electricity company PT PLN will need more coal next year as it seeks to generate more power through new plants operated by its subsidiary PT I ...
Tuesday, 24 March 09
INDONESIA'S KPC AGREES FIRST MAJOR CHINA COAL DEAL - REUTERS
Indonesian miner PT Kaltim Prima Coal last week agreed its first major long-term deal to sell thermal coal to China, with 1 million tonnes to be shi ...
Tuesday, 24 March 09
INDONESIA ANTAM'S SETS ASIDE $37 MLN FOR COAL MINES - REUTERS
Indonesian state-owned miner, PT Aneka Tambang Tbk, has allocated $37 million for acquiring coal mines, the company said on Monday.
Antam said la ...
Monday, 23 March 09
NIPPON STEEL, BMA AGREE TO 57 PCT CUT IN COAL PRICE - REUTERS
Nippon Steel Corp has agreed with Australia's BHP Billiton Mitsubishi Alliance (BMA) to pay $128 to $129 per tonne for coking coal in the year from ...
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- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- The University of Queensland
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
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