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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, 18 March 09
MANILA'S NAPOCOR SAYS BIDDING FOR 100,000T COAL FAILS - REUTERS
Top Philippine electricityproducer National Power Corp (Napocor) was unable to secure 100,000 tonnes of local coal for one of its power plantsfollow ...
Wednesday, 18 March 09
INDONESIA'S PLN APPOINTS KPC TO SUPPLY COAL - REUTERS
State electricity firm Perusahaan Listrik Negara (PLN) appointed PT Kaltim Prima Coal to supply 1 million tonnes of coal per annum to Tanjung Jati B ...
Monday, 16 March 09
TATA POWER HAS NO PLAN TO SELL STAKE IN INDONESIA BUMI MINES - BLOOMBERG
Tata Power Co., India’s biggest electricity generator outside state control, said it has “no intention” to sell its stake in two I ...
Monday, 16 March 09
ANTAM SELECTS PARTNERS FOR POMALAA POWER PLANT - THE JAKARTA POST
PT Aneka Tambang Tbk, Indonesia’s second-largest nickel producer, said it intended to develop a $300 million coal-fired plant in Pomalaa, Sout ...
Monday, 16 March 09
ADARO TO BOLSTER SUPPLY CHAIN THROUGH ACQUISITIONS - THE JAKARTA POST
PT Adaro Energy Tbk, Indonesia's second-largest coal producer, plans to acquire a coal barging and transshipment company to improve its supply chai ...
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Showing 6836 to 6840 news of total 6871 |
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- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Parliament of New Zealand
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- The University of Queensland
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Planning Commission, India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
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