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Dianlia Setyamukti, a company controlled by Indonesian businessman Edwin Soeryadjaya, has said it does have a case to answer in the Singapore court case brought against it by Beckkett Group, a Singaporean firm in which Indonesian businessman Sukanto Tanoto is a shareholder.
Beckkett is trying to wrest back from Dianlia control of Adaro, Indonesia's biggest coal mine, and Indonesian Bulk Terminals. Deutsche Bank took Beckkett's shares in Adaro and sold them to Dianlia for $47m in 2001, after a company controlled by Beckkett defaulted on a loan from Deutsche for which the shares were collateral.
If the ownership of Adaro is unravelled by the court, it could affect the interests of investors in a $400m five year bond which Adaro issued in December through Goldman Sachs and JP Morgan.
Beckkett claims Deutsche Bank broke its "equitable duty" and conspired with Dianlia when it took possession of the shares and sold them for...