(SINGAPORE) The long- drawn dispute involving some of Indonesia's most prominent businessmen over shares in Indonesia's second biggest coal mine, PT Adaro, is finally over.

Yesterday, the High Court found that Deutsche Bank breached its mortgagee duty by selling shares in PT Adaro without the knowledge of Beckkett, which controlled the coal mine, after Beckkett defaulted on a US$100 million loan.

However, Justice Kan Ting Chiu awarded Beckkett nominal damages of $1,000 because it failed to show that Deutsche Bank sold the shares below value.

Justice Kan also dismissed Beckkett's claim that Deutsche Bank conspired to sell the shares to Indonesian company Dianlia Setyamukti (DSM) for less than they were worth.

Beckkett said in court documents that in 2002, Deutsche sold the shares to DSM for about US$46 million whereas Beckkett claims that they were worth closer to US$233 million based on other deals in the sector.

Justice Kan further dismissed Deutsche Bank's counterclaim against Beckkett for over US$110 million in outstanding loan and interest payments they guaranteed in 1997.

Singapore-registered Beckkett's shareholders include Sukanto Tanoto who controls Indonesian pulp-and-paper firm APRIL and Hashim Djojohadikusumo, a businessman with close family ties to former Indonesian president Suharto.

DSM is led by businessman Edwin Soeryadjaya, whose family used to control Indonesian carmaker Astra International.

Each party will bear its own costs, although Beckkett is to pay costs in the claim of conspiracy, and Deutsche is to pay costs in its counter claim.

The decision has left both sides claiming victory.

A spokesman for Beckkett said: 'This result affirms the claims we have been making all along: that Deutsche Bank did not undertake the sale of our shares in a proper manner.

'It has taken five years to overcome repeated obstruction by the defendants. But we believed from Day One that the truth would prevail.'

And a spokesman for Deutsche Bank said: 'This judgment fully vindicates Deutsche Bank's legal position and actions in recovering a long overdue debt. In confirming the lender's rights, it will be welcomed by the broader banking community.

'Beckkett made a claim for at least US$133 million and was awarded S$1,000. This judgment speaks for itself.'

Yesterday, DSM said that it welcomed the decision by the court clearing the company of any wrongdoing relating to its purchase of shares in PT Adaro from Deutsche Bank in 2002.

Hearings which began in the High Court in February last year saw several twists. While Beckkett presented its case and called its witnesses, Deutsche surprised observers by submitting that it had no case to answer.

Co-defendant DSM, however, proceeded to defend itself and call its witnesses.

A consortium of banks and strategic investors - including the Government of Singapore Investment Corp, Goldman Sachs, Citigroup - bought Adaro from DSM in June 2005 for about US$950 million.

Senior counsel K Shanmugam from Allen & Gledhill represented Deutsche Bank while senior counsel Steven Chong from Rajah & Tann represented Beckkett.