Two of Indonesia’s richest tycoons have failed to win back their stake in the country’s second largest coal miner after a court ruled Deutsche Bank did not conspire to sell the shares below value once the businessmen defaulted on a $100m loan owed to the bank.

However, Judge Kan Ting Chiu, at the Singapore High Court, decided that the German bank failed to discharge its duties as mortgagee to Sukanto Tanoto and Hashim Djojohadikusumo when it sold their shares in Adaro Indonesia, a coal mine in Kalimantan, and Indonesia Bulk Terminal, a terminal operator that served Adaro’s mine, for $46m.