Bumi hit by another exit as Takeover Panel seeks answers
The soap opera continued at Bumi yesterday after yet another board member was forced to resign from the conflict-riven Indonesian coal miner created by Nat Rothschild and the Bakrie family in November 2010.
In a day of action, the Takeover Panel ruled that there was improper disclosure about the close relationship between two key shareholders – the Bakrie brothers and Rosan Roeslani – when the group was created by injecting the Bakries' Indonesian coal-mining assets into Mr Rothschild's listed cash shell.
The Panel ruled yesterday that the two groups had acted "in concert" – and cut the voting power of their combined 57 per cent stake almost in half, to 29.9 per cent.
It has also kicked off an investigation into why details of their close relationship were not disclosed at the time, prompting Mr Roeslani to resign as a non-executive director of the Bumi board yesterday.
Mr Roeslani will continue to run PT Berau Coal Energy, the Indonesian coal miner in which Bumi owns an 84.7 per cent stake.
In watering down the voting power of the Bakries and Mr Roeslani, the Panel in effect increases the influence of Mr Rothschild, pictured, who owns 12 per cent of Bumi.
However, the future of the company remains highly uncertain amid allegations of financial irregularities at Berau and Bumi's other main subsidiary, Bumi Resources, which Bumi is investigating.
Mr Rothschild and the Bakries have put forward competing visions for the group, both of which the board has rejected. It is instead proposing a deal that would sever all ties between Bumi and the Bakries, offload Bumi Resources and leave the group focused on Berau. The board will put this to shareholders as soon as it can next year.
Mr Rothschild stepped down from the board in October because he had lost confidence in the top table. The chief executive, Ari Hudaya, resigned last September, following Bumi's announcement that it had commissioned the investigation. Earlier this month the co-chairman, Indra Bakrie, and Mr Hudaya's replacement as chief executive, Nalin Rathod, also resigned.
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 5 Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...