Bumi lender quits Standard Chartered
A leading Standard Chartered banker involved in making a $1bn (£620m) loan to the Indonesian chairman of the London-listed miner Bumi has quit after the bank struggled to get other lenders on board.
Samin Tan used the funds to buy a stake in the coal-miner only to see the investment plunge in value from $1bn to $230m as the board was rattled by rifts between key shareholders, including the financier Nat Rothschild and Indonesia's influential Bakrie group. More recently, Bumi launched an investigation into alleged financial irregularities at its Indonesian units.
The loan is secured, reducing the British bank's risk, but so far it has sold down just $230m of the loan, leaving $770m on its books.
Sources told Reuters Peter Kay, the global head of leveraged finance syndication at Standard Chartered, was pushed out of the bank. Valerie Tay, a spokeswoman for the bank, said he resigned last month to pursue other interests.
A senior source at Standard Chartered said Mr Kay would have been involved in, but not solely responsible for, the decision to extend the loan to Mr Tan.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
Much-loved cartoon character returns - without Sir David Jason
Actress to appear in second series of the hugely popular crime drama
- 1 Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
- 2 Scottish independence: Five reasons Salmond is secretly hoping for a 'No' vote
- 3 Isis plan to 'behead random member of the public' in Sydney thwarted by Australian police
- 4 Scottish independence: Andy Murray backs Yes campaign in eleventh hour decision
- 5 Have you heard about the film Singapore has banned its people from watching? Well, you have now
Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
Scottish independence referendum live: Latest news as Scotland votes Yes or No
Scottish independence: Final opinion polls show undecided voters could swing result either way
Scottish independence: Almost half of No voters have felt 'personally threatened' by the Yes campaign
Isis plan to 'behead random member of the public' in Sydney thwarted by Australian police
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence referendum: A nation divided against itself
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
iJobs Money & Business
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...
Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...