Bumi shakes up management team on way to a 'relaunch'
Embattled coal miner Bumi has revamped its management team in what chief executive Nick von Schirnding claims will be a "relaunch".
Industry veterans Paul Fenby and Keith Downham were unveiled as the new finance director and mining director respectively as Bumi slumped to an $85 million (£54.8 million) first-half loss.
The group is recovering from a review of financial irregularities that discovered $201 million of unauthorised expenditure in one of its core business units.
Von Schirnding said: "You can have the best controls and systems in place, but if you have the wrong people, then things will still go wrong. This is all about getting the right people in the right positions."
Von Schirnding is also finalising a complicated, multi-stage deal that will see the group part ways with Indonesia's powerful Bakrie family, who co-founded Bumi with financier Nat Rothschild.
The scion of the Rothschild banking dynasty opposes this deal, as it will see another hugely wealthy Indonesian, Samin Tan, own nearly half of Bumi's shares.
Von Schirnding said: "Ultimately, you have to have faith with the company you're getting into bed with. This is absolutely not rearranging the deckchairs, this is recalibrating, relaunching this company."
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 3 Group of students refused entry to Leicester nightclub 'because they are black'
- 4 Irish people are travelling home from all over the world so they can vote to legalise gay marriage
- 5 Arsenal fan asks the Queen for tickets to the FA Cup final - gets a reply from Buckingham Palace
Ireland's same-sex marriage vote: Dublin in party mood ahead of historic poll result
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
Toddler throws a tantrum at the White House – in front of Barack Obama
Irish people are travelling home from all over the world so they can vote to legalise gay marriage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...