Bumi to miss deadline
Mark Leftly is political correspondent at The Independent on Sunday and associate business editor across the Independent titles. He writes a weekly column, Parliamentary Business, published on a Wednesday, that covers politics and the City. He is a multi-award winning reporter and was named Press Gazette's business magazine journalist of the year prior to joining The Independent on Sunday.
Friday 21 June 2013
Bumi, the Indonesian coal group co-founded by banking scion Nat Rothschild and under scrutiny by the Serious Fraud Office, will not meet a self-imposed deadline of next week to resume trading in its shares.
Chief executive Nick von Schirnding asked the UK Listing Authority to suspend trading in April while he sorted out a scandal involving a $201 million (£130 million) black hole in one of Bumi’s key business units. However, he told the Evening Standard last month that investors would be able to buy and sell stock by the time of next Wednesday’s annual meeting.
Today Bumi admitted it was seeking “approval for the resumption of trading as soon as possible after” the meeting. Von Schirnding, who inherited the mess when he took over at the end of last year, has been trying to tighten internal controls.
These have included making sure any transaction of more than $1 million is approved by the board rather than the previous ceiling of $20 million.
Rothschild co-founded Bumi three years ago, but fell out with his partners, the Bakrie family.
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