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Business News

Coal giant set to oust Rothschild

Nat Rothschild is almost certain to be ousted tomorrow as co-chairman of Bumi Resources, the Indonesian coal giant he created 18 months ago.

Samin Tan, a former accountant who bought nearly a quarter of Bumi in November, will replace Indra Bakrie, another major shareholder, as co-chairman at a board meeting tomorrow. Mr Bakrie will take Mr Rothschild's co-chairman seat, although the scion to the banking dynasty will remain a non-executive director.

Nalin Rothod will replace Ari Hudya as chief executive, and the chief financial officer, Andrew Beckham, will make way for Scott Merrilees.

Mr Rothschild, right, set up Bumi when he reversed two Jakarta-listed companies into a London-listed cash shell. In November, a letter he sent to Mr Hudya criticising corporate governance at the company was leaked to the press, to the anger of the Bakrie brothers and Mr Tan, who collectively own 47 per cent of Bumi but control only 29.9 per cent of voting rights.

Bumi declined to comment on the changes.

Next week the group is expected to announce underlying earnings for the year of about $100m (£63m).