Miner may dig out Rothschild
Saturday 04 February 2012
Financier Nat Rothschild faces the prospect of ejection from Bumi, the Indonesian coalminer in which he is a major shareholder and the co-chairman.
Less than a month after buying a 23.8 per cent stake in FTSE-listed Bumi, PT Borneo Lumbung Energi & Metal is seeking to install its own people.
It has called a meeting seeking the removal of a slew of board directors including Mr Rothschild, who owns 11.7 per cent of Bumi's shares, and chief executive, Ari Hudaya.
Borneo, a vehicle controlled by Indonesian business mogul Samin Tan, wants to replace Mr Rothschild with Mr Tan and to install Indra Bakrie as co-chairman.
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