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Business News

Nat Rothschild is pitted in new battle over Bumi coal director

Nat Rothschild escalated his battle with Bumi's board yesterday, dismissing their plans for a radical shake-up of the Indonesian coal miner he co-founded – before they had even been announced.

Mr Rothschild, pictured, rubbished the promotion of Eko Budianto to be new head of a key Bumi subsidiary, due to be announced today, claiming he is too close to the group's other founders, Indonesia's Bakrie brothers.

Mr Budianto will replace Rosan Roeslani, a 9.8 per cent shareholder in Bumi, a month after the Takeover Panel ruled there had been improper disclosure about Mr Roeslani's close relationship with the Bakrie brothers. An investigation into alleged misappropriation of funds at Bumi subsidiaries last week said circumstantial evidence supported "a number of allegations".

Bumi and Mr Rothschild both have rival plans to reconstitute the board.