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Business News

Rothschild in new Bumi attack

Nat Rothschild has mounted a fresh assault on Bumi, the Indonesian coal miner he co-founded in 2010, after failing in his attempt to stage a boardroom coup at the company.

A day after Mr Rothschild's proposal to oust 12 of the board's 14 members was mostly defeated, he called on Bumi's eight non-executive directors to resign.

He also reprised his attack on the qualifications of the chief executive Nick von Schirnding, to which Bumi reiterated its previous response, that "it is entirely satisfied with Nick's performance and qualifications".

The financier's latest attacks came hours after Mr von Schirnding had appealed to all parties to draw a line under their differences, after months of hostilities between co-founders – Mr Rothschild and Indonesia's Bakrie brothers – and the Bumi board.

Mr Von Schirnding said the result of the votes amounted to a "pretty strong endorsement for the board, giving us a strong mandate" to lead the company. Bumi was created in November 2010 when the Bakries reversed some of their coal-mining assets into Mr Rothschild's London-listed cash shell.