Spotlight On... Nat Rothschild, co-chairman of Bumi

News in pictures
News in pictures
On Facebook
From the blogs

GCSEs are a pointless waste of time

A few facts. Last year almost 70% of 16 year olds achieved at least 5 GCSE passes with grades A*-C. ...

Asylum seekers: When the questions tell us so much more than the answers

For the last four years I've been paying my karmic dues (I would say "contributing to the big societ...

Thanks to The Sun, for enriching each of our lives

Those at the super-soaraway Sun are, yet again, making outlandish claims that they’ve changed the wo...

Ones to watch: Aiden Grimshaw to Hey Sholay

With so much new music coming out it’s difficult to keep track of what’s out there. It’s a lucky dip...

Isn't he the guy from the Bullingdon Club?

It's true, Mr Rothschild was a member of the notorious Oxford University dining club that also boasts David Cameron, George Osborne and Boris Johnson among its alumni. But his latest appearance in the newspapers has nothing to do with that.

I know that. He's in the news for losing his libel case against the Daily Mail, right?

Also true... but that was last week. This time, it's the latest twist to his spat with some meaty shareholders in the Bumi Indonesian mining business he co-founded that's propelled him to the headlines.

How meaty is their shareholding and what's their beef?

Indonesian business mogul Samin Tan and family investment firm the Bakrie Brothers – who own 30 per cent of Bumi between them – want Nat – a 12 per cent shareholder and co-chairman – off the board. They are peeved because in November he called for a clean-up of corporate governance at Bumi.

They took it personally then?

You could say that. They retaliated by requesting an emergency general meeting (EGM) to vote on a radical overhaul of Bumi's board – most significantly Nat's removal from it. The problem was, it backfired. Fears his removal would reduce corporate governance standards at the group saw its shares drop nearly a fifth over the next few days.

So Nat's opponents saw the light then?

It's difficult to know for sure. In a terse press release, Bumi simply said: "Bumi plc announces that it has received notification from Borneo Bumi Energi & Metal Pte Ltd to withdraw their request for a Bumi plc General Meeting."

What does that mean?

It seems the share price dive has focused Mr Tan and the Bakries' minds and made them realise a public spat with Mr Rothschild at an EGM could make things worse. They now plan to deal with the matter at a board meeting on 26 March. It is understood their aim remains the same but they are more likely to achieve it by chipping away at the situation privately.

Independent Comment
blog comments powered by Disqus
Career Services

Day In a Page

'I may be deaf, but you can still talk to me'

'I may be deaf, but you can still talk to me'

Being a teenager is hard enough – for those with hearing loss, it can be even more complicated
A right royal trip down the river

A right royal trip down the river

A new exhibition celebrates the glory days of London's mighty Thames
The 10 Best lawn mowers

The 10 Best lawn mowers

From petrol-fuelled to self-propelled
Every second counts

Why does life appear to speed up as we get older?

Matilda Battersby finds out how the clock plays tricks with our minds
Couture on the Croisette: Fashion hits

Couture on the Croisette

The best outfits from the 2012 Cannes Film Festival
Child of the revolution: the Burmese family that democracy brought back together

Home of the free

The Burmese family that democracy brought back together
Cannes review: Canine accolade and Hitler's return are high spots amid the gloom

Cannes review

Frocks, canine accolade and Hitler's return
Robert Fisk: The going price of getting away with murder... would $33m be enough?

The going price of getting away with murder

Robert Fisk: The long view
Principled Skinner rises above the fray

Principled Skinner rises above the fray

Andy McSmith meets Dennis Skinner
Patrick Cockburn: I fear this terrible massacre will be the beginning of a long civil war in Syria

Patrick Cockburn

I fear this terrible massacre will be the beginning of a long civil war in Syria
Hardeep Singh Kohli: For me, it is all about 'Gregory's Girl', a record of first love

Hardeep Singh Kohli

For me, it is all about 'Gregory's Girl', a record of first love
Christian Louboutin: 'I don't think comfort equals happiness'

Christian Louboutin interview

'I don't think comfort equals happiness'
Happy birthday, Hotel Babylon!

Happy birthday, Hotel Babylon!

Hollywood's home to the A-list celebrates 100 years of discreet luxury
Rupert Cornwell: Low-rise capital could finally reach for the sky

Rupert Cornwell: Out of America

Low-rise capital could finally reach for the sky
The secret life of the red carpet

The secret life of the red carpet

As Cannes reaches its climax with the Palme d'Or and the celebrities gather in London for the Baftas tonight, Kate Youde and Jack Dean investigate the real star of the show