BBC News, 21 February 2013
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Nathaniel Rothschild was hopeful of regaining control of Bumi, a company he helped found |
Chairman Samin Tan survived a vote to remove him but informed
the board he was stepping down.
Mr Rothschild had wanted to rejoin the company and expel 12
of the 14 board members, including the chief executive and chairman.
Shareholders rejected his attempts and voted to remove just
two members.
Chief executive Nick von Schirnding also managed to keep his
post, with more than 60% of votes cast in his favour at the London meeting.
Mr Tan, who received 57% of votes in favour of hisretention, said he would resign once a new independent chairman was found.
The company said it would look for a new chairman "who
has experience in, and is familiar to, the London market", according to a
statement.
The two members who were ousted were Jean-Marc Mizrahi and
Nalinkant Rathod.
Mr Rothschild set up Bumi with the influential Bakrie
family, part of Indonesia's political and business elite, in 2011.
The deal was intended to offer international investors the
chance to buy into natural resources assets in emerging markets while ensuring
they were protected by UK market rules.
Fraud allegations
But the partnership, and relations with the Bakrie family,
soured after Mr Rothschild called for a radical clean-up at the firm.
To make matters worse, he made allegations of potential
misuse of development funds and other assets at the firm in September 2012.
Allegations of financial irregularities at Bumi's key
Indonesian operating subsidiary, PT Bumi Resources - in which it owns 29%
alongside the Bakrie family - first emerged that month, after Mr Rothschild
received information from a whistleblower.
However, an investigation by legal firm Macfarlane,
commissioned by the management of the London-listed parent company, said the
evidence provided to Mr Rothschild comprised emails that had been obtained
illegally.
Macfarlane said the claims that money intended to finance
development of coal mines had been misappropriated could not be substantiated,
in large part due to "the unwillingness of key parties to be interviewed
and provide information".
Bumi's management said that it had referred the matter to
the relevant authorities, including the Indonesian financial services
authority, and the UK Serious Fraud Office.
Mr Rothschild quit the board in October.
Bumi's new chief executive, Mr Schirnding, has negotiated an
amicable divorce with the Bakrie family, including the sale of its stake in PT
Bumi Resources for $580m (£370m), and the family's divestment of its 24% in the
London-listed company.
But the board warned that the deal would be scuppered if Mr
Rothschild succeeded in retaking control of the company.
The company's share price has slumped 60% since it listed in
2011.
Related Articles:
Rothschild loses libel case, and reveals secret world of money and politics - New
Bumi Resources Rating Cut By Moody’s, Shares Fall
Bakries Start Bumi Pullout After Victory Over Rothschild
Indonesia’s PT Bumi Starts Probe Following London Investigation
Rothschild loses libel case, and reveals secret world of money and politics - New
Bumi Resources Rating Cut By Moody’s, Shares Fall
Bakries Start Bumi Pullout After Victory Over Rothschild
Indonesia’s PT Bumi Starts Probe Following London Investigation
Rothschild Says Indonesia's Bumi Can Shake Up Coal World
Maligned at Home, Bakrie Group Is the Face of Indonesia Inc. Around the World
Maligned at Home, Bakrie Group Is the Face of Indonesia Inc. Around the World
"... The Rothschild faction of the Illuminati, which governed its empire from London and the Vatican, lost its media foothold along with its other powers in that part of the world. A section of the Illuminati’s Rockefeller faction, headquartered in Washington, DC, and New York City, still has influence on major media in the US as well as on Wall Street; and their lingering foothold in Congress is evident in the intransigence that has stagnated progress. ..."
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