Rothschild’s Bumi Probes ‘Irregularities’ at Bakrie Company
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Bumi Plc, the London-listed Indonesian coal venture founded by Nathaniel Rothschild, began a probe into alleged irregularities at associated companies in the Asian country, prompting a record drop in the shares.
The stock has lost almost half its value in the past five days, or about $556 million. “An independent investigation has been commissioned to investigate the allegations on an urgent basis, and is to report to the board,” Bumi said in a statement today. Jakarta-based PT Bumi Resources, 29 percent-owned by Bumi Plc, said it was unaware of the investigation.