Bumi Said to Plan Board Meeting Tomorrow to Hear Probe FindingsJesse Riseborough
Bumi Plc, the London-listed coal venture founded by Nathaniel Rothschild and Indonesia’s Bakrie family, will hold a board meeting tomorrow to discuss findings of a probe into potential financial irregularities, a person familiar with the plan said.
The board will be presented with the investigation that London-based law firm Macfarlanes LLP started in September to examine possibly unusual transactions at some of Bumi’s Indonesian operations, the person said, asking not to identified because the meeting hasn’t been announced publicly.
A summary of the report will be released within days, while Macfarlanes will continue to probe some information uncovered in the investigation so far, the person said.
The $3 billion deal in 2010 to create Bumi Plc brought together Rothschild, scion of a centuries-old British banking dynasty, and the Bakries, a family-owned palm-oil-to-property-empire started in Sumatra in 1942. Board infighting and probes in London and Indonesia have resulted in co-founders Rothschild and Indra Bakrie quitting as directors and making separate offers to unwind the transaction.
Managers at PT Bumi Resources, which is 29 percent owned by Bumi Plc, are criticized in the Macfarlanes report, the London-based Times reported today, without saying where it got the information. The report will clear Bumi Chairman Samin Tan of any wrongdoing, the newspaper reported.