Bumi CEO Says No ‘Black Hole’ Found in Berau Contracts Probe
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Bumi Plc, the coal company at the center of dispute between co-founders Nathaniel Rothschild and Indonesia’s Bakrie family, said it hasn’t uncovered a “black hole” in a probe of contractors at its largest unit.
“We’ve not discovered any black hole or any significant issue that we are concerned about, and we’ve completed quite a lot of work,” Chief Executive Officer Nick Von Schirnding said yesterday in an interview, referring to an investigation at its PT Berau Coal Energy. The review has forced Bumi to delay releasing 2012 earnings. “We are doing extensive forensic work into potential undisclosed liabilities, and that is more difficult.”