Bakries start Bumi pull-out after victory over Rothschild
Published on Feb 22, 2013 5:52 PM
JAKARTA (AFP) - The powerful Indonesian Bakrie family said Friday it would start the process of divorcing from London-listed miner Bumi Plc after winning a crucial shareholder vote over bitter rival Nathaniel Rothschild.
Shareholders shot down a proposal by Rothschild to regain control of the firm in an extraordinary meeting Thursday in London, allowing the Bakries to follow through with their plan to exit the firm and keep their lucrative coal assets.
The Bakries and British financier Rothschild have been embroiled in a bitter fight for control of Bumi since soon after they set up the company in 2011.
The row has highlighted on the pitfalls of doing business in the Asian nation, which has long battled corruption and where questions over corporate governance have often been raised by foreign firms.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!