Rothschild resigns from Bumi board with immediate effect
LONDON (REUTERS) - Financier Nat Rothschild has resigned from the board of Bumi Plc, the coal mining group he co-founded two years ago, attacking his partners and directors as they consider unravelling the Indonesian venture.
Rothschild's resignation comes as the board of the London-listed firm miner is looking at a US$1.38 billion (S$1.68 billion) proposal from Indonesia's influential Bakrie family, who co-founded the venture with Rothschild, to exit their stake and take back the firm's operating assets.
The offer last week followed an announcement by Bumi of allegations of wrongdoing at some of those Indonesian operations - including part-owned Bumi Resources - that sparked an independent investigation and heightened already strained relations between Bumi shareholders.
Bumi Plc is looking into potential irregularities in more than US$500 million of funds at its Indonesian subsidiaries.