Selasa 16 Okt 2012

15:16  http://economy.okezone.com/read/2012/10/16/278/704687/heffernan-jual-semua-kepemilikannya-di-cmnp



HOT NEWS FROM BUMI Plc

Nat Rothschild resigns from Bumi's board after war of words By RUTH SUNDERLAND
PUBLISHED: 21:25 GMT, 15 October 2012 | UPDATED: 21:25 GMT, 15 October 2012
 
Billionaire financier Nat Rothschild last night resigned from the board of London-listed coalminer Bumi in a dramatic escalation of his row with the powerful Indonesian Bakrie family.

In a blistering letter to Bumi chairman Samin Tan, Rothschild said he had lost confidence in the board.

He declared his opposition to a proposal by the Bakries to buy back their assets from the group for around £873million, which he said is a ‘derisory’ offer that breaches the Takeover Code.

: In his letter Rothschild accused Bumi chairman Samin Tan of being complicit in the 'oppression' of minority shareholders The tycoon added that it is a ‘matter of great regret’ that he helped bring the Bakries to London and accused them and Tan of having damaged Indonesia’s international reputation, creating ‘an appalling impression’ to potential foreign investors.

Shares in Bumi fell more than 12.39 per cent to 245.3p yesterday. Rothschild, who initially invested £100million, has seen his stake shrink by £40million.

 In his letter he accused Tan of being complicit in the ‘oppression’ of minority shareholders and said it would be a ‘disgrace’ even to entertain the Bakries’ proposal.

Rothschild also voiced suspicions the Bakries were ‘acting in concert’ with Rosan Roeslani, chairman of fund manager Recapital, because of their reluctance to recall a $500million loan at a time when Bumi was heavily in debt.

The Bakrie camp hit back saying Tan had delivered a letter to the senior non-executive director of Bumi at the weekend, calling for Rothschild’s removal, and claiming that is ‘the real reason he resigned’.

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