| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Rothschild defeated in Bumi showdown
By Clara Ferreira-Marques and Sarah Young
British-born financier Nat Rothschild arrives before a Bumi shareholder meeting in London February 21, 2013. Shareholders of coal miner Bumi Plc will vote on co-founder Nat Rothschild ‘s overhaul plan and a bid to oust the current board on Thursday, in a public showdown between the financier and his one-time partners. | Credit: Reuters/Stefan Wermuth
Financier Nat Rothschild, co-founder of Bumi Plc, lost his bid to oust the coal miner’s board on Thursday, after a public showdown with his one-time colleagues and Indonesia’s influential Bakrie family.
Shareholders elected to keep Bumi’s chairman and chief executive and most of the current board, rejecting 19 of the 22 proposals made by hedge fund veteran Rothschild, scion of the banking dynasty.
The Bakries and Rothschild struck a deal in 2010 to offer investors promising Indonesian mining assets through a London company protected by UK market rules. Rothschild said at the time he wanted to make shareholders “two or three times their money”, but they have lost heavily as the partnership soured, thermal coal prices tumbled and the two sides traded allegations of misuse of funds and illegal phone hacking.
The allegations of financial wrongdoing were not substantiated by a legal firm that probed them, as it said key parties were unwilling to be interviewed or provide information.
Philosophers stone – selected views from the boat
http://philosophers-stone.co.uk
2013-02-22 07:30:52
Source: http://philosophers-stone.co.uk/wordpress/2013/02/rothschild-defeated-in-bumi-showdown/
Source:
