Tycoon Nathaniel Rothschild resigns from board of Indonesia's Bumi PLC
October 17, 2012, 5:33 pm TWN
JAKARTA -- Indonesian miner Bumi PLC said Nathaniel Rothschild had resigned from its board, in the latest twist to the British tycoon's battle with the powerful Bakrie family for control of the firm.
His resignation came as Bumi's board considers a proposal by Indonesia's Bakrie family to sever their ties with the company and buy the key mines it owns in the country.
Rothschild's move, and his comments in a strongly worded resignation letter issued Monday, prompted the Bakries to hit out at the Briton, calling him a “threat to shareholders.”
The ongoing row has seen London-listed Bumi's shares slump more than 70 percent this year.
At the heart of the dispute is a Rothschild-backed investigation into the Bakrie-founded Bumi Resources, Indonesia's largest coal miner, which is part-owned by Bumi PLC.