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Rothschild faces wrath of major Bumi shareholder
Tue, 22 May, 2012
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Rothschild faces wrath of major Bumi shareholder
Fri, 3 Feb 2012, 15:54:00
Nathaniel Rothschild and James Campbell, the founders of <b>Bumi</b>, the Indonesian coal miner, could be out on their derrieres if major shareholder Borneo Bumi Energi & Metal has its way.
 
 Borneo Bumi Energi, which bought up 23.8% of the FTSE 250 miner in December, has demanded a meeting to request a meeting to persuade their fellow shareholders to vote on a shake-up of the board.
 
 Shareholders will be asked to vote on the following resolutions:
 
 <i>* Appoint Samin Tan as Chairman and Indra Bakrie as co-Chairman of the company
 
 * Appoint Nalinkant Amratlal Rathod as Chief Executive Officer, replacing Ari Hudaya
 
 * Appoint Scott Merrillees as Chief Financial Officer, replacing Andrew Beckham
 
 * Appoint Jean-Marc Mizrahi, Alexander Ramlie, Michael Lucente and Graham Holdaway as directors of the company 
 
 * Remove Nathaniel Rothschild, Andrew Beckham, James Campbell, Badung Tariono and Amir Sambodo as Directors from their offices as directors of the company</i>
 
 Escapng the proposed cull are directors Sir Julian Horn-Smith, Sir Graham Hearne, Lord Renwick, Sony Harsono, Philip Yeo, Steve Shapiro and Rosan Roeslani.
 
 Rothschild fell out last year with his co-Chairman, Indra Bakrie, after going pubic with concerns over corporate governance at PT Bumi, a company controlled by the Bakrie family, but there were reports last month that the two had settled their differences after a clear the air meeting.
 
 The requisition for a general meeting suggests that the civil war has flared up again.
 
 Bumi was created when the Bakrie family's Indonesian coal assets were reversed into Rothschild's London-listed cash shell Vallar as a means of obtaining a London listing quickly and on the cheap.
 
 The share price fell 2.19% to 870.5p to 15:01.
 
 
 NR
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