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Rothschild questions name touted as new Bumi unit boss
January 28, 2013 / 7:49 AM / 5 years ago

Rothschild questions name touted as new Bumi unit boss

LONDON (Reuters) - Financier Nat Rothschild questioned the independence of a director being touted as the new boss of a subsidiary of Indonesia-focused miner Bumi BUMIP.L.

Owner of 'pounced', Lady Serena Rothschild (C) poses with her son Nat Rothschild (R) and Los Angeles Dodgers baseball manager Joe Torre (L) after their horse won the Breeders' Cup Juvenile Turf thoroughbred horse race at Santa Anita Park in Arcadia, California November 7, 2009. REUTERS/Danny Moloshok

Rothschild, who is locked in a bitter battle with Indonesia’s influential Bakrie family over the future of the coal miner, said on Monday that Eko Budianto, a name mentioned in Sunday press reports as a possible new boss of Berau Coal BRAU.JK, was not truly indepndent.

Bumi owns an 85 percent stake in Berau Coal.

The financier has mounted an effort to resurrect Bumi and has called for a meeting to vote on a resolution which could oust 12 of 14 current board members and bring in a new board which includes himself.

Two current directors, Steven Shapiro and Graham Hearne, who Rothschild proposed keeping on the board do not support his proposals, however, the Financial Times reported.

“NR Investments continues to believe that the only way to create long-term value for all shareholders at Bumi is introduce strong, independent management and make a clean start by reconstituting the Board,” Rothschild said in a statement issued by his NR Investments vehicle.

Reporting by Sarah Young; Editing by Paul Sandle

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