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Bakrie group

October 16, 2012

Financier Nat Rothschild has stepped down from the board of London-listed coal miner Bumi, saying he has lost confidence in the management’s ability to protect minority shareholders.

Financier Nat Rothschild has stepped down from the board of London-listed coal miner Bumi, saying he has lost confidence in the management’s ability to protect minority shareholders.

In a letter sent to chairman Samin Tam on 15 October, Rothschild, who controls 12% of Bumi, said: “It is my opinion ... that you are not trying to protect the interests of minority shareholders. Rather, I believe that you are complicit in their oppression.”

November 2, 2011

The Bakrie Group is selling a 23.8% stake in London-listed Bumi in a $1 billion (€730 million) deal aimed at avoiding a loan default.

The Bakrie Group is selling a 23.8% stake in London-listed Bumi in a $1 billion (€730 million) deal aimed at avoiding a loan default.

Coal miner PT Borneo Lumbung Energi will buy the shares, after talks between the Indonesian family business and Swiss-based Glencore, the world's largest diversified commodity trader, failed.

The sale will go someway to paying back a $1.3 billion loan the family currently owes a syndicate led by Credit Suisse.

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