This saga began in 2010 in a move by Rothschild and his London-listed energy company, now called Bumi Plc, to embrace two Indonesian units — Bumi Resources and Berau Coal Energy — controlled by the Bakrie family.
The Bakrie family are no strangers to nasty rumors, but have survived them all, this time will be no different. Nathaniel Rothschild will not survive in Indonesia, his fate is now sealed.
On 24 September, London-listed Bumi, which is part-owned by financier Rothschild and has a 29% stake in Bumi Resources, said it had become aware of allegations concerning potential financial irregularities in the Jakarta-based company’s operations.
It is of course very difficult to take the accusation seriously, it is really just a fishing expedition and a way for Rothschild to try to beat up a story and try to shift blame on a poorly structured, overpriced deal he made with the Bakrie Family in an attempt to gain access to Indonesian resources.
The Bakrie family, together with business partner Samin Tam, controls 30% of Bumi and holds 48% of the company’s voting shares through the Bakrie Group, a conglomerate with interests in agriculture, shipping and mining. Family member Indra Bakrie serves as Bumi’s co-chairman, along with Tam. The family is also Bumi Resources’ main shareholder.
The Rothchild friendly “The Guardian” tuned in with an attack on the Bakrie family as well as the international ratings agencies.
I am a buyer of Bumi Resources and Berau, Rothschild’s Bumi PLC is a different story, it will fail in grand fashion and by the end of 2014 Aburizal Bakrie will be President of Indonesia.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service
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