London Calling asks why early warnings weren’t heeded
It’s too soon to claim that Bumi – the world’s largest single miner of dirty coal – is about to go bust.
However, recent revelations of a huge accounting scandal at the heart of the UK-Indonesian company, serve to underscore an important reality.
A relatively sparse number of individuals and groups – mostly untutored in financial matters – had struggled to expose the rot at the heart of this enterprise, long before it was listed on the London Stock Exchange last year. Their warnings were almost totally disregarded.