The independent U.K.-based shareholders’ advisory body PIRC said late Tuesday it is unable to support the approval of Indonesian coal miner Bumi PLC’s annual report and accounts at next week’s annual shareholders meeting. The firm, which represents a small portion of Bumi’s share registry, said it can’t support the accounts because a substantial amount of money at Bumi’s main subsidiary, PT Berau Coal Energy, BRAU.JK 0.00%has yet to be accounted for and proper records haven’t been kept at the company. It also was refused access to the audit papers carried out by its other subsidiary PT Bumi Resources.
See http://online.wsj.com/article/SB10001424127887324577904578555083988535420.html.
Coal giant Bumi seeks to lure former BP executive John Manzoni
Bumi, the scandal-hit coal miner, is looking to hire a former BP executive as its next chairman, as it tries to reposition a group riven by corruption, board infighting and a bombed-out share price.
See http://www.telegraph.co.uk/finance/newsbysector/industry/mining/10124037/Coal-giant-Bumi-seeks-to-lure-former-BP-executive-John-Manzoni.html.