Bumi plc delays the vote on split with Bakries
The Bumi soap opera continues (British regulator seeks to protect mining’s minority shareholders). The basic question now seems to be whether the money is there to finance this buy out deal. On the surface it appears to be about Samin Tan’s ability to stump up the money (as he did previously through Borneo Lumbung). So, it’s business as usual: the bankers are still propping up this house of cards, the regulators are nowhere to be seen and the British politicians are too busy talking about ‘creating jobs in the UK’ to care about what’s happening in Indonesia.
See http://www.minesandcommunities.org/article.php?a=12498.
Financial Conduct Authority investigates Bumi founders
The Financial Conduct Authority has begun an investigation into more than $400m (£250m) of related-party transactions involving the founder shareholders of Bumi, the scandal-ridden coal miner.
See http://www.telegraph.co.uk/finance/newsbysector/industry/mining/10436976/Financial-Conduct-Authority-investigates-Bumi-founders.html.