PT Renaissance Capital is an Indonesian bank, controlled by two Indonesian citizens, both educated abroad.(It should not be confused with Russia’s Renaissance Capital to which there is no known link). In 2009, the bank acquired control of one of Indonesia’s major coal miners, PT Berau.
Barely a year later, it signed an agreement to sell this stake to UK billionaire Nathaniel Rothschild’s new mining investment vehicle Vallar plc. This was done through PT Renaissance Capital’s wholly-owned subsidiary Recapital Advisors.
Another Indonesian beneficiary of trucking with Nat Rothschild in late 2010 was Aburizal Bakrie, owner of the country’s biggest coal reserves and producing coal mines, through his holding company Bumi Resources.
Both PT Renaissance Capital and Bumi have been closely allied in the recent merger discussions with Nathaniel Rothschild, and Bakrie was reported by Bloomberg to have “assisted” Renaissance in taking its 75% stake in PT Berau in 2009.
Indonesian civil society groups and researchers have long asked under what circumstances the notorious Bakrie acquired the Kaltim Prima mining complex in East Kalimantan, after its previous owners Rio Tinto and BP were forced by the government to sell their stakes in 2003, at a price well below the prevailing market value of the assets.