A year ago, London Mining Network identified Bumi plc as a glaring example of abject failure in corporate oversight by Britain’s Financial Services Authority (FSA). By that point, the FSA had failed to prevent some of the world’s most offensive mining companies from listing on the London Stock Exchange (LSE). A comparatively late arrival (registered on the LSE in 2011) Bumi now proved to be the worst of a distinctly bad bunch.
In early 2012, the “voices of dissent” went largely unheeded – even when eloquently expressed at Bumi’s first annual general meeting and reported in the national press. Last week, venture capitalist and hedge funder, Nat Rothschild, made a bid to take over Bumi from his former partners, Indonesia’s Bakrie brothers, at an Extraordinary General Meeting in London. Rothshchild lost the overall vote, and with this any leading role in the company.
See http://www.minesandcommunities.org/article.php?a=12153 and https://londonminingnetwork.org/2013/02/at-the-battle-of-bumi-pyrrhic-victory-as-board-still-refuses-to-face-the-truth/.