Indebted Bumi keeps digging up Borneo
World ratings agency Moody’s Investors Service recently downgraded Bumi’s credit rating over concerns of default as its debts remained huge even after the debt settlement. Meanwhile, the company will likely report significant increases in production and sales volume during the first nine months of the year, a company official has said.
Former Bumi director sought for missing millions buys into Italian football club
Roeslan Roeslani, the former Bumi director being pursued over a missing $173m (£108m) from its mining subsidiary Berau Coal, has re-emerged as a surprise buyer of Inter Milan football club. Mr Roeslani is part of a trio of Indonesian businessmen, led by media tycoon Erick Thohi, who are taking a 70pc stake in the Italian club for a sum of around €300m (£253m), according to Italian press reports. The news of his involvement caused astonishment at Bumi, which in June struck a deal with Mr Roeslani for him to repay $173m of $201m that disappeared from Berau while he was chief executive of the company. Bumi is still waiting for Mr Roeslani to come up with the money. Discovery of the black hole at its 85pc-owned subsidiary Berau forced Bumi to suspend its shares for two months while it conducted a forensic investigation into the missing funds.