Bakries want a quicker probe into Bumi deal

BUMI shareholder the Bakrie family yesterday called on the Takeover Panel to accelerate its inquiry into the deal that put the coal miner together in 2011.

“The panel was kept in the dark about key facts at the time of the creation of Bumi,” said Nirwan Bakrie, the chairman of the Indonesian Bakrie Group, in his first statement since the Bumi soap opera began last year.

“How this occurred goes to the heart of why the Vallar/Bumi structure has been so disappointing and also done serious damage to London’s reputation as an honest capital market with emerging market investors such as ourselves.”

The Bakrie group yesterday questioned why the progress with the current probe has been much slower when compared to the original concert party investigation, which the Takeover Panel ruled on in December.

The Bakries asked that the Takeover Panel publish its factual findings prior to next Thursday’s meeting, in “the interest of fairness”.

Bumi shares rocketed yesterday, as the company moved closer to separating from Indonesian arm Bumi Resources.

Shares closed up 9.7 per cent.