Bumi board is set to hear findings from Macfarlanes

THE BOARD of London-listed miner Bumi is due to meet this morning to hear the initial findings from City law firm Macfarlanes on alleged financial irregularities at Indonesian arm Bumi Resources.

The report, first commissioned in September, is understood to be concerned with several development assets in Indonesia.

At the meeting, the board could also feed back on the proposals submitted by both the Bakrie family and Bumi co-founder Nat Rothschild to restructure the coal miner.

Investment bank Rothschild Group has been tasked with evaluating both proposals. Rothschild submitted his updated proposal to Bumi earlier this week, and claimed to have the backing of 11 investors.

It is also understood the board is considering moving ahead with the proposal to unwind Bumi Resources from Bumi – the first part of the Bakries’ proposal for the London miner, and a step also thought to appear in Rothschild’s plan.

However, a source with knowledge of the situation said yesterday that it was “not possible to second guess” what the board might say.