Bumi directors set to receive first update on missing funds

DIRECTORS of mining group Bumi, founded by Nat Rothschild, will this week receive their first update on the scandal engulfing the company.

Thursday’s meeting in Singapore will be the first time the 17-member board has met since Bumi revealed it had found “financial and other irregularities at Bumi Resources,the Indonesian arm of the business that is 29 per cent owned by London-listed Bumi.

The business is controlled by Indonesia’s Bakrie family.

Bumi Resources’ chief executive Ari Hudaya stepped down from the board just hours after an investigation by law firm Macfarlanes was announced.

Macfarlanes is set to update the board and the probe is likely to lead to the “radical clean up” Rothschild called for this year.