Rothschild to pursue his Bumi plan despite fresh opposition

Michael Bow
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CES close to the camp of Bumi co-founder Nat Rothschild yesterday played down suggestions he would fail to wrest control of the firm after a senior board member called into question his planned board overhaul.

Rothschild is hoping to replace Bumi’s directors and take control of the company from major shareholder, the Bakrie family.

Bumi’s senior non-executive director Sir Julian Horn-Smith yesterday said a contract between the parties gave the Bakries the overriding power to nominate the board, scuppering Rothschild’s plan. But a source close to Rothschild played down the claim, saying the agreement is “null and void”.

Yesterday, Bumi chairman Samin Tan also hinted he could step down if the crisis is resolved.