It deemed that two founder shareholders – Rosan Roeslani and the Bakrie family, which together control around 50.3 per cent of Bumi – were acting in concert with one another.
The Takeover Panel’s ruling means that Roeslani – who stood down from the Bumi board – and the Bakrie family now have their voting interests reduced to less than 30 per cent.
As a result of the ruling, the watchdog has launched another probe into why it was not made aware of the existence of the concert party when Bumi came into being in 2010.
Additionally, the Bakrie family said yesterday they have lodged a formal complaint to the Takeover Panel regarding the conduct of Bumi co-founder Nat Rothschild during the original reverse takeover in 2011. The family also reiterated its demand for Rothschild to give up his bonus shares awarded for the deal.
Bumi said it would continue with the plan to divorce from Indonesian Bumi Resources.