Shares in miner Bumi plunged by more than 35 per cent this morning, as it announced it would investigate alleged financial irregularities at its Indonesian operations.
The company, co-founded by financier Nat Rothschild, said this morning that allegations related to PT Bumi Resources, in which Bumi owns a 29 per cent stake.
An independent investigation will look into the allegations on an “urgent basis”, and Bumi will contact the UK and Indonesian authorities as appropriate in respect to the claims.
Development funds of PT Bumi Resources will be a focus of the investigation, Bumi said in a statement.
The miner, one of the world’s largest thermal coal exporters, listed in London over a year ago but its share price has dragged, hit by boardroom scuffles, worries over debts at its subsidiaries, and its complex structure.