Indonesian police to quiz Nat Rothschild over Bumi data theft

Πηγή: This is Money
By ROB DAVIES
Feb 15 2013

Indonesian police want to question billionaire financier Nat Rothschild over the alleged theft of data that sparked an investigation into financial irregularities at war-torn coal miner Bumi.

The miner launched an internal probe last year into ‘financial irregularities’, complicating an acrimonious row between co-founders Rothschild and Indonesia’s powerful Bakrie family. Bumi later called in City of London police after discovering evidence that the information that triggered the probe was obtained by email hacking.

Indonesian police spokesman Brigadier General Boy Rafli Amar said on Friday that Rothschild would probably be summoned for questioning over the data theft.

It comes as Rothschild and the Bumi board prepare for a weekend charm offensive among investors ahead of next Thursday’s crucial vote on the firm’s future.

Rothschild is trying to oust 12 of 14 directors, saying they are under the influence of the Bakries.

The Bumi board countered that it has proposed the only viable plan to secure the Bakries’ exit from the company, whose share price has been battered by public brawling. A source close to the situation said: ‘Every vote counts at this stage.’ Bumi’s share price has tumbled 58 per cent in the space of a year, despite its ownership of the highly lucrative Berau coal asset in Indonesia.

Shareholders have been put off by the public war of words between Rothschild, the Bumi board and the Bakrie family. The Bumi board has put forward a plan that it says would see the Bakries leave the company for good.

The Bakries are to put a £32million deposit down, before cancelling their 24 per cent Bumi shareholding in exchange for 10pc of subsidiary Bumi Resources. Bumi (down 28.7p to 377.3p) will then sell its remaining 19 per cent of Bumi Resources to the Bakries for £178million.

Indonesia: House welcomes Iran lobby, promises further engagement

Muhammadiyah Chairman Din Syamsuddin welcomes Iran's ambassador for Indonesia, Mahmoud Farazandeh in Jakarta to discuss the latest development of Islamic issues (12/2010)

Πηγή: Jakarta Post

Nov 16 2011

A meeting between Iran’s envoy and Indonesian lawmakers at the House of Representatives on Tuesday yielded a more favorable response to the Tehran lobby in comparison to that received from the Yudhoyono administration.

The meeting, hosted by the House’s Commission I overseeing defense, foreign affairs and information, touched on various issues, particularly Iran’s nuclear program, which according to the latest UN nuclear watchdog report, is veering toward the creation of the Islamic republic’s first atomic bomb.

The International Atomic Energy Agency (IAEA) said that data “indicated Iran had carried out activities relevant to the development of a nuclear explosive device.” Tehran denounced the report, saying it was “unbalanced, unprofessional and politically motivated”.

Iran’s Ambassador to Indonesia Mahmoud Farzandeh explained to lawmakers that his country’s nuclear related scientific activities were merely aimed at developing alternative energy sources to meet rocketing demand due to the multiplying Iranian population over the last few years.

“The only atomic bomb that Western countries must worry about is Iran’s determination to develop itself and be independent, without their back up,” Farzandeh told the Commission.

At the meeting, Farzandeh called for the participation of “neutral nations” to verify Iran’s nuclear energy program. He said his government had sent a letter to the Foreign Ministry, requesting that Indonesia monitor the Iran’s nuclear programs and give an objective view.

House members unanimously showered Farzandeh with supportive rhetoric, promising further engagement, which would include a planned visit to Tehran.

Lawmaker Tantowi Yahya said that the Commission would urge the Foreign Ministry to play a role in the inspection of Iran’s nuclear sites in an effort to prove to the world that US and Israeli-led allegations were not true.

“As a neutral and an influential country, Indonesia has not yet played a role,” Tantowi said. The Commission’s chairman, Mahfudz Siddiq, said that Indonesia would oppose any repressive actions taken by the US or Israel that were based on false evidence, such as the US-led military invasion of Iraq.

“They cannot do the same thing to other nations,” he said.

The Indonesia Center for Democracy, Defense and Diplomacy (IC3D) director, Begi Hersutanto, said the meeting with lawmakers was an attempt to encourage Indonesia’s engagement through domestic political pressure. “That is because Iran has yet to receive a concrete response from the Indonesian government.”

Indonesia had no reason not to act as a conflict mediator, Begi said. Iran and Indonesia have both ratified the Nuclear Non-Proliferation Treaty (NPT), thus it was natural for both countries to work together on nuclear matters, he said.

Foreign Ministry spokesperson Michael Tene said he could not comment on Iran’s request for Indonesia’s monitoring, pending further study of the matter.

Nat Rothschild seeks shake-up at Indonesian mining subsidiary

Mr Rothschild wrote to Ari Hudaya, chief executive of PT Bumi Resources and a long-term ally of the Indonesia's Bakrie family, Mr Rothschild's partners in Bumi, to say he is not happy with the subsidiary's progress in improving corporate governance.

Πηγή: The Telegraph
By Emma Rowley

Nov 10 2011

Nat Rothschild, the financier behind London-listed mining venture Bumi, said its major Indonesian subsidiary PT Bumi Resources needs a "radical cleaning up".

Mr Rothschild wrote to Ari Hudaya, chief executive of PT Bumi Resources and a long-term ally of the Indonesia's Bakrie family, Mr Rothschild's partners in Bumi, to say he is not happy with the subsidiary's progress in improving corporate governance.

The letter comes after PT Bumi Resources said on Tuesday it had refinanced $600m (£376m) of debt owed to the China Investment Corporation. Mr Rothschild feels that the debt should have been reduced, through monetising some of the $867m "investments and other assets" on its balance sheet, which include loans to connected parties.

Mr Hudaya's dual role as chief executive officer of Bumi itself needed closer scrutiny, Mr Rothschild said.

"Your lack of response to requests both via the board, the audit committee, and in person have left me little recourse but to set out my views formally in a letter, the contents of which I am happy to make public," Mr Rothschild said. "Both myself and the Bakries need an immediate transformation of the way you are choosing to manage PT Bumi Resources."

However, Chris Fong, spokesman for the Bakrie family, who recently had to give up half their stake in Bumi for $1bn cash to avoid defaulting on a separate loan, said Mr Rothschild "hasn't addressed these issues with us".

Bumi last month shelved a $2bn bid to take over a base metals company from PT Bumi Resources, blaming market "uncertainties".

Bumi, in which Mr Rothschild has an 11pc stake, owns 29pc of PT Bumi Resources. Shares in Bumi rose 35.5 or 4pc to 845½p.

General Motors opens $200 miln Thailand diesel-engine plant

Πηγή: Market Watch
September 9, 2011
By Phisanu Phromchanya

BANGKOK (MarketWatch) -- General Motors Co. (GM +0.53%) opened a $200 million diesel engine plant in Thailand's eastern Rayong province Friday, which is the U.S. auto maker's first such plant in Southeast Asia.

The facility, which is adjacent to GM's vehicle manufacturing plant, has a production capacity of around 120,000 engines a year, GM Southeast Asia President Martin Apfel said.

The plant is expected to produce around 100,000 engines in 2012, he said, adding production will likely rise to full capacity by 2013.

GM said the facility will produce Duramax four-cylinder diesel engines, and it expects to source around $94 million worth of parts locally by 2012.

Most of the engines produced at the plant will be installed in its new Chevrolet Colorado truck, which will be produced in Thailand and sold domestically as well as abroad.

GM's investment in the new engine plant lifted its accumulated investment in Thailand to $1.3 billion since 1998, the statement said.

The opening of the facility comes a month after GM said it will invest $150 million to resume operations at its Bekasi manufacturing facility in Indonesia.