Financier Nat Rothschild said he has raised $270m (£170m) to fund his effort to “clear out” the Bakries and their associate from struggling coal miner Bumi.
Nat Rothschild said he has raised $270m (£170m) to fund his effort to “clear out” the Bakries and their associate Samin Tan from struggling coal miner Bumi.
Through his vehicle, NR Investments, he claims to be working on a plan to rival that of Indonesia’s Bakrie family, who last month proposed to buy back Bumi coal assets and cut ties with the London company they helped create.
Mr Rothschild is understood to have won the support of mining billionaire Robert Friedland, who has agreed to invest $50m. He is the founder of Canadian company Ivanhoe Mines (Stuttgart: 901508 - news) , over which he recently lost control to mining giant Rio Tinto (Berlin: CRA1.BE - news) .
Mr Rothchild’s consortium is also thought to be likely to include Indonesian businessman Hashim Djojohadikusumo, the brother to the controversial presidential candidate Prabowo Subianto. One of Indonesia’s wealthiest men, Mr Subianto once headed a feared special forces unit.
Relations between the Bakries and Mr Rothschild have soured since they launched Bumi on the London market in early 2011.
Yesterday a representative of the Bakrie family also said that they had found more information about a hacker from a “foreign security company” who had gained access their emails. “We have been provided detailed and intimate information surrounding the parties involved in the illegal hacking,” Chris Fong, senior vice president of the Bakrie Group, said.