LONDON -- U.K.-listed Bumi PLC (BUMI.LN) said Tuesday that an
external investigation was unable to substantiate allegations of
financial and other irregularities at its Indonesian coal assets,
after key parties were unwilling to be interviewed and because of
unanswered questions about the source of some circumstantial
evidence.
Bumi said it could not publish the full conclusions of the
independent investigation, led by U.K.-law firm Macfarlanes, due to
the substantial risk that some materials contained in the final
report could violate Indonesian laws if they were made public.
Bumi said the investigation was unable to confirm the source of
materials that were handed over by its co-founder and major
shareholder, Nathaniel Rothschild, to Macfarlanes. The probe wasn't
able to identify the alleged whistleblower who provided the
documentation to Mr. Rothschild, Bumi said.
Bumi said that its Chairman, Samin Tan, fully cooperated with
the investigation and that the company remains engaged in
discussions with the U.K. and Indonesian authorities about the
recourses open to it.
The company added that its board intends to proceed with the
first part of the Bakrie family proposal which seeks to sever ties
between Bumi and the family, by buying back Bumi's 29% stake in PT
Bumi Resources Tbk (BUMI.JK) for $278 million in cash plus the
cancellation of the family's 24% stake in Bumi, which is held
through Bakrie Group.
-Write to Alex MacDonald at alex.macdonald@dowjones.com
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