Bumi chairman says he can fend off Rothschild’s bid to shuffle board

JAKARTA: Bumi chairman Samin Tan said he has enough support to stop a bid by Nathaniel Rothschild to remove him and 11 other board members, amid a dispute for control of the coal company.

“We are talking to the key shareholders about supporting our programme, our initiative and our strategy,” Tan said on Monday in an interview in Jakarta. “I truly believe we have enough support to stop Nat from reshuffling the board.” London-listed Bumi last week agreed to schedule a shareholder meeting next month after co-founder Rothschild called for a vote to oust 12 of 14 directors including Tan and chief executive officer Nick von Schirnding.

Rothschild is seeking to take control of the company, established with Indonesia’s Bakrie Family in 2010, after boardroom infighting and financial probes prompted moves by both groups to unwind their collaboration.

Tan has no intention “to stay any day longer” than needed and the board has agreed for him to remain until at least “this critical period is over,” he said. He will wait until “all the noises are gone” before leaving his position, Tan said, without giving a time frame.

Rothschild , who holds 14.7% of the voting rights of Bumi, said on January 7 that the Bumi board has failed minority shareholders. He proposed to nominate former Leighton Holdings head Wallace King as chairman, Brock Gill as CEO and himself as an executive director.

“We expect institutions to weigh the two starkly different choices in front of them before taking a view, but we’re very encouraged by the reception we’re getting,” Rothschild said on Monday in e-mailed comments to Bloomberg News.