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Ousted Asia Resource Minerals boss stages sit-in occupation of Jakarta office Ousted Asia Resource Minerals boss stages sit-in occupation of Jakarta office
(about 4 hours later)
Shares in a mining company listed in London have been suspended because its former boss is staging a sit-in at the Jakarta head office of its main subsidiary.Shares in a mining company listed in London have been suspended because its former boss is staging a sit-in at the Jakarta head office of its main subsidiary.
For at least four days Amir Sambodo has been refusing to let in two executives from Asia Resource Minerals, the company formerly known as Bumi, which has been mired in scandals during its time on the stock market.For at least four days Amir Sambodo has been refusing to let in two executives from Asia Resource Minerals, the company formerly known as Bumi, which has been mired in scandals during its time on the stock market.
In the latest development, the company asked for its shares to be suspended while it attempts to retake control of the Indonesian subsidiary, PT Berau Coal.In the latest development, the company asked for its shares to be suspended while it attempts to retake control of the Indonesian subsidiary, PT Berau Coal.
Sambodo had resigned in March as chief executive of Asia Resource Minerals and of PT Berau Coal. But he is now reported to have employed 100 security guards to protect him during his occupation of the Indonesian operation, which appears to have been going on since Tuesday.Sambodo had resigned in March as chief executive of Asia Resource Minerals and of PT Berau Coal. But he is now reported to have employed 100 security guards to protect him during his occupation of the Indonesian operation, which appears to have been going on since Tuesday.
In an unusual stock market announcement on Tuesday, Asia Resource Minerals revealed that Paul Fenby, its finance director, and Keith Downham, its chief mining officer, were “presently being denied access to the head office of PT Berau for the conduct of usual business and have only limited access to PT Berau’s information technology and accounting systems, and only very limited visibility of current bank account information”.In an unusual stock market announcement on Tuesday, Asia Resource Minerals revealed that Paul Fenby, its finance director, and Keith Downham, its chief mining officer, were “presently being denied access to the head office of PT Berau for the conduct of usual business and have only limited access to PT Berau’s information technology and accounting systems, and only very limited visibility of current bank account information”.
The same day the company said it “retains a reasonable expectation of a prompt return to normalcy” but by Friday said it had started legal proceedings against Sambodo. “The company is claiming damages, and injunctions restraining Mr Sambodo from (a) holding himself out as a director or officer, or intermeddling in the affairs, of PT Berau and its subsidiaries, and (b) disclosing confidential information of the Company, PT Berau and other subsidiaries,” Asia Resource Minerals said.The same day the company said it “retains a reasonable expectation of a prompt return to normalcy” but by Friday said it had started legal proceedings against Sambodo. “The company is claiming damages, and injunctions restraining Mr Sambodo from (a) holding himself out as a director or officer, or intermeddling in the affairs, of PT Berau and its subsidiaries, and (b) disclosing confidential information of the Company, PT Berau and other subsidiaries,” Asia Resource Minerals said.
The standoff in Indonesia comes as Asia Resource Minerals is facing two competing solutions to a debt problem: one is from Nat Rothschild, the scion of the banking dynasty who founded the company; the other from Asia Coal Energy Ventures which is backed by rich Indonesians and owns a stake in the business. This week Rothschild stepped back from making a full bid but is offering to guarantee fundraising. The standoff in Indonesia comes as Asia Resource Minerals is facing two competing solutions to a debt problem: one is from Nat Rothschild, the scion of the banking dynasty who founded the company; the other from Asia Coal Energy Ventures, which is backed by rich Indonesians and owns a stake in the business. This week Rothschild stepped back from making a full bid but is offering to guarantee fundraising.
Rothschild founded what was to become Bumi in 2010, along with the Bakrie family of Indonesia. However, the two parties fell out and rows erupted over allegations of irregularities in the operating companies. Rothschild’s original investment was through Vallar, a shell company into which he ploughed £100m of his own money.Rothschild founded what was to become Bumi in 2010, along with the Bakrie family of Indonesia. However, the two parties fell out and rows erupted over allegations of irregularities in the operating companies. Rothschild’s original investment was through Vallar, a shell company into which he ploughed £100m of his own money.
PT Berau Coal, the subsidiary at the centre of the current controversy, is listed in Indonesia although its shares have been suspended since 4 May when Asia Resource Minerals said Sambodo had been making misleading announcements about his continued involvement in the company.PT Berau Coal, the subsidiary at the centre of the current controversy, is listed in Indonesia although its shares have been suspended since 4 May when Asia Resource Minerals said Sambodo had been making misleading announcements about his continued involvement in the company.
According to Asia Resource Minerals, Sambodo resigned on 25 March but was disputing the result of an extraordinary general meeting held in April to appoint his successor.According to Asia Resource Minerals, Sambodo resigned on 25 March but was disputing the result of an extraordinary general meeting held in April to appoint his successor.
Sambodo, according to Asia Resource Minerals, had been issuing misleading announcements on behalf of PT Berau into the Indonesian market regarding the supposed invalidity of the extraordinary meeting and the resolutions passed.Sambodo, according to Asia Resource Minerals, had been issuing misleading announcements on behalf of PT Berau into the Indonesian market regarding the supposed invalidity of the extraordinary meeting and the resolutions passed.