Indonesia should keep more resources such as natural gas at home to bolster its domestic industries, according to Aburizal Bakrie, who rates himself the favorite to win a presidential election to be held in July.
At one of the world’s largest coal mines in the Indonesian province of South Kalimantan, enough of the fossil fuel is being stolen every three days to fill a vessel almost the size of the Chrysler Building, according to two people with knowledge of the situation.
Indonesia’s Bakrie family said it has all the funds needed to meet the original terms of a deal to exit the coal-mining venture it founded with Nathaniel Rothschild, a week after announcing it was $65 million short.
The Bakrie family’s attempt to convert $1.3 billion of debt into equity at Indonesia’s PT Bumi Resources and to cut business ties with U.K. financier Nathaniel Rothschild is being stymied by slumping coal prices.
Indonesia’s Bakrie family are $65 million short of funding a planned exit from London-listed Asia Resource Minerals Plc and want to revise the terms a week after saying they intended to complete the deal as scheduled.
Indonesia’s Bakrie family, seeking to exit the coal producer they founded with Nathaniel Rothschild, see “challenges” to completing the $501 million deal that includes buying back a stake in PT Bumi Resources.
Nathaniel Rothschild’s bid to oust most of the board of Bumi Plc, the Indonesian coal venture he founded and is fighting to gain control of, may struggle after one of his earlier supporters said it would vote against him.
Bumi Plc, the company at the center of a dispute between Nathaniel Rothschild and Indonesia’s Bakrie Group, said a proposal from the financier regarding the fate of the $1.1 billion company’s coal assets was rejected.
Nathaniel Rothschild, the financier who co-founded Bumi Plc, asked the U.K.’s financial regulator to investigate whether the Indonesian coal producer made misleading statements about a proposed deal with the Bakrie Group.