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2014 Nathaniel Rothschild - A Financial Crime Boss
3:24 pm
Mar 25, 2014 ASIA
Nat Rothschild Turns to Twitter For One More Fight With Bakries
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By ANDREW PEAPLE
CONNECT
Nathaniel ‘Nat’ Rothschild Bloomberg News
The fight over Asia Resource Minerals–the Indonesian coal mining company formerly known as Bumi–has rarely been classy.
The company was formed three years ago out of a cash shell set up by financier Nat Rothschild. Things soon turned sour, however, as Mr. Rothschild fell out with Bumi’s then-major shareholders, the Bakrie GroupBNBR.JK 0.00%, the investment vehicle of Indonesia’s prominent Bakrie family. Add in a slump in coal prices, and the company’s shares have lost 77% of their value since Mr. Rothschild floated his shell in late 2010.
There was relief all round, then, on Tuesday, when a $500 million deal to sever the Bakries’ ties with Asia Resources Minerals was finally completed. The Bakries are taking back their 29.2% stake in Bumi Resources, one of ARMS’s main assets, and selling their remaining 23.8% stake in the company to its current chairman Samin Tan.
But there was still time for one more fight on Tuesday afternoon. In a turn of events that will likely have some of his illustrious Rothschild predecessors spinning in their graves, Mr. Rothschild picked a TwitterTWTR +2.12% fight with Aga Bakrie, son of Nirwan Bakrie, the Bakrie Group’s chairman.
The debate contains some, ahem, unparliamentary language.
Mr. Rothschild first ‘congratulates’ Mr. Bakrie on the deal:
Nat Rothschild confirmed he had written his tweets, and a spokeman for Aga Bakrie verified that MrBakrie had written his.
According to Factset data, PT Bakrie Telecom Tbk, PT Bakrie Sumatera PlantationsUNSP.JK 0.00% Tbk, PT Bakrieland DevelopmentELTY.JK 0.00% Tbk, PT Bakrie & Brothers Tbk each closed at 50 rupiah Tuesday, less than 0.5 cents per share.
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