Berau Coal Energy

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Revision as of 16:43, 28 April 2024
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In 2013, it was variously reported that $173 million had allegedly gone "missing" or that "mysteriously vanished" or that a withdrawal was "unauthorised" from Berau Coal under [[Rosan Roeslani]]'s leadership. Roeslani disputed the claims. The firm decided that if Roeslani repaid the money, no legal action would be taken.<ref>{{cite web|url=https://www.telegraph.co.uk/finance...urprise-buyer-of-Inter-Milan.html|title=Rosan Roeslani emerges as surprise buyer of Inter Milan|date=15 October 2013|access-date=6 June 2015|work=The Telegraph (UK)}}</ref><ref>{{cite news|url=https://www.theguardian.com/busines...legal-battle-110m-rosan-roeslani|title=Former Bumi owner wins legal battle to recoup £110m from ex-director|newspaper=The Guardian|date=31 December 2014|access-date=28 April 2024}}</ref><ref>{{cite news|url=https://www.telegraph.co.uk/finance...Bumi-directors-assets.html|title=Breakthrough in pursuit of former Bumi director's assets|newspaper=The Telegraph|date=4 March 2014|access-date=28 April 2024}}</ref><ref>{{cite news|url=https://www.ft.com/content/f710e518-0da6-11e5-9a65-00144feabdc0 |title=Nat Rothschild sells Asia Resource Minerals stake|newspaper = Financial Times|date=8 June 2015| access-date=28 April 2024}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/arti...-roeslani-claims-he-doesn-t-owe-company-funds |title=Bumi Says Roeslani Claims He Doesn't Owe Company Funds|newspaper=Bloomberg|date=4 December 2013|access-date=28 April 2024}}</ref><ref>{{Cite news|url=https://asia.nikkei.com/Business/Wi...ity-company-plans-media-asset-sale|title=With founder on hook for $173M, private equity company plans media asset sale|newspaper=Nikkei Asian Review|date=11 February 2015|access-date=28 April 2024}}</ref>In 2013, it was variously reported that $173 million had allegedly gone "missing" or that "mysteriously vanished" or that a withdrawal was "unauthorised" from Berau Coal under [[Rosan Roeslani]]'s leadership. Roeslani disputed the claims. The firm decided that if Roeslani repaid the money, no legal action would be taken.<ref>{{cite web|url=https://www.telegraph.co.uk/finance...urprise-buyer-of-Inter-Milan.html|title=Rosan Roeslani emerges as surprise buyer of Inter Milan|date=15 October 2013|access-date=6 June 2015|work=The Telegraph (UK)}}</ref><ref>{{cite news|url=https://www.theguardian.com/busines...legal-battle-110m-rosan-roeslani|title=Former Bumi owner wins legal battle to recoup £110m from ex-director|newspaper=The Guardian|date=31 December 2014|access-date=28 April 2024}}</ref><ref>{{cite news|url=https://www.telegraph.co.uk/finance...Bumi-directors-assets.html|title=Breakthrough in pursuit of former Bumi director's assets|newspaper=The Telegraph|date=4 March 2014|access-date=28 April 2024}}</ref><ref>{{cite news|url=https://www.ft.com/content/f710e518-0da6-11e5-9a65-00144feabdc0 |title=Nat Rothschild sells Asia Resource Minerals stake|newspaper = Financial Times|date=8 June 2015| access-date=28 April 2024}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/arti...-roeslani-claims-he-doesn-t-owe-company-funds |title=Bumi Says Roeslani Claims He Doesn't Owe Company Funds|newspaper=Bloomberg|date=4 December 2013|access-date=28 April 2024}}</ref><ref>{{Cite news|url=https://asia.nikkei.com/Business/Wi...ity-company-plans-media-asset-sale|title=With founder on hook for $173M, private equity company plans media asset sale|newspaper=Nikkei Asian Review|date=11 February 2015|access-date=28 April 2024}}</ref>
As part of an effort to restructure and take control of the business, Rothschild attempted to inject US$100&nbsp;million into Berau Coal<ref name="wsj.com">{{Cite web|url=https://www.wsj.com/articles/nat-rothschild-agrees-to-sell-arms-stake-1433776140|title=Nat Rothschild Agrees to Sell ARMS Stake|first=Alex|last=MacDonald|date=8 June 2015|work=The Wall Street Journal}}</ref> and sign a restructuring support agreement with creditors in February 2015<ref>{{Cite web|url=https://www.reuters.com/article/asia-bonds-idUSL4N0XZ1JR20150508|title=Berau battle heats up as Raiffeisen sells stake|date=8 May 2015|work=Reuters}}</ref> and however was trumped by a rival bid led by the Widjaja family.<ref>{{cite news|url=https://www.malaymail.com/news/opin...christopher-langner/1252061|title=Billionaire Widjaja family puts Singapore on the spot — Christopher Langner|date=17 November 2016|newspaper=Malay Mail|access-date=28 April 2024}}</ref>As part of an effort to restructure and take control of the business, Rothschild attempted to inject US$100&nbsp;million into Berau Coal<ref name="wsj.com">{{Cite web|url=https://www.wsj.com/articles/nat-rothschild-agrees-to-sell-arms-stake-1433776140|title=Nat Rothschild Agrees to Sell ARMS Stake|first=Alex|last=MacDonald|date=8 June 2015|work=The Wall Street Journal}}</ref> and sign a restructuring support agreement with creditors in February 2015.<ref>{{Cite web|url=https://www.reuters.com/article/asia-bonds-idUSL4N0XZ1JR20150508|title=Berau battle heats up as Raiffeisen sells stake|date=8 May 2015|work=Reuters}}</ref>
After a series of internal disputes, board room battles and court inquiries into "financial irregularities" at Berau Coal, Amir Sambodo agreed to resign in March 2015 as president director of Berau. However, he failed to relinquish the position and refused to allow Asia Resource's chief financial officer, chief mining officer or his successor into the head office of Berau. For a while, Bumi executives acting on behalf of Rothschild only had limited access to Berau's accounting systems and bank account information.<ref>{{Cite web|url=https://www.telegraph.co.uk/finance...fuses-to-leave-head-office.html|title=Company suspends shares trading after former CEO refuses to leave head office|date=22 May 2015|website=The Telegraph}}</ref>After a series of internal disputes, board room battles and court inquiries into "financial irregularities" at Berau Coal, Amir Sambodo agreed to resign in March 2015 as president director of Berau. However, he failed to relinquish the position and refused to allow Asia Resource's chief financial officer, chief mining officer or his successor into the head office of Berau. For a while, Bumi executives acting on behalf of Rothschild only had limited access to Berau's accounting systems and bank account information.<ref>{{Cite web|url=https://www.telegraph.co.uk/finance...fuses-to-leave-head-office.html|title=Company suspends shares trading after former CEO refuses to leave head office|date=22 May 2015|website=The Telegraph}}</ref>

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