Asia Resource Minerals chairman steps down after investor uprising
Asia Minerals Resources (LON:ARMS), the scandal-struck Indonesian coal miner formerly known as Bumi, said Friday the board decided not to re-elect Chris Walton as chairman at the annual shareholder meeting.
The company, which is battling to turn around its business, also said its largest shareholder and former chairman, Samin Tan, had stepped down as a non-executive director, being replaced by Bob Kamandanu.
The announcement comes only two weeks after investors voted to replace its chief executive, Nick von Schirnding, who handled the highly public battle between Nat Rothschild and the founding Bakrie family of Indonesian coal miner Bumi, now ARMS.
Bumi was created in 2010 when Nat Rothschild, descendant of the founder of the two-centuries old banking empire, used a cash shell, Vallar, to list the coal and other mining interest in London, providing the members of the Sumatran family a high profile in the West in a $3 billion deal.
But only two years later, the firm began being the focus of bitter recriminations between the Rothschild and the Bakries, a probe by the UK market regulator, allegations of financial impropriety, email hacking and disastrous derivatives trades.