Oh well done Nat!

Nat Rothschild resigns from Bumi board over Bakrie plan
Nat Rothschild resigned unexpectedly from the board of troubled coal group Bumi on Monday night, voicing his “great regret” in bringing its Indonesia backers to London and accusing its chairman of betraying shareholders.

Err, but you put the whole deal together in the first place!

Scuttling out when it goes pie shaped isn\’t quite on now is it? Rather your job to stay and sort it out……

3 thoughts on “Oh well done Nat!”

  1. So Much For Subtlety

    Funny this is only news now. I have been hearing about this for weeks. Sure, he might usually have a duty to remain and sort it out. But if, purely theoretically speaking of course, a company and its management was totally screwing over the minority shareholders in the interests of the main shareholder and a few members of Senior management who were in bed with said main shareholders, wouldn’t resigning in disgust be pretty much the only course open to someone in such a position?

  2. Agree with SMSF. His role at Bumi as far as I’ve made out from the last few months’ reporting (Private Eye and FT Alphaville have both been good) is more like banker-slash-professional-advisor, with Bakrie always having worn the trousers.

    While quitting won’t be great for his professional reputation, staying on in a hypothetical situation like the one SMFS describes would be good neither for his reputation nor for his chances of escaping regulatory/criminal sanction.

  3. what amazed me was the fact that the great and the good assembled at the floatation trough convinced themselves and their investors’ that the well documented corporate governance ‘issues’ surrounding Bumi and teh Backries would suddenly disappear with a London listing. Leopards and spots ‘n all that

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