Economy and Finance
Nat Rothschild May be Suspect in Data Theft of Rival Coal Producer
“Indonesian police want to question billionaire financier Nat Rothschild over the alleged theft of data that sparked an investigation into financial irregularities at war-torn coal miner Bumi.
By JG Vibes
For the past year Nat Rothschild has been in the news on a weekly basis, because of the ongoing battle for one of his main mineral resources in Indonesia. He has already lost a significant amount of money, investors and control, but now Indonesian police also want to question him in a case of data theft.
“Indonesian police want to question billionaire financier Nat Rothschild over the alleged theft of data that sparked an investigation into financial irregularities at war-torn coal miner Bumi. The miner launched an internal probe last year into ‘financial irregularities’, complicating an acrimonious row between co-founders Rothschild and Indonesia’s powerful Bakrie family. Bumi later called in City of London police after discovering evidence that the information that triggered the probe was obtained by email hacking.
Indonesian police spokesman Brigadier General Boy Rafli Amar said on Friday that Rothschild would probably be summoned for questioning over the data theft.It comes as Rothschild and the Bumi board prepare for a weekend charm offensive among investors ahead of next Thursday’s crucial vote on the firm’s future. Rothschild is trying to oust 12 of 14 directors, saying they are under the influence of the Bakries.
The Bumi board countered that it has proposed the only viable plan to secure the Bakries’ exit from the company, whose share price has been battered by public brawling. A source close to the situation said: ‘Every vote counts at this stage.’ Bumi’s share price has tumbled 58 per cent in the space of a year, despite its ownership of the highly lucrative Berau coal asset in Indonesia.
Shareholders have been put off by the public war of words between Rothschild, the Bumi board and the Bakrie family. The Bumi board has put forward a plan that it says would see the Bakries leave the company for good. The Bakries are to put a £32million deposit down, before cancelling their 24 per cent Bumi shareholding in exchange for 10pc of subsidiary Bumi Resources. Bumi (down 28.7p to 377.3p) will then sell its remaining 19 per cent of Bumi Resources to the Bakries for £178million.”
At Thursday’s shareholder meeting that was mentioned in the article, the future board members for the company will be decided, and the hacking allegations will also be discussed.
According to another recent article the police are having some luck tracking the connection where the hack originated, so it will be interesting to see if Rothschild was dumb enough to have it done from his own property. Chances are that he paid someone to do it from a remote location on an encrypted connection, but either way the police probably wont touch him. Nat Rothschild has already lost billions in this deal, and it is possible that it could also cost him his reputation in the business world.
In comparison to crashing economies and running global slave rackets, email hacking is nothing. When considering how much really horrible, violent activity the Rothschilds are involved in, it is interesting that the police finally pick something so small to question one of them about.
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