This is the most documented Rothschild mining venture of the modern era. Because it ended in a regulatory fine.

The timeline

  • July 2010 — Vallar Plc listed on London Stock Exchange as a cash shell. Originally a Jersey company. Co-founders: Nat Rothschild and James Campbell.
  • 2011 — Vallar acquired stakes in two Indonesian coal miners: Bumi Resources (25%) and Berau Coal (75%). Vallar renamed itself Bumi PLC. UK company number 07460129. Companies House file.
  • 11 April 2011 — Nat Rothschild appointed director of Bumi PLC.
  • 28 June 2011 — Bumi PLC premium-listed on the LSE.
  • September 2012 — Bumi announced an investigation into “potential financial and other irregularities” at PT Bumi Resources and PT Berau Coal.
  • 15 October 2012 — Nat Rothschild ceased to be a director.
  • 17 December 2013 — Bumi PLC renamed Asia Resource Minerals PLC.
  • 12 June 2015 — FCA fined Asia Resource Minerals plc £4,651,200. FCA Final Notice (PDF).
  • 28 October 2015 — ARMS re-registered as a private company; delisted from LSE.
  • 14 November 2017 — Compulsory strike-off; final gazette. Company dissolved.

What the FCA said happened

From the FCA Final Notice (PDF):

  • Breaches of LR 8.2.3R, LR 11.1.10R, LR 11.1.11R, DTR 4.1.3R and Listing Principle 2.
  • Breach period: 28 June 2011 to 19 July 2013.
  • The breaches related to related-party transactions and to failures to maintain adequate procedures, systems and controls.
  • Fine: £4,651,200.

Nat Rothschild’s tenure on the Bumi board

11 April 2011 – 15 October 2012.

The full board across the life-cycle (verbatim from Companies House officer records) included:

  • Indonesian directors: Indra Bakrie, Sony Budi Harsono, Ari Hudaya, Rosan Roeslani, Amir Sambodo, Suyulianto Badung Tariono
  • UK / international independents: Sir Julian Horn-Smith, Lord Robin Renwick, Sir Graham Hearne, Andrew Beckham, Steven Shapiro, James Wilbert Campbell, Philip Yeo
  • Samin Tan (from 26 March 2012), Nalinkant Rathod, Jean Marc Mizrahi, Scott Merrillees, Graham Holdaway, Alexander Ramlie, Nick Kurt von Schirnding, Sir Richard Gozney, Bob Kamandanu, Wallace King, Hamish Tyrwhitt, Kin Chan, Dwi Suseno, Fuganto Widjaja, Warren Lee, Jabets Marcus Robert Sondakh

The 2012 board dispute

In late 2012 Nat Rothschild publicly called for “a clean sweep of the board” of Bumi. The Bakrie family (the Indonesian co-shareholders) tried to unwind the deal.

The dispute ended with the Bakries exiting the structure and Samin Tan taking control.

Then came the irregularities investigation. Then the FCA fine.

Nat Rothschild’s stake

Reported holding at peak: approximately 17.2%.

The stake was sold to Coal Energy Ventures in June 2015. Exact TR-1 disclosure filings are on the FCA National Storage Mechanism under ARMS.

Why this matters

Bumi was the only operating mining venture in Nat Rothschild’s listed-vehicle record.

He has not run an operating mining company since 15 October 2012.

Since 15 October 2015 his operating vehicle has been Volex. Volex sells copper cables to AI data centres. See Chapter 2.

Sources

  • FCA Final Notice, 12 June 2015: fca.org.uk
  • Companies House Asia Resource Minerals plc / Bumi PLC: 07460129
  • Companies House officer record for Nat Rothschild: confirms appointment 11 April 2011, cessation 15 October 2012.