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Bumi boss eyes the exit

BUMI chairman Samin Tan hinted yesterday that he could resign as head of the troubled Indonesian ...

Justin Niessner
Bumi boss eyes the exit

Tan reportedly did not specify his plans and only addressed the UK-listed miner’s recent spate of stakeholder infighting and share price erosion in vague terms.

“Both the board and I see the need for the chairman to stay on through this critical period, however, I do not intend to stay as chairman any longer than the company needs me to,” he said in an email published by Reuters.

“The board and I believe that I have to led Bumi through this period on behalf of the shareholders who have lost so much through the poor behaviour of others.”

The news comes as Bumi prepares for a shareholder vote next month which could oust 12 to 14 board members including Tan.

It has been a difficult few months for Bumi as a separation with its 29%-owned Bumi Resources and an investigation into alleged financial irregularities continue to unfold.

Earlier this month, Bumi announced a $655.4 million loss for the first nine months of 2012.

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