Reuters reported that financier Mr Nathaniel Rothschild has called for a radical cleaning up of corporate governance at miner PT Bumi Resources, affiliate of his coal venture Bumi Plc in a show of frustration with his Indonesian partners.

Mr Rothschild is co chairman of the London-listed firm, his joint venture with Indonesia's politically connected Bakrie family, which holds a 29% stake in PT Bumi Resources. He also owns a 10% stake in Bumi Plc.

In a letter written to Mr Ari Hudaya CEO of both Bumi Plc and Jakarta listed PT Bumi, Rothschild said the plan remained to roll out the best practices of corporate governance, but said that he was not satisfied with the rate of progress at PT Bumi.
Rothschild wrote in his letter to Mr Hudaya a long time Bakrie family lieutenant that "Both myself and the Bakries need an immediate transformation of the way you are choosing to manage PT Bumi Resources.”

Rothschild in the letter, published on the Financial Times website said that he had been forced to set out his views formally after Mr Hudaya's "lack of response" to requests via the board and the audit committee.

(Sourced from Reuters)