LONDON â€" A mining company partly owned by the British financier Nathaniel Rothschild said on Tuesday that it had failed to prove financial misconduct at two of its Indonesian units.
Bumi, which was formed through a $3 billion merger between Mr. Rothschild’s investment company Vallar and mining operations owned by the dynastic Indonesia Bakrie family, said it had found circumstantial evidence related to some of the allegations at Bumi Resources and Berau, two subsidiaries.
The London-listed coal mining company added, however, that it could not substantiate the allegations because some of the evidence had been obtained illegally, and a number of individuals connected to the case refused to participate in the investigation.
Bumi announced its inquiry into potntial financial misconduct at its Indonesian subsidiaries last September. For legal reasons, the mining company said it could not publish the results of the investigation.
Mr. Rothschild and his Indonesian partners have been locked in a protracted battle for control of the London-listed miner. The Bakries want to acquire Bumi’s mining assets, while the British financier has outlined plans to buy out his Indonesia partners.
Shares in Bumi fell 2.2 percent in morning trading in London.
