Bumi Plc. Stated today that it agreed to recover most of the funds in a transaction with previous company director Rosan Roeslani. It was reported earlier that Bumi Plc, based in Indonesia, is struggling to recover missing funds amounting to $201 million.
Roeslani, also the former chief executive officer of Bumi's subsidiary PT Coal Energy, said that he will return Berau assets worth $173 million including cash. Bumi will waive all claims that will be made against the former CEO regarding the missing funds. The shareholders are requested to approve of the deal before it pushes through.
The company is in the middle of a tug of war for control between Indonesia's Bakrie family and co-founder Nathaniel Rothschild. The battle between the two parties began with the company's $3 billion deal, plus the industries issues with depleting coal prices and plunging of the stocks by 69 percent in London last year.
The agreement also entails a provision stating that Roeslani has made nothing wrong, and admits to no liability whatsoever, said the company.
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