Shares in Bumi, the London-listed coal miner, plunged over 25% today after it revealed an Indonesian miner it part owns is under investigation over potential financial irregularities.
The group's shares dived 26%, or 51.4p, to 144.5p after it revealed details of the probe, to add to the 32% fall sustained last week. It said in a statement: "The company has become aware of allegations concerning, among other matters, potential financial and other irregularities in the company's Indonesian operations, especially in relation to PT Bumi Resources, in which the company has approximately a 29% interest." Bumi said an independent investigation had been commissioned to examine the allegations. The company said it also intends to contact relevant authorities in the UK an...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
