Rothschild loses Bumi power struggle

Financier Nathan Rothschild has lost his high profile battle to replace the board of coal miner Bumi.

An extraordinary shareholder meeting called by Rothschild on Thursday rejected his attempts to return to the board along with 19 of his 22 proposals, the FT reports. Rothschild had called to replace 12 of the 14 board directors at the group, and asked for greater control of the firm's Indonesian subsidiary Berau Coal Energy, but the board chose to remove only two directors. Former chief executive Nalinkant Rathod, who was already expected to leave, and Jean-Marc Mizrahi have been voted off the board. However, chairman Samin Tan announced his resignation after the meeting, despite r...