Asia Resource Minerals, formerly called Bumi, has won $173 million back from Rosan Roeslani, its former director, as reported by Yahoo Finance. ARMS, when it was still called Bumi, fell apart over disagreements with its co-founder, Nathaniel Rothschild and Bakrie Group, based in Indonesia. Rothschild said he will underwrite a rights issue, although ARMS recently returned $465 million to shareholders.
Rosan Roeslani must pay back everything he owes ARM plus interest and legal costs. His assets include a stake in the Inter Milan football club, two chateaux in France, a golf club in Spain and a house in Beverly Hills. Shares of ARMS jumped 250% on news of the successful arbitration. Roeslani promised to repay the amount last December to the troubled mineral company, an amount that disappeared from a subsidiary of ARMS’. Attorneys for ARMS have secured a legal ruling to freeze some of Roeslani’s assets, including his chateaux in France.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.