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.