Asia Resource Minerals has seen better times, but it avoided a takeover by former Chairman Samin Tan in a rivalry with Nathaniel Rothschild, according to Bloomberg. As the mining company struggles to survive, it is seeing a fight over its leadership, but 68% of shareholders voted against Tan taking over. It also appointed Interim Chairman Wallace King as a permanent Chair.
Tan demanded CEO Amir Sambodo be removed from the Indonesia-based company and several directors be replaced. Nathaniel Rothschild, who owns 17.5% of the company, told Bloomberg, “I am very happy to see the existing board supported by a decisive majority of shareholders.”
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He added that the board has a “clear mandate to move swiftly forward with a comprehensive operational and financial restructuring of Berau.” The company aims to extend the maturity of bonds to delay default while it employs other restructuring strategies.
This is the second victory for Rothschild concerning the mining company in just two months. In January, he managed to win $173 million back for Asia Resource Minerals from Rosan Roeslani, its former director. Roeslani was ordered to pay back everything he owes to the company, and ARMs attorneys have secured the right to freeze some of his assets, including chateaux in France.