Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Rothschild to Bakrie family: 'you are extremely DUMB'

Rothschild to Bakrie family: 'you are extremely DUMB'

Nat Rothschild and a member of the Bakrie family have taken to Twitter to air their grievances following the split of resources firm Bumi from the Indonesian family.

On Tuesday the separation of the Bakrie family from Bumi was finalised and the company was renamed Asia Resource Minerals, which saw the Bakries buy back their stake in their coal business.
 
In the wake of the development, Rothschild tweeted Aga Bakrie, who is the son of the chairman of the Indonesian family group: 'Thanks for buying back a worthless pile of turd. I look forward to watching bumi Tbk trading to zero like bnbr, btel, etc.'
 
He continued: 'Whilst your dad is an evil genius . . . the word on the street is that you are extremely DUMB!”
 
In response, Bakrie tweeted: 'Haha..“Dumb” I believe thats the word that has been associated with you by most of the people that i have met.'

In a drawn out conversation on the social media site Bakrie also tweeted: 'Bumi resources back to Indonesia . . . Protect Country resources from imperialist. Good bye London . . . It was a bittersweet experience,'
 
Rothschild responded: 'What about protect minority shareholders from Bakrie? Why is investing 1.2b into Indo bad for indonesia you dumb schmuck?!'

Bakrie replied: 'Indonesia is an amazing investment haven make no mistake. It is only bad when a minority try to take control by dirty trick.'

'No family has done more to blacken Indonesia’s investment climate than yours,' replied Rothschild.
Bakrie later concluded: 'Congrats on the separation, all the best for you as we indonesian say selamat malam pak Nat.'

The Bakrie family sold a stake in the country’s largest coal exporter into the original deal back in 2010, and has proposed to buy back the assets in a move that would end their ties with the mining group.

The tie-up between the Bakrie family and Rothschild first started in 2010 after he raised $700 million to invest in mining assets. Bumi was then created from a stake in a Bakrie-owned coal miner. However, the founders fell out and the company has been plagued with accusations of poor corporate governance.

Rothschild quit Bumi's board in 2012 and has since been vocal about the need for change. The Bumi saga attracted criticism from Richard Buxton, during his time at Schroders, alongside Artemis' John Dodd as events unfolded.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter