Bumi says unable to substantiate key claims in probe

LONDON Tue Jan 22, 2013 2:50am EST

LONDON Jan 22 (Reuters) - London-listed coal miner Bumi Plc has received the results of an independent probe into potential wrongdoing at its Indonesian operations, but has not published details and said on Tuesday investigators had been unable to substantiate claims funds were misused.

"Circumstantial evidence supports a number of the allegations but, due to the unwillingness of key parties to be interviewed and provide information as well as provenance issues, the allegations have not been substantiated," it said.

Bumi last October appointed outside lawyers to examine allegations of misuse and misappropriation of funds belonging to its Indonesian units, escalating tensions between its founders.

The mining group, one of the world's largest exporters of thermal coal, was set up by Indonesia's politically connected Bakrie family and financier Nat Rothschild, but the two sides are now at odds over the company's future.

Bumi said in a statement that it was in discussions with Indonesian authorities and Britain's Serious Fraud Office. It is also investigating why due diligence carried out before the miner was set up in 2010 did not reveal the issues which prompted the probe.

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