* Continuing to review accounts of Berau unit in Indonesia
* CEO says wants to resolve "legacy issues"
* Latest echo of feud between founders
LONDON, April 12 Indonesia-focused coal miner
Bumi warned investors on Friday it could again delay
the publication of its 2012 results, as it continues to review
the accounts of unit Berau.
London-listed Bumi has been a battleground for its feuding
founders - British financier Nat Rothschild and Indonesia's
influential Bakrie family.
Its woes have been compounded by weak coal prices and
allegations of misuse and misappropriation of funds at Bumi's
Indonesian operations which triggered an internal investigation.
The current board, which plans to revive Bumi and its
beleaguered share price, earlier this year agreed a split from
the Bakries which will tie Bumi's fate to what will be its one
remaining operating unit, 85-percent-owned Berau.
It has since been reviewing Berau's balance sheet and last
month delayed full-year earnings to April 24.
Bumi's share price was down 1 percent at 297 pence at 1413
"Given the level of further work that needs to be completed
over the next few weeks, there is a likelihood that the
publication of final results will need to be further delayed,"
the company said in a statement.
Bumi said it was looking at the accounting treatment of
spending on roads and earth removal - normal activities in
mining - but also compensation payments made to landowners.
Bumi's chief executive, Nick von Schirnding, said the Berau
review was part of the group's effort to "draw a line under
"It is far preferable to achieve certainty and allow us then
to move on with a clean slate," he said.