Asia Resources Names Walton as Chairman

After a very public and bitter 18-month boardroom feud between company founders, coal miner Asia Resource Minerals Plc, formerly London-listed Bumi Plc., has named businessman Chris Walton as chair after splitting from its Indonesian partner at Q1 2013.

Walton, currently chair of Goldenport Holdings Inc. and Lothian Buses Plc., will join the coal producer’s board in Q1 2014 as an independent non-executive director before becoming chairman, Asia Resource officials said in a statement. Nick Salmon will become a non-executive director; Julian Horn-Smith, current deputy chairman, will step down next month, company representatives added.

Shareholders approved a $501 million deal to separate from Indonesia’s Bakrie family and change its name. Both sides had sought a split since 2012 after relations between co-founder Nathaniel Rothschild and the Bakrie clan soured amid financial probes in Asia and the U.K.; the company plans to return more than $400 million in proceeds to shareholders.

As featured in Womp 2014 Vol 01 -