Bakrie sale of mining assets at centre of Bumi investigation The Benakat deal, and a related $150m fundraising led by Nomura, is understood to have become a major part of the inquiry by Macfarlanes into alleged "financial and other irregularities" at Bumi Resources. News of the irregularities in September triggered a 25pc fall in Bumi's shares in a single day and saw Ari Hudaya, Bumi Resources president, leave his non-executive position at Bumi with "immediate effect." The investigations focus on two infrastructure companies - PT Mitratama Perkasa (MP) and PT Nusa Tambang Pratama (NTP) - which are crucial to the operation of the Kaltim Prima Coal and Arutmin mines. The mines are majority- owned by Bumi Resources, with joint-venture partner Tata Power holding a 30pc stake. London-listed Bumi owns 29pc of Bumi Resources. The Bumi prospectus discloses that, in August 2010, Bumi Resources agreed to sell 70pc of MP to PT Nusantara Pratama Indah (NPI) for $170m. NPI is believed to have connections to the Bakries. The prospectus also shows that from 2010 Bumi Resources no longer owned a 70pc stake in a company called Candice Investments, thought to be the owner of the other infrastructure company, NTP. Accounts for Tata Power subsidiary Bhira Investments show that, during the 2010-2011 financial year, the company acquired a 30pc stake in Candice for just $2. The accounts disclose that Candice also included subsidiaries with a carrying value of $2,329. Curiously, despite the low accounting value of the Candice assets, the Bhira accounts show that they were used as "security for a term loan of up to $300m" from PT Bank Sumitomo Mitsui Indonesia. Investigators are thought to be working on the theory that the Candice assets may have been effectively gifted to Tata Power, so it would raise no objection to a 50pc hike in the prices charged to the mines for using the ports and other infrastructure owned by MP and NTP. Such price increases were then allegedly used to inflate the value of MP and NTP. Nomura's information memorandum for the $150m fundraising, titled Project Magnum, shows that 70pc stakes in the two infrastructure companies have since been repackaged as Astrindo Mahakarya Indonesia (AMI). The Nomura document shows AMI carrying $1.025bn of debt. Investigators are also examining the propriety of the planned Benakat transaction as it is believed they have evidence suggesting it may be another related-party deal. They are looking at whether the Bakries, via Bumi Resources's off-balance sheet "development" assets, have a major interest in Benakat's 52pc shareholder PT Indotambang Perkasa. The development assets are a key focus of the Macfarlanes inquiry. Asked for comment, sources close to the Bakrie family denied they controlled AMI, adding that "Bakrie Group does not have any interest in PT Indotambang Perkasa." They said NPI is owned by Thong Sennelius and the Lippo Group but could not rule out that he may "do business" with the Bakries. Mr Sennelius could not be reached for comment. A Bakrie spokesman added: "All relevant matters would have been disclosed during due diligence and the Bakries are co-operating with the Macfarlanes inquiry." Bumi Resources has said it has applied to the South Jakarta court for an independent audit of the company. Senior Tata Power sources said they were not aware of the Benakat deal or the Nomura document. Nomura, Macfarlanes and Mr Rothschild all declined to comment. Last month the Bakries proposed buying back coal mining assets sold to Bumi in 2010"s $3bn cash and shares deal. The transaction would see investors recoup 430p-440p per share - versus the £10 a share they invested at flotation.