Bumi refused asset freeze over sale, says Rothschild The letter, from Mr Rothschild's solicitor, Gibson Dunn, and sent to Bumi's lawyer, Macfarlanes, pointed out that the financier was keen to "ensure that the claims of Bumi plc against Bukit Mutiara ... are brought and prosecuted diligently." It went on to say that in order to satisfy any claims: "Our clients are extremely concerned that the company takes all available steps to ensure that the proceeds of the sale of the shares are kept within the jurisdiction." The letter asked the Bumi board to "let us know when the company first learnt of the proposed sale" and to "explain what steps the company has taken to obtain a freezing order in respect of sale or to obtain reliable and enforceable undertakings to ensure that the proceeds of sale ... are retained in the jurisdiction in escrow." It added: "We believe that if the company were to allow the proceeds of sale to be removed from the jurisdiction in circumstances in which the company has publicly stated that it is pursuing a claim against Bukit Mutiara, this would constitute a most serious breach by the directors of their duties to the company." A Bumi spokesman declined to comment, though it is understood that the board decided against taking any action to try to freeze the proceeds from Mr Roeslani's share sale. He sold his stake after being outed by the Takeover Panel last December as a member of a shareholder concert party with the Bakries that should have been disclosed. The three buyers of the shares then sided with the board against Mr Roths­child at February's EGM, largely ensuring the failure of his attempt to oust 12 of Bumi's 14 directors. Mr Rothschild claimed yesterday: "The board had the power to freeze the asset under the Companies Act, but chose not to use it, presumably because to have done so would have resulted in their losing the EGM." Mr Roeslani did not respond to an emailed request for comment.