Rothschild fears Bumi 'divorce" will lead to cheap asset sale Board members are said to be pleased with the offer for one of the subsidiaries, Bumi Resources, and the chance to cut links with the Bakries - although they may decide to keep Berau, the other subsidiary. Mr Rothschild has recommended that he and the rest of the board should wait for the conclusions of an independent investigation into "potential financial irregularities" at Bumi Resources before taking any decisions. However, he is understood to be sceptical about the proposed deal, which, if agreed in full, would see him give up around £44m of founder shares in Bumi. Agreeing to just the first part of the plan - swapping the Bakries" shares in Bumi for all or part of the subsidiary Bumi Resources - could pave the way for them to obtain Berau also, which many analysts think Bumi should keep. That is because cancelling the Bakries" 24pc Bumi stake will inflate the holdings of its other shareholders, taking the amount controlled by fellow Indonesian investors Samin Tan and Rosan Roeslani to around 44pc. Sources close to Mr Rothschild said: "We have grave concerns that they would use their augmented control of the equity to approve the Bakries" additional offer for Berau, selling the asset for much less than it is worth." Both parties have ties with the Bakries, although their relationship with Mr Tan is said to have been strained by the fall in Bumi's share price. Sources close to the Bakries denied that they were working in cahoots with the other Indonesian investors. It is thought that Mr Rothschild does not want to give up his founding shares, as the Bakries say he should if Bumi's assets are sold.