Nathaniel Rothschild sells Asia Resource Minerals stake

London

FINANCIER Nathaniel Rothschild will abandon his troubled investment in Indonesia's coal industry, he said on Monday, agreeing to sell his stake in Asia Resource Minerals (Arms) after securing an improved offer from an Asian bidder.

Mr Rothschild, the scion of the banking dynasty, co-founded one of Arms' predecessor companies in 2010 and teamed up with Indonesia's politically-connected Bakrie family, aiming to tap demand from the South-east Asian country's infrastructure plans.

However, hit by tumbled coal prices, a series of boardroom disputes and allegations of fraud and corruption, shares in the business - known as Bumi from 2011 - plunged abou…