Morgan had already helped Bumi Resources issue bonds and advised Berau on a Jakarta listing.

WSJ: London Needs Full Inquest

Derawan is a fishing island about three hours by speedboat from Berau that has developed as a dive resort.

BBC: Derawan Island and the Sangalaki Archipelago

The proposed transaction would provide Bumi and Berau with a backdoor London listing without the need for a formal public offering.

WSJ: London Needs Full Inquest

Bumi's current management also announced further steps in its plan to consolidate control of another Indonesian coal-mining subsidiary, Berau Coal, of which it owns 85%.

BBC: Bumi board fights Rothschild plan

The crop is now coming to Berau.

ECONOMIST: A special report on forests: Better REDD than dead | The

The Bakries, backed by the independent non-executive directors, have offered to buy back Bumi Resources, leaving Bumi PLC with the Berau coal-mining assets in a deal that would leave shareholders with a loss of about 50% on their original investment.

WSJ: London Needs Full Inquest