Bumi shares ended the day up 8%, on top of a 40% increase on Thursday.
Bumi had launched a probe into PT Bumi Resources in which it owns a 29% stake.
Morgan had already helped Bumi Resources issue bonds and advised Berau on a Jakarta listing.
Those investors might now wish they had run in the opposite direction from Bumi PLC.
An area of focus of the investigation will be the development funds of PT Bumi Resources Tbk.
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Last month, Bumi said it had launched a probe into "potential financial and other irregularities" at the firm.
Bakrie was said to be seeking a public bailout for its Bumi Resources via a state-owned coal company.
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Mr Rothschild set up Bumi with the influential Bakrie family, part of Indonesia's political and business elite, in 2011.
Vallar shareholders would get a free ride on the back of Bumi's revaluation.
We had opted to stay at Bumi Hills, a modern 20-room lodge resuscitated in 2009 by a group of Harare investors.
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Mr Rothschild, who stepped down from the Bumi board late last year, has denied any suggestions he acted illegally or unethically.
Shares in the London-listed Indonesian coal miner Bumi have surged after Indonesia's powerful Bakrie family proposed to split from the firm.
Coal miner Bumi has said it is unable to substantiate claims of potential financial and other irregularities at its Indonesian operations.
The proposed transaction would provide Bumi and Berau with a backdoor London listing without the need for a formal public offering.
Now the only thing both sides agree on is that the partnership between the Bakries and Bumi PLC should be dissolved.
Bumi's management instead wants to push through a split agreed with Indonesia's Bakrie family following claims of fraud originally levelled by Mr Rothschild.
In Indonesia, miner PT Bayan Resources jumped 9.1% and shares of Asia's biggest thermal coal exporter, Bumi Resources, rose as much as 5.6%.
Financier Nathaniel Rothschild has lost his bid to oust the current board of coal mining giant Bumi, the company he helped to found.
Yet it would quickly run into the same problem that has bedevilled Bumi plc from the start: how to work with the Bakries.
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Mr. Rothschild subsequently claimed to have been passed information by a whistle-blower that he said showed evidence of financial irregularities at Bumi Resources.
The other problems have much to do with the fraught relationship between Mr Rothschild and the Bakrie family, also big shareholders of Bumi PLC.
Bumi's management said that it had referred the matter to the relevant authorities, including the Indonesian financial services authority, and the UK Serious Fraud Office.
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%.
Bumi owns a stake in key Bakrie assets and there have been tensions between the two over potential irregularities at one of the Bakrie firms.
Bumi Resouces later appointed an independent auditor to investigate the allegations.
Bumi was also keen to point out that "the unwillingness of key parties to be interviewed and provide information" meant it could not prove the allegations.
The board of Bumi has rejected a bid by co-founder Nat Rothschild to retake control of the mining firm at a shareholder meeting on 21 February.
The Bakries, who injected their coal mines into Bumi in 2010 as a way to raise cheaper capital, have a different idea: sell back the assets.
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However, Bumi said that an investigation carried out on its behalf by London law firm Macfarlanes revealed that the information had been "obtained illegally by email hacking".
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