Bakries had pledged their Bumi's shares as collateral to cover a $1.34 billion loan arranged-by
Credit Suisse which would mature inMarch 2012. However, the plummeting price of thermal
coal (Exhibit 7) and a subsequent drop in Bumi prices reduced the value of collateralized
shares, 'automatically triggeringmargin calls and leaving the Bakrie Group strapped for cash.
However, the Bakries did not discuss this deal with Nathaniel; they felt he did not need to
know about it until after it was done as the deal did not dilute his stake in Bumi.46 Bakries
spokesperson Chris Fong told the Sunday Times that Nathaniel used the debt problem to try to
add to his stake in Bumi. It seemed that the Bakries believed that Nathaniel was waiting for
theGroup to go to default in order to buy their stake at a deep discount.