A Hong Kong private equity group tried but failed to take over the board of the troubled resources company Intrepid Mines, as it tries to reclaim its 80 percent interest in a major Indonesian project.

Shareholders backed their board despite the fact it was running the company when Intrepid was kicked off its own $5 billion copper-gold Tujuh Bukit mine in Indonesia a year ago.  Intrepid’s Indonesian partners transferred the leases for the project to a new company.

The attempted board coup was led by shareholder and hedge fund Quantum Pacific Capital, with which Mr Soeryadjaya has said he would be willing to negotiate a settlement.

Intrepid's board is taking legal action including pushing for criminal charges against its former Indonesian partners.