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All Journal Legitimacy: Journal of Law and Islamic Law Open Access DRIVERset Journal of State Public Policy (JSPP)
Thimotius Melkysedekh Yuliawan
Faculty of Law, University of Indonesia, Indonesia
Religion Law, Crime, Criminology & Criminal Justice Social Sciences

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Functional Duality of SOEs: Comparative Legal Governance of Indonesia and Singapore's Temasek Thimotius Melkysedekh Yuliawan
Legtimacy: Journal of Law and Islamic Law Vol. 2 No. 1 (2026): Legitimacy: Journal of Law and Islamic Law
Publisher : CV. Era Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59066/jolil.v2i1.2474

Abstract

This article comprehensively examines the normative tension resulting from the functional duality of state enterprises in Indonesia, which remain perpetually trapped between corporate profit maximization and national public service obligations. The establishment of the investment superholding triggers a perilous juridical identity crisis that potentially escalates profound moral hazard risks. Employing a functional comparative legal methodology, this study dissects the governance asymmetry between Indonesia and Temasek Holdings in Singapore. Findings confirm that the domestic public finance legal regime systematically distorts the doctrinal operationalization of the business judgment rule, thereby engendering structural criminalization vulnerabilities over commercial risks. Therefore, this study radically urges legal reconstruction requiring the statutory redefinition of the superholding as a strictly private entity. This prescriptive resolution necessitates the strict codification of absolute safe harbor provisions to mitigate political intervention while simultaneously securing corporate autonomy. This step is essential to harmonize domestic investment governance with global OECD competitive neutrality standards.
Functional Duality of SOEs: Comparative Legal Governance of Indonesia and Singapore's Temasek Thimotius Melkysedekh Yuliawan
Legtimacy: Journal of Law and Islamic Law Vol. 2 No. 1 (2026): Legitimacy: Journal of Law and Islamic Law
Publisher : CV. Era Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59066/jolil.v2i1.2474

Abstract

This article comprehensively examines the normative tension resulting from the functional duality of state enterprises in Indonesia, which remain perpetually trapped between corporate profit maximization and national public service obligations. The establishment of the investment superholding triggers a perilous juridical identity crisis that potentially escalates profound moral hazard risks. Employing a functional comparative legal methodology, this study dissects the governance asymmetry between Indonesia and Temasek Holdings in Singapore. Findings confirm that the domestic public finance legal regime systematically distorts the doctrinal operationalization of the business judgment rule, thereby engendering structural criminalization vulnerabilities over commercial risks. Therefore, this study radically urges legal reconstruction requiring the statutory redefinition of the superholding as a strictly private entity. This prescriptive resolution necessitates the strict codification of absolute safe harbor provisions to mitigate political intervention while simultaneously securing corporate autonomy. This step is essential to harmonize domestic investment governance with global OECD competitive neutrality standards.
Recalibrating Sovereign Immunity: Functional Commerciality and the Execution of Investment Arbitration Awards Thimotius Melkysedekh Yuliawan
Journal of State Public Policy Vol. 1 No. 3 (2026): Journal of State Public Policy
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jspp.v1i3.401

Abstract

The contemporary architecture of international investment law confronts an efficacy crisis during the execution phase of arbitral awards due to sovereign immunity abuses by host states. Adjudicative triumphs frequently become pyrrhic victories given the monumental barriers to attaching sovereign assets in foreign jurisdictions. This study critically analyzes the interpretative asymmetry between the ICSID Convention and the New York Convention regimes, which severely complicates the economic recovery of investors. Employing a normative juridical methodology with a comparative jurisprudence approach, this article dissects recent judicial decisions across the United States, the United Kingdom, and Australia. Findings indicate that debtor nations aggressively weaponize separate entity limitations and public policy defenses as asset shielding instruments. This paper proposes a recalibration of restrictive immunity through the functional commerciality test. Systemic resolution demands preventive mechanisms standardizing explicit immunity waivers, alongside subsequent mechanisms harmonizing commercial property definitions to balance sovereign rights against transnational legal compliance imperatives comprehensively.
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