Diana Wiyanti
Prodi Ilmu Hukum, Fakultas Hukum, Universitas Islam Bandung, Indonesia.

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

Penerapan Prinsip Good Corporate Governance PT. Taspen (Persero) atas Investasi Pasar Modal Reksa Dana I-Next G2 Yang Dikelola Manajer Investasi Mengandung Produk Gagal Bayar Berdasarkan Peraturan Tentang Pengelolaan Investasi BUMN Bintang Qorian Naasyiatal Lailla; Diana Wiyanti
Bandung Conference Series: Law Studies 993 - 1000
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsls.v6i2.24142

Abstract

Abstract. This study examines the implementation of Good Corporate Governance (GCG) principles by PT. Taspen (Persero) in the placement of investment funds in the I-Next G2 mutual fund containing defaulted financial instruments. The background of this research is the increasing importance of GCG implementation in State-Owned Enterprises (SOEs), particularly those managing public funds, in order to maintain accountability, transparency, and financial stability. This research uses a normative juridical method with a descriptive-analytical approach, relying on secondary data from legal materials, regulations, and literature studies. Data analysis is conducted qualitatively by examining legal norms and governance theories, including Agency Theory, Stewardship Theory, and Stakeholder Theory. The results show that there are indications of deviations from GCG principles, particularly in transparency, accountability, and independency, including the absence of an open selection process for investment managers, the placement of funds in high-risk instruments, and inadequate disclosure of risks. These findings indicate potential violations of fiduciary duties in managing public funds. Therefore, strengthening GCG implementation is essential to protect public trust and ensure sustainable financial governance in SOEs.   Abstrak. Penelitian ini mengkaji penerapan prinsip Good Corporate Governance (GCG) oleh PT. Taspen (Persero) dalam penempatan dana investasi pada Reksa Dana I-Next G2 yang mengandung produk gagal bayar. Latar belakang penelitian ini didasarkan pada pentingnya penerapan GCG pada Badan Usaha Milik Negara (BUMN), khususnya yang mengelola dana publik, guna menjamin transparansi, akuntabilitas, dan stabilitas keuangan. Metode penelitian yang digunakan adalah yuridis normatif dengan spesifikasi deskriptif-analitis melalui studi kepustakaan terhadap bahan hukum primer, sekunder, dan tersier. Analisis data dilakukan secara kualitatif dengan mengkaji norma hukum serta teori tata kelola seperti Agency Theory, Stewardship Theory, dan Stakeholder Theory. Hasil penelitian menunjukkan adanya indikasi penyimpangan terhadap prinsip transparansi, akuntabilitas, dan independensi, antara lain tidak adanya mekanisme seleksi terbuka dalam penunjukan manajer investasi, penempatan dana pada instrumen berisiko tinggi, serta kurangnya keterbukaan informasi risiko kepada peserta. Kondisi tersebut berpotensi melanggar kewajiban fiduciary duty dalam pengelolaan dana publik. Oleh karena itu, penguatan penerapan GCG menjadi penting guna menjaga kepercayaan publik dan keberlanjutan pengelolaan keuangan BUMN.
Tanggung Jawab PT. Insight Investment Management Sebagai Manajer Investasi atas Investasi Reksa Dana I-Next G2 PT. Taspen (Persero) yang Mengandung Produk Gagal Bayar Berdasarkan Peraturan Pasar Modal Rieke Nurul Alifah; Diana Wiyanti
Bandung Conference Series: Law Studies 969 - 976
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsls.v6i2.24295

Abstract

Abstract. The capital market plays a vital role as an investment vehicle, including through mutual funds managed professionally and in accordance with regulations by Fund managers. This study was prompted by the management of the I-Next G2 Mutual Fund owned by PT.Taspen (Persero) by PT. IIM as the investment manager, as its portfolio included the TPS Food II 2016 Sukuk Ijarah, which had previously defaulted. PT. Taspen’s investment of Rp1 trillion in this mutual fund was subsequently called into question as it was suspected of not being based on adequate investment analysis, not being managed independently, and causing losses to investors. This study examines the compliance of the management of the I-Next G2 Mutual Fund with capital market regulations, as well as PT. IIM’s responsibility regarding the portfolio containing the defaulted product. The method employed is a normative legal study using a legislative, conceptual, and case-based approach. Legal materials were collected through literature review and analysed qualitatively. The results of the study indicate that the management of the I-Next G2 Mutual Fund is not in accordance with Article 27(1) of the Capital Market Law, Articles 23, 24, 25, and 27 of POJK 17/POJK.04/2022, as well as Article 5(2)(b) of POJK 23/POJK.04/2016 in conjunction with POJK 2/POJK.04/2020. PT IIM may also be held civilly liable under Articles 1365 and 1366 of the Civil Code for the losses incurred by PT Taspen arising from the management of that portfolio.   Abstrak. Pasar modal berperan penting sebagai sarana investasi, termasuk melalui reksa dana yang pengelolaannya dilakukan oleh manajer investasi secara profesional dan sesuai peraturan. Penelitian ini dilatarbelakangi oleh pengelolaan Reksa Dana I-Next G2 milik PT. Taspen (Persero) oleh PT. IIM sebagai manajer investasi, karena portofolionya terdapat Sukuk Ijarah TPS Food II 2016 yang sebelumnya telah mengalami gagal bayar. Penempatan dana PT. Taspen sebesar Rp1 triliun pada reksa dana tersebut kemudian dipersoalkan karena diduga tidak didasarkan pada analisis investasi yang memadai, tidak dikelola secara independen, dan menimbulkan kerugian bagi investor. Penelitian ini mengkaji kesesuaian pengelolaan Reksa Dana I-Next G2 dengan peraturan pasar modal serta tanggung jawab PT. IIM atas portofolio yang mengandung produk gagal bayar. Metode yang digunakan adalah penelitian hukum normatif dengan pendekatan perundang-undangan, konseptual, dan kasus. Bahan hukum dikumpulkan melalui studi kepustakaan dan dianalisis secara kualitatif. Hasil penelitian menunjukkan bahwa pengelolaan Reksa Dana I-Next G2 tidak sesuai dengan Pasal 27 ayat (1) UUPM, Pasal 23, Pasal 24, Pasal 25, dan Pasal 27 POJK 17/POJK.04/2022, serta Pasal 5 ayat (2) huruf b POJK 23/POJK.04/2016 jo. POJK 2/POJK.04/2020. PT. IIM juga dapat dimintai tanggung jawab perdata berdasarkan Pasal 1365 dan Pasal 1366 KUH Perdata atas kerugian PT. Taspen yang timbul dari pengelolaan portofolio tersebut.