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All Journal Al-Adl : Jurnal Hukum
Mega Sari
Magister Hukum Universitas Brawijaya Kampus Jakarta
Law, Crime, Criminology & Criminal Justice

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LEGAL RECONSTRUCTION OF INVESTMENT RISK RESERVES IN DANANTARA WITHIN THE STATE-OWNED ENTERPRISE (SOE) REGIME Mega Sari; Budi Santoso; Amelia Sri Kusuma Dewi
Al-Adl : Jurnal Hukum Vol 18 No 2 (2026)
Publisher : Fakultas Hukum, Universitas Islam Kalimantan Muhammad Arsyad Al Banjari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31602/al-adl.v18i2.24634

Abstract

Law Number 16 of 2025 inserted the phrase “before reserves are established” into Article 3H paragraph (2) of Indonesia’s State-Owned Enterprises Law. This article examines the resulting legal-certainty problems and reconstructs an accountable framework for Danantara’s investment risk reserves. It uses normative-prescriptive legal research with statutory, conceptual, historical, case, and limited functional-comparative approaches. The analysis identifies a reserve-labelling problem: mandatory reserves, investment risk allocations, retained earnings, accounting provisions, and capital accumulation have different functions but insufficiently specified relationships. Comparison with the Santiago Principles and Norway’s Government Pension Fund Global informs the allocation of decision-making, risk-review, and reporting responsibilities, without treating their institutions as equivalent. The proposed Articles 37A–37E establish risk-based allocations, reasoned resolution of supervisory disagreements, time-bound release and corrective measures, and a profit-allocation waterfall consistent with accounting standards. Scenario-based legal testing distinguishes ordinary investment losses, governance breaches, and conduct potentially constituting corruption. The reconstruction links documented decision-making to Article 3Y without creating immunity or treating released equity reserves as newly earned profit.
Co-Authors Amelia Sri Kusuma Dewi, Amelia Santoso, Budi