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TRANSPARENCY OF BPI DANANTARA IN MANAGING THE DIVIDENDS OF STATE-OWNED ENTERPRISES Zita Humairoh; Reka Dewantara; Amelia Sri Kusuma Dewi
Journal of International Islamic Law, Human Right and Public Policy Vol. 4 No. 1 (2026): March
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21212179

Abstract

The transformation of Indonesian State-Owned Enterprises (SOEs) through the establishment of the Danantara Investment Management Agency (BPI Danantara) marks a paradigm shift toward a Sovereign Wealth Fund (SWF) model. This research aims to analyze the transparency mechanisms of dividend management under the framework of Law No. 16 of 2025 concerning SOEs, specifically in mitigating the risk of "financial contagion" caused by high-debt strategic projects such as the Jakarta-Bandung High-Speed Railway (Whoosh). Using a normative legal research method with a case study approach, this study examines the legal protections provided by the new regulation against the improper use of dividends to bail out distressed entities. The results of this study indicate that Law No. 16/2025 establishes a "legal firewall" that separates state-separated assets for investment purposes from public service obligations. The study concludes that BPI Danantara’s commitment to allocating dividends solely for productive reinvestment is a crucial manifestation of fiduciary duty. Furthermore, the adoption of international reporting standards, such as the Santiago Principles, is essential to ensure that SOE profits are utilized for long-term national capital accumulation rather than as a non-transparent instrument for debt restructuring of inefficient projects.
Control of Essential Facilities by State-Owned Enterprises as an Abuse of Dominant Position: An Indonesian Competition Law Perspective David Al Fath Yustino; Hanif Nur Widhiyanti; Amelia Sri Kusuma Dewi
International Journal of Business, Law, and Education Vol. 7 No. 2 (2026): International Journal of Business, Law, and Education (on progres)
Publisher : IJBLE Scientific Publications Community Inc.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56442/ijble.v7i2.1499

Abstract

State-owned enterprises (SOEs) occupy a constitutionally significant position in Indonesia because they are entrusted with managing sectors of production that are important to the state and affect the livelihood of the public. In many network industries, however, SOEs also control facilities that are technically, economically, or legally indispensable for competitors to enter and operate in adjacent or downstream markets. This article examines whether and under what conditions the control of essential facilities by SOEs may constitute an abuse of dominant position under Indonesian competition law. Using normative legal research, this study combines statutory, conceptual, comparative, and case approaches. It analyses Article 33 of the 1945 Constitution, Law No. 5 of 1999 on the Prohibition of Monopolistic Practices and Unfair Business Competition, the SOE legal framework, the Essential Facilities Doctrine, and the Indonesian Competition Commission Decision No. 02/KPPU-I/2013 concerning PT Pelabuhan Indonesia II (Persero). The article argues that SOE control over strategic infrastructure is not unlawful per se where it is grounded in a public mandate and implemented for public-interest objectives. Nevertheless, refusal of access, discriminatory access conditions, tying access to the use of affiliated services, disproportionate access fees, and self-preferencing may transform lawful control into an exclusionary abuse where such conduct forecloses competitors or raises their operating costs without objective justification. The article proposes a five-factor analytical test: essentiality of the facility, dominance of the facility controller, exclusionary or discriminatory conduct, demonstrable anticompetitive effect, and absence of objective justification. It concludes that Indonesian law should explicitly incorporate clearer essential-facility standards and that KPPU should issue specific guidelines to reconcile SOE public mandates with competition neutrality.
Legal Certainty on Dishonorable Notary Dismissal for Serious Violations Gama Dwipa Dinar Nur Rensa; Rachmi Sulistyarini; Amelia Sri Kusuma Dewi
YURISDIKSI : Jurnal Wacana Hukum dan Sains Vol. 22 No. 4 (2027): March in progress
Publisher : Faculty of Law, Merdeka University Surabaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55173/yurisdiksi.v22i4.410

Abstract

This study aims to analyze the legal regulation governing the dishonorable dismissal of notaries due to serious violations of their statutory duties and prohibitions and to formulate a normative reformulation of the relevant legal provisions. This research employs a normative legal research method using statutory, conceptual, and case approaches through the analysis of legislation, legal doctrines, and relevant judicial decisions. Unlike the study by Iman Zenza Bronica, which focuses on the benchmarks for administrative sanctions, the research of Nur Afni Hidayanti, which examines the legal consequences of violations on the validity of notarial deeds, and the study by Nilna Muna Yuliandari, which analyzes legal remedies against the dismissal of notaries, this research specifically addresses the ambiguity of Article 12(d) of Law Number 2 of 2014, particularly the phrase "serious violation" as the legal basis for dishonorable dismissal. The findings reveal that the provision fails to satisfy the principles of legal clarity, predictability, coherence, and consistency, thereby allowing subjective interpretation in the imposition of sanctions and resulting in disparities in the treatment of similar violations. The novelty of this study lies in the formulation of objective criteria for determining serious violations, including repeated violations, criminal offenses related to the exercise of notarial duties carrying a statutory maximum imprisonment of less than five years, and violations committed during a period of temporary suspension, as the basis for reformulating Article 12(d) of the Law on Notarial Office. This reformulation is expected to provide more measurable guidelines for the Notary Supervisory Council in imposing sanctions consistently and to serve as a reference for legislators in improving the legal framework governing the dismissal of notaries.
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.