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All Journal Arena Hukum Jurnal Pamator : Jurnal Ilmiah Universitas Trunojoyo Madura Jurnal Media Hukum Jurnal IUS (Kajian Hukum dan Keadilan) Yurispruden: Jurnal Fakultas Hukum Universitas Islam Malang International Journal of Educational Review, Law And Social Sciences (IJERLAS) Law Development Journal Journal of International Islamic Law, Human Right and Public Policy
Amelia Sri Kusuma Dewi, Amelia
Faculty Of Law University Brawijaya Malang, Indonesia
Religion Humanities Economics, Econometrics & Finance Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

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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.
Legal Certainty Regarding Mandatory Legal Entity Adjustment for Regional Enterprises Amelia Sri Kusuma Dewi; Fairial Fatimah
Law Development Journal Vol 8, No 2 (2026): June 2026
Publisher : Universitas Islam Sultan Agung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/ldj.8.2.1023-1041

Abstract

This study aims to analyze the realization of legal certainty in the regulation concerning the obligation to adjust the legal entity form of Regionally Owned Enterprises (Badan Usaha Milik Daerah/BUMD), particularly those owned by the Provincial Government of East Java, as mandated under Article 402 paragraph (2) of Law Number 23 of 2014 concerning Regional Government. The research problem focuses on the fact that a number of BUMDs have not yet adjusted their legal entity forms despite the expiration of the statutory transitional period, thereby raising issues concerning legal standing, adjustment mechanisms, and the legal status of such enterprises. The research employs a normative juridical (dogmatic) method using both statutory and conceptual approaches. The study was conducted through library research on primary, secondary, and tertiary legal materials, which were analyzed descriptively and qualitatively using the theories of legal certainty advanced by Gustav Radbruch, Hans Kelsen, and Utrecht. The novelty of this research lies in its comprehensive analysis of the disharmony and normative vacuum within the regulation of the obligation to adjust the legal entity forms of BUMDs at the levels of legislation, government regulations, and regional regulations of East Java Province, particularly regarding adjustment mechanisms, legal sanctions, and the juridical status of BUMDs that have failed to comply with the adjustment requirement. The study concludes that the regulatory framework concerning the obligation to adjust the legal entity forms of BUMDs under the Regional Government Law, Government Regulation Number 54 of 2017, and the Regional Regulations of East Java Province on BUMDs and their amendments has not fully realized legal certainty due to the persistence of legal vacuums, normative conflicts, and unclear juridical consequences for BUMDs that have not undertaken the required legal entity adjustment in accordance with statutory mandates.
Co-Authors Anindita Purnama Ningtyas D. Prasetyo, Ngesti Fairial Fatimah Ngesti D. Prasetyo Reka Dewantara Shafira Sheffy R. R Zita Humairoh