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Analysis of Legal Protection for Investors Through The Securities rowdfunding (SCF) Mechanism Based on Law No. 8 of 1995 Concerning Capital Markets (A Study of MBG Funding Through Danamart) Jimmy Lizardo; Hulman Panjaitan; Paltiada Saragi
International Journal of Science and Environment (IJSE) Vol. 6 No. 2 (2026): May 2026
Publisher : CV. Inara in Colaboration with www.stie-sampit.ac.id

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijse.v6i2.475

Abstract

The rapid development of Securities Crowdfunding (SCF) as a digital financing mechanism has transformed capital market practices by expanding access to investment and funding. However, this innovation raises critical concerns regarding investor protection, particularly in relation to information disclosure and asymmetry. This study is grounded in the theory of information asymmetry proposed by Akerlof, as well as legal protection and legal certainty theories developed by Hadjon and Mertokusumo, which emphasize the importance of transparency and clear legal standards in safeguarding investor interests. This research employs a descriptive-analytical legal method using a normative juridical approach supported by limited empirical analysis. The study examines the synchronization between Law Number 8 of 1995 on Capital Markets and Financial Services Authority Regulation Number 57/POJK.4/2020, as well as evaluates the quality of material information disclosure in SCF prospectuses, particularly in the funding of the Free Nutritious Meal Program (MBG) through the Danamart platform. The findings reveal that although SCF regulations have formally adopted the disclosure principle, the level of regulatory synchronization remains incomplete. The SCF framework lacks detailed standards for material information disclosure, creating legal uncertainty and reducing the effectiveness of investor protection. Empirical analysis further indicates that disclosure practices tend to emphasize potential returns while providing insufficient detail on risks, thereby sustaining information asymmetry and limiting informed decision-making by retail investors. In conclusion, while SCF enhances financial inclusion and investment opportunities, its effectiveness in protecting investors depends on strengthening disclosure standards, improving transparency, and ensuring regulatory alignment with broader capital market principles.
A Dual-Track Asset Recovery Model: Optimizing the Posthumous Forfeiture of Corruption Proceeds Anang Suhartono; John Pieris; Aarce Tehupeiory; Hulman Panjaitan
SIGn Jurnal Hukum Vol 8 No 1: April - September 2026
Publisher : CV. Social Politic Genius (SIGn)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37276/sjh.v8i1.700

Abstract

The transition of national positive law following the enactment of Law Number 1 of 2023 and Law Number 20 of 2025 creates a doctrinal inconsistency arising from a legislative omission in determining the legal status of evidence when personal criminal prosecution (in personam) is extinguished by operation of law upon the death of a corruption suspect. This normative weakness is reinforced by the inherent limitation of the sequential system under Law Number 31 of 1999. Under this system, civil claims by the State Attorney may be initiated only after the criminal process has been terminated or can no longer proceed, thereby causing asset depreciation and creating a time interval that enables the dissipation of corruption proceeds. This study employs normative legal research with a conceptual approach as the primary approach and a statute approach as the supporting approach through prescriptive qualitative analysis. The findings propose a paradigmatic reconstruction toward a parallel-simultaneous system through a dual-track asset recovery model. Under this model, the proprietary status examination (in rem) may proceed independently without depending on the legal status of the person subject to criminal prosecution. This model strengthens balanced legal protection and due process of law by applying the evidentiary standard of a balance of probabilities. This study recommends accelerating the enactment of the Bill on Asset Forfeiture, adopting limited amendments to Law Number 31 of 1999 and Law Number 20 of 2025, and establishing an integrated asset recovery center to optimize the posthumous forfeiture of corruption proceeds and restore public trust in law enforcement.
Policy Reconstruction in Combating Petty Corruption: Towards Progressive, Economic, and Utilitarian Justice Andhika Prima Sandhy; John Pieris; Aarce Tehupeiory; Hulman Panjaitan
SIGn Jurnal Hukum Vol 8 No 1: April - September 2026
Publisher : CV. Social Politic Genius (SIGn)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37276/sjh.v8i1.701

Abstract

Combating petty corruption in Indonesia raises normative and budgetary concerns when case-handling costs exceed the losses to state finances or the national economy that can be recovered. This issue must not be understood as a defence of corruption offenders, as corruption remains an extraordinary crime that harms state finances and the social and economic rights of society. The main problem lies in the absence of categorisation of losses to state finances or the national economy under positive law, which results in low-value corruption cases being processed through the formal criminal justice mechanism. This condition is related to Article 4 of Law Number 31 of 1999, which provides that restitution of state financial losses does not extinguish the offender’s criminal punishment. Law Number 1 of 2023 has regulated categories of criminal fines, but it has not established a nominal classification of state losses. This constraint is further reinforced by Article 82 letter c of Law Number 20 of 2025, which excludes corruption crimes from the Restorative Justice mechanism. This study aims to evaluate the urgency of legal reform and construct the Progressive-Economic-Utilitarian Justice Model as a prescriptive recommendation for the legislature. This study employs normative legal research, drawing on conceptual, philosophical, and comparative jurisdictional approaches. The findings show that processing micro-value corruption cases through the formal criminal justice mechanism may result in cumulative losses for the state, namely losses from the criminal offence and additional costs arising from disproportionate law enforcement. As a prescriptive solution, the Progressive-Economic-Utilitarian Justice Model requires limited reform of sentencing norms, a legal basis for the limited application of Restorative Justice, and the legalisation of a maximum state-loss threshold of IDR 50 million as the law as it ought to be (ius constituendum). This mechanism must be subject to restitution of at least 200% of the losses to state finances or the national economy caused by the offence to prevent impunity. Accordingly, the Progressive-Economic-Utilitarian Justice Model is directed as a strict loss-recovery mechanism to protect state finances and the social and economic rights of society.
The Qualified Mens Rea Model: Layered Culpability in General Commodity Smuggling Offenses Implicating Corruption R. Bayu Probo Sutopo; John Pieris; Aarce Tehupeiory; Hulman Panjaitan
SIGn Jurnal Hukum Vol 8 No 1: April - September 2026
Publisher : CV. Social Politic Genius (SIGn)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37276/sjh.v8i1.702

Abstract

The national criminal justice system continues to face difficulties in proving criminal intent (mens rea) in general commodity smuggling offenses that are normatively connected to corruption offenses. These difficulties arise when the proof of culpability is directed solely at the individual mental state. In contrast, modern economic offenses are often committed through corporations, sequences of goods transportation activities, customs documentation management, and the exercise of official authority. This study aims to develop an instrument to evaluate the culpability of state apparatuses and corporate entities proportionately, without exceeding the principle of legality. This study employs normative legal research using a statute approach, a conceptual approach, and a limited comparative approach. Comparative legal doctrines, such as corporate recklessness, the responsible corporate officer doctrine, conscious disregard of substantial risk, and willful blindness, are used as conceptual instruments rather than as direct bases for criminal punishment. The findings show that the Qualified Mens Rea Model can be constructed as a layered evaluative framework comprising subjective, normative, corporate-functional, and corruption-functional dimensions. The model is then operationalized as a Layered Evidentiary Mechanism Matrix that situates Law Number 17 of 2006, Law Number 20 of 2001, and Law Number 1 of 2023 within an interrelated normative framework. This study concludes that the model can assist judges in more accurately distinguishing general commodity smuggling offenses, abuse of authority, office-related bribery, and lawful policy discretion.
Trademark Protection as a Preventive Tool for Combating Counterfeit Goods and Preserving Consumer Confidence in Indonesia Hulman Panjaitan; Andrew Betlehn
Greenation International Journal of Law and Social Sciences Vol. 4 No. 3 (2026): (GIJLSS) Greenation International Journal of Law and Social Sciences (July - Au
Publisher : Greenation Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijlss.v4i3.775

Abstract

This study examines the role of trademark protection as a preventive legal mechanism for combating counterfeit products and preserving consumer confidence in Indonesia. Using a qualitative descriptive approach based on literature review and regulatory analysis, the research explores the relationship between trademark protection, consumer rights, and the effectiveness of preventive legal measures within the Indonesian legal framework. The analysis focuses on regulatory provisions, implementation practices, consumer perceptions, institutional enforcement, and structural challenges affecting trademark protection. The findings reveal that trademark protection performs a dual function: safeguarding the exclusive rights of trademark owners while simultaneously reducing consumer exposure to counterfeit goods. The study argues that the preventive value of trademark protection extends beyond intellectual property enforcement by serving as a mechanism for maintaining product authenticity, market transparency, and consumer confidence. However, the effectiveness of this function is constrained by weak legal awareness, inconsistent enforcement, limited inter-agency coordination, and the increasing sophistication of counterfeit distribution channels. The analysis further demonstrates that consumer trust is closely linked to the credibility of trademark protection, making effective enforcement an essential element of consumer welfare and fair market competition. This study contributes to the literature by positioning trademark protection not only as an intellectual property regime but also as a preventive consumer protection instrument. It concludes that strengthening trademark enforcement and institutional coordination is essential to enhance consumer confidence and reduce the circulation of counterfeit products in Indonesia.
Regulating Pre-Project Sales of Strata Title Housing: Strengthening Consumer Protection and Legal Certainty in Indonesia Andi Arif Wijaya; Tumanggor Tumanggor; Dhaniswara K. Harjono; Hulman Panjaitan
Jurnal Pembaharuan Hukum Vol 13, No 1 (2026): Jurnal pembaharuan Hukum
Publisher : UNISSULA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26532/jph.v13i1.49693

Abstract

This article examines how Indonesian law regulates pre-project sales of strata title housing units when the underlying land rights have not yet been fully secured. It analyzes whether the current contractual and regulatory framework provides adequate consumer protection and legal certainty, while proposing a more balanced model aligned with Indonesia’s welfare-state commitment. Using normative legal research with statute and conceptual approaches, supported by case-based illustrations, the study reviews the interaction between the Civil Code, the Law on Consumer Protection, the Law on Housing and Settlement Areas, the Law on Apartment Units, and implementing regulations governing Preliminary Sale and Purchase Agreement (Perjanjian Pengikatan Jual Beli/PPJB). The findings show that widespread reliance on PPJB despite unresolved land status and permits places disproportionate risks on consumers. Standard-form clauses drafted unilaterally by developers often undermine good faith, balance, and legal certainty, while supervisory and enforcement mechanisms remain weak. The results provide practical guidance for policymakers, regulators, and notaries/PPAT in tightening pre-project sales requirements, standardizing PPJB clauses, and improving disclosure and remedies.
Peran Rumah Sakit Swasta Berbadan Hukum Perseroan Terbatas dalam melaksanakan Fungsi Sosial  Herbert Sitorus; Hulman Panjaitan; Wiwik Sri Widiarty
Private Law Vol 6 No 2 (2026): Private Law Universitas Mataram
Publisher : Faculty of Law, University of Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/y9cwq422

Abstract

Penelitian ini mengkaji problematika rumah sakit swasta berbadan hukum perseroan terbatas dalam menjalankan fungsi sosial di tengah orientasi profit sebagaimana karakter dasar perseroan terbatas. Kajian ini dilatarbelakangi oleh semakin dominannya rumah sakit berbadan hukum perseroan terbatas di Indonesia yang menimbulkan ketegangan antara kepentingan bisnis dengan kewajiban konstitusional pemenuhan hak atas kesehatan sebagaimana dijamin dalam Pasal 28H ayat (1) dan Pasal 34 ayat (3) Undang-Undang Dasar Negara Republik Indonesia Tahun 1945. Penelitian ini bertujuan untuk menganalisis peran normatif rumah sakit berbadan hukum perseroan terbatas dalam menjalankan fungsi sosial serta menelaah bentuk penyeimbangan antara tujuan perseroan dan kewajiban pelayanan kesehatan dalam perspektif keadilan sebagai tujuan hukum. Metode penelitian yang digunakan ialah penelitian hukum normatif dengan pendekatan perundang-undangan dan pendekatan konseptual melalui analisis terhadap peraturan perundang-undangan, putusan pengadilan, doktrin, dan literatur hukum terkait. Hasil penelitian menunjukkan bahwa rumah sakit berbadan hukum perseroan terbatas berada dalam posisi dualistik karena tunduk pada rezim hukum perseroan yang berorientasi profit sekaligus dibebani fungsi sosial dalam rezim hukum kesehatan. Kondisi tersebut menimbulkan ketidakseimbangan antara kepentingan ekonomi dan kewajiban sosial sehingga fungsi sosial rumah sakit sering berada dalam posisi subordinat terhadap rasionalitas ekonomi perusahaan. Oleh karena itu, diperlukan harmonisasi peraturan perundang-undangan, penguatan pengawasan negara, serta reformulasi kebijakan kesehatan nasional agar fungsi sosial rumah sakit tetap menjadi orientasi utama dalam penyelenggaraan pelayanan kesehatan yang berkeadilan.
The Role of Collective Management Organizations in Providing Legal Protection to Creators of Musical Works and Songs Anita Sabara Sutphin; Dhaniswara K. Harjono; John Pieris; Hulman Panjaitan
Leges Privatae Vol. 2 No. 6 (2026): APRIL - JOY
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/c9kk8680

Abstract

The rapid development of the music industry, driven by digital technology, has significantly transformed the creation, distribution, and consumption of musical works, while simultaneously increasing challenges related to copyright protection. In this context, collective management organizations (CMOs) play a strategic role as intermediaries in managing creators’ economic rights, particularly in licensing, royalty collection, and distribution. This study aims to examine the role of CMOs in providing legal protection for creators of musical works and songs, as well as to analyze the challenges affecting their effectiveness. This research employs a qualitative approach with a descriptive design, combining normative legal analysis with a limited empirical perspective. Data were collected through library research using primary, secondary, and tertiary legal materials, and analyzed using a descriptive-analytical method to identify patterns, relationships, and key issues related to the functioning of CMOs. The findings indicate that CMOs are essential in simplifying the management of economic rights and ensuring more structured and efficient royalty systems. However, their effectiveness is influenced by several factors, including low public awareness of copyright obligations, weak law enforcement, and gaps between regulatory frameworks and practical implementation. Additionally, internal challenges such as limited transparency, accountability issues, and varying levels of institutional capacity affect creators’ trust in these organizations. The study also highlights that digital technological advancements require CMOs to adapt through the adoption of data-driven systems to improve monitoring and royalty distribution. In conclusion, while CMOs hold a crucial position in strengthening legal protection for creators, their optimal performance depends on the synergy between effective governance, technological adaptation, strengthened law enforcement, and increased public awareness. Enhancing these aspects is essential to establish a fair, transparent, and sustainable copyright protection system that supports the growth of the music industry.
PERLINDUNGAN HUKUM TERHADAP HAK PEKERJA ATAS PEMUTUSAN HUBUNGAN KERJA AKIBAT KEPAILITAN PERUSAHAAN MENURUT UNDANG-UNDANG KEPAILITAN DAN CIPTA KERJA Rafael Simare Mare; Hulman Panjaitan; Paltiada Saragi
Honeste Vivere Vol 36 No 2 (2026): Juli
Publisher : Fakultas Hukum Universitas Kristen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55809/hv.v36i2.710

Abstract

Protection of workers' rights is a fundamental aspect of labor law, which aims to ensure the fulfillment of citizens' constitutional rights to decent work and livelihood. In industrial relations practice, termination of employment due to company bankruptcy is a complex legal issue because it involves various legal interests between workers, employers, curators, and other creditors. Company bankruptcy not only results in the termination of employment but also raises issues regarding workers' rights in the form of wages, severance pay, long service awards, and other outstanding normative rights. This study aims to analyze the legal regulations regarding the protection of workers' rights who experience termination of employment due to company bankruptcy based on Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations and Law Number 6 of 2023 concerning the Stipulation of Government Regulation in Lieu of Law Number 2 of 2022 concerning Job Creation to Become Law. This study uses a normative legal research method with a regulatory and contextual approach. The data used is secondary data consisting of primary, secondary, and tertiary legal materials. The results of the study indicate that the Indonesian legal system normatively provides protection for workers as economically disadvantaged parties in industrial relations. This protection is realized through the recognition of workers' rights as preferred creditors and through Constitutional Court Decision No. 67/PUU-XI/2013, which affirms that workers' wages must be paid first over all other types of bills. However, the implementation of this legal protection still faces various obstacles, including limited bankruptcy assets, conflicting norms between labor law and bankruptcy law, and the weak position of workers in the bankruptcy estate settlement process. Therefore, regulatory harmonization and strengthening of legal protection mechanisms are needed to ensure legal certainty, justice, and benefits for workers, which impacts corporate bankruptcy.
Public Art as City Symbol: Legal Challenges in Copyright and Moral Rights Protection Hendrico Dolok; Hulman Panjaitan; Andrew Betlehn
Jurnal Dialektika: Jurnal Ilmu Sosial Vol. 23 No. 2 (2025): Jurnal Dialektika: Jurnal Ilmu sosial
Publisher : Pengurus Pusat Perkumpulan Ilmuwan Administrasi Negara Indonesia (PIANI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63309/dialektika.v23i2.920

Abstract

Intellectual property protection for public art installations presents a complex legal challenge when such works evolve into recognizable urban icons. This research aims to analyze the legal safeguards provided to creators of public artworks under the framework of Law Number 28 of 2014 and to evaluate the application of the principle of legal certainty in the "Urban Light" copyright dispute. Utilizing a normative legal research methodology with a focus on statutory and case approaches, this study examines the judicial reasoning within Decision No. 31/Pdt.Sus-Hak Cipta/2020/PN.Niaga.Jkt.Pst. The results demonstrate that public artworks are afforded automatic protection through the declarative principle, ensuring that their status as public symbols does not diminish the creator's exclusive moral and economic rights. Furthermore, the findings indicate that the Indonesian judiciary prioritized material truth by applying the "first to create" doctrine, which led to the cancellation of copyright registrations made in bad faith by unauthorized parties. The study concludes that achieving a reconciliation between legal certainty and substantive justice is vital for maintaining the integrity of the creative industry. These findings offer significant implications for the Directorate General of Intellectual Property in enhancing substantive verification protocols for works with established global reputations. Ultimately, this research serves as a crucial legal precedent for the protection of international artistic monuments within national jurisdictions against practices of plagiarism disguised as inspiration.
Co-Authors Aarce Tehupeiory Abu Hena Mostofa Kamal Agnes Elsonya Damanik Anang Suhartono Andhika Prima Sandhy Andi Arif Wijaya Andrew Bethlen Andrew Betlehn Andrew Betlehn Andrew Betlehn Andrew Betlehn Angelina Cinthia Diana Sinaga Anita Sabara Sutphin Aqilah, Zahra Nur Armunanto Hutahean Aulia, Ameytia Rizka B. Bulan, Z. Intan Bago, Rhfyka Arlina Bernard Nainggolan Bernard Nainggolan Bernard Nainggolan, Bernard Bethlen , Andrew Bethlen, Andrew Betlehn, Andrew Bontor Octavianus Charlie S, Julivan Christopher J. Johnstone Cindy Nurhasanah Ciputri, Leony Claudia Belseran Deny Panjaitan Desinta Desinta Desinta, Desinta Despri Mariyani Siahaan Dhaniswara Dhaniswara Dhaniswara K Harjono Dhaniswara K. Harjono Dhaniswara K. Harjono Dhaniswara K.Harjono Dian Marthin Sitompul Hutapea Diana R.W Napitupulu Eddie Bachtiar Siagian Eddy Damian Evri Evri Evri, Evri Fatchurochim, Auwalu Gindo L Tobing Gindo L. Tobing, Gindo L. Ginting, Andreas Gratia Wirata Laksmi Halomoan Napitupulu, Josua Harjono, Dhaniswara K Hasim Sukamto Hendra Susanto Hendri Jayadi Hendri Jayadi Pandiangan Hendrico Dolok Herbert Sitorus Hotben Marchiano Lumban Gaol Hutahaean, Armunanto Ied Veda Sitepu Ignatius Sinar Pandin Indra, Permana Inri Januar Inri Januar Irwan Panjaitan, Petrus Ivanna, Julia Jaja Suparman Jakaria Jakaria Jamaludin . Januar, Inri Jaya Irianto Purba Jayadi Pandiangan, Hendri Jayadi, Hendri Jefferson, Steven Jephyri Monang Siregar Jimmy Lizardo Johannes Ronald Elyeser Roparulian Hutagalung Johannes Ronald Elyeser Roparulian Hutagalung John Pieris John Pieris Junani, Natalia Junimart Girsang K. Harjono, Dhaniswara Kamser Lumbanradja Kamser Lumbanradja L. Panggabean , Mompang Lalamentik, Sylvia Anita Liana Suryani Ali Liana Liawati, Mira Sonia Seba Lonna Yohanes Lengkong Mahadi Hasan Miraz Manik, Alvin Putra Hariando Manik, Frita Rohani Manurung, Thessa D Triputri Marchiano Lumban Gaol, Hotben Maruli, Johnson Sahat Maruli Tua Md Hasnath Kabir Fahim Md Zubair Kasem Khan Mikael, San Moermahadi Soerja Djanegara Moermahadi Soerjadjanegara Monang Siregar, Jephyri Mulyono Mursidi Mursidi Nababan, Ramsul Napitupulu, Diana R.W Nasution, Dinda Amelia Putri Noviyanto, Dedi Eka Nurhasanah, Cindy Oktar Hasudungan PAHALA, ERIC SANDY Pakpahan, Rachel Pakpahan, Rachel Meilisa Paltiada Saragi Paltiada Saragi Paltiada Saragi Paltiada Saragi Paltiada Saragi Paltiada Saragi Paltiada Saragi Pangalila, Denny Panji Purboyo Pardosi Donnia Parulian, Adrian Petrus Irwan Panjaitan Pieris, John PRAMANA, NDINTA HERRY Purba, Kevin Agatha R. Bayu Probo Sutopo Rafael Simare Mare Rima Patricia Marintan Rini B. A. Silitonga Royana Lumban Gaol Rr. Ani Wijayati Rupma Riana Saragih Sandhy, Andhika Prima Saragi, Paltiada Setyo Sardjono Siahaan, Despri Mariani Siahaan, Despri Mariyani Siahaan, Ester Debora Simanjuntak, Ade Hasiana Simanjuntak, Edison Simbolon, David Julianto Simon Alex Pasaribu Sri Yunita Suaris Firdaus Sembiring, Suaris Firdaus Suhartono, Anang Suminah Suminah, Suminah Suparman, Jaja Surya Dharma Sutopo, R. Bayu Probo Suwarno Suwarno Tamba, Josua Armando Tobing, Gindo L Tobing, Sthepany Tomson Situmeang Tomson Situmeang Tomson Situmeang Tumanggor Tumanggor Ucok Charles Kairup Veronika, Caroline Weku F. Karuntu Wijayati, Ani Wirata Laksmi, Gratia Wiwik Sri Widiarty Yanzalinda, Lisa Yeo, Susilo Kurniawan Yuliana Risna Maengkom Z. Intan B. Bulan