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Journal : JURNAL USM LAW REVIEW

State Financial Position as State Equity Participation in Indonesia Investment Authority Al Farizy, Mohammad Rafi; Nugroho, Fiska Maulidian; Prakoso, Bhim
JURNAL USM LAW REVIEW Vol. 7 No. 3 (2024): DECEMBER
Publisher : Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/julr.v7i3.10453

Abstract

The aim of this research is to examine the position of state finances as state capital participation in the INA. Through Government Regulation in Lieu of Law (PERPPU) No. 2/2022, the Investment Management Institution as known as Indonesia Investment Authority (INA) is a new initiative by the government to manage Central Government investments. Referring to the Santiago Principles, the government uses the separate legal entity model for the establishment of INA. The capital of INA comes from state equity participation, which in Indonesia’s financial system is categorized as separate state assets. This means that, in essence, INA’s capital is considered state finance. However, there is a regulatory construction in Article 158 paragraph (4) which states that INA’s losses are not state losses, thus INA’s equity is no longer considered state finance. This is akin to the concept of a separate legal entity in corporations, which have their own assets separate from the assets of their owners/managers. Previously, Constitutional Court Decisions No. 48/PUU-XI/2013 and No. 62/PUU-XI/2013 had established that separated state assets remain state finance. Therefore, a question arises regarding the status of INA. Using normative legal research methods, the research findings indicate that INA’s equity originating from state equity participation has transformed into INA’s private finance. However, this transformation is not in line with the national financial system constructed based on the welfare state principle. Consequently, this could potentially create loopholes for the embezzlement of state funds.
Co-Authors A, Sefia Aura Aan Efendi Abdul Haris Afianto Achmad Rofik Adam Bintang Danesa Wijaya Adhitya Wardhono Ainun Najib Al Farizy, Mohammad Rafi Alexsandro Ricardo, James Alif Ardiansyah Amri, Ahmad Ihsan Ana Laela Fatikhatul Choiriyah Ananta, Radina Widya Anantha, Akmal Ricko Fery Antikowati Antikowati Apriliantika, Maulidya Nur Arinanta, Arya Ayuningtyas, Vica Putri Azzahra, Mutiara Bawamenewi, Apri Yeni Asni Bayu Abdillah Bayu Indra Permana Bayu Indra Permana Belva Vidaloka Chrisari Berliana Ayu Saputri Besty Dyah Qorina Ilmi Cahyani, Keren Filosa Clarissa Oktaviriya Prakoso Dawud, Abdul Hady Dewatoro Suryaningrat Poetra Dewayani, Nyiur Rahma Dewi indriani Dhamargita, Arifah Zahra Diajeng Dwi Oktaverina Dian Qobila Belinda Dimas Seandy Frinaldo Dodik Prihatin AN Echwan Irianto Efendi, Aan Efendi, Lintang Wulan Rika Eka Putri Amalia Elnadia, Salsabillah Rahmah Ermanto Fahamsyah Erzaldi, M Dwiki F, Sandrina Naura Fadilah, Iftitah Arya Putri Faisal Samsudin Faizyah, Nadia Nurdiyana Fanny Tanuwijaya Fatmawati, Yeni Fauziah, Rafika Feiyanti, Fa’iz Salsabila Dwina Fendi Setyawan Fendi Setyawan Ferdyansyah, Dandy Firdaus, Loveis Critzylla Firmansya, Aditya Alif Fivi Faiqotul himmah Floranta Adonara, Firman Gontha, Chelsea Tiara Himmatul Mahmudah Honainah Honainah I Gede Widhiana Suarda I Wayan Yasa Iga Dewi, Elit Inayah, Amalia Nurul Innabilla, Mirsya Rifah Aulia Isro Vita Nugraningsih Iswi Hariyani Iswi Hariyani Iswi Hariyani Julian, Alicia Zalwa Khafid Setiawan Krisna Mukti Pradana Kumalasari, Nandya Alfina Laela, Intan Laili, Anneja Maghfirotul Lestari, Dhea Suci Lestari, Ria Nova Agustin Puji M, Akmal Iqbal M. Afif Hasbullah Maharany, Adelia Dwifa Maulida, Hurin Silmi Mayang Asmara Megaputri, Vincencia Ma’arif, Samsul Misbahul Ilham Misbahul Ilham Moh. Ali Moh. Ali Muhammad Imaduddin Naja, Muhammad Hikam Nariswari, Septiya Nasir, M Abd Nasir, M. Abd. Nawu, Maria Natalia Ningsih, Arumiyati Nisah, Ulfatun Nisriina Milla Sharfinda Nugroho, Fiska Maulidian Nur Fitriah Nurhandini, Valda Sari Oktavia Rahma Permata, Dini Permatasari, Intan Permatasari Puspita, Nabilah Ayu Puspitasari, Michele Stefany Nazwa Puspito, Agung Nugroho Puteri, Anggi Najwa Putra, Ido Gustiawan Putri, Nabila Nuraini Eka Qori’ah, Ciplis Gema R, Shofiatur Rachma P. A, Shabrina Rafa, Muhammad Rahmadini, Intan Aulia Rahmanda, Rahadian Ramadhani, Dian Aulia Ramadhani, Nabila Fajrin Kurnia Reyka Widia Nugraha Rhama Wisnu Wardhana Rizqiani Purwaningtiyas R Rofik, Achmad Ruskaya, Rumaisya Aatikah Safarinda, Rima Dea Saindra, Rafi Dzulfiqar Faiz Salsabila, Adelia Syahara Sarifudin, Ahmat Setiawan, Khafid Shafaana, Raihana Aulia Sholehah , Nur' Imami Barokhatus Sifah, Isrina Siti Ayu Rahayu Sonia Candra Dewi Sultonia, Ivone Suud, Hasbi Mubarak Syadzwina, Dhifa Nadhira Syahara, Del Viera Alphi Nur Syahzanan, Fatimah Tazkiya, Anisa Thaka, Ichan Ryan Ubaidillah, Mohammad Vira Nadia Septiani Wahjuni, Edi Wardana, Dendik Surya Wardani, Amanda Julia Wibowo, Kaisar Belmiro Khalfani Widya Sari Amalia Wijaya, Adam Bintang Danesa Wisnuwardhani, Diah Aju Y, Erwina Dwi Yoniksa K, Bintang Z, Najmah Tsuraya