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Accountability and Legal Liability of State-Owned Enterprise Issuers to Investors in Cases of Share Suspension Due to Default Nugraha, Afgan; Esthi, Anggrita; Hartantien, Sinarianda Kurnia; Setiasih, Herma
International Journal on Advanced Science, Education, and Religion Vol 8 No 3 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i3.1358

Cases of default leading to the suspension of shares of state-owned enterprise (SOE) issuers reveal structural problems in corporate governance and in the implementation of disclosure obligations in the Indonesian capital market. This study aims to analyze the accountability of SOE issuers’ corporate governance, the forms of legal liability arising from default, and the effectiveness of investor protection mechanisms when trading suspensions are imposed. Using a normative legal research method with statutory, conceptual, and case-based approaches, this study examines empirical data from the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) from 2020 to 2024, including the cases of Garuda Indonesia, Waskita Karya, and several construction-sector issuers experiencing liquidity pressure and default risk. The findings indicate that defaults among SOE issuers are not incidental events but represent a pattern of systemic risk influenced by high leverage, moral hazard arising from implicit state guarantees, and weak supervisory functions of corporate organs. Share suspension as a market protection instrument has proven ineffective, as it is not accompanied by early risk detection mechanisms and fails to provide substantive recovery for investors. Although Articles 80 and 90 of the Capital Market Law provide a legal basis for investor claims, legal protection remains weak due to its reliance on disclosure-based regimes without guaranteed compensation. This study concludes that strengthening SOE accountability, reforming risk-based supervisory frameworks, and restructuring share suspension regulations are essential to enhance capital market integrity and ensure more effective investor protection.

Accountability and Legal Liability of State-Owned Enterprise Issuers to Investors in Cases of Share Suspension Due to Default Nugraha, Afgan; Esthi, Anggrita; Hartantien, Sinarianda Kurnia; Setiasih, Herma
International Journal on Advanced Science, Education, and Religion Vol 8 No 3 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i3.1358

Cases of default leading to the suspension of shares of state-owned enterprise (SOE) issuers reveal structural problems in corporate governance and in the implementation of disclosure obligations in the Indonesian capital market. This study aims to analyze the accountability of SOE issuers’ corporate governance, the forms of legal liability arising from default, and the effectiveness of investor protection mechanisms when trading suspensions are imposed. Using a normative legal research method with statutory, conceptual, and case-based approaches, this study examines empirical data from the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) from 2020 to 2024, including the cases of Garuda Indonesia, Waskita Karya, and several construction-sector issuers experiencing liquidity pressure and default risk. The findings indicate that defaults among SOE issuers are not incidental events but represent a pattern of systemic risk influenced by high leverage, moral hazard arising from implicit state guarantees, and weak supervisory functions of corporate organs. Share suspension as a market protection instrument has proven ineffective, as it is not accompanied by early risk detection mechanisms and fails to provide substantive recovery for investors. Although Articles 80 and 90 of the Capital Market Law provide a legal basis for investor claims, legal protection remains weak due to its reliance on disclosure-based regimes without guaranteed compensation. This study concludes that strengthening SOE accountability, reforming risk-based supervisory frameworks, and restructuring share suspension regulations are essential to enhance capital market integrity and ensure more effective investor protection.

Accountability and Legal Liability of State-Owned Enterprise Issuers to Investors in Cases of Share Suspension Due to Default Nugraha, Afgan; Esthi, Anggrita; Hartantien, Sinarianda Kurnia; Setiasih, Herma
International Journal on Advanced Science, Education, and Religion Vol 8 No 3 (2025): IJoASER (International Journal on Advanced Science, Education)
Publisher : Sekolah Tinggi Agama Islam Al-Furqan, Makassar - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33648/ijoaser.v8i3.1358

Cases of default leading to the suspension of shares of state-owned enterprise (SOE) issuers reveal structural problems in corporate governance and in the implementation of disclosure obligations in the Indonesian capital market. This study aims to analyze the accountability of SOE issuers’ corporate governance, the forms of legal liability arising from default, and the effectiveness of investor protection mechanisms when trading suspensions are imposed. Using a normative legal research method with statutory, conceptual, and case-based approaches, this study examines empirical data from the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) from 2020 to 2024, including the cases of Garuda Indonesia, Waskita Karya, and several construction-sector issuers experiencing liquidity pressure and default risk. The findings indicate that defaults among SOE issuers are not incidental events but represent a pattern of systemic risk influenced by high leverage, moral hazard arising from implicit state guarantees, and weak supervisory functions of corporate organs. Share suspension as a market protection instrument has proven ineffective, as it is not accompanied by early risk detection mechanisms and fails to provide substantive recovery for investors. Although Articles 80 and 90 of the Capital Market Law provide a legal basis for investor claims, legal protection remains weak due to its reliance on disclosure-based regimes without guaranteed compensation. This study concludes that strengthening SOE accountability, reforming risk-based supervisory frameworks, and restructuring share suspension regulations are essential to enhance capital market integrity and ensure more effective investor protection.

Legal Study of Cyber Phishing Crimes Using Cyber Crime Legislation in Indonesia Asep Wedotomo; Sinarianda Kurnia Hartantien; Imam Suroso; Juli Nurani
ARMADA : Jurnal Penelitian Multidisiplin Vol. 4 No. 6 (2026): ARMADA : Jurnal Penelitian Multidisplin, Juni 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/armada.v4i6.2093

The rapid development of information technology has led to the emergence of various forms of cyber crime, one of which is cyber phishing. However, Indonesian criminal law has not specifically regulated phishing as a distinct criminal offense, resulting in legal ambiguity and challenges in law enforcement. This study aims to analysis legal study of cyber phishing crimes using cyber crime legislation in Indonesia. This research employs a normative juridical method using a statutory and conceptual approach. The data used are secondary data consisting of primary, secondary, and tertiary legal materials collected through library research and analyzed qualitatively. The findings indicate that current regulations, particularly the Law on Information and Electronic Transactions (ITE Law), do not explicitly and comprehensively regulate cyber phishing, leading to uncertainty in its application. In addition, legal protection for victims remains limited, as the law primarily focuses on punishing offenders rather than providing effective compensation mechanisms. Furthermore, the new Criminal Code (Law No. 1 of 2023) has not accommodated phishing-related offenses involving personal data misuse. Therefore, legal reform is necessary to formulate clear provisions on cyber phishing and strengthen victim protection to ensure legal certainty and justice in the digital era.

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