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All Journal YASIN: Jurnal Pendidikan dan Sosial Budaya Jurnal Riset Multidisiplin Edukasi
Fakhrul Ardiyan
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Social Sciences Other

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Politik Hukum Pemberlakuan Undang-Undang Nomor 1 Tahun 2025 terkait Ketentuan yang Memisahkan Kerugian pada Badan Pengelola Investasi Daya Anagata Nusantara (Danantara Indonesia) dan Kerugian Badan Usaha Milik Negara sebagai Kerugian Negara Fakhrul Ardiyan; Riski Ari Wibowo; Afandono Cahyo Putranto
Jurnal Riset Multidisiplin Edukasi Vol. 2 No. 10 (2025): Jurnal Riset Multidisiplin Edukasi (Edisi Oktober 2025)
Publisher : PT. Hasba Edukasi Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71282/jurmie.v2i10.1076

Abstract

Law No. 1 of 2025 introduces several legal issues, including those related to the establishment of the BPI Danantara (Danantara Indonesia) as a superholding that consolidates the assets of state-owned enterprises (BUMN) within the framework of a sovereign wealth fund. However, it is exempted from being subject to state administration, finance, and state losses, and weakens the oversight mechanism of the Financial Audit Agency of the Republic of Indonesia (BPK RI), which is entrusted with the authority to audit state finances under Article 23E of the 1945 Constitution. These conditions raise concerns about potential governance deviations due to conflicts with the Anti-Corruption Law, the State Finance Law, and the State Administration Law. In this regard, this study analyzes the legal policy direction of the Government through Law No. 1 of 2025 and whether the losses of Danantara Indonesia and BUMN still constitute state losses, thereby allowing Law Enforcement Agencies to continue addressing corruption offenses within BUMN. The analysis shows that the legal policy direction of the Government through the BUMN Law is aimed at shifting the management of BUMN from a centralistic and bureaucratic model to a more decentralized one. This shift aims to improve the investment climate and ease of doing business, ultimately increasing foreign investor interest in placing investments or Foreign Direct Investments (FDI) in Indonesia. However, this has sparked both support and opposition due to the vulnerability to corruption practices within BUMN. Despite this, based on the principle of lex specialis derogat legi generali and Articles 2 and 3 of the Anti-Corruption Law, the losses from Danantara Indonesia and BUMN remain considered state losses, provided there is an unlawful act, such as corruption, embezzlement of funds, or fraud in the management of investments that leads to state losses.
Perlindungan Hukum Kreditor terhadap Praktik Asset Stripping dalam Restrukturisasi Grup Perusahaan Multinasional: Studi Doktrin Cross-Border Insolvency dan Piercing the Corporate Veil Afandono Cahyo Putranto; Fakhrul Ardiyan; Irvandi Irvandi; Riski Ari Wibowo; Diani Sadiawati
YASIN Vol 6 No 3 (2026): YASIN: Jurnal Pendidikan dan Sosial Budaya
Publisher : Lembaga Yasin AlSys

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58578/yasin.v6i3.10267

Abstract

Legal protection for creditors against asset stripping practices in the restructuring of multinational corporate groups has become an important issue because asset depletion by foreign parent companies can weaken creditors’ position in bankruptcy and corporate restructuring processes. This study aims to analyze the effectiveness of cross-border insolvency and the doctrine of piercing the corporate veil in providing legal protection for creditors, particularly in the context of the limitations of Law No. 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (PKPU) in regulating cross-border bankruptcy and asset stripping practices. This study uses a normative juridical method with statutory, conceptual, and functional comparative approaches to the legal systems of Indonesia, the United States, and the United Kingdom. The results show that the doctrine of piercing the corporate veil in Indonesian law has not been able to reach foreign parent companies that systematically conduct asset stripping against subsidiaries in Indonesia because of the limitations of extraterritorial jurisdiction and the absence of an adequate cross-border insolvency mechanism. In addition, the reconstruction of national bankruptcy law needs to be directed toward the adoption of the UNCITRAL Model Law on Cross-Border Insolvency 1997, the expansion of cross-border actio pauliana mechanisms, the strengthening of the doctrine of piercing the corporate veil with extraterritorial elements, and the regulation of substantive consolidation for multinational business groups. The conclusion of this study affirms that creditor protection in the restructuring of multinational corporate groups requires a hybrid regulatory model that integrates cross-border insolvency mechanisms into the Indonesian bankruptcy law system while maintaining national legal characteristics and needs. These findings provide a theoretical contribution to the development of cross-border bankruptcy law and practical implications for policymakers in strengthening creditor protection against asset stripping practices in multinational corporate structures.
Co-Authors Afandono Cahyo Putranto Diani Sadiawati Irvandi Irvandi Riski Ari Wibowo