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All Journal INTERNATIONAL JOURNAL OF SOCIETY REVIEWS (INJOSER) INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE (INJOLE) BORJUIS (JURNAL OF ECONOMY)
Sendi Sanjaya
Doctoral Student Faculty of Law Universitas 17 Agustus 1945 Jakarta
Religion Humanities Social Sciences

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COMPREHENSIVE STUDY ON SYNDICATED LOANS: CONCEPTS, MECHANISMS, AND LEGAL IMPLICATIONS IN THE INDONESIAN BANKING INDUSTRY Sendi Sanjaya; Gunawan Widjaja
INTERNATIONAL JOURNAL OF SOCIETY REVIEWS Vol. 3 No. 2 (2025): INTERNATIONAL JOURNAL OF SOCIETY REVIEWS (INJOSER)
Publisher : Adisam Publisher

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Abstract

This study comprehensively examines the concept, mechanism, and legal implications of syndicated loans in the Indonesian banking industry, which are defined as joint loans by a group of banks to a single debtor with uniform terms to overcome the maximum credit limit (BMPK) in accordance with regulations issued by the Financial Services Authority (OJK) and Bank Indonesia (BI), as stipulated in BI Circular Letter Number 6/33/UPK/1973, SEBI 11/26/UPK/1979, PBI 7/14/PBI/2005, and Article 1320 of the Civil Code concerning the validity of agreements. The implementation mechanism includes a sourcing stage with a feasibility study based on 5C analysis, structuring termsheets including covenants such as DSCR >1.2x, selling through syndication roadshows, and servicing by agent banks with a single facility agreement that ensures pro-rata non-joint and several risk sharing. The legal implications emphasise the rights and obligations of the parties involved, such as the debtor in relation to events of default, the lead arranger in relation to fiduciary duty, and the participants through majority voting for debt acceleration or execution of collateral rights in accordance with Law No. 4/1996, with potential disputes resolved based on pacta sunt servanda Article 1338 of the Civil Code.
ECONOMIC ANALYSIS OF LAND SPECULATION AND ITS IMPACT ON LAND VALUE INFLATION: THE ROLE OF ILLEGAL ACTORS IN LAND RIGHTS TRANSFER MANIPULATION Sendi Sanjaya; Gunawan Widjaja
INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE Vol. 2 No. 12 (2025): SEPTEMBER
Publisher : Adisam Publisher

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Land speculation is one of the economic activities that has the potential to cause significant land value inflation. This activity not only disrupts the balance of the land market but also has negative socio-economic impacts on society and development. In this context, the role of illegal actors becomes crucial as they often manipulate the land rights transfer process through illegal means, such as document forgery and illicit transactions, which contribute to artificial increases in land prices. This study employs a literature review. The analysis results indicate that land rights manipulation by illegal actors exacerbates inequality in land ownership and increases price instability in the land market. Therefore, strict policy interventions and effective oversight are necessary to prevent harmful speculative activities and protect the rights of communities to land.
FUNGSI SERTIFIKAT HAK ATAS TANAH SEBAGAI JAMINAN KREDIT PERBANKAN DALAM MEMPERLUAS AKSES MODAL DAN MENDORONG INVESTASI USAHA Sendi Sanjaya; Gunawan Widjaja
BORJUIS: JURNAL OF ECONOMY Vol. 2 No. 4 (2025): AGUSTUS
Publisher : Adisam Publisher

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This study aims to analyse the function of Land Title Certificates as collateral for bank loans and their role in expanding access to capital and encouraging business investment. Through a literature review, this study identifies that land certificates have legal force that provides certainty for creditors, while also serving as an important instrument for debtors to obtain financing. Land certificates not only serve as proof of legal ownership but also as a means of converting illiquid assets into productive business capital. The use of land certificates as collateral for credit has proven to enhance financial inclusion, promote the development of micro, small, and medium enterprises (MSMEs), and accelerate investment across various sectors of the economy. However, the optimisation of this function depends on policy support, the acceleration of land certification programmes, the integration of land information systems with financial institutions, and the improvement of financial literacy among the public. The results of this study are expected to provide strategic recommendations for the government, banks, and business actors in maximising the role of land certificates as a driver of inclusive and sustainable economic growth.
Co-Authors Gunawan Widjaja Gunawan Widjaja