<![CDATA[This article analyzes the criminal offense of corruption in the financial management of State-Owned Enterprises (BUMN), with a primary focus on the liability of directors. As entities that have public functions and are subject to corporate principles, the overlap between public and private legal regimes often creates ambiguity. This research aims to examine how losses in BUMN are defined as state losses, the limits of directors' liability, and the possibility of applying the Business Judgment Rule (BJR) doctrine for directors who act in good faith. Through a normative-empirical approach, this article highlights various challenges in the practice of law enforcement, including the tendency of law enforcement officials to often immediately qualify BUMN losses as state losses without assessing whether the losses are purely due to business risks. The study concludes that criminal law, particularly corruption offenses, should be the ultimum remedium in responding to losses in BUMN. Directors who have made business decisions in good faith are entitled to protection through the BJR doctrine. This approach is important to create justice, legal certainty, and encourage a climate of innovation and strategic decision-making within BUMN.]]>
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