Tanggung Jawab PT. Insight Investment Management Sebagai Manajer Investasi atas Investasi Reksa Dana I-Next G2 PT. Taspen (Persero) yang Mengandung Produk Gagal Bayar Berdasarkan Peraturan Pasar Modal

Rieke Nurul Alifah (Prodi Ilmu Hukum, Fakultas Hukum, Universitas Islam Bandung, Indonesia.)
Diana Wiyanti (Prodi Ilmu Hukum, Fakultas Hukum, Universitas Islam Bandung, Indonesia.)

Bandung Conference Series: Law Studies
969 - 976

Abstract. The capital market plays a vital role as an investment vehicle, including through mutual funds managed professionally and in accordance with regulations by Fund managers. This study was prompted by the management of the I-Next G2 Mutual Fund owned by PT.Taspen (Persero) by PT. IIM as the investment manager, as its portfolio included the TPS Food II 2016 Sukuk Ijarah, which had previously defaulted. PT. Taspen’s investment of Rp1 trillion in this mutual fund was subsequently called into question as it was suspected of not being based on adequate investment analysis, not being managed independently, and causing losses to investors. This study examines the compliance of the management of the I-Next G2 Mutual Fund with capital market regulations, as well as PT. IIM’s responsibility regarding the portfolio containing the defaulted product. The method employed is a normative legal study using a legislative, conceptual, and case-based approach. Legal materials were collected through literature review and analysed qualitatively. The results of the study indicate that the management of the I-Next G2 Mutual Fund is not in accordance with Article 27(1) of the Capital Market Law, Articles 23, 24, 25, and 27 of POJK 17/POJK.04/2022, as well as Article 5(2)(b) of POJK 23/POJK.04/2016 in conjunction with POJK 2/POJK.04/2020. PT IIM may also be held civilly liable under Articles 1365 and 1366 of the Civil Code for the losses incurred by PT Taspen arising from the management of that portfolio.   Abstrak. Pasar modal berperan penting sebagai sarana investasi, termasuk melalui reksa dana yang pengelolaannya dilakukan oleh manajer investasi secara profesional dan sesuai peraturan. Penelitian ini dilatarbelakangi oleh pengelolaan Reksa Dana I-Next G2 milik PT. Taspen (Persero) oleh PT. IIM sebagai manajer investasi, karena portofolionya terdapat Sukuk Ijarah TPS Food II 2016 yang sebelumnya telah mengalami gagal bayar. Penempatan dana PT. Taspen sebesar Rp1 triliun pada reksa dana tersebut kemudian dipersoalkan karena diduga tidak didasarkan pada analisis investasi yang memadai, tidak dikelola secara independen, dan menimbulkan kerugian bagi investor. Penelitian ini mengkaji kesesuaian pengelolaan Reksa Dana I-Next G2 dengan peraturan pasar modal serta tanggung jawab PT. IIM atas portofolio yang mengandung produk gagal bayar. Metode yang digunakan adalah penelitian hukum normatif dengan pendekatan perundang-undangan, konseptual, dan kasus. Bahan hukum dikumpulkan melalui studi kepustakaan dan dianalisis secara kualitatif. Hasil penelitian menunjukkan bahwa pengelolaan Reksa Dana I-Next G2 tidak sesuai dengan Pasal 27 ayat (1) UUPM, Pasal 23, Pasal 24, Pasal 25, dan Pasal 27 POJK 17/POJK.04/2022, serta Pasal 5 ayat (2) huruf b POJK 23/POJK.04/2016 jo. POJK 2/POJK.04/2020. PT. IIM juga dapat dimintai tanggung jawab perdata berdasarkan Pasal 1365 dan Pasal 1366 KUH Perdata atas kerugian PT. Taspen yang timbul dari pengelolaan portofolio tersebut.