Perlindungan Pemegang Saham Minoritas Perseroan Tertutup terhadap Pengeringan Dividen oleh Pengendali Merangkap Direksi dalam Perbandingan Sistem Hukum

Sendi Sanjaya (Fakultas Hukum, Universitas Mpu Tantular)
Sunarno (Fakultas Hukum, Universitas Mpu Tantular)

SEIKAT: Jurnal Ilmu Sosial, Politik dan Hukum
Vol. 5 No. 5 (2026): SEIKAT: Jurnal Ilmu Sosial, Politik dan Hukum

Minority shareholders in closely held companies face dividend deprivation because of illiquid shares and concentrated ownership and management. This normative legal study examines Indonesian protection through statutory, case, conceptual, and comparative approaches involving the United States, the United Kingdom, and Singapore. Legal materials were collected through document study and analysed qualitatively. Indonesian protection relies on procedural mechanisms and tort liability under Article 1365 of the Civil Code and Article 52 of the Company Law. The PT Benteng Panca Santika and PT Cakrawala Pure Bersama cases reveal remedial protection without adequate exit mechanisms. Common law provides fairness standards and share buy-out remedies. Stronger fairness standards, information rights, shareholder meeting mechanisms, and fair-value share purchases are recommended to secure effective minority protection.