TRANSPARENCY OF BPI DANANTARA IN MANAGING THE DIVIDENDS OF STATE-OWNED ENTERPRISES
DOI:
https://doi.org/10.59733/jishup.v4i1.178Keywords:
BPI Danantara, Financial Transparency, SOE Dividends, Whoosh Project.Abstract
The transformation of Indonesian State-Owned Enterprises (SOEs) through the establishment of the Danantara Investment Management Agency (BPI Danantara) marks a paradigm shift toward a Sovereign Wealth Fund (SWF) model. This research aims to analyze the transparency mechanisms of dividend management under the framework of Law No. 16 of 2025 concerning SOEs, specifically in mitigating the risk of "financial contagion" caused by high-debt strategic projects such as the Jakarta-Bandung High-Speed Railway (Whoosh). Using a normative legal research method with a case study approach, this study examines the legal protections provided by the new regulation against the improper use of dividends to bail out distressed entities. The results of this study indicate that Law No. 16/2025 establishes a "legal firewall" that separates state-separated assets for investment purposes from public service obligations. The study concludes that BPI Danantara’s commitment to allocating dividends solely for productive reinvestment is a crucial manifestation of fiduciary duty. Furthermore, the adoption of international reporting standards, such as the Santiago Principles, is essential to ensure that SOE profits are utilized for long-term national capital accumulation rather than as a non-transparent instrument for debt restructuring of inefficient projects.
Downloads
References
REFERENCES
Abidin, Z. (2026). (2026). Analysis of Symbolic Power in the Indonesia–China High-Speed Rail Development Policy (KCIC/Whoosh): Analisis Kekuasaan Simbolik dalam Kebijakan Pembangunan Kereta Cepat Indonesia China (KCIC/Whoosh). Jurnal Pemerintahan dan Politik, 11(1), 216–241.
Agustinus N. Jati, G. W. (2025). Prinsip Tata Kelola dan Perubahan Paradigma Pengelolaan BUMN dalam UU No. 1 Tahun 2025. NETIZEN: JOURNAL OF SOCIETY AND BUSSINESS, 1(9), 423-432.
Ardiyan, F. (2025). 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. Jurnal Riset Multidisiplin Edukasi, 2(10), 903-914.
Aswadi, I. G. (2025). Danantara dan Paradigma Baru Pengelolaan Aset Negara Tinjauan Kritis terhadap Legalitas dan Model Tata Kelola menurut Undang-undang Nomor 1 Tahun 2025. Commerce Law, 5(1), 126-136.
Djanggih, M. K. (2025). Metode Penelitian Hukum: Pengantar Mahasiswa S1, S2, dan S3. Klaten: PT. Nas Media Indonesia.
Euslina, I. K. (2025). . Hukum Investasi Dalam Konsentrasi Ekonomi. Cirebon: Greenbook Publisher.
Gunawan, F. (2023). Sovereign wealth fund development in Indonesia: Lessons learned from Norway and Singapore. Yustisia, 13(1), 89-116.
Hamzah, A. C. (2025). Menyigi Negeri, Membaca Dunia-Kumpulan Tulisan Dinamika Isu-Isu Nasional dan Internasional. Surabaya: Airlangga University Press .
Hukunala, S. V. (2025). Eksistensi Danantara dari Aspek Good Corporate Governance. Locus: Jurnal Konsep Ilmu Hukum, 5(2), 73-82.
Liza, M. &. (2024). The Implementation Of International Financial For Reporting Standards (Ifrs) On Net Income Of Public Companies In Indonesia. J-ISCAN: Journal of Islamic Accounting Research, 6(1), 70-85.
Lumban., H. T. (2025). Analisis Hukum Peran dan Kedudukan Daya Anagata Nusantara (Danantara) Sebagai Badan Sovereign Wealth Fund (SWF) Dalam Mengelola Investasi Masa Depan Bangsa. Recht Studiosum Law Review, 4(1), 24-36.
Pellokila, C. A. (2025). Legal Implications of The Danantara Superholding Model on Public Accountability in State-Owned Bank Asset Management in Indonesia. Journal of Law, Politic and Humanities, 5(5), 3721-3730.
Prasetya, R. (2011). Perseroan terbatas: teori dan praktik. . Jakarta: Sinar Grafika.
Prasetyo, D. (2025). The Influence of the Board of Commissioners, Institutional Ownership, and Managerial Ownership on the Firm Value of Non-Banking State-Owned Enterprises. EKALAYA: Jurnal Ekonomi Akuntansi, 3(1), 94-105.
Sihombing, S. (2025). Problematika Pendanaan Aset Danantara terhadap Rencana Investasi Negara. Jurnal Hukum, Administrasi Publik dan Negara, 2(4), 226-232.
Wibawa, I. G. (2025). Rupa-Rupa Kebijakan Publik. Publica Indonesia Utama.
