The Antinomy of the Legal Status of Soe Subsidiaries Between the State Finance Law and the Eradication of Corruption With the Soes Law
Keywords:
State-Owned Subsidiaries; Legal Status; State Finance; Business Judgment Rule (BJR).Abstract
The legal status of subsidiaries of State-Owned Enterprises (SOEs) in Indonesia faces fundamental juridical antinomy, being between private law regimes (Limited Liability Companies Law) that demand business flexibility and public law regimes (State Finance Law) that emphasize accountability. This normative juridical research analyzes regulatory dualism and its implications. Using legislative, case, and comparative approaches, this study examines the inconsistency between the PT Law and the SOE Law, as well as the resulting jurisprudence conflict. The findings show that the legal vacuum in the SOE Law triggers inconsistency in the decisions between the Constitutional Court (which is formalistic-textual) and the Supreme Court (which is substantive-casuistic), especially regarding the definition of "state financial loss". The main implications of this antinomy are the weakening of the legal protection of directors through the doctrine of the Business Judgment Rule (BJR) and the legal uncertainty that hinders the performance of the corporation. A comparative analysis of the OECD Guidelines shows that this issue is more of a governance challenge than a legal definition. This study recommends a solution in the form of the creation of a hybrid legal regime (sui generis) that shifts the focus from repressive (criminal) control to preventive supervision through good corporate governance mechanisms.
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