Prinsip-prinsip Kepemilikan Saham Pemerintah dalam Perusahaan Milik Negara (Studi Perbandingan antara Indonesia dengan Singapura)

Abstract

This journal entitled Comparative Study Concerning The Principles of Governments Shares in State Owned Enterprise. Problems being research in this thesis are, first: the legal standing of the states equity in Persero according to Indonesian corporate law and its comparison to Singapore corporate law. The second problem, what are legal implications of the governments shares in Persero. The method being used is normative legal research through legislation and regulation approach and comparative approach. Legal materials used are primary legal materials, legal materials and secondary and tertiary legal materials, the analysis done by descriptive, evaluative, interpretative, analytical and argumentative. This research shows that according to Indonesian corporate law, the states equity being placed in Persero belongs to Persero and according to Singapore Law, the governments equity being placed in Persero as the Government Linked Company belongs to the said company. Legal consequences of the government equity in Persero are: the management of the said equity is no longer subject to state budgets principals but to good corporate government principals; contracts made by Persero binds Persero and not the government, hence compliance and liability arising from the said contracts are Perseros liability only and therefore Perseros claim arising from contracts belong to the said Persero. However, in practical level, there are still some inconsistency in Perseros equity treatment (i.e. financial audit and Perseros inability to act as the guarantor to another company). On the other side, the Government of Singapores equity in Temasek is managed by corporate mechanism and almost without government intervention (except for past reserves). Therefore Temasek is free to make any contract with third parties and can act as the guarantor for its subsidiary