BUMN Losses Are No Longer State Borne As A Consequence Of The Transfer Of Shares To Danantara

BUMN observer Herry Gunawan said that the BUMN loss clause was not considered a state loss in the State-Owned Enterprises (BUMN) Law (BUMN) as a consequence of the transfer of shares to the Anagata Nusantara Resources Investment Management Agency (BPI Danantara).

"In my opinion, the clause is a consequence of the plan to transfer government share ownership in BUMN to Danantara, which is planned to hold Series B shares, while the Ministry of SOEs will become the holder of power from the government as a series A shareholder," said Herry to VOI, Thursday, February 20.

Herry also said the clause indicated that state share ownership was carried out through a proxy, in this case Danantara.

"It's like dividend distribution, it will enter the Danantara first, then it will be deposited into the state treasurer. Now, go directly to the state treasurer, namely the Ministry of Finance," he said.

For your information, the Draft Law (RUU) on the third amendment to Law number 19 of 2003 concerning State-Owned Enterprises (BUMN) or the BUMN Bill has been ratified by the Rakyat Representative Council (DPR) to become law in early February 2025.

There are a number of clauses in the amendment that are in the public spotlight because it makes SOEs appear above the law. One of them is related to losses and the benefits of SOEs are not considered as losses and state benefits.

This clause is in the spotlight because in the previous provisions, SOE capital was part of separated state assets. Therefore, SOEs are also subject to Law Number 17 of 2004 concerning State Finance.

However, in the explanation of Article 4B in the draft BUMN Law dated February 4, 2025, the capital and assets of SOEs are referred to as belonging to SOEs. Thus, any profit or loss of state-owned companies is not an advantage and loss to the state.

In the regulation that has been passed into the law, there are two important points that are also approved by the government and the DPR. First, regarding the establishment of the Anagata Nusantara Power Investment Management Agency (BPI Danantara).

Second, the government and the DPR also agree on changing the status of SOEs and the adoption of business judgment rules. This point confirms that SOEs are not part of state administration and the losses suffered by SOEs are not considered state losses.

In addition, in the latest regulation, the capital structure of SOEs has also undergone major changes. The government and the DPR agree that SOE capital is part of BUMN finances, no longer state assets that are separated and managed by the principles of good corporate governance (GCG).