BEI Mau Demutualisasi, Pengamat Ingatkan Soal Konflik Kepentingan

AKARTA - Director of the Center of Economic and Law Studies (Celios) Bhima Yudhistira also commented on the government's plan to demutualize the Indonesia Stock Exchange (IDX). This step also raises Danantara's stake to enter as a shareholder of the exchange.

Bhima said, in fact, the purpose of demutualization is to allow more supervision and more control by investors, both institutional and retail in proportion so that the Indonesian capital market can be trusted not to be politically intervened.

"Now when Danantara is seen to be interested in buying shares if the Indonesia Stock Exchange undergoes demutualization, then the losers are the investors," Bhima told VOI, Saturday, January 31.

He added that this was because Danantara was considered to have a conflict of interest. In fact, Danantara's role is not only as a sovereign wealth fund but also he controls BUMN shares.

"What does it mean? It means that Danantara can specialize, provide special treatment to SOEs that list on the Stock Exchange," he explained.

Bhima assessed that this should be avoided because Danantara was considered to have a very bear conflict of interest. Moreover, he said, the Danantara board of directors is also the owner and actively 'playing stocks' and has an affiliated company.

"Well, this means that this must be properly maintained, how can demutualization not have institutions from the state such as Danantara that control most of the shares. So the proportion must be fair," explained Bhima.

According to Bhima, the most important thing to do to avoid this conflict of interest is the role of President Prabowo Subianto to prohibit Danantara from acquiring shares of the IDX.

"I think the most important thing now is that the president Prabowo banned Danantara from acquiring the Indonesia Stock Exchange. Well, that's where there is firmness so that both SOEs and other government institutions do not take a significant role in the demutualization process. That was then, if the proportion is how much I think it will be determined as well as the price of BEI shares that are released to the market," said Bhima.