Regarding BUMN Losses, Not State Losses In The New Law, This Is What Deputy Minister Tiko Said

Deputy Minister of BUMN Kartika Wirjoatmodjo (Photo: dock VOI)

JAKARTA 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 related to BUMN losses is not considered a state loss. Vice versa, the benefits of SOEs are not the benefits of the state.

Related to this, Deputy Minister of SOEs I Kartika Wirjoatmodjo was reluctant to comment. He only asked to wait until the BUMN Law was officially promulgated.

Tiko, Kartika Wirjoatmodjo's nickname, also stated that the derivative rules of the BUMN Law are still in the drafting stage.

"Later, wait to be promulgated. (Regarding derivative regulations) again, the rules are drawn up," he said when met at the Ministry of Finance, Jakarta, written Thursday, February 20.

For your information, in the previous provisions, SOE capital was part of separated state assets. Therefore, SOEs are also postponed 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.

This clause is no different from the SOE Bill's Inventory List (DIM) on January 16, 2025. However, the BUMN Bill, which was passed in early February 2025, changed a number of paradigms in the management of state-owned companies.

In the regulation that has been passed into the law, there are two important points that have been 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).

Previously, the Chairman of Commission VI of the DPR RI, Anggia Ermarini, revealed that the BUMN Law was revised to strengthen the role and constitution of SOEs. Moreover, he said, the previous law was more than 22 years old.

"The existing regulations governing SOEs, namely Law Number 19 of 2003 concerning state-owned enterprises, are over 22 years old and it is necessary to make changes to answer the challenges of today so that SOEs can improve their performance and contribute optimally to the national economy," said Anggia at the DPR RI building, Jakarta, Tuesday, February 4.