The Concept of Additional State Capital to Cover the Lack of Capital in the Indonesian Investment Management Agency (LPI)

Konsep Penambahan Modal Negara untuk Menutup Kekurangan Modal Lembaga Pengelola Investasi

Authors

DOI:

https://doi.org/10.31078/jk2048

Keywords:

Additional State Capital, Investment Management Agency, Losses

Abstract


The Investment Management Agency (LPI) is a sui generis institution managing long-term investment in Indonesia. This investment carries high business risks. UU Cipta Kerja and PP LPI regulates that should a loss that reduces the initial capital by 50%, the Government “can” increase the capital of LPI. The research problems are the concept of increasing capital to cover LPI’s initial capital shortage and its supporting mechanism to achieve state goals. This research uses a normative juridical method with a multi-disciplinary approach. The results are that the Constitutional Court as “the Guardian of the Constitution” must emphasize the concept of additional capital to cover LPI’s capital shortage must be interpreted, that the State is “obligated” to cover capital shortage as long as the existence of LPI is deemed necessary to add significant value for revenue. The approval from DPR is required to increase LPI capital, in order to achieve state goals.

Author Biography

Yuli Indrawati, Faculty of Law, University of Indonesia, Indonesia

Yuli Indrawati was born on July 7, 1969, in Jakarta. She is presently a lecturer at the University of Indonesia's Faculty of Law, specializing in state administration law, particularly public finance law. She earned her undergraduate degree from the same faculty and her Master of Law degree from Karl Ruprecht University in Heidelberg, Germany. Her doctorate in law was also obtained from the University of Indonesia's Faculty of Law. Aside from her teaching duties, Yuli Indrawati is also the Head of the International Ranking Unit and Legal Documentation and Reference Center at the University of Indonesia's Faculty of Law. She serves as a member of the Audit Committee at the Ministry of Finance and as the Vice Chairman of the Supervisory Board at the Ministry of Law and Human Rights. Additionally, she assists the Regional Supervisory Council of Notaries in DKI Jakarta.

References

Adler, John H. Public Finance and Economic Development. Stamford: Stamford University Press, 1952.

Ambarwati. “Souverinity Wealth Funds (SWFs): Kapitalisme Baru oleh Negara?” Majalah Ilmiah Ekonomika Vol 14, No. 4, 2011.

Aslanli, Kenan. “Fiscal sustainability and the State Oil Fund in Azerbaijan.” Journal of Eurasian Studies 6, no. 2 (1 Juli 2015): 114–21. https://doi.org/10.1016/j.euras.2015.03.004.

Asshiddiqie, Jimly. “Memperkenalkan Gagasan Konstitusi Ekonomi.” Seminar . Jakarta: Universitas Trisakti (2012).

Atmadja, Arifin P. Soeria. “Sifat Hukum dari UU APBN.” Majalah Hukum dan Pembangunan Vol. 8, No. 3 (1978): 236-244. DOI: http://dx.doi.org/10.21143/jhp.vol8.no3.770.

Atmadja, Arifin P. Soeria. Mekanisme Pertanggungjawaban Keuangan Negara. Jakarta: PT Gramedia, 1986.

Backer, Larry Catá. “International Financial Institutions (IFIs) and Sovereign Wealth Funds (SWFs) as instruments to combat corruption and enhance fiscal discipline in Developing States.” International Review of Law 2015, no. 2 (Maret 2015): 1–27. https://doi. org/10.5339/irl.2015.swf.5.

Budiardjo, Miriam. Dasar-Dasar Ilmu Politik. Jakarta: Gramedia, 1982.

Ficova, Antonia. “Analysis of Souvereign Wealth Funds: From Assets Allocation to Growth.” Global Journal of Management and Business Research: C Finance 15, no. 9 (2015): 64–74.

Friedmann, W. The State and The Rule of Law in Mixed Economy. London: Steven & Son, 1971.

Hadiz, Vedi R. “Krisis Ekonomi Dunia dan Indonesia.” Prisma 28, no. 1 (2009): 3–14.

Halim, Justin Alexander. “Indonesia’s New Sovereign Wealth Fund: When Strategic Development Converges with Stabilization.” The Lawpreneurship Journal Volume 1, Issue 1 (2021): 1-29.

Hartanto, Rahra. “Pengelolaan Investasi Pemerintah oleh Pusat Investasi Pemerintah (PIP) antara Gagasan Kreatif dan Problematika Hukumnya.” Jurnal Hukum Bisnis Volume 33, No. 2 (2014): 133-148.719

Indarwati, Yuli. “Risiko Fiskal Dalam Operasionalisasi Bank Indonesia Dan Lembaga Penjamin Simpanan: Suatu Telaah Hukum, Ekonomi Dan Politik.” Universitas Indonesia, 2019.

Indrawati, Yuli. “Interpreting Fiscal Risk for Lack of Bank Indonesia’s Capital.” Jurnal Media Hukum Volume 28, No. 1 (2021): 90-101. doi:10.18196/jmh.v28il.8712.

Jhering, Rudolph von. Der Zweck Im Recht. Leipzig: Breitkopf & Haertel, 1877.

Jr, James M. Buchanan. “The Constitution of Economic Policy.” Nobel Prize Lecture. Diakses 20 April 2017. http://nobelprizes.com/nobel/economics/1986a.html.

Justin Alexander Halim. “Indonesia’s New Sovereign Wealth Fund: When Strategic Development Converges with Stabilization.” The Lawpreneurship Journal 1, no. 1 (2021): 1–29. https://doi.org/10.21632/tlj.1.1.1-29.

Kratsas, G., dan J. Truby. “Regulating Sovereign Wealth Funds to Avoid Investment Protectionism.” Journal of Financial Regulation 1, no. 1 (1 Maret 2015): 95–134. https:// doi.org/10.1093/jfr/fju002.

M., Faried Wijaya. Seri Pengantar Ekonomika, Ekonomi Makro. Yogyakarta: BPFE, 1997.

Mangkoesoebroto, Guritno. Ekonomi Publik. Yogyakarta: BPFE, 1999.

Nakatani, Kazuhiro. “Sovereign Wealth Funds: Problems of international law between possessing and recipient States.” International Review of Law 2015, no. 2 (Maret 2015): 1–14. https://doi.org/10.5339/irl.2015.swf.7.

Nuzul Fathyah, et.al. “Penyertaan Modal Negara pada Badan Usaha Milik Negara di Perusahaan Umum (Perum) (Studi pada Perum Perhutani).” Journal Business Administration Economic & Enterpreneurship Volume 1, No. 1 (2019): 16-26.

OUNI, Zeineb, Prosper BERNARD, dan Michel PLAISENT. “Sovereign Wealth Funds Empirical Studies: A Critical View.” Journal of Economics Studies and Research, 1 Oktober 2020, 1–13. https://doi.org/10.5171/2020.434738.

Republik Indonesia. Peraturan Pemerintah Nomor 63 Tahun 2019 tentang Investasi Pemerintah (2019).

Republik Indonesia. Undang-Undang Nomor 11 Tahun 2020 tentang Cipta Kerja (2020).

Republik Indonesia. Undang-Undang Nomor 17 Tahun 2003 tentang Keuangan Negara (2003).

Republik Indonesia. Undang-Undang Nomor 23 Tahun 1999 tentang Bank Indonesia (1999).

Republik Indonesia. Undang-Undang Nomor 24 Tahun 2003 tentang Mahkamah Konstitusi (2003).

Republik Indonesia. Undang-Undang Nomor 24 Tahun 2004 tentang Lembaga Penjamin Simpanan (2004).

Samawati, Putu, dan Shinta Paramita Sari. “The Privilege of The Indonesia Investment Authority in Indonesia Omnibus Law on Job Creation.” Jurnal Cita Hukum 9, no. 1 (30 Maret 2021): 77–92. https://doi.org/10.15408/jch.v9i1.20164.720

Santosa, A.A. Gede D. H. “Perbedaan Badan Hukum Publik Dan Badan Hukum Privat.” Jurnal Komunikasi Hukum (JKH) 5, no. 2 (2019): 152–66. https://doi.org/10.23887/ jkh.v5i2.18468.

Simatupang, Dian Puji N. Paradoks Rasionalitas Perluasan Ruang Lingkup Keuangan Negara dan Implikasinya Terhadap Kinerja Keuangan Pemerintah. Jakarta: Badan Penerbit FHUI, 2011.

Suharto, Edi. Analisis Kebijakan Publik. Bandung: Alfabeta, 2005.

Supriyanto, Eko Eddya. “Strategi Penerapan Kebijakan Sovereign Wealth Funds (SWFs) di Indonesia: Studi Literatur dan Studi Komparatif Oman.” Jurnal Inovasi Ilmu Sosial dan Politik (JISoP) 3, no. 1 (2021): 10–21. https://doi.org/10.33474/jisop.v3i1.6959.

Tobing, J. L. P., & Suroso, J. T. “Kewenangan Lembaga Pengelola Investasi Dalam Pengelolaan Barang Milik Negara Dihubungkan Dengan Undang-Undang Nomor 1 Tahun 2004 Tentang Perbendaharaan Negara.” Iustitia Omnibus (Jurnal Ilmu Hukum) 2, no. 2 (2021): 1–9.

Wagner, Daniil. “Sovereign wealth funds: Investment objectives and asset allocation strategies.” Journal of Governance and Regulation 3, no. 2 (2014): 32–52. https://doi. org/10.22495/jgr_v3_i2_p4.

Wijaya, Miryam B L, dan Ivantia Savitri Mokoginta. “Identifikasi risiko fiskal dalam anggaran pendapatan dan belanja negara.” mbaga Penelitian dan Pengabdian Kepada Masyarakat Universitas Katolik Parahyangan, 2014.

YU, Cheng, dan Li YANG. “Implications of Sovereign Wealth Funds on the Governance of the Middle East Region.” Asian Journal of Middle Eastern and Islamic Studies 11, no. 4 (2017): 64–75. https://doi.org/10.1080/25765949.2017.12023318.

Downloads

Published

2023-12-01

How to Cite

Indrawati, Yuli. 2023. “The Concept of Additional State Capital to Cover the Lack of Capital in the Indonesian Investment Management Agency (LPI): Konsep Penambahan Modal Negara Untuk Menutup Kekurangan Modal Lembaga Pengelola Investasi”. Jurnal Konstitusi 20 (4):704-20. https://doi.org/10.31078/jk2048.

Issue

Vol. 20 No. 4 (2023)

Section

Articles

License

Copyright (c) 2023 Jurnal Konstitusi

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Copyright of the published articles will be transferred to the journal as the publisher of the manuscripts. Therefore, the author confirms that the copyright has been managed by the publisher.
  2. The publisher of Jurnal Konstitusi is The Registrar and Secretariat General of the Constitutional Court of the Republic of Indonesia.
  3. The copyright follows Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License: This license allows reusers to distribute, remix, adapt, and build upon the material in any medium or format for noncommercial purposes only, and only so long as attribution is given to the creator. If you remix, adapt, or build upon the material, you must license the modified material under identical terms.