From Enterprise to State: The Reconfiguration of SOE Finances and Its Implications for Corruption Law Enforcement
Keywords:
BUMN, State Finance, Corporate Liability, Corruption
Abstract
This study aims to examine the legal status of SOE finances in relation to state finances and to construct a framework for corruption law enforcement following the enactment of the 2025 SOE Law. Using a normative juridical (doctrinal) approach with conceptual and comparative perspectives, this research analyzes the implications of the law based on State Finance Theory and Corporate Criminal Liability Theory. The findings indicate that although SOEs operate as independent business entities managing separated state assets, their financial losses can still be considered state losses if they directly or indirectly affect public wealth. Therefore, reformulating the enforcement framework is necessary to emphasize institutional accountability rather than solely individual liability. The study concludes that an adaptive and corporate-oriented criminal law paradigm is essential for ensuring effective anti-corruption enforcement within state-owned enterprises.
References
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Mashuril Anwar, Besti Lilyana, Dinda Anna Zatika, & Destu Rizky Syahputra. (2023a). Rekonstruksi Paradigma Penegakan Hukum Tindak Pidana Korupsi Di Bidang Bisnis. Journal of Education, Humaniora and Social Sciences, 6(2), 893–905. https://doi.org/10.34007/jehss.v6i2.1957
Mashuril Anwar, Besti Lilyana, Dinda Anna Zatika, & Destu Rizky Syahputra. (2023b). Rekonstruksi Paradigma Penegakan Hukum Tindak Pidana Korupsi Di Bidang Bisnis. Journal of Education, Humaniora and Social Sciences (JEHSS), 06(02), 893–905. https://doi.org/10.34007/jehss.v6i2.1957
Michael, B., & Mendes, S. (2012). Anti‐corruption law in local government: Legal issues related to ordinance‐design and municipal‐level anti‐corruption agencies in Macedonia. International Journal of Law and Management, 54(1), 26–60. https://doi.org/10.1108/17542431211189597
Mukhammad Hykhal Shokat Ali. (2025). Status Keuangan BUMN Sebelum dan Sesudah Undang-Undang Nomor 1 Tahun 2025: Reorientasi Hubungan Keuangan Negara–Korporasi. AL WASATH Jurnal Ilmu Hukum, 6(2), 95–106. https://doi.org/10.47776/alwasath.v6i2/1797
Novendra, B., & Syifa, A. M. (2020). Miskonsepsi Pembebanan Tanggung Jawab kepada Direksi Badan Usaha Milik Negara dalam Jerat Tindak Pidana Korupsi. SASI, 26(4), 458. https://doi.org/10.47268/sasi.v26i4.298
Permatasari, L. W., Koeswoyo, P. S., & Irawady, C. (2023). Pengaruh Kualitas Auditor Internal dan Efektivitas Komite Audit terhadap Korupsi Di BUMN. Owner, 7(3), 2640–2655. https://doi.org/10.33395/owner.v7i3.1464
Rizky Novian Hartono, Sriwati, & Wafia Silvi Dhesinta Rini1. (2021). Kerugian Keuangan Negara pada Badan Usaha Milik Negara (BUMN) dalam Perspektif Doktrin Business Judgement Rule. KELUWIH: Jurnal Sosial dan Humaniora, 2(1), 23–33. https://doi.org/10.24123/soshum.v2i1.4392
Roza, N. (2022). Problematika Penentuan Status Keuangan Negara Dalam Badan Usaha Milik Negara Persero. Jurnal Lex Renaissance, 7(1), 41–54. https://doi.org/10.20885/JLR.vol7.iss1.art4
Sandi, M. Y., Hadin Muhjad, M., & Syaufi, A. (2023). Kekayaan Negara Yang Dipisahkan Dalam Badan Usaha Milik Negara (BUMN) Dalam Bentuk Persero. Notary Law Journal, 2(3), 181–202. https://doi.org/10.32801/nolaj.v2i3.45
Shui-li, Y., Ye, T., & Yi, Y. (2021). Research on the Supervision Mode of Competitive State-owned Enterprises by State-owned Capital Investment and Operation Companies. E3S Web of Conferences, 251, 01107. https://doi.org/10.1051/e3sconf/202125101107
Thabane, T. (2024). Rebooting State-Owned Companies in South Africa: Exploring the Viability of Singapore’s State Holding Company (Temasek) Model of Ownership and Control. Potchefstroom Electronic Law Journal, 27. https://doi.org/10.17159/1727-3781/2024/v27i0a17022
Tsalsabillah Rokhmah Utami & Sri Isnani Setiyaningsih. (2024). Kasus Korupsi Timah Rp 271 Triliun: Alasan Kekuasaan, Kesempatan, dan Lemahnya Konstitusi. Jurnal Kabar Masyarakat, 2(2), 304–312. https://doi.org/10.54066/jkb.v2i2.2007
Wouters, J., Ryngaert, C., & Cloots, A. S. (2012). The Fight Against Corruption in International Law. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2274775
Anggoro, C. (2018). Kewenangan Pemeriksaan Badan Pemeriksa Keuangan atas Badan Usaha Milik Negara. Varia Justicia, 14(1), 40–50. https://doi.org/10.31603/variajusticia.v14i1.2044
Anwar, M., Lilyana, B., & Zatika, D. A. (2025). The Probability of Implementing Restorative Justice in Business Dispute Resolution. Journal of Law and Economics, 4(1), 10–23. https://doi.org/10.56347/jle.v4i1.236
Apriliyanti, I. D., & Kristiansen, S. O. (2019). The logics of political business in state-owned enterprises: The case of Indonesia. International Journal of Emerging Markets, 14(5), 709–730. https://doi.org/10.1108/IJOEM-08-2018-0433
Aripkah, N. (2020). Persoalan Kriteria Batasan Pertanggungjawaban Pidana Korporasi: Tinjauan Terhadap Peraturan Mahkamah Agung Nomor 13 Tahun 2016. Jurnal Hukum Ius Quia Iustum, 27(2). https://doi.org/10.20885/iustum.vol27.iss2.art8
Asikin, Z., Suhartana, L. W. P., & Usman, U. (2019). Aspek Hukum Pertanggung Jawaban Keuangan Negara Dalam BUMN. Journal Kompilasi Hukum, 4(2), 181–192. https://doi.org/10.29303/jkh.v4i2.29
Asri Putri, T., & Herning Sitabuana, T. (2022). Pengawasan Pengelolaan Keuangan Negara Terhadap Badan Usaha Milik Negara (BUMN). SIBATIK JOURNAL: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, dan Pendidikan, 1(7), 1003–1018. https://doi.org/10.54443/sibatik.v1i7.118
Budi Harianto. (2025). Kerugian Negara Diakibatkan oleh Badan Usaha Milik Negara (BUMN) sebagai Kerugian Keuangan Negara: Penelitian. Jurnal Pengabdian Masyarakat dan Riset Pendidikan, 3(4), 3899–3905. https://doi.org/10.31004/jerkin.v3i4.1184
Cheang, B., & Lim, H. (2023). Institutional diversity and state-led development: Singapore as a unique variety of capitalism. Structural Change and Economic Dynamics, 67, 182–192. https://doi.org/10.1016/j.strueco.2023.07.007
Dahoklory, V. (2020). Dinamika Pengelolaan Keuangan BUMN Perihal “Dilema” Antara Kerugian Negara Ataukah Kerugian Bisnis. Jurnal Rechts Vinding: Media Pembinaan Hukum Nasional, 9(3), 349. https://doi.org/10.33331/rechtsvinding.v9i3.457
Dwi Kurniawan, K., & Indri Hapsari, D. R. (2022). Pertanggungjawaban Pidana Korporasi Menurut Vicarious Liability Theory. Jurnal Hukum Ius Quia Iustum, 29(2), 324–346. https://doi.org/10.20885/iustum.vol29.iss2.art5
Fadhel Muhammad, R. A. S. A. (2024). Analisis Keterkaitan Penegakan Hukum Dan Partisipasi Masyarakat Dalam Pemberantasan Korupsi Untuk Mewujudkan Tata Kelola Instansi Pemerintahan Yang Bersih. Zenodo. https://doi.org/10.5281/ZENODO.13691526
Helmi, M. I. (2024). Kebijakan Formulasi Tindak Pidana Korupsi Pada Korporasi Badan Usaha Milik Negara Berdasar Keadilan Pancasila. Jurnal Hukum Progresif, 12(2), 166–182. https://doi.org/10.14710/jhp.12.2.166-182
Kuzina, S., Sagiryan, I., & Fomin, G. (2019). Formation of anti-corruption legal consciousness of state and municipal officials of Russia. SHS Web of Conferences, 70, 11005. https://doi.org/10.1051/shsconf/20197011005
Manertiur Meilina Lubis & Kornelius Simanjuntak. (2023). Analisis Hukum Penempatan Investasi yang Mengalami Kegagalan Pada Perusahaan Asuransi PT. Asabri (Persero). Binamulia Hukum, 11(1), 33–41. https://doi.org/10.37893/jbh.v11i1.304
Mashuril Anwar. (2025). Paradigma Baru Hukum Pidana Nasional: Kajian atas Undang-Undang Nomor 1 Tahun 2023. Litera.
Mashuril Anwar, Besti Lilyana, Dinda Anna Zatika, & Destu Rizky Syahputra. (2023a). Rekonstruksi Paradigma Penegakan Hukum Tindak Pidana Korupsi Di Bidang Bisnis. Journal of Education, Humaniora and Social Sciences, 6(2), 893–905. https://doi.org/10.34007/jehss.v6i2.1957
Mashuril Anwar, Besti Lilyana, Dinda Anna Zatika, & Destu Rizky Syahputra. (2023b). Rekonstruksi Paradigma Penegakan Hukum Tindak Pidana Korupsi Di Bidang Bisnis. Journal of Education, Humaniora and Social Sciences (JEHSS), 06(02), 893–905. https://doi.org/10.34007/jehss.v6i2.1957
Michael, B., & Mendes, S. (2012). Anti‐corruption law in local government: Legal issues related to ordinance‐design and municipal‐level anti‐corruption agencies in Macedonia. International Journal of Law and Management, 54(1), 26–60. https://doi.org/10.1108/17542431211189597
Mukhammad Hykhal Shokat Ali. (2025). Status Keuangan BUMN Sebelum dan Sesudah Undang-Undang Nomor 1 Tahun 2025: Reorientasi Hubungan Keuangan Negara–Korporasi. AL WASATH Jurnal Ilmu Hukum, 6(2), 95–106. https://doi.org/10.47776/alwasath.v6i2/1797
Novendra, B., & Syifa, A. M. (2020). Miskonsepsi Pembebanan Tanggung Jawab kepada Direksi Badan Usaha Milik Negara dalam Jerat Tindak Pidana Korupsi. SASI, 26(4), 458. https://doi.org/10.47268/sasi.v26i4.298
Permatasari, L. W., Koeswoyo, P. S., & Irawady, C. (2023). Pengaruh Kualitas Auditor Internal dan Efektivitas Komite Audit terhadap Korupsi Di BUMN. Owner, 7(3), 2640–2655. https://doi.org/10.33395/owner.v7i3.1464
Rizky Novian Hartono, Sriwati, & Wafia Silvi Dhesinta Rini1. (2021). Kerugian Keuangan Negara pada Badan Usaha Milik Negara (BUMN) dalam Perspektif Doktrin Business Judgement Rule. KELUWIH: Jurnal Sosial dan Humaniora, 2(1), 23–33. https://doi.org/10.24123/soshum.v2i1.4392
Roza, N. (2022). Problematika Penentuan Status Keuangan Negara Dalam Badan Usaha Milik Negara Persero. Jurnal Lex Renaissance, 7(1), 41–54. https://doi.org/10.20885/JLR.vol7.iss1.art4
Sandi, M. Y., Hadin Muhjad, M., & Syaufi, A. (2023). Kekayaan Negara Yang Dipisahkan Dalam Badan Usaha Milik Negara (BUMN) Dalam Bentuk Persero. Notary Law Journal, 2(3), 181–202. https://doi.org/10.32801/nolaj.v2i3.45
Shui-li, Y., Ye, T., & Yi, Y. (2021). Research on the Supervision Mode of Competitive State-owned Enterprises by State-owned Capital Investment and Operation Companies. E3S Web of Conferences, 251, 01107. https://doi.org/10.1051/e3sconf/202125101107
Thabane, T. (2024). Rebooting State-Owned Companies in South Africa: Exploring the Viability of Singapore’s State Holding Company (Temasek) Model of Ownership and Control. Potchefstroom Electronic Law Journal, 27. https://doi.org/10.17159/1727-3781/2024/v27i0a17022
Tsalsabillah Rokhmah Utami & Sri Isnani Setiyaningsih. (2024). Kasus Korupsi Timah Rp 271 Triliun: Alasan Kekuasaan, Kesempatan, dan Lemahnya Konstitusi. Jurnal Kabar Masyarakat, 2(2), 304–312. https://doi.org/10.54066/jkb.v2i2.2007
Wouters, J., Ryngaert, C., & Cloots, A. S. (2012). The Fight Against Corruption in International Law. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2274775
Published
2026-06-04
How to Cite
Mashuril Anwar, Besti Lilyana, Dewi Noviyanti, Nazwa Salsabilla, & Saver Excel Marsahala. (2026). From Enterprise to State: The Reconfiguration of SOE Finances and Its Implications for Corruption Law Enforcement. International Journal of Education, Vocational and Social Science , 5(03), 110-126. https://doi.org/10.63922/ijevss.v5i03.3304
Contact Person +6282139474255
Email : ijevss@citakonsultindo.or.id / editor.ijevss@gmail.com
