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Abstrak :
Penelitian ini membahas tentang dampak pengalihan saham pada perusahaan tambang terhadap Izin Usaha Pertambangan (IUP). Dilakukannya penelitian ini berkaitan dengan adanya pasal dalam Undang-Undang No. 4 tahun 2009 tentang Pertambangan Mineral dan Batubara yang melarang adanya pengalihan IUP. Larangan pengalihan IUP ini terkait dengan maraknya jual beli izin pertambangan pada masa peraturan pertambangan masih diatur dalam UU No. 11 tahun 1967 tentang Ketentuan-Ketentuan Pokok Pertambangan. Larangan tersebut membuat pengusaha tambang mencari cara bagaimana agar dapat mengalihkan IUP, salah satu cara yang dianggap tidak melanggar Undang-Undang adalah melakukan pengambilalihan saham terhadap perusahaan pemilik IUP. Kemudian muncul pertanyaan apakah jika saham mayoritas perusahaan tambang pemilik IUP beralih, maka kepemilikan atas IUP ikut beralih ke tangan perusahaan pengambilalih? Bagaimana sebenarnya dampak dari pengambilalihan saham tersebut terhadap kedudukan IUP perusahaan yang sahamnya terambilalih. Penelitian ini dilakukan dengan menggunakan metode penelitian yuridis empiris, dimana menggunakan UU No. 4 tahun 2009 dan Undang-Undang No. 40 tahun 2007 tentang Perseroan Terbatas sebagai data primernya. Berdasarkan hasil penelitian, dapat disimpulkan bahwa walaupun 99% saham perusahaan pemilik IUP diambilalih, namum kepemilikan IUP tidak akan ikut beralih, jika kedua belah pihak tidak melakukan proses pengalihan IUP. Proses administrasi dan persyaratan pengalihan IUP dan pengambilalihan saham memiliki caranya masing-masing. Adanya ketidakharmonisan antara peraturan perundang-undangan yang mengatur tentang pertambangan dengan peraturan perundang-undangan yang mengatur tentang perseroan, terutama dalam hal pengambilalihan saham yang membuat penerapan peraturan pengalihan saham pada perusahaan tambang sulit untuk dapat ditaati oleh masyarakat.

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This research examines the impacts of shares takeover in mining company to the Mining Permits. The background of this research is Law of The Republic Indonesia Number 4 of 2009 concering Mineral and Coal Mining. This regulation prohibits transfer of Mining Permits. The prohibition is related to the raise of the sale and purchase of mining permits when the regulation of mining was still regulated in Law of The Republic Indonesia Number 11 of 1967 concering Basic Provisions of Mining. This prohibition has caused mine operators to look for the solution to transfer the Mining Permits. One of the solutions is buying shares from a company that has Mining Permits. This solution is regarded as the way out that does not infringe the regulation. This research background led to these following research questions: if the majority shares of a company that holds Mining Permits was taken over by another company, is the ownership of Mining Permits also transferred to the acquiring company? What are the impacts of this shares takeover to the Mining Permits that is hold by old company (that holds Mining Permits)? This research uses juridical and empirical methods. The Law Number 4 of year 2009 and Law Number 40 of year 2007 on limited company are used as primary sources. The outcome of this research indicates that although 99% of shares is taken over, the ownership of Mining Permits would not be transferred if two parties do not conduct the Mining Permits transfer process. Moreover, the administration process and transfer requirement of Mining Permits and the takeover of the shares have their own ways. Finally, the disharmony between the mining regulation and limited company regulation is occurred, especially in regulating shares takeover that makes implementation of takeover regulation on mining company difficult to be obeyed by society.

Abstrak :
Penelitian ini membahas mengenai efektivitas penerapan Prinsip Tata Kelola Perusahaan yang baik (Good Corporate Governance) atau ‘GCG’ sebagai salah satu upaya restrukturisasi perseroan yang sedang mengalami kondisi finansial yang buruk. Langkah penerapan tersebut juga mencerminkan hubungan indikasi hostile takeover dengan tindakan Dewan Komisaris dalam menerapkan GCG berdasarkan kewenangannya. Peran Notaris dalam mendukung perseroan memenuhi kewajiban administratifnya pun merupakan bagian penting yang tidak dapat diabaikan dalam implementasi GCG pada kasus posisi. Penelitian ini menggunakan metode berbentuk yuridis normatif dengan peninjauan terhadap aspek-aspek hukum pada peraturan perundang-undangan yang berlaku yang terkait dengan penerapan GCG. Tipologi penelitian tesis ini adalah deskriptif sebagaimana penulis menjelaskan dan menjabarkan gambaran objek penelitian secara menyeluruh dan sistematis. Meninjau dari tindakan Dewan Komisaris terhadap Direksi yang tidak melakukan tanggung jawabnya dengan baik, penerapan GCG pada kasus posisi telah efektif dilakukan oleh perseroan sehingga kegiatan usaha perseroan tetap dapat berjalan. Indikasi tindakan hostile takeover juga disimpulkan tidak relevan dengan adanya ketentuan Pasal 125 UUPT dan tidak adanya pengalihan kendali perseroan secara paksa. Kewenangan Dewan Komisaris juga disimpulkan bersifat luas dan untuk kepentingan perseroan secara menyeluruh, tidak terbatas hanya pada ketentuan yang tertera di undang-undang terkait namun tetap di bawah naungan pemegang saham. Guna meningkatkan efektivitas penerapan GCG, dapat disusun peraturan Otoritas Jasa Keuangan yang berlandaskan pendekatan ‘fiduciary duty’ untuk meningkatkan kualitas disiplin, kinerja, dan integritas Direksi terhadap perseroan. Peningkatan frekuensi rapat gabungan organ perseroan juga akan meminimalisir potensi pelanggaran terhadap kepentingan perseroan. ......This research elaborates primarily regarding the effectivity in implementing Good Corporate Governance (GCG) as one of the restructuring actions upon the deteriorating financial condition of the company. The implementation process itself reflects the correlation between the hostile takeover indication and the action of The Board of Commissioners in exercising their authority within the GCG implementation. The role of Notary in supporting the company towards its administrative compliance is also the crucial part which has to be inseparable in the GCG realization within the case study. The writer uses juridical-normative method in producing this thesis within analysis on the stipulated rules and acts pertaining the implementation of GCG. This thesis is rather a descriptive type within the elaboration being made upon the the research object entirely and systematically. Evaluating from the action took by the Board of Commissioners as the Directors did not fulfill their responsibility properly, it can be concluded that the implementation of GCG in order to sustain the company in the case study was a major success. The alleged hostile takeover action apparently is irrelevant as to the stipulation on Article 125 of Indonesian Company Law and the fact that there has never been a control-shifting in the company. The authority of Board of Commissioners too should be perceived more comprehensively, not delimited to the stipulation of Indonesian Company Law but still in the compliance towards shareholders. To enhance the effectiveness in GCG implementation, a stipulation should be established based on ‘fiduciary duty’ principles to improve the quality of disciplinary values, performance, and integrity of the Directors towards the company. The more frequent integrated meeting between Board of Directors and Board of Commissioners would also diminish the potential infringement towards the interest of the company.

Abstrak :
Skripsi ini membahas mengenai aksi backdoor listing untuk mendapatkan akses menuju pasar modal di Indonesia. Dari sekian banyak pilihan pendanaan yang ada, salah satu yang paling efektif adalah dengan melakukan initial public offering (IPO) atau Penawaran Umum Perdana. Dengan melakukan Penawaran Umum emiten akan mendapatkan kemudahan dalam bidang pendanaan dan publikasi. Di sisi lain, proses IPO juga memiliki kekurangan, seperti berkurangnya porsi kepemilikan saham dan kewajiban memenuhi dokumen keterbukaan sebagai konsekuensi sebagai perusahaan terbuka. Cara lain untuk masuk ke pasarmodal selain IPO, yaitu dengan mengakuisisi perusahaan terbuka dan selanjutnya melakukan restrukturisasi perusahaan, tindakan ini diistilahkan sebagai backdoor listing. ......This thesis concerning in backdoor listing action to obtain access into capital market in Indonesia. From many option to finance a business, issuing company shares to public could be effective way in an Initial Public Offering (IPO). With IPO, company will obtain advantages in capital raise and publication. On the other hand, an IPO process has risk, such as reduction of company ownership and full disclosure as the consequences of becoming public company. Another way to obtain access to capital market beside of an IPO, that is to acquire a listed company and restructure the company named backdoor listing.

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ABSTRAK
Skripsi ini membahas masalah aksi go public melalui backdoor listing. Go Public merupakan keinginan hampir seluruh perusahaan privat karena perusahaan membutuhkan modal untuk memperluas usahanya dengan tujuan meningkatkan keuntungan. Opsi pendanaan perusahaan, salah satunya adalah melalui listing di Pasar Modal karena jauh lebih menguntungkan dari pada mengajukan kredit perbankan atau alternatif pembaiayaan lain. Status listed di bursa memberikan banyak kelebihan, diantaranya (1) akses ke pasar modal dan biaya yang lebih sedkiti; (2) meningkatkan reputasi dan profil perusahaan; (3) likuiditas perusahaan terjamin; dan (4) penggunaan saham untuk membayar akuisisi dan ativitasaktivitas lain. Akan tetapi Initial Public Offering (IPO) sebagai syarat menjadi perusahaan public merupakan proses yang membutuhkan banyak biaya. Ternyata terdapat alternatif cara menjadi perusahaan terbuka tanpa melalui IPO, yaitu perusahaan yang sudah listed diakuisisi oleh perusahaan privat. Setelah akuisisi, perusahana privat akan menjadi pengendali perusahaan publik dan secara tidak langsung menjadi perusahaan publik. Go public dengan cara ini dikenal dengan istilah backdoor listing. Di dalam Pasar Modal Indonesia, belum ada pengaturan yang spesifik mengatur backdoor listing sekalipun praktek ini sudah sering dilakukan melalui akuisi dan tunduk pada ketentuan akuisisi perusahaan. Namun, pemotongan prosedur IPO tetap membutuhkan pengaturan lebih lanjut lagi terutama pengaturan yang mengatur keterbukaan informasi untuk melindungi investor.

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Abstract
This thesis concerning on going public by backdoor listing. Going Public is the dream of many private companies because they need to raise capital to expand their business for raising much profit. Fundind options to company for raising capitals, one of many options is by listed in capital market because it is more profitable for gaining investors than propose credit to the bank for financing, or others alternative funding. The listing status brings a lot of advantages to the company. Some of the advanteges include (1) access to capital markets and lower cost of capital; (2) enhanced company reputation and profile; (3) providing liquidity for owners to cash out; and (4) use of stock to pay for acquisitions, and etc. However going public by Initial Public Offering (IPO) is also costly process and alternative routes for going public are also available. It is called backdoor listing. Backdoor listing is a technique in which public company is acquired by privat company as the public company is the shell or defunct company. As a result, the private company becomes public by obtaining control of the public company. In Indonesian capital market, there are no specific regulation concerning on backdoor listing activity even though this practice is often done through the acquisition and subject to the provisions of company acquisition. However, it cuts IPO procedures and still requires further regulation, especially regulation concerning on disclosure information to protect investors.

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This paper conducts event studies on two of the most important events in recent history of Korean M&A market, to examine which firms were regarded more vulnerable to hostile takeover.

Abstrak :
The number of takeover transactions is relatively less compared to other corporate actions by publicly-listed companies, (e.g. IPOs, rights issues, or material transactions). There is no research that explains or contextualizes this fact, but one may speculate that this may be due to (a) the existence of block-holders in Indonesia’s corporate structure profile (structural barrier) or (b) because it is costly to carry out a takeover in light of the existing Mandatory Tender Offer (MTO) requirements (legal barrier). This article focuses on the latter problem, aiming to address the practical and legal issues pertaining to takeover transactions in Indonesia with respect to the existence of the MTO. Pursuant to the prevailing rule, in a takeover of publicly-listed companies that results in a change of control, a MTO/mandatory bid requirement must be followed with the potential acquirer making an offer to purchase all of the remaining shares of the target company according to a certain minimum price formula. Specifically the article discusses practical and creative strategies that prospective controllers employ to avoid the mandatory bid/MTO requirement, and how these strategies impact the principle of minority shareholders’ protection..

Abstrak :
Pesatnya perkembangan teknologi perangkat pendukung menyebabkan tingginya dinamika industri telekomunikasi. Teknologi dan perangkat baru yang semakin eepat bermunculan menimbulkan semakin pendeknya siklus hidup produk telekomunikasi. Di sisi lain, tingkat persaingan juga meningkat karena dipicu regulasi yang semakin terbuka, ekspansi para pemain besar, dan pendatang bare. Pemain-pemain bare makin banyak bermunculan karena didukung adanya regulasi yang semakin mudah dan skala ekonomi yang makin rendah. Untuk menghadapi tantangan dari luar seperti tersebut di atas maka perusahaan komunikasi data (PT. XYZ) perlu mempersiapkan strategi portfolio usaha. Salah satu alternatif strategi yang bisa dikembangkan adalah strategi akuisisi dalam rangka perluasan portfolio dan sinergi anak perusahaan dalam grup. Dalam memilih bisnis apa yang cocok untuk diakuisisi, PT. XYZ perlu mempertimbangkan kemungkinan sinergi yang bisa dihasilkan dengan anak perusahaan yang diakuisisi. Sinergi yang dapat dilakukan adalah sinergi pasar, sinergi jasa, dan sinergi infrastruktur. Bisnis Internet Service Provider (ISP) dipandang merupakan jenis bisnis yang cocok untuk diakuisisi, yaitu ISP yang kuat penguasaan pasarnya di daerah dan memiliki segmen pasar yang komplementer dengan PT. XYZ. Sinergi pasar dan jasa didasarkan pada pembagian pasar dan pengelolaan jasa berdasarkan kompetensi yang sudah dikuasai. Sinergi infrastruktur didasarkan pada pembagian investasi dan pengelolaan berdasarkan tingkat skala ekonomi yang dimiliki induk maupun anak perusahaan. Untuk menjamin terrealisasinya tujuan sinergi dari akuisisi anak perusahaan, maka diperiukan pengendalian kinerja strategis anak perusahaan dalam jangka menengah - panjang dalam bentuk target-target usaha yang memiliki tingkat goal congruence tinggi dengan strategi korporasi/grup usaha.

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ICT (Infommation, Communication, and Telecommunication) industry has been growing quite rapidly for these decades due to massive innovations in infrastructure technology behind it. New technologies and new products appear more frequently. This condition has been shortening average life cycle of telecommunication products or services. Market competition, on the other side, has been increasing significantly. Deregulation policy from the government, big companies expansion, and new players entering the market are the drivers of the market competition level. New regulation and less economies of scale has attracted new players from other countries and encourage new players from local to enter the market, aiming at the same market with existing players in the industry. PT. XYZ as one of incumbent players in Indonesian telecommunication industry, especially data communication industry, has to prepare a strategy to survive and still grows in this dynamic situation. Market competition increase has an immediate impact in the decrease of market share. In order to maintain business growth, PT. XYZ should try to find new growth opportunities. One of the alternatives for PT. XYZ to develop is takeover strategy as a part of business portfolio and synergy within the corporation/group. The basic question for PT. XYZ would be "what business should they takeover". Business selection should consider strategic synergy that can be built once the takeover has take place. Synergy possibilities for PT. XYZ and its group would be market synergy, service synergy, and infrastructure synergy. Based on strategic considerations, Internet Service Provider (ISP) viewed as a good line of business to takeover. ISP will have many synergy potentials with PT. XYZ as its parent company. To maximize the synergy, ideal takeover candidate would be an ISP with complementary market penetration with market segments PT. XYZ currently penetrate.

Abstrak :
Pada awal tahun 2020, PT Bank Bukopin Tbk. dilanda krisis finansial, tepatnya kesulitan likuiditas akibat adanya fenomena rush money. Bosowa selaku Pemegang Saham Pengendali saat itu bersama Otoritas Jasa Keuangan berupaya untuk melakukan penyelamatan Bank melalui rights issue (PUT ke-V) dengan KB Kookmin sebagai Standby Buyer. Hanya saja Bosowa ditemukan menimbulkan banyak permasalahan dan pada akhirnya OJK mengeluarkan Surat Keputusan Dewan Komisioner OJK Nomor 64/KDK.03/2020 tanggal 24 Agustus 2020 yang menyatakan bahwa Bosowa tidak lulus rangkaian penilaian kembali oleh OJK (fit and proper test) dan kehilangan hak suaranya pada RUPSLB dimana KB Kookmin berhasil meloloskan agenda private placement dan menjadi Pemegang Saham Pengendali baru. Metode penelitian yang peneliti gunakan pada Skripsi ini adalah Yuridis Normatif, Yuridis berarti penelitian ini adalah penelitian hukum dan normatif berarti penelitian ini dilakukan dengan melakukan pengambilan, pengolahan serta analisis data sekunder, selain itu juga berarti bahwa analisis dalam penelitian ini akan difokuskan kepada hubungan-hubungan hukum antar peraturan perundang-undangan yang terkait. Dalam kasus tersebut, dibuktikan bahwa Management Entrenchment Hypothesis terjadi dimana manajemen melakukan anti-takeover measures dan hampir merugikan pemegang saham lainnya. Selain itu, pengaturan mengenai hostile takeover di Indonesia sendiri belum memadai, bahkan sama sekali tidak diatur, oleh karena itu baiknya apabila Pemerintah maupun OJK memperkaya peraturan perundang-undangan dengan ketentuan mengenai hostile takeover. ......In early 2020, PT Bank Bukopin Tbk. was hit by a financial crisis, specifically liquidity difficulties due to the money rush phenomenon. Bosowa as the Controlling Shareholder at that time together with Otoritas Jasa Keuangan attempted to rescue the Bank through a rights issue (Vth LPO) with KB Kookmin as the Standby Buyer. It's just that Bosowa was found to be causing many problems and in the end OJK issued a Decree of the OJK Board of Commissioners Number 64/KDK.03/2020 dated August 24, 2020 which stated that Bosowa did not pass the OJK reassessment series (fit and proper test) and lost its voting rights. at the EGMS where KB Kookmin successfully passed the private placement agenda and became the new Controlling Shareholder. The research method that the researcher uses in this thesis is normative juridical, juridical means this research is legal research and normative means this research is carried out by taking, processing and analyzing secondary data, but it also means that the analysis in this study will focus on relationships law between the relevant laws and regulations. In this case, it is proven that the Management Entrenchment Hypothesis occurs where management takes anti-takeover measures and almost harms other shareholders. In addition, the regulation regarding hostile takeover in Indonesia itself is not adequate, in fact it is not regulated at all, therefore it is better if the Government and OJK enrich the legislation with provisions regarding hostile takeover.

Abstrak :
Penulisan ini berfokus pada fenomena kejahatan siber yaitu account takeover di suatu perusahaan berbasis teknologi di Indonesia, yang karena alasan konfidensialitas disamarkan namanya menjadi Perusahaan Teknologi XYZ. Peneliti mengambil studi kasus account takeover yang terjadi terhadap salah satu pengguna layanan jasa teknologi yang ditawarkan oleh perusahaan teknologi XYZ yang bergerak di sektor pariwisata. Dalam proses pengerjaan karya akhir ini, peneliti menggunakan metode studi kajian literatur dengan memakai data sekunder berupa dokumen investigasi dan referensi berupa studi-studi terdahulu. Dalam menjelaskan studi kasus yang diambil, peneliti menggunakan kerangka teori aktivitas rutin yang mencakup penjelasan mengenai terjadinya kejahatan dengan menggunakan tiga elemen, yaitu pelaku yang termotivasi, target yang sesuai, dan ketiadaan penjagaan yang sesuai. ......This study focuses on the phenomenon of cybercrime, namely account takeover in a technology-based company in Indonesia, which due to confidentiality reasons is disguised to XYZ Technology Company. Researcher took a case study of account takeover that occurred against one of the users of technology services offered by the XYZ technology company that engaged in the tourism sector. In the process of working on this final paper, researcher used a literature review study method using secondary data in the form of investigative documents and references in the form of previous studies. In explaining the case studies taken, researcher uses routine activity theory framework that includes an explanation of the occurrence of crime using three elements, namely motivated perpetrators, appropriate targets, and absence of appropriate guarding.