Perlindungan Hukum Pemegang Saham Minoritas PT Mas Murni Indonesia

Abstract

Abstract. Information disclosure and investor protection are fundamental pillars of capital market governance, including effective safeguards for public investors, particularly minority shareholders, in cases of forced delisting through fair compensation mechanisms such as share buybacks. PT Mas Murni Indonesia committed violations of disclosure and financial reporting obligations, experienced prolonged trading suspension, and was subsequently declared bankrupt, resulting in forced delisting. However, the buyback obligation could not be fulfilled because, following the bankruptcy ruling, the company’s assets became part of the bankruptcy estate under the control of a court-appointed curator, with priority of payment granted to creditors, placing shareholders in the lowest priority position. This study aims to analyze the legal protection available to minority shareholders after the forced delisting of PT Mas Murni Indonesia under Indonesian capital market regulations and to examine legal remedies when buyback obligations cannot be implemented due to bankruptcy. This research employs a normative juridical method with a descriptive-analytical approach based on library research. The findings indicate that normative protection is provided under the Capital Market Law, the Company Law, and regulations of the Financial Services Authority and the Indonesia Stock Exchange, yet bankruptcy significantly limits the effectiveness of such protection.

Abstrak. Keterbukaan informasi dan perlindungan investor merupakan pilar utama penyelenggaraan pasar modal, termasuk perlindungan efektif bagi pemegang saham publik, khususnya pemegang saham minoritas, dalam hal forced delisting melalui mekanisme kompensasi yang wajar seperti buyback. PT Mas Murni Indonesia mengalami pelanggaran keterbukaan informasi dan pelaporan keuangan, suspensi perdagangan berkepanjangan, hingga pailit yang berujung forced delisting, sementara kewajiban buyback tidak terlaksana karena sejak putusan pailit diucapkan harta perseroan menjadi boedel pailit di bawah penguasaan kurator dengan prioritas pembayaran kepada kreditur, sehingga pemegang saham berada pada posisi terakhir. Penelitian ini bertujuan menganalisis bentuk perlindungan hukum bagi pemegang saham minoritas pasca forced delisting PT Mas Murni Indonesia berdasarkan regulasi pasar modal Indonesia serta upaya hukum yang dapat ditempuh ketika buyback tidak dapat dilaksanakan akibat kepailitan. Metode penelitian yang digunakan adalah yuridis normatif dengan pendekatan deskriptif analitis melalui studi kepustakaan. Hasil penelitian menunjukkan bahwa perlindungan normatif telah diatur dalam UUPM, UUPT, serta regulasi OJK dan BEI, namun kepailitan membatasi efektivitas perlindungan. Upaya hukum yang tersedia meliputi pengawasan pemberesan boedel pailit, tuntutan ganti rugi, serta gugatan perseorangan dan derivatif terhadap organ perseroan.