Pelaksanaan Prinsip Keterbukaan Dalam Mencegah Insider Trading Pada Kasus PT. Perusahaan Gas Negara

Raflka Candra, Prof. Dr. Nindyo Pramono, S.H., M.S.; DR. Sulistiyowati, S.H. M.Hum.

2010 | Tesis | S2 Magister Hukum-UGM

Prinsip keterbukaan telah menjadi fokus sentral dari pasar modal. Salah satu bentuk pelanggaran prinsip keterbukan adalah perdagangan Orang Dalam atau insider trading. Insider mempunyai informasi yang mengandung fakta materiel yang dapat mempengaruhi harga saham, kemudian melakukan perdagangan dengan melakukan informasi yang belum

The principle of transparency has been a central focus of capital market. One of its violations is insider trading. Insider has information which contains material fact that can affect stock prices, and then do a trade by giving the information that has not been disclosed. PT Perusahaan Gas Negara indicated insider trading related to a press release about the delay pipeline project of South Sumatra West Java (SSWJ). These problems are divided into: how is the implementation of the principle of transparency in order to prevent the insider trading in the case of PT Perusahaan Gas Negara and how is the legal protection for shareholders who are disadvantaged due to insider trading? This research method is using a normative juridical method which uses library research to obtain secondary data focused on research literature and supported by field research noemative research was performed through a conceptual and constitutional approach. Than field research was accomplisehed by interviews with competent sources and respondents. The results of research and data analysis are as follow: PT Perusahaan Gas Negara was not applied of transparency principle. In fact, PT Perusahaan Gas Negara violated Article 86 paragraph (1) UU No. 5/1995 jo. Rule number X.K.I because PT PGN was too late in reporting the fact of the delay pipeline project and also Article 93 about wrong material information. As indirectly legal protection for shareholders whom disadvantaged due to the insider trading actions, Bapepam provides administration sanctions of fines between 9 million to 2.33 billion rupiahs.

Kata Kunci : Prinsip Keterbukaan, Insider Trading, PT Perusahaan Gas Negara