Model Implementasi Konsep Disgorgement yang Ideal di Indonesia Berdasarkan Perbandingan Hukum Amerika Serikat, Praktik Penegakan Otoritas Jasa Keuangan dan Analisis Empiris Kesadaran Hukum Investor Publik

Alry Azhari Mauludin, Dina W Kariodimedjo, S.H., LL.M., Ph.D.

2026 | Tesis | S2 ILMU HUKUM JAKARTA

Penelitian ini menyusun rancangan penerapan disgorgement yang berorientasi pada pengembalian manfaat ekonomi kepada investor yang dirugikan. Pembahasan mempertemukan perbandingan hukum Amerika Serikat dan Indonesia, pengalaman penegakan OJK, serta bukti empiris mengenai kesadaran hukum investor publik.

Kajian dilakukan dengan metode hukum normatif-empiris dalam kerangka komparatif. Peraturan, putusan, dokumen administratif, dan literatur dianalisis bersama data kuesioner investor serta wawancara dengan pejabat DHUK. Data lapangan dibaca untuk menemukan pola pengetahuan dan sikap hukum, sedangkan bahan normatif ditelaah secara kualitatif sebelum seluruh temuan disintesiskan melalui penalaran deduktif.

Penelitian ini memiliki kesimpulan: Pertama, sistem Amerika Serikat menempatkan disgorgement dalam gugatan perdata dan adjudikasi administratif, sedangkan Indonesia mengandalkan perintah administratif OJK berdasarkan una via. Kedua, studi Kasus Alexander Capital membuktikan bahwa penegakan dapat berakhir pada konsolidasi dana, verifikasi penerima, dan pembayaran kepada investor. Ketiga, OJK belum menjalankan POJK 65/2020 karena ukuran kerugian yang diakui, teknik penghitungan, serta tata cara distribusi belum operasional. Keempat, pengetahuan investor masih rendah, tetapi dukungan terhadap mekanisme pemulihan cukup kuat. Kelima, model Indonesia perlu ditopang perubahan peraturan, perlindungan prosedural, forum kuasi-yudisial, standar penghitungan dan distribusi yang dapat diaudit, koordinasi antarlembaga, serta pendidikan investor yang berkesinambungan.

This study develops a legally grounded model for returning unlawful gains to harmed capital-market investors in Indonesia. The analysis contrasts the United States framework with Indonesian regulation, examines OJK enforcement experience, and incorporates evidence on public investors’ legal awareness.

The research combines normative and empirical legal inquiry within a comparative design. Statutes, judicial decisions, administrative instruments, and scholarly literature are read together with questionnaire data from public investors and interviews with DHUK officials. Comparative findings are interpreted qualitatively, while questionnaire frequencies are used to identify patterns of legal knowledge and legal attitudes before conclusions are drawn deductively.

The conclusions of this research are: First, the United States places disgorgement within civil litigation and administrative adjudication, whereas Indonesia currently relies on an OJK administrative order under the una via principle. Second, the Alexander Capital case study demonstrate an enforcement chain that consolidated funds, appointed administrators, verified claims, and paid affected investors. Third, OJK has not yet activated POJK 65/2020 because recognized losses, calculation rules, and distribution procedures remain difficult to operationalize. Forth, investor knowledge is limited although support for the remedy is strong. Fifth, An implementable Indonesian model therefore requires statutory refinement, procedural safeguards, a quasi-judicial forum, transparent calculation and distribution standards, inter-agency coordination, and continuing investor education.

Kata Kunci : Disgorgement, Disgorgement Fund, Prinsip Una Via, Perbandingan Hukum, Kesadaran Hukum Disgorgement, Disgorgement Fund, Una Via Principle, Comparative Law, Legal Awareness.