Kedudukan Hukum Badan Pengelola Investasi (BPI) Danantara: Dilema Pertanggungjawaban Publik Versus Privat

Danu Ade Setiawan, Dr. Hendry Julian Noor, S.H., M.Kn.

2026 | Tesis | S2 ILMU HUKUM JAKARTA

Penelitian ini dilakukan untuk mengkaji kedudukan hukum BPI Danantara dalam perspektif teori badan hukum guna menentukan karakteristik hukumnya serta implikasinya terhadap pertanggungjawaban hukum. Selanjutnya, penelitian ini juga bertujuan untuk merancang konsep ideal pertanggungjawaban BPI Danantara melalui perbandingan dengan entitas sejenis lainnya di luar negeri, yaitu Temasek Holdings Pte. Ltd. di Singapura dan Khazanah Nasional Berhad di Malaysia.

Penelitian ini menggunakan metode penelitian hukum normatif melalui pendekatan konseptual, perundang-undangan, dan perbandingan. Analisis dilakukan secara kualitatif terhadap bahan hukum yang relevan, sedangkan penarikan kesimpulan dilakukan melalui metode induktif.

Penelitian ini menyimpulkan bahwa: Pertama, BPI Danantara memiliki kedudukan hukum yang ambigu karena memadukan dimensi badan hukum publik dan privat. Ambiguitas tersebut menimbulkan ketidakpastian dalam pertanggungjawaban hukum, khususnya terkait batas antara risiko bisnis, kesalahan administrasi negara, dan kerugian negara. Kedua, berdasarkan perbandingan dengan Temasek Holdings Pte. Ltd.  dan Khazanah Nasional Berhad, ambiguitas kedudukan hukum BPI Danantara perlu diatasi melalui rekonstruksi hukum BPI Danantara sebagai badan hukum korporasi atau perseroan terbatas sehingga BPI Danantara dapat beroperasi secara profesional, independen dan akuntabel berdasarkan prinsip hukum perusahaan disertai penguatan tata kelola melalui transparansi dan penerapan meritokrasi.

This research aims to examine the legal status of the BPI Danantara from the perspective of legal entity theory to determine its legal characteristics and the implications for legal accountability. Furthermore, this study aims to determine an ideal concept of BPI Danantara's accountability through a comparative analysis with similar entities abroad, namely Temasek Holdings Pte. Ltd. in Singapore and Khazanah Nasional Berhad in Malaysia.

This research is conducted using a normative legal method. The analysis is carried out through conceptual, legislative, and comparative approaches. Qualitative techniques are employed to analyze the data, while the conclusions are derived through an inductive method of reasoning.

This study concludes that, first, BPI Danantara possesses an ambiguous legal status as it combines both public and private legal entity characteristics. This ambiguity creates legal uncertainty regarding accountability, particularly in determining the boundaries between business risk, administrative misconduct, and state financial losses. Second, based on a comparison with Temasek Holdings Pte. Ltd. and Khazanah Nasional Berhad, the ambiguity surrounding BPI Danantara’s legal status should be addressed through legal reconstruction by establishing BPI Danantara as a corporate legal entity or limited liability company. Such a reconstruction would enable BPI Danantara to operate in a professional, independent, and accountable manner under the principles of corporate law, accompanied by strengthened governance through greater transparency and the implementation of meritocratic principles.

Kata Kunci : BPI Danantara, Badan Hukum, Meritokrasi