Status Keuangan BUMN Sebelum dan Sesudah Undang-Undang Nomor 1 Tahun 2025: Reorientasi Hubungan Keuangan Negara–Korporasi

Abstract

This article examines the fundamental changes in the financial status of State-Owned Enterprises (SOEs) before and after the enactment of Law Number 1 of 2025 (UU 1/2025), which amended (the third amendment) Law 19/2003. Historically, the doctrine of "separated state assets" placed state capital in SOEs as part of the state financial regime (UU 17/2003), resulting in audits, accountability, and expanded criminal liability for corruption when SOEs experience losses. The Constitutional Court (MK) ruling enriches this debate by examining the boundaries between state finances and state assets. Law 1/2025 introduces a new construct that emphasizes the separation of SOE finances from state finances in the event of losses, restructures the ownership structure—including through the establishment of a state investment management agency (Danantara)—and aligns corporate governance principles with the objectives of public service and economic value creation.