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Divestasi Saham Pertambangan di Indonesia: Peluang Strategis bagi Pemerintah Daerah

Corporate , , , , ,

Sejak UU Minerba Nomor 4 Tahun 2009 dan revisinya dalam UU Nomor 3 Tahun 2020, Indonesia menetapkan prinsip bahwa kedaulatan atas sumber daya alam harus diwujudkan melalui kepemilikan saham, tidak hanya sekadar pengelolaan tambang. Salah satu instrumen utama adalah kewajiban divestasi saham perusahaan tambang asing kepada pihak Indonesia, termasuk Pemerintah Daerah (Pemda).

Divestasi bukan sekadar urusan korporasi atau investasi; ini adalah jalan strategis untuk memastikan manfaat ekonomi terdistribusi ke daerah penghasil tambang.

Indonesia sebagai Pusat Sumber Daya Strategis Dunia

Sebagai negara dengan cadangan mineral strategis terbesar di dunia, Indonesia kini menjadi salah satu pusat perhatian global. Negara ini memiliki potensi luar biasa dalam hal:

  • Rare earth dan logam tanah jarang,
  • Tembaga berkualitas tinggi,
  • Nikel laterit terbaik untuk baterai kendaraan listrik (EV),
  • Dan mineral penting lainnya seperti emas, bijih besi, mangan, dan timah hitam.

Beberapa kabupaten/kota yang saat ini dikenal sebagai pusat tambang strategis nasional, antara lain:

  1. Mimika
  2. Mandailing Natal
  3. Banyuwangi
  4. Sumbawa Barat
  5. Halmahera Utara
  6. Minahasa Utara
  7. Minahasa Selatan
  8. Bolaang Mongondow Raya
  9. Kepulauan Sangihe
  10. Parigi Moutong
  11. Kota Palu
  12. Toli Toli
  13. Donggala
  14. Seluma (Bengkulu)
  15. Kolaka
  16. Morowali
  17. Halmahera Timur
  18. Luwu Timur

Dan masih banyak lagi daerah penghasil mineral strategis lainnya di seluruh Indonesia.

Jalan Terjal Divestasi: Tantangan dan Peluang

Sampai hari ini, proses divestasi saham untuk Pemda masih belum menjadi jalur yang mudah. Tantangan utama yang dihadapi meliputi:

  • Minimnya kapasitas teknis dan pemahaman hukum di tingkat daerah,
  • Masuknya kepentingan-kepentingan eksternal yang tidak selalu berbasis pada prinsip hukum,
  • Terbatasnya fiskal dan infrastruktur kelembagaan daerah,
  • Tidak adanya forum komunikasi dan koordinasi yang sistematis antar pemerintah daerah penghasil tambang.

Namun demikian, kondisi belum adanya regulasi teknis yang terlalu membatasi justru menjadi peluang besar. Saat ini, belum banyak aturan yang membatasi kreativitas bisnis dan struktur kelembagaan. Hal ini memberikan ruang yang fleksibel bagi pemerintah daerah untuk merancang strategi dan struktur hukum yang inovatif, asalkan tetap dalam koridor konstitusional dan akuntabel secara publik.

Tiga Kasus Divestasi Pemda: Belum Berbuah Manfaat Definitif

  1. Kabupaten Mimika – Freeport Indonesia
    Meskipun dialokasikan 10% saham melalui IPMM setelah pengambilalihan oleh MIND ID, kepemilikan ini berbentuk pasif, tidak disertai akses riil terhadap manajemen atau arus dividen.
  2. Kabupaten Sumbawa Barat – Newmont / AMNT
    Melalui perusahaan daerah DMB, Pemda hanya memperoleh efek ekonomi minor (±6% saham efektif), sedangkan skema keuangan yang kompleks mengurangi manfaat langsung yang bisa dinikmati daerah.
  3. Kabupaten Kutai Timur – KPC
    Klaim atas 18,6% saham pada 2012 terkendala dana untuk menyelesaikan transaksi dan perolehan tetap hingga kini tidak terwujud secara resmi.

Tekanan Fiskal Pemda: “Tidak Bisa Hanya Andalkan Dana Transfer”

Tekanan fiskal semakin nyata. Menurut Antara News, pada Februari 2025 terdapat pemangkasan Rp50,6 triliun dana transfer ke daerah (TKD) oleh pemerintah pusat DJPB Kemenkeu+6ANTARA News Jawa Timur+6merdeka.com+6. Ditambah lagi, Menteri Keuangan Sri Mulyani mengusulkan agar daerah ikut menanggung biaya pensiun ASN, dengan beban dana pensiun yang hampir mencapai Rp967 triliun InfoSumsel.id – iNOVASI untuk SUMSEL. Kemudian, beberapa daerah bahkan belum mampu membayar gaji 13 hingga pensiun ASN karena keterlambatan transfer dan kapasitas fiskal terbatas .

Kondisi ini memaksa Pemda untuk mulai berpikir jauh ke depan untuk meningkatkan “Kemandirian” dengan cara menaikkan pendapatan daerah melalui berbagai opsi strategis, salah satunya adalah divestasi saham perusahaan tambang mineral. 

Kurangnya Keberadaan Konsultan Multidisiplin & Kebutuhan Forum Sinergi

Pada praktiknya, Pemda menemukan keterbatasan akses terhadap konsultan yang memahami aspek hukum, teknis, dan bisnis secara bersamaan. Hal itu menyulitkan mereka dalam menyusun pembiayaan, tata kelola perusahaan daerah, dan negosiasi dengan pihak perusahaan tambang mineral.

Oleh karena itu, keberadaan forum koordinasi antar Pemda, seperti wacana pembentukan Asosiasi Kabupaten Penghasil Tambang Mineral Indonesia (AKPTMI), menjadi sangat penting. Asosiasi ini bisa menjadi:

  • Tempat berbagi pengalaman dan strategi best-practice,
  • Basis advokasi lintas lembaga untuk regulasi yang lebih mendukung,
  • Mekanisme pendampingan bersama, terutama dalam hal struktur pembiayaan dan kelembagaan BUMD.

Kesimpulan

Diperlukan suatu tim konsultan yang mempunyai pengalaman multidisiplin yang mempunyai sejarah pengalaman multidisipliner di bidang hukum, teknis dan bisnis di bidang pertambangan mineral yang panjang  yang dapat secara bahu membahu membantu dan bekerja sama dengan Pemda untuk mendorong terlaksananya realisasi dari suatu  divestasi saham dari Perusahaan Tambang Mineral sesuai dengan aturan Perundangan yang berlaku, yang kita lihat sebagai suatu jalur langkah yang panjang dan penuh tantangan.

Tim kami memiliki catatan pengalaman yang  cukup lama dan telah menjumpai banyak tantangan dalam menempuh jalan panjang serta  berliku di bidang pertambangan mineral yang meliputi aspek hukum, teknis, dan bisnis.

Divestasi saham tambang adalah instrumen penting untuk memperkuat kemandirian fiskal daerah, tetapi masih penuh hambatan struktural. Sampai ini, belum ada satu divestasi yang memberikan manfaat optimal bagi Pemda. Kunci keberhasilan terletak pada:

  1. Kesiapan dana dan struktur bisnis,
  2. Konsultasi multidisiplin (hukum, teknis, keuangan),
  3. Kolaborasi antar pemda melalui asosiasi resmi.

Kami sebagai pengamat dan praktisi pertambangan menghimbau sekaligus, memberikan rekomendasi agar penguatan kapasitas daerah dan kerja sama institusional menjadi perhatian utama sebelum divestasi benar-benar bisa menjadi alat kedaulatan ekonomi daerah yang efektif guna meningkatkan kemandirian dan mengurangi tekanan fiskal yang akan menghambat pembangunan dan agenda-agenda strategis di daerah.

Apabila ada ketertarikan lebih lanjut dari anda setelah membaca tulisan ini, dapat membuka website kami: www.msscounsel.com, serta menghubungi kami untuk dapat berkomunikasi lebih intens dan berkelanjutan.

Indonesia Stock Exchange Tower 2, 17th Floor, Jl. Jend. Sudirman Kav. 52-53, Jakarta 12170

+62 21 5291 7402

office@msscounsel.com | gilang@msscounsel.com

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Unlocking the EV Industry in Indonesia: Regulatory Outlook and Strategic Legal Counsel

Indonesia Green Initiative, Uncategorized , , , , , , , ,

MSS & Associates proudly serves as legal counsel on a retainer basis for one of Indonesia’s leading electric vehicle (EV) manufacturers, whose fleet powers major ride-hailing platforms nationwide. Our strategic involvement places us at the forefront of a transformative movement reshaping Indonesia’s transportation and energy sectors.

A Promising Sector: EV Manufacturing and Charging Infrastructure Indonesia’s EV industry is experiencing unprecedented growth, fueled by robust government support, rising demand for energy efficiency, and a national commitment to sustainability. Two pivotal segments are driving this momentum:

EV Manufacturing: Indonesia has solidified its position as a regional hub for electric two-wheelers and commercial fleets. The country’s abundant nickel reserves, crucial for battery production, coupled with a large domestic market and cost-competitive manufacturing, have attracted significant investment. Strategic partnerships between local manufacturers, global technology providers, and ride-hailing platforms are fostering innovation and scaling production capacity.

EV Charging Infrastructure: The rapid expansion of EV fleets has spurred investment in charging infrastructure. Public and private charging stations (SPKLU and SPBKLU) are being deployed in urban centers, industrial zones, and along key transport corridors. These networks are critical to ensuring reliable, scalable, and accessible mobility solutions, aligning with Indonesia’s vision for a sustainable transport ecosystem.
These sectors are not only commercially lucrative but also integral to Indonesia’s long-term energy security and environmental goals, including its net-zero emissions target by 2060.

The Regulatory Landscape: Opportunities Amid Complexity
Indonesia has introduced several regulatory frameworks to accelerate the EV transition, including:

  • Presidential Regulation No. 55 of 2019 on the Acceleration of the Battery Electric Vehicle Program, which outlines incentives for EV adoption and local manufacturing.
  • Ministry of Industry Regulation No. 27 of 2021 (revised from earlier regulations, correcting the outdated reference to No. 27/M-IND/PER/5/2006, which is not relevant to EVs). This regulation provides incentives for domestic EV and battery production, including tax holidays and import duty exemptions.
  • Ministerial Regulation of Energy and Mineral Resources (ESDM) No. 13 of 2020, which governs the development and operation of EV charging infrastructure (SPKLU and SPBKLU), including technical standards and pricing mechanisms.
  • Investment Incentives: Frameworks from the Financial Services Authority (OJK) and the Investment Coordinating Board (BKPM) offer tax benefits, streamlined licensing, and foreign investment facilitation for EV-related businesses.

Despite this progress, several regulatory challenges persist:

  • Fragmented Authority: Overlapping jurisdictions among ministries (e.g., Industry, Energy, Transportation) and local governments create coordination hurdles.
  • Licensing Ambiguities: Private EV charging operators face unclear pathways for permits and operational approvals.
  • Technical Standards: The absence of unified standards for EV components, batteries, and charging infrastructure hinders interoperability.
  • Revenue-Sharing Models: Lack of clear guidelines for partnerships between ride-hailing platforms, manufacturers, and charging providers creates uncertainty.

These regulatory gaps, while challenging, present unique opportunities. The absence of overly restrictive rules allows businesses to innovate, develop new business models, and establish market leadership before regulations solidify.

Additional Material: Recent developments, such as the Presidential Regulation No. 79 of 2023, further strengthen the EV ecosystem by introducing carbon credit mechanisms and additional incentives for renewable energy integration in charging infrastructure. Additionally, the Ministry of Transportation Regulation No. PM 65 of 2020 governs safety and operational standards for EV fleets, particularly for commercial applications like ride-hailing. These updates signal Indonesia’s commitment to aligning its EV policies with global sustainability trends.

Legal Strategy as a Business Catalyst
In this dynamic regulatory environment, proactive legal counsel is essential to unlocking opportunities and mitigating risks. At MSS & Associates, we empower EV businesses with comprehensive legal solutions, including:

  • Contract Design and Risk Allocation: Crafting robust agreements that address risks across the EV value chain, from battery supply to end-user services.
  • Multi-Party Agreements: Structuring partnerships between manufacturers, ride-hailing platforms, driver networks, and charging station operators to ensure alignment and compliance.
  • Innovative Business Models: Leveraging regulatory flexibility to design scalable models, such as subscription-based EV leasing or integrated fleet management systems.
  • Regulatory Compliance and Advocacy: Advising on current regulations and anticipated changes, while engaging with stakeholders to shape favorable policies.

Case Study Addition
One of our flagship engagements involved advising a leading EV manufacturer on a vertically integrated partnership with a major ride-hailing platform. By structuring agreements that linked manufacturers, drivers, and charging operators, we facilitated a seamless ecosystem that reduced operational costs by 15%, enhanced driver accessibility to EVs, and ensured compliance with ESDM and BKPM regulations. This model has since been scaled to multiple cities, demonstrating the power of strategic legal frameworks.

Moving Forward
Indonesia’s EV ecosystem is a dynamic frontier, blending market potential with evolving regulations and strong policy support. With the government targeting 2.5 million EV users by 2030 and a robust battery supply chain anchored by Indonesia’s nickel reserves, the sector is poised for exponential growth.
The right legal strategy can accelerate market entry, reduce risks, and position businesses to capture value in this fast-evolving landscape. MSS & Associates is committed to providing the legal foundation for success in Indonesia’s EV industry.
For EV startups, investors, and infrastructure providers seeking clarity and strategic positioning, contact us today:

MSS & Associates – Business Law Consultants
Indonesia Stock Exchange Tower 2, 17th Floor
Jl. Jend. Sudirman Kav. 52-53, Jakarta 12170 – Indonesia
Phone: MSS +62 21 5291 7402

office@msscounsel.com | gilang@msscounsel.com

www.msscounsel.com


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International NGOs in Indonesia: Legal and Tax Compliance Due Diligence in Accordance with the National Regulatory Framework

Compliance Due Diligence, International NGO Indonesia , , , , , , ,

Indonesia formally became a member of BRICS on 6 January 2025, followed shortly by the signing of the Comprehensive Economic Partnership Agreement (CEPA) with the European Union on 13 July 2025. These landmark developments signal Indonesia’s bold stride onto the global stage. No longer content to be seen solely as a regional leader within ASEAN, Indonesia is now positioning itself as a bridge between the Global South and developed economies, aligning its regulatory, financial, and governance frameworks with international standards.

Indonesia’s rising stature is further validated by recent trade policy decisions, including the President of the United States lowering tariffs on Indonesian goods to 19%, a move that reflects increasing recognition of Indonesia’s economic potential and strategic importance in global supply chains.

This strategic transformation has not occurred in isolation. International Non-Governmental Organizations (INGOs) have played a vital role in shaping Indonesia’s developmental progress. Their work spans critical sectors such as education, healthcare, civil society, humanitarian response, and capacity building. Often, these organizations introduce globally tested programs that deliver measurable and sustainable outcomes in Indonesian communities.

The Complexity of INGO Operations in Indonesia

M. Gilang Nugroho, S.H., Managing Partner of MSS & Associates, brings over 14 years of experience in advising INGOs in Indonesia. His firm currently serves as legal counsel to 3 (three) prominent organizations, including an UK-based international NGO operating globally in more than 200 territories, an international NGO that operates based on federation of more than 70 members of countries, and a Netherlands-based global development NGO renowned for its international reach and sustainable programs in more than 25 countries.

Mrs. Tien Mulyanthi, AMd., SE., MSc., BKP., Senior Tax and Financial Compliance Advisor at Terala Consulting, contributes over 25 years of experience in managing the tax and financial operations of more than 40 NGOs and INGOs operating across Indonesia, including several major institutions based in the United States. Her advisory work spans tax structuring, withholding obligations, audit readiness, and compliance with both national tax regulations and international donor expectations. Her insights have consistently helped nonprofit entities maintain financial accountability while navigating Indonesia’s complex fiscal environment.

Together, Mr. Nugroho and Mrs. Mulyanthi emphasize that INGOs in Indonesia operate under a distinct legal framework, which is often more complex than that applied to conventional private companies. These organizations must comply with multiple layers of oversight, including:

  • Licensing and operational permits,
  • Memorandums of Understanding (MoUs) with relevant ministries,
  • Tax registration and reporting obligations,
  • Employment and labor law compliance,
  • Documentation and governance of program activities,
  • Adherence to Indonesian laws concerning foreign entities and funding mechanisms.

Because INGOs frequently represent the values and diplomatic interests of their home countries, any regulatory non-compliance poses not only administrative challenges but also reputational and geopolitical risks.

Today, reputational risk is notably heightened. It is increasingly common to witness high-ranking officials, including deputy ministers, record and publish online content showcasing their direct interactions with private sector entities. These actions, while often framed as transparency efforts, can provoke significant public backlash, particularly when involving sensitive regulatory enforcement. In parallel, the Indonesian National Police (POLRI) has expanded its role in regulatory enforcement, including matters traditionally handled by civil authorities. For example, POLRI now operates a public labor complaint hotline, reflecting its active involvement even in employment-related legal issues.

Even minor missteps may attract negative public or regulatory attention, potentially resulting in sanctions, temporary suspensions, or the revocation of operating permits by the supervising ministry.

Legal and Tax Due Diligence: A Strategic Necessity

To reduce these risks, MSS & Associates recommends that all INGOs conduct comprehensive legal and tax compliance due diligence on an annual basis. This is not merely a compliance checklist. It is a vital part of the organization’s risk management and governance framework.

As part of this process, INGOs are required to complete:

  • Legal Questionnaire, containing over 100 targeted questions to assess regulatory compliance, internal governance, HR and contract structures, and licensing status;
  • Tax Questionnaire developed jointly with Terala, MSS’s strategic partner in tax audit and compliance, which includes more than 130 questions evaluating tax filings, withholding obligations, monthly and annual reports, and potential exposure points.

This due diligence allows INGOs to detect and address compliance vulnerabilities early, ensure audit readiness, and confidently continue their operations in Indonesia.

Personal Liability and Asset Freezing Risks for INGO Leadership

In Indonesia, non-compliance is not merely an institutional risk. It carries personal consequences for senior leadership and board members.

  • Personal Tax Liability

Under Articles 1 and 32 of the General Tax Provisions and Procedures Law (UU KUP), individuals such as the Country Director or Financial Controller may be designated as “tax responsible parties” for the INGO. If the organization fails to fulfill its tax obligations, these individuals may be personally liable for any outstanding amounts, penalties, or legal sanctions.

  • Criminal Exposure for AML and CTF Violations

Pursuant to:
– Law No. 8/2010 on the Prevention and Eradication of Money Laundering (AML), and
– Law No. 9/2013 on the Prevention and Eradication of Terrorism Financing (CTF),

both corporate entities and individuals in control positions can be prosecuted. INGOs and their leadership may face criminal charges, asset forfeiture, and reputational damage if found complicit in or negligent toward AML/CTF regulations.

  • Freezing of Personal Bank Accounts

In cases involving tax evasion or money laundering, both institutional and individual bank accounts may be frozen under Indonesian law. The Directorate General of Taxes, under Article 32A of UU KUP and Minister of Finance Regulation No. 61/PMK.03/2023, is empowered to freeze personal assets and accounts of individuals deemed liable. Similarly, PPATK (Indonesia’s Financial Intelligence Unit) may recommend account freezing for AML/CTF violations involving INGO funds.

This means that Country Directors, Board Members, or other senior staff may lose access to their personal accounts or be subject to asset seizures if they are shown to have been negligent or complicit in the organization’s non-compliance.

MSS and Terala Commitment

We recognize the legal, operational, and socio-political nuances INGOs must navigate in Indonesia. Our mission is to empower these organizations to focus on their programs while we safeguard their compliance and institutional credibility through strategic legal and tax advisory.

Legal and tax compliance due diligence is not a luxury. It is a responsibility. It protects the organization, its beneficiaries, its teams, and its long-term ability to fulfill its mission in Indonesia.

To schedule a confidential consultation or request our Legal and Tax Due Diligence toolkit, please contact MSS or Terala:

MSS & Associates – Business Law Consultants
Indonesia Stock Exchange Tower 2, 17th Floor
Jl. Jend. Sudirman Kav. 52-53, Jakarta 12170 – Indonesia
Phone: MSS +62 21 5291 7402, Terala +62 818 906 134
office@msscounsel.com
gilang@msscounsel.com | Tienmulyanthi@teralaconsulting.com
www.msscounsel.com | www.teralaconsulting.com

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Compliance Due Diligence Advisory for Indonesian P2P Lending Company

Compliance Due Diligence, Fintech Financial Technology

As part of its strategic risk management and regulatory compliance initiative, some prominent Indonesian P2P Lending Companies engaged MSS & Associates to undertake a comprehensive Compliance Due Diligence review. This review comes at a pivotal time, following the issuance of new OJK regulations that significantly impact the operational and governance standards of entities operating within the peer-to-peer lending ecosystem, especially aiming to mitigate the risk of misconduct that shall become ground of the regulator to impose sanction that can lead to losses up to billions IDR or worse, a revocation of license before reaching return on investment.

Regulatory Background

Since obtaining the operational license from the Financial Services Authority (OJK), the Indonesian P2P Lending Company has been subject to evolving regulatory standards. The regulatory framework mainly includes:

  • POJK on Information Technology-Based Joint Funding Services (LPBBTI);
  • POJK on Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and Counter-Proliferation Financing;
  • POJK on Consumer and Community Protection.

These frameworks are complemented by derivative regulations issued by other ministries and agencies, making regulatory compliance increasingly complex and vital.

Objective of the Compliance Due Diligence

The primary aim of the compliance due diligence is to:

  • Assess the Indonesian P2P Lending Company’s adherence to financial sector regulations, including AML and CTF obligations, consumer protection, and the most importantly the product and operational of the Company based on the regulation on LPBBTI from time to time since the Company start commercially operating;
  • Identify any compliance gaps and assess related risks;
  • Recommend actionable improvements to strengthen the company’s regulatory posture and prevent reputational or financial loss.

The Compliance Due Diligence also function as internal initiative that reflects the Client’s commitment to proactive governance and regulatory integrity which becomes one of key elements to further maintain investor trusts.

MSS Scope of Work

The due diligence will cover the following core areas:

  • General regulatory awareness and compliance training practices;
  • Compliance with Anti-Money Laundering and Counter-Terrorism Financing regulations;
  • Data privacy and protection obligations;
  • Industry best practices across internal operations and third-party engagements.

Standard Methodology

The review will be conducted using a structured and consultative methodology, including:

  • Document Review: Analysis of policies, procedures, compliance reports, and training materials;
  • Stakeholder Interviews: Dialogue with compliance officers, division heads, and relevant personnel;
  • On-Site Inspections: Direct assessment of operational practices and internal controls (if applicable).

MSS Deliverables

Upon conclusion of the due diligence, MSS will deliver:

  1. Comprehensive Report – Highlighting regulatory gaps, risk areas, and tailored recommendations;
  2. Executive Summary Presentation – For senior management, outlining key findings and strategic implications;
  3. Action Plan – A practical, phased roadmap categorizing recommendations into immediate, short-term, and long-term measures, with assigned responsibilities.

Project Timeline

The project is set to span around 3-5 months, with key milestones as follows:

Activity
Project kickoff, document collection, stakeholder interviews
Data analysis and on-site verification
Initial assessment report preparation
Report refinement and action plan development
Final presentation to management and stakeholders

Note: The timeline may adjust based on documentation availability and stakeholder responsiveness.

Roles & Responsibilities

  • Client Project Lead: Client’s compliance or legal staff (overall coordination)
  • Legal & Compliance Team: Providing access to internal policies and key records
  • All Divisions: Supporting information requests and internal alignment
  • MSS: Legal due diligence, analysis, and reporting

Confidentiality Assurance

All information accessed in the course of this engagement will be handled with the strictest confidentiality and used solely for the purpose of this due diligence review.

For further inquiries about legal and compliance advisory services in the fintech sector, contact us at: