INVESTASI ASING DI SUMATERA UTARA : STUDI MENGENAI PERUSAHAAN JOINT VEBTURE

RINGKASAN HASIL PENELITIAN

INVESTASI ASING DI SUMATERA UTARA : STUDI MENGENAI PERUSAHAAN JOINT VEBTURE Foreign Investment in North Sumatera : A Study About Joint Venture Company

DISERTASI

BUDIMAN GINTING NIM: 993301002

SEKOLAH PASCASARJANA UNIVERSITAS SUMATERA UTARA MEDAN 2005

Budiman Ginting : Investasi Asing di Sumatera Utara : Studi Mengenai Perusahaan Joint Venture…, 2005 USU Repository © 2007

PERLINDUNGAN HUKUM PEMEGANG SAHAM MINORITAS DALAM PERUSAHAAN JOINT VENTURE: STUDI PENANAMAN MODAL ASING DI SUMATERA UTARA Budiman Gintingl Erman Rajagukauk2 Mariam Darus3 Sanwani Nasution4 INTI SARI Pada dasarnya perusahaan joint venture didirikan atas adanya perjanjian antara investor asing dan nasional. Perjanjian kerja sama ini memuat hak dan kewajiban para pihak. Kedudukan para pihak dalam kepengurusan ditentukan berdasarkan prosentnse pemilikan saham perusahaan. Prosentase saham antara investor asing dan nasional biasanya tidaklah sama. Pada umumnya investor nasional adalah pemegang saham minoritas, sedangkan investor asing adalah mayoritas. Hal ini menyebabkan kelompok pemegang saham mayoritas cenderung menguasai pengelolaan perusahaan joint venture. Dalam UU Perseroan Terbatas, bentuk perlindungan hukum bagi pemegang saham minoritas ini ditempuh melalui hak perseorangan dan hak derivatif atas tindakan direksi, komisaris, dan atau pemegang saham mayoritas yang diduga merugikannya. Penelitian ini bermaksud menjawab permasalahan tentang, bagaimanakah bentuk penyetoran saham para invertor pada perusahaan joint venture di Sumatera Utara. Bagaimanakah peralihan saham dan investor asing ke investor nasional pada perusahaan joint venture di Sumatera Utara. Bagimanakah perlindungan hukum bagi pemegang saham minoritas dalam perusahaan joint venture di Sumatera Utara. Bagaimana alih teknologi dari investor asing ke dalam perusahaan joint venture di Sumatera Utara. Bagaimana pola penyelesaian sengketa dalam perusahaan joint venture di Sumatera Utara? Penelitian ini merupakan penelitian yuridis normatif dan empiris. Artinya, dilakukan menurut norma-norma hukum yang tertulis dalam peraturan perundang-undangan dan keputusankeputusan pengadilan. Penelitian juga melihat kenyatnan-kenyataan hukum yang berkembang dimasyarakat. Disamping itu juga dilakukan penelitian perbandingan hukum (comparative law) dengan negara lain yang terkait dengan bidang penanaman modal asing. Dalam penelitian ini data sekunder dijadikan tumpuan utama, alat yang digunakan studi dokumen. Sedangkan data primer sekedar 1

Mahasiswa Program Doktor Ilmu Hukum pada Sekolah Pasca Sarjana Universitas Sumatera Utara, Medan. 2 Guru Besar Fakultas Hukum Universitas Indonesia , Jakarta 3 Guru Besar Emiritus Fakultas Hukum Universitas Sumatera Utara, Medan 4 Guru Besar Fakultas Hukum Universitas Sumatera Utara, Medan


untuk melengkapi data sekunder, yang dalam operasionalnya dilakukan dalam bentuk wawancara dengan nara sumber dengan menggunakan alat berupa pedoman wawancara. Analisis terhadap data sekunder dan primer dilakukan dengan memadukan antara metode kualitatif dan metode kuantitatif yang bersifat holistik. Hasil yang diperoleh berupa, bentuk penyetoran saham investor asing yang ditanam dalam perusahaan joint venture tidak selamanya dalam bentuk modal segar atau fresh capital, dapat juga dalam bentuk natura lainnya berupa alat-alat pembayaran luar negeri maupun alatalat untuk perusahaan termasuk hasil-hasil temuan dari negara asing. Sementara itu bentuk penyertaan saham dari investor nasional cenderung dalam bentuk natura terutama tanah dan atau bidang jasa lainnya ke tubuh perusahaan joint venture. Peralihan saham dari investor asing ke investor nasional pada perusahaan joint venture di Sumatera Utara tidak berjalan sebagaimana yang diharapkan, karena kemampuan ekonomi pengusaha lokal masih lemah. Namun demikian peralihan saham ada juga yang dilaksanakan melalui penjualan saham di Pasar Modal. Ada 3 (tiga) PT. PMA dari Sumatera Utara yang telah listing atau menjual sahamnya melalui pasar modal di Jakarta. Sistem pengambilan keputusan tetap berprinsip pada one share one vote yang menjadikan pemegang saham mayoritas pengendali perusahaan yang utama. Di Sumatera Utara alih teknologi dalam PT PMA joint venture terjadi melalui training atau workshop di dalam dan luar negeri, penggunaan lisensi paten, lisensi merek dagang dan jasa, bantuan teknik, dan mempekerjakan ahli asing. Penyelesaian sengketa dalam bidang investasi pada perusahaan joint venture di Sumatera Utara pada umumnya cenderung menggunakan lembaga arbitrase, dari pada dibawa ke Pengadilan Negeri. Hal ini dipandang lebih efisien dan praktis, dan rahasia perusahaan lebih terjamin karena tidak ada unsur publikasi dalam penyelesaian sengketanya. Dalam mengoptimalkan perlindungan hukum terhadap pemegang saham minoritas, prinsip-prinsip good corporate governance harus diterapkan dalam pengelolaan perusahaan joint venture agar dapat berkembang sesuai dengan harapan para shareholder dan stake holder lainnya. Disamping itu perlu dibentuk lembaga Direktur independen yang dapat direkrut dari perwakilan share holder maupun stake holder dari perusahaan dimaksud. UU tentang alih teknologi harus segera dibuat mengingat pelaksanaan alih teknologi belum berjalan sesuai dengan harapan. Selanjutnya Pemerintah perlu mengawasi praktek PT. PMA joint venture atas penyimpangan-penyimpangan terutama yang berkaitan dengan perizinan. Kata Kunci : Perlindungan hukum, saham minoritas, joint venture, modal asing.


LAW PROTECTION FOR MINORITY SHAREHOLDERS IN JOINT VENTURE COMPANY: STUDY ON FOREIGN CAPITAL INVESTMENT IN NORTH SUMATERA Budiman Ginting1 Erman Rajagukguk2 Mariam Darus3 Sanwani Nasution4 ABSTRACT Basically, joint venture is built on the existence of agreement among foreign and national investors. This cooperation agreement includes rights and obligation of the related parties. The position of the parties in management is determined based on percentage of share ownership of company. The percentage of share ownership is usually not the same. In general, national shareholders are minority shareholders; where as foreign investors are majority shareholders. It causes that majority shareholders group tend to master the management of Joint Venture Company. In Act of limited company, form of law protection for minority shareholders can be achieved through individual rights and derivative rights on director’s action, commissioner, and/or majority shareholders who are supposed as disadvantageous. This research is intended to answer the problem regarding of how is the form of paying the shares of those investors in joint venture Company in North Sumatra. How is the share transfer from foreign investors for national investors in joint venture Company in North Sumatra, How is law protection for minority shareholders in joint venture Company in North Sumatra. How is technology transfer from foreign investors to joint venture Company in North Sumatra? How is the dispute resolution in joint venture Company in North Sumatra? This research is normative juridical and empirical research. It means that it is conducted according to written law in the regulation and court decision. This research also sees the reality of law developing in society. In addition, comparative law is also conducted with other related nations regarding foreign capital investment. In this research, secondary data is made as the priority by using document study. 1

Student of Doctoral Program, Law Science at School of Post-Graduate, University of North Sumatera, Medan 2 Professor at Faculty of Law, The University of Indonesia, Jakarta 3 Emeritus Professor at Faculty of Law, University of North Sumatera, Medan 4 Professor at Faculty of Law, University of North Sumatera, Medan.


Whereas primary data is as the supplementary for secondary data which is in its operational can be done in the four, of interview with key-speakers using interview guidance. Analysis for secondary and primary data can be done by mixing qualitative and quantitative method with holistic characteristics. The results obtained are such as; form of paying foreign investors shares which are invested in Joint Venture Company is not always in the form of fresh capital. It can be also in other form such as foreign payment means or tools for company including finding results from foreign country. Share transfer from foreign investors into national investors at joint company in North Sumatra is not running well as it is expected because the capability of local entrepreneurs is still weak. However, share transfer can be also done through sale of shares in Capital Investment. There are 3 (three) PT. PMA from North Sumatra which have been listing or selling its shares through capital market in Jakarta. Decision taking system is constantly based on one share one vote making majority shareholders are as the main controller for the company. In North Sumatra, technology transfer in PT. PMA joint venture occurs through training or workshop either in domestics or foreign, the use of patent license, trade brand license and service, technical aids, and employing foreigners. Dispute resolution tends to use arbitrage court than state court It is considered more efficient and practical and it is more secret and more guaranteed because there is no publication element in its dispute resolution. In optimizing law protection for minority shareholders, the principle of good corporate governance must be applied in management of joint venture company in order it can be developed in accordance with the expectation of shareholders another stake holders. In addition, it is necessary to form independent director institutions that are recruited from the representatives of shareholders or stake holders from the company. The Act regarding technology transfer must be made considering that technology transfer has not been running well in accordance with the expectation. Further, the government should supervise the practice of PT. PMA joint venture on the deviations related to the license. Kay words: Law protection, minority share, joint venture, foreign capital.


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INVESTASI ASING DI SUMATERA UTARA : STUDI MENGENAI PERUSAHAAN JOINT VEBTURE

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