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