Reconstructing the Legal Politics of Nominee Agreements in Direct Investment in Indonesia: Toward Beneficial Ownership Transparency and a Fair Investment Climate
Abstract
The practice of nominee agreements in Foreign Direct Investment (PMA) in Indonesia is often used as a legal smuggling strategy by foreign investors to circumvent share ownership restrictions in the Negative Investment List (DNI). This phenomenon reflects the current investment legal policy (ius constitutum) which is ambivalent; on the one hand, it prohibits normatively, but on the other hand, it is weak in law enforcement, thus creating an unhealthy business competition climate (unfair competition) and potential losses to the country's economic sovereignty. This study aims to criticize the effectiveness of existing regulations and formulate an ideal legal political reconstruction to realize investment justice. This study is a normative legal research using a statutory approach (statute approach), a conceptual approach (conceptual approach), and a political-legal approach (political-legal approach). The results of the study indicate that the prohibition on nominee agreements in Article 33 of the Investment Law and Article 48 of the Limited Liability Company Law has not been effective due to the lack of an integrated oversight instrument for beneficial owners. Therefore, a reconstruction of legal politics (ius constituendum) is needed that shifts from a passive prohibition paradigm to an absolute transparency regime. The proposed reconstruction concept includes: (1) Formalization of the obligation to declare beneficial ownership explicitly in the law, accompanied by strict sanctions; (2) Implementation of the Nominee Amnesty mechanism as a restorative transitional solution; and (3) Harmonization of the cross-sectoral supervisory system that integrates data from the OSS, the Directorate General of AHU, and the PPATK
References
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Meiwindita, Nabila, Lastuti Abubakar, and Ema Rahmawati. “Kedudukan Beneficial Owner Dalam Korporasi Ditinjau Dari Aspek Perjanjian Dan Hukum Perseroan Terbatas.” Jurnal Sains Sosio Humaniora 6, no. 2 (December 24, 2022): 273–84. https://doi.org/10.22437/jssh.v6i2.22917.
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Ridhogusti, R., & Kurniati, G. “Implications of Nominee Agreements in Land Ownership by Foreign Nationals in Bali.” Jurnal Risalah Hukum 28, no. 2 (2024): 1–10. https://doi.org/https://doi.org/10.46257/jrh.v28i2.1024.
Sekar Rizqi Triroosa Putri, Afifah Kusumadara, R. Imam Rahmat Sjafi’I. “Notary’s Responsibility for Making Deed of Statement Related to Sale and Purchase Deed Containing Nominee Element.” NEGREI:Academic Journal of Law and Governance 4, no. 2 (2024): 163–84. https://doi.org/http://doi.org/10.29240/negrei.v4i2.11137.
Sumarsih, I. “Impact of Nominee Agreement on Mining Business Entities Against the Welfare of the People.” International Journal of Social Service and Research (IJSSR) 4, no. 3 (2024): 971–84. https://doi.org/https://doi.org/10.46799/ijssr.v4i03.753.
Trayama, Y., & Adhari, A. “Evidence of Authentic Deeds in Civil Disputes Related to Nominee Agreements on Ownership of Land Title Certificates.” Jurisprudensi: Jurnal Ilmu Syariah, Perundang-Undangan, Dan Hukum 17, no. 1 (2025): 1–10. https://doi.org/https://doi.org/10.32505/jurisprudensi.v17i1.10550.
Yanuar, Muh. Afdal. “Legal Review of Nominee Shareholders Agreement of Foreign Direct Investment In The Form of Joint Venture Company.” Majalah Hukum Nasional 51, no. 1 (July 31, 2021): 107–25. https://doi.org/10.33331/mhn.v51i1.131.
Alkatiri, Abdul Bari, Nur Hakim, and Achmad Fitrian. “Perlindungan Hukum Bagi Pemilik Saham Aslinya (WNA) Terhadap Wanprestasi Pemegang Saham Nominee: Dikaji Dari Aspek Perjanjian.” Journal of Innovation Research and Knowledge 4, no. 2 (2024): 689–700. https://doi.org/https://doi.org/10.53625/jirk.v4i2.8062.
Amalia, Anisa, Umar Ma’ruf, and Umar Ma’ruf. “The Tenure of Land by Foreigners through Nominee Agreements & Waarmerking by Notaries.” Sultan Agung Notary Law Review 3, no. 2 (August 10, 2021): 706. https://doi.org/10.30659/sanlar.3.2.586-596.
Amelia, Tina, and Harry Budi. Dinamika Hukum Investasi Di Indonesia. Jakarta: PT Karya Ilmu Bermanfaat, 2021.
Cahyani, Indah Esti, and Aryani Witasari. “Juridical Review Of Nominee Agreement In Land Of Tenure Property Rights Under The Book Of Civil Law And Agraria.” Jurnal Akta 5, no. 2 (May 2018): 441. https://doi.org/10.30659/akta.v5i2.3100.
Claudio Ricky, Fajar Sugianto, Yohanie Maretta. “Comparative Analysis on the Validity of Nominee Agreement on the Ownership of Shares Between Indonesia and Singapore.” International Journal of Law in Changing World 3, no. 2 (2024): 53–76. https://doi.org/https://doi.org/10.54934/ijlcw.v3i2.104.
Daniel, Daniel, and Ariawan Ariawan. “Juridical Review on Foreign Investment Conducted Using the Nominee Shareholders Method as Fulfillment of Foreign Investment Terms and Conditions in Conditional Open Business Sector in Indonesia,” 2022. https://doi.org/10.2991/assehr.k.220404.098.
Darmawan, Kevin, Enggarekso Diar, and Marcella Amanda Panjaitan. “Praktik Beneficial Ownership Dengan Nominee Structure Pada Daftar Negatif Investasi (DNI) Dalam Penanaman Modal Asing Terhadap Iklim Bisnis Dan Legalitas Operasi Perusahaan Ditinjau Dari Hukum Positif Di Indonesia.” Padjadjaran Law Review 12, no. 1 (June 2024). https://doi.org/10.56895/plr.v12i1.1658.
DeyosiFaza Shulkhantika, Luthfiyah Trini Hastuti, Isharyanto Isharyanto. “The Legal Standing of Land Nominee Agreements from the Perspective of Lawful Cause.” Jurnal Ilmu Hukum Kyadiren 7, no. 2 (2026): 1530–44. https://doi.org/10.46924/jihk.v7i2.423.
Eka Sihombing. Politik Hukum. medan: Enam Media, 2020.
Elvira Triana Putri, Surahmad. “Legal Study of Nominee Agreements in Villa Business Management: Perspectives of Decision No. 129/Pdt.G/2021/PN. Amp.” Journal of Law, Politics, and Humanities 5, no. 2 (2024): 1067–76.
https://doi.org/https://doi.org/10.38035/jlph.
Fitri Riani Baharudin, Lastuti Abubakar, Tri Handayani. “Nominee Agreement Dalam Pengalihan Kepemilikan Saham Perseroan Terbatas Ditinjau Dari Aspek Hukum Perjanjian Dan Hukum Perseroan Terbatas.” Hakim: Jurnal Ilmu Hukum Dan Sosial 2, no. 2 (2024): 104–16. https://doi.org/https://doi.org/10.51903/hakim.v2i2.1735.
Hariyadi, Achmad, and Rusdianto Sesung. “Keabsahan Kepemilikan Tanah Yang Diperoleh Berdasarkan Perjanjian Nominee Antar Sesama Warga Negara Indonesia.” Jurnal Selat 9, no. 1 (October 31, 2021): 44–57. https://doi.org/10.31629/selat.v9i1.4348.
Hasim Purba. Hukum Perikatan & Perjanjian. Jakarta: SInar Grafika, 2022.
Ibrahim, Johny. Teori Dan Metodologi Penelitian Hukum Normatif. Malang: Bayumeding Publishing, 2008.
Iin Indriani, Ema Farida. “Harmonizing the Legality of Nominee Agreements with Corporate Law in Indonesia.” Pena Justisia Media Komunikasi Dan Kajian Hukum 24, no. 1 (2025): 4840–48. https://doi.org/https://doi.org/10.31941/pj.v24i2.6424.
John Rawls. A Theory of Justice. Cambridge: Harvard University Press, 1999.
Juwana, Hikmahanto. Bunga Rampai Hukum Ekonomi Dan Hukum Internasional. Jakarta: Lentera Hati, 2005.
Kresnadjaja, Indrasari, and I Made Pria Dharsana. “Nominee Arrangement in the Practice of Land Sale and Purchase in Indonesia.” Protection: Journal Of Land And Environmental Law 2, no. 2 (December 20, 2024): 66–72. https://doi.org/10.38142/pjlel.v2i2.1204.
Leni, L., Buana, M. S., & Hafidah, N. “Implications of Nominee Agreement between Foreign Nationals and Indonesian Citizens.” International Journal of Social Science and Human Research 6, no. 8 (2023): 5288–98. https://doi.org/10.47191/ijsshr/v6-i8-91.
Made Angga Legawa, Anak Agung Istri Eka Krisna Yanti. “Kedudukan Hukum Perjanjian Nominee Dalam Sistem HukumPerdata Indonesia.” Hukum Inovatif : Jurnal Ilmu Hukum Sosial Dan Humaniora 2, no. 2 (2025): 304–14.
https://doi.org/https://doi.org/10.62383/humif.v2i2.1579.
Mahfi, Richi Al, and Teddy Anggoro. “Perjanjian Nominee Antara Warga Negara Asing Dengan Warga Negara Indonesia Dalam Praktik Jual Beli Satuan Rumah Susun.” Wajah Hukum 9, no. 1 (April 28, 2025): 378. https://doi.org/10.33087/wjh.v9i1.1773.
Mahmud Marzuki, Peter. Penelitian Hukum. Jakarta: Prenada Media Group, 2016.
Maryam, Siti, and Andri Brawijaya. “Penyelundupan Hukum Investasi Asing Langsung Di Indonesia.” Jurnal Ilmiah Living Law 15, no. 2 (July 31, 2023): 157–65. https://doi.org/10.30997/jill.v15i02.9712.
Masum, Ali, Sulistyandari Sulistyandari, and Tri Prihatinah. “The Responsibility of Notary in Making Nominee Agreements for Foreign Citizens in Indonesia.” Problems of Legality, no. 161 (June 30, 2023): 287–303. https://doi.org/10.21564/2414-990X.161.278003.
Meiwindita, Nabila, Lastuti Abubakar, and Ema Rahmawati. “Kedudukan Beneficial Owner Dalam Korporasi Ditinjau Dari Aspek Perjanjian Dan Hukum Perseroan Terbatas.” Jurnal Sains Sosio Humaniora 6, no. 2 (December 24, 2022): 273–84. https://doi.org/10.22437/jssh.v6i2.22917.
Moh.Mahfud MD. Politik Hukum Di Indonesia. Jakarta: Raja Grafindo Persada, 2020.
Nadia, Siska. “The Validity of Sale and Purchase of Shares in Relation to Nominee Share Ownership (A Case Study of Decision Number 3041K/PDT/2020 and 765PK/PDT/2020).” Jurnal Bina Mulia Hukum 8, no. 2 (March 2024): 227–40. https://doi.org/10.23920/jbmh.v8i2.1487.
Nugroho, Indra Bayu, Amiliya Amiliya, and Lucky Dafira Nugroho. “Perjanjian Pinjam Nama Oleh Warga Negara Asing Dalam Perspektif Hukum Perdata Internasional.” Journal Inicio Legis 6, no. 1 (2025). https://doi.org/https://doi.org/10.21107/il.v6i1.29959.
Rani, Ayu Sitha Radha. “Notary’s Liability ForNominee Agreement on The Ownership of Land Rights by Foreigners in Bali.” JurnalIlmiahPenegakanHukum 11, no. 2 (2024): 140–46. https://doi.org/10.31289/jiph.v11i2.12763.
Ridhogusti, R., & Kurniati, G. “Implications of Nominee Agreements in Land Ownership by Foreign Nationals in Bali.” Jurnal Risalah Hukum 28, no. 2 (2024): 1–10. https://doi.org/https://doi.org/10.46257/jrh.v28i2.1024.
Sekar Rizqi Triroosa Putri, Afifah Kusumadara, R. Imam Rahmat Sjafi’I. “Notary’s Responsibility for Making Deed of Statement Related to Sale and Purchase Deed Containing Nominee Element.” NEGREI:Academic Journal of Law and Governance 4, no. 2 (2024): 163–84. https://doi.org/http://doi.org/10.29240/negrei.v4i2.11137.
Sumarsih, I. “Impact of Nominee Agreement on Mining Business Entities Against the Welfare of the People.” International Journal of Social Service and Research (IJSSR) 4, no. 3 (2024): 971–84. https://doi.org/https://doi.org/10.46799/ijssr.v4i03.753.
Trayama, Y., & Adhari, A. “Evidence of Authentic Deeds in Civil Disputes Related to Nominee Agreements on Ownership of Land Title Certificates.” Jurisprudensi: Jurnal Ilmu Syariah, Perundang-Undangan, Dan Hukum 17, no. 1 (2025): 1–10. https://doi.org/https://doi.org/10.32505/jurisprudensi.v17i1.10550.
Yanuar, Muh. Afdal. “Legal Review of Nominee Shareholders Agreement of Foreign Direct Investment In The Form of Joint Venture Company.” Majalah Hukum Nasional 51, no. 1 (July 31, 2021): 107–25. https://doi.org/10.33331/mhn.v51i1.131.
Published
2026-05-12
How to Cite
NUGRAHA, Diwyacitta Nura; WAHANISA, Rofi; SUHADI, Suhadi.
Reconstructing the Legal Politics of Nominee Agreements in Direct Investment in Indonesia: Toward Beneficial Ownership Transparency and a Fair Investment Climate.
Jurnal Dinamika Hukum, [S.l.], v. 26, n. 2, p. 124-141, may 2026.
ISSN 2407-6562.
Available at: <https://jos.unsoed.ac.id/index.php/jdh/article/view/18933>. Date accessed: 13 june 2026.
doi: https://doi.org/10.20884/1.jdh.2026.26.2.18933.
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