Business Entities Draft Bill to Regulate the Handling of Ownerless Stocks

Draft Bill on Business Entities (“Business Entities Draft Bill”) will regulate the mechanism for handling ownerless stocks. Andi Taletting Langi, Director of Business Entities at the Ministry of Law, said that the mechanism begins with an evaluation of limited liability companies (“PT”) that have never been active, have never conducted transactions, or have not carried out their mandates as stipulated in their articles of association.

“We will issue a warning. If it is still not complied with, we will place the company on a watchlist for inactive corporations,” Andi told Hukumonline.

Regarding these suspected inactive corporations, Andi continued, the Ministry of Law will coordinate with other relevant ministries and agencies to verify their status. Through this process, the government will determine whether the limited liability company (PT) truly no longer has clear ownership.

“If this PT must indeed be dissolved, the dissolution can be conducted through the courts or by the Attorney General’s Office if there are indications of criminal activity, such as money laundering,” he said.

Andi stated that following the company’s dissolution, an investigation will be conducted into the assets and stocks still held by the corporation. If there are stocks whose owners are unknown, the state cannot immediately take them over.

“The state cannot take them over immediately. It must go through the Estate Asset Office (BHP) based on a court ruling or decision,” he said.

According to him, once a court ruling or order is issued, the stocks will be handed over to the Estate Administration Office (“BHP”). Subsequently, the BHP will manage the stocks in accordance with the court’s ruling.