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"Tesis ini menggunakan metode penelitian yuridis normatif terhadap data kepustakaan atau data sekunder. Yang menjadi permasalahan adalah apakah pengambilalihan saham mayoritas lewat pasar modal oleh investor asing tunduk pada ketentuan investasi langsung atau tidak langsung dan apa akibat dari ketidakpastian hukum tersebut terdapat kegiatan investasi di Indonesia. Tujuan penelitian ini adalah untuk memberikan pandangan hukum tentang pembelian saham mayoritas melalui investasi portofolio oleh investor asing. Selain itu, penelitian ini juga dimaksudkan untuk memberikan masukan dalam upaya mengatasi dampak ketidakpastian hukum bagi investor asing pada investasi portofolio. Tesis ini menyimpulkan bahwa pengambilalihan saham mayoritas lewat pasar modal oleh investor asing tunduk baik pada ketentuan investasi langsung maupun ketentuan investasi tidak langsung pada saat pembelian saham mayoritas tersebut bertujuan mengambilalih perusahaan terbuka dan/atau berdampak pada perubahan pengendalian baik secara langsung maupun tidak langsung oleh investor asing. Sumber permasalahan yang menyebabkan munculnya ketidakpastian hukum pembatasan pembelian saham mayoritas oleh investor asing lewat pasar modal yaitu adanya adopsi hukum enterprised based definition sebagaimana ditetapkan dalam Undang-Undang Penanaman Modal Indonesia. Hal ini menyebabkan pertama, sulitnya pasar modal Indonesia memilah-milah jenis transaksi investasi portofolio yang bersifat spekulatif dan potensial merugikan yang berdampak sistemik; kedua, terjadinya benturan antara kepentingan pemerintah yang mengutamakan kepentingan nasional dan investor asing yang hendak melakukan pembelian saham mayoritas; ketiga, investor asing merasa diperlakukan tidak adil yang mengakibatkan keraguan investor dalam menanamkan modal di Indonesia.

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This thesis utilizes a normative juridical research method of literature data or secondary data in its analysis. It attempts to identify whether the acquisition of majority shares through capital markets by foreign investors are subject to the provisions of direct investment or indirect investment regulations. It further analyzes the impact of these legal uncertainties on investment activities in Indonesia. The main objective of this thesis is to provide legal opinion concerning legal basis for acquiring majority shares through portfolio investment by foreign investors. Analysis of the impact of the legal uncertainties of the acquisition of majority shares by foreign investors will specify input for addressing problems arising from the uncertainties.

The thesis concludes that the acquisition of majority shares through capital markets by foreign investors are subject to both the provisions of direct investment and indirect investment if the intention of the foreign investors to acquire a company or to control the management of a company. The very roots problems of legal uncertainties of such acquisition emanates from legal adoption of enterprise based definition as stipulated in Indonesian Investment Law No. 25 of the year 2007.

This adoption has caused some constraints as follows: first, it is difficult for the Indonesian capital market to identify and to sort out the type of portfolio investment transactions that are speculative and potentially have unintended adverse impact which leads to systemic problems; secondly, the occurrence of conflict of interest between giving priority to national interests and the interests of foreign investors intending to acquire majority shares; third, the uncertainties of legal limitation of majority share acquisition cause doubts of investing in Indonesia as foreign investors feel that they are unfairly treated."

"Tesis ini membahas kekosongan hukum dalam pengaturan status penanaman modal PT Terbuka. Masalah-masalah yang dibahas dalam tesis ini, yaitu perbandingan pengaturan status penanaman modal PT Terbuka berdasarkan UU 1/1967 juncto UU 6/1968 dengan UU 25/2007 serta peraturan pelaksananya, akibat kekosongan hukum pengaturan status penanaman modal PT Terbuka, dan perbandingan pengaturan status penanaman modal PT Terbuka di Indonesia dengan negara Australia dan India. Metode penelitian yang dipakai dalam tesis ini adalah yuridis normatif dengan tipologi penelitian diagnostik dan preskriptif serta data yang dikumpulkan adalah data sekunder. Hasil penelitian ini yang pertama adalah ditemukan bahwa sesudah terbitnya UU 25/2007 PT Terbuka mengalami kekosongan hukum dalam pengaturan status penanaman modalnya karena penanaman modalnya tidak langsung atau dilakukan melalui portofolio, dikecualikan dari pengaturan dalam UU 25/2007 dan peraturan pelaksananya. Kedua, kekosongan hukum dalam pengaturan status penanaman modal PT Terbuka di Indonesia berakibat kepada perizinan penanaman modal PT Terbuka serta anak perusahaan PT Terbuka. Ketiga, pengaturan status penanaman modal PT Terbuka di Indonesia, India, dan Australia, berbeda karena di India dan Australia pengaturan atas status penanaman modal PT Terbuka tidak terjadi kekosongan hukum karena peraturan penanaman modal kedua negara tersebut mengatur bahwa penanaman modal langsung maupun penanaman modal tidak langsung tidak diperlakukan berbeda dalam hal penentuan status penanaman modal di Australia dan India. Oleh karena itu, India dan Australia dapat dijadikan referensi untuk membentuk peraturan terkait penentuan status penanaman modal PT Terbuka yang mengikutsertakan penanaman modal tidak langsung dalam penentuan status penanaman modal PT Terbuka.

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This thesis discusses the legal vacuum in regulating the investment status of Public Company. The problems discussed in this thesis are the comparison of the regulation on the investment status of Public Company based on Law 1/1967 in conjunction with Law 6/1968 with Law 25/2007 as well as its implementing regulations, due to the legal vacuum in regulating the investment status of Public Company, and the comparison of status arrangements. Public Company investment in Indonesia with Australia and India. The research method used in this thesis is normative juridical with a diagnostic and prescriptive typology of research and the data collected is secondary data. The first result of this research is it was found that after the issuance of Law 25/2007 Public Company experienced a legal vacuum in regulating its investment status because the investment was not direct or carried out through a portfolio, was excluded from the regulation in Law 25/2007 and its implementing regulations. Second, the legal vacuum in regulating the investment status of Public Company in Indonesia has resulted in the investment licensing of Public Company and its subsidiaries of Public Company. Third, the regulation on the investment status of Public Company in Indonesia, India and Australia is different because in India and Australia the regulation on the investment status of Public Company does not occur in a legal vacuum because the investment regulations of the two countries stipulate that direct investment and indirect investment are not treated differently in the determination of investment status in Australia and India. Therefore, the regulations related to investment in India and Australia can be used as a reference to form regulations related to determining the investment status of Public Company which includes indirect investment in determining the investment status of Public Company."