Rosan Roeslani and Pandu Sjahrir in the Danantara Leadership Exchange

While the public awaits the President to ratify the third amendment to Law Number 19 of 2003 concerning State-Owned Enterprises in the state gazette, there are rumors circulating that the Minister of Investment/Head of the Investment Coordinating Board, Rosan Perkasa Roeslani, will also lead the Investment Management Agency (BPI) Danantara.

In fact, based on the Presidential Decree of the Republic of Indonesia (Keppres) Number 142/P of 2024, President Prabowo Subianto has inaugurated Muliaman Darmansyah Hadad and Kaharuddin Djenod Daeng Manyambeang as the Head and Deputy Head of BPI Danantara. The inauguration was held at the State Palace, Jakarta, on Tuesday (22/10/2024).

Although it already has a head and deputy head, the operations of BPI Danantara still have to be delayed. The issue of legal framework is one of the main reasons that the government has yet to officially inaugurate Danantara.

This is because Danantara requires a legal umbrella at the level of a law (UU), to be able to manage BUMN assets and investments without bureaucratic obstacles.

If we only rely on government regulations (PP) or presidential regulations (Perpres), in terms of legal hierarchy, Danantara does not have the same legality as state-owned enterprises (BUMN) established based on law (UU). Without equivalent legality, the goal of establishing Danantara as a superholding of BUMN will be difficult to achieve.

Week after week passed until finally, at the beginning of 2025, the Ministry of State-Owned Enterprises (BUMN) presented the List of Inventory Problems (DIM) for the Draft Law (RUU) on the Third Amendment to Law No. 19/2003 on State-Owned Enterprises. This regulation had actually been established as a legislative initiative proposal by the House of Representatives (DPR) since the plenary session on October 3, 2023.

If only relying on government regulations (PP) or presidential regulations (Perpres), in terms of legal hierarchy, Danantara does not have the same legal standing as state-owned enterprises (BUMN) that are established based on laws (UU).

The DIM also includes articles that regulate the functions and operational scope of BPI Danantara. Immediately after receiving the DIM, the Working Committee (Panja) of the DPR for the State-Owned Enterprises Bill held a public hearing with several experts to discuss the State-Owned Enterprises Bill on Thursday (30/1/2025).

Two days later, on Saturday (1/2/2025), the Level I Working Meeting of Commission VI of the Indonesian House of Representatives took place from 16.00 to 16.50. The BUMN Bill Working Committee agreed to bring the policy to the agenda of the Level II Plenary Meeting of the Indonesian House of Representatives on Tuesday (4/2/2025), to be ratified.

A Kompas source in the DPR who refused to be named said that Rosan Roeslani will fill the BPI Danantara structure. However, for certainty about Rosan's position between Muliaman and Kaharuddin, the public is asked to wait for the issuance of the PP which will later become the operational supporting regulation for Danantara.

When met after attending the Mandiri Investment Forum, in Jakarta, Tuesday (11/2/2025), Rosan did not deny or confirm when asked whether he would fill the BPI Danantara structure. He only confirmed that Danantara would be launched in the near future.

Rosan is indeed often present in every phase of preparation for the formation of Danantara. In his official Instagram account, he had time to upload a moment of the preparation meeting for the formation of BP Danantara which took place at the BKPM Office, Sunday (4/11/2024).

The caption reads, "On Sunday night, we coordinated ahead of the launch of BPI Danantara, which will play a role in managing investments outside the state budget. Danantara is ready to compete with global investment institutions to attract investment into the country, in order to achieve the economic growth target of 8 percent and Indonesia's investment target of Rp 1,905 trillion in 2025."

Present at the meeting were Muliaman Hadad, Deputy Minister of Finance Thomas Djiwandono, and the General Chair of the Daily Executive Board of the Indonesian Fintech Association Pandu Patria Sjahrir. The last name mentioned was also strongly mentioned to fill the leadership structure of BPI Danantara.

Minister of Housing and Residential Areas Maruarar Sirait when met at the office of the Ministry of SOEs, Monday (10/2/2025), said that Pandu Sjahrir represented BPI Danantara in a meeting regarding the 3 million housing program which took place together with Bank Indonesia (BI), the Ministry of SOEs, the Association of State Banks (Himbara), and the People's Housing Savings Management Agency (BP Tapera) at the BI office, Jakarta.

Danantara is ready to compete with global investment institutions to attract investment into the country, in order to achieve the economic growth target of 8 percent and Indonesia's investment target of IDR 1,905 trillion in 2025.

Prior to serving as Minister of Investment/Head of BKPM, Rosan served as Deputy Minister of SOEs (July 17-October 24, 2023), Indonesian Ambassador to the United States (2021-2023), and Chairman of the Indonesian Chamber of Commerce and Industry (2015-2021).

Pandu Sjahrir is known as a professional in the energy sector by serving as an executive at PT Toba Bara Sejahtra Tbk. Before joining PT Toba, Pandu had a career as a Senior Analyst specializing in the energy and mining sector at Matlin & Patterson from 2007-2010.

Pandu is the nephew of the Chairman of the National Economic Council and Special Advisor to the President for Investment, Luhut Binsar Pandjaitan. He was also recorded as having been Deputy Treasurer of the Prabowo-Gibran National Campaign Team (TKN).

Lecturer of State Administrative Law, Faculty of Law, University of Indonesia, Yuli Indrawati, to Kompas in Jakarta, Thursday (2/13/2025), admitted that she was pessimistic that the management of BPI Danantara in the future would mainstream the meritocratic system. This is based on the formation process which is already thick with political aura.

In fact, referring to the discussion of the BUMN Bill which he had participated in as a legal expert in the DPR's public hearing, Danantara was formed so that BUMN governance and maneuvers were positioned as far as possible from political relations.

"Ideally, Danantara is filled with professionals. But honestly I am pessimistic because the dynamics of its formation indicate that Danantara was formed to be a government tool to consolidate assets of thousands of trillions of rupiah," he said.

Meanwhile, the founder of the Institute for Development of Economics and Finance (Indef), Didik J Rachbini, emphasized that the government needs to understand that Danantara does not provide public services, but rather as an investment tool to encourage economic growth.

Therefore, the professional management of Danantara that is free from political influence is a must considering that this agency must have a clear and mature strategy as an investment agency, not become a state-owned company that becomes a "cash cow" for political interests.

"If Danantara is only treated like a conventional SOE, its potential to become a global player will be hampered. Danantara's structure must be more dynamic, not following the SOE system that relies on the government to make business decisions," Didik said.