Unveiling the Legal Veil of Conglomerate-Owned Companies





company, legal veil, conglomerate


Objective: This research seeks to comprehensively analyze the legal dimensions associated with conglomerates' management and oversight of their subsidiary companies. The study emphasizes the significance of adhering to established legal principles and frameworks in this context.


Theoretical Framework: The term "conglomerate," as defined by the Big Indonesian Dictionary (KBBI), pertains to a prominent entrepreneur who possesses multiple companies or subsidiaries operating across diverse business sectors. These entities, while legally distinct, are consolidated into an integrated economic entity under the conglomerate's control. Conglomerates leverage their assets and existing companies to invest in other businesses through means such as establishing new entities, acquisitions, mergers, or spin-offs. This consolidation aims to achieve dividends, gain product/service control, and expand market share.


Method: This study employs a normative legal research methodology to investigate conglomerates' legal aspects. The research approach involves scrutinizing legal rules, principles, and doctrines. It adopts a statutory approach by analyzing relevant legislation and regulations pertaining to conglomerates. Additionally, a conceptual approach is utilized to explore evolving perspectives within legal sciences. The research draws on primary, secondary, and tertiary legal sources, including legislation, official records, literature, expert opinions, and legal publications.


Results and Conclusion: Conglomerates oversee distinct companies that form an integrated group, maintaining independent legal status. Professional management is upheld through separate Boards of Directors and Commissioners. Legal clarity and adherence to corporate law are emphasized to prevent liability. Amendments or new laws are needed in Indonesian Corporate Law to address conglomerate liability gaps.


Originality/Value: This research contributes to the field by offering a comprehensive exploration of the legal intricacies associated with conglomerates and their subsidiary entities. It highlights the importance of adhering to legal frameworks and principles, providing insights into potential legal reforms necessary for effective conglomerate management and control.


Ais, C. (2000). Menyingkap tabir perseroan (piercing the corporate veil): kapita selekta hukum perusahaan. Citra Aditya Bakti.

Black, H. C. (1990). Black’s Law Dictionary, St. Paul, MN: West.

Fuady, M. (2004). Hukum Perusahaan: Dalam Paradigma Hukum Bisnis.

Gunawan, W., & Yani, A. (2012). Seri Hukum Bisnis Perseroan Terbatas. Semarang: Raja Grafindo Persada, Hlm, 26.

Hadjon, P. M. (1997). Pengkajian Ilmu Hukum. Makalah Pada Penataran Dan Lokakarya “Menggagas Format Usulan Dan Laporan Penelitian Hukum Normatif”, Fakultas Hukum Universitas Brawijaya, Malang.

Hamdani, F., & Fauzia, A. (2022). Gagasan Judicial Preview terhadap UU Ratifikasi Perjanjian Internasional dalam Rangka Pembaruan Hukum di Indonesia. Jurnal Kajian Ilmu Hukum, 12(1).

Inyang, W. S., Joel, E. E., Obeten, O. I., Orok, A. B., Ubi, I. U., & Mbu-Ogar, G. B. (2023). Corporate Social Responsibility and Shareholders’ Wealth of Industrial Goods Producing Companies Listed on the Exchange Group PLC of Nigeria. International Journal of Professional Business Review, 8(6), e02476–e02476. https://doi.org/https://doi.org/10.26668/businessreview/2023.v8i6.2476

Khatoon, G., Bala, H., Benbelgacem, S., & Karaye, A. B. (2023). Valuation of Indian Ipo’s Allotment and Current Price Analysis-Are Indian Ipo’s Overvalued? International Journal of Professional Business Review: Int. J. Prof. Bus. Rev., 8(5), 2. https://doi.org/https://doi.org/10.26668/businessreview/2023.v8i5.700

Marcel, G. (1992). Manajemen Group Bisnis. In PT Rineka Cipta, Jakarta. PT Rineka Cipta.

Marzuki, M. (2017). Penelitian Hukum: Edisi Revisi. Prenada Media.

Mulhadi. (2017). Hukum perusahaan: bentuk-bentuk badan usaha di Indonesia. PT RajaGrafindo Persada.

Munir, F. (1999). Hukum Perusahaan Dalam Paradigma Hukum Bisnis. Citra Aditya, Bandung.

Munir, F. (2009). Teori negara hukum modern (rechtstaat). Bandung: Refika Aditama.

Rai, W. I. . (2000). Hukum Perusahaan. Jakarta: Megapoin.

Saleh, I. (1990). Peranan Konglomerasi sebagai Pelaku Ekonomi dalam rangka Pembangunan Nasional. Makalah Pada Diskusi Panel Aspek-Aspek Hukum Konglomerat Dalam Sistem Ekonomi Indonesia, Universitas Tarumanegara, Jakarta, 20.

Suciani, T. Y., & Setyawan, S. (2022). Analysis of Cash Flow Statement to Assess the Company’s Financial Performance at PT Astra International Tbk. CASHFLOW: Current Advanced Research on Sharia Finance and Economic Worldwide, 1(4), 1–12. https://doi.org/https://doi.org/10.55047/cashflow.v1i4.223

Sulistiowati. (2010). Aspek Hukum dan Realitas Bisnis, group perusahaan di Indonesia. Jakarta : Erlangga.

Tumbuan, F. B. G. (2000). Tugas dan Tanggung Jawab Direksi Perseroan Terbatas, Materi Pendidikan Singkat Hukum Bisnis. Jakarta.

Wibisono, C. (1995). Perkembangan Mutakhir Konglomerat Indonesia, dalam Warta Ekonomi No. 48 Th. VI.

Yulfasni. (1995). Keberadaan konglomerat dalam sistem perekonomian Indonesia: suatu tinjauan dari sudut hukum ekonomi Indonesia: laporan penelitian. Era Hukum-Jurnal Ilmiah Ilmu Hukum, 1(4), 67–72.




How to Cite

Widiyono, T. (2023). Unveiling the Legal Veil of Conglomerate-Owned Companies. Journal of Law and Sustainable Development, 11(6), e1226. https://doi.org/10.55908/sdgs.v11i6.1226