The Draft Third Amendment to BUMN Law: Unveiling the BPI Danantara Powerhouse and More Flexible Business Judgment Rule Doctrine

Introduced back in 2003, Law No. 19 of 2003 on State-Owned Enterprises (Badan Usaha Milik Negara – “BUMN”), as amended several times, most recently by Regulation of the Government in Lieu of Law No. 2 of 2022 on Job Creation (collectively referred to as “Law 19/2003”), outlines a wide array of aspects that specifically relate to the establishment of BUMN and BUMN subsidiaries (“Subsidiaries”), including capital requirements and available types of business entities, as well as various restructuring and privatization mechanisms.