This study analyzes the legal implications of the status of state finances utilized as
Penyertaan Modal Negara (PMN) and the oversight of Badan Usaha Milik Negara
(BUMN) following the enactment of Law Number 1 of 2025 and Law Number 16 of
2025. This study aims to determine legal certainty regarding the status of state
finances within BUMN as well as the oversight mechanisms for BUMN. Employing
normative legal research methods and interviews with Badan Pemeriksa Keuangan
(BPK), the Head of the Satuan Pengawasan Intern (SPI) at PT. Angkasa Pura
Aviasi Bandara Kuala Namu Medan (BUMN Persero), and Komisi Pemberantasan
Korupsi (KPK), this study highlights a shift in the legal paradigm. Although Law
Number 19 of 2003 integrated BUMN assets into state finances, Law Number 1 of
2025 regulates these assets by shifting oversight from the public sector to the
corporate sector. The enactment of Law Number 16 of 2025 creates legal
uncertainty by emphasizing the separation of BUMN assets as private entities,
while simultaneously restoring the auditing authority of BPK and the status of BUMN organs as state administrators (penyelenggara negara). The findings conclude that although changes to the BUMN Law designate BUMN as private legal entities, fundamentally BUMN remain part of the scope of state finances based on Law Number 17 of 2003 and reinforced by Putusan Mahkamah Konstitusi.
Therefore, regulatory harmonization is required to resolve the conflict of norms to achieve legal certainty.