Analisis Legalitas Backdoor Listing di Indonesia dan Implikasinya terhadap Prinsip Keterbukaan dalam Perlindungan Hukum Investor (Studi PT. Hotel Mandarine Regency Tbk)

Abstract

Backdoor Listing is a mechanism to bypass the IPO process. Companies that conduct Backdoor Listing will have their information disclosure questioned, especially for closed companies that conduct Backdoor Listing using the takeover method or the pre-emptive rights method. In the study of PT Hotel Mandarine Regency Tbk (hereinafter referred to as PT HOME) indicated that it carried out Backdoor Listing activities with PT Trisarana Inti Semesta (hereinafter referred to as PT TIS). The research used in this thesis is a normative juridical research method through a literature study approach and case studies and uses secondary data obtained from primary legal materials, secondary legal materials, and tertiary legal materials. So far there is no specific Backdoor Listing regulation. The absence of specific regulations regarding Backdoor Listing results in a lack of information disclosure to investors. PT HOME in its activities violated the acquisition process in POJK. in addition, the Backdoor Listing activities of PT HOME and PT TIS caused losses due to the absence of adequate information about PT TIS. PT HOME was eventually suspended by the Indonesia Stock Exchange for violating the principle of openness. It is necessary to regulate Backdoor Listing to implement The Full Disclosure. In addition, there needs to be sanctions for companies that violate IPO mechanisms such as Backdoor Listing and for companies to provide information needed by investors to invest.